Core Viewpoint - The legal opinions and reports provided by Shanghai Tongli Law Firm regarding Anhui Jianghuai Automobile Group Co., Ltd.'s issuance of A-shares to specific targets in 2024 indicate that the company has addressed compliance issues related to its management structure and external investments, ensuring that its independence is maintained despite previous irregularities [1][2][11]. Group 1: Legal Opinions and Compliance - The law firm has issued multiple legal opinions and reports concerning the company's A-share issuance, including supplementary legal opinions addressing inquiries from the Shanghai Stock Exchange [1][2]. - The company has rectified issues related to its executives holding labor contracts with the controlling shareholder, Jiangqi Holdings, ensuring compliance with the latest corporate governance standards [4][11]. - The company has established a robust internal control system, which has been confirmed by external auditors, ensuring effective execution of its governance and compliance measures [9][11]. Group 2: Management Structure and Independence - The company's executives, including the general manager and deputy general manager, hold board positions at Jiangqi Holdings but do not occupy other administrative roles, which aligns with the revised corporate governance guidelines [4][11]. - The labor contracts previously held with Jiangqi Holdings have been transferred to the company, and salaries are now paid by the company, mitigating any potential conflicts of interest [4][11]. - The company has implemented a strict personnel management system, ensuring that its management operates independently from its controlling shareholder [6][8]. Group 3: Overseas Investment Compliance - Some overseas subsidiaries of the company have not obtained the necessary investment project filings, primarily due to misunderstandings of regulatory requirements, but these issues are being actively rectified [20][21]. - The company has confirmed that the overseas subsidiaries' operations do not pose significant risks to its overall business, as their financial contributions are minimal [16][20]. - The company has taken corrective actions for its overseas subsidiaries, ensuring compliance with investment regulations and minimizing the risk of project suspension by regulatory authorities [19][20].

全球经济和国内宏观经济的发展具有周期性波动的特点。汽车行业与宏观 经济波动的相关性明显，宏观经济的周期性波动都将对我国汽车行业生产和消 费带来影响。当宏观经济处于上升阶段时，汽车产业迅速发展，汽车消费活 跃；反之，当宏观经济处于下降阶段时，汽车产业发展放缓，汽车消费增长缓 慢。未来若国内外宏观经济出现较大的下行压力，公司经营将面临经济周期波 动带来的风险。 （四）经营管理风险 本次发行完成后，公司乘用车平台将进一步提升，后续产品结构将进一步 丰富，资产规模将显著增加，对公司在经营管理、资本运作、资源整合、品牌 提升等方面提出了更高的要求。尽管公司经营且上市已久，积累了丰富的管理 经验、法人治理经验和资本市场运作经验，建立了较为健全的内部控制制度并 得以有效执行，但如果公司的管理水平与募投项目实施后快速扩大的业务规模 不能迅速匹配，将可能对公司发展构成一定的不利影响。 证券简称：江淮汽车 股票代码：600418 安徽江淮汽车集团股份有限公司 Anhui Jianghuai Automobile Group Corp.,Ltd. （ 安徽省合肥市东流路 176 号） 募集说明书 （修订稿） 保荐人（主承销商） （ ...

工业和信息化部有关负责人表示，窗口主要受理4类问题： 记者了解到，近期，一汽、东风、广汽、赛力斯等17家重点车企陆续作出"供应商支付账期不超过60天"的公开承诺，社会反响良好，相关承诺如何进一步落 实兑现备受社会关注。 中汽中心中国汽车战略与政策研究中心主任 王铁： 本次开通窗口的目标非常明确，目的就是要受理中小企业收款周期的问题，推动重点车企改进管理流程、 优化支付方式。这一举措通过打通中小企业诉求的反馈渠道，督促重点车企履行账期承诺等方式，将有效推动《保障中小企业款项支付条例》落在实处，增 强中小企业的信心和发展活力，对构建更加健康、公平、诚信的汽车产业生态至关重要。 下一步，工业和信息化部将指导行业机构研究制定汽车行业结算支付规范，推行合同范本，进一步规范汽车企业供应商货款支付流程，推动构建"整车—零部 件"协作共赢发展生态，促进汽车产业健康可持续发展。 此前，据新华社报道，如何看待汽车企业承诺？推动构建"整车—零部件"协作共赢发展生态，将会采取哪些措施？工业和信息化部相关负责人回答了记者问 题。 这位负责人说，汽车企业主动承诺"支付账期不超过60天"，对构建"整车—零部件"协作共赢发展生态、促进产业健 ...

Market Overview - The FTSE China A50 Index components showed varied performance, with the liquor sector rising throughout the day while the semiconductor sector experienced a decline in the afternoon [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance had market capitalizations of CNY 376.78 billion, CNY 356.91 billion, and CNY 1,017.95 billion respectively, with trading volumes of CNY 0.75 billion, CNY 2.22 billion, and CNY 0.84 billion [3] - The stock prices changed as follows: China Life Insurance decreased by CNY 0.73 (-1.93%), China Pacific Insurance decreased by CNY 0.55 (-0.97%), and Ping An Insurance decreased by CNY 0.14 (-1.62%) [3] Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1,782.39 billion, CNY 217.50 billion, and CNY 472.00 billion respectively, with trading volumes of CNY 3.95 billion, CNY 2.00 billion, and CNY 2.48 billion [3] - Stock price changes included Kweichow Moutai increasing by CNY 2.38 (+1.35%), Shanxi Fenjiu increasing by CNY 0.82 (+0.68%), and Wuliangye increasing by CNY 2.77 (+0.20%) [3] Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of CNY 238.96 billion, CNY 223.82 billion, and CNY 314.69 billion respectively, with trading volumes of CNY 1.47 billion, CNY 1.23 billion, and CNY 2.64 billion [3] - The stock prices changed as follows: Northern Huachuang decreased by CNY 7.77 (-1.43%), Cambricon Technologies decreased by CNY 1.51 (-1.10%), and Hygon decreased by CNY 2.82 (-0.84%) [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 187.27 billion, CNY 1,790.16 billion, and CNY 280.83 billion respectively, with trading volumes of CNY 3.97 billion, CNY 0.31 billion, and CNY 0.56 billion [3] - Stock price changes included BYD decreasing by CNY 1.08 (-0.33%), Great Wall Motors decreasing by CNY 0.08 (-0.36%), and Beijing-Shanghai High-Speed Railway increasing by CNY 0.03 (+0.53%) [3] Shipping and Oil Sector - COSCO Shipping Holdings, Sinopec, and PetroChina had market capitalizations of CNY 235.91 billion, CNY 688.67 billion, and CNY 1,570.32 billion respectively, with trading volumes of CNY 0.77 billion, CNY 1.08 billion, and CNY 0.76 billion [3] - The stock prices changed as follows: COSCO Shipping Holdings remained unchanged, Sinopec decreased by CNY 0.09 (-0.59%), and PetroChina increased by CNY 0.01 (+0.12%) [3] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL had market capitalizations of CNY 185.95 billion, CNY 745.07 billion, and CNY 1,234.66 billion respectively, with trading volumes of CNY 0.79 billion, CNY 0.69 billion, and CNY 7.95 billion [3] - Stock price changes included China Shenhua increasing by CNY 7.49 (+2.84%), Shaanxi Coal and Chemical Industry decreasing by CNY 0.22 (-0.58%), and CATL increasing by CNY 0.03 (+0.16%) [3] Other Sectors - Various sectors such as food and beverage, electronics, and pharmaceuticals showed mixed performance in terms of market capitalization and stock price changes [4]

Financial Sector - The banking sector showed a general upward trend with notable performances from major banks such as China Life Insurance and Ping An Insurance, with market capitalizations of 380.77 billion and 1,023.96 billion respectively [4] - China Life Insurance experienced a slight decline of 0.29% while Ping An Insurance decreased by 0.58% [4] Semiconductor Sector - The semiconductor sector displayed mixed results, with North Huachuang's market capitalization at 241.30 billion and a decrease of 0.32% [4] - Cambrian's stock price increased slightly by 0.13%, while Haiguang Information saw a decline of 0.49% [4] Automotive Sector - The automotive sector, led by BYD with a market capitalization of 1,790.49 billion, experienced a minor decline of 0.31% [4] - Great Wall Motors and China Railway High-speed also showed slight increases of 0.41% and 1.05% respectively [4] Energy Sector - In the energy sector, China Petroleum and China Petrochemical had market capitalizations of 1,588.62 billion and 693.52 billion respectively, with China Petroleum increasing by 1.28% [4] - China Shipping Development remained stable with no change [4] Coal Industry - The coal industry saw Shaanxi Coal and China Shenhua with market capitalizations of 750.83 billion and 185.66 billion respectively [4] - China Shenhua's stock price increased by 4.03% while Shaanxi Coal remained unchanged [4] Food and Beverage Sector - The food and beverage sector included major players like Haitian Flavor Industry with a market capitalization of 228.10 billion, which increased by 0.46% [5] - Other companies in this sector showed stable performances with minor fluctuations [5] Electronics and Pharmaceuticals - The electronics sector, represented by Hon Hai Precision Industry, had a market capitalization of 365.78 billion and a slight increase of 0.34% [5] - In pharmaceuticals, Hengrui Medicine's market capitalization was 529.06 billion, with a notable increase of 0.99% [5] Logistics and Medical Devices - The logistics sector, led by SF Holding, had a market capitalization of 2,415.92 billion, experiencing a decline of 0.88% [5] - In medical devices, Mindray Medical's market capitalization was 172.94 billion, with a minor decrease of 0.02% [5] Metals and Construction - The non-ferrous metals sector included Zijin Mining with a market capitalization of 247.51 billion, which saw a decline of 3.38% [5] - China State Construction had a market capitalization of 1,700.78 billion, with a slight increase of 0.67% [5]

投资理财，有温度，有深度，有态度。 上半年市场很热闹。AI热潮的袭来和褪去同样迅猛，港股从"坑里"爬出来打了 个翻身仗，主题行情与黄金叙事此起彼伏，过程中还有存款利率走低的焦虑。 2025上半年已收官，市场都有哪些亮点？我们将用5组数字盘点市场，再聊聊 如何把握2025的下半场机会。我们也采访了两位嘉宾——一位是兴证全球基金 基金经理余明强，另一位是兴证全球基金上海分公司杨鑫，他们将分别带来投 研视角的专业分析和来自一线的观察。 42.51% 从引爆国产AI叙事的DeepSeek开始，上半年，AI是一个绕不开的话题。当然，创新药和新消费板块的 势头也不弱。Deepseek指数累计上涨42.51%，创新药指数涨幅21.84% （数据来源：Choice，2025/1/1-2025/6/30） 。这些板块目前的涨幅是否具有支撑？后续又看好哪些机会？ 余明强： AI是一个比较长远的故事。年初国内出现DeepSeek，近期海外开始出现算力、硬件、应用的不断 迭代，我们可以再往后看看国内何时发生新的AI叙事。 我感觉国内和海外在AI方面像是拉力赛，不断的往 前面拉、接，它反映的是未来AI不断向前发展的情况。 这会带动比较 ...

7月8日，中集车辆今日收盘8.4元，上涨1.33%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到15.76倍，创21天以来新低，总市值157.43亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)4中集车辆15.7614.501.08157.43亿行业平均 42.9550.826.771263.79亿行业中值35.2441.492.42216.39亿1江铃汽车12.9911.501.52176.79亿2宇通客车 13.8114.134.11581.82亿3中国重汽13.8714.211.35210.30亿5长城汽车16.7514.812.281879.54亿6长安汽车 16.7717.211.611260.08亿7中通客车24.2127.522.2768.66亿8赛力斯35.2438.379.872281.49亿9比亚迪 40.0644.628.2317960.96亿10汉马科技48.4372.293.43113.66亿11金龙汽车49.3558.462.9392.21亿12一汽解 放72.0355.111.30343.01亿 本文源自：金融界 作者：行情君 中集车辆(集团)股份有 ...

2025 年 07 月 08 日 反内卷；继峰股份、福达股份；长 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 汽车 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 城汽车更新 看好 ——一周一刻钟，大事快评（W114） ⚫ 反内卷：我们认为反内卷的核心在于解决供需错配，政策重心预计将从需求刺激转向供 给控制。未来新增产能审批或将更加困难。打破"价格战"的关键在于推出能激发潜在 需求的特色产品，小米 YU7 的成功便是有力范例，证明了独特产品能实现市场"破 圈"扩容。我们判断，下半年中高端市场中，能提供差异化产品的品牌，如理想、江 淮、赛力斯、小米等，将拥有获取超额收益的机会，值得重点关注。 ⚫ 福达股份：福达主业扎实，二季度经营性业绩可能实现 6500 ...

Industry Performance - The FTSE China A50 Index components showed a mixed performance with the liquor and oil sectors rising, while the banking and automotive sectors experienced varied movements [1][6]. - The liquor industry saw significant market capitalizations with Kweichow Moutai at 1,780.28 billion, Wuliangye at 213.86 billion, and Shanxi Xinghuacun Fen Wine at 468.01 billion [3]. - The oil sector also performed well, with China Petroleum at 1,572.15 billion and China National Offshore Oil at 237.46 billion [3]. Company Highlights - China Pacific Insurance reported a market capitalization of 1,200 billion with a trading volume of 5.62 million [3]. - North Huachuang in the semiconductor sector had a market cap of 239.77 billion, while Cambrian Technology reached 226.87 billion [3]. - Gree Electric Appliances and Haier Smart Home in the home appliance sector had market caps of 262.43 billion and 236.16 billion respectively [4]. Trading Volumes - The trading volume for Kweichow Moutai was 15.53 million, while Wuliangye had 6.50 million [3]. - In the semiconductor sector, North Huachuang had a trading volume of 7.22 million, and Cambrian Technology had 11.30 million [3]. - The trading volume for Gree Electric Appliances was 7.15 million, and Haier Smart Home was 3.24 million [4].

2 汽车周观点： 6月第4周乘用车环比+3.9%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年7月7日 请务必阅读正文之后的免责声明部分 核心结论 证券研究报告 注：若无特殊说明，"本周"均代表2025.6.16-2025.6.22 （ ➢本周复盘总结：六月第四周交强险56.9万辆，环比上周/上月周度+3.9%/+24.2%。 ➢本周细分板块涨跌幅排序:SW摩托车及其他(+5.1%) >SW商用载客车(+4.4%) >SW乘 用车(+0.4%) >SW汽车（+0.1%）> SＷ商用载货车(0.1%) > SW汽车零部件(-0.7%) 。 本周已覆盖标的春风动力、爱玛科技、宇通客车、上汽集团、中国重汽涨幅前五。 ◼ 本周团队研究成果：外发小鹏G7上市点评。 ◼ 本周行业核心变化：1）小鹏G7定位为极致空间而生的家庭科技美学中大型SUV，602 km Max版搭载双Orin-X芯片定价19.58万元，702km Max版搭载双Orin-X芯片定价2 0.58万元，Ultra版搭载三颗图灵AI芯片定价22.58万元， ...