Core Viewpoint - The sudden dissolution of OneStar Robotics, a star startup in embodied intelligence, has raised eyebrows in the industry, especially given its recent high-profile funding and recruitment of a renowned CTO [2][3][4]. Company Overview - OneStar Robotics was founded on May 9, 2025, by Li Xingxing, the son of Geely's founder Li Shufu, and was positioned as a key player in the robotics sector for Geely [5][9][10]. - The company aimed to innovate in the "embodied intelligence" field, focusing on practical applications rather than just algorithmic demonstrations [12][13]. Recent Developments - In July, OneStar Robotics announced the completion of a multi-hundred million yuan "friends and family" funding round, primarily from Geely's ecosystem [15]. - The company appointed Ding Yan, a prominent researcher from Shanghai AI Lab, as CTO and co-founder, enhancing its technical capabilities [16]. - In August, a partnership was established with Fudan University to create a joint laboratory, and the first product, "Star Wheel 1," was launched [17]. - Another funding round occurred on September 17, with participation from various market and industry investors, totaling several hundred million yuan [18]. Dissolution Details - Despite its rapid growth and significant investments, OneStar Robotics has reportedly dissolved its team within just five months of its establishment, with many employees not even completing their probation period [22]. - The reasons for the dissolution remain unclear, but there are indications that the existing platform and business may return to Geely, while the technology team could pursue independent ventures [8][7].

Core Insights - The 2026 Geely Star Wish was launched at the Geely Automotive User Conference, featuring six variants priced between 65,800 to 95,800 yuan, equipped with advanced technologies and a focus on user preferences for aesthetics and performance [1][2]. Product Features - The new model includes standard features such as CATL battery cells, an 11-in-1 intelligent electric drive, rear-wheel drive, multi-link independent suspension, a 70L front trunk, and the Galaxy Flyme Auto intelligent cockpit system [1][2]. - The Star Wish STAR limited edition offers unique color combinations and a sports package, catering to younger consumers' desire for individuality and sportiness [1]. Sales Performance - Since its launch in October 2024, the Geely Star Wish has achieved cumulative sales of over 400,000 units, with monthly deliveries surpassing 50,000 units as of September 2025, marking it as a phenomenon in the automotive market [2]. Technological Innovations - Built on the GEA architecture, the Geely Star Wish incorporates numerous technological advancements, including a rear-drive layout and a highly integrated 11-in-1 electric drive system with an efficiency of 89.2% [2]. - The vehicle has undergone extensive testing, including 3,000 hours of durability testing and 2 million kilometers of real-world trials, ensuring reliability and performance under various conditions [3]. Battery and Charging - The Star Wish features a high charging efficiency, capable of increasing battery charge from 30% to 80% in just 21 minutes, and employs a liquid-cooled battery thermal management system for optimal performance in extreme temperatures [3]. - The battery life exceeds national standards, maintaining 90.72% capacity after double the required cycle tests [3]. Safety Features - The vehicle is designed with comprehensive passive safety features, including a unique aluminum battery protection structure and enhanced visibility through optimized A-pillars and a 279° surround view [4]. - Interior materials are selected for low odor and environmental friendliness, ensuring passenger health [4]. Intelligent Systems - The Geely Star Wish is equipped with the upgraded Galaxy Flyme Auto intelligent cockpit system, enhancing user experience with features like 360° wheel view and intelligent service hall [4]. - Future updates will include a pet mode and integration with the Xingrui AI computing center for improved natural language processing capabilities [4]. Strategic Goals - 2025 marks the conclusion of Geely's "Smart Geely 2025 Strategy," transitioning from producing affordable vehicles to creating intelligent premium cars, with a target of achieving annual sales of one million units in the new energy vehicle segment [4].

Core Insights - The automotive market in China is expected to maintain strong growth in 2025, driven by macroeconomic factors and government policies promoting consumption [1] - The differentiation between passenger and commercial vehicles is becoming more pronounced, with passenger vehicle sales projected to grow by 13% in 2025, while commercial vehicles benefit from the electrification trend [4][6] - The performance of major automotive groups is showing significant divergence, with some state-owned enterprises lagging behind, while private companies like BYD and Chery are performing well [8][11] Group 1: Market Trends - The overall automotive market in September showed strong performance, with total sales reaching 3.2 million units, a year-on-year increase of 14.1% [6] - The commercial vehicle market is experiencing a structural growth driven by electrification, particularly in logistics and pickup segments [1][4] - The passenger vehicle market is benefiting from trade-in policies, with strong sales growth expected as regions resume previously paused incentives [4][11] Group 2: Sales Performance - From January to September 2025, total automotive sales reached 24.21 million units, with a cumulative growth rate of 12% [6] - In September 2025, narrow passenger vehicle sales totaled 2.8 million units, reflecting a year-on-year growth of 12% [16] - The sales of new energy passenger vehicles in September reached 1.5 million units, a year-on-year increase of 22% [24] Group 3: Company Performance - BYD leads the market, followed by Geely and Chery, with significant growth in their sales figures [18] - Traditional fuel vehicle sales are under pressure, with a projected decline of 10% in 2024, while new energy vehicles continue to gain market share [29][31] - The commercial vehicle segment is seeing strong performance from leading manufacturers like FAW and Heavy Truck, with significant year-on-year increases in sales [40]

智通财经APP讯，吉利汽车(00175)发布公告，于2025年10月16日因本集团雇员根据认股权计划(于2023 年4月28日获采纳)行使认股权而发行1000股普通股股份。 ...

该行又认为车展或海外发布活动将影响行业及股份表现，例如零跑汽车(09863)首款大型6座SUV于10月 16日在巴黎公开、比亚迪股份(01211)在东京及广州车展公布新设计、小鹏汽车-W(09868) 将详细介绍其 人形机器人路线图等。政策方面，该行认为有一半机率国家补贴或其他形式的刺激措施将会持续; 如有 的话，或将于明年1月公布。该行又预期国内乘用车需求将持平或下降3至5%。因此，出口和提升国内 市场份额对车企而言将会是关键。 摩根大通发布研报称，预期内地车企第三季业绩将大致符合预期，且盈利能力较次季有所改善。该行相 信吉利汽车(00175)的盈利上行趋势将持续，受惠价格更高的新型号推出，盈利能力有提升空间，上调 2025及26年预测约13%。 ...

FF305 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年10月16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 。 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 | 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 ...

Core Viewpoint - The automotive market is witnessing a significant shift as traditional fuel vehicles are increasingly adopting smart technologies to compete with electric vehicles, driven by consumer demand for enhanced intelligent features [3][4][6]. Group 1: Market Trends - During the "Eleventh" holiday, various cities in China hosted auto shows and promotional events to stimulate local automotive market consumption, showcasing both new energy vehicles and traditional fuel vehicles [2]. - In August, traditional fuel passenger car sales in China reached 902,000 units, marking a year-on-year increase of 13.5%, indicating sustained market demand for fuel vehicles [3]. Group 2: Smart Features in Fuel Vehicles - Fuel vehicles are now incorporating intelligent features traditionally associated with electric vehicles, such as advanced driver assistance systems and high-performance in-car technology [4][5]. - The 2026 models from GAC Toyota and the new Geely models emphasize smart technology, including high-capacity computing chips and comprehensive driver assistance features [4][5]. Group 3: Industry Challenges - Despite advancements, fuel vehicles face inherent limitations in smart technology integration due to their traditional electronic architecture, which is less capable than that of electric vehicles [6][7]. - Experts highlight that achieving higher levels of automation (L3 and above) in fuel vehicles will require significant hardware upgrades, which could increase production costs [8]. Group 4: Collaborations and Innovations - Many automakers are partnering with local suppliers like Huawei to enhance the smart capabilities of fuel vehicles, aiming to provide a competitive experience similar to that of electric vehicles [9][10]. - The collaboration between SAIC Audi and Huawei has led to the launch of the A5L Sportback, which features advanced sensor systems and intelligent driving capabilities [10]. Group 5: Global Market Opportunities - The demand for smart features in fuel vehicles is expected to grow in overseas markets, where the transition to electric vehicles is slower, presenting an opportunity for Chinese suppliers to expand their presence [12][13]. - Companies like Zhuoyue Technology are leveraging partnerships with major automakers to develop advanced driving assistance systems, aiming to penetrate the European market [14].

Core Insights - Geely Auto Group's CEO announced that over 10,000 pre-orders were received for the new luxury flagship SUV, Zeekr 9X, just 13 minutes after its launch [2] - The Zeekr 9X is described as a strategic ultra-luxury product that integrates the group's top resources and cutting-edge technology [2] Technology and Features - The Zeekr 9X features the world's first full-stack 900V high-voltage architecture power system in the hybrid field and the first three-motor megawatt-level hybrid electric drive system, boasting a maximum power output of over 1,400 horsepower [2] - It is equipped with a 2.0T super electric hybrid dedicated engine, which maintains performance in both fully charged and depleted states [2] - The vehicle's H9 system includes dual Sol chipsets and 43 perception units, creating a triple 360° perception matrix with eight major safety redundancies, enabling it to handle extreme scenarios like high-speed tire blowouts and limited visibility in fog [2] Brand Positioning and Strategy - The company's positioning emphasizes driving technological luxury through extreme technology, with no budget limits on research and development [2] - The CEO stated that as long as there are good innovations, the company will invest boldly to support the brand's upward trajectory, ensuring that the best technologies will justify the product pricing [2]

Market Overview - The stock market is experiencing a phase of alternating trends, with US stocks showing signs of weakness while domestic markets are strengthening, as evidenced by the Hong Kong stock market rising by 1.84% [1] - The Federal Reserve is likely nearing the end of its quantitative tightening policy, with indications that interest rate cuts may occur at upcoming meetings based on current conditions [1] - The focus of tensions has shifted to sanctions and counter-sanctions, particularly regarding rare earth materials, with the EU also seeking to address these issues [1] Sector Performance - Insurance stocks have become market leaders, driven by strong earnings, with companies like Xinhua Insurance and China Taiping seeing gains of over 8% [2] - The Chinese yuan has strengthened, with the central parity rate rising to 7.10, benefiting the aviation sector, as airlines like China Eastern and China Southern saw increases of over 7% [2] - The international oil price has dropped significantly, with WTI crude futures falling over 19% from September, further supporting airline stocks [2] Technology and Innovation - New Kai's subsidiary launched two domestically developed EDA software products, which are crucial for semiconductor design, leading to stock increases for companies like Huahong Semiconductor and SMIC [3] - Strategic collaborations are emerging in the tech sector, such as the partnership between SenseTime and Cambricon to enhance cloud computing capabilities, resulting in stock gains for both companies [3] Automotive Industry - JD.com, GAC Group, and CATL have launched a new electric vehicle model, targeting the mainstream market with a price range of 150,000 to 250,000 yuan, leading to an 11% increase in GAC Group's stock [4] - Tesla's reported order for linear actuators from a Chinese supplier has resulted in significant stock price increases for the supplier, Sanhua Intelligent Controls [4] Construction and Materials - The issuance of 1.3 trillion yuan in special government bonds for infrastructure has boosted market expectations for demand in construction materials, with companies like China National Building Material and Anhui Conch Cement seeing stock increases of over 7% [5] - Steel stocks are also performing well due to favorable conditions in iron ore purchasing, with companies like Ansteel and Maanshan Iron & Steel rising over 7% [5] Healthcare Sector - The upcoming ESMO conference is expected to showcase significant clinical research results, with several domestic innovative drug companies set to present key findings [6] - Companies like Kelun-Biotech and Innovent Biologics have important studies included in the conference, which could attract investor interest [6] Automotive Sales - Geely Automobile reported record sales of 2,953,452 vehicles in the first three quarters of 2025, a 29% year-on-year increase, with electric vehicle sales growing by 68% [7] - The company has raised its annual sales target from 2.71 million to 3 million vehicles, reflecting strong growth momentum [8]

Core Insights - The automotive market in September experienced both month-on-month and year-on-year growth, with retail sales reaching 2.241 million units, a 6.3% increase year-on-year and an 11.0% increase month-on-month [1] - Domestic brands captured two-thirds of the market share, with retail sales of 1.5 million units, reflecting a 13% year-on-year increase and a 12.9% month-on-month increase [2] - New energy vehicles (NEVs) and exports significantly contributed to the growth of domestic brands, with NEV penetration among domestic brands reaching 78.1% [2] Domestic Brands Performance - Domestic brands achieved a retail market share of 66.9% in September, up 3.6 percentage points year-on-year, and a cumulative market share of 64.8% for the first nine months of the year, an increase of 5.9 percentage points [2] - BYD led the domestic brands but experienced its first year-on-year decline in sales since March 2024, with September sales at 396,200 units, down 5.52% [2][4] - Geely and Chery are gaining market share in the NEV sector, with Geely's sales reaching 273,100 units in September, a 35.24% year-on-year increase, and Chery's sales at 255,600 units, an 8.90% increase [5] Joint Venture and Luxury Brands - Joint venture brands faced challenges, with retail sales of 490,000 units in September, down 6% year-on-year, despite a 4% month-on-month increase [6] - Luxury brands saw a slight year-on-year decline, with retail sales of 240,000 units, down 1%, but a 16% month-on-month increase [6] - The market share of German brands decreased by 2.3 percentage points to 14.3% in September, indicating a shift towards domestic brands [6] New Energy Vehicle Market - The penetration rate of NEVs among domestic brands remains high at 70.1%, despite a slight year-on-year decline of 2.3 percentage points [2] - New energy vehicles accounted for 6.6% of joint venture brands and 40% of luxury brands in September [6] Emerging Players - New energy vehicle startups showed significant growth, with Leap Motor leading the segment with approximately 66,700 units delivered in September, a 97% year-on-year increase [8]