Core Viewpoint - The automotive industry in China is experiencing a decline in production and sales due to multiple factors including policy adjustments, insufficient consumer demand, and a high base from the previous year [1][10][11]. Automotive Industry Economic Operation Characteristics - Overall automotive production and sales have decreased, with February figures showing a production of 167.2 million units and sales of 180.5 million units, representing a year-on-year decline of 20.5% and 15.2% respectively [10][11]. - In the first two months of the year, total automotive production reached 412.2 million units, down 9.5% year-on-year, while sales were 415.2 million units, down 8.8% [10]. Domestic Sales Situation - Domestic sales of automobiles in February were 113.3 million units, reflecting a month-on-month decline of 32% and a year-on-year decline of 32.9% [11]. - For the first two months, domestic sales totaled 279.9 million units, down 23.1% year-on-year, with traditional fuel vehicles accounting for 167.3 million units, down 19.8% [11]. Export Situation - Automotive exports in February reached 67.2 million units, showing a month-on-month decline of 1.4% but a year-on-year increase of 52.4% [13]. - In the first two months, exports totaled 135.2 million units, up 48.4% year-on-year [13]. New Energy Vehicle (NEV) Situation - NEV production and sales in February were 69.4 million and 76.5 million units respectively, with year-on-year declines of 21.8% and 14.2% [54]. - In the first two months, NEV production and sales were 173.5 million and 171 million units, down 8.8% and 6.9% year-on-year [54]. Key Enterprises Sales Situation - The top fifteen automotive groups in China saw a combined sales volume of 387.5 million units in the first two months, a year-on-year decline of 9%, accounting for 93.3% of total automotive sales [75]. - The top fifteen NEV groups had a combined sales volume of 165 million units, down 7.3% year-on-year, representing 96.5% of total NEV sales [76].

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。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） 职工董事：盧彩娟女士。 非執行董事：何平先生。 獨立非執行董事： 樂英女士、 輝先生及鄒兆麟先生。 * 僅供識別 股份代號：02333（港幣櫃台）及82333（人民幣櫃台） 海外監管公告 此海外監管公告是根據香港聯合交易所有限公司證券上市規則第 13.10B 條發出。以下為長城汽 車股份有限公司於上海證券交易所網站（www.sse.com.cn）所刊發之「長城汽車股份有限公司 2026年2月產銷快報」。 承董事會命 長城汽車股份有限公司 公司秘書 李紅栓 李紅栓 公司秘書 中國河北省保定市，2026 年 3 月1日 於本公告日期，董事會成員如下： 執行董事： 魏建軍先生、趙國慶先生及李紅栓女士。 务请注意，上述产销量数字未经审核，亦未经本公司审计师确认，或 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - Manganese silicon supply and demand both decrease, operating at a low level with continuous inventory accumulation. The spot price in Inner Mongolia is 5650 yuan/ton, unchanged from the previous period. The manganese ore market is relatively strong, and the main production areas are operating at a loss. The main manganese silicon futures contract closed down 0.45% to 5800 yuan/ton, trading below the 20 - and 60 - day moving averages. It is expected to fluctuate weakly in the short term, with attention on the 5766 support level [2]. - Ferrosilicon supply increases while demand decreases, fluctuating at a low level with a neutral inventory. The spot price in Ningxia is 5350 yuan/ton, unchanged from the previous period. The cost of semi - coking coal remains stable, and the main production areas are operating at a loss. The main ferrosilicon futures contract closed down 1.47% to 5500 yuan/ton, trading below the 20 - and 60 - day moving averages. The supply - demand pattern is becoming more relaxed, and the futures price is under downward pressure. With the Spring Festival approaching and insufficient demand support, rising electricity prices in some areas may provide some support, limiting the downside. It is expected to fluctuate at a low level, with attention on the 5480 support level [2]. Group 3: Summary by Directory Futures Market - SM main contract closing price (daily, yuan/ton): 5800, down 24 yuan; SF main contract closing price (daily, yuan/ton): 5500, down 76 yuan [2]. - SM futures contract open interest (daily, lots): 562,439, down 3181 lots; SF futures contract open interest (daily, lots): 366,676, up 21,723 lots [2]. - Net position of the top 20 in manganese silicon (daily, lots): - 26,604, up 759 lots; net position of the top 20 in ferrosilicon (daily, lots): - 11,364, up 6459 lots [2]. - SM 5 - 3 contract spread (daily, yuan/ton): 38, unchanged; SF 4 - 3 contract spread (daily, yuan/ton): - 22, down 8 yuan [2]. - SM warehouse receipts (daily, sheets): 46,543, up 6843 sheets; SF warehouse receipts (daily, sheets): 8163, down 21 sheets [2]. Spot Market - Inner Mongolia manganese silicon FeMn68Si18 (daily, yuan/ton): 5650, unchanged; Inner Mongolia ferrosilicon FeSi75 - B (daily, yuan/ton): 5410, down 10 yuan [2]. - Guizhou manganese silicon FeMn68Si18 (daily, yuan/ton): 5700, unchanged; Qinghai ferrosilicon FeSi75 - B (daily, yuan/ton): 5280, unchanged [2]. - Yunnan manganese silicon FeMn68Si18 (daily, yuan/ton): 5730, unchanged; Ningxia ferrosilicon FeSi75 - B (daily, yuan/ton): 5350, unchanged [2]. - Manganese silicon index average (weekly, yuan/ton): 5665, up 19 yuan; SF main contract basis (daily, yuan/ton): - 150, up 76 yuan [2]. - SM main contract basis (daily, yuan/ton): - 150, up 24 yuan; average price of South African high - iron manganese ore in Tianjin Port (daily, yuan/ton - degree): 31.55, unchanged; silica (98%, Northwest, daily, yuan/ton): 210, unchanged [2]. Upstream Situation - Average price of South African semi - carbonate manganese ore in Tianjin Port (daily, yuan/ton - degree): 36.35, unchanged; semi - coking coal (medium material, Shenmu, daily, yuan/ton): 770, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke (daily, yuan/ton): 1160, unchanged [2]. - Manganese ore port inventory (weekly, 10,000 tons): 420.3, down 15.4 [2]. Industry Situation - Manganese silicon enterprise operating rate (weekly, %): 35.77, down 0.44%; ferrosilicon enterprise operating rate (weekly, %): 29.31, up 0.19% [2]. - Manganese silicon supply (weekly, tons): 190,995, down 1400 tons; ferrosilicon supply (weekly, tons): 99,200, up 700 tons [2]. - Manganese silicon manufacturer inventory (bi - monthly, tons): 377,800, up 3500 tons; ferrosilicon manufacturer inventory (bi - monthly, tons): 66,860, down 1040 tons [2]. - National steel mill inventory of manganese silicon (monthly, days): 17.48, up 1.96 days; national steel mill inventory of ferrosilicon (monthly, days): 17.52, up 2.11 days [2]. - Demand for manganese silicon from five major steel types (weekly, tons): 116,059, down 1161 tons; demand for ferrosilicon from five major steel types (weekly, tons): 18,497.7, down 260.7 tons [2]. Downstream Situation - Blast furnace operating rate of 247 steel mills (weekly, %): 79.53, up 0.53%; blast furnace capacity utilization rate of 247 steel mills (weekly, %): 85.69, up 0.22% [2]. - Crude steel production (monthly, 10,000 tons): 6817.74, down 169.36 [2]. Industry News - The central bank released the China Monetary Policy Implementation Report for the fourth quarter of 2025, stating that it will continue to implement a moderately loose monetary policy, aiming to promote stable economic growth and a reasonable rebound in prices [2]. - According to the China Association of Automobile Manufacturers, in January, China's automobile production and sales were 2.45 million and 2.346 million units respectively, with a year - on - year increase of 0.01% in production and a decrease of 3.2% in sales [2].

Core Viewpoint - Dong'an Power announced its engine sales and production figures for January 2026, showing a mixed performance in the engine and transmission segments [1] Group 1: Engine Sales and Production - The company sold 47,447 engines in January 2026, representing a year-on-year increase of 2.44% [1] - The production of engines reached 47,281 units, marking a year-on-year growth of 11.50% [1] Group 2: Transmission Sales and Production - Transmission sales totaled 13,613 units, reflecting a year-on-year decline of 4.32% [1] - The production of transmissions was 11,743 units, which is a significant year-on-year decrease of 39.68% [1]

Group 1 - The core viewpoint of the article highlights that SAIC Motor Corporation Limited (600104.SH) reported its production and sales figures for January 2026, showing a positive growth trend in both metrics [1] Group 2 - In January 2026, SAIC's total vehicle production reached 338,700 units, representing a year-on-year increase of 4.01% [1] - The total vehicle sales for SAIC in January 2026 amounted to 327,400 units, reflecting a significant year-on-year growth of 23.94% [1]

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 。 長 城 汽 車 股 份 有 限 公 司 GREAT WALL MOTOR COMPANY LIMITED * （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 股 份 代 號 ： 02 33 3（ 港 幣 櫃 台 ） 及 823 33（ 人 民 幣 櫃 台 ） 自願公告 2026年1月產銷快報 本公告乃由長城汽車股份有限公司（「本公司」）自願刊發。 本公司董事會謹此宣佈，本公司於2026年1月產銷量詳細如下(單位:台)： | 車型 | | | 銷量 | | | | 產量 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The automotive market is experiencing a slowdown in the fourth quarter of 2025, with consumers waiting for the new policies in 2026, leading to increased inventory pressure and a decrease in production pace, contrary to the traditional year-end surge [1] Production and Sales Summary - In December 2025, automotive production and sales reached 3.296 million and 3.272 million units, respectively, representing a month-on-month decline of 6.7% and 4.6%, and a year-on-year decline of 2.1% and 6.2% [3] - For the entire year of 2025, automotive production and sales totaled 34.531 million and 34.400 million units, showing a year-on-year growth of 10.4% and 9.4% [4] Passenger Vehicle Summary - In December 2025, passenger vehicle production and sales were 2.879 million and 2.847 million units, with month-on-month declines of 8.4% and 6.3%, and year-on-year declines of 4.2% and 8.7% [6] - For 2025, passenger vehicle production and sales reached 30.270 million and 30.103 million units, reflecting a year-on-year increase of 10.2% and 9.2% [7] New Energy Vehicle Summary - In December 2025, new energy vehicle production and sales were 1.718 million and 1.710 million units, with year-on-year growth of 12.3% and 7.2% [8] - For the year 2025, new energy vehicle production and sales totaled 16.626 million and 16.490 million units, marking a year-on-year increase of 29% and 28.2% [8] Commercial Vehicle Summary - In December 2025, commercial vehicle production and sales were 416,000 and 425,000 units, with month-on-month increases of 7.4% and 8.5%, and year-on-year increases of 15.5% and 15.3% [9] - For the year 2025, commercial vehicle production and sales reached 4.261 million and 4.296 million units, showing a year-on-year growth of 12% and 10.9% [10] Export Summary - In December 2025, automotive exports reached 753,000 units, with a month-on-month increase of 3.5% and a year-on-year increase of 49.2% [13] - For the entire year of 2025, automotive exports totaled 7.098 million units, reflecting a year-on-year growth of 21.1% [14] Domestic Sales Summary - In 2025, domestic automotive sales amounted to 27.302 million units, representing a year-on-year increase of 6.7% [15] - In December 2025, domestic automotive sales were 2.519 million units, with a month-on-month decline of 6.7% and a year-on-year decline of 15.6% [16]

Report Industry Investment Rating - The investment rating for the steel industry is "volatile" [1] Core Viewpoints - In 2025, the production and sales of automobiles reached a record high with a high growth rate of about 10%. In 2026, production and sales are expected to continue to increase, but the growth rate will slow down significantly. In the short term, steel supply increases, demand decreases, and inventory rises [1] Summary by Relevant Catalogs Market Review - On Wednesday night session, rebar and hot-rolled coils closed higher [1] Important Information - In 2025, China's automobile production and sales were 34.531 million and 34.4 million vehicles respectively, a year-on-year increase of 10.4% and 9.4% respectively. New energy vehicle production and sales exceeded 16 million, and domestic new car sales accounted for over 50%. Automobile exports exceeded 7 million, and new energy vehicle exports were 2.615 million, doubling year-on-year [1] - In December 2025, China exported 536 ships; from January to December, the cumulative export was 6,690 ships, a year-on-year increase of 16.2% [1] - In December 2025, China exported 994,000 automobiles; from January to December, the cumulative export was 8.324 million vehicles, a year-on-year increase of 30.0% [1] - From 2014 to 2024, the indirect steel exports of 74 countries increased from 325 million tons to 410 million tons, an increase of 26%. In 2024, the indirect steel trade volume was equivalent to 93% of the direct export volume [1] Market Logic - In 2025, automobile production and sales reached a new high with a high growth rate of about 10%. In 2026, production and sales are expected to continue to increase, but the growth rate will slow down significantly. In the short term, steel supply increases, demand decreases, and inventory rises [1] Trading Strategy - In the short term, it is volatile. The support level for the rebar main contract is 3,000, and the resistance level is 3,200 [1]

Core Insights - The China Automotive Industry Association (CAAM) reported that by 2025, China's automobile production and sales are projected to reach 34.53 million and 34.40 million units, respectively, representing year-on-year growth of 10.4% and 9.4%, exceeding earlier expectations [1] - China has maintained an annual automobile production and sales volume above 30 million units for three consecutive years, solidifying its position as the world's largest automobile market for 17 years [1] - Automobile exports are also expected to reach a record high, with projections of over 7 million units, specifically 7.098 million units, reflecting a year-on-year increase of 21.1% [1] Industry Performance - The automotive industry in China is increasingly focusing on expanding into overseas markets, with a notable improvement in the international competitiveness of Chinese brands [1] - Joint ventures are also performing well in terms of exports, contributing to the overall growth of the sector [1] - The rapid growth of new energy vehicle exports is a significant factor driving the increase in China's automobile export figures [1]

Core Insights - Changan Automobile reported a total sales volume of 2,913,042 vehicles for the year 2025, representing an 8.54% increase compared to 2,683,798 vehicles in the previous year [2] - The company achieved a total production volume of 2,766,302 vehicles, which is a 5.36% increase from 2,625,658 vehicles year-on-year [2] - The overseas sales reached 637,280 vehicles, indicating a stable performance in international markets [2] Monthly Performance - In December 2025, Changan's production was 257,306 vehicles, down 18.97% from 317,547 vehicles in December 2024 [3] - The sales for December 2025 were 254,843 vehicles, showing a slight increase of 1.66% compared to 250,689 vehicles in the same month last year [3] Segment Analysis - The self-owned brand segment produced 215,036 vehicles in December 2025, a decrease of 19.78% from 268,054 vehicles year-on-year, while sales increased by 4.46% to 207,766 vehicles from 198,893 vehicles [3] - For the entire year, the self-owned brand production reached 2,321,152 vehicles, up 7.06% from 2,168,162 vehicles, and sales increased by 10.86% to 2,468,197 vehicles from 2,226,489 vehicles [3] New Energy Vehicles (NEVs) - The NEV segment showed remarkable growth, with December 2025 production at 130,711 vehicles, a 19.08% increase from 109,770 vehicles year-on-year, and sales rising by 26.02% to 115,088 vehicles from 91,325 vehicles [4] - For the full year, NEV production surged to 1,118,022 vehicles, a 53.73% increase from 727,259 vehicles, and sales reached 1,109,979 vehicles, up 51.1% from 734,615 vehicles [4] - The total revenue from these sales is approximately 286 billion yuan, highlighting the synergy between traditional fuel vehicles and NEVs, as well as the ongoing expansion in overseas markets [4]