（文章来源：证券日报） 证券日报网讯 2月24日，广汽集团在互动平台回答投资者提问时表示，为进一步拓宽公司融资渠道，改 善债务结构，降低融资成本，增强公司资金管理的灵活性，保障因生产经营规模日益增长所造成的对资 金的需求，公司于2025年9月29日召开的股东大会审议通过了《关于公司发行公司债券方案的议案》及 《关于公司发行中期票据方案的议案》。公司于2025年12月至2026年1月完成三期绿色科技创新债券发 行，规模分别为人民币20亿元、30亿元、20亿元，发行利率为1.8%、1.99%、1.89%。 ...

Industry Application - The application scenarios of flying cars are characterized by the parallel advancement of professional and popular applications, which together strengthen the industry's essential foundation and expand market space [1][25] - Professional applications focus on public safety and industry efficiency, gradually expanding from essential scenarios to value-added industry applications, with pilot implementations in emergency rescue, firefighting, power inspection, and medical transport [1][25] - Popular applications aim to optimize travel experiences and supplement transportation systems, integrating into urban transportation networks, with cities like Shenzhen and Guangzhou planning to launch commuting routes by 2026 [3][27] Industry Development - The flying car industry is transitioning from research and validation to engineering, with a need for a comprehensive commercial system [4][28] - The industry chain now covers materials, key components, complete manufacturing, and demonstration operations, with a complete R&D-approval-manufacturing-operation loop being accelerated [4][28] - Leading companies such as XPeng Heavens, Volocopter, and Joby Aviation are driving the industry structure towards improvement, with significant capital market interest reflected in the rising market values of several companies [5][29] Technical Challenges - Flying cars face three major technical challenges: payload range, airworthiness safety, and intelligent driving, which must be overcome for practical and widespread development [10][35] - The payload range is limited by the performance of power systems, with current lithium-ion batteries having energy densities significantly lower than traditional aviation fuels, impacting the effective range and payload capacity [10][35] - Airworthiness safety is a core constraint for commercial viability, requiring flying cars to meet high reliability and redundancy standards, with ongoing efforts to achieve airworthiness certification [11][36] Infrastructure Development - The development of flying car infrastructure is constrained by land, funding, and regulatory challenges, necessitating government guidance and industry collaboration to address these systemic issues [18][20] - Initial infrastructure development should focus on repurposing existing resources, such as airports and parking lots, to quickly alleviate shortages [20][21] - Future infrastructure will evolve into a "three-dimensional smart network" that integrates with urban development and ground transportation, supporting the regular operation of flying cars [22][23]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 24 日 钢材&铁矿石日报 专业研究·创造价值 产业矛盾累积，钢矿偏弱运行 核心观点 螺纹钢：主力期价震荡走弱，录得 0.88%日跌幅，量仓扩大。现阶段， 供稳需弱局面下假期螺纹钢产业矛盾持续累积，库存大幅增加，钢价继 续承压运行，相对利好的是政策预期与成本支撑，预计走势延续弱势寻 底态势，重点关注累库情况以及节后短流程钢厂复产节奏。 热轧卷板：主力期价偏弱震荡，录得 0.87%日跌幅，量仓扩大。目前来 看，热卷供应压力未退，而需求延续季节性走弱，基本面延续弱势运 行，价格 ...

证券日报网讯 2月24日，广汽集团在互动平台回答投资者提问时表示，截至2025年9月30日，公司普通 股股东总数为12.76万户。 （文章来源：证券日报） ...

（编辑 袁冠琳） 证券日报网讯 2月24日，广汽集团在互动平台回答投资者提问时表示，上市公司市值变化受多重因素影 响。公司高度重视股东回报及市值管理工作，2025年2月，公司修订《市值管理制度》、制定《估值提 升计划》，将在公司治理、经营提升、股权激励及员工持股、现金分红等领域提升公司投资价值，持续 传递对公司发展的信心。公司始终秉持对自身发展前景的信心，将继续着力提升主业核心竞争力，努力 实现经营提质、创新增效，提升公司的内在价值，并根据市场情况，选择合适的市值管理工具，提升市 值管理水平，积极维护市值和股东权益。 ...

2025年，中国汽车产业在连续17年产销量稳居全球第一的基础上，再次交出了一份充满变革与挑战的答卷。行业在"电动化、智 能化"的百年浪潮中加速演进，新能源渗透率逼近50%关口，汽车出口从爆发式增长步入增速换挡期，智能驾驶技术正式叩开L3 级市场大门。 站在2026年的新起点，中国汽车产业加速从"量变"到"质变"的关键转折。新能源汽车渗透率突破50%，标志着市场主导权的切 换；L3级自动驾驶商业化破冰与Robotaxi规模化竞争开启，驱动智能出行进入新阶段；固态电池、国产芯片、人形机器人等前 沿领域，则成为技术竞争与产业延伸的核心战场。与此同时，传统豪华品牌与合资阵营面临深度重构，在电动化与智能化浪潮 中寻求本土化反攻。然而，机遇之下暗藏挑战：全球市场波动导致出口增速放缓，供应链不确定性使"缺芯"风险再度浮现，成 本与技术的平衡成为企业穿越周期的重要命题。 1、2026年预测销售新车3475万辆 2025年我国销售新车3440万辆，同比增长9.4%，产销量连续17年稳居全球第一。其中，国内销量为2730.2万辆，与2017年基本 持平，存量竞争越发激烈。根据中汽协预测，2026年中国汽车销量预计为3475万辆， ...

天眼查App显示，近日，广东慧仑科技有限公司成立，法定代表人为张爱民，注册资本8302万人民币， 经营范围为工程和技术研究和试验发展、服务消费机器人销售、服务消费机器人制造、特殊作业机器人 制造、工业机器人销售、工业机器人制造、智能机器人的研发、智能机器人销售等。股东信息显示，该 公司由广汽集团（601238）、广州仑驰投资合伙企业（有限合伙）、广州仑步投资合伙企业（有限合 伙）、张爱民共同持股。 ...

天眼查App显示，近日，广东慧仑科技有限公司成立，法定代表人为张爱民，注册资本8302万人民币， 经营范围为工程和技术研究和试验发展、服务消费机器人销售、服务消费机器人制造、特殊作业机器人 制造、工业机器人销售、工业机器人制造、智能机器人的研发、智能机器人销售等。股东信息显示，该 公司由广汽集团（601238）、广州仑驰投资合伙企业(有限合伙)、广州仑步投资合伙企业(有限合伙)、 张爱民共同持股。 ...

Group 1 - In 2025, China's automobile production and sales both exceeded 34 million units, setting a new historical record [1] - The year 2026 marks the beginning of the "14th Five-Year Plan," with many automotive companies setting ambitious sales targets and clear strategies for growth [1] Group 2 - China FAW aims for a sales target of 3.546 million units in 2026, a year-on-year increase of 7.39% from 2025 [4] - Dongfeng Motor targets 3.25 million units for 2026, with over 30% year-on-year growth, focusing on new energy vehicles and exports [6] - Changan Automobile sets a goal of 3.3 million units for 2026, a 13.3% increase, with a strong emphasis on new energy vehicle sales [8] Group 3 - SAIC Motor's sales target for 2026 is projected between 4.5 million and 5 million units, reflecting a pragmatic approach [10] - BAIC Group aims for 2.2 million units in 2026, with a focus on new energy products and smart technology [12][13] - GAC Group's sales in Q4 2025 reached 537,800 units, showing a significant quarter-on-quarter increase of 25.56% [16] Group 4 - Chery aims for a sales target of 3.2 million units in 2026, a 14.03% increase from 2025, with plans to launch 17 key models [20] - BYD achieved a record of 4.602 million units in 2025 and plans to sell 1.3 million vehicles overseas in 2026, a 24.3% increase [22][23] - Geely targets 3.45 million units for 2026, a 14% increase, with a focus on new energy vehicle launches [25][26] Group 5 - Great Wall Motors sets a target of 1.8 million units for 2026, a 36% increase from 2025, supported by new technology [28][29] - Li Auto aims for 550,000 units in 2026, with a growth plan of approximately 40% [31] - NIO's sales target for 2026 is between 456,000 and 489,000 units, with plans to expand its battery swap station network [33] Group 6 - XPeng Motors targets 550,000 to 600,000 units for 2026, with a growth rate of approximately 28% to 39.7% [36] - Leap Motor aims for a sales target of 1.05 million units in 2026, a 67.5% increase, with plans to launch four new models [38] - Xiaomi Auto sets a target of 550,000 units for 2026, a 34% increase, focusing on technology development and user experience [40] Group 7 - Harmony Smart aims for over 1 million units in 2026, with plans to launch more than 10 new models [43]

五震荡走低，险守二十天线。恒指随外围低开 132 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周一港股三大指数全天强势震荡，恒生指数收涨 2.53%报 27081.91 点，恒生科技指数涨 3.34%报 5385.35 点，恒生中国企业指数涨 2.65%报 9197.38 点。大市成交 1730 亿港元。科技龙头、 半导体、有色股表现亮眼，紫金矿业、美团、中 芯国际涨超 5%，涨幅位居恒指成分股前列。新能 源汽车股普涨，蔚来涨近 6%，比亚迪股份涨近 5%。行业方面，恒生原材料业指数大涨 4.27%， 赣锋锂业涨超 8%，紫金黄金国际、五矿资源涨近 7%。大模型概念股回落，智谱跌近 ...