Core Viewpoint - Jianghuai Automobile (600418.SH) has seen its stock price surge over four times in two years, and despite high valuations, it successfully attracted significant institutional and retail investor interest in its recent private placement [1][2]. Group 1: Private Placement Details - Jianghuai Automobile announced a private placement at a price of 49.88 yuan per share, issuing 70.1684 million shares to raise approximately 3.5 billion yuan, which will be fully allocated to the development of a high-end intelligent electric platform [2][6]. - Notable investors include prominent figures such as Ge Weidong and Fang Wenyuan, each investing 1 billion yuan for over 20 million shares, indicating strong confidence in the company's future [2][3]. - The private placement has been in planning for nearly a year and a half, with the board approving the issuance as early as September 30, 2024 [2]. Group 2: Market Performance and Investor Sentiment - Since the beginning of 2024, Jianghuai Automobile's stock has increased by 260%, with a total increase of 452.63% from its low point on February 6, 2024 [1][4]. - As of February 11, 2026, the stock closed at 56.7 yuan, reflecting a 3.83% increase, and the investors from the private placement have already seen a paper profit of 13.7% [4][6]. Group 3: Strategic Partnerships and Future Growth - Jianghuai Automobile has partnered with Huawei to develop high-end electric vehicles, which is expected to enhance its market position and product offerings [3][5]. - The funds raised from the private placement will be used to develop a new high-end intelligent series of vehicles, including sedans, SUVs, and MPVs, aligning with the launch of the "Zun Jie" brand [3][6]. - The company anticipates a reduction in losses for 2025, projecting a net loss of 1.68 billion yuan, which is a decrease of 104 million yuan compared to the previous year, primarily due to a one-time investment loss and declining export business [6][7]. Group 4: Market Expectations and Future Outlook - Analysts believe that the positioning of the "Zun Jie" brand in the luxury car market could lead to a significant increase in both volume and profitability for Jianghuai Automobile, with expectations of turning profitable by 2026 [7]. - The market's confidence in Jianghuai Automobile is largely based on the recognition of the "Huawei-enabled high-end intelligent electric vehicle" model, with sales volume and market share being critical variables for performance [7].

去年，江淮汽车与华为合作推出的尊界品牌首款车型尊界S800上市，引发各方关注。有数据显示，尊 界S800上市175天大定突破1.8万辆。对比竞品，尊界S800已连续多月位居70万元以上豪华轿车市场榜 首，超越保时捷帕拉梅拉与宝马7系销量之和。 认购对象中，葛卫东耗资约10亿元认购了2004.81万股。同时，方文艳也出资10亿元认购了2004.81万股 股份。据公开资料，方文艳是超级牛散章建平的妻子。 发行完成后，葛卫东、方文艳将并列为江淮汽车第8大股东。 公告显示，在江淮汽车此次向特定对象发行股票完成后，发行对象所认购的股份自发行结束之日起六个 月内不得转让。 江淮汽车始建于1964年，是一家集全系列商用车、乘用车研产销服于一体，涵盖汽车出行、金融服务等 众多领域的全球化综合型汽车企业集团。2025年，公司实现汽车销量38.41万辆，同比下降4.72%。 罕见的一幕！私募大佬葛卫东、章建平同时对一家上市公司出手。 江淮汽车此次定增募集资金在扣除相关发行费用后将全部用于高端智能电动平台开发项目。 券商分析认为，在定增项目落地的背景下，尊界有望凭借轿车、MPV、SUV等多元化产品矩阵，迎来 广阔发展空间。 来源： ...

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。 除"牛散"外，券商、基金也积极入股江淮汽车定增 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"9·24"新政。2024年， 江淮汽车股价上涨132.49%，2025年涨速有所放缓，全年涨幅为32%。江淮汽车股价在2025年9月创出历 史新高后，一直维持在高位区间震荡。 公告显示，本次定增采用竞价发行方式，定价基准日为2026年1月27日，发行底价为40.25元/股，最终 确定的发行价49.88元/股，较底价溢价23.93%，凸显出资金对该标的的青睐。2026年2 ...

Group 1 - Jianghuai Automobile (600418.SH) issued 70.1684 million shares to 8 investors at a price of 49.88 yuan per share, raising approximately 3.5 billion yuan [2] - The issuance price represents an 8.7% discount to the closing price of 54.61 yuan on the day of issuance and a 23.93% premium over the base price [2] - Notable investors include Ge Weidong and Fang Wenyuan, each investing 1 billion yuan for 20.0481 million shares, making them the eighth largest shareholders with a 0.89% stake [2] Group 2 - The funds raised will be used for the development of a high-end intelligent electric platform, with a total planned investment of 5.875 billion yuan [3] - Jianghuai aims to accelerate the development of its high-end series models, including the second and third products of the Zun Jie brand [3] - The company anticipates a net loss of 1.68 billion yuan for the fiscal year 2025, attributed to increased competition in the international market and losses from its joint venture with Volkswagen Anhui [3] Group 3 - Jianghuai is undergoing strategic adjustments, integrating its marketing systems across passenger vehicles, new energy vehicles, and pickups to better align with user demand [4] - The company is deepening partnerships with Huawei and CATL to enhance core technologies such as intelligent driving and advanced battery systems [4] - A strategic cooperation agreement has been signed with Brembo to advance technology upgrades and software solutions [4] Group 4 - Following the announcement of the share issuance, Jianghuai's stock price rose by up to 7.72%, closing at 54.61 yuan per share, with a market capitalization nearing 120 billion yuan [5] - Over the past two years, Jianghuai's stock has increased by over 370%, reflecting investor optimism regarding its transformation prospects [5] - Ge Weidong's continued investment aligns with expectations of technological empowerment from Huawei, suggesting potential brand elevation and valuation reassessment for traditional automakers [5]

Group 1 - Anhui Jianghuai Automobile Group Co., Ltd. announced the completion of a private placement, raising a total of 3.5 billion yuan by issuing 70.1684 million shares at a price of 49.88 yuan per share, which is approximately 8.7% lower than the market price of 54.61 yuan per share on February 10, 2026 [1] - In January 2026, Jianghuai Automobile produced 3,403 new energy passenger vehicles, representing a year-on-year increase of 96.25%, and sold 3,151 units, marking a year-on-year increase of 183.11% [1] - The Chinese automotive industry is undergoing a profound transformation led by electrification and intelligence, with market growth dynamics and competitive logic being systematically restructured [1] Group 2 - The Shanghai Intelligent Connected Vehicle Testing and Demonstration Promotion Working Group released the "Shanghai Intelligent Connected Vehicle Development Report (2025)", indicating that by the end of last year, 3,173 automated driving test roads covering 5,238.82 kilometers had been opened [2] - The report highlights that during the "14th Five-Year Plan" period, Shanghai will enter a new stage of "city-wide integration" with large-scale, multi-level real scene openings to expand the scope of automated driving [2] - Major automotive companies such as Li Auto, Xpeng, BYD, and Great Wall are expected to benefit from the anticipated resurgence of Full Self-Driving (FSD) technology in China, driven by new technology and product enhancements [2] Group 3 - As of February 11, 2026, the CSI Hong Kong Stock Connect Automotive Industry Theme Index rose by 2.00%, with the largest Hong Kong automotive ETF increasing by 1.70%, marking a four-day consecutive rise [3] - Key component stocks such as BYD and Jianghuai Automobile saw significant increases, with Jianghuai Automobile rising by 3.15% [3] - The automotive ETF tracking the CSI All-Share Automotive Index also experienced a rise, with major stocks like Wanfeng Aowei and Weifu High-Technology contributing to the upward trend [3]

来源：红星资本局 来源：红星资本局 ...

以下文章来源于e公司 ，作者证券时报 曾剑 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 认购对象中，葛卫东耗资约10亿元认购了2004.81万股。同时，方文艳也出资10亿元认购了2004.81万股股份。据公开资料，方文艳是超级牛散章建 平的妻子。 发行完成后，葛卫东、方文艳将并列为江淮汽车第8大股东。 公告显示，在江淮汽车此次向特定对象发行股票完成后，发行对象所认购的股份自发行结束之日起六个月内不得转让。 江淮汽车始建于1964年，是一家集全系列商用车、乘用车研产销服于一体，涵盖汽车出行、金融服务等众多领域的全球化综合型汽车企业集团。 2025年，公司实现汽车销量38.41万辆，同比下降4.72%。 去年，江淮汽车与华为合作推出的尊界品牌首款车型尊界S800上市，引发各方关注。有数据显示，尊界S800上市175天大定突破1.8万辆。对比竞 品，尊界S800已连续多月位居70万元以上豪华轿车市场榜首，超越保时捷帕拉梅 ...

2月10日晚间，江淮汽车披露定增发行情况报告书，公司将向葛卫东、方文艳、姚志超、广发证券等8名 特定对象发行7016.84万股股份，发行价格确定为49.88元/股，募集资金总额约35亿元，扣除发行费用 后，实际募集资金净额约34.8亿元。 根据公告，本次定增募集资金投向的高端智能电动平台开发项目，总投资约58.75亿元，旨在融合智能 化、网联化技术，打造覆盖轿车、SUV、MPV等品类的高端车型，助力公司完善产品结构、提升品牌 竞争力。 值得注意的是，葛卫东与方文艳的入局备受瞩目，二者也成为本次定增中获配金额最高的自然人投资 者。根据公告，二者均以自有资金参与认购，各获配2004.81万股股份，均耗资约10亿元，认购后持股 比例均为0.89%，共同跻身江淮汽车前十大股东之列，且本次认购前二人并未持有该公司股份。 或受此消息提振，今日江淮汽车股价涨5.9%，截至发稿报57.88元/股，总市值约1264亿元。 公开信息显示，葛卫东为混沌投资创始人，长期深耕A股市场，在能源、半导体等赛道布局深远；方文 艳则为知名牛散章建平的妻子。 除葛卫东本人外，其家族成员也已提前布局江淮汽车。公司2025年中报显示，葛卫东家族成员 ...

Core Viewpoint - Anhui Jianghuai Automobile Group Co., Ltd. reported a mixed performance in January, with production increasing significantly while sales experienced a slight decline, highlighting the growing importance of the new energy vehicle segment [1] Group 1: Production and Sales Performance - In January, the company's production reached 43,752 vehicles, representing a year-on-year increase of 24.86% [1] - The sales volume for the same month was 34,800 vehicles, showing a year-on-year decrease of 2.14% [1] - The new energy passenger vehicle segment was a standout, with production of 3,403 units, up 96.25% year-on-year, and sales of 3,151 units, up 183.11% year-on-year [1] Group 2: Market Environment and Strategy - The increasing market penetration of new energy vehicles, along with supportive policies for consumption prior to the Spring Festival, created a favorable environment for the company's sales growth in this segment [1] - The company has focused on breakthroughs in core technologies related to new energy, including batteries, motors, and electronic controls, while accelerating the iteration of new energy products to meet diverse consumer needs [1] Group 3: Future Prospects and Investments - The company has received approval for a 3.5 billion yuan private placement project, which will fund the annual production of 200,000 mid-to-high-end intelligent pure electric passenger vehicles, providing crucial support for timely delivery of future models [2] - With a diversified product matrix including sedans, MPVs, and SUVs, the company is expected to experience significant growth opportunities [2] - The market outlook for new energy vehicles is positive, with projections indicating that sales could reach 19 million units by 2026, reflecting a year-on-year growth of 15.2% [2]

49.88元/股，与发行底价的比率为123.93%，相较于市价折扣率仅为1%； 49.88元/股，与发行底价的比率为123.93%，相较于市价折扣率仅为1%； 认购金额前5：葛卫东、方文艳（章建平夫人）、杭州知春投资、广发证券、财通基金；截至2025Q3，葛卫东 （王萍（葛卫东夫人）、葛贵莲（葛卫东妹妹））已经持有40，117，938股，此次定增获配20，048，115股，合 计60，166，053股，以49.88元/股计，持有市值超30亿，已经成为第二大股东； 【招商汽车】江淮汽车：定增认购非常超预期，继续强烈推荐！ 认购金额前5：葛卫东、方文艳（章建平夫人）、杭州知春投资、广发证券、财通基金；截至2025Q3，葛卫东 （王萍（葛卫东夫人）、葛贵莲（葛卫东妹妹））已经持有40，117，938股，此次定增获配20，048，115股，合 计60，166，053股，以49.88元 【招商汽车】江淮汽车：定增认购非常超预期，继续强烈推荐！ 参与申购报价的单位及个人合计38家，包含不少头部公募及保险：新华资产、大成基金、华夏基金、汇添富基 金、UBS AG、鹏华基金、华泰资产等； 本次认购情况非常超预期，1、价格折扣 ...