国元证券股份有限公司 关于 安徽江淮汽车集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） （安徽省合肥市梅山路 18 号） 二〇二六年二月 声明 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"、"本保荐 机构"或"保荐人"）接受安徽江淮汽车集团股份有限公司（以下简称"江淮汽 车"、"发行人"或"公司"）的委托，担任江淮汽车 2024 年度向特定对象发 行 A 股股票的保荐机构。 保荐机构和保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称"《注 册办法》"）等法律法规和中国证监会及上海证券交易所的有关规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并 保证所出具文件真实、准确、完整。 本上市保荐书如无特别说明，相关用语具有与《安徽江淮汽车集团股份有限 公司 2024 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-2-1 | 声明 1 | | --- | | ...

证券代码：600418 证券简称：江淮汽车 公告编号：2026-008 安徽江淮汽车集团股份有限公司 向特定对象发行股票结果暨股本变动公告 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: 发行数量和价格 股票种类：人民币普通股（A 股） 发行数量：70,168,404 股 发行价格：49.88 元/股 募集资金总额：人民币 3,499,999,991.52 元 募集资金净额：人民币 3,479,984,117.39 元 预计上市时间 安徽江淮汽车集团股份有限公司（以下简称"公司"）本次发行的新增股份 已于 2026 年 2 月 12 日在中国证券登记结算有限责任公司上海分公司办理完毕股 份登记手续。本次向特定对象发行股票完成后，发行对象认购的股票自发行结束 之日起 6 个月内不得转让，预计上市流通时间为其限售期满的次一交易日。法律、 法规对限售期另有规定的，依其规定。 如无特别说明，本公告中涉及有关单位及术语的简称与《安徽江淮汽车集团 股份有限公司 2024 年度向特定对象发行 A 股股票预案》中的释义相同。 ...

Group 1 - The Ministry of Commerce announced that starting from February 13, 2026, it will impose countervailing duties on imported dairy products originating from the EU to maintain fair competition in the domestic dairy market [2][17] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation on February 13, 2026, to ensure liquidity stability ahead of the Spring Festival [3][18] - The stock price of domestic large model company Zhipu has doubled in four days, with a market value exceeding 179 billion HKD, driven by the release of its flagship model GLM-5 and strong demand [4][20] Group 2 - The company Yuhua Development is accepting 177 residential units as debt repayment to recover 241 million yuan in group purchase tail payments, with a planned public sale price of 251 million yuan [5][21] - In the US stock market, popular Chinese concept stocks experienced a collective decline, while storage concept stocks like Seagate Technology saw significant gains [6][22] - Nuveen, a US asset management giant, announced the acquisition of UK-based Schroders for approximately 13.5 billion USD, which will create a combined asset management scale of nearly 2.5 trillion USD [24] Group 3 - On February 12, A-shares saw a collective rise, with market turnover exceeding 2.16 trillion yuan, driven by strong interest from institutions and northbound funds in sectors like liquid cooling servers and CPO [8][25] - Several companies with significant recent stock price increases issued risk warnings, clarifying that their main businesses had not undergone major changes [9][26] - The stock prices of companies in the computing power hardware sector have surged over 100%, driven by macro policies supporting "AI+" and increased demand for computing power [10][27] Group 4 - High-end electronic fabric prices have been rising sharply due to increased demand from AI chip production, with leading companies raising prices by over 10% [11][28] - Xiamen Tungsten Industry plans to acquire a 39% stake in Jiujiang Dadi to enhance its tungsten resource reserves and reduce supply chain risks [15][34] - The investment landscape for global power grids is improving, with Chinese power equipment companies accelerating their overseas expansion due to aging infrastructure in developed countries [31]

Core Viewpoint - Anhui Jianghuai Automobile Group Co., Ltd. (Jianghuai Auto) has successfully completed a private placement of shares, raising approximately 3.5 billion yuan, with a share price set at 49.88 yuan per share, leading to a significant increase in its stock price following the announcement [1][3]. Group 1: Fundraising Details - The private placement involved issuing 70.168 million shares, with a total fundraising amount of around 3.5 billion yuan, aimed at developing a new high-end intelligent electric vehicle platform [1][3]. - The fundraising process took nearly a year and a half, initially planned for 4.9 billion yuan but later reduced to 3.5 billion yuan [3]. - Eight investors participated in the placement, including notable figures such as Ge Weidong and Fang Wenyuan, each investing 1 billion yuan for 20.048 million shares [3][4]. Group 2: Shareholder Composition - Following the issuance, Ge Weidong and Fang Wenyuan each hold 0.89% of Jianghuai Auto's shares, making them the eighth largest shareholders [3][5]. - Other significant shareholders include Yao Zhichao, Shenzhen Xinsizhe, and Guotai Junan Securities, with varying amounts of shares and investment [4][5]. - The report indicates that Ge Weidong's family members also hold shares in Jianghuai Auto, further solidifying their influence within the company [7]. Group 3: Financial Performance - Jianghuai Auto is projected to incur a substantial loss of 1.68 billion yuan for the year 2025, marking its second-largest loss in the past decade [9]. - The losses are attributed to increased competition in the international automotive market and poor performance from its joint venture with Volkswagen Anhui, resulting in a negative investment return of approximately 1.08 billion yuan [9]. Group 4: Product Development and Market Response - The company is collaborating with Huawei to develop the luxury electric vehicle brand "Zun Jie," with the Zun Jie S800 model launched at prices ranging from 708,000 to 1,018,000 yuan [11]. - As of December 2025, the S800 has received over 18,000 pre-orders, with a monthly delivery exceeding 4,000 units, indicating growing market interest [11]. - Despite the positive reception of the S800, Jianghuai Auto's overall sales for 2025 are expected to decline by 4.72%, with a significant drop in sales of new energy vehicles [11].

豪赌尊界在高端豪车的突围。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 2月10日晚间，江淮汽车（600418.SH）发布公告，披露了备受市场瞩目的定增发行情况。 这次总募资金额接近35亿元的定增，最终以49.88元/股的价格，合计获配了7016.84万股。 截至2月11日收盘，江淮汽车股价报收于56.7元/股。这意味着，定增结果刚刚出炉，这批入局的投资 者账面浮盈比例已达13.7%。 不过，风云君认为，这份名单背后隐藏的资金脉络与博弈逻辑，远比单纯的数字更值得玩味。 顶级牛散的"明牌"与"暗战" 此次定增最大的看点，无疑是葛卫东与方文艳这两位顶级大佬的参与。 | 序号 | 发行对象名称 | 获配股数(股) | 获配金额(元) | 限售期 (月) | | --- | --- | --- | --- | --- | | 1 | 姚志超 | 2,004,811 | 99, 999, 972. 68 | 6 | | 2 | 深圳市新思哲投资管理有限公司-新思 | 4.009.623 | 199, 999, 995. 24 | 6 | | | 哲多策略母基金私募证券 ...

Summary of the Conference Call for Jianghuai Automobile Company Overview - **Company**: Jianghuai Automobile - **Key Product**: ZunJie S800, a luxury sedan priced between 708,000 to 1,018,000 RMB, launched in May 2026 with significant market performance [2][3] Industry Insights - **Market Performance**: The ZunJie S800 has successfully captured market share from competitors such as BMW 7 Series, Audi A8, and Mercedes-Benz S-Class, leading to an increase in overall sales in the 700,000 to 1,000,000 RMB segment from approximately 3,000-4,000 units to over 8,000 units [2][3] - **Luxury MPV Market**: There is a notable lack of quality supply in the luxury MPV market, particularly for extended-range models. The penetration rate of new energy vehicles in the market above 600,000 RMB is only 21%, all of which are fully electric [6][7] Key Points and Arguments - **Customer Demographics**: The primary customers for the ZunJie S800 are high-net-worth males aged 40-50, with 80% being repeat buyers. These customers are less sensitive to price and prioritize comprehensive driving experiences [5] - **Sales Projections**: The company conservatively estimates monthly sales of 2,000 units for sedans and 5,000 units for the new hybrid luxury MPV, contributing an annual profit of between 2.3 billion to 5.18 billion RMB [2][9] - **Profitability Outlook**: Jianghuai Automobile expects to turn a profit by 2026, driven by reduced losses from Anhui Volkswagen and contributions from the ZunJie brand. Projected net profit for 2026 is 1.86 billion RMB, increasing to 7.51 billion RMB in 2027 [10][13] Future Product Launches - **Product Launch Timeline**: The ZunJie sedan series is currently at a peak delivery phase, with the MPV expected to launch in mid-2026 and achieve mass delivery by late summer [4][12] - **Sales Forecast**: The company anticipates selling 25,000 units each of sedans and MPVs in 2026, with total sales projected to reach 50,000 units. By 2027, total sales could approach 140,000 to 150,000 units [12] International Expansion - **Global Market Strategy**: Domestic high-end brands are increasingly expanding overseas, leveraging Jianghuai's established sales networks in over 132 markets and 1,200 service points to enhance profitability abroad [11] Financial Projections and Valuation - **Earnings Forecast**: The company is expected to achieve profitability in 2026, with a projected net profit of 1.86 billion RMB, and further growth to 7.51 billion RMB in 2027. The company is rated favorably based on comparable company PE ratios [13] - **R&D Impact**: R&D expenditures are expected to enhance per-vehicle profitability, with projected net profit per vehicle reaching approximately 50,000 RMB under stable conditions [14] Conclusion - Jianghuai Automobile is positioned for significant growth in the luxury vehicle market, with strong product offerings and a strategic focus on international expansion. The anticipated profitability turnaround and robust sales forecasts indicate a positive outlook for the company in the coming years.

每经记者：王砚丹 每经编辑：陈柯名,叶峰,杜恒峰 2月10日，江淮汽车35亿元定增落地，超级牛散葛卫东与方文艳（章建平妻子）各斥资10亿元认购，并列成为第八大股东，锁定期6个月。尽管公司股价处 于历史高位、沪指徘徊于4100点，且2025年业绩预亏，但投资者仍逆势布局，显示出对江淮与华为合作车型尊界系列前景的信心。历史经验表明，牛散定 增并非稳赚，最终成效仍取决于公司基本面与市场走势。 2月10日晚，江淮汽车披露定增发行情况报告书，合计募资35亿元的再融资正式收官。 此次定增最引人瞩目的，并非募资规模本身，而是超级牛散葛卫东与方文艳（超级牛散章建平妻子）的集体重磅出手——二人分别斥资10亿元，以49.88 元/股的价格各认购2004.81万股，并列成为公司第8大股东，锁定期均为6个月。 受此消息提振，2月11日江淮汽车股价大涨。而值得注意的是，此次葛卫东重金入场，恰逢两大关键节点：江淮汽车股价处于历史高位区间，且沪指徘徊 于4100点左右的敏感位置，这一逆势加仓式的定增布局，引发市场广泛关注与讨论。 定增投资者名单堪称"豪华" 回顾江淮汽车股价走势，公司股价自2024年以来持续上涨，其股价启动甚至早于"9·2 ...

Core Viewpoint - Jianghuai Automobile (600418.SH) has raised approximately 3.5 billion yuan through a private placement, with notable participation from prominent investor Ge Weidong, who invested 1 billion yuan [1][10]. Group 1: Fundraising Details - The final pricing for the share issuance was set at 49.88 yuan per share, with a total of 70,168,404 shares issued, raising around 3.5 billion yuan [1][2]. - The funds raised will primarily be used for high-end intelligent pure electric passenger vehicle projects [3][8]. - All shares subscribed by the investors will be locked for six months post-issuance [3]. Group 2: Investor Insights - Ge Weidong's investment of approximately 1 billion yuan for 2,004,811 shares highlights confidence in Jianghuai's collaboration with Huawei in the high-end intelligent electric vehicle sector [10]. - The market is optimistic about the "smart car + AI" model, which is seen as entering a product explosion phase [3][10]. - Ge Weidong's investment strategy focuses on long-term trends, particularly in AI and automotive sectors, indicating a strong belief in Jianghuai's potential [10][14]. Group 3: Company Performance and Future Outlook - Jianghuai Automobile has delivered a total of 12 million vehicles globally and anticipates a sales volume of 384,100 vehicles in 2025, reflecting a year-on-year decline of 4.72% [3]. - The company expects a net loss of approximately 1.68 billion yuan for 2025, attributed to increased competition in the international market and losses from joint ventures [9]. - The company plans to launch three new models under the "Zun Jie" brand in 2026, aiming to strengthen its position in the ultra-luxury market [6][8].

2026.02.11 本文字数：1973，阅读时长大约4分钟 作者 |第一财经魏中原 两年股价暴涨逾4倍的江淮汽车（600418.SH），在股价高位发行定增股份，仍然吸引了众多机构及牛散的热情认购。 江淮汽车2月10日晚发布的公告显示，参与此次定增股份认购的机构包括广发证券、财通基金等，牛散葛卫东、知名牛散章建平的妻子方文艳各斥资10亿 元认购2000余万股。 自2024年以来，江淮汽车股价已累计上涨260%，机构与牛散在高位仍积极认购，引发市场对"为何高位追涨"的热议，关注焦点自然落到了江淮汽车未来 的增长空间上。 牛散与机构高位追涨 伴随着"尊界"品牌官宣后，江淮汽车进军超豪华智能电动市场提振业绩表现的预期，带动股价上涨。2024年9月以来，江淮汽车股价累计上涨181.95%，若 从2024年2月6日盘中低点10.26元算起，该股累计涨幅高达452.63%。 截至2月11日收盘，江淮汽车股价报56.7元，涨幅3.83%，总市值1238亿元，定增配售股东账面已经浮盈13.7%。 从深层次逻辑来看，牛散与机构敢于在江淮汽车业绩亏损和高股价背景下入场追高，或是押注华为赋能的传统车企，并未其业务结构转型带来的价值 ...

两年股价暴涨逾4倍的江淮汽车（600418.SH），在股价高位发行定增股份，仍然吸引了众多机构 及牛散的热情认购。 2026.02. 11 本文字数：1973，阅读时长大约4分钟 作者 | 第一财经 魏中原 江淮汽车2月10日晚发布的公告显示，参与此次定增股份认购的机构包括广发证券、财通基金等，牛 散葛卫东、知名牛散章建平的妻子方文艳各斥资10亿元认购2000余万股。 自2024年以来，江淮汽车股价已累计上涨260%，机构与牛散在高位仍积极认购，引发市场对"为何 高位追涨"的热议，关注焦点自然落到了江淮汽车未来的增长空间上。 牛散与机构高位追涨 根据公告，江淮汽车此次定增价格为每股49.88元，发行股份7016.84万股，募资总额约35亿元， 扣除发行费用后将全部用于高端智能电动平台开发项目。 引人注目的是认购方阵容。葛卫东、方文艳分别认购2004.81万股，各出资10亿元，获得最多配售 股份；配售比例第三高的是杭州知春投资管理有限公司-知春精选一期私募证券投资基金，获配 1202.88万股，即6亿元；广发证券、财通基金的认购规模在2亿元左右。 值得注意的是，江淮汽车第九大股东葛贵莲，其与葛卫东均为上海混沌投 ...