Core Insights - GAC Group and Alibaba Cloud signed a comprehensive AI strategic cooperation agreement on November 14 [1] - The partnership aims to leverage strengths in the automotive and AI cloud sectors to build future-oriented infrastructure for the automotive industry [1] - The collaboration will accelerate the implementation of AI across various scenarios in the automotive sector [1]

证券之星消息，11月13日南向资金减持12.12万股广汽集团（02238.HK）。近5个交易日中，获南向资金 增持的有2天，累计净增持255.68万股。近20个交易日中，获南向资金增持的有15天，累计净增持 5955.88万股。截至目前，南向资金持有广汽集团（02238.HK）16.82亿股，占公司已发行普通股的 59.8%。 广州汽车集团股份有限公司是一家主要从事汽车及相关业务的中国公司。该公司的主要业务包括研发、 整车（汽车、摩托车）、零部件、商贸与出行、能源及生态、国际化、投资与金融等业务。该公司通过 两个分部开展其业务。汽车业务及相关贸易分部包括生产及销售各种乘用车、商用车、汽车零部件及相 关贸易。其他分部主要包括生产及销售摩托车、汽车金融保险、其他金融服务及投资业务等。该公司主 要在国内外市场开展其业务。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-13 | 16.82亿 | -12.12万 | -0.01% | | 2025-11-12 | 16.83亿 | -122.40万 | -0.07% | | ...

Core Insights - GAC Group and CATL signed a comprehensive strategic cooperation agreement for a 10-year partnership, focusing on technology development, ecosystem building, and business expansion in the automotive industry [2][3] Group 1: Strategic Cooperation - The agreement aims to leverage the strengths of both companies in manufacturing, technology, resources, and market access, particularly in advanced areas like smart chassis and battery swapping [2] - The partnership will enhance the driving experience and safety standards of GAC's vehicles through the integration of CATL's advanced battery technologies [2][3] Group 2: Business Expansion - Beyond traditional battery supply, the collaboration will explore innovative business models such as battery leasing and joint station construction, promoting a "swap and go" energy service network [2][3] - This strategic move is expected to provide diverse mobility solutions for users, aligning with the growing demand for electric vehicles [2] Group 3: Industry Impact - The partnership is seen as a model for long-term cooperation in the industry, addressing challenges like technology innovation bottlenecks and supply chain stability [3][4] - The collaboration reflects the shift in the new energy sector from rapid expansion to a critical phase of transformation, emphasizing the need for upstream and downstream collaboration for higher quality development [4]

Group 1: New Energy Vehicle Sales - In the first ten months of 2023, sales of traditional fuel passenger cars were mainly concentrated in the price range of 100,000 to 150,000 yuan, with a total sales volume of 3.698 million units, a year-on-year decline of 8.6% [1] - In contrast, sales of new energy passenger cars in the price range of 100,000 to 200,000 yuan reached 5.446 million units, showing a year-on-year growth of 29.4% [1] Group 2: Market Trends and Policies - The "old-for-new" policy has had a significant positive effect, leading to a reduction in aggressive price competition and an improvement in market order [1] - The automotive industry's profit margin rebounded to 4.5% in the first nine months of 2023, indicating a stabilization in price promotions and an increase in industry scale [1] Group 3: Strategic Partnerships - CATL and GAC Group signed a 10-year strategic cooperation agreement focusing on joint research and development in smart chassis and battery swapping ecosystems [2] - The partnership aims to enhance the competitiveness of new energy vehicles and improve vehicle quality through the application of key technologies [2] Group 4: New Product Launches - SAIC-GM Wuling announced the launch of the Wuling Hongguang MINIEV four-door version with a range of 301 kilometers, priced at 55,800 yuan [3] Group 5: Corporate Leadership Changes - General Motors announced that John Roth will succeed Steve Hill as the President of GM China, effective December 1 [5] Group 6: Impact of Tariffs on Japanese Automakers - Japanese automakers reported significant declines in performance due to the U.S. tariffs on imported vehicles, with an estimated total loss of 1.5 trillion yen for the seven major manufacturers [7] - The tariffs, which began in April 2023, have led to increased costs and reduced profits for companies heavily reliant on the U.S. market [8]

Industry News - The National Development and Reform Commission expects a balanced energy supply and demand during the heating season, with national power generation capacity reaching 3.72 billion kilowatts, an increase of 560 million kilowatts year-on-year [3] - China's new energy vehicle sales exceeded 50% of total car sales for the first time in October, with production and sales of new energy vehicles reaching 13.015 million and 12.943 million units respectively from January to October, marking year-on-year growth of 33.1% and 32.7% [3] - A perovskite solar cell with a light-to-electricity conversion efficiency of 27.2% has been successfully developed, significantly enhancing operational stability and laying a foundation for industrial development [3] Company News - The China National Nuclear Corporation has established an internationally advanced quantum radioactive metrology laboratory, marking a significant advancement in quantum radioactive measurement technology in China [5] - State Grid Corporation of China released its first contribution report on implementing the Global Security Initiative, marking its third report on international platforms following previous environmental and development initiative reports [5] - Southern Power Grid has established two new centers focused on electricity market research and financial sharing, aiming to enhance high-quality development and contribute to the construction of a world-class enterprise [7] - The construction of a large-scale floating wind power demonstration project has officially started in Guangdong, marking significant progress in China's floating offshore wind power industry [7] - GAC Group and CATL signed a comprehensive strategic cooperation agreement to deepen collaboration in the new energy sector over the next decade [8] Local News - Zhejiang Province leads the nation in the issuance of green certificates for distributed renewable energy projects, promoting a transparent and collaborative green energy development environment [9] - The State Grid Qinghai Haidong Power Supply Company has completed the electrification of 37 geological disaster relocation sites, benefiting 1,176 relocated households [9] International News - Russia is preparing to transfer nuclear technology to India, indicating a new level of cooperation in the nuclear energy sector [11] - Australia has released a net-zero emissions investment guide to attract international investment for achieving its net-zero emissions goals [13]

人民财讯11月10日电，11月10日，广汽集团（601238）与宁德时代（300750）正式签署全面战略合作协 议。根据协议，广汽集团与宁德时代将开展十年长期合作，以此为基石充分发挥各自在智造、技术、资 源与市场等方面的优势，共同构建体系化生态圈与协同发展新格局。 在具体合作方面，双方将加强智能底盘、换电等领域的研发合作，助力广汽旗下乘用车品牌打造具有竞 争力的新能源汽车产品。此外，双方将在电池租赁、联合建站等业务领域开展长期深度合作。 ...

Core Viewpoint - GAC Group is advancing its capital operations through GAC Honda by acquiring a 50% stake in Dongfeng Honda Engine and increasing its capital to achieve full ownership, thereby enhancing its supply chain for core components [1][2]. Group 1: Equity Acquisition and Capital Increase - GAC Honda signed a contract with Dongfeng Motor Group on October 30 to acquire a 50% stake in Dongfeng Honda Engine for 1.172 billion RMB (approximately 1.287 billion HKD) [2]. - To achieve full ownership, GAC Honda will increase its registered capital from 541 million USD to 867 million USD, with a total capital increase of 326 million USD (approximately 2.544 billion HKD) [2]. - GAC Group will contribute 50% of the capital increase, amounting to 163.1 million USD (approximately 1.172 billion RMB), while Honda and Honda China will contribute through their existing stakes [2][3]. Group 2: Financial Performance and Valuation of Dongfeng Honda Engine - Dongfeng Honda Engine's revenue is projected to improve significantly, increasing from 9.566 billion RMB in 2023 to 17.852 billion RMB in 2024, with a turnaround from a net loss of 228 million RMB to a profit of 84 million RMB [4]. - The independent valuation of Dongfeng Honda Engine shows a net asset book value of 2.029 billion RMB and an assessed value of 2.345 billion RMB, reflecting an increase of 316 million RMB (15.60%) [3][4]. Group 3: Strategic Implications and Financial Impact - The transaction aims to enhance GAC Honda's integrated operations in the engine sector, improving supply chain stability and reducing transaction costs [4]. - Post-transaction, Dongfeng Honda Engine will be included in GAC Group's consolidated financial statements, supporting the group's transition towards smart and electric vehicle production [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GUANGZHOU AUTOMOBILE GROUP CO., LTD. 2238 關連交易 增資協議 背景 於2025年10月30日，本公司重大共同控制實體廣汽本田與東風汽車集團訂立產權交易 合同，據此，東風汽車集團（作為賣方）同意出售而廣汽本田（作為買方）同意收購東風 本田發動機50%的股權，代價為人民幣1,172,485,400元（折合約1,286,847,541港元），該 交易通過廣東聯合產權交易中心公開掛牌轉讓進行。 增資協議 於2025年11月10日，本公司與本田、本田中國及廣汽本田訂立增資協議，據此，廣汽 本田的註冊資本將由541,000,000美元擴大至867,215,960美元。本公司、本田及本田中 國將按彼等各自於廣汽本田之出資比例，為增資事項合計認繳326,215,960美元（折合 約2,544,484,488港元），惟受增資協議之條款及條件所規限。 上市規則之涵義 股權轉讓事項 ...

Core Viewpoint - GAC Group has entered into a significant equity transaction with Dongfeng Motor Group, involving the sale of a 50% stake in Dongfeng Honda Engine to GAC Honda for approximately RMB 1.1725 billion [1] Group 1: Equity Transaction Details - On October 30, 2025, GAC Honda and Dongfeng Motor Group signed an equity transaction contract [1] - The transaction involves Dongfeng Motor Group selling a 50% stake in Dongfeng Honda Engine for about RMB 1.1725 billion [1] - Following the contract, on November 10, 2025, GAC Honda, Honda, and Honda China entered into a capital increase agreement [1] Group 2: Capital Increase Agreement - The registered capital of GAC Honda will increase from USD 541 million to approximately USD 867 million [1] - The total capital increase amounting to about USD 326 million (approximately HKD 2,544,484,488) will be subscribed by GAC Group, Honda, and Honda China according to their respective shareholding ratios [1] - GAC Group will contribute approximately RMB 1.1725 billion as part of the capital increase, subject to the terms and conditions of the agreement [1] Group 3: Shareholding Structure - After the completion of the capital increase, GAC Group, Honda, and Honda China will maintain their respective shareholding ratios in GAC Honda, holding 50%, 40%, and 10% respectively [1]

Core Viewpoint - GAC Group is engaging in a significant equity transaction involving GAC Honda and Dongfeng Motor Group, which will enhance its capital structure and maintain ownership ratios among stakeholders [1] Group 1: Equity Transaction Details - GAC Honda has entered into a property transaction contract with Dongfeng Motor Group to acquire 50% of Dongfeng Honda Engine for approximately RMB 1.1725 billion [1] - Following the property transaction, an equity increase agreement was signed on November 10, 2025, which will raise GAC Honda's registered capital from USD 541 million to approximately USD 867 million [1] - The total capital contribution for the equity increase will amount to about USD 326 million (approximately HKD 2.544 billion), with GAC Group contributing around RMB 1.1725 billion [1] Group 2: Ownership Structure - Post completion of the capital increase, GAC Group, Honda, and Honda China will maintain their respective ownership stakes in GAC Honda at 50%, 40%, and 10% [1]