Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [5] Core Insights - The automotive industry in China is expected to achieve record production and sales in 2025, driven by policies encouraging vehicle trade-ins and the release of new models [5] - The passenger vehicle market is showing steady growth, with production and sales surpassing 30 million units in 2025, and domestic brands capturing nearly 70% of the market share [5] - The commercial vehicle market is recovering, with production and sales exceeding 4 million units, particularly strong performance in the new energy heavy truck segment [5] - New energy vehicles (NEVs) are experiencing rapid growth, with production and sales reaching approximately 1.66 million units in 2025, accounting for nearly 50.8% of domestic sales [5] - The report highlights two main investment themes: the acceleration of L3 level autonomous driving commercialization and the transition of automotive technology towards robotics and liquid cooling systems [5] Industry Performance Review - As of January 20, 2026, the automotive (CITIC) industry index increased by 4.07%, outperforming the Shanghai Composite Index by 2.15 percentage points [10] - Over 75% of automotive stocks saw an increase in value, with notable performers including Jiaoyun Co., Saifu Technology, and Siliang Zhidu [16] - The automotive sector's PE (TTM) is at 34.4 times, ranking 15th among 30 CITIC primary industries, while the PB (LF) is at 2.7 times, ranking 80th percentile [19] Key Data Tracking Industry Overview - In 2025, the total production and sales of automobiles reached 34.53 million and 34.40 million units, respectively, marking a year-on-year increase of 10.4% and 9.4% [27] Passenger Vehicles - Passenger vehicle production and sales for 2025 reached 30.27 million and 30.10 million units, with year-on-year growth of 10.2% and 9.2% [41] Commercial Vehicles - Commercial vehicle production and sales for 2025 totaled 4.26 million and 4.30 million units, reflecting year-on-year increases of 12% and 10.9% [56] New Energy Vehicles - New energy vehicle production and sales reached 1.66 million and 1.65 million units in 2025, with a market share of 47.9%, up 7.01 percentage points year-on-year [67]

海安橡胶集团股份公司 股票交易异常波动公告 证券代码：001233 证券简称：海安集团 公告编号：2026-003 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 海安橡胶集团股份公司（以下简称"公司"或"本公司"）股票（证券简称： 海安集团，证券代码：001233）连续 2 个交易日（2026 年 1 月 16 日、2026 年 1 月 19 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》 的相关规定，属于股票交易异常波动的情况。 二、公司关注并核实的相关情况 对于公司股票交易异常波动情况，公司对有关事项进行了核查，现就相关情 况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生较大 影响的未公开重大信息； 3、公司近期经营情况正常，内外部经营环境未发生重大变化； 4、公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重 大事项，或处于筹划阶段的重大事项； 5、股票交易异常波动期间控股股东、实际控制人未买卖公司股票。 三 ...

Market Overview - As of January 19, the Shanghai Composite Index closed at 4114.00 points, up 12.09 points, with a gain of 0.29% [1] - The Shenzhen Component Index closed at 14294.05 points, up 12.97 points, with a gain of 0.09% [1] - The ChiNext Index closed at 3337.61 points, down 23.41 points, with a decline of 0.70% [1] Stock Performance - A total of 86 A-shares had a turnover rate exceeding 20%, indicating significant trading activity [1] - Key stocks with high turnover rates included: - Kema Materials (科马材料) with a turnover rate of 62.05% and a closing price of 40.25 yuan, down 26.75% [1] - Kuntai Co. (坤泰股份) with a turnover rate of 54.99% and a closing price of 24.74 yuan, up 4.70% [1] - Sanbian Technology (三变科技) with a turnover rate of 48.63% and a closing price of 21.97 yuan, up 10.02% [1] - Nabichuan (纳百川) with a turnover rate of 44.29% and a closing price of 80.88 yuan, up 8.83% [1] - Hongxiang Co. (红相股份) with a turnover rate of 40.96% and a closing price of 17.99 yuan, up 15.17% [1] Notable Stocks - Other notable stocks with high turnover rates included: - Kangqiang Electronics (康强电子) at 40.96% turnover, closing at 23.48 yuan, up 7.46% [1] - Fangzheng Electric (方正电机) at 39.47% turnover, closing at 16.53 yuan, up 5.09% [1] - Shuangjie Electric (双杰电气) at 39.16% turnover, closing at 14.82 yuan, up 20.00% [1] - Deen Precision (德恩精工) at 39.15% turnover, closing at 24.19 yuan, up 2.76% [1] - C Zhi Xin (C至信) at 37.80% turnover, closing at 52.04 yuan, down 6.54% [1]

Core Viewpoint - The company, Hai'an Group, has reported positive market expansion for its all-steel giant tire products since 2025, with significant ongoing sales projects and expected order volumes [1] Group 1: Market Development - The company is currently negotiating and focusing on a number of sales projects for all-steel giant tires, with 7 clients expected to place orders exceeding 10 million yuan, involving approximately 1,520 all-steel giant tires [1] - The estimated total order value from these clients is around 239 million yuan [1] Group 2: Mining Tire Operations - The company is also in discussions regarding domestic and international mining tire operation management, with 9 clients anticipated to have annual order volumes exceeding 50 million yuan [1]

Group 1: Company Advantages - The company has a deep mining service gene and technical leadership, with a unique "product + operation" business model that enhances customer efficiency and safety [3][4] - The company has established long-term partnerships with major global mining companies, leveraging their market influence to acquire more customers [4] - A mature global layout network allows the company to provide localized services and respond quickly to market demands across multiple countries [4] Group 2: Industry Demand Trends - Tire consumption costs account for approximately 24% of the operating expenses in large open-pit mines, indicating a strong correlation between the demand for all-steel giant tires and the mining industry [5] - By 2027, the global production of all-steel giant tires is expected to reach 358,000 units, driven by the increasing demand for mining resources and supportive national policies [5][6] Group 3: Competitive Landscape - The all-steel giant tire market is characterized by an oligopolistic structure dominated by three major international brands, with the company closely following in market share and technology [7][8] Group 4: Market Development Plans - The company aims to increase customer penetration in the domestic market while actively developing new clients and enhancing import substitution [9] - Internationally, the company plans to leverage its reputation and high-end talent to expand into traditional markets in Europe and North America, as well as emerging markets in BRICS countries and Southeast Asia [9] Group 5: Technical Capabilities - The company has diversified technical reserves covering key areas such as materials, processes, and testing, which are essential for maintaining product competitiveness [10] - The product validation process typically takes 12 to 24 months, reflecting the high technical barriers in the industry [11] Group 6: Business Expansion and Future Growth - As of July 31, 2025, the company had an order backlog of approximately CNY 1.424 billion for tire sales, with significant new orders and framework agreements signed [12][13] - The company has successfully developed over 30 clients in more than 15 countries since 2023, indicating strong global market expansion [13] Group 7: Profit Margin Outlook - The company maintains a positive outlook on future profit margins, recognizing the high technical barriers and the potential for increased market share through product quality and operational management services [15] Group 8: Market Dynamics - The replacement market for giant tires is significantly larger than the original equipment market, as tire selection is primarily based on mining conditions and owner preferences [16]

Core Viewpoint - The Hong Kong Stock Exchange announced the inclusion of 53 ETFs and 4 stocks into the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, effective January 19, 2026, enhancing investment opportunities in the Chinese market [1][2][3][4][5][6][7][8][9][10][11]. Shanghai-Hong Kong Stock Connect - 53 ETFs including CICC CSI 300 ETF (510320) and CICC CSI A500 ETF (512080) will be included [1][2]. - Notable stocks added include Zhongli Co., Ltd. (603194) and Lianyun Technology (688449) [1][7]. Shenzhen-Hong Kong Stock Connect - 43 ETFs such as Free Cash Flow ETF (159201) and ChiNext ETF Dongcai (159205) will be included [1][2][3][4][5][6][7][8][9][10][11]. - Stocks added include Hai'an Group (001233) and China Uranium Industry (001280) [1][7]. Effective Date - All changes will take effect on January 19, 2026 [1][2][3][4][5][6][7][8][9][10][11].

Core Viewpoint - The Hong Kong Stock Exchange announced the inclusion of 53 ETFs and 4 stocks into the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, effective January 19, 2026, enhancing investment opportunities in the Chinese market [1]. Group 1: Shanghai-Hong Kong Stock Connect - 53 funds including the CSI 300 ETF (510320) and the A500 ETF (512080) will be added to the Shanghai-Hong Kong Stock Connect [1][2]. - The stocks included are Zhongli Co., Ltd. (603194) and Lianyun Technology (688449) [1][8]. Group 2: Shenzhen-Hong Kong Stock Connect - 43 funds including the Free Cash Flow ETF (159201) and the ChiNext ETF (159205) will be added to the Shenzhen-Hong Kong Stock Connect [1][9]. - The stocks included are Hai'an Group (001233) and China Uranium Corporation (001280) [1][13].

1、本次股东会不存在否决议案的情形。 证券代码：001233 证券简称：海安集团 公告编号：2026-002 海安橡胶集团股份公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 2、本次股东会不涉及变更以往股东大会已通过的决议。 一、会议召开基本情况 （一）会议召开时间： （1）现场会议时间：2026 年 1 月 13 日 15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为 2026 年 1 月 13 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为 2026 年 1 月 13 日 9:15 至 15:00。 （二）现场会议召开地点：福建省仙游县枫亭工业园区海安橡胶集团股份公 司（以下简称"公司"）会议室。 （三）会议的召开方式：公司 2026 年第一次临时股东会（以下简称"本次股 东会"或"本次会议"）采用现场会议与网络投票相结合的方式召开。 （四）会议召集人：公司董事会。 （五）会议主持人： ...

2026 年第一次临时股东会的 关于海安橡胶集团股份公司 法 律 意 见 书 福建至理律师事务所 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 1 福建至理律师事务所 关于海安橡胶集团股份公司 2026 年第一次临时股东会的法律意见书 闽理非诉字〔2026〕第 005 号 致：海安橡胶集团股份公司 福建至理律师事务所（以下简称本所）接受海安橡胶集团股份公司（以下简 称公司）之委托，指派陈禄生、林静律师（以下简称本所律师）出席公司 2026 年第一次临时股东会（以下简称本次会议或本次股东会），并依据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、《上市公司股东会规则》（中国证券监督管理委员会公告〔2025〕7 号）、 《深圳证券交易所上市公司股东会网络投票实施细则(2025 年修订)》（深证上 〔2025〕223 号，以下简称《网络投票实施细则》）等中国现行有效的有关法律、 法规、规章、规范性文件以及《海安橡胶集团股份公司章程》（以下 ...

Group 1 - The core viewpoint of the news is that Hai'an Group's stock performance showed a 3.51% increase on January 12, with a trading volume of 526 million yuan, despite a net financing outflow of 16.05 million yuan on the same day [1] - As of January 12, the total margin trading balance for Hai'an Group was 164 million yuan, which represents 6.76% of its market capitalization [1] - The company specializes in the research, production, and sales of giant all-steel radial tires for engineering machinery, with 69.51% of its revenue coming from these sales, and 25.77% from mining tire operation management [1] Group 2 - As of November 25, the number of shareholders for Hai'an Group increased to 66,000, marking a significant rise of 244,185.19% compared to the previous period [2] - For the period from January to September 2025, Hai'an Group reported a revenue of 1.619 billion yuan, reflecting a year-on-year decrease of 4.77%, while the net profit attributable to shareholders was 462 million yuan, down 7.04% year-on-year [2] - Since its A-share listing, Hai'an Group has distributed a total of 372 million yuan in dividends [3]