内容概要：油电混合动力作为我国汽车工业的重要组成部分之一， 2024年,我国油电混合动力汽车产量 88.01万辆。其中油电混合动力乘用车产量87.97万辆。预计2025年我国油电混合动力汽车产量将达95.14 万辆，其中油电混合动力乘用车产量将达95.09万辆。从销量方面来看，2024年我国油电混合动力汽车 销量89.6万辆。其中，油电混合动力乘用车销量89.57万辆。预计2025年，我国油电混合动力汽车销量将 达93.1万辆，其中油电混合动力乘用车销量将达93.06万辆。受总体销量以及车型结构变化的影响，我国 油电混合动力汽车市场规模呈现出较大的变动性。2024年我国油电混合动力汽车市场规模增长至 1809.02亿元。其中，商用车类0.61亿元，乘用车类1808.41亿元。预计2025年我国油电混合动力汽车市 场规模将达1825.2亿元。其中，商用车类0.71亿元，乘用车类1824.49亿元。 上市企业：广汽集团 (601238)、东风汽车（00489.HK）、上汽集团（600104)、吉利汽车（00175)、比 亚迪（002594) 相关企业：中国一汽、华为、小米、特斯拉 关键词：油电混合动力汽车行业政策 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements based on short-selling ratios and amounts. Group 1: Top Short-Selling Ratios - The top three stocks with the highest short-selling ratios are New World Development (100.00%), Hang Seng Bank (95.70%), and JD.com (92.60%) [1][2] - Other notable stocks with high short-selling ratios include Lenovo Group (90.03%) and Xiaomi Group (89.73%) [2] Group 2: Top Short-Selling Amounts - Tencent Holdings leads in short-selling amount with 2.243 billion, followed by Xiaomi Group at 1.941 billion and Alibaba at 1.288 billion [1][2] - Other significant short-selling amounts include Meituan (842 million) and Ctrip Group (815 million) [2] Group 3: Top Short-Selling Deviation Values - Hang Seng Bank has the highest deviation value at 47.89%, followed by Xiaomi Group at 40.17% and Lenovo Group at 35.95% [1][2] - Other stocks with notable deviation values include JD.com (35.62%) and New World Development (35.46%) [2]

Core Viewpoint - The Chinese automotive sector is experiencing a significant rally, with major stocks showing substantial gains, driven by favorable monetary policy and strong sales growth in the industry [2][3][8]. Group 1: Market Performance - On August 18, Hong Kong automotive stocks rose sharply, with Great Wall Motors up nearly 13%, NIO up nearly 8%, and Geely up nearly 5% [2]. - The A-share index rose over 1%, reaching a nearly 10-year high, with automotive companies continuing their upward trend from the previous week [2][3]. - Over 70% of the 101 Chinese automotive stocks tracked saw price increases, with an average gain of 3.6%, second only to the Shenzhen Composite Index [3]. Group 2: Monetary Policy Impact - The People's Bank of China (PBOC) has played a crucial role in supporting the stock market through liquidity injections, releasing a total of 1.2 trillion yuan in the past two weeks [2][8]. - The PBOC's emphasis on maintaining a moderately loose monetary policy for the second half of the year has provided reassurance to the market [8]. Group 3: Sales Growth - Data from the China Automotive Industry Association indicates that vehicle sales in the first seven months of the year reached 18.269 million units, a year-on-year increase of 12% [6]. - The automotive sales growth has exceeded the expected levels of 2% to 3%, contributing to the positive market sentiment [3][6]. Group 4: Stock Performance Highlights - Harmony Auto led the weekly gains with a 76% increase, followed by Ganfeng Lithium with a 21.05% rise [7][10]. - Other notable performers include Baideli Holdings, Hesai, Great Wall Motors, and Tianqi Lithium, all of which saw gains exceeding 10% [7]. - The dealer/retail sector outperformed with a remarkable 9.64% increase, attributed to the high growth in automotive sales this year [3]. Group 5: Individual Company Developments - Harmony Auto's surge is linked to BYD's strong overseas sales and its aggressive global expansion strategy, having opened 100 BYD stores in two years [9]. - Ganfeng Lithium received a significant investment from JPMorgan Chase, increasing its holdings and benefiting from the strong performance of lithium stocks due to supply disruptions [10]. - Hesai reported a 53.9% year-on-year revenue growth in Q2 and secured a partnership with Toyota for laser radar production [10][12]. - Great Wall Motors has commenced production at its factory in Brazil, with an annual capacity exceeding 30,000 vehicles [12].

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [2] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding foreign exchange losses and other non-core items [2] - Total cash levels increased to 58.8 billion yuan, indicating a strong financial position [2] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [2] - The market share exceeded 10% for the first time, with new energy vehicle (NEV) sales reaching 725,000 units, a 126% increase [3] - The annual sales target was raised from 2.71 million to 3 million units based on better-than-expected market performance [2][5] New Energy Growth - The NEV segment saw explosive growth, with a penetration rate of 51.5%, positioning Geely among the top brands in the NEV market [3] - The Galaxy series, now an independent brand, experienced a 232% increase in sales, totaling 548,000 units in the first half [3] - High-end luxury brands Zeekr and Lynk & Co also performed well, with Zeekr selling 90,740 units and Lynk & Co achieving 154,137 units in the same period [3] Technological Advancements - Geely has established a leading smart and electrification technology system, focusing on AI integration [4] - The company launched the "Smart Geely 2025" strategy, aiming to release the industry's first "smart car full-domain AI" technology system by 2025 [4] - The Starry AI Cloud Power 2.0 and advanced battery technologies enhance product competitiveness, with the new battery system passing 36 extreme safety tests [5] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, further enhancing its market presence [5] - The "One Geely" strategy aims to deepen synergies within the company, boosting its global competitiveness in the smart NEV sector [5]

据了解，该公司正通过拓展覆盖多城的销售、售后及配件网络，强化全链条服务能力。新开业的泗水店 包含车辆展示区、维修车间、试驾区和家庭儿童区，旨在为消费者提供更专业舒适的体验。 印尼汽车工业协会（GAIKINDO）最新数据显示，今年1月至7月，吉利汽车在印尼的批发销量达1508 辆，零售销量为999辆，跻身汽车品牌前20之列。 （文章来源：新华财经） 新华财经雅加达8月19日电 中国汽车品牌吉利汽车在印尼的第14家经销店——安巴拉泗水店16日在东爪 哇省泗水市开业，标志着该公司印尼区域销售业务版图加速扩展。 吉利汽车印尼销售与渠道发展总监康斯坦丁努斯表示，泗水店开业彰显了吉利汽车印尼拓展经销商网络 的决心，其目标是到2025年底完成40家经销商网点布局。 ...

智通财经APP获悉，乘联分会秘书长崔东树发文称，根据国家金融局交强险数据，国内商用车交强险数据的2025年商用车强势增长。2024年新能源商用车 销量57.9万台，同比增长84%；2025年7月份新能源商用车销量达到7.3万台，同比增长55%，环比降3%。在2024年末政策翘尾后，2025年1月新能源表现相 对较弱，2-7月销量同比暴增，1-7月销量累计达到43万台，同比增长57%。 由于新能源车强势增长和政策促进车辆更新，7月商用车国内销量实现25万台，同比增13%，环比降3%。2025年1-7月商用车国内销量实现177万台，同比 增长7%，相对于2022年以来的商用车平稳期，今年创出近几年新高的良好水平。 换电商用车主要是场地重卡类产品出现爆发增长。2025年1-7月换电重卡销量达到2.64万台，增197%。7月换电重卡销0.44万台，增速172%。 从2019-2021年，整个新能源商用车的渗透率在3%左右水平，2022年达到9%，2023年达到11%，2024年全年达到20%，2025年1-7月就达到渗透率24%的良 好水平，体现了新能源商用车强势增长良好态势。2025年7月商用车新能源渗透率29%， ...

人民财讯8月19日电，企查查APP显示，近日，吉利共创拾贰号投资(天津)合伙企业(有限合伙)、吉利共 创拾叁号投资(天津)合伙企业(有限合伙)成立，经营范围均为以自有资金从事投资活动。企查查股权穿 透显示，二者皆由吉利投资(三亚)有限公司等共同出资。 ...

Investment Rating - The report provides a positive investment rating for the new energy vehicle industry, highlighting strong growth potential and market dynamics [2]. Core Insights - The new energy vehicle market showed significant growth in June, with total sales reaching 2.14 million units, a year-on-year increase of 20.6%, while new energy vehicle sales reached approximately 1.11 million units, up 33.3% year-on-year [9][12]. - New energy vehicles accounted for 51.9% of total passenger vehicle sales in June, indicating a growing market share [9]. - The cumulative sales of new energy vehicles in 2025 reached 5.27 million units, reflecting a year-on-year increase of 30.9% [12]. Market Sales Performance - In June, pure electric vehicle sales were approximately 676,000 units, up 42.1% year-on-year, while plug-in hybrid sales were about 434,000 units, up 21.6% year-on-year [12]. - The top 10 manufacturers in the new energy market held a market share of approximately 67.3%, with BYD and Geely leading the rankings [15][28]. - The top three cities for new energy vehicle sales in June were Beijing, Guangzhou, and Chengdu, with a combined market share of 25.9% [18]. Market Dynamics - The report highlights significant monthly sales growth in the new energy vehicle sector, with a 15.0% increase in June compared to the previous month [15]. - The report notes that the market dynamics are influenced by various manufacturers' performance, with notable increases from Tesla (China), Zero Run, and Changan [28]. Industry Policies - The Ministry of Industry and Information Technology issued an implementation plan to promote green and low-carbon standardization in the industrial and information sectors, with a focus on the automotive industry [65][66]. - The plan outlines key research directions for green low-carbon standards in the automotive sector, including carbon footprint management and new energy vehicles [66][68].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a strong performance in H1 2025, achieving revenue of 150.28 billion, a year-on-year increase of 26.5%, and a total sales volume of 1.409 million units, up 47.4% year-on-year. The core net profit attributable to shareholders reached 6.66 billion, reflecting a significant year-on-year growth of 102% [2][4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 77.79 billion, representing a year-on-year increase of 28.4% and a quarter-on-quarter increase of 7.3%. Total sales volume for Q2 was 705,000 units, with year-on-year growth of 46.9% [7]. - The company’s market share reached 10.4% in H1 2025, marking a 2.4 percentage point increase year-on-year [7]. - The gross profit margin for Q2 2025 was 17.1%, showing a year-on-year decrease of 0.7 percentage points but an increase of 1.3 percentage points quarter-on-quarter [7]. Brand and Product Strategy - The company is entering a new product era supported by the GEA architecture, with a successful transition to new energy vehicles across its brands, including Galaxy, Lynk & Co, and Zeekr [2][7]. - In 2025, the company plans to launch 10 new energy models, with significant new releases from its various brands throughout the year [7]. Market Position and Outlook - The company is expected to maintain strong profitability due to scale effects and a solid foundation in fuel vehicles, alongside innovative overseas expansion strategies [2][7]. - The forecast for the company's net profit attributable to shareholders for 2025 is 16.1 billion, with a corresponding price-to-earnings ratio of 11.3X [7].

8月19日，吉利汽车(00175)盘中上涨2.17%，截至13:02，报20.24元/股，成交9.37亿元。 吉利汽车控股有限公司专注于研发、制造以及销售乘用车，具有10个生产基地和超过60,000员工，服务 旗下吉利、极氪及合资品牌领克，销售网络覆盖中国及70个海外国家。2023年双班总年产能达到 2,000,000辆车，拥有在中国大陆1911家汽车经销商和2家欧洲极氪中心，公司计划在2025年将年销量目 标提高至365万辆。 截至2025年中报，吉利汽车营业总收入1502.85亿元、净利润92.9亿元。 8月17日，海通国际维持增持评级,目标价下调至27.45港元。 本文源自：金融界 作者：行情君 ...