头图|视觉中国 2026年，中国车市迎来了尴尬时刻。 一面是比亚迪2026年1月销量下跌30%，理想下滑7.55%。卷到第一的吉利集团也仅仅微增1%，这个 成绩还是得益于吉利出海的强力拉动，换算到国内市场也难言"涨势喜人"。 相关报告显示，因补贴下滑加之宏观经济影响，消费者信心指数预计仍将低于枯荣线、消费复苏乏 力。2026年乘用车销量预计将达到2400万，增速近一步收窄至1%。新能源汽车或将迎来最后一年二 位数增长。 出品|虎嗅汽车组 作者|邢书博 简单讲， 2026年的中国车市新车不好卖了。 但另一面，则是中国二手车汽车销量呈现冰火两重天的另一面。与新车寒冬不同，二手车市场繁荣的 让人难以置信：中国汽车流通协会日前发布数据显示，2025年， 我国二手车市场交易规模以2010.8 万辆的成绩首次突破2000万辆大关，同比增长2.52% ，累计交易金额12897.9亿元。 其中新能源车 二手车增速或超50%。 消费在哪里，是因为需求在那里。 为什么越来越多的消费者会选择二手车？真实的消费诉求是什么？二手车对车企来说意味着什么？ "买台二手车回老家" 返乡潮通勤是节前二手车增长的真实需求。 在北京的打工人兰子， ...

更惊人的是贸易额数据：今年1月，中国对巴西的汽车出口额飙升至3.75亿美元，是去年同期的10倍以上，占当月巴西汽车进口总额的65%左右。 这意味着现在巴西每进口10辆汽车，就有6.5辆来自中国。这个比例放在几年前是不敢想象的。 中国车企在巴西市场的扩张很有"章法"，简单来说就是直接在巴西投资建设生产基地，实现"本地制造、本地销售"。同时通过与国际巨头合作， 快速获得市场准入与技术认可——"强强联合，借势突围"。 比如，比亚迪投资了55亿雷亚尔（约合10.6亿美元）改造巴伊亚州的福特卡马萨里原装配厂，计划采用半散件组装工艺。吉利控股去年底与法国 雷诺集团宣布在巴西成立合资公司，计划投资38亿雷亚尔，共同开发和生产新能源车型。 不过，现在的巴西汽车市场也可以说是"冰火两重天"。巴西当地利率上升和信贷紧缩影响了借贷成本，导致1月份汽车产量与销量均有下滑。但与 此同时，电动汽车的销量占比创纪录地达到了16.8%，表明巴西消费者对新能源汽车的接受度正在快速提升。 今年1月，中国汽车在巴西市场干了一件大事——直接把阿根廷从巴西"最大汽车出口国"的宝座上拉了下来。对当地来说，这可一点不简单，它意 味着南美洲最大的汽车市场正 ...

在国家政策指引下，地方层面的实践探索同样蹄疾步稳。甘肃、青海、贵州等资源禀赋优越地区纷纷出台专项政策， 在甲醇燃料价格机制、基础设施建设等方面加大投入；黑龙江依托丰富的风光资源优势，与吉利深化合作推广甲醇汽 车；上海提出建设国际航运绿色燃料加注中心，重点推进绿色甲醇在航运领域规模化应用；在香港环境事务政策简报 会上，有议员提出将甲醇汽车纳入发展绿色运输的路线图……多层次、全方位的政策支持，不仅确立了甲醇在新能源 体系中的重要地位，更推动行业发展从试点示范迈向规模化、产业化新阶段，为吉利等企业的深耕布局提供了坚实保 障。 政策东风之下，吉利对甲醇燃料的坚定选择，源于对能源安全、产业优势与技术可行性的深度考量。从国家能源格局 来看，我国"多煤、缺油、少气"的现状，使得能源安全面临严峻挑战。而甲醇的多元制备路径恰好破解这一困境，既 能通过煤炭、天然气等化石能源加工生产，更可依托风光发电电解水制氢、二氧化碳加氢等技术制备零碳甲醇，这与 吉利践行的碳中和理念高度契合。 从技术应用维度看，甲醇燃料的优势在实际场景中得到充分验证。相较于纯电动汽车在北方低温环境下的续驶里程衰 减问题，甲醇燃料冰点低至零下97.6℃，即使在极 ...

智通财经APP讯，吉利汽车(00175)发布公告，于2026年2月10日，该公司斥资2989.9万港元回购180.4万 股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00175 | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行 ...

内饰采用极简环抱式对称布局，线条从门板自然延展至中控，大面积皮质包覆搭配菱形缝线，十分具有质感。配置上，该车搭载8.8英寸全液晶仪表与14.6英 寸高清悬浮式中控屏，悬浮式中央扶手台设置上下双层储物格，上层支持50W风冷无线快充，下层可满足日常收纳需求。 动力方面，新车将会采用增程动力，纯电续航375km，综合续航1525km。 车身侧面采用溜背式造型，上扬的腰线与流畅的车顶曲线相呼应，配备传统样式门把手和18英寸轮毂。车尾设计与前脸形成呼应，配备贯穿式尾灯。 2月9日，吉利汽车发布博越REV车型的最新图片，作为增程SUV，纯电续航375km，综合续航可达1525km。 新车整体造型简洁流畅且富有未来感，兼顾新能源属性与运动气质。前脸采用封闭式格栅，与上方贯穿式LED灯带无缝融合。下包围配备大尺寸通风口，两 侧雾灯区域采用三角形设计，搭配黑色护板，既降低视觉重心，又增强运动质感。 ...

Market Overview - The Hong Kong stock market showed a slight recovery with the Hang Seng Index up by 0.54% to 27,172.87 points, the Hang Seng Tech Index up by 0.84% to 5,463.17 points, and the National Enterprises Index up by 0.78% to 9,239.54 points, while the Red Chip Index fell by 0.1% to 4,391.08 points [1] Company Dynamics - Pop Mart (09992.HK) expects global sales of over 400 million units across all IP categories by 2025, with THE MONSTERS category alone projected to exceed 100 million units [2] - Youjia Innovation (02431.HK) has secured a contract with a leading domestic automotive brand to provide advanced driving assistance controllers and driver monitoring systems for several key models [2] - Ruifeng New Energy (00527.HK) signed an investment framework agreement to build the largest inference computing cluster park in North China, with a total investment of approximately RMB 24 billion [2] - Xian Dao Intelligent (00470.HK) set its H-share offering price at HKD 45.80 per share, with the adjustment rights fully exercised [3] - Hong Kong Telecom (06823.HK) reported a 5% year-on-year increase in total revenue to HKD 36.553 billion for 2025, with EBITDA rising 4% to HKD 14.234 billion, and attributable profit increasing 4% to HKD 5.286 billion, driven by stable operations and effective cost control [3] - China Nuclear International (02302.HK) issued a positive profit alert, expecting revenue for 2025 to exceed approximately HKD 2.46 billion, with gross profit expected to be at least HKD 260 million, primarily due to increased uranium trading volumes [3][6] - Mingyuan Cloud (00909.HK) anticipates a net profit of approximately HKD 26.9 million to HKD 32.8 million for 2025, representing a turnaround and growth of about 114% to 117%, attributed to improved operational efficiency [3] - Yingda Real Estate (00432.HK) reported a net loss of HKD 69 million for 2025, a 70% reduction year-on-year [4] - China Oriental Education (00667.HK) expects a 46% to 51% increase in net profit for 2025 [5] - Carrot (02549.HK) issued a profit warning, projecting a 25% to 35% decrease in profit for 2025 [7] - Xiaomi Group (01810.HK) repurchased 1.5 million shares for HKD 52.7268 million at prices between HKD 35.04 and HKD 35.24 [8] - Geely Automobile (00175.HK) repurchased 1.408 million shares for HKD 23.4587 million at prices between HKD 16.46 and HKD 16.81 [8] Institutional Insights - GF Securities noted that the Hang Seng Index has an 82% probability of rising in the three trading days before the Spring Festival, with no significant calendar effects post-holiday, indicating a potential "passive follow" increase due to stronger correlation with A-shares [9] - Everbright Securities highlighted a market environment of "moderate fundamental recovery and synchronized liquidity," recommending a "growth + value" strategy focusing on AI, non-ferrous metals, chemicals, and insurance [10] - Dongfang Caifu Securities pointed out that Hong Kong stocks are at historical low valuations (Hang Seng Index PE at only 12 times), making southbound capital attractive for bottom-fishing, with short-term sentiment boosted by this capital [10]

Core Viewpoint - The report from JPMorgan indicates that the performance of the Chinese automotive market in 2023 will exhibit a mixed trend reminiscent of both 2018 and 2025, with overall passenger vehicle market growth expected to decline into negative territory, similar to 2018, while market volatility may increase due to new model releases and seasonal trends, akin to 2025 [1] Market Performance - The overall performance of the automotive industry is anticipated to be relatively weak due to the decline in market growth [1] - The potential for absolute or relative returns will depend on whether corporate earnings can exceed expectations, which is expected to be more challenging amid rising costs [1] Investment Recommendations - The preferred stocks identified by the firm are Geely Automobile (00175) and China National Heavy Duty Truck Group (03808) [1] - Companies such as BYD Company (01211), Leap Motor (09863), Xpeng Motors-W (09868), and NIO Inc. (09866, NIO.US) may present noteworthy investment opportunities in March or the second quarter of this year [1] - Conversely, the rating for Li Auto-W (02015) has been downgraded to "Reduce" [1]

Group 1 - The core viewpoint of the article indicates that the performance of the Chinese automotive market in 2023 will exhibit a mixed trend reminiscent of both 2018 and 2025 [1] - The overall passenger car market growth has fallen into negative territory, similar to the situation in 2018, suggesting a potentially weak industry performance for the year [1] - Market fluctuations throughout the year may intensify due to new model releases, seasonal trends, and changes in profit expectations, akin to the dynamics observed in 2025 [1] Group 2 - The ability to achieve absolute or relative returns will depend on whether corporate earnings can exceed expectations, which is expected to be more challenging amid rising costs [1] - The preferred stocks identified by the bank are Geely Automobile (00175) and China National Heavy Duty Truck Group (03808) [1] - The bank also sees potential investment opportunities in BYD Company (01211), Leap Motor (09863), Xpeng Motors (09868), and NIO Inc. (09866) that may arise in March or the second quarter of this year [1] - Conversely, the rating for Ideal Automotive (02015) has been downgraded to "Reduce" [1]

Summary of Key Points from Conference Call Records Industry Overview - The automotive market in 2026 is expected to be a transitional year, facing pressure on demand due to subsidy reductions and increased vehicle purchase taxes, with retail sales projected to decline by 3% to 10% [2][4] - The overall sentiment in the automotive sector is pessimistic, with significant cost pressures from rising raw material prices, leading to an expected increase in vehicle costs by 4,000 to 5,000 yuan per unit [4][8] - The new energy vehicle (NEV) market is entering a critical phase, with penetration rates facing bottlenecks that require policy support and technological breakthroughs, such as solid-state batteries, to stimulate growth [5][8] Company-Specific Insights Geely Automobile - Geely's sales in January exceeded expectations, with significant growth in the Zeekr and export segments, particularly the Zeekr 9X model, which is expected to outperform profitability expectations [3][14] - The company is actively expanding its international market, with an anticipated export volume of 600,000 vehicles in 2026, contributing approximately 2 billion yuan in profit, which will help offset domestic cost pressures [3][17] - Geely's high-end brand, Zeekr, is performing well in the premium market, with strong sales and profitability, and plans to launch new models to further enhance brand strength [16] JAC Motors - JAC Motors is focusing on high-end and international markets, showing strong brand premium potential, particularly with its Huawei-affiliated products [12][13] - The company is expected to launch several new models, including high-end versions of the S800, which could act as catalysts for performance improvement [13] Market Dynamics - The price war in the automotive sector is expected to stabilize, with companies like Tesla experiencing diminishing returns from price cuts, leading to a potential cessation of aggressive pricing strategies [6][7] - The overall market is anticipated to be in a bottoming phase in 2026, with demand affected by policy changes and consumer sentiment, but strategic adjustments by companies could alleviate some cost pressures [8][9] Investment Opportunities - Current market conditions suggest that it is a favorable time to consider investments in Geely and JAC Motors, given their focus on high-end and international strategies, which are expected to yield strong profit growth [12][18] - Investors are advised to monitor market demand and competitor dynamics closely, especially with new model launches expected in the coming months [18] Additional Considerations - The automotive industry has not yet integrated AI valuations, but there is potential for significant opportunities as companies develop robotic technologies [9] - The current environment is not ideal for purchasing vehicles due to unclear subsidy details and limited supply, which may lead to increased consumer hesitation [10][11]