10月18日，国家统计局发布前三季度工业经济数据。1月份-9月份，规模以上工业增加值同比增长 4.0%。 汽车行业成为一大亮点。据中国汽车工业协会（以下简称"中汽协"）整理国家统计局数据显示，9月 份，汽车制造业增加值同比增长9.0%，汽车生产283.3万辆，同比增长3.4%，其中，新能源汽车84.7万 辆，同比增长12.5%。 前9个月汽车制造业 工业增加值同比增11.4% 2023年前9个月，生产恢复加快，汽车制造业工业增加值同比增长11.4%，高于同期规模以上工业增加 值7.4个百分点。这一数据表明，在过去9个月里，我国汽车行业正在加速恢复并取得明显发展。 "去年6月份，我国出台了购置税减半政策，导致去年三季度基数较高，甚至出现20%-30%的增长，我们 原本预计今年三季度可能会出现负增长，但8月份和9月份汽车市场的表现均超出了预期，全年产销肯定 会超过年初预测的2760万辆。"许海东说。 据《证券日报》记者观察，近期国家层面出台了一系列促消费政策，地方层面积极响应，相继制定出台 了发放消费券、购车补贴等措施，加之秋季企业新品集中上市，国内汽车市场在9月份的整体表现明显 好于此前预期，并创下了历史同期新 ...

为满足中欧班列跨境联运汽车的需求，中国铁物计划推出40英尺特殊汽车集装箱 在当前的全球汽车市场中，中国汽车出口量，特别是电动汽车的出口数据已然成为各方关注的重点。据 中国汽车工业协会发布的最新数据显示，2023年1月份至10月份，我国新能源汽车出口高达99.5万辆， 同比增长99.1%。 在中国贸促会汽车行业委员会会长王侠看来，当前，在愈发复杂严峻的国际环境下，中国汽车在国际化 方面依然走出了坚实的步伐。尽管受到国际市场通胀和经济衰退等因素影响，但今年我国汽车出口量依 旧成绩斐然。 数据显示，自2021年我国汽车出口量首次突破200万辆后，2022年达到311.1万辆。而今年以来汽车出口 量已突破400万辆。据海关总署发布的数据显示，2023年1月份至10月份累计出口汽车424万辆，同比增 长62.4%。其中，10月份中国出口汽车53万辆，同比增长49.8%。 中汽协副总工程师许海东表示，预计今年全年我国汽车出口量有望在460万辆至470万辆。 我国汽车出口激增的背后，新能源汽车成为重要力量，特别是以比亚迪、吉利、长安汽车为代表的自主 品牌强势崛起，通过混动与纯电路线并行，销量领先全球新能源车。 乘联会秘书长 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Views - Geely Galaxy A7 was officially launched on August 8, 2025, with 7 models priced between 81,800 to 117,800 yuan, including an 8,000 yuan limited-time trade-in benefit. The new platform is expected to usher in a new era of products for Geely Automobile [2][4]. - The GEA architecture supports a new vehicle cycle, with brands such as Zeekr, Lynk & Co, and Galaxy showing positive trends. The transition to new energy vehicles is progressing smoothly, and the scale effect is gradually becoming apparent, which will bring upward profit elasticity. The company’s solid foundation in fuel vehicles and innovative overseas expansion modes through joint ventures continue to open new markets [6]. - The intelligent strategy is set to accelerate the enhancement of intelligent driving capabilities. The strong new vehicle cycle is expected to provide significant profit elasticity, with a projected net profit attributable to shareholders of 16.1 billion yuan in 2025, corresponding to a PE ratio of 10.5X [6]. Summary by Sections Event Description - The Geely Galaxy A7 features the Raytheon AI Hybrid 2.0 system, achieving a fuel consumption of 2.67L per 100 km and a range of over 2100 km. It boasts a spacious interior with a wheelbase of 2845mm, leading in energy consumption, space, intelligence, and safety among its peers [4][7]. Product Strategy - Geely is focusing on electric and intelligent advancements, with a strong new vehicle cycle expected to continue. In 2025, 10 new energy models are anticipated, including 5 new models and several facelifts under the Geely brand, alongside new releases from Zeekr and Lynk & Co [6][7].

8月14日，吉利汽车将披露2025财年中报。 本文源自：金融界 8月12日，吉利汽车(00175)盘中上涨2.01%，截至11:17，报19.25元/股，成交5.41亿元。 吉利汽车控股有限公司专注于研发、制造以及销售乘用车，具有10个生产基地和超过60,000员工，服务 旗下吉利、极氪及合资品牌领克，销售网络覆盖中国及70个海外国家。2023年双班总年产能达到 2,000,000辆车，拥有在中国大陆1911家汽车经销商和2家欧洲极氪中心，公司计划在2025年将年销量目 标提高至365万辆。 截至2025年一季报，吉利汽车营业总收入724.95亿元、净利润56.72亿元。 作者：行情君 ...

| 信號總結 | 賣出信號 中立信號 | 買入信號 | | --- | --- | --- | | 中立 | | O | 回顧近期窩輪表現，8月7日推薦的中銀認購證（28842）在吉利股價上漲2.61%後錄得14%的驚人漲幅，法興認購證（13152）也有12%的亮眼表現。 對於看好吉利汽車後市的投資者，目前市場上有幾檔優質窩輪產品值得留意。中銀認購證（28842）提供6.7倍槓桿，行使價18.52元，其最大優勢在於溢價相 對較低，適合追求成本效益的投資者。法興認購證（13152）則以6.9倍槓桿略勝一籌，行使價18.51元，不僅溢價是全市場最低，其引伸波幅與槓桿水平的搭 配也最為理想，是進取型投資者的首選。牛證方面，瑞銀牛證（57998）和摩通牛證（57284）都是不錯的選擇。瑞銀產品編號57998提供5.4倍槓桿，收回價 16.1元，其溢價水平為同類產品中最低；而摩通57284雖然槓桿略低為5.1倍，收回價16元，但實際槓桿卻是市場最高，且溢價同樣維持在較低水平。 | 15:21 | | 11 ? 15:21 | | | | --- | --- | --- | --- | --- | | AL Q C. ( ...

Group 1 - The core viewpoint of the news is the establishment of a joint innovation laboratory between Tuokene Technology and Geely Automobile Research Institute to address the bottlenecks in the COC industry and promote the development of automotive optical materials [1][2] - Tuokene Technology has achieved continuous stable production of COC with a newly built production line of 3,000 tons per year, overcoming challenges in the entire supply chain from raw material supply to processing [2] - The collaboration aims to fill the technological gap in high-end optical materials for vehicles, which is crucial for the "visual system" in smart cars, impacting user experience and driving safety [2][3] Group 2 - Tuokene Technology's products, such as "TAMT," have achieved domestic substitution in various fields including optical lenses, biomedical applications, and smart cockpits [2] - The partnership with Shanghai Haishun New Material Co., Ltd. in the life sciences sector highlights the importance of technological breakthroughs and industry chain collaboration [2] - The use of COC in pharmaceutical packaging addresses issues such as low barrier material usage and poor stability, ensuring the safety and stability of drug packaging [3]

Core Viewpoint - Charoen Pokphand International reported strong growth in its biochemistry business for the first half of 2025, with revenues nearly doubling to $323 million and net profit attributable to shareholders reaching $17 million, a significant increase from $2 million in the same period last year. However, the gross margin declined to 12.9%, indicating profitability pressures due to business restructuring [1][4]. Group 1: Biochemistry Business Performance - The biochemistry segment experienced remarkable growth, with revenues soaring from $108 million in the first half of 2024 to $323 million in 2025, representing an increase of nearly 200%. This growth was primarily driven by strategic expansion in the animal health pharmaceutical sector, which saw its revenue share rise from 67% to 84% year-on-year [3]. - The product mix has shifted significantly, with animal health pharmaceuticals becoming the main revenue source, while traditional products like chloramphenicol saw their revenue share decrease from 33% to 16%. This transition reflects the company's responsiveness to market demand by expanding its product range to cover more veterinary drug categories [3]. - The diversification of the customer base, which includes farms, pharmaceutical companies, trading companies, and feed processing plants, has provided a more stable revenue foundation and mitigated risks associated with reliance on single customers or industries [3]. Group 2: Profitability Challenges - Despite the substantial revenue growth, Charoen Pokphand International is facing pressure from declining gross margins. The overall gross margin fell from 16.7% in the previous year to 12.9% in the first half of 2025, primarily due to changes in the product mix. The average profit margin for animal health pharmaceuticals is significantly lower than that of chloramphenicol products [4]. - Financial data indicates that the gross margin for the first quarter of 2025 was only 12.71%, down from 15.90% for the entire year of 2024 and 19.41% in 2023, showing a continuous downward trend. This trend suggests that while the company pursues scale expansion, its profitability is under structural pressure [4]. - The management needs to balance business growth with profitability. Although the animal health pharmaceutical segment has generated significant revenue growth, enhancing the profitability of this business, particularly by increasing the proportion of self-manufactured products, will be a key challenge for future development [4]. Group 3: Industrial Business Performance - The industrial business of Charoen Pokphand International shows a mixed performance. In the machinery sector, ECIMetro, as a Caterpillar dealer in Western China, benefited from a recovery in the excavator market, with overall excavator market sales increasing by approximately 23% in the first half of 2025. The sales of excavators, generators, and parts grew by 37.7% year-on-year [5]. - However, small and medium-sized excavators continue to face intense competition from domestic brands, leading to a decline in overall profit margins. Nonetheless, the profit attributable to joint ventures improved from $100,000 in the first half of 2024 to $1.4 million in the first half of 2025, indicating some profitability improvement [6]. - The automotive parts business performed poorly. Despite benefiting from a rise in automobile and motorcycle sales—approximately 11% and 12% growth respectively in the first half of 2025—intense market competition led to declines in both sales and profit margins for automotive parts. The profit from joint ventures decreased from $1.2 million in the first half of 2024 to $800,000 in the first half of 2025, reflecting operational pressures in this segment [6].

该行认为，银河A7产品力强、性价比高，无明显短板，具备成为爆款车的基础条件。9月，公司高端旗 舰SUV极氪9X上市，银河M9为20万元级重磅产品，该行又看好极氪9X和银河M9两台旗舰SUV上市表 现，预计极氪9X将提振公司高端品牌形象，银河M9将延续银河A7高性价比打法。公司9月至12月新车 周期强势，全年销量或突破300万辆。 华泰证券发表报告指出，吉利汽车银河A7日前正式上市，售价介乎8.98万至12.58万元，叠加8000元置 换补贴(9月30日前锁单)，限时起售价低至8.18万元，上市首日大订单突破1万辆。华泰证券看好银河A7 性价比(低价格＋大空间＋强性能＋智能化)，有望实现月销1.5万辆。该行看好银河GEA(全球智能新能 源架构)平台新车产品周期，维持对吉利汽车"买入"评级，目标价从29.65港元上调至26.9港元。 ...

Core Insights - The launch of the Geely Galaxy A7 marks a new benchmark in the global compact car segment with a starting price of 81,800 yuan [1] - The vehicle is positioned as a "disruptor" in the electric hybrid compact car market, featuring advanced technologies and superior performance metrics [1][5] Group 1: Product Features - The Geely Galaxy A7 is available in seven variants, with prices ranging from 81,800 to 117,800 yuan [1] - It boasts a fuel consumption rate of 2.67L per 100km under CLTC conditions, and has achieved a record low of 2.47L in real-world tests, surpassing the Toyota Prius [2] - The car offers a comprehensive range of over 2100 km, with a maximum charging power of 37 kW, allowing for a 30%-80% charge in just 18 minutes [2] Group 2: Safety and Technology - The vehicle is built on the GEA global intelligent new energy architecture, which includes unique safety features such as oil-electric separation design and a robust battery safety system [3] - It is equipped with the latest Flyme Auto intelligent cockpit and the Qianli Haohan H3 advanced driver assistance system, featuring multiple sensors and high computing power for enhanced driving safety and convenience [4] Group 3: Market Impact - The Geely Galaxy A7 is expected to disrupt the electric hybrid compact car market with its competitive pricing and superior features, continuing the momentum of the Galaxy series [5]

Group 1 - The article discusses how Australia is becoming a significant market for Chinese automobiles, contrasting with the U.S. which remains closed to them [1][2] - Australia is expected to see Chinese cars account for approximately 40% of all car sales by 2035, surpassing established Japanese and Korean brands [1] - Various Chinese brands, including BYD, Geely, Great Wall, and Chery, are gaining traction in the Australian market, with BYD becoming the largest Chinese car manufacturer in Australia [2] Group 2 - Factors contributing to the rise of Chinese car brands in Australia include the absence of import tariffs, competitive pricing, appealing designs, higher safety standards, and increasing local manufacturing capabilities [2] - Most Chinese cars sold in Australia are electric vehicles, with some brands also offering hybrid options for buyers not ready to transition to fully electric cars [2] - Historical context is provided, noting that major automakers like GM, Ford, Toyota, and Mitsubishi previously manufactured cars in Australia but ceased operations due to market size and production costs [2]