Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [6] Core Insights - The overall sales of passenger vehicles met expectations with a year-on-year growth of 9%, while new energy passenger vehicles saw a growth of 25% [1][2] - In December 2025, the retail sales of passenger vehicles were 2.296 million units, a year-on-year decrease of 13%, but a month-on-month increase of 3%. Cumulatively, retail sales for the year reached 23.779 million units, a year-on-year increase of 4% [1][20] - The report highlights the rapid advancements in intelligent driving technologies, with multiple automakers updating their systems and competing in the autonomous driving sector [3][4] Summary by Sections Sales Performance - In December 2025, wholesale sales of passenger vehicles were 2.759 million units, a year-on-year decrease of 10%, with cumulative wholesale sales for the year reaching 29.524 million units, a year-on-year increase of 9% [1][20] - For new energy vehicles, December retail sales were 1.387 million units, a year-on-year increase of 7%, with cumulative retail sales for the year at 12.859 million units, a year-on-year increase of 18% [1][20] Industry Developments - Several automakers, including Zeekr and Geely, are enhancing their intelligent driving systems, indicating a shift towards integrated decision-making models in vehicle technology [3][4][32] - The report emphasizes the importance of continued policy support for the automotive industry and the potential investment opportunities arising from advancements in autonomous driving technology [4] Market Trends - The automotive sector saw a 2.53% increase in the week of January 3-9, 2026, with most related sub-sectors also experiencing growth [12] - The report notes that the intelligent driving technology is becoming a key competitive area among automakers, with significant investments and innovations being made [3][4][39]

Core Viewpoint - The company held its third meeting of the eighth board of directors on January 9, 2026, where it approved the appointment of a new board secretary and the use of idle funds for entrusted wealth management [2][3][4]. Group 1: Board Meeting Details - The meeting was conducted via electronic mail and involved all nine directors, ensuring compliance with relevant laws and regulations [2]. - The board approved the appointment of Mr. Wen Jianfeng as the board secretary, with a term lasting until the end of the eighth board's tenure [3][7]. Group 2: Wealth Management Plan - The company plans to use up to RMB 800 million of idle funds for entrusted wealth management, allowing for rolling use of the funds within this limit [13][15]. - The purpose of this wealth management is to enhance the efficiency of fund utilization and increase returns for the company and its shareholders [14]. - The company will select reputable financial institutions for the entrusted management, focusing on low-risk investment products [17]. Group 3: Risk Management and Impact - The board has authorized the management to make decisions regarding the wealth management within the approved limits, ensuring that daily operations and fund safety are not compromised [18][20]. - The company aims to ensure that the wealth management activities do not affect its main business operations and are beneficial for shareholders [24].

（文章来源：证券日报） 证券日报网讯 1月9日，保隆科技发布公告称，公司第八届董事会第三次会议（通讯表决）审议通过 《关于聘任公司董事会秘书的议案》《关于使用闲置自有资金进行委托理财的议案》。 ...

格隆汇1月9日丨保隆科技(603197.SH)公布，上海保隆汽车科技股份有限公司于2026年1月9日召开第八 届董事会第三次会议，审议通过《关于聘任公司董事会秘书的议案》，同意聘任文剑峰先生为公司董事 会秘书。 ...

二、董事会秘书联系方式 | 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于聘任董事会秘书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海保隆汽车科技股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日 召开第八届董事会第三次会议，审议通过《关于聘任公司董事会秘书的议案》， 同意聘任文剑峰先生为公司董事会秘书，现将有关情况公告如下： 一、董事会秘书聘任情况 根据《公司法》《公司章程》等相关规定，经公司董事长提名、董事会提名 委员会资格审查通过，公司董事会同意聘任文剑峰先生（简历详见附件）为公司 董事会秘书，任期自公司第八届董事会第三次会议审议通过之日起至公司第八届 董事会任期届满之日止。 文剑峰先生已取得上海证券交易所颁发的《董事会秘书任职培训证明》，具 备履行董事会秘书职责所必需的职业品德、专业知识和工作经验。在公司召开第 八届董事会 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于使用闲置自有资金进行委托理财的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 委托理财种类：商业银行、证券公司、信托公司等金融机构发行的银行 理财、券商理财、信托理财等理财产品。 委托理财金额：不超过人民币 8 亿元，在上述额度内，资金可循环滚动 使用。 已履行的审议程序：本次使用闲置自有资金进行委托理财事项已经公司 第八届董事会第三次会议审议通过。 特别风险提示：尽管公司计划投资的委托理财产品属于风险等级较低的 投资品种，但可能存在市场风险、流动性风险、信用风险及其他风险。受各种风 险影响，收益率将产生波动，理财收益具有不确定性。 公司将选择资信状况及财务状况良好、无不良诚信记录及盈利能力强的金融 机构作为受托方，委托理财资金用于投资市场信用级别较高、安全性较高、流动 性较好、风险可控 ...

每经头条（nbdtoutiao）——独家对话特斯拉FSD跨美第一人：4400公里"零接管"，手没碰过方向盘！作 为激光雷达销售员，他为何站队马斯克的"纯视觉"？ （记者 王晓波） 每经AI快讯，保隆科技1月9日晚间发布公告称，公司审议通过《关于聘任公司董事会秘书的议案》， 同意聘任文剑峰先生为公司董事会秘书。 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 上海保隆汽车科技股份有限公司（以下简称"公司"）第八届董事会第三次 会议于 2026 年 1 月 4 日以电子邮件方式通知全体董事，并于 2026 年 1 月 9 日以 通讯表决的方式召开，会议应出席董事 9 人，实际出席董事 9 人。本次会议的通 知、召开及审议程序符合《公司法》《证券法》等法律法规及《公司章程》的有 关规定，所作决议合法有效。 二、董事会会议审议情况 表决结果：赞成 9 票；反对 0 票；弃权 0 票。 上海保隆汽车科技股份有限公司 第八届董事会提名委员会第二次会议就本议案向董事会提出建议：认为文剑 峰先生符合《公司法》《上海证券交易所股票上市规则》《上市公司治理准则》和 《公司章程》等有关规定中对上市公司高级管理人员任职资格的要求，同意聘任 文剑峰先 ...

Core Viewpoint - Baolong Technology announced plans to use up to 800 million RMB of idle self-owned funds for entrusted wealth management, investing in financial products issued by commercial banks, securities companies, and trust companies [1] Group 1: Investment Details - The investment will be directed towards bank wealth management, securities firm wealth management, and trust wealth management products [1] - The decision has been approved by the company's eighth board of directors' third meeting and does not require shareholder approval [1] - The funds can be used in a rolling manner within the approved limit, with a validity period of 12 months from the date of board approval [1]

Core Viewpoint - The adjustment of the vehicle trade-in policy to a "proportional subsidy" will significantly benefit mid-to-high-end vehicles, with an estimated profit increase of 15.9 billion yuan for the passenger car industry in 2026 [1][2]. Group 1: Policy Changes and Impact - The new policy, effective from December 30, 2025, provides a subsidy of 12% for new energy vehicles and 10% for fuel vehicles, with maximum subsidies of 20,000 yuan and 15,000 yuan respectively for scrapping [1]. - The trade-in subsidy for purchasing new energy and fuel vehicles will be 8% and 6% respectively, with maximum subsidies of 15,000 yuan and 13,000 yuan [1]. - The adjustment in Chongqing shows that the sales proportion of vehicles priced above 200,000 yuan increased to 39.1% in November 2025, up by 6.3 percentage points from July 2025 [1]. Group 2: Profit Projections - The estimated profit increase of 15.9 billion yuan for the passenger car industry in 2026 is based on the assumption that domestic terminal sales will remain flat year-on-year [1]. - The theoretical profit space for different price segments is projected to grow as follows: 0 billion yuan for under 100,000 yuan, 0.3 billion yuan for 100,000-150,000 yuan, 0.7 billion yuan for 150,000-200,000 yuan, and 2.5 billion yuan for above 200,000 yuan [1]. - The total amount of trade-in subsidies is expected to decline by approximately 30 billion yuan in 2026, but the subsidies for vehicles priced above 150,000 yuan will increase by about 14 billion yuan [2]. Group 3: Investment Recommendations - Recommended stocks in the passenger vehicle chain include Geely Automobile, BYD, Chery Automobile, and others for right-side opportunities, while Great Wall Motors and Changan Automobile are suggested for left-side opportunities [3]. - Companies showing potential turning points include SAIC Motor [3]. - In the upstream and downstream chains, recommended stocks include Minth Group, Yinlun Machinery, and others for right-side opportunities, while Yongda Automobile and New Coordinates are suggested for left-side opportunities [3].