智通财经APP获悉，乘联会秘书长崔东树发文称，2025年10月俄罗斯汽车销量达到18.3万辆的水平，同比下降8%，环比9月增35%。1-10月俄罗斯车市的 累计销量119万辆，同比下降23%。2023年中国出口俄罗斯100万辆车，自主的俄罗斯市场销量48万辆，销量是中国自主出口量的48%。2024年中国出口俄 罗斯128万辆车，自主的俄罗斯市场销量107万辆，自主的俄罗斯市场销量是中国自主出口量的84%。2025年1-10月中国出口俄罗斯45万辆车，自主品牌俄 罗斯销量68.5万辆，当地销量是中国出口的152%，终于实现了大幅去库存的走势。 面对俄罗斯的复杂环境，自主品牌多生孩子好打架的战略意义重大。自主品牌的整车官方车口，平行出口、绕道出口、本地化建厂、合资组装等各种模式 齐上阵，大量的品牌群狼作战，实现了很好的效果。规范出口对俄罗斯是不适合的，尤其我们面对是俄罗斯的针对性干扰措施，一定要在复杂的国际关系 下发挥群众优势，实现创新式发展。 中国车企在在俄罗斯加速本土化生产与供应链重构，多项举措改善状态。首先是针对俄罗斯进口关税阶梯式上调深化KD组装模式，建立区域生产基地。 通过本地化生产规避关税并缩短交付周 ...

Core Insights - The domestic passenger car market experienced a retail sales volume of 2.248 million units in October 2025, reflecting a year-on-year decline of 0.5% but a month-on-month increase of 0.2% [1] - The market is undergoing a transformation, with strong performances from domestic brands and the new energy sector contrasting sharply with the pressures faced by joint venture brands [1][3] Market Performance - The SUV segment was the only category to achieve positive growth, with sales reaching 1.142 million units, up 0.4% year-on-year and 1.0% month-on-month [3] - New energy vehicle sales in October totaled 1.281 million units, showing a year-on-year increase of 7.2% despite a slight month-on-month decline of 1.4% [3] - The market share of domestic brands reached 68.7%, a year-on-year increase of 3 percentage points, with retail sales of 1.55 million units, up 4% year-on-year and 3% month-on-month [3][4] Brand Performance - Joint venture brands faced significant challenges, with retail sales of mainstream joint venture brands at 510,000 units, a year-on-year decline of 10% [4] - The luxury car market saw retail sales drop to 190,000 units, down 10% year-on-year and 23% month-on-month, with market share falling to 8.4% [4] - BYD led the sales ranking with 295,871 units sold, despite a year-on-year decline of 31.4%, marking the largest drop among the top ten manufacturers [5][4] Sales Rankings - Geely ranked second with 265,565 units sold, achieving a remarkable year-on-year increase of 36.8%, driven by the Geely Galaxy series [5][6] - Volkswagen ranked third with 136,002 units sold, but experienced a year-on-year decline of 3.9% [7] - Changan and Chery followed closely, with sales of 132,229 and 130,128 units respectively, both showing positive growth [7][6] New Energy Vehicle Market - BYD maintained its lead in the new energy vehicle market with a market share of 23.1%, despite a year-on-year decline of 31.4% [15] - Geely's new energy vehicle sales reached 164,256 units, with a year-on-year increase of 54.7%, narrowing the gap with BYD [15][17] - The new energy vehicle penetration rate surpassed 57%, indicating a deepening market acceptance [14][21] Future Outlook - The market is expected to see a release of consumer demand as tax incentives end, coupled with increased promotional efforts from manufacturers [21] - The ongoing trends of electrification and smart technology are anticipated to reshape the Chinese automotive market, with domestic and new energy brands likely to lead the next phase of industry transformation [21]

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]

Core Viewpoint - The 2025 Guangzhou Auto Show highlights a surge in the launch of large six-seat SUVs by various automakers, reflecting both market demand and a potential lack of innovation in the industry [2][3][7]. Group 1: Large Six-Seat SUVs - Numerous automakers are introducing large six-seat SUVs at the Guangzhou Auto Show, indicating a competitive market segment with varying price points and features [3][4]. - The entry price for these SUVs is below 300,000 yuan, with models like the Geely Galaxy M9 starting at 180,000 yuan and offering advanced features such as the new generation Raytheon electric hybrid system [4]. - Higher-end models above 300,000 yuan include the Zhiji LS9 priced at 322,800 yuan, showcasing futuristic designs and advanced technology [5][6]. Group 2: Market Dynamics and Concerns - Industry insiders express skepticism about the practicality of large six-seat SUVs, suggesting that many features may not align with consumer needs, leading to potential forced consumption [7][8]. - The competitive landscape is described as "overheated," with automakers rushing to enter the large six-seat SUV market to avoid missing out on perceived opportunities [8]. Group 3: Return of Traditional Fuel Vehicles - A noticeable trend at the auto show is the return of traditional fuel vehicles, with many brands that previously focused on electric vehicles now introducing hybrid and fuel models [9][11]. - The market is expected to see a coexistence of electric and hybrid vehicles, with predictions indicating that internal combustion engine vehicles will still account for about one-third of new car sales by 2040 [10][15]. - Companies like Chery and Geely emphasize their commitment to maintaining a strong presence in the fuel vehicle market, even as they expand their electric offerings [12][14]. Group 4: Consumer Preferences and Market Viability - The rise of hybrid and extended-range vehicles is seen as a response to consumer concerns over range anxiety and charging infrastructure, particularly in regions where electric vehicle adoption is slower [13]. - The profitability of hybrid models is highlighted, with companies like Li Auto achieving financial success through their hybrid offerings [13][14]. - The automotive industry is expected to maintain a diverse energy mix, with both electric and hybrid vehicles playing significant roles in the market [16][17].

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].