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。 ...

美银证券发布研报称，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37 亿至47亿元之间，相较于2024年同期为净利润7.04亿元。该行维持对广汽H股及广汽A股(601238.SH)"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。 广汽集团（601238）(02238)跌超3%，截至发稿，跌2.72%，报3.57港元，成交4279.6万港元。 消息面上，1月30日，广汽集团发布公告，预计公司截至2025年12月31日止年度实现归属于母公司所有 者的净亏损为人民币80亿元至90亿元，与上年同期相比，出现亏损。2025年度内，汽车行业竞争激烈、 产业生态快速重构，公司自二季度汽车销量虽环比不断提升，但全年汽车销量未达预期。 ...

智通财经APP获悉，广汽集团(02238)跌超3%，截至发稿，跌2.72%，报3.57港元，成交4279.6万港元。 消息面上，1月30日，广汽集团发布公告，预计公司截至2025年12月31日止年度实现归属于母公司所有 者的净亏损为人民币80亿元至90亿元，与上年同期相比，出现亏损。2025年度内，汽车行业竞争激烈、 产业生态快速重构，公司自二季度汽车销量虽环比不断提升，但全年汽车销量未达预期。 美银证券发布研报称，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37 亿至47亿元之间，相较于2024年同期为净利润7.04亿元。该行维持对广汽H股及广汽A股(601238.SH)"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。 ...

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 ...

Group 1: GAC Group Performance - GAC Group reported January 2026 sales of 116,600 vehicles, an increase of 18.47% year-on-year [1][5] - The production for January was 110,800 vehicles, a decrease of 4.77% year-on-year [1][5] - New energy vehicles (NEVs) showed strong performance with a production of 23,700 units, up 42.82% year-on-year, and sales of 26,000 units, a significant increase of 162.90% [1][5] - GAC Aion's sales reached 21,600 units, a year-on-year increase of 171.63% [1][5] - GAC Honda's sales were 4,558 units, down 69.86% year-on-year, while GAC Toyota's sales increased by 9.82% to 62,600 units [1][5] - Wuyang-Honda motorcycles sold 45,200 units, up 15.00% year-on-year [1][5] Group 2: BYD Performance - BYD reported January 2026 sales of 210,100 NEVs, a decrease of 30.11% year-on-year [2][6] - The production for January was 232,400 NEVs, down 29.13% year-on-year [2][6] - Sales of pure electric passenger vehicles were 83,200 units, a decline of 33.60% year-on-year, while plug-in hybrid passenger vehicles sold 122,300 units, down 28.53% [2][6] - The commercial vehicle segment performed well with production and sales of 4,523 and 4,533 units, respectively, representing year-on-year growth of 11.60% and 10.78% [2][6] - NEV exports reached 100,500 units, and the total installed capacity of power batteries and energy storage batteries was approximately 20.187 GWh [2][6] Group 3: Li Auto Performance - Li Auto delivered 27,700 vehicles in January 2026, with a cumulative delivery of 1,567,900 vehicles as of January 31, 2026 [3][7] - The company launched OTA 8.2 system update in January, featuring 40 new functions and 25 experience optimizations [3][7] - Li Auto has 547 retail centers covering 159 cities and 547 after-sales service centers across 221 cities, with 3,966 charging stations and 21,900 charging piles in operation [3][7]

Core Viewpoint - GAC Group is facing significant challenges in its transformation, resulting in an unprecedented annual loss for the first time in nearly 20 years, with projected net losses of 8 billion to 9 billion yuan for 2025 [2][3]. Financial Performance - For 2025, GAC Group anticipates a net profit attributable to shareholders of -80 billion to -90 billion yuan, marking a shift from profit to loss year-on-year [3]. - The company expects a non-recurring net profit of -89 billion to -99 billion yuan, indicating a substantial increase in losses compared to previous years [3]. - In the first three quarters of 2025, GAC Group reported a net profit attributable to shareholders of -43.12 billion yuan and a non-recurring net profit of -47.75 billion yuan [4]. - The fourth quarter is projected to see losses close to the sum of the first three quarters, with net profit estimates ranging from -36.88 billion to -46.88 billion yuan [5]. Sales Performance - GAC Group's total vehicle sales for 2025 are estimated at approximately 1.72 million units, a decline of 14.06% year-on-year, falling short of the 2.3 million sales target [9][6]. - The company has experienced a continuous decline in sales, with 2023 and 2024 revenues reported at 129.7 billion yuan and 107.8 billion yuan, respectively, reflecting changes of -17.62% and -16.90% [6]. Strategic Initiatives - GAC Group initiated the "Panyu Action" in November 2024, focusing on operational reforms, including the establishment of a management headquarters and integrated operations for its self-owned brands [10]. - The company is entering a "wartime state" to tackle future challenges, emphasizing three key battles: user demand, product value, and service experience [11]. - Recent personnel changes include the appointment of a new general manager and a chief accountant, with a focus on enhancing efficiency and decision-making processes [12]. Future Outlook - GAC Group's transformation efforts are expected to improve operational efficiency by approximately 50%, with a reduction in new vehicle development cycles from 26 months to 18-21 months [12]. - The company is deepening its collaboration with Huawei to accelerate the smart transformation of the automotive industry [12]. - The automotive industry is undergoing rapid changes, with GAC Group's performance in 2026 being closely watched for signs of recovery and competitiveness in the global market [14].

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 广汽集团（02238）发布公告，2026年1月，汽车产量为11.08万辆，与去年同期比较下降4.77%；汽车销 量为11.66万辆，与去年同期比较增长18.47%。 广汽集团（02238）发布公告，2026年1月，汽车产量为11.08万辆，与去年同期比较下降4.77%；汽车销 量为11.66万辆，与去年同期比较增长18.47%。 责任编辑：卢昱君 ...

在能源类型方面，公司1月新能源汽车产量为23,723辆，同比增长42.82%；销量为26,040辆，同比大幅增长162.9%。节能汽车1月销量为42,197辆，同比增长 12.92%。 2月1日，广汽集团披露了《2026年1月份产销快报》。数据显示，公司2026年1月实现汽车产量110,795辆，同比下降4.77%；实现汽车销量116,622辆，同比 增长18.47%。 主要投资企业产销情况显示，广汽丰田1月销量为62,600辆，同比增长9.82%；广汽传祺销量为27,684辆，同比增长51.06%；广汽埃安新能源汽车销量为 21,635辆，同比大幅增长171.63%。广汽本田1月销量为4,558辆，同比下降69.86%。 从产品类别看，公司1月乘用车销量为116,477辆，同比增长18.35%。其中，SUV车型销量为75,094辆，同比增长60.42%；轿车销量为27,936辆，同比下降 14.82%；MPV销量为13,447辆，同比下降28.51%。商用车1月销量为145辆，同比增长59.09%。 ...

Group 1 - The core viewpoint of the news is that GAC Group has reported strong sales growth in January 2026, with total sales reaching 116,600 units, a year-on-year increase of 18.47% [1] - GAC Group's self-owned brand sales exceeded 49,000 units, showing a significant year-on-year growth of 87.58%, while overseas sales increased by 68.59% [1] - The sales data marks the first monthly report since the establishment of GAC's self-owned brands, Aion BU and Trumpchi BU, with Aion BU sales soaring by 171.63% and Trumpchi BU sales growing by 51.06% [1] Group 2 - In 2025, GAC Group focused on three main tasks: stabilizing joint ventures, strengthening self-owned brands, and expanding ecosystems, achieving a total vehicle sales of 1.8135 million units for the year [1] - GAC Group's Aion BU has completed the first phase of channel integration, with 254 stores in 147 cities undergoing dual-brand upgrades, and plans to launch at least five new models in 2026 [1] - GAC Group's Trumpchi BU sold over 27,600 units in January, with a year-on-year increase of 51.06%, and ranked first among self-owned brands in a recent vehicle retention report [2]