【中信汽车】欧洲"油电价格差异"更新-260323 VS 1月德国、奥地利、比利时、西班牙等地汽油价格涨幅分别达到了15.3%、17.9%、15.8%、19.5% #油电成本比大幅提升，BEV/PHEV经济性凸显 油-电成本比的角度，2026年3月在德国油-电成本比为1.5，即油车比电车的使用成本高出50%，其他欧洲国家如丹 麦、比利时、奥地利油电成本在2026年3月分别为2.7、 2.1、1.8，欧洲 VS 1月德国、奥地利、比利时、西班牙等地汽油价格涨幅分别达到了15.3%、17.9%、15.8%、19.5% #油电成本比大幅提升，BEV/PHEV经济性凸显 油-电成本比的角度，2026年3月在德国油-电成本比为1.5，即油车比电车的使用成本高出50%，其他欧洲国家如丹 麦、比利时、奥地利油电成本在2026年3月分别为2.7、 2.1、1.8，欧洲BEV渗透率预计继续提升；此外，油价上涨 还会带动PHEV（节油）的销量提升 注：电价为公共桩50kw以上的快充电价，假设100km8L汽油或者14kWh电 我们认为原油价格持续高位将在全球范围内提升纯电与PHEV车型竞争力，中国车企技术优势有望加速转化为全球 ...

【天风电新&汽车】观点更新：关注两个边际变化&耐心等待-0323 1变化一：关注低渗透率+油的替代品 本轮的核心是油，选股标准：1）低渗透率产业趋势；2）油差扩大 2变化二：北美缺电最先调整的太空光伏 叙事级别被打开：从周五的蓝色起源加入到周日的spx把100gw天花板打开到1000gw，可类比机器人10w到100w的 跨越。 市场的担忧在风偏，但核心是基本面变化确实大。 #投资机会：先找设备的底迈为（700亿，近期半导体订单上修）、奥特维（200亿） 结论：从区域来看，聚焦【东南亚&澳洲】；从必需品到可选消费品，聚焦【电动摩托车-电动四轮车-saf&绿醇 （航运&航空）】。 考虑个股弹性，#重点公司：比亚迪、吉利、雅迪控股。 【天风电新&汽车】观点更新：关注两个边际变化&耐心等待-0323 1变化一：关注低渗透率+油的替代品 本轮的核心是油，选股标准：1）低渗透率产业趋势；2）油差扩大 结论：从区域来看，聚焦【东南亚&澳洲】；从必需品到可选消费品，聚焦【电动摩托车-电动四轮车-saf&绿醇 （航运&航空）】。 考虑个股弹性，#重点公司：比亚迪、吉利、雅迪控股。 而考虑区域扩散（北美油价涨），则利好电动高尔夫 ...

Group 1 - The core viewpoint of the report highlights significant growth in core net profit for 2025, driven by high-end product offerings and export expansion for Geely Automobile [4][5] - Geely's total delivery volume reached 3.025 million units in 2025, a year-on-year increase of 39.0%, with total revenue of 345.23 billion yuan, up 25.1% [4] - The company expects to launch multiple new models in 2026, including the Zeekr 8X, which has shown strong pre-sale performance [5][6] Group 2 - The report indicates a substantial increase in overseas sales for Geely, with exports reaching 121,000 units in January-February 2026, a year-on-year increase of 129.4% [6] - Geely aims to expand its overseas channels to over 2,000 and has set an annual export target of 640,000 units for 2026 [6] - The company is advancing its AI strategy, integrating AI technology into core automotive functions, and has announced a partnership with NVIDIA to enhance AI capabilities [6] Group 3 - The report projects Geely's revenue to grow to 421.8 billion yuan in 2026, with net profit expected to reach 215 billion yuan, reflecting a growth rate of 27% [7] - The company's earnings per share (EPS) is forecasted to be 1.98 yuan in 2026, with a price-to-earnings (PE) ratio of 8.2 times [7] - The report maintains a "buy" rating for Geely, citing the company's strong growth potential driven by new energy products and high-end brand sales [7] Group 4 - The report on Blukoo indicates a significant increase in revenue, reaching 2.913 billion yuan in 2025, a year-on-year growth of 30.0% [8][9] - The adjusted net profit for Blukoo was 675 million yuan, up 15.5% from the previous year, despite a decline in gross margin due to rising costs [8] - The company has seen a notable increase in adult-targeted products, with a significant rise in the number of SKUs aimed at consumers aged 16 and above [10] Group 5 - The report on Xiechuang Data shows a remarkable revenue growth of 93.77% year-on-year in Q4 2025, reaching 3.905 billion yuan [13] - The net profit for the same quarter was 466 million yuan, reflecting a year-on-year increase of 246.15% [13] - The company has diversified its revenue streams, with intelligent computing products becoming a significant contributor to overall income [13] Group 6 - The report on SF Holding indicates a 9.44% year-on-year increase in business volume for January-February 2026, with revenue from express logistics reaching 36.817 billion yuan [18] - The average revenue per package has slightly decreased by 0.79%, but the company expects stabilization in pricing as it adjusts its market strategy [18] - The long-term outlook for SF Holding remains positive, with expectations for growth in international business and supply chain services [19] Group 7 - Tencent Music's revenue for 2025 was 32.9 billion yuan, a year-on-year increase of 15.8%, with net profit rising by 66.4% to 11.06 billion yuan [22][24] - The company has seen strong growth in its online music subscription business, with a notable increase in both user payment rates and average revenue per paying user (ARPPU) [26] - The report highlights the potential for AI to enhance music creation and consumption, driving further growth in the industry [28] Group 8 - The report on the electric power ETF indicates a significant opportunity for asset revaluation in the power sector, driven by the increasing demand for electricity from data centers [30][31] - The report emphasizes the importance of the new pricing mechanisms for electricity generation, which are expected to enhance the profitability of power assets [32] - The electric power sector is positioned as a defensive investment, with strong cash flow and dividend capabilities, making it attractive for long-term investors [34]

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 2025 年报点评：Q4 业绩基本符合预期，蓄力 高质量发展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 240,194 | 345,232 | 412,872 | 476,829 | 518,642 | | 同比(%) | 34.03 | 43.73 | 19.59 | 15.49 | 8.77 | | 归母净利润（百万元） | 16,632 | 16,852 | 20,802 | 24,444 | 28,191 | | 同比(%) | 213.32 | 1.32 | 23.44 | 17.51 | 15.33 | | EPS-最新摊薄（元/股） | 1.54 | 1.56 | 1.92 | 2.26 | 2.60 | | P/E（现价&最新摊薄） | 10.80 | 10.66 | 8.63 | 7.35 | 6.37 | [Tabl ...

【日媒：中 国车 企全球销量 20 多年来首次超日本居榜首】 据《日本经济新闻》网站 3 月 21 日报 道，日本汽车制造商 2025 年全球累计汽车销量小幅下降至约 2500 万辆，自 2000 年以来首次跌 落榜首。中国车企去年全球累计销量为近 2700 万辆，超越日本首次跃居世界第一。据报道，比亚迪 2025 年销量超越福特，位居全球第六；吉利汽车的销量超越本田，位列第八。在纯电动汽车方面， 比亚迪超越美国电动汽车品牌特斯拉跃居全球首位。在全球销量前 20 名的汽车制造商排行榜中，中 国共有 6 家车企上榜，超过日本的 5 家。奇瑞、长安、上汽、长城榜上有名。（新华社） 【曝腾讯云 AI 业务调整，吴运声辖下产品三部划归 CTO 王慧星】 据媒体报道，腾讯云近期决定将 腾讯云产品三部从腾讯云副总裁、腾讯云智能和优图实验室负责人吴运声辖下划归由腾讯副总裁、腾 讯云 CTO 王慧星负责。此外，不少算力训练平台相关业务和人员也计划陆续转去 IaaS 团队。资料 显示，吴运声于 2007 年加入腾讯，先后负责 QQ 影音、 QQ 旋风、 QQ 浏览器、天天 P 图等产 品。 2012 年，吴运声从零开始，一手组 ...

2026年销量目标345万辆，同比+14%。 公司2026年全年销量目标为345万辆，具体来看极氪30万辆+领克40万辆+银河155万辆+吉利中 国星120万辆。 新车方面， 公司布局极氪8x（预售38分钟小订突破1万台）、领克07旅行版、 银河星耀7等多款新车。 出口方面， 公司2026年出口目标为64万辆，同比+52%。 盈利预测与投资评级： | 黄细菌 | 脚注 関連 | | --- | --- | | 刘力宇 | רומאים סייעוץ פ | | 孟璐 | | | 郭雨蒙 | Disco | | 孙仁昊 | | | 赖思旭 | סטורים | | 童明祺 | Overse | | | | | 投资要点 | | --- | 公告要点： 公司2025Q4单季度营收1057.6亿元，同环比分别+22.1%/+18.6%；归母净利润37.4亿元，同环 比-1.9%/-2.0%。整体表现基本符合我们预期。 Q4业绩基本符合预期。 1）营收： 公司Q4实现总销量85.4万台，同环比分别+24.4%/+12.3%；单车ASP为12.4万元，同 环比分别-1.9%/+5.6%，极氪单季度销量占比环比提升推动公 ...

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 2025 年报点评：Q4 业绩基本符合预期，蓄力 高质量发展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 240,194 | 345,232 | 412,872 | 476,829 | 518,642 | | 同比(%) | 34.03 | 43.73 | 19.59 | 15.49 | 8.77 | | 归母净利润（百万元） | 16,632 | 16,852 | 20,802 | 24,444 | 28,191 | | 同比(%) | 213.32 | 1.32 | 23.44 | 17.51 | 15.33 | | EPS-最新摊薄（元/股） | 1.54 | 1.56 | 1.92 | 2.26 | 2.60 | | P/E（现价&最新摊薄） | 10.80 | 10.66 | 8.63 | 7.35 | 6.37 | [Tabl ...

36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 以下文章来源于36氪出海 ，作者36氪出海 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash TikTok Shop加速拓展欧洲市场，计划进军荷兰、比利时、瑞典、波兰四国 3月17日消息，TikTok Shop正在加速拓展其在欧洲的市场布局，计划进入荷兰、比利时、瑞典和波兰四个新市场。若该计划顺利 推进，TikTok Shop将在欧洲十个国家开展业务。数据显示，TikTok Shop的全球交易总额（GMV）预计到2025年将增长93.9%， 并在2026年继续增长52.6%。然而，欧洲市场对TikTok Shop来说仍然充满挑战，目前欧洲市场的销售额仅占其全球总收入的 5.4%。欧洲消费者相对保守的消费习惯以及Temu等强劲的竞争对手，仍然是TikTok Shop扩展业务的一大制约因素。（亿邦动 力） 速卖通与YouTube在韩国市场达成合作 3月17日消息，阿里旗下跨境电商平台速卖通（AliExpress）与YouTube达 ...

Core Viewpoint - The A-share market is experiencing fluctuations due to ongoing turmoil in the Middle East and significant increases in international energy prices, leading to a general downward trend in major indices [1][2]. Market Performance - The Shanghai Composite Index fell by 3.38% to close at 3957.05 points, while the Shenzhen Component Index decreased by 2.90% to 13866.20 points. The ChiNext Index, however, showed resilience with a 1.26% increase [2]. - The 每经品牌100指数 dropped by 3.04%, closing around 1046 points [2]. Company Highlights - Geely Automobile's stock surged by 12.18% in a week, with a market capitalization increase of 23 billion yuan, attributed to better-than-expected performance [4]. - Geely's 2025 sales target was exceeded, achieving 3.02 million units sold, a 39% year-on-year increase, with electric vehicle sales reaching over 1.68 million units, up 90% [4]. - The company reported total revenue of 345.2 billion yuan for 2025, a 25% increase, and a core net profit of 14.41 billion yuan, up 36% [4]. Strategic Outlook - Geely's management indicated that 2025 will be foundational for its export strategy, with a focus on international business and local production capacity [5]. - The company plans to launch several competitive new models, including the Geely Boyue REV and the Zeekr 8X, as part of a strong new product cycle [5]. Sales Performance - In February, Geely achieved sales of 206,000 units, with a cumulative total of 476,000 units for January and February, both showing year-on-year growth [6]. - Despite domestic sales being affected by subsidy policy changes and the Spring Festival, Geely's exports reached 121,000 units in the first two months, nearly doubling year-on-year [6]. - The internal target for overseas sales in 2026 is set at 750,000 units, representing an increase of nearly 80% [6].

吉利汽车（0175.HK）系列点评三十九 2025 完美收官 2026 出海+高端化 glmszqdatemark 2026 年 03 月 22 日 [Table_Author] 分析师：崔琰 分析师：裴婉晓 执业证书：S0590525110023 执业证书：S0590524030001 邮箱：cuiyan@glms.com.cn 邮箱：peiwx@glms.com.cn 事件：公司发布 2025 年报：2025 年公司总销量达 302.5 万辆，同比+39%；销 售收入达 3,452.3 亿元，同比+25.1%（2024 年基数加入领克并表收入，总量为 2,759.1 亿元）；归母净利润 168.5 亿元，同比+0.2%，核心归母净利润 144.1 亿 元，同比+36%。 营收及交付量环比改善 单车 ASP 继续提升 收入端：2025Q4 营收 1,057.6 亿元，同比+ 22.4%，环比+18.6%，主要受益销 量同比大幅提升及产品结构升级、优化，2025Q4 销量 85.4 万辆，同比+24.4%， 环比+12.3%，其中新能源销量 52.0 万辆，同比+51.9%，环比+17.5%；占比 60.9% ...