Core Viewpoint - Geely Innovation Center has successfully developed a high-efficiency carbon dioxide hydrogenation to methanol catalyst, achieving international advanced levels in technology evaluation by the China Petroleum and Chemical Industry Federation [2][6]. Group 1: Technological Breakthroughs - After three years of research and development, Geely has overcome key technical bottlenecks in the industry, focusing on two main dimensions: the creation of a complete catalyst preparation process that significantly enhances mechanical strength and water resistance, achieving over 99% total conversion rate of CO2 and H2, and total selectivity for methanol [4]. - The team has completed the large-scale preparation of ton-level catalysts and developed a process package for 100,000 tons of carbon dioxide hydrogenation to methanol, clearing the obstacles for technological scaling [4]. Group 2: Pilot Project Achievements - The pilot project for carbon dioxide hydrogenation to methanol has achieved 2,000 hours of continuous stable operation with no performance degradation, confirming the engineering feasibility of the technology [6]. - The pilot project successfully passed a 72-hour continuous on-site assessment, with results indicating reliable process flow and stable operating conditions, exceeding expectations in core indicators such as total conversion rates and selectivity [6]. Group 3: Commercialization and Future Plans - The catalyst developed by Geely Innovation Center is now capable of mass production and commercial sales, meeting domestic chemical companies' demand for low-carbon methanol production technology and enabling the localization of key materials [8]. - Geely plans to leverage its methanol circular economy ecosystem to accelerate the industrialization and market promotion of this technology, contributing to the global upgrade of carbon dioxide resource utilization and supporting the transition to a green low-carbon economy [8].

Core Insights - Geely Innovation Center has developed an efficient carbon dioxide hydrogenation to methanol catalyst, which has successfully passed the evaluation by the China Petroleum and Chemical Industry Federation [1][2] - The technology overcomes key technical bottlenecks in the industry, achieving over 99% total conversion rate of CO2 and H2, and over 99% total selectivity for methanol [1] Group 1 - The catalyst preparation process includes innovative strategies such as integrated carrier pre-synthesis, active component deposition, hydrophobic functional layer construction, and in-situ self-driven pore formation, significantly enhancing the catalyst's mechanical strength and water resistance [1] - The technology team has completed the scale-up preparation of ton-level catalysts and developed a process package for 100,000 tons of carbon dioxide hydrogenation to methanol, clearing the obstacles for large-scale application [1] Group 2 - The pilot project for carbon dioxide hydrogenation to methanol has achieved 2,000 hours of continuous stable operation with no degradation in catalyst performance, confirming the engineering feasibility of the technology [2] - The pilot project successfully passed a 72-hour continuous on-site assessment, with results indicating reliable process flow and stable operating conditions, exceeding expectations for core indicators such as CO2 and H2 total conversion rates and methanol selectivity [2]

近日，中国质量协会正式发布了2025年"质量标杆典型经验"名单，吉利汽车集团凭借《基于数字化转型驱动下的质量实名制管理经验》成功入选，成为本年 度质量管理数字化领域的标杆性实践代表。 作为中国汽车工业质量管理的先行者,吉利 汽车集团在质量管理体系建设与标准制定领 域持续突破。自2021年正式加入IATF (Inter- national Automotive Task Force, 国际汽车 工作组）、成为IATF首个拥有董事表决权的 亚洲成员之后,吉利一直代表中国汽车品牌 参与全球汽车质量标准制定,截至2024年底 已主导参与682项国际、国家、行业、地方及 团体标准制定,并已完成436项标准发布。同 时,吉利汽车集团还牵头推动国际汽车质量 标准化协会IAQSA成立,深度参与IATF16949 标准修订,将全流程竞争力质量管理相关理 念与信息安全等内容纳入标准,推动标准适 配汽车新四化变革。 深耕造车领域28年,吉利汽车集团始终将质 量视为企业发展的生命线。面对全球汽车产 业百年大变革,吉利汽车集团将"质量强 国"战略与企业发展实践深度融合,在构 建《吉利汽车全流程竞争力质量管理体系》 (G-TQS)的基础 ...

Core Viewpoint - In November, the domestic passenger car market experienced a year-on-year decline in retail sales by 8.1%, contrasting with the typical year-end sales surge seen in previous years. The total retail sales for the year reached approximately 21.48 million units, reflecting a 6.1% increase year-on-year [1][10]. Group 1: Market Performance - The retail sales volume in November was about 2.225 million units, showing a month-on-month decrease of 1.1% [1]. - The cumulative growth rate of retail sales for the year showed fluctuations, with a 1.2% increase from January to February, a 15% increase from March to June, and a decline in growth to around 6% from July to September [3]. - The decline in November sales is attributed to a high base effect from previous quarters, aligning with earlier predictions of a "low-middle-high-flat" trend for the year [3]. Group 2: Policy Impact - The "old-for-new" vehicle replacement policy has been a significant factor in regulating market growth, with over 11.2 million applications for subsidies by October 22, 2023 [3]. - The average daily subsidy scale dropped to 30,000 units in November due to the suspension of subsidies in various regions, indicating a clear effect on growth adjustment [3]. Group 3: New Energy Vehicles (NEVs) - In November, the number of manufacturers with monthly sales exceeding 10,000 units for NEVs rose to 22, accounting for 94.2% of total NEV sales for the month [4]. - The total sales of NEVs reached 1.321 million units in November, marking a year-on-year increase of 4.2%, with a penetration rate of 59.3% in the overall passenger car market, up 7 percentage points from the previous year [4]. - The penetration rate for domestic brands' NEVs was 79.6%, while luxury brands and mainstream joint ventures had penetration rates of 38.8% and 8%, respectively [4]. Group 4: Export Trends - NEV exports reached 284,000 units in November, representing a year-on-year increase of 243.3%, making up 47.3% of the total export market [7]. - The share of pure electric vehicles in NEV exports decreased to 57%, while plug-in hybrid models increased to 42% [7]. - The export of complete vehicles has also driven growth in battery exports, with a total of 7.039 million kWh of electricity used for NEV exports and wholesale in November [8]. Group 5: Future Outlook - The retail share of new forces in the market reached 22.1% in November, an increase of 5.9 percentage points year-on-year, with pure electric models accounting for 72.8% of new force sales [9]. - Predictions for December suggest a relatively stable market, with potential for slight negative growth, influenced by consumer urgency due to upcoming changes in vehicle purchase tax policies [9]. - Looking ahead to 2026, the market is expected to face significant pressure due to changes in tax incentives, with a projected reduction in tax benefits leading to a potential decline in growth [9].

Core Insights - Geely's Galaxy brand has launched its first MPV model, the Galaxy V900, featuring advanced range-extending technology and AI capabilities [2][3][4] - The Galaxy V900 boasts impressive specifications, including a 1.5T range extender, a pure electric range of 240 km, and a combined range of 1200 km [2] - The vehicle's design emphasizes spaciousness, offering flexible seating configurations and superior interior dimensions compared to competitors [3][4] Group 1: Product Features - The Galaxy V900 is equipped with a 1.5T range extender, achieving a peak power of 340 kW and a peak torque of 523 N·m [2] - It features a "super AI range extension" system that enhances power efficiency, with an engine thermal efficiency of 47.26% and a fuel-to-electricity conversion rate of 1L fuel generating 3.77 kWh of electricity [2] - The vehicle's dimensions are 5360 mm in length, 1998 mm in width, and 1920 mm in height, with a wheelbase of 3200 mm, making it larger than most MPVs on the market [3] Group 2: Market Positioning - The Galaxy V900 represents Geely's entry into the MPV market, which is competitive but has fewer range-extended models, providing a unique differentiation opportunity [4] - The model is positioned as a key player in Geely's strategy to penetrate the high-end luxury market, leveraging its spaciousness and advanced AI range extension technology [4] - Industry predictions suggest the price range for the Galaxy V900 may be between 300,000 to 500,000 yuan [3]

Summary of Key Points Core Viewpoint - On December 8, 49 Hong Kong-listed companies conducted share buybacks, totaling 45.44 million shares and an aggregate amount of HKD 1.089 billion [1]. Group 1: Share Buyback Details - Tencent Holdings repurchased 1.049 million shares for HKD 636 million, with a highest price of HKD 608.50 and a lowest price of HKD 604.50, bringing its total buyback amount for the year to HKD 70.501 billion [1][2]. - Xiaomi Group-W repurchased 4.8 million shares for HKD 204 million, with a highest price of HKD 42.72 and a lowest price of HKD 42.14, totaling HKD 4.147 billion for the year [1][2]. - China COSCO Shipping repurchased 3 million shares for HKD 41.21 million, with a highest price of HKD 13.89 and a lowest price of HKD 13.67, totaling HKD 6.155 billion for the year [1][2]. Group 2: Notable Buybacks - The largest buyback amount on December 8 was by Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 204 million [1][2]. - The highest number of shares repurchased on December 8 was by China Feihe, with 7 million shares, followed by Jinxin Fertility and Xiaomi Group-W with 5.9285 million and 4.8 million shares, respectively [1][2]. Group 3: Other Companies Involved - Geely Automobile conducted its first buyback of the year, repurchasing shares for HKD 27.12 million [2]. - Other companies with significant buybacks included Kuaishou-W and Jinxin Fertility, with respective amounts of HKD 2.995 million and HKD 1.484 million [2].

Group 1 - Zhejiang Geely Holding Group Co., Ltd. has a registered capital of 1,030 million RMB and has invested in 38 companies, participated in 523 bidding projects, and holds 5,000 trademark and patent information, along with 275 administrative licenses [2] - Zhejiang Zeekr Intelligent Technology Co., Ltd. has a registered capital of 1,300 million RMB, has invested in 10 companies, participated in 195 bidding projects, and holds 5,000 patent information, along with 4 administrative licenses [1] - Weir Electric Vehicle Technology (Ningbo) Co., Ltd. has a registered capital of 122.44898 million RMB, has invested in 1 company, participated in 237 bidding projects, and holds 1,237 patent information, along with 25 administrative licenses [1] Group 2 - A patent titled "Awakening Circuit, Awakening System, and Vehicle" has been granted to Zhejiang Zeekr Intelligent Technology Co., Ltd., Weir Electric Vehicle Technology (Ningbo) Co., Ltd., and Zhejiang Geely Holding Group Co., Ltd., with the authorization announcement number CN119758964B and an application date of December 2024 [1]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.08 | 153.40 | 17.910 | 17.510 | 2711.69 | （文章来源：证券时报网） 证券时报·数据宝统计，吉利汽车在港交所公告显示，12月8日以每股17.510港元至17.910港元的价格回 购153.40万股，回购金额达2711.69万港元。该股当日收盘价17.680港元，上涨1.78%，全天成交额7.00 亿港元。（数据宝） 吉利汽车回购明细 ...

Core Viewpoint - Geely Innovation Center's self-developed carbon dioxide hydrogenation to methanol technology has passed authoritative evaluation, achieving international advanced level, with catalyst performance recognized as leading globally [1][2] Group 1: Technological Breakthroughs - The technology has overcome key technical bottlenecks in the industry through innovative strategies, resulting in a catalyst preparation process that significantly enhances mechanical strength and water resistance, achieving over 99% total conversion rate of CO2 and H2, and over 99% total selectivity for methanol [1] - The team has completed the scale-up preparation of ton-level catalysts and developed a 100,000-ton-level process package for carbon dioxide hydrogenation to methanol, clearing obstacles for large-scale application [1] Group 2: Pilot Project and Commercialization - The pilot project for carbon dioxide hydrogenation to methanol has achieved 2,000 hours of continuous stable operation with no degradation in catalyst performance, confirming the engineering feasibility of the technology [2] - The pilot project successfully passed a 72-hour continuous on-site assessment, with core indicators exceeding expectations, and impurity levels in crude methanol significantly lower than industry standards [2] - The catalyst is now capable of mass production and commercial sales, meeting domestic chemical enterprises' demand for low-carbon methanol production technology and breaking the market monopoly of overseas catalysts [2] Group 3: Future Plans - Geely Innovation Center plans to leverage its methanol circular economy ecosystem to accelerate the industrialization and market promotion of this technology, contributing to the global carbon dioxide resource utilization industry upgrade and supporting the green low-carbon transition [2]

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]