Group 1 - The core point of the news is that Geely Automobile has been actively repurchasing its shares, with a total of 3.788 million shares repurchased on January 20 at a price range of HKD 16.690 to HKD 16.950, amounting to HKD 63.6286 million [2] - Since January 19, the company has conducted share buybacks for two consecutive days, totaling 3.885 million shares and a cumulative buyback amount of HKD 65.2786 million, during which the stock price has decreased by 2.10% [2] - Year-to-date, the company has completed 8 share buybacks, totaling 25.595 million shares and a cumulative buyback amount of HKD 438 million [3] Group 2 - The detailed buyback information includes the number of shares repurchased, highest and lowest buyback prices, and total buyback amounts for each transaction [3] - On January 20, 2026, the company repurchased 378.80 thousand shares at a maximum price of HKD 16.950 and a minimum price of HKD 16.690, totaling HKD 63.6286 million [3] - The buyback activity reflects the company's strategy to support its stock price amid recent declines, as evidenced by the stock closing at HKD 16.770, down 1.53% on the same day [2]

Group 1 - Geely Automobile announced a share buyback of 3.788 million shares at a price range of HKD 16.690 to HKD 16.950, totaling HKD 63.6286 million on January 20 [1] - The stock closed at HKD 16.770 on the same day, reflecting a decline of 1.53%, with a total trading volume of HKD 753 million [1] - Since January 19, the company has conducted buybacks for two consecutive days, totaling 3.885 million shares and an aggregate amount of HKD 65.2786 million, with the stock down 2.10% during this period [1] Group 2 - Year-to-date, Geely has executed 8 buybacks, acquiring a total of 25.595 million shares for an aggregate amount of HKD 438 million [1] - Detailed buyback information includes the highest and lowest prices for each transaction, with the highest price recorded at HKD 17.900 and the lowest at HKD 16.630 [1]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The implementation of the China-Europe electric vehicle price commitment mechanism is expected to stabilize sales expectations for Chinese electric vehicles in Europe and promote the high-end and localized transformation of automakers [5][13] - Multiple provinces have opened applications for the 2026 automotive replacement subsidy, indicating a clear path for local governments to implement the policy [14] - Great Wall Motors has launched the "Guiyuan" platform, which is the world's first native AI all-power platform, designed to support various power forms and enhance development efficiency [6][14] - The report expresses a positive outlook for 2026, highlighting opportunities in the high-end upgrade of domestic brands and the acceleration of smart technology penetration [15][16] Summary by Sections Recent Performance - The automotive sector outperformed the Shanghai Composite Index with a 1-week increase of 0.5% from January 12 to January 16, 2026, while the Shanghai Composite Index decreased by 0.4% [17] - The performance of individual stocks varied, with notable increases in companies like Ideal Auto (+2.4%) and declines in others like Li Auto (-3.5%) [17][23] Key Companies and Earnings Forecast - Key companies recommended include: - Jianghuai Automobile - Leap Motor - Great Wall Motors - BYD - SAIC Motor - China National Heavy Duty Truck [7][8] - Earnings per share (EPS) forecasts for selected companies show growth, with Great Wall Motors expected to reach an EPS of 2.03 in 2026 [8] Industry Indicators - In December 2025, automotive production and sales reached 3.296 million and 3.272 million units, respectively, with a year-on-year decrease of 2.1% and 6.2% [42] - New energy vehicles accounted for approximately 52% of total new vehicle sales, indicating a significant market shift towards electrification [42]

Core Insights - Recent agreements between China and the EU, as well as Canada, regarding electric vehicle exports have raised questions about the potential for Chinese cars to enter the U.S. market [2] - UBS report analyzes the challenges Chinese automakers face in entering the U.S. market, highlighting significant barriers [3][7] Group 1: Challenges in Entering the U.S. Market - The first major challenge is tariffs, with current tariffs on Chinese electric vehicles potentially rising from 25% to 100%, making it difficult for Chinese cars to compete on cost [3][5] - The second challenge involves technical certification and market access, as Chinese vehicles must meet U.S. safety standards, which differ significantly from European standards [3] - Consumer recognition and cultural differences present a third challenge, as American consumers have distinct preferences for larger vehicles like SUVs and trucks, which differ from Chinese consumer habits [3] Group 2: Market Dynamics and Strategic Considerations - The fourth challenge is related to market structure and channel development, as U.S. laws require vehicles to be sold through authorized dealers, complicating entry for Chinese manufacturers [4] - Establishing a production base in the U.S. could alleviate tariff issues, as certain tariffs on materials could be waived, providing a potential pathway for Chinese automakers [5] - The report indicates that even if Chinese automakers enter the market, they may struggle to compete with established U.S. brands in the lucrative truck and SUV segments, which are less likely to adopt electric technologies [7] Group 3: Potential for Chinese Automakers - Geely is positioned to potentially enter the U.S. market within the next 24 to 36 months, with brands like Zeekr and Lynk & Co. seen as suitable for American consumers [6] - The possibility of utilizing Volvo's South Carolina plant for local production could enhance Geely's market entry strategy [6] - The UBS report suggests that while Chinese automakers may face significant hurdles, their entry into the U.S. market is likely a matter of time, with some industry leaders acknowledging this potential [7] Group 4: Implications of Trade Agreements - Canada's recent allowance for Chinese electric vehicles may prompt scrutiny from the U.S. as trade negotiations evolve, potentially complicating market entry for Chinese brands [8] - Mexico's response to U.S. pressure to increase tariffs on Chinese goods indicates a challenging environment for Chinese exports in North America [9] - The report describes the U.S.-Canada-Mexico Agreement (USMCA) as a "backdoor" that could lead to more significant barriers for Chinese automakers, emphasizing the importance of supplier relationships in the U.S. market [10]

Core Insights - The automotive market in 2025 has seen a shift in competitive dynamics, with domestic brands leveraging their electric vehicle (EV) advantages to dominate the market, significantly squeezing the space for joint venture brands [1][3] - The focus of competition is evolving from mere sales and electrification to intelligence, globalization, and high-quality growth [1] - BYD remains the market leader, but its domestic retail sales have declined, while its international sales have surged, maintaining a significant lead overall [1][7] Sales Performance - In 2025, total vehicle sales reached 23.744 million units, a year-on-year increase of 3.8%, with new energy vehicles (NEVs) accounting for 12.809 million units, up 17.6% [3] - The sales breakdown shows that sedan sales were 10.809 million units (up 3.1%), SUV sales were 11.878 million units (up 5%), and MPV sales were 1.058 million units (down 2.3%) [3] - BYD's retail sales were 3.485 million units, down 6.3%, while its wholesale sales reached 4.545 million units, up 6.9%, with exports exceeding 1 million units, doubling from the previous year [7][8] Competitive Landscape - The top ten automotive manufacturers in terms of sales include BYD, Geely, Chery, and Changan, with Geely showing the most significant growth at 39% [8][10] - Geely's retail sales reached 1.688 million units, marking an 81.3% increase, making it the only other company besides BYD to exceed 1 million units in NEV sales [9][10] - Tesla has fallen out of the top three in NEV sales, ranking fifth, with a 4.8% decline in domestic sales [11][13] Export Growth - In 2025, automotive exports reached 7.098 million units, a 21.1% increase, with passenger car exports at 6.038 million units, up 21.9% [16] - BYD led the industry with 1.05 million units of NEV exports, while SAIC Group followed with 950,000 units, maintaining a strong presence in ASEAN and South American markets [16][15] - Geely's exports doubled to 420,000 units, showcasing significant growth in Southeast Asia [16]

智通财经APP讯，吉利汽车(00175)公布，2026年1月20日耗资约6362.86万港元回购378.8万股股份。 ...

吉利汽车(00175)公布，2026年1月20日耗资约6362.86万港元回购378.8万股股份。 ...

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) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 呈交日期： 2026年1月20日 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 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫 ...

Core Viewpoint - The 2026 Harbin International Ice and Snow Economic Expo showcased the innovative achievements of Geely Holding Group in green transportation and ice and snow equipment, promoting methanol hydrogen electric vehicles as a new driving force for the ice and snow industry upgrade [1][3]. Group 1: Industry Development - The green transformation of energy and the new energy vehicle sector in China are entering a critical phase, with methanol emerging as a key component for sustainable development [3]. - By 2025, over 70 policy documents supporting the promotion of methanol vehicles have been issued by national ministries and local governments, facilitating rapid growth in the methanol industry [3]. Group 2: Geely's Innovations - Geely has over 20 years of experience in the methanol economy, with more than 50,000 methanol hydrogen electric vehicles in operation, accumulating over 23 billion kilometers [3]. - The company showcased methanol hydrogen electric buses and snow removal vehicles at the expo, designed for urban public transport and ice and snow industry applications [3][4]. Group 3: Product Performance - The remote methanol hydrogen electric buses have been successfully operating in cold northern regions since 2023, with a range exceeding 600 kilometers and a cost savings of approximately 0.2 yuan per kilometer compared to pure electric vehicles [4]. - The methanol hydrogen electric snow removal vehicles can operate in temperatures as low as -40°C, with a cost savings of over 30% compared to traditional fuel vehicles and a 90% reduction in emissions [6]. Group 4: Infrastructure Development - Geely has established over 900 methanol refueling stations nationwide, with plans to increase this number to 4,000 by the end of 2027, facilitating convenient refueling for methanol vehicles [10]. - The development of the ice and snow economy relies on stable, efficient, and sustainable energy and transportation support, with ongoing innovation in energy technology and industrial systems [10]. Group 5: Future Outlook - Geely aims to continue leveraging technological innovation and ecological collaboration to integrate deeply with the ice and snow industry, contributing to the high-quality and sustainable development of the ice and snow economy [10][12].

国家知识产权局信息显示，浙江吉利控股集团有限公司取得一项名为"燃料分压值的计算方法、装置、 终端设备及计算机介质"的专利，授权公告号CN116816528B，申请日期为2023年7月。 天眼查资料显示，浙江吉利控股集团有限公司，成立于2003年，位于杭州市，是一家以从事汽车制造业 为主的企业。企业注册资本103000万人民币。通过天眼查大数据分析，浙江吉利控股集团有限公司共对 外投资了38家企业，参与招投标项目523次，财产线索方面有商标信息5000条，专利信息5000条，此外 企业还拥有行政许可275个。 浙江远程新能源商用车集团有限公司，成立于2016年，位于杭州市，是一家以从事汽车制造业为主的企 业。企业注册资本50000万人民币。通过天眼查大数据分析，浙江远程新能源商用车集团有限公司共对 外投资了27家企业，参与招投标项目406次，财产线索方面有商标信息33条，专利信息3983条，此外企 业还拥有行政许可31个。 浙江醇氢研究开发有限公司，成立于2023年，位于杭州市，是一家以从事研究和试验发展为主的企业。 企业注册资本1000万人民币。通过天眼查大数据分析，浙江醇氢研究开发有限公司专利信息193条， ...