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 呈交日期： 2025年12月8日 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 ...

Group 1: National Standards Implementation - The implementation of national standards for dynamic monitoring and early warning of new energy vehicle safety performance, as well as remote service and management systems, began on December 1 [1][2] - The standards aim to enhance data monitoring on safety platforms and establish a new safety management model for new energy vehicles [1] Group 2: November Sales Data - Multiple automotive companies reported their November sales figures, with China FAW selling 306,000 vehicles and producing 312,000 [5] - Changan Automobile's sales reached 283,000 units, a year-on-year increase of 2.3% [5] - BYD's sales slightly declined, while Hongmeng Zhixing saw an 89.61% year-on-year increase in new car deliveries [5] - Other companies like NIO and Li Auto reported significant year-on-year growth, while Li Auto experienced a continuous decline for six months [5] Group 3: Government Initiatives - The Ministry of Industry and Information Technology encouraged leading companies in lithium batteries and new energy vehicles to expand internationally and invest in green energy projects [6] - The ministry emphasized the importance of international cooperation in green technology and standards [6] Group 4: Automotive Repair Industry - The China Automotive Maintenance Industry Association announced the initiation of a credit evaluation system for automotive repair enterprises to enhance integrity and market order [7][9] Group 5: New Standards and Initiatives - The new national standard GB17675-2025 for steering systems will replace the previous standard starting July 1, 2026, focusing on the safety of new technologies [9] - Geely Auto Group declared December as "Geely Safety Month" and will open a global safety center on December 12 [9][10] Group 6: New Product Launches - ZF announced the mass delivery of the Indi coaxial reducer, which significantly improves efficiency while saving space and weight [11] - The National Lithium Battery Material and Product Quality Inspection and Testing Center passed a national acceptance check, equipped with advanced testing facilities [12][14] - Scania's first locally manufactured Super trucks were officially launched from its production base in Jiangsu, with a total investment of 2 billion euros [16]

Core Viewpoint - The article provides a comprehensive analysis of the automotive market in November 2025, highlighting trends in retail, production, wholesale, and exports, particularly focusing on the performance of new energy vehicles (NEVs) and the impact of government policies on market dynamics [14][15][17]. Retail Analysis - In November, the national passenger car market retail reached 2.225 million units, a year-on-year decrease of 8.1% and a month-on-month decrease of 1.1%. Cumulative retail for the year reached 21.483 million units, up 6.1% year-on-year [14]. - The retail penetration rate of NEVs in the domestic market was 59.3%, an increase of 7 percentage points year-on-year. Among the NEVs, the penetration rate for domestic brands was 79.6% [24] [15]. Production and Wholesale Analysis - Passenger car production in November was 3.106 million units, a year-on-year increase of 3.0% and a month-on-month increase of 5.3%. Cumulative production for the year reached 26.842 million units, up 12.3% year-on-year [17]. - Wholesale figures for November reached 2.998 million units, marking a historical high for the month, with a year-on-year increase of 2.3% and a month-on-month increase of 2.4% [18]. Export Performance - In November, the export of passenger cars was 818,000 units, a month-on-month decrease of 1% but a year-on-year increase of 40%. Cumulative exports for the year reached 5.151 million units, up 17.2% year-on-year [17]. - NEVs accounted for 47.3% of total exports in November, with a significant year-on-year increase of 26.3 percentage points. The export of NEVs reached 284,000 units, a year-on-year increase of 243.3% [25]. Market Dynamics - The article notes that the market is experiencing a shift with the introduction of new models and the impact of government policies such as the "old-for-new" subsidy program, which has seen over 11.2 million applications by October 2025 [14][15]. - The performance of domestic brands in the NEV sector is strong, with significant growth in exports and market share, particularly among major state-owned enterprises [15][16]. Future Outlook - The article anticipates strong retail performance for December 2025, driven by consumer urgency due to the expiration of tax exemptions for NEVs. The overall market is expected to benefit from increased consumer interest and government support [30][31].

Core Insights - Zhejiang's private economy has shown remarkable growth, contributing over 67% of the province's GDP, 70% of tax revenue, 80% of imports and exports, and 85% of employment as of mid-2025 [1] - The transition from traditional factor-driven growth to innovation-driven growth is highlighted as a key factor in Zhejiang's economic transformation [1] Group 1: Economic Contributions - 107 companies from Zhejiang ranked among the top 500 private enterprises in China for 2025, maintaining the province's leading position for 27 consecutive years [1] - The private sector's contribution to Zhejiang's economy is significant, with projections indicating that the "three new" economy will account for approximately 28.5% of GDP by 2024 [2] Group 2: Innovation and Technology - The integration of technological and industrial innovation has accelerated the cultivation of new productive forces in Zhejiang, with a notable shift towards digitalization and intelligence in industries [2] - AI technology is being utilized in various sectors, such as design and manufacturing, significantly reducing production cycles and enhancing product competitiveness [2][4] Group 3: Industry Clusters - Zhejiang has developed five trillion-level industrial clusters, including modern textiles, green petrochemicals, high-end software, smart IoT, and new energy vehicles [7] - The automotive air conditioning industry in Longquan has become a major cluster with over 200 enterprises and an industry output value exceeding 10 billion [5][7] Group 4: Global Expansion - Zhejiang's private enterprises are increasingly engaging in global markets, with significant exports of new energy vehicles, including 1,346 units shipped to Russia [11][12] - Companies are adapting to global competition by enhancing their overseas operations, such as establishing factories and R&D centers abroad [13]

钢铁、铝是汽车制造过程中的主要原料。比较而言，铝材兼具材料与减排双重优势。再生铝相较于原生 铝，在电解铝环节能减少高达95%以上碳排放。2020年至2024年，中国再生铝生产相比使用火电生产原 铝减少二氧化碳排放5.7亿吨。 因此，更多汽车企业开始将减排重点转向铝材料。如何通过再生铝的循 环利用，降低汽车全生命周期碳排放？ 11月19日至12月3日期间，澎湃研究所研究员与汽车主机厂、供应链链主、再生铝企业、供应链降碳专 家进行了深度交流。调研发现，再生铝作为一种"绿材"，其价值不仅在于减少新铝的生产以间接实现降 碳，还涉及材料溯源、供应链管理和溢价问题。企业只有通过铝的高效循环利用，实现效益增值，再生 铝才有望推广应用。 再生铝降碳潜力大，回收价值受源头限制 铝具有明显的减碳效益，再生铝循环效率高。帅翼驰新材料集团副总裁陈楠告诉研究员，再生铝理论上 可无限循环利用，循环利用率约80%-90%，汽车使用50%再生铝相对原生铝可减少一半碳排放，且具有 轻量化优势，可用于替代纯铝以及部分其他金属。因此，再生铝在很多汽车主机厂的降碳策略中占据重 要位置。不过，再生铝在实际应用中还面临诸多挑战。 首先，再生铝原材料来源 ...

Core Insights - The article highlights the significant influence of Alibaba and Geely in nurturing talent within the internet and automotive industries, respectively, with many executives in these sectors having connections to these two companies [2][11]. Industry Overview - The internet industry in China is projected to reach a market size of 18.7 trillion yuan in 2024, growing by 9.3% year-on-year, while the automotive industry is expected to reach 15.3 trillion yuan, both outpacing GDP growth [2]. - Together, these industries account for 34 trillion yuan, representing 25.2% of the national GDP, with over 40 million employees combined [2]. Talent Development - Alibaba has produced numerous successful entrepreneurs, with over 100,000 former employees starting their own companies, contributing significantly to the internet sector [6][9]. - Notable alumni include founders of major companies such as Didi, Xiaopeng Motors, and Pinduoduo, showcasing the impact of Alibaba's corporate culture on entrepreneurship [8][9]. Geely's Role in Talent Supply - Geely is recognized as a talent hub for the automotive industry, with many new energy vehicle startups recruiting from its workforce [11][13]. - The company has established a comprehensive talent development system, including partnerships with educational institutions, resulting in a high employment rate for graduates [13][14]. Corporate Culture and Impact - Both Alibaba and Geely emphasize the importance of corporate culture in shaping their employees, with Alibaba's "Six Pulses of Sword" and Geely's integrated training models being key to their success [10][15]. - The article suggests that the entrepreneurial spirit fostered by these companies has led to a significant transformation in their respective industries, positioning them as leaders in talent cultivation [15].

New Car Launches - Dongfeng Nissan N6 launched with a limited-time price of 91,900 to 121,900 yuan, featuring a hybrid system with a 75kW engine and a 155kW motor, offering a pure electric range of 170-180 km [1][3][9] - New Blue Energy E5 Plus launched at a limited-time price of 119,800 yuan, equipped with a 70kW engine and a 160kW motor, providing a pure electric range of 230 km [1][12][17] - Buick Zhijing Shijia launched with a price range of 439,900 to 469,900 yuan, featuring a 132kW engine and a dual-motor system, offering a pure electric range of 224 km [1][20][25] Company Dynamics - Xiaomi Auto has surpassed 500,000 cumulative deliveries, achieving its annual target ahead of schedule [1][28][29] - XPeng Motors collaborates with Huawei to launch a next-generation range extender generator with over 92% efficiency [1][32][35] - Changan Automobile is set to roll out its 30 millionth vehicle, becoming the first Chinese brand to reach this milestone [1][36][40] Sales Performance - BYD sold 474,921 passenger vehicles in November, maintaining a leading position in the new energy sector [1][71][73] - Changan Automobile's November sales reached 283,000 units, with over 125,000 in new energy vehicles [1][76][79] - SAIC-GM-Wuling achieved 118,726 new energy vehicle sales in November, marking three consecutive months of over 100,000 units sold [1][81] - Chery's new energy vehicle sales reached 116,794 units in November, continuing its growth trend [1][82][86] - Hongmeng Zhixing delivered 81,864 units in November, benefiting from increased production capacity [1][87][90] - Leap Motor delivered 70,327 units in November, showing strong market performance [1][91][92] - Great Wall Motors sold 40,113 new energy vehicles in November, reflecting a significant growth in its transition to new energy [1][95][96] - XPeng Motors delivered 36,728 units in November, with a year-to-date growth of 156% [1][98][99] - NIO delivered 36,275 units in November, with a notable increase in sales [1][100][106] - Li Auto delivered 33,181 units in November, maintaining a positive outlook despite market pressures [1][107][109] - Deep Blue Automotive delivered 33,060 units in November, with strong performance from its S05 model [1][111][113] - BAIC New Energy sold 32,328 units in November, with a significant year-on-year increase [1][114][115] - Lantu Automotive delivered 20,005 units in November, marking a strong sales milestone [1][116][118] - FAW Bestune sold 15,793 new energy vehicles in November, with a focus on young consumers [1][119][123] - Avita delivered 14,057 units in November, achieving a historical high [1][124][125] - Zhiji delivered 13,577 units in November, with a focus on expanding its product line [1][126][128] - Jishi Automotive delivered 1,452 units in November, showing steady growth in international markets [1][129][132] Industry News - A new national standard for steer-by-wire technology has been released, removing mandatory mechanical connections [2][133][135] - Global penetration of new energy vehicles is on the rise, projected to reach 25.2% by Q4 2025 [2][138][140] - South Korea's automotive exports have declined for the first time in recent years, with a forecasted drop in total exports [2][143][145]

证 券 研 究 报 告 汽车行业周报（20251201-20251207） 行业研究 汽车 2025 年 12 月 07 日 推荐（维持） 板块触底有望提前，关注 26 年 beta 反弹机会 华创证券研究所 | 证券分析师：张程航 | 证券分析师：夏凉 | 证券分析师：李昊岚 | 联系人：张睿希 | | --- | --- | --- | --- | | 电话：021-20572543 | 电话：021-20572532 | 邮箱：lihaolan@hcyjs.com | 邮箱：zhangruixi@hcyjs.com | | 邮箱：zhangchenghang@hcyjs.com | 邮箱：xialiang@hcyjs.com | 执业编号：S0360524010003 | | | 执业编号：S0360519070003 | 执业编号：S0360522030001 | | | 本周我们更新了明年年度策略，相较于前几年，2026 年确实市场一致预期相对较高，我 们观点简言之：1）销量展望没那么悲观，所以会有 beta 反弹机会；2）整车投资依然以 个股为主，零部件以新产业为主。 4Q 汽车基本面低于预期，这 ...

Core Viewpoint - The launch of the Galaxy V900 by Geely Galaxy marks a significant advancement in the MPV segment, leveraging cutting-edge AI range extension technology to redefine the value standards of new energy MPVs [1][5]. Group 1: Product Features - The Galaxy V900 is positioned as an "AI all-scenario family flagship MPV," focusing on four key dimensions: space, performance, energy efficiency, and intelligence [1][5]. - It boasts the highest space utilization in the MPV sector with a room rate of 91.8%, achieved through an innovative stacked vertical layout of the range extender power system [1][2]. - The vehicle features a dual-motor all-wheel-drive system, with a peak power of 90 kW from the P1 generator, utilizing advanced short-term overload technology [2][3]. Group 2: Energy Efficiency - The Galaxy V900 is equipped with a 1.5T ultra-efficient range extender, achieving a thermal efficiency of 47.26% and a fuel-to-electricity conversion rate of 1 liter of fuel generating 3.77 kWh of electricity [2][3]. - The vehicle's operating cost is notably low, with electricity priced at 1.9 yuan per kWh, effectively achieving "oil-electric parity" [2][3]. Group 3: Intelligent Features - The vehicle incorporates the Xingrui AI Cloud Power 2.5 system for energy and all-wheel-drive management, optimizing energy use based on navigation and user habits [2][4]. - It features advanced AI capabilities for intelligent driving, including a comprehensive sensor suite for 360-degree perception and support for various driving scenarios without reliance on high-definition maps [4][5]. Group 4: Comfort and Safety - The Galaxy V900 offers a spacious interior with a flat floor design, accommodating up to 15 pieces of 20-inch luggage and providing a vertical height of 1.3 meters [2][3]. - Safety features include a high-strength cage structure made from 2000MPa boron steel and up to 11 airbags, along with a battery safety system that exceeds national standards by over 80 extreme safety tests [3][4].

Core Viewpoint - The article discusses the strategic partnership between SK On and Geely Automobile Group, focusing on the establishment of a joint venture for the production of square lithium iron phosphate batteries, which aims to enhance both companies' competitiveness in the electric vehicle market [3][5][6]. Group 1: Partnership Development Timeline - The collaboration between SK On and Geely began in November 2023 with a battery module supply agreement for Geely's Polestar 5 model starting in 2025 [3]. - In June 2024, a strategic cooperation framework agreement was signed, expanding their collaboration to electric vehicle batteries and green methanol energy technology [3]. - By July 2024, discussions were ongoing regarding battery supply contracts, but negotiations faced interruptions due to declining electric vehicle demand and U.S. tariffs [3]. - In the third quarter of 2025, SK On formed a special task force to revive negotiations, focusing on converting existing facilities in Hungary into a joint production base [3][4]. Group 2: Production Capacity and Market Strategy - The proposed joint venture will transform SK On's existing factories in Komárom, Hungary, which have capacities of 7.5 GWh and 10 GWh, primarily supplying soft-pack batteries to European automakers [4]. - This partnership is crucial for SK On to optimize its production capacity and gain financial support from Geely, especially in light of the current downturn in electric vehicle demand [4][5]. - The joint venture is expected to prioritize orders from Geely in the European market, enhancing SK On's business presence in Europe [5]. Group 3: Financial and Operational Implications - SK On reported a revenue of 1.81 trillion KRW in Q3 2025, with an operating loss of 124.8 billion KRW, highlighting the financial pressures the company faces [5]. - The partnership with Geely allows for shared production facilities, reducing capital investment and operational costs for Geely in Europe, where there is a preference for brownfield investments [5][6]. - Geely aims to increase its self-supply ratio of battery cells to 30% within two years while maintaining a 70% external procurement ratio, balancing technology independence and supply chain stability [6].