中金：维持长安汽车“跑赢行业”评级，目标价15.5元

Group 1 - The core viewpoint of the article is that the establishment of China Changan Automobile Group marks a significant development in the automotive industry, positioning it as a new indirect controlling shareholder of Changan Automobile and aligning with national trends in state-owned enterprise reform and optimization of state capital layout [1] - The new enterprise will focus on developing smart automotive robotics and embodied intelligence, exploring a new ecosystem for multi-modal transportation, and accelerating global expansion [1] - The formation of three major central enterprise automotive groups in China is expected to concentrate resources and enhance the competitiveness of the automotive industry [1] Group 2 - In the second half of the year, the launch of the Qiyuan A06 (a mid-to-large sedan equipped with lidar), a compact SUV in the fourth quarter, and a compact sedan from Deep Blue is anticipated to drive continued growth in new energy vehicle sales [1] - The company maintains an "outperform industry" rating, with a target price of 15.5 yuan for A-shares, while the B-share valuation is considered low with a high dividend yield, leading to an 11% increase in the B-share target price to 5.0 HKD [1]