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。 ...

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股份(01211)主导地位的潜力。 智通财经APP获悉，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。 ...

智通财经APP获悉，8月18日，崔东树发布2025年7月乘用车细分市场车型走势。7月全国乘用车厂商批发222万辆创当月历史新高，同比增长13%，环比下 降11%；1-7月全国乘用车厂商批发1,550万辆，同比增长12.4%。受零售调整的影响，7月乘用车批发同比增速比零售增速高7个百分点。7月自主车企批发 158万辆，同比增长20%，环比下降5%；主流合资车企批发44万辆，同比增长7%，环比下降21%；豪华车批发20万辆，同比下降16%，环比下降25%。 7月乘用车主力厂商总体批发格局持续变化，部分中段企业有逐步崛起迹象，如吉利汽车(00175)、东风日产、小鹏汽车(09868)、小米汽车、零跑汽车 (09863)等车企的环比表现较强。 | 总体乘用车 | | 25.7批 | 同比 | 环比6 | 25年累 | 同比 | 25.7零 | 同比 | 环比6 | 25年累 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 发 | | 日 | 批 | | 售 | | 月 | 통 | | | a0 ...

Core Viewpoint - Zhongyin International's report indicates that Geely Automobile's Q2 revenue increased by 7.3% quarter-on-quarter, with a core net profit of 3.2 billion yuan, roughly in line with expectations [1] Company Performance - Geely is expected to continue narrowing the gap with current electric vehicle leaders due to its expanding domestic market share, upcoming overseas expansion, and leadership in smart electric vehicle technology [1] - The firm maintains its 2025 net profit forecast at 15 billion yuan while raising the 2026 net revenue forecast by 13% to 20 billion yuan, reflecting upward adjustments in Galaxy series and overseas sales forecasts, as well as improved profit margin prospects from the "One Geely" strategy and scale expansion [1] Valuation and Investment Outlook - The report highlights that Geely's current valuation is significantly discounted and does not fully reflect its potential to challenge BYD's dominance in the foreseeable future [1] - The "buy" rating is reiterated, with the target price raised from 29 HKD to 32 HKD [1]

Core Insights - The article highlights the significant growth in global new energy vehicle (NEV) sales, with a 30% year-on-year increase in Q2 2025, reaching 4.868 million units sold [2][8] - The market share of electric vehicles (EVs), including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), is expanding, accounting for 29% of total global car sales in the same period [2] BEV Market Summary - BEV sales reached 3.28 million units, marking a 39% year-on-year growth [5] - BYD leads the BEV market with an 18.3% market share and a 43% increase in sales [6] - Tesla, while maintaining second place, experienced a 14% decline in overall sales due to underperformance in key markets [6] - Geely holds the third position with a 6.4% market share, while Leapmotor and XPeng both surpassed 100,000 units in quarterly sales for the first time [6] PHEV Market Summary - PHEV sales totaled 1.587 million units, reflecting a 15% year-on-year increase [7] - BYD remains the leader in the PHEV segment but saw a 12% decline in sales, reducing its market share to 28.9% [7] - Li Auto and AITO have increased their market shares to 7.4% and 6.2%, respectively, indicating strong competition [7] - The introduction of new models by BYD's sub-brand Denza has led to a 41% increase in sales, allowing it to enter the top ten for the first time [7] Market Outlook - The global NEV sales forecast for 2025 is projected at 19.7 million units, a 21% increase, with growth expected to slow to 14% in 2026 [8] - In the U.S. market, the expiration of EV subsidies by September 30 may hinder future growth prospects for the electric vehicle industry [8]

Group 1 - The core viewpoint of the articles highlights the collaboration between Geely Holding and the Chengdu World Games, emphasizing the provision of smart and green transportation services for the 2025 World Games [1][2] - Geely has delivered nearly 500 smart new energy vehicles for various functions during the event, including torch relay and guest transportation [1] - The launch of Geely's fourth low-orbit satellite enhances the smart transportation capabilities by providing high-precision positioning and emergency satellite communication services [1] Group 2 - Geely Holding has become the official partner for the 2025 World Games, continuing its role in major international sports events after previous partnerships with the Hangzhou Asian Games and Harbin Winter Games [2] - The company focuses on a comprehensive transportation solution based on the principles of "technology, green, and vitality," honoring the spirit of sports [2] - Geely and the Chengdu organizing committee hosted the Geely National Sports Meeting to promote the idea of "national participation in sports," fostering the spirit of the World Games among citizens [2]