Investment Highlights - October sales: Production, wholesale, retail, and export all exceeded expectations. 1) Production: October heavy truck production was 104,000 units, with year-on-year and month-on-month changes of +78.4% and +2.6% respectively. 2) Wholesale: October heavy truck wholesale sales were 106,000 units, with year-on-year and month-on-month changes of +60.0% and +0.6% respectively. 3) Retail: October heavy truck terminal sales were 70,000 units, with year-on-year and month-on-month changes of +56.6% and -15.9% respectively. 4) Export: October heavy truck export sales were 33,000 units, with year-on-year and month-on-month changes of +43.8% and +4.8% respectively. 5) Inventory: October industry-wide inventory increased by 0.09 thousand units, with enterprise inventory decreasing by 0.23 thousand units and channel inventory increasing by 0.32 thousand units. The total inventory coefficient for October was calculated to be 1.8, which is considered reasonable [3][14][28]. Industry Structure - In terms of usage, October saw better performance for engineering vehicles compared to logistics vehicles. October engineering vehicle terminal sales were 7,400 units, with year-on-year and month-on-month changes of +63.0% and -14.9% respectively. Logistics vehicle sales were 62,600 units, with year-on-year and month-on-month changes of +55.9% and -16.0% respectively. The proportion of engineering vehicles and logistics vehicles in October was 10.5% and 89.5% respectively, with engineering vehicle proportion increasing by 0.4 and 0.1 percentage points year-on-year and month-on-month, while logistics vehicle proportion decreased by 0.4 and 0.1 percentage points [3][36]. Market Share Dynamics - In the overall vehicle market, Foton's domestic market share increased year-on-year, while the export shares of Sinotruk, Foton, and Dongfeng also rose year-on-year. For October 2025, the domestic terminal sales market shares for Jiefang, Dongfeng, Sinotruk, Shaanxi Heavy Truck, and Foton were 21.5%, 17.9%, 17.9%, 11.0%, and 13.8% respectively, with changes compared to the full year of 2024 being -2.2, -2.8, -0.06, +0.7, and +3.4 percentage points respectively [4][50]. Engine Market Dynamics - Weichai held the top market share in the engine segment, with a slight increase month-on-month. In October, the terminal market shares for Weichai, Cummins, Xichai, Sinotruk, and Yuchai were 20.5%, 17.1%, 14.7%, 9.3%, and 11.4% respectively, with changes compared to the full year of 2024 being -7.0, -1.4, -0.4, +2.1, and -2.1 percentage points respectively [5][61]. Natural Gas Heavy Trucks - In October, natural gas heavy truck sales reached 21,000 units, with year-on-year and month-on-month changes of +137.6% and -10.0% respectively. The penetration rate of natural gas heavy trucks was 30.1%, with year-on-year and month-on-month increases of 10.3 and 2.0 percentage points [3][37].

Group 1 - In the first ten months of 2023, the total profit of industrial enterprises above designated size reached 59,502.9 billion yuan, a year-on-year increase of 1.9%. However, in October alone, profits decreased by 5.5% compared to the same month last year due to high base effects and rising financial costs [2] - The National Development and Reform Commission (NDRC) has expanded the scope of infrastructure Real Estate Investment Trusts (REITs) to include 12 major industries and 52 asset types, with 18 asset types from 10 industries having completed their first issuance [2] - The NDRC is addressing issues of disorderly price competition in various industries, emphasizing the need for compliance with price competition regulations to maintain market order and support high-quality development [3] - The Ministry of Commerce plans to promote reforms in the automotive consumption sector, including expanding the second-hand car market and enhancing automotive aftermarket services [4] Group 2 - The State Administration for Market Regulation is enhancing antitrust enforcement and fair competition reviews, aiming to create a market-oriented and law-based business environment [4] - Shaanxi Province has introduced 16 measures to deepen capital market reforms, focusing on the role of state-controlled listed companies in resource integration and industry chain improvement [6] - Chongqing's government has implemented policies to support the development of the low-altitude economy, including financial support for recognized enterprises in this sector [5] - The National Press and Publication Administration approved 178 domestic online games and 6 imported online games in November 2023 [5] Group 3 - More Thread initiated a mechanism that resulted in a final online issuance success rate of 0.03635054%, with online investors subscribing for 16.77 million shares totaling 1.917 billion yuan [7] - FAW Jiefang plans to increase its capital by 191 million yuan, with investments from Ningde Times and Telepower [7] - Mindray Medical's chairman intends to increase his stake in the company by 200 million yuan [7] - Dongxin Co. signed a strategic cooperation framework agreement with a cloud service provider [7] - Jinfu Technology is planning to acquire equity in Lanyuan Technology, which involves risks related to industry consolidation [7] - Tianpu Co. will suspend trading for stock verification starting tomorrow [7] - Changan Technology is planning to issue shares to specific investors, which may lead to a change in control, resulting in a trading suspension [7] - *ST Songfa's subsidiary signed shipbuilding contracts worth approximately 1.1 to 1.6 billion US dollars [7]

Group 1: Suspension and Resumption of Trading - *ST Lian Shi's restructuring plan has been approved by the court and is now in the execution phase; failure to execute the plan may lead to delisting risk. The stock has resumed trading [1] Group 2: Mergers and Acquisitions - Haichang New Materials plans to acquire 51% of Xinwei Communications for 235 million yuan; the target company specializes in the R&D, production, and sales of GNSS antenna positioning core components [2] - Yuanli Co., Ltd. intends to purchase 100% of Tongsheng Co., Ltd. for 470 million yuan; Tongsheng is a high-tech enterprise engaged in the R&D, production, and sales of silica [2] Group 3: Share Buybacks and Increases - Mindray Medical's actual controller and chairman, Li Xiting, plans to increase his stake in the company by 200 million yuan [3] - Maide Medical's chairman and actual controller, Lin Junhua, proposed a share buyback of 20 million to 40 million yuan [3] Group 4: Investment Cooperation and Operational Status - *ST Songfa's subsidiary, Hengli Shipbuilding (Dalian) Co., Ltd., signed shipbuilding contracts effective November 27, 2025, with a total contract value of approximately 1.1 to 1.6 billion USD [4] Group 5: Evening Announcements - FAW Jiefang plans to increase capital in collaboration with CATL and Telai [5] - Hunan Gold's subsidiary, Xinshao Siwei, has obtained a mining license for tungsten, magnetite, and silver [5] - Chalco International's subsidiary won a bid for a 2.909 billion yuan project for upgrading electrolytic cells [5] - Huafeng Technology's adjusted fundraising target is no more than 972 million yuan for expansion projects [5] - Dongxin Co., Ltd. signed a strategic cooperation framework agreement with a leading domestic cloud computing service provider [5] - Yahua Group expects its lithium salt comprehensive production capacity to reach nearly 130,000 tons by the end of 2025 [5] - Dangsheng Technology's lithium iron manganese phosphate business is experiencing rapid growth with a significant increase in shipment volume [5] - Huahai Chengke's advanced packaging technology is positively impacting the packaging materials industry chain [5] - CRRC plans to spin off its subsidiary CRRC Qisuo for listing on the Growth Enterprise Market [5] - Fule New Materials' self-developed "electronic skin" product has completed multiple iterations and achieved mass supply [5]

格隆汇11月27日丨一汽解放(000800.SZ)公布，公司基于公司整体战略和未来经营发展需要，拟通过全 资子公司一汽解放汽车有限公司（简称"解放有限"）对其合营企业解放时代新能源科技有限公司（简 称"解放时代"或"合资公司"）现金增资1.91亿元人民币，解放时代现有股东宁德时代新能源科技股份有 限公司（简称"宁德时代"）及本次新引入投资者特来电新能源股份有限公司（简称"特来电"）拟同步对 解放时代进行增资，三方增资合计4.12亿元人民币。 ...

Core Viewpoint - Company FAW Jiefang plans to increase capital by 191 million yuan in its joint venture, Jiefang Times New Energy Technology Co., Ltd., to enhance its financial strength and competitiveness in the new energy commercial vehicle sector [1] Group 1: Investment Details - FAW Jiefang will invest 191 million yuan through its wholly-owned subsidiary, FAW Jiefang Automobile Co., Ltd. [1] - The total capital increase for Jiefang Times will amount to 412 million yuan, with existing shareholders CATL and new investor Telai Electric also participating [1] Group 2: Company Background - Jiefang Times was established in March 2023, with FAW Jiefang and CATL each holding 50% of the shares [1] - The company has initiated various businesses including vehicle-battery separation, vehicle leasing, and capacity undertaking, exploring the feasibility of full lifecycle operations for new energy commercial vehicles [1] Group 3: Financial Performance - Jiefang Times reported revenue of 23.61 million yuan in 2023, with projected revenue of 480 million yuan in 2024, indicating rapid business growth [1] Group 4: Strategic Implications - The investment aims to strengthen Jiefang Times' financial capabilities, enhance resource connections, and improve the new energy commercial vehicle ecosystem and industry chain [1] - This move is expected to further elevate Jiefang Times' overall strength and competitiveness in the industry [1]

经中国证券监督管理委员会《关于同意一汽解放集团股份有限公司向特定对象发行股 票注册的批复》（证监许可〔2024〕972 号）核准，并经深圳证券交易所同意，一汽解放由 主承销商中金公司通过深圳证券交易所系统向特定对象发行普通股（A股）股票298,507,462 股，发行价为每股人民币 6.7 元。募集资金总额为 1,999,999,995.40 元，扣除发行费用 2,186,599.36 元（不含增值税）后，募集资金净额为 1,997,813,396.04 元。上述募集资金净 额已经致同会计师事务所（特殊普通合伙）出具的致同验字〔2024〕第 110C000357 号《验 资报告》予以验证。 中国国际金融股份有限公司 关于一汽解放集团股份有限公司补充确认并继续使用暂时闲置募集 资金进行现金管理及以协定存款方式存放募集资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐人"）作为一汽解放集团股 份有限公司（以下简称"一汽解放"或"公司"）2023 年度向特定对象发行 A 股股票项目之保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引 ...

中国国际金融股份有限公司 关于一汽解放集团股份有限公司对外投资暨关联交易的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐人"）作为一汽解放集团股 份有限公司（以下简称"一汽解放"或"公司"）2023 年度向特定对象发行 A 股股票项目之保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》以及《深圳证券交易 所上市公司自律监管指引第 7 号——交易与关联交易》等相关规定，对一汽解放对外投资 暨关联交易的事项进行了核查，具体情况如下： 一、关联交易概述 （一）基本情况 一汽解放基于公司整体战略和未来经营发展需要，拟通过全资子公司一汽解放汽车有 限公司（以下简称"解放有限"）对其合营企业解放时代新能源科技有限公司（以下简称"解 放时代"或"合资公司"）现金增资 1.91 亿元人民币，解放时代现有股东宁德时代新能源科 技股份有限公司（以下简称"宁德时代"）及本次新引入投资者特来电新能源股份有限公司 （以下简称"特来电"）拟同步对解放时代进行增资，三方增资合计 4.12 亿元人民币。 （二）构成关联交易 ...

证券代码：000800 证券简称：一汽解放 公告编号：2025-076 一汽解放集团股份有限公司 关于对外投资暨关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、关联交易概述 （一）基本情况 一汽解放集团股份有限公司（以下简称"公司"或"一汽解放"）基于公 司整体战略和未来经营发展需要，拟通过全资子公司一汽解放汽车有限公司（以 下简称"解放有限"） 对其合营企业解放时代新能源科技有限公司（以下简称 "解放时代"或"合资公司"）现金增资 1.91 亿元人民币，解放时代现有股东 宁德时代新能源科技股份有限公司（以下简称"宁德时代"）及本次新引入投 资者特来电新能源股份有限公司（以下简称"特来电"）拟同步对解放时代进 行增资，三方增资合计 4.12 亿元人民币。 （二）构成关联交易 公司于 2025 年 11 月 27 日召开第十届董事会第三十一次会议，审议通过 了《关于子公司增资解放时代新能源科技有限公司的议案》，审议本议案时关 联董事李胜回避表决。 公司与宁德时代、特来电、解放时代签署《关于解放时代新能源科技有限 公司之增资协议》（以下简称"《 ...

证券代码：000800 证券简称：一汽解放 公告编号：2025-077 一汽解放集团股份有限公司 关于补充确认并继续使用暂时闲置募集资金 进行现金管理及以协定存款方式存放募集资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一汽解放集团股份有限公司（以下简称"公司"）于2025年11月27日召开 第十届董事会第三十一次会议，审议通过了《关于补充确认并继续使用暂时闲置 募集资金进行现金管理及以协定存款方式存放募集资金的议案》，具体内容如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意一汽解放集团股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2024〕972号）核准，并经深圳证券交易 所同意，公司由主承销商中国国际金融股份有限公司（以下简称"中金公司"） 通过深圳证券交易所系统向特定对象发行普通股（A股）股票298,507,462股， 发行价为每股人民币6.7元。募集资金总额为1,999,999,995.40元，扣除发行费 用2,186,599.36元（不含增值税）后，募集资金净额为1,997,813,396.04元。上 述募集资 ...

证券代码：000800 证券简称：一汽解放 公告编号：2025-075 一汽解放集团股份有限公司 第十届董事会第三十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1、一汽解放集团股份有限公司（以下简称"公司"）第十届董事会第三十 一次会议通知及会议材料于 2025 年 11 月 24 日以书面或电子邮件等方式向全体 董事送达。 2、公司第十届董事会第三十一次会议于 2025 年 11 月 27 日在公司会议室 以现场结合通讯方式召开。 3、本次董事会会议应出席董事 9 人，实际出席 7 人。董事长李胜先生和 董事王浩先生均因工作原因未出席，分别委托于长信董事代为行使表决权。 4、全体出席会议董事推举于长信董事主持会议，公司部分高级管理人员 列席了会议。 2、议案内容：详见公司同日刊登于《证券时报》《中国证券报》和巨潮资讯 网（http://www.cninfo.com.cn）的《关于对外投资暨关联交易的公告》。 3、由于解放时代新能源科技有限公司为公司下属子公司的合营企业，根据 《深圳证券交易所股票上市规则》等有关规 ...