2025年10月，国内乘用车市场受节日节点偏移与政策调整等因素影响，狭义乘用车市场零售销量达224.8万辆，同比下降0.5%，环比增长0.2%。行业转型步 伐持续加速，自主品牌与新能源板块的强势表现，与合资品牌的承压形成鲜明对比。 各细分市场表现分化明显，SUV是唯一实现同比环比正增长的细分品类，具体销量达到114.2万辆，同比和环比分别上涨0.4%和1.0%；新能源车10月销量 128.1万辆，虽环比小幅下滑1.4%，但仍保持同比增长7.2%，渗透率持续攀升，成为支撑车市的重要力量。MPV销量仅为8.5万辆，是各细分品类中跌幅最大 的板块。 10月全国乘用车市场，自主品牌凭借新能源转型与产品结构升级的双重优势，市场份额持续扩大。而合资品牌与豪华品牌则因转型滞后等问题，面临销量下 滑与份额收缩的双重压力，"自主强、合资弱"的格局愈发清晰。10月自主品牌表现亮眼，零售155万辆，同比增长4%，环比增长3%。零售份额为68.7%，同 比增长3个百分点。 与自主品牌形成鲜明对比的是，合资品牌10月表现持续承压，主流合资品牌零售51万辆，同比下降10%，环比虽然增长3%但未能扭转颓势。分派系来看， 德系品牌零售份额为 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 [Table_Summary] 报告要点： 当前需求偏弱，但年度累计仍处超预期区间 乘用车：11 月 1-16 日，全国乘用车市场零售 88.6 万辆，同比去年 11 月 同期下降 14%，较上月同期下降 6%，今年以来累计零售 2,014.2 万辆， 同比增长 7%；11 月 1-16 日，全国乘用车厂商批发 102.1 万辆，同比去 年11月同期下降14%，较上月同期增长14%，今年以来累计批发2,479.5 万辆，同比增长 11%。 新能源：11 月 1-16 日，全国乘用车新能源市场零售 55.4 万辆，同比去 年 11 月同期增长 2%，较上月同期增长 7%，今年以来累计零售 1,070.3 万辆，同比增长 21%；11 月 1-16 日，全国乘用车厂商新能源批发 61.8 万辆，同比去年 11 月同期增长 1%，较上月同期增长 17%，今年以来累 计批发 1,267.5 万辆，同比增长 28%。 国内主要车企推动多策略出海，中国汽车全球化趋势明确 11 月 18 日，零跑汽车透露与一汽集团的合作已取得实质性进展。 ...

吉利汽车(00175)公布，于2025年11月25日因集团僱员根据认股权计划行使认股权而发行1.5万股股份， 每股发行价9.56港元。 ...

Core Viewpoint - Geely Automobile announced the issuance of 15,000 shares at a price of HKD 9.56 per share due to employees exercising stock options under the company's stock option plan on November 25, 2025 [1] Summary by Category - **Company Actions** - Geely Automobile will issue 15,000 shares as part of its employee stock option plan [1] - The issuance is scheduled for November 25, 2025 [1] - **Financial Details** - Each share will be issued at a price of HKD 9.56 [1]

智通财经APP讯，吉利汽车(00175)公布，于2025年11月25日因集团僱员根据认股权计划行使认股权而发 行1.5万股股份，每股发行价9.56港元。 ...

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) 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）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 事件 | ...

Core Insights - The automotive EGR (Exhaust Gas Recirculation) system is recognized as an effective method to reduce nitrogen oxide emissions, gaining rapid adoption in China due to economic benefits and stringent emission regulations [1][3] - The implementation of the National VI emission standard 6b phase starting July 1, 2023, has led to increased demand for automotive EGR systems as pollution control requirements become more stringent [1][7] - The market size for China's automotive EGR system industry is projected to reach 1.772 billion yuan in 2024 and grow to 5.176 billion yuan by 2030 [1][8] Industry Overview - The automotive EGR system works by recirculating a portion of the engine's exhaust back into the intake, which helps lower combustion temperatures and reduce nitrogen oxide emissions [3][4] - There are two main types of EGR systems: internal EGR, which is simpler but less effective, and external EGR, which allows for better control of exhaust parameters [3][4] Industry Chain - The automotive EGR system industry consists of an upstream segment that includes processing parts, electronic components, and plastic parts; a midstream segment focused on EGR systems; and a downstream segment involving automotive and engine manufacturing [5][6] Market Trends - The demand for automotive EGR systems is expected to rise due to increasing vehicle ownership in China, projected to reach 353 million by 2024, alongside growing environmental concerns [7] - The market for light-duty and heavy-duty EGR systems is experiencing a decline due to previous demand surges, but is expected to recover as economic conditions improve [8] - The hybrid passenger vehicle segment is anticipated to see significant growth in EGR system demand, with projections indicating a market size of 4.076 billion yuan by 2030 [9] Competitive Landscape - Domestic companies such as Wuxi Longsheng Technology Co., Ltd. and Zhejiang Yinlun Machinery Co., Ltd. are emerging as key players in the EGR system market, leveraging technological advancements and market experience [10][11] - The industry is witnessing increased competition from both domestic and foreign companies, with a focus on R&D and product performance improvements to meet stricter emission standards [10][11] Future Development Trends - The automotive EGR system industry is expected to evolve towards greater intelligence and precision control, utilizing AI and big data for optimal performance [12] - Lightweight materials and structural innovations are key trends aimed at enhancing fuel efficiency and reducing emissions [13] - Chinese companies are poised to accelerate their international expansion, capitalizing on their cost advantages and improving product competitiveness in the global market [14]

2025广州车展现场。 南都记者 张志韬 摄 车企扎堆上"大六座"，业内称需"泼点冷水" 虽然在部分人看来，本届广州车展没有之前那么热火朝天，但至少在某些产品细分赛道，车企们显 得"热情高涨"，大六座SUV就是一个典型例子。在广州车展上诸多大六座SUV的重磅发布，可谓丰俭由 人，各有的各的卖点。 购买门槛在30万元以下的，不乏吉利、奇瑞这些自主品牌大厂以及大牌造车新势力出品。 吉利银河M9以不足18万元的起售价，提供了宽敞六座空间和全员奢享的舒适体验。同时，它搭载了新 一代雷神电混系统和AI数字底盘，兼顾了强劲性能、低能耗和高阶智能驾驶。在广州车展完成上市首 秀的奇瑞风云系列风云T11，起售价为18.99万元。该车以越级配置，打造成豪华SUV的平替产品。乐道 L90售价从26.58万元起，支持Baas租电方案的起售价更低至17.98万元。 入手门槛为28.99万元的领克900，采用了SPA Evo架构，可旋转二排座椅、双8295芯片，具备丰富的动 力选择。起售价为29.98万元的腾势N8L，全系标配"易三方"技术平台和云辇-A智能空气悬架。预计明 年上半年交付的零跑D19，以25万-30万级定价，提供了号称百 ...

Core Viewpoint - The company reported Q3 2025 financial results, achieving revenue of 89.19 billion yuan, a year-on-year increase of 27%; core net profit was 3.96 billion yuan, a quarter-on-quarter increase of 25%, and net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59% [1][2]. Sales Performance - The company sold 761,000 vehicles, a year-on-year increase of 43%; among them, the Galaxy series sold 327,000 units, a year-on-year increase of 170%, becoming the fastest new energy brand to reach annual sales of one million [2][3]. - The sales of the Chinese Star reached 219,000 units, a quarter-on-quarter increase of 2.4%, while Lynk & Co sold 87,000 units, a year-on-year increase of 25% [2]. - Zeekr's sales were 53,000 units, a year-on-year decrease of 4%, but the Zeekr 9X remained a strong competitor in the luxury segment [2]. Financial Metrics - Q3 revenue per vehicle was 117,000 yuan, with a profit of 5,200 yuan per vehicle, an increase of 500 yuan compared to H1 2025 [2]. - The company's sales, management, and R&D expense ratios were 6.0%, 1.5%, and 4.9%, respectively, with the sales expense ratio increasing due to the launch of four new models and the pre-launch of Zeekr 9X [3]. Future Outlook - In Q4, the company expects continued strong performance with the complete delivery of Galaxy M9 and Zeekr 9X, focusing on new energy exports and cost control post-integration [3][4]. - The company aims for significant growth in new energy vehicle exports, with a target of over 100,000 units in each of the five major overseas regions in 2026, and expects to see improved profitability from these exports [4]. - Following the privatization of Zeekr, the company anticipates accelerated integration and cost efficiency improvements, with a projected decrease in expense ratios and an increase in profits [4]. Profit Forecast - The company forecasts net profits of 17.83 billion yuan, 20.78 billion yuan, and 23.33 billion yuan for 2025-2027, with corresponding P/E ratios of 9.5, 8.1, and 7.3, maintaining a "buy" rating [4].

自主品牌方面，广汽集团全面展示"番禺行动"成果；吉利银河推出V900，进军高端MPV市场；长城汽 车携哈弗、坦克、长城炮等六大品牌超30款车型参展，重点展出坦克300极地版、欧拉5等限定车型及 Hi4-Z/Hi4-T技术体系。 值得关注的是，长城汽车首席技术官吴会肖在此次车展上正式发布长城VLA辅助驾驶大模型。"技术发 展日新月异，行业正处在关键转折点，辅助驾驶的进化本质是认知能力的不断升级。"吴会肖对记者表 示，该技术将为用户带来更智能、更安全的驾驶体验。 面对自主品牌的强势突围，外资品牌迅速调整战略，以深度本土化布局展开反攻。福特智趣烈马基于本 土化架构打造，搭载NVIDIA高端芯片与激光雷达，精准匹配中国市场对智能驾驶的需求；别克至境世 家引入Momenta技术加持的城市NOA功能，将本土化智能体验推向新高度。 本报记者 张晓玉 "人流量完全超出我们的预期，销售顾问已经全员上阵，但还是有点应接不暇。"11月21日至11月30日， 第二十三届广州国际汽车展览会（以下简称"广州车展"）在中国进出口商品交易会展馆举办，有合资品 牌展台负责人对《证券日报》记者感叹道。 据了解，本届展会以"新科技・新生活"为核心 ...