Core Viewpoint - The company, China Automotive Technology & Research Center (601965.SH), reported a revenue of 4.968 billion yuan for the fiscal year 2025, reflecting a year-on-year increase of 4.98% while focusing on high-quality development and customer-centric strategies [1] Financial Performance - The company achieved a net profit attributable to shareholders, excluding non-recurring gains and losses, of 1.006 billion yuan, representing a year-on-year growth of 15.77% [1] - The weighted average return on net assets, after excluding non-recurring gains and losses, was 13.57% [1] Strategic Initiatives - The company emphasized regional reform and enhanced local service capabilities to improve resource allocation and operational efficiency [1] - Continuous deepening of technological layout was highlighted as a driver for innovation and results transformation [1]

Core Insights - The company reported a total operating revenue of 4.968 billion yuan for the fiscal year 2025, representing a year-on-year growth of 4.98% [1] - The net profit attributable to shareholders of the listed company reached 1.06 billion yuan, marking a year-on-year increase of 17.85% [1] - The basic earnings per share (EPS) stood at 1.07 yuan [1]

Summary of Key Points Core Viewpoint - On January 16, 2026, five stocks in the A-share market will face the lifting of share restrictions, with a total of 737 million shares being unlocked, amounting to a market value of 5.277 billion yuan based on the previous trading day's closing price [1][3]. Group 1: Stock Unlocking Details - The stock with the highest unlocking quantity is Huadian New Energy (600930), with 725 million shares and a market value of 4.565 billion yuan [4][5]. - The second stock is Ruihua Technology (920099), with 9.4655 million shares and a market value of 318 million yuan [4][5]. - The third stock is Parallel Technology (920493), with 2.5096 million shares and a market value of 389 million yuan [4][5]. Group 2: Market Value Rankings - The stock with the highest market value upon unlocking is also Huadian New Energy (600930), valued at 4.565 billion yuan [6]. - Parallel Technology (920493) ranks second in market value at 389 million yuan [6]. - Ruihua Technology (920099) ranks third with a market value of 318 million yuan [6].

Group 1 - On January 15, China Automotive Engineering Research Institute (China Auto Research) saw a stock increase of 1.00% with a trading volume of 175 million yuan. The margin trading data indicated a financing buy of 14.86 million yuan and a repayment of 15.31 million yuan, resulting in a net financing outflow of 0.45 million yuan. The total margin trading balance reached 245 million yuan as of January 15 [1] - The financing buy on January 15 was 14.86 million yuan, with a current financing balance of 240 million yuan, accounting for 1.40% of the circulating market value. This financing balance is above the 90th percentile of the past year, indicating a high level [1] - In terms of securities lending, on January 15, China Auto Research repaid 900 shares and sold 200 shares, with a selling amount of 3,440 yuan based on the closing price. The remaining securities lending volume was 238,500 shares, with a balance of 4.10 million yuan, also above the 80th percentile of the past year, indicating a high level [1] Group 2 - China Auto Research, established on January 11, 2001, and listed on June 11, 2012, is located in Chongqing and primarily engages in automotive technology services and equipment manufacturing. The main revenue sources include automotive technology services (89.80%), with vehicle and traditional parts development and testing accounting for 65.58% [2] - For the period from January to September 2025, China Auto Research reported a revenue of 3.024 billion yuan, a year-on-year decrease of 0.76%, and a net profit attributable to shareholders of 666 million yuan, a decrease of 0.56% year-on-year [2] - The company has distributed a total of 2.848 billion yuan in dividends since its A-share listing, with 1.074 billion yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders for China Auto Research was 21,600, an increase of 18.75% from the previous period, while the average circulating shares per person decreased by 15.79% to 46,048 shares [2]

Group 1 - The automotive service sector increased by 0.17% on January 15, with Jiaoyun Co. leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the automotive service sector showed varied performance, with Jiaoyun Co. closing at 9.26, up 2.55%, and other notable stocks like China Automotive Research and Haowu Co. also showing positive gains [1] Group 2 - The automotive service sector experienced a net outflow of 114 million yuan from institutional investors, while retail investors saw a net inflow of 85.24 million yuan [2] - The trading volume and turnover for key stocks varied, with Jiaoyun Co. achieving a turnover of 1.273 billion yuan and China Automotive Research at 1.75 billion yuan [2][3] - The net inflow and outflow of funds for individual stocks indicated a mixed sentiment, with China Automotive Research seeing a net inflow of 12.73 million yuan from institutional investors [3]

Core Insights - Wind tunnel testing is a crucial part of the research and development of new energy vehicles in China, allowing for the testing of over 200 vehicle models annually [1] - A reduction of the drag coefficient by 0.01 can increase the range of pure electric vehicles by approximately 8 kilometers [1] - The wind tunnel center is equipped with advanced technology, including microphone arrays and high-precision algorithm models, enabling a significant shift from auditory noise assessment to visual noise analysis [1]

Core Viewpoint - The 2026 New Year message from the national president emphasizes the importance of innovation for high-quality development, the significance of public welfare, and the need for openness to the world. The China Automotive Research Institute (CARI) is committed to these principles through its automotive index, focusing on innovation, responsibility, and a global perspective in 2025 [1]. Group 1: Public Release - CARI prioritizes "public release" as a key action to fulfill social responsibility, aiming to transform rigorous evaluation results into trustworthy consumer references. In 2025, the automotive index published results from 8 evaluation batches, covering over 60 popular market models, providing comprehensive and reliable guidance for consumers [2]. Group 2: Public Science Popularization - CARI is dedicated to creating a new ecosystem for public science popularization, introducing a science popularization IP character named "Little Lion Pointer" to bridge the gap between professional evaluation technology and public understanding. This character, inspired by a lion, aims to make technical knowledge more accessible and relatable [4][6]. Group 3: Public Welfare Activities - CARI's public welfare initiatives have reached various communities, including universities and schools, to spread knowledge. The "University Tour" engaged nearly 3,000 students through technical lectures on topics like automotive safety and intelligent driving evaluation, fostering innovation and talent in the industry [7]. - The "Campus Tour" provided traffic safety education to children through interactive methods, encouraging them to become "safety little supervisors" within their families. This initiative aims to influence entire families through the education of a single child [10]. - CARI participated in national science popularization events, such as the World Intelligent Industry Expo, showcasing the "Little Lion Pointer" and offering immersive evaluation experiences to the public, enhancing understanding of professional evaluation results [15][19].

Core Viewpoint - The automotive service sector experienced a rise of 0.87% on January 14, with Jiaoyun Co., Ltd. leading the gains, while the overall Shanghai Composite Index fell by 0.31% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4126.09, down 0.31% [1]. - The Shenzhen Component Index closed at 14248.6, up 0.56% [1]. - The automotive service sector stocks showed varied performance, with Jiaoyun Co., Ltd. closing at 9.03, up 9.85% [1]. Group 2: Stock Performance - Key stocks in the automotive service sector included: - Jiaoyun Co., Ltd. (600676): Closed at 9.03, up 9.85%, with a trading volume of 1.5396 million shares and a turnover of 1.367 billion [1]. - Beiba Media (600386): Closed at 4.60, up 2.00%, with a trading volume of 186,900 shares and a turnover of 85.5371 million [1]. - Altec (300825): Closed at 10.95, up 0.83%, with a trading volume of 237,500 shares and a turnover of 260 million [1]. Group 3: Capital Flow - The automotive service sector saw a net outflow of 113 million from institutional investors, while retail investors contributed a net inflow of 81.4848 million [2]. - The capital flow for key stocks indicated: - Beiba Media had a net inflow of 10.0547 million from institutional investors [3]. - China Automotive Research (601965) experienced a net outflow of 9.4057 million from speculative funds [3]. - Altec had a significant net inflow of 39.7496 million from retail investors, despite a net outflow of 31.5368 million from institutional investors [3].

证券代码：601965 股票简称：中国汽研 编号：临2026-001 中国汽车工程研究院股份有限公司 第六届董事会第二次会议决议公告 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。 中国汽车工程研究院股份有限公司（以下简称"中国汽研"或"公司"）第六届董事会第二次会议于2026年 1月12日在重庆以现场加通讯表决方式召开。会议通知于2026年1月7日以电子邮件方式送达公司董事。 本次会议由周玉林董事长主持，应出席董事9名，实际出席董事9名。会议符合《中华人民共和国公司 法》和《公司章程》的规定，会议程序及表决结果合法有效。会议形成决议如下： 一、以8票赞成、0票弃权、0票反对，审议通过了《关于限制性股票激励计划（第三期）第二个解锁期 部分解锁的议案》，同意对5名激励对象持有的235,950股限制性股票进行解锁。关联董事刘安民依法回 避表决。 公司董事会薪酬与考核委员会已就该议案向董事会提出建议，认为根据《中国汽研限制性股票激励计划 （第三期）（草案）》和《中国汽研限制性股票激励计划考核管理办法》的约定，从2025年9月21日起 ...

Group 1 - The core announcement from the company is the approval of the second unlocking phase of the third phase of the restricted stock incentive plan by the sixth board of directors [1] - The company also proposed to make a provision for asset impairment for the fiscal year 2025 [1]