Group 1: Industry Highlights - Chipmaker Xinming showcased its self-developed spatial intelligence technology at the Munich Shanghai Electronics Show, enhancing humanoid robots [1] - Daimeng Robotics launched a series of innovative products featuring multi-dimensional high-frequency tactile sensors, leading a tactile revolution in robotics [1] - Zhongqing Robotics completed a new round of Pre-A financing, raising nearly 200 million RMB [1] - The Ministry of Industry and Information Technology emphasized the need for thorough testing of intelligent driving technologies and warned against exaggerated claims [1] - The Public Security Ministry issued a warning about the dangers of "high-level intelligent driving," highlighting risky behaviors by drivers using assisted driving features [1] - GAC Group plans to launch its first L3 level vehicle by the fourth quarter of 2025, being one of the first approved passenger car companies for L3 [1] Group 2: Electric Vehicle Developments - GAC Aion and Didi unveiled their first L4 autonomous vehicle at the GAC Intelligent Safety Summit [2] - Didi announced plans to introduce 100,000 domestic electric vehicles in Mexico by 2030 [2] - In the first quarter, China's exports of automotive parts to ASEAN increased by over 20% [2] - XPeng Motors is developing a large-scale autonomous driving model with 72 billion parameters, named "XPeng World Base Model" [2] - Changan Automobile set a sales target of 3 million vehicles for 2025 [2] - Global electric vehicle sales surged by 40% in March, reaching 1.7 million units [2] - XPeng Motors aims to achieve L3 intelligent driving by the end of 2025 [2] - Li Auto released a technical white paper on its operating system, detailing its architecture and core systems [2] - The National Bureau of Statistics reported a 40.6% year-on-year increase in new energy vehicle production in March [2] - SAIC and Huawei launched the "Shangjie" brand under the HarmonyOS Intelligent Driving collaboration [2] - FAW Jiefang signed a cooperation agreement for the procurement of 1,000 electric heavy-duty trucks [2] Group 3: Market Performance - The CSI 300 Index rose by 0.59% this week, while the automotive sector fell by 0.57%, ranking 24th among A-share industries [3] - The SW passenger vehicle index decreased by 0.99%, with NIO and Seres leading the gains [3] - The SW commercial vehicle index increased by 0.94%, with ST Shuguang and *ST Hanma leading the gains [3] - The SW automotive parts index fell by 1.19%, with Jianbang Technology and Taide Co. leading the gains [3] Group 4: Market Outlook - The acceleration of electric and intelligent vehicle development among major automakers, combined with favorable policies, is expected to sustain steady growth in industry sales [4] - The inclusion of old-for-new subsidies for National IV heavy trucks is anticipated to stimulate domestic sales further [4] - Recommended companies for investment include BYD, Great Wall Motors, Leap Motor, Seres, BAIC Blue Valley, Jianghuai Automobile, Li Auto-W, XPeng Motors-W, Geely, GAC Group, and Changan [4] - In the commercial vehicle sector, recommended companies include China National Heavy Duty Truck, FAW Jiefang, Weichai Power, Tianrun Industry, and Foton Motor [4] - In the automotive parts sector, recommended companies include Daimai Co., General Co., Senqilin, Aikedi, Junsheng Electronics, Zhejiang Xiantong, Fuyao Glass, Bertley, Weichai Power, Wuxi Zhenhua, China Automotive Research, Desay SV, Huguang Co., and others [4]

未经许可，不得转载或者引用。 投资要点 数据总览： 批发： 3月重卡批发销量11.1万辆，同环比分别为-3.7%/+37%，符合我们预期。 终端： 3月重卡终端销量7.2万辆，同环比分别为-4.4%/+49.1%，符合我们预期。 出口： 3月重卡出口销量2.8万辆，同环比分别为+12.3%/+22.7%，超我们预期。 库存： 行业总库存+1.2万辆，当前行业总库存16.1万辆。 展望：我们预计25年4月重卡内销7万辆左右，同比增长5%-10%。 3 月销量：内销符合预期韧性彰显，出口超预期表现亮眼 ： 行业总量：3月产批零符合预期，出口超预期。 1）产量 ： 3月重卡产量11.6万辆，同环比分 别-0.4%/+33.7%； 2）批发： 3月重卡批发销量11.1万辆，同环比分别-3.7%/+37%； 3）上险： 3月重卡终端销量7.2万辆，同环-4.4%/+49.1%； 4）出口： 3月重卡出口销量2.8万辆，同环比 分别为+12.3%/+22.7%； 5）库存： 3月重卡企业库存+0.5万辆，渠道库存+1.2万辆。根据我们 测算，当前行业总库存16.1万辆，库存处于合理水平。 行业结构：新能源持续高增，天然气 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [77]. Core Views - March sales show resilience in domestic demand, while exports perform better than expected [9][11]. - The overall industry volume in March meets expectations, with exports exceeding forecasts [11][20]. - The market structure indicates a decline in the market share of Weichai, maintaining its leading position [12][39]. Summary by Sections Sales Tracking - In March, wholesale sales of heavy trucks reached 111,000 units, with year-on-year and month-on-month changes of -3.7% and +37%, respectively [8]. - Terminal sales for March were 72,000 units, with year-on-year and month-on-month changes of -4.4% and +49.1%, respectively [8]. - Export sales in March were 28,000 units, with year-on-year and month-on-month changes of +12.3% and +22.7%, respectively [8]. - The total industry inventory increased by 12,000 units, with the current total inventory at 161,000 units [8]. Market Structure Tracking - In March, the market share for terminal sales among major manufacturers was as follows: Jiefang 21.3%, Dongfeng 21.4%, Heavy Truck 18.1%, Shaanxi Heavy Truck 12.8%, and Foton 10.3% [10]. - For exports, the market share was: Jiefang 18.5%, Dongfeng 9.4%, Heavy Truck 41.6%, Shaanxi Heavy Truck 16.3%, and Foton 9.4% [10][50]. Profitability Tracking - The heavy truck production volume in March was 116,000 units, with year-on-year and month-on-month changes of -0.4% and +33.7%, respectively [11]. - The structure of the industry shows a significant increase in new energy heavy trucks, with sales of 14,000 units in March, reflecting a year-on-year increase of 183% [11]. - The penetration rate for new energy heavy trucks reached 19.9%, an increase of 13.2 percentage points year-on-year [11]. Engine Market Structure - In March, the market share for engines was as follows: Weichai 24.1%, Cummins 16.2%, Xichai 14.3%, Heavy Truck 8.4%, and Yuchai 14.5% [12][59]. - Weichai's terminal matching volume was 17,000 units, with year-on-year changes of -38.1% and +26.7% [65]. Investment Recommendations - The report recommends stocks such as China National Heavy Duty Truck and Weichai Power, highlighting the performance improvement potential of Jiefang and Foton [12][72].

证券代码：000800 证券简称：一汽解放 公告编号：2025-039 一汽解放集团股份有限公司 2024年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有否决议案的情形。 2、本次股东大会没有涉及变更前次股东大会决议。 一、会议召开和出席情况 1、召开时间： 现场会议召开时间：2025 年 4 月 18 日下午 15:00 网络投票时间为：2025 年 4 月 18 日，其中： （1）通过深圳证券交易所交易系统进行网络投票的具体时间 2025 年 4 月 18 日上午 9:15—9:25，9:30－11:30 和下午 13:00－15:00 （2）通过深圳证券交易所互联网投票系统投票的具体时间 2025 年 4 月 18 日上午 9：15 至下午 15：00 期间的任意时间 2、召开地点：公司会议室 3、召开方式：现场投票与网络投票相结合表决方式 4、召集人：公司董事会 5、主持人：公司董事兼总经理于长信先生 6、本次会议的召开符合《公司法》《上市公司股东会规则》及《公司章程》 的规定 7、出席的总体情况： ...

关于回购注销部分限制性股票减资暨通知债权人的公告 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3月28日召开第 十届董事会第二十四次会议和第十届监事会第二十次会议，并于2025年4月18 日召开2024年度股东大会，审议通过了《关于第一期限制性股票激励计划预留 授予的第三个解除限售期解除限售条件未成就暨回购注销部分限制性股票及调 整回购价格的议案》，同意回购注销激励对象已获授但尚未解除限售的限制性股 票数量共1,090,201股。具体内容详见公司于2025年3月29日刊登在《证券时报》 证券代码：000800 证券简称：一汽解放 公告编号：2025-040 一汽解放集团股份有限公司 《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）的《关于第一期限 制性股票激励计划预留授予的第三个解除限售期解除限售条件未成就暨回购注 销部分限制性股票及调整回购价格的公告》。 本 次 回 购 注 销 完 成 后 ， 公 司 总 股 本 将 由 4,922,371,176 股 减 少 至 4, ...

北京市金杜律师事务所 关于一汽解放集团股份有限公司 2024 年度股东大会的 法律意见书 致：一汽解放集团股份有限公司 北京市金杜律师事务所（以下简称本所）接受一汽解放集团股份有限公司（以下 简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华 人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以下简称 中国证监会）《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和 国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章、规范性文 件（以下统称法律法规）和现行有效的《一汽解放集团股份有限公司章程》（以下简 称《公司章程》）有关规定，指派律师出席了公司于 2025 年 4 月 18 日召开的 2024 年度股东大会（以下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年第四次临时股东大会审议通过的《公司章程》； 2. 公司于 2025 年 3 月 29 日刊登于《中国证券报 ...

一汽解放集团股份有限公司 FAW Jiefang Group Co., Ltd （经公司 2025 年 4 月 18 日召开的 2024 年度股东大会审议通过） 章 程 2025 年 4 月 1 | 第一章 总则 | 4 | | --- | --- | | 第二章 经营宗旨和范围 | 5 | | 第三章 股份 | 6 | | 第一节 股份发行 | 6 | | 第二节 股份增减和回购 | 6 | | 第三节 股份转让 | 7 | | 第四章 股东和股东大会 | 8 | | 第一节 股东 | 8 | | 第二节 股东大会的一般规定 | 10 | | 第三节 股东大会的召集 | 13 | | 第四节 股东大会的提案与通知 | 14 | | 第五节 股东大会的召开 | 15 | | 第六节 股东大会的表决和决议 | 18 | | 第五章 董事会 | 21 | | 第一节 董事 | 21 | | 第二节 董事会 | 25 | | 第六章 总经理及其他高级管理人员 | 29 | | 第七章 监事会 | 31 | | 第一节 监事 | 31 | | 第二节 监事会 | 32 | | 第八章 公司党委 | 33 | | 第九 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Insights - The company, FAW Jiefang, is positioned as a leading brand in the commercial vehicle sector, with a comprehensive product matrix and a strong market presence across various segments [3][4][10]. - The company aims to achieve a sales target of 330,000 vehicles in 2025, entering a new product cycle with significant growth potential [3][36]. - The "SPRINT2030" international strategy aims for global sales exceeding 500,000 units by 2030, with 180,000 units expected from overseas markets [4]. - The company has seen a doubling of sales in the new energy vehicle segment over the past two years, with expectations for continued high growth [4][10]. - The report highlights the company's proactive approach in smart connectivity and autonomous driving technologies, which are expected to enhance operational efficiency and safety [5][10]. Summary by Sections Company Overview - FAW Jiefang has a rich history of over 70 years and is recognized as the most valuable brand in the commercial vehicle industry, with cumulative production exceeding 9 million units [14][15]. - The company is controlled by China FAW Group, which holds a 62.18% stake, ensuring strong backing and resources for growth [17][18]. Domestic Market Leadership - The company maintains a leading position in several market segments, including heavy-duty trucks, where it has been the top seller for nine consecutive years [3][36]. - In 2024, the company achieved total truck sales of 250,500 units, reflecting a 4.22% year-on-year increase despite a challenging market environment [36]. International Market Growth - The company is expanding its international footprint, particularly in Southeast Asia, Latin America, and Australia, leveraging the Belt and Road Initiative to enhance export opportunities [4][10]. New Energy Market - FAW Jiefang is actively pursuing a comprehensive strategy in new energy vehicles, with a focus on electric, hybrid, and fuel cell technologies, aiming for a market share increase to the top three in the industry by 2024 [4][10]. Smart Connectivity and Technology - The company is leading in the application of smart connectivity technologies, with multiple projects underway to commercialize autonomous driving solutions across various scenarios [5][10]. Financial Forecast and Investment Recommendations - The report projects revenues of 64.28 billion yuan, 71.32 billion yuan, and 78.36 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 9.7%, 11.0%, and 9.9% [10][36]. - The expected net profit for 2025 is 733 million yuan, with a significant growth forecast of 17.7% [10].

Investment Rating - The report assigns an "Accumulate" rating for the company [6]. Core Views - The company, FAW Jiefang, is positioned as a leading brand in the Chinese commercial vehicle industry, with a comprehensive product matrix covering various market segments. It has achieved significant market share in multiple categories, including heavy-duty trucks, where it has maintained the top position for nine consecutive years [3][14]. - The company is expected to benefit from favorable government policies, including subsidies for vehicle replacements, which are anticipated to stimulate demand in the commercial vehicle market [9][34]. - FAW Jiefang has a robust international expansion strategy, aiming to increase its global sales significantly by 2030, with a focus on markets in Southeast Asia, Latin America, and Australia [4][9]. Summary by Sections Company Overview - FAW Jiefang has a rich history of over 70 years and is recognized as the most valuable brand in the commercial vehicle sector in China, with cumulative production exceeding 9 million vehicles [14][15]. - The company has a complete supply chain and production system, emphasizing research and development, which allows it to cover all market segments effectively [21][23]. Domestic Market Position - The company maintains a leading position in key market segments, with a sales target of 330,000 vehicles for 2025, marking a significant year for new product launches [3][36]. - The heavy-duty truck segment remains a traditional strength, with the company holding a leading market share [3][36]. International Market Growth - FAW Jiefang is accelerating its international market presence through the "SPRINT2030" strategy, aiming for global sales of over 500,000 vehicles by 2030, with 180,000 vehicles expected to be sold overseas [4][9]. New Energy Market - The company is actively expanding its new energy vehicle offerings, with sales doubling over the past two years and a projected rise in market share to the top three in the industry by 2024 [4][9][10]. - The "15333" strategy outlines a comprehensive approach to new energy vehicles, covering various technological routes [4][10]. Intelligent Connectivity Technology - FAW Jiefang is leading in intelligent connectivity technology, with multiple applications in various scenarios, supported by a "data + AI" cloud platform [5][10]. Financial Forecasts and Investment Recommendations - The company is expected to achieve revenues of CNY 642.78 billion, CNY 713.22 billion, and CNY 783.59 billion from 2025 to 2027, with corresponding growth rates of 9.7%, 11.0%, and 9.9% [10][34]. - The projected net profit for the same period is CNY 7.33 billion, CNY 11.68 billion, and CNY 14.57 billion, with growth rates of 17.7%, 59.3%, and 24.8% respectively [10][34].

近日，一汽解放集团股份有限公司(以下简称"一汽解放")正式发布《2024环境、社会及治理(ESG)报 告》，向社会交出一份涵盖公司治理、自主创新、绿色转型、社会贡献等在内的高质量解放ESG答卷。 做强自主创新事业，筑牢核心竞争力 一汽解放始终秉承"自主发展、开放合作"的方针，以高质量发展为指引，向着世界一流企业奋勇迈进。 公司充分发挥产业链"链长"作用，加快打造自主可控、安全可靠、竞争力强的产业链供应链。 对内 ▲ 2024年6月28日 "星熠"氢气发动机、液氢燃电牵引车行业首发亮相 依托我国超大规模市场优势，高擎自主创新旗帜，一汽解放构建从前瞻技术、发动机、变速器、车桥到 整车的自主研发体系，全力推进技术创新和突破，实现机箱桥等核心动力总成自主研发，不断提高内配 率，成功攻克电控、后处理、自动驾驶等多领域一系列卡脖子技术，有效提升产品自主可控程度。2024 年，一汽解放突破关键核心技术90余项，行业首发"星熠"氢气发动机、液氢燃电牵引车，发布国内首款 重型商用车缸内直喷氢气发动机，提高公司核心竞争力。 对外 ▲ 2024年12月12日 解放国际正式起航 一汽解放积极拥抱全球化浪潮，加快海外市场前瞻布局，发布 ...