（文章来源：证券日报） 证券日报网讯 2月2日，广汽集团在互动平台回答投资者提问时表示，公司正积极推进全固态电池的自 主研发与产业化落地，2025年11月广汽全固态电池中试线已投产，计划于2026年进行小批量装车实验。 ...

Core Viewpoint - GAC Group launches a military support initiative titled "Salute to National Defenders, Welcoming the New Spring Journey" to honor active and retired military personnel and their families, running from now until March 31, 2026 [1][3] Group 1: Initiative Details - The initiative includes exclusive purchase subsidies, new car insurance discounts, and VIP service channels for GAC's brands: GAC Aion, GAC Trumpchi, and GAC Haobo [1] - GAC Haobo offers additional benefits such as lifetime free charging (selectable with trade-in subsidy), lifetime warranty on three electric components, and lifetime home charging pile delivery [1] Group 2: Commitment to Responsibility - The initiative integrates exclusive purchase benefits with GAC's "Three Responsibilities" policy, which holds the manufacturer accountable for issues related to spontaneous combustion, battery degradation, and smart parking accidents [1] - GAC Group is the first Chinese independent brand to propose the "Three Responsibilities" policy, establishing a comprehensive assurance system for consumers throughout the vehicle purchase, usage, and maintenance lifecycle [1] Group 3: Social Responsibility Efforts - GAC Group has conducted approximately 6,300 visits to retired military personnel and has employed 1,407 veterans [3] - The company has been recognized as a "Top Unit for Recruitment Work" for six consecutive years and has established five military-police joint enterprises, demonstrating a solid organizational structure and team development [3]

美银证券发布研报称，维持对广汽集团（601238）H股(02238)及A股(601238.SH)的"跑输大市"评级，因 认为激烈竞争将持续压缩集团自主品牌的利润率，令2026及2027年盈利能力维持微薄水平;目标价分别 为3.1港元及5.9元人民币。 管理层认为去年业绩疲弱因市场竞争激烈，导致销量增长低于预期，同时营销费用上升，以及无形资产 及存货的资产减值损失同比增加。另外，品牌转向聚焦新能源车下，合资品牌减值损失增加，导致来自 合资企业的利润份额减少。 广汽集团发盈警，料2025年归属股东净亏损介乎80亿至90亿人民币(下同)，远超该行预期的39亿元。剔 除一次性项目后，核心净亏损为89至99亿元。由此推算，2025年第四季净亏损介乎37亿至47亿元，相较 于2024年同期为净利润7.04亿元。 ...

Core Viewpoint - Bank of America Securities maintains a "underperform" rating for GAC Group's H-shares and A-shares, citing ongoing intense competition that will continue to compress the profit margins of the group's self-owned brands, leading to weak profitability in 2026 and 2027 [1] Financial Performance - GAC Group issued a profit warning, expecting a net loss attributable to shareholders between 8 billion to 9 billion RMB for 2025, significantly exceeding the bank's forecast of 3.9 billion RMB [1] - Excluding one-time items, the core net loss is projected to be between 8.9 billion to 9.9 billion RMB, with an estimated net loss of 3.7 billion to 4.7 billion RMB in Q4 2025, compared to a net profit of 704 million RMB in the same period of 2024 [1] Management Insights - Management attributes the weak performance last year to fierce market competition, resulting in lower-than-expected sales growth, increased marketing expenses, and higher impairment losses on intangible assets and inventory year-on-year [1] - Additionally, the shift in focus towards new energy vehicles has led to increased impairment losses on joint venture brands, resulting in a reduced profit share from joint ventures [1]

每经AI快讯，广汽集团(02238.HK)跌超3%，截至发稿，跌2.72%，报3.57港元，成交4279.6万港元。 ...

美银证券发表研报指，广汽集团发盈警，预计2025年归属股东净亏损介乎80亿至90亿元，远超该行预期 的39亿元。剔除一次性项目后，核心净亏损为89至99亿元。由此推算，2025年第四季净亏损介乎37亿至 47亿元，相较于2024年同期为净利润7.04亿元。管理层认为去年业绩疲弱因市场竞争激烈，导致销量增 长低于预期，同时行销费用上升，以及无形资产及存货的资产减值损失按年增加。另外，品牌转向聚焦 新能源车下，合资品牌减值损失增加，导致来自合资企业的利润份额减少。该行维持对广汽H股及广汽 A股的"跑输大市"评级，因认为激烈竞争将持续压缩集团自主品牌的利润率，令2026及2027年盈利能力 维持微薄水准，目标价分别为3.1港元及5.9元。 ...

Core Viewpoint - GAC Group is expected to report a significant net loss of between RMB 8 billion to 9 billion for the fiscal year ending December 31, 2025, indicating a deterioration compared to the previous year [1] Financial Performance - The anticipated net loss for 2025 is substantially higher than the previous estimate of RMB 3.9 billion by Bank of America Securities [1] - Excluding one-time items, the core net loss is projected to be between RMB 8.9 billion to 9.9 billion [1] - For the fourth quarter of 2025, the net loss is estimated to be between RMB 3.7 billion to 4.7 billion, a stark contrast to a net profit of RMB 704 million in the same quarter of 2024 [1] Market Conditions - The automotive industry is facing intense competition and rapid restructuring of the industrial ecosystem, which has impacted GAC Group's performance [1] - Despite a sequential increase in vehicle sales from the second quarter, the overall sales for the year did not meet expectations [1] Analyst Ratings - Bank of America Securities maintains a "underperform" rating for both GAC's H-shares and A-shares, citing ongoing competitive pressures that are expected to continue compressing profit margins for the company's self-owned brands [1] - The forecast suggests that profitability for 2026 and 2027 will remain at a minimal level [1]

Core Viewpoint - GAC Group (02238) is expected to report a significant net loss of RMB 8 billion to 9 billion for the fiscal year ending December 31, 2025, indicating a deterioration compared to the previous year [1] Financial Performance - The company anticipates a net loss attributable to shareholders of RMB 8 billion to 9 billion for 2025, which is substantially higher than the previous year's performance [1] - The core net loss, excluding one-time items, is projected to be between RMB 8.9 billion and 9.9 billion [1] - For Q4 2025, the net loss is estimated to be between RMB 3.7 billion and 4.7 billion, a stark contrast to a net profit of RMB 704 million in the same quarter of 2024 [1] Market Conditions - The automotive industry is facing intense competition and rapid restructuring of the industrial ecosystem, which is impacting GAC Group's performance [1] - Despite a sequential increase in vehicle sales from Q2 2025, the overall annual sales did not meet expectations [1] Analyst Ratings - Bank of America Securities has issued a report maintaining a "underperform" rating for both GAC's H-shares and A-shares, citing ongoing competitive pressures that are expected to continue compressing profit margins for the company's self-owned brands [1]

同时据公开信息显示，广汽集团2025年全集团全年汽车终端销量181.35万辆。受改革启动后相关积极措 施影响，自第二季度开始已持续三个季度环比正增长，其中第四季度实现销量超53.78万辆，环比增幅 达25.56%。2025年广汽自主品牌海外销量近13万辆，同比增长47%。 1月30日，广汽集团（601238）披露《2025年度业绩预告》。公告显示，受销售投入加大、资产减值计 提增加、投资收益减少等因素影响，预计2025年度归母净利润将同比下滑。 ...

机构持仓方面，截止2025年9月30日，广汽集团十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股7222.61万股，相比上期减少4785.95万股。华泰柏瑞沪深300ETF（510300）位居第九大流 通股东，持股3775.86万股，相比上期减少195.38万股。易方达沪深300ETF（510310）位居第十大流通 股东，持股2726.19万股，相比上期减少86.48万股。 1月30日，广汽集团跌1.86%，成交额2.22亿元。两融数据显示，当日广汽集团获融资买入额2780.97万 元，融资偿还4369.63万元，融资净买入-1588.65万元。截至1月30日，广汽集团融资融券余额合计25.51 亿元。 融资方面，广汽集团当日融资买入2780.97万元。当前融资余额25.48亿元，占流通市值的4.36%，融资 余额超过近一年50%分位水平，处于较高位。 融券方面，广汽集团1月30日融券偿还2.58万股，融券卖出1.54万股，按当日收盘价计算，卖出金额 12.20万元；融券余量31.74万股，融券余额251.38万元，低于近一年50%分位水平，处于较低位。 资料显示，广州汽车集团股份有限公司位于广 ...