2025.11. 20 本文字数：2133，阅读时长大约4分钟 作者 | 第一财经 肖逸思 今年10月，较少公开露面的比亚迪和吉利"掌门人"王传福和李书福，接连为自己的海外市场站台。 先是王传福出现在当月10日出现在比亚迪巴西工厂，随后李书福又现身马来西亚东盟峰会。 步入11月，两家公司又先后在第三季度财报投资者沟通会上，给明年的海外市场销量定下了一个高 速增长的目标。其中，吉利2026年预计海外销量增长50%~80%，整体规模将达到60万辆级别。而比 亚迪2026年海外销量规模预计将达到150万辆，同比增速预计和吉利相当。 比亚迪和吉利是国内汽车销量排在前二的两家头部车企。乘联分会数据显示，今年前10个月，比亚 迪国内零售销量累计近284万辆，吉利则为214万辆。过去，大众和通用两大品牌在国内零售销量最 高都在400余万辆，2024年，比亚迪的零售销量近372万辆，已经逼近历史巅峰数据。 明年国内市场竞争预期加剧 当下，中国汽车市场日趋白热化已经成为共识。但是，明年的车市竞争还增加了一项新的不确定性， 即自2026年1月1日起，新能源汽车将不再免征车辆购置税，而是开始减半征收。 随着新能源汽车补贴政策的进一 ...

公开消息显示，吉利目前已投资两家机器人公司，分别是星动纪元和宇树科技。作为软硬一体化企业， 星动纪元今年10月联合清华陈建宇团队与斯坦福Chelsea Finn团队(PI联创)，共同提出可控生成世界模 型"Ctrl-World"。该技术让机器人可在"想象空间"完成任务预演、策略评估与自我迭代，直接将陌生场 景下游任务成功率平均提升44.7%。 2025年11月20日，星动纪元宣布完成近10亿元A+轮融资，本轮融资由吉利资本领投，北汽产投参与战 略投资，北京市人工智能产业投资基金、北京机器人产业发展投资基金联合注资，同时已有多家国际产 业巨头资本加入加持公司。 ...

Core Insights - The automotive industry is shifting focus from traditional vehicles to advanced technologies such as flying cars and humanoid robots, indicating a transformation from a "car exhibition" to a "future transportation exhibition" [1][2] - Major Chinese automotive companies like XPeng, Changan, and GAC Group are actively exploring flying car technologies and humanoid robots, showcasing a trend towards diversification and innovation in the sector [2][4] Industry Trends - The Chinese passenger car market has stabilized, with annual sales remaining above 30 million units for 16 consecutive years, and new energy vehicles (NEVs) accounting for 40.9% of total new car sales in 2024 [5] - The push for innovation is driven by the need to escape the unsustainable "involution" competition in the automotive sector, prompting companies to explore new avenues such as air mobility and home integration [4][8] Technological Advancements - The core competencies of NEVs, including advanced driver-assistance systems, high-performance batteries, and AI algorithms, are being leveraged to develop flying cars and humanoid robots, creating a synergistic effect [5][6] - Chinese companies are leading in AI model development for autonomous driving, which can be adapted for use in flying vehicles and robots, enhancing their capabilities [6][8] Consumer Impact - The introduction of flying cars is expected to alleviate ground traffic congestion and significantly reduce commuting times, while humanoid robots may serve various functions in households and industries, addressing labor shortages in an aging society [12][13] - Automotive companies are not merely transitioning to new products but are elevating their business models to offer integrated AI-driven mobility solutions, enhancing consumer experiences and brand value [9][13] Market Dynamics - The automotive sector is witnessing a shift towards personalized consumer experiences, with new brands targeting specific demographics and needs, thereby creating new market segments [9] - The integration of flying cars and robots into the automotive ecosystem is seen as a way to enhance traditional automotive offerings while expanding into new markets such as healthcare and education [12][13]

Core Insights - The 2025 Guangzhou International Auto Show will open on November 21, showcasing the achievements of domestic and international electric vehicles and outlining the new market landscape for 2026 [1] - The domestic electric vehicle market has achieved a historic breakthrough in 2023, with over 10 million applications for vehicle trade-in subsidies, of which 57.2% are for electric vehicles, leading to a 24.4% year-on-year increase in retail sales of new energy passenger vehicles from January to September [2][5] - The market structure of the domestic automotive industry has shifted, with electric vehicles accounting for 51.6% of total new car sales in October [2] Policy and Market Dynamics - The sustained growth in electric vehicle sales is driven by both policy incentives and market demand, including trade-in subsidies and tax exemptions, which enhance consumer purchasing power [5] - The variety of domestic electric vehicle products, technological upgrades, and improved charging infrastructure are meeting diverse consumer needs, making the Guangzhou Auto Show a significant platform for showcasing electric vehicles [5] Competitive Landscape - Major global brands will participate in the auto show, indicating a diversified competitive landscape, with traditional brands accelerating their electrification efforts and new entrants focusing on smart technology [7] - Data from October shows that domestic brands have a retail penetration rate of 77.9% in the new energy vehicle market, while joint ventures only account for 7% [7] Technological Trends - The 2026 electric vehicle market will feature three parallel technological routes: pure electric, range-extended, and plug-in hybrid, with a focus on ultra-fast charging, long range, and smart features [9] - The competition will shift towards intelligent driving assistance systems and smart cockpit features, with high-end models increasingly equipped with advanced technologies [11] Future Market Outlook - The Chinese electric vehicle market is expected to continue expanding, with a penetration rate projected to exceed 60% by 2026, maintaining its lead in the global market [13] - The competition in the mainstream market (priced between 100,000 to 200,000 yuan) will intensify, focusing on product performance and cost-effectiveness [13]

更大的市场空间、更高的单车利润，海外是一片蓝海。 今年10月，较少公开露面的比亚迪和吉利"掌门人"王传福和李书福，接连为自己的海外市场站台。先是 王传福出现在当月10日出现在比亚迪巴西工厂，随后李书福又现身马来西亚东盟峰会。 步入11月，两家公司又先后在第三季度财报投资者沟通会上，给明年的海外市场销量定下了一个高速增 长的目标。其中，吉利2026年预计海外销量增长50%~80%，整体规模将达到60万辆级别。而比亚迪 2026年海外销量规模预计将达到150万辆，同比增速预计和吉利相当。 比亚迪和吉利是国内汽车销量排在前二的两家头部车企。乘联分会数据显示，今年前10个月，比亚迪国 内零售销量累计近284万辆，吉利则为214万辆。过去，大众和通用两大品牌在国内零售销量最高都在 400余万辆，2024年，比亚迪的零售销量近372万辆，已经逼近历史巅峰数据。 在国内市场竞争加剧、市场增长空间有限的大背景下，站在2025走向尾声的时间节点，比亚迪和吉利这 两家头部企业诉说的增长故事，均已经从国内转场到了海外。 明年国内市场竞争预期加剧 当下，中国汽车市场日趋白热化已经成为共识。但是，明年的车市竞争还增加了一项新的不确定性 ...

Core Insights - Xixiangfeng Group, known as the "first stock of direct car rental," has established a deep strategic partnership with Geely Auto Group and its financial platform, Zhejiang Zhihui Puhua Financing Leasing Co., Ltd., aiming to explore the new retail model and set ambitious targets for new car launches by 2026 [1][2] Group 1: Strategic Cooperation - The collaboration focuses on creating a comprehensive "product-finance-service" closed-loop system to tap into the trillion-level market of new automotive retail [1][2] - Xixiangfeng Group aims to leverage Geely's quality product resources and Zhihui Puhua's financial support to enhance its growth engines in the underdeveloped market, ride-hailing operations, and global expansion [1][2] Group 2: Financial Performance - Xixiangfeng Group has shown steady growth, with total revenue reaching 769 million yuan in the first half of 2025, a year-on-year increase of 16.8%, and a net profit of 22.57 million yuan, up 15.9% [2] - The company has established 110 self-operated sales outlets and deepened partnerships with companies like Tuhu to enhance its marketing service system in lower-tier cities [2] Group 3: Product and Market Demand - The strategic partnership allows Xixiangfeng Group to access Geely's diverse range of high-quality new energy vehicles, catering to the demand for cost-effective and compliant models in the underdeveloped market and among ride-hailing drivers [3] Group 4: Financial Support and Policy Environment - The collaboration includes specialized funding support from Zhihui Puhua for purchasing Geely vehicles, which will optimize vehicle procurement and inventory structure, enhancing asset turnover efficiency [4] - Current national policies are supportive of automotive consumption and financial markets, with measures like targeted reserve requirement reductions for auto finance companies, stimulating the automotive financial leasing market [4] Group 5: Target Market and Risk Management - Xixiangfeng Group's "rent-to-buy" model is particularly beneficial for young consumers, individual operators, and ride-hailing drivers, addressing the challenges traditional financial institutions face in these segments [5] - The combination of Zhihui Puhua's financing experience and Xixiangfeng's market insights aims to create a robust and low-risk inclusive financial system, aligning with national strategies for inclusive finance [5] Group 6: Technological Integration and Global Expansion - Xixiangfeng Group is expanding its overseas operations, having established its first direct service hub in Uzbekistan, contributing to export revenue of 38 million yuan in the first half of the year [7] - The company is leveraging AI models for risk control and customer service, achieving over 60% automation, which enhances operational efficiency and asset management [7] - The partnership will enable Xixiangfeng to utilize data from Geely and Zhihui Puhua for better customer profiling, efficient vehicle circulation, and stringent risk management [7]

Core Viewpoint - The collaboration between Geely and Renault in Brazil represents a strategic move to enhance their positions in the South American automotive market, focusing on electric and low-emission vehicles while leveraging each other's strengths in distribution and technology [4][5][17]. Investment and Development - Geely and Renault announced a joint investment of 3.8 billion Brazilian Reais (approximately 714 million USD) to establish a new industrial park in Brazil for developing new vehicle models [4][8]. - Part of the investment will support the development of Geely's new zero-emission and low-emission vehicle platform, with mass production expected in the second half of 2026 [8]. - The remaining funds will be used to upgrade existing Renault models and launch another new model by 2027 [9]. Strategic Partnership - Geely will acquire a 26.4% stake in Renault's Brazilian operations, while Renault will maintain control, allowing Geely to integrate Renault's established distribution and local R&D resources [9]. - This partnership aims to enhance local production, supply chain operations, sales, and after-sales service capabilities to support long-term market development [14]. Market Dynamics - The collaboration is seen as a response to the increasing competition from Chinese brands in the automotive sector, with Renault aiming to expand its business beyond Europe into South America [17]. - Brazil is identified as a key market for both companies, with significant potential for growth, especially in the electric vehicle segment, which saw a doubling of exports from China last year, reaching 152,000 units [18]. Historical Context and Future Outlook - This partnership builds on previous collaborations, including a framework agreement signed in January 2022 and a stake acquisition in Renault Korea, which has already shown positive results in sales growth [20][22]. - The establishment of a new powertrain technology company, HORSE Powertrain Limited, is expected to generate nearly 15 billion Euros in annual revenue, further solidifying the partnership's technological foundation [24]. Industry Trends - The collaboration reflects a broader trend where international brands are increasingly seeking partnerships with Chinese manufacturers to gain competitive advantages in electric vehicle technology [28][29]. - The shift in dynamics indicates that Chinese companies are now seen as leaders in technology and efficiency, prompting traditional automakers to explore joint ventures for market entry and technological exchange [29].

商报讯(记者郭雨昕)11月18日，吉利第5代帝豪在杭上市。作为吉利帝豪家族全新换代车型，新车推出 四款配置，限时感恩价6.59万-8.29万元。此次上市的第5代帝豪，是首款基于新一代BMAEvo全球模块 化架构打造的车型，外观融合东方审美与现代科技，12根镀铬直瀑立柱搭配国风配色， 4815×1885×1480mm车身尺寸与2755mm轴距，带来准B级空间体验，970mm后排最大头部空间与 1480mm肘部空间可容纳三位1.8米乘客，85.1%同级最高得房率与27处储物空间，配合610L可扩展至 1779L的后备厢，全面满足家庭出行需求。 内饰贯彻"豪华平权"理念，大面积软质包覆搭配豪华水晶挡把，标配14.6英寸高清大屏与50W无线风冷 快充，提供旷野棕、云舒灰、星夜黑三种座舱配色。智能方面搭载FlymeAuto智能座舱系统，支持魅族 FlymeLink及12大品牌互联，全系标配L2级辅助驾驶，可选装千里浩瀚辅助驾驶H3方案。安全上采用潜 艇级笼式车身，高强度钢占比达70%，配备AEB急刹避险与AES主动紧急避让功能。动力提供 1.5TD+7DCT与1.5L+8CVT双组合，中欧大师级调校底盘带来36.3米百 ...

Core Insights - The company reported Q3 2025 revenue of 89.19 billion yuan, with a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%, meeting expectations [1] - Net profit for Q3 2025 was 3.82 billion yuan, reflecting a year-on-year increase of 59.3% and a quarter-on-quarter increase of 5.6% [1] Revenue Performance - Total sales volume for Q3 2025 reached 761,000 units, with a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9% [1] - The average selling price (ASP) per vehicle was 117,000 yuan, showing a year-on-year decline of 11.2% but a quarter-on-quarter increase of 6.3% [1] Profitability Metrics - Gross margin for Q3 2025 was 16.6%, with a year-on-year improvement attributed to scale effects and product mix enhancement [1] - The company achieved a single-vehicle profit of 5,300 yuan, with significant year-on-year improvement of 19.1% [2] Cost and Expenses - Selling, research and development, and administrative expense ratios for Q3 2025 were 6.0%, 4.9%, and 1.5%, respectively, with year-on-year changes of +1.2%, +0.3%, and -0.6% [1] - The increase in selling expense ratio was primarily due to marketing costs associated with the launch of four new models in Q3 [1] Other Financial Metrics - Other income for Q3 2025 was 950 million yuan, with a quarter-on-quarter decrease of 18.9%, including a foreign exchange loss of 250 million yuan [2] - Zeekr Technology Group reported a net loss of 460 million yuan for Q3 2025, with a single-vehicle loss of 3,000 yuan, although the loss narrowed quarter-on-quarter [2] Future Outlook - The company raised its net profit forecast for 2025 to 18.1 billion yuan, up from the previous estimate of 15 billion yuan, due to strong sales performance [2] - The net profit forecasts for 2026 and 2027 were adjusted downwards to 19.5 billion yuan and 27.2 billion yuan, respectively, considering potential impacts from tax policies [2] - The company maintains a "buy" rating for Geely Automobile, with corresponding price-to-earnings ratios of 9, 8, and 6 for the years 2025, 2026, and 2027 [2]

Core Viewpoint - Geely Automobile reported strong Q3 performance with significant growth in sales and revenue, driven by improved vehicle structure and recovery in exports, despite some pressure on gross margins due to the rising share of new energy vehicles [1][2] Financial Performance - Q3 sales reached 761,000 units, up 42.5% year-on-year and 8.1% quarter-on-quarter, with total revenue of 89.19 billion yuan, reflecting a 47.7% increase year-on-year and 14.7% quarter-on-quarter [1] - The average selling price (ASP) per vehicle in Q3 was 117,000 yuan, showing a 3.7% increase year-on-year and 6.1% quarter-on-quarter [1] - For the first three quarters of 2025, total vehicle sales were 2.169 million units, up 45.6% year-on-year, with revenue of 239.48 billion yuan, a 26.4% increase year-on-year [1] Cost and Profitability - Q3 gross margin was 16.6%, with a year-on-year increase of 1.0 percentage points but a slight decline of 0.5 percentage points quarter-on-quarter [1] - The actual net profit attributable to shareholders for Q2 was 3.96 billion yuan, up 61.3% year-on-year and 20% quarter-on-quarter, with Q3 net profit per vehicle at 5,200 yuan, reflecting a 13.2% increase year-on-year and 11% quarter-on-quarter [1] Operational Analysis and Outlook - Q3 performance was stable, supported by improved vehicle structure and recovery in exports, although gross margin faced slight pressure due to the higher proportion of new energy vehicles and the introduction of lower-margin models [1] - The company is expected to maintain strong performance in Q4, with continued growth in the new energy segment and stable traditional business, as exports have rebounded and fuel vehicle upgrades are anticipated to remain steady [2] Profit Forecast and Valuation - The company maintains a positive outlook for future profitability, projecting net profits of 16.6 billion, 19.68 billion, and 24 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.45, 8.81, and 7.24 [2]