（文章来源：证券日报） 证券日报网讯 2月2日，广汽集团在互动平台回答投资者提问时表示，经营效率与员工规模受公司业务 模式、资产结构和运营逻辑等多重因素影响。公司作为涵盖整车制造、零部件、商贸物流、金融、国际 化、能源生态等板块的综合性大型国有汽车集团，承担了大量固定资产投入、供应链管理和全球渠道建 设，员工中包含大量生产、研发、物流、供应链管理、全球市场拓展及售后服务等关键岗位人员，并通 过持续深化人事、劳动、分配三项制度改革提升组织效能。近年来，公司已启动集团中层岗位竞聘上 岗，面向全球打造年轻化、市场化、专业化人才梯队，重点提拔年轻骨干担任关键岗位，构建以经营业 绩为导向的薪酬激励机制、以考核结果为标准的梯次退出机制，持续完善人才市场化管理机制。 ...

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

（文章来源：证券日报） 证券日报网讯 2月2日，广汽集团在互动平台回答投资者提问时表示，公司正积极推进全固态电池的自 主研发与产业化落地，2025年11月广汽全固态电池中试线已投产，计划于2026年进行小批量装车实验。 ...

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

此次新春拥军行动是广汽数十年深耕双拥工作、坚守社会责任的又一次具象落地。据统计，广汽集团已 开展退役军人走访慰问活动约6300次，并吸纳了1407名退役军人就业。此外，广汽集团不仅荣获6年"区 征兵工作全优单位"，更设有5家军警共建企业，做到了组织架构完善、队伍建设扎实。 在2026年春节来临之际，广汽集团积极响应国家"双拥"号召，携旗下广汽昊铂、广汽传祺、广汽埃安三 大自主品牌，正式启动"礼赞家国卫士，共迎新春征程"拥军优属行动，对象覆盖全国现役、退役军人及 其直系亲属，时间从即日起持续至2026年3月31日。 广汽集团携旗下昊铂HL、HT、传祺向往M8系列、向往S7系列及埃安i60、埃安V系列等热销车型，推 出专属购车补贴、新车保险优惠、VIP专属服务通道等多重礼遇，福利直达购车用车全环节。其中，广 汽昊铂更追加了终身免费充电（与置换补贴二选一，不可叠加）、终身三电质保及终身安心送桩到家等 尊享服务。 本次拥军优属行动，更将专属购车福利与广汽自主品牌"三担责"硬核承诺深度结合。此前，广汽集团旗 下三大自主品牌广汽昊铂、广汽传祺、广汽埃安已联合推出"三担责"政策，承诺三电问题自燃、电池衰 减超限、智能泊车事 ...

美银证券发布研报称，维持对广汽集团（601238）H股(02238)及A股(601238.SH)的"跑输大市"评级，因 认为激烈竞争将持续压缩集团自主品牌的利润率，令2026及2027年盈利能力维持微薄水平;目标价分别 为3.1港元及5.9元人民币。 管理层认为去年业绩疲弱因市场竞争激烈，导致销量增长低于预期，同时营销费用上升，以及无形资产 及存货的资产减值损失同比增加。另外，品牌转向聚焦新能源车下，合资品牌减值损失增加，导致来自 合资企业的利润份额减少。 广汽集团发盈警，料2025年归属股东净亏损介乎80亿至90亿人民币(下同)，远超该行预期的39亿元。剔 除一次性项目后，核心净亏损为89至99亿元。由此推算，2025年第四季净亏损介乎37亿至47亿元，相较 于2024年同期为净利润7.04亿元。 ...

广汽集团发盈警，料2025年归属股东净亏损介乎80亿至90亿人民币(下同)，远超该行预期的39亿元。剔 除一次性项目后，核心净亏损为89至99亿元。由此推算，2025年第四季净亏损介乎37亿至47亿元，相较 于2024年同期为净利润7.04亿元。 智通财经APP获悉，美银证券发布研报称，维持对广汽集团H股(02238)及A股(601238.SH)的"跑输大 市"评级，因认为激烈竞争将持续压缩集团自主品牌的利润率，令2026及2027年盈利能力维持微薄水平; 目标价分别为3.1港元及5.9元人民币。 管理层认为去年业绩疲弱因市场竞争激烈，导致销量增长低于预期，同时营销费用上升，以及无形资产 及存货的资产减值损失同比增加。另外，品牌转向聚焦新能源车下，合资品牌减值损失增加，导致来自 合资企业的利润份额减少。 ...

Group 1 - The core objective of GAC Group is to achieve overseas sales targets of "ensuring 250,000 units and striving for 300,000 units" by 2026, with plans for the Asia-Pacific market to exceed 100,000 units and the European market to reach 100,000-150,000 units within 1-3 years [1] - In January, GAC Group's overall sales reached 116,600 units, representing a year-on-year increase of 18.47%; self-owned brand sales exceeded 49,000 units, up 87.58%; and overseas sales grew by 68.59% [1] - GAC will upgrade its export model from product service to a collaborative approach involving the entire industry chain, ecosystem, digitalization, and financial systems, implementing innovative measures in product development, channel construction, and operational methods [1] Group 2 - GAC Group has appointed Chen Jiacai as the deputy general manager responsible for overseas business, who has extensive experience in automotive exports, having held key positions in various automotive companies [2]

每经AI快讯，广汽集团(02238.HK)跌超3%，截至发稿，跌2.72%，报3.57港元，成交4279.6万港元。 ...

美银证券发表研报指，广汽集团发盈警，预计2025年归属股东净亏损介乎80亿至90亿元，远超该行预期 的39亿元。剔除一次性项目后，核心净亏损为89至99亿元。由此推算，2025年第四季净亏损介乎37亿至 47亿元，相较于2024年同期为净利润7.04亿元。管理层认为去年业绩疲弱因市场竞争激烈，导致销量增 长低于预期，同时行销费用上升，以及无形资产及存货的资产减值损失按年增加。另外，品牌转向聚焦 新能源车下，合资品牌减值损失增加，导致来自合资企业的利润份额减少。该行维持对广汽H股及广汽 A股的"跑输大市"评级，因认为激烈竞争将持续压缩集团自主品牌的利润率，令2026及2027年盈利能力 维持微薄水准，目标价分别为3.1港元及5.9元。 ...