另一方面，7月地产基本面继续走弱，内房股普遍下跌，美国宣布扩大对钢铁和铝进口征收50%关税的 范围，钢铁股、铜业股走低，煤炭股、石油股、半导体芯片股、内银股、海运股多数表现低迷。(格隆 汇) 格隆汇8月18日｜港股三大指数冲高回落，恒生指数最终收跌0.37%，国企指数跌0.06%，恒生科技指数 上涨，盘中曾大涨2.3%，市场情绪趋于谨慎。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02333 | 长城汽车 | 17.380 | 10.21% | | 09866 | 蔚来-SW | 38.320 | 6.98% | | 09863 | 零跑汽车 | 68.150 | 4.20% | | 01130 | 中国环境资源 | 0.550 | 3.77% | | 02473 | 立相合集团 | 8.520 | 3.65% | | 00175 | 吉利汽车 | 19.810 | 2.96% | | 02238 | 广汽集团 | 3.420 | 2.70% | | 02451 | 绿源集团控股 | 8.600 | 2.38% | | 01958 | 北京汽车 ...

Core Insights - Geely Automobile Holdings Limited reported record-high revenue, profit, and sales for the first half of 2025, with revenue reaching 150.3 billion yuan, a 27% year-on-year increase, and a net profit of 9.29 billion yuan, representing a 102% growth [1][2] Financial Performance - The company achieved a gross profit of 24.7 billion yuan, with a gross margin of 16.4%, and total cash levels increased to 58.8 billion yuan [1][2] - The annual sales target was raised from 2.71 million to 3 million units, reflecting strong market confidence and resilience [1] Strategic Initiatives - Geely's "One Geely" strategy has been effectively implemented, enhancing internal resource integration and operational synergy [2] - The merger of Zeekr and Lynk & Co has led to significant synergies in R&D, manufacturing, and management costs [2] New Energy Growth - Geely's total sales reached 1.409 million units, a 47% increase year-on-year, with new energy vehicle sales soaring to 725,000 units, a 126% increase, achieving a market share of over 10% [3] - The Galaxy brand, after becoming independent, saw sales rise by 232% to 548,000 units, while Zeekr maintained its leading position in the high-end market with 90,740 units sold [3] Technological Advancements - Geely has established a comprehensive AI ecosystem, launching the "Smart Geely 2025" strategy, which includes the industry's first "full-domain AI" technology system [4] - The company has developed advanced battery technologies and AI-powered systems, enhancing product competitiveness and safety [4] Global Expansion - Geely's export sales exceeded 180,000 units in the first half of the year, with the Galaxy E5 international version entering 26 countries [5] - The company aims to solidify its leading position in the global smart electric vehicle market with the launch of five new energy products in the second half of the year [5]

Core Viewpoint - The article provides an overview of new vehicle launches scheduled for August 2025, highlighting various manufacturers, models, specifications, and market segments. Group 1: Vehicle Launches - Geely Auto will launch the Galaxy A7 on August 8, 2025, targeting the B NB segment with a price range of 89,800 to 125,800 CNY [2][7]. - Chery Auto's Exeed Moon will be released on August 9, 2025, in the C SUV segment, priced between 189,900 and 209,900 CNY [2][13]. - Tesla China is set to introduce the Model 3 on August 12, 2025, in the B NB segment, with prices ranging from 269,500 to 339,500 CNY [2][21]. - FAW Car will launch the Hongqi HS5 on August 12, 2025, in the B SUV segment, with a price range of 186,800 to 223,800 CNY [2][27]. - Changan Auto's Deep Blue L07 will be available on August 13, 2025, in the B NB segment, priced between 145,900 and 165,900 CNY [2][36]. - SAIC-GM-Wuling will release the Baojun Yunhai on August 13, 2025, in the A SUV segment, with prices from 112,900 to 132,900 CNY [2][43]. - FAW Car will also launch the Hongqi H5 on August 14, 2025, in the B NB segment, with a price range of 172,800 to 192,800 CNY [2][50]. - SAIC-GM-Wuling's Wuling Xingguang S will be available on August 15, 2025, in the A SUV segment, priced between 99,800 and 129,800 CNY [2][57]. - Audi's Q2L will launch on August 15, 2025, in the AO SUV segment, with prices ranging from 171,800 to 185,800 CNY [2][65]. - Dongfeng Nissan will introduce the Nissan Sylphy on August 15, 2025, in the A NB segment, priced between 113,900 and 133,900 CNY [2][71]. Group 2: Specifications Overview - The Geely Galaxy A7 features a 1.5L plug-in hybrid engine with a maximum power of 82 kW and a torque of 175 Nm, offering an electric range of 70 km [6][7]. - The Chery Exeed Moon is equipped with a 2.0T engine, delivering 192 kW of power and 400 Nm of torque [12][13]. - Tesla's Model 3 has a battery capacity of 78.4 kWh, providing a range of 647 to 830 km [20][21]. - The Hongqi HS5 features a 2.0T engine with a power output of 185 kW and a torque of 380 Nm [26][27]. - Changan's Deep Blue L07 offers both range-extended and pure electric options, with the latter providing a range of 550 to 660 km [33][36]. - The Baojun Yunhai is available in pure electric variants with a range of 500 to 600 km [41][43]. - The Hongqi H5 offers two engine options: a 1.5T and a 2.0T, with power outputs of 124 kW and 165 kW, respectively [48][50]. - The Wuling Xingguang S features a 1.5L plug-in hybrid engine and a pure electric variant with a range of 510 km [54][57]. - Audi's Q2L is powered by a 1.5T engine, producing 118 kW and 250 Nm of torque [62][65]. - The Nissan Sylphy is equipped with a 1.6L engine, delivering 99 kW and 159 Nm of torque [70][71].

Group 1: Automotive Market Overview - In July, the total automobile sales in China reached 2.593 million units, marking a year-on-year increase of 14.7% [1] - The penetration rate of new energy vehicles (NEVs) exceeded 50% for the first time since December last year, with NEV sales accounting for 51.4% of total new car sales in July [3] - From January to July, NEV sales reached 8.232 million units, a year-on-year growth of 39.2% [3] Group 2: NEV Production and Battery Data - In July, NEV production was 1.243 million units, and sales were 1.262 million units, with year-on-year increases of 26.3% and 27.4% respectively [3] - The total battery production in July was 133.8 GWh, with a year-on-year growth of 44.3% [3] - The installed capacity of power batteries in July was 55.9 GWh, with a year-on-year increase of 34.3% [5] Group 3: Company Developments - Geely Automobile reported a revenue of 150.3 billion yuan for the first half of the year, a 27% increase year-on-year, with a net profit of 9.29 billion yuan [9] - Xpeng Motors signed an expanded strategic cooperation agreement with Volkswagen Group to integrate their electronic and electrical architecture into both electric and hybrid models in the Chinese market [13] - Great Wall Motors announced the pre-sale of its new Tank 500 model, priced between 360,000 and 388,800 yuan, featuring advanced driver assistance systems [6][8]

Group 1 - The article discusses the implementation of data security compliance testing for automotive manufacturers in China, starting from April 2025, based on several regulatory standards [1] - A total of 13 companies, including major players like FAW Toyota, Volkswagen, and Geely, have 49 vehicle models that meet the five compliance requirements related to automotive data security [1] - The compliance requirements include aspects such as anonymization of external facial information, internal cockpit data processing, and significant notification regarding personal information handling [1]

该行续指出，吉利与极氪(ZK.US)合并持续推进，经双方股东大会表决通过后方具法律效力。本次合并 由吉利控股主导，极氪赴美上市一年后退市，旨在整合资源、提升效率、减少内耗。吉利汽车股东大会 定于9月5日，极氪为9月15日，若均通过，预计年底前完成交割。公司表示，合并后将设立吉利银河与 极氪科技两大事业群，并保留中国星燃油车系列，形成吉利汽车、吉利银河、极氪、领克四大品牌，定 位明确，覆盖多元市场。公司认为，下半年将在上调全年销量目标的基础上，加快新品投放节奏。上半 年车市经历价格战与智能化加速，下半年将在政策及行业协会引导下，聚焦公平、健康、高质量发展。 公司同时表示，"反内卷"并非单纯反价格战，而是取长补短、不诋毁竞争对手、专注自身发展。 海通国际发布研报称，预计吉利汽车(00175)2025年至2027年公司汽车交付量，分别为309万、353万、 393万辆，新能源渗透率分别为54%、55%、63%。预计2025至2027年公司每股盈利分别为1.68元人民币 (下同)、1.92元、2.22元每股(上调2%、0%、7%)。对比同行业可比公司估值，该行给予公司2025年15倍 市盈率，处于公司历史平均估值水平 ...

Core Insights - The China Automotive Industry Association, in collaboration with several national organizations, has released a report on the compliance of automotive data processing safety requirements, highlighting the importance of data security in the automotive sector [1][2]. Group 1: Regulatory Framework - The report is based on the "Automotive Data Security Management Regulations (Trial)" and relevant standards such as GB/T 41871-2022 and GB/T 44464-2024, which outline the safety requirements for automotive data processing [2]. - Starting from April 2025, manufacturers will be required to undergo compliance checks for five key data safety requirements, including anonymization of external facial data and proper handling of personal information [2]. Group 2: Compliance Results - A total of 13 manufacturers, including FAW Toyota, FAW Group, Volkswagen, and others, have had 49 vehicle models that meet the five compliance requirements for automotive data safety [2][3]. - Specific models listed include the Toyota BZ5, Hongqi EH7, and several models from Geely, Li Auto, and others, indicating a broad compliance across major automotive brands [2][3]. Group 3: Identified Issues - The report also identified data security issues in some models, such as low anonymization rates for facial data and inadequate consent settings for processing sensitive personal information [3]. - Feedback has been provided to the relevant companies for necessary rectifications, emphasizing the ongoing need for improvement in data handling practices [3].

Group 1 - The core viewpoint of the report is that Geely Automobile is expected to see significant growth in vehicle deliveries and profitability from 2025 to 2027, with projected deliveries of 3.09 million, 3.53 million, and 3.93 million vehicles, and an increasing penetration rate of new energy vehicles [1] - Geely's revenue for the first half of the year reached 150.28 billion RMB, a year-on-year increase of 27%, slightly exceeding market expectations, while vehicle sales reached 1.409 million units, up 47% year-on-year, leading to a market share increase to 10.4% [1][2] - The company aims to narrow the gap with industry leaders to within 4% and has set a goal to surpass them in market share [1] Group 2 - The merger between Geely and Zeekr is progressing, with both shareholder meetings scheduled for September, and if approved, the merger is expected to be completed by the end of the year [2] - Post-merger, Geely will establish two major business groups: Geely Galaxy and Zeekr Technology, while retaining the China Star fuel vehicle series, creating four distinct brands to cover diverse markets [2] - The company plans to accelerate the launch of new products in the second half of the year, focusing on fair and high-quality development amidst market challenges [2] Group 3 - Several new models from Geely are anticipated in the second half of 2025, including the Galaxy A7, Galaxy M9, and Galaxy Xingyao 6, which are expected to set benchmarks in their respective segments [3] - The Zeekr 9X, based on the Haohan-S architecture, is also expected to launch in the third quarter, representing Geely's new flagship technology [3]

Group 1: Event Overview - The 12th World Games concluded successfully in Chengdu, with the Chinese sports delegation achieving a record of 36 gold, 17 silver, and 11 bronze medals, ranking first in both gold and medal counts [1] - As an official partner of the Chengdu World Games, Geely Holding implemented a multi-faceted strategy focusing on vehicle support, smart mobility, and cultural promotion [1][2] Group 2: Vehicle Support and Technology - Geely Holding delivered nearly 500 smart new energy vehicles for the event, including models from its core brands such as Geely Galaxy, Lynk & Co, and Zeekr, covering various energy forms [2] - The Lynk & Co 900 was designated as the torch relay vehicle, marking the first torch relay in the history of the World Games, showcasing Geely's technological advancements [4] - The Geely Galaxy Star 8 and Zeekr 009 were highlighted as key event vehicles, with the former being a luxury hybrid sedan and the latter the world's first native luxury pure electric MPV [6] Group 3: Manufacturing and Production Capabilities - Geely's Chengdu factory, a 4.0 vehicle manufacturing benchmark with an annual design capacity of 300,000 units, provided robust production support for the event [6] - The factory has received multiple national honors, including recognition as a smart benchmark factory and a pilot project for industrial internet [6] Group 4: Smart Mobility Solutions - Geely established a dual-driven smart mobility service system combining technology and human resources, leveraging experience from previous events like the Hangzhou Asian Games [8] - The team reportedly covered over 350,000 kilometers and served more than 15,000 people during the event [8] Group 5: Satellite Technology and Communication - Geely's commercial aerospace subsidiary launched low-orbit satellites to enhance vehicle management and emergency communication during the event [8][10] - The Geely Starry Smart Computing Center provided real-time monitoring of the vehicles' new energy systems to ensure stable operation [8] Group 6: Community Engagement and Cultural Promotion - Geely promoted the spirit of sports through community engagement initiatives, including the Geely National Sports Meeting and collaborations with national sports teams [12][13] - The company invited students from a remote area to participate in a cultural and sports journey, emphasizing its commitment to social responsibility [12] Group 7: Volunteer and Service Team - A high-standard service team of 1,000 members was formed, including over 300 professional drivers and 400 volunteers, all rigorously trained [9] - The team aimed to provide championship-level service during the event, showcasing Geely's dedication to quality and professionalism [9] Group 8: Overall Impact and Future Vision - Geely's comprehensive support for the Chengdu World Games reflects its commitment to showcasing Chinese automotive strength and technological innovation on a global stage [13] - The company's efforts in smart mobility and cultural promotion aim to contribute to the sustainable development of global sports culture [13]

该行维持2025年净利润预测150亿元不变，同时将2026年净收入预测上调13%至200亿元，以反映银河系 列和海外销量预测上调，以及"一个吉利"战略深化和规模扩张带来的利润率前景改善。该行指目前吉利 估值明显折让，尚未充分反映其有望在可见未来挑战比亚迪（002594）股份(01211)主导地位的潜力。 中银国际发布研报称，吉利汽车(00175)次季收入按季增长7.3%，而销量则持平。核心净利润由首季35 亿元微降至32亿元人民币(下同)，大致符合预期。该行看好吉利有望继续缩小与当前电动车龙头的差 距，基于其国内市占率持续扩大、海外扩张即将开展，以及智能电动车技术的领导地位。重申"买入"评 级，目标价由29港元上调至32港元。 ...