Core Insights - The launch of the upgraded intelligent driving assistance system, Qianli Haohan G-ASD, at the 2026 CES marks a significant advancement in Geely's AI technology, entering the 2.0 era of its comprehensive AI technology system [4] - The WAM (World Action Model) serves as the core of the G-ASD, creating a complete intelligent closed loop that enhances the vehicle's understanding, planning, and judgment capabilities [4][6] - Geely's strategy emphasizes the integration of real-world accident data into its model training, setting a new benchmark in the intelligent driving assistance industry [4][7] Technology and Architecture - The G-ASD features a flexible architecture with "unified software + graded hardware," covering L2 to L4 autonomous driving capabilities [6] - The system has been rolled out via OTA updates to multiple models, including Zeekr 001 and Lynk & Co 900, with hardware configurations ranging from H1 to H9 [6] - The top-tier H9 configuration includes five lidar sensors and dual Thor chips, providing a computing power of 1400 TOPS for comprehensive environmental perception [6] Competitive Advantages - Geely's technological moat is built on three core advantages: a high model complexity with over a trillion parameters, a vast dataset from 8.5 million equipped vehicles, and a robust hardware platform ensuring stable performance in complex scenarios [7] - The company has accumulated over 10 billion kilometers of driving data and 25 million model data segments, creating a full lifecycle data loop [7] Strategic Vision - Geely's AI 2.0 technology system aims to integrate advanced driving assistance with cabin AI, aspiring to create a leading "smart life form" automotive model [8] - The company is actively pursuing conditional L3 autonomous driving capabilities with the Zeekr 9X and is preparing for road testing following regulatory approvals [8] - Geely's "Smart Geely 2025" strategy has concluded with over 100 billion yuan invested in R&D, achieving significant sales growth and a leading market penetration rate in the new energy vehicle sector [8]

Core Viewpoint - The implementation of the half-price purchase tax policy for new energy vehicles and the adjustment of the "two new" subsidy policies have introduced new variables for the domestic automotive market in 2026, leading to divergent sales targets among various automakers [1] Group 1: Traditional Automakers - Geely has set the highest sales target for 2026 at 3.45 million units, with a growth rate of 14%, including 2.75 million for the Geely brand, 300,000 for Zeekr, and 400,000 for Lynk & Co [2] - Dongfeng Group aims for a total sales target of 3.25 million units in 2026, with an estimated growth rate of over 30%, including 1.7 million for new energy vehicles, representing a 63% increase [3] - Chery Group has set a sales target of 3.2 million units for 2026, reflecting a 14% increase from 2025, with its five brands aiming for a total of 3 million units [3] - Great Wall Motors has lowered its 2026 sales target from 2.49 million to 1.8 million units, indicating a 36% growth from the previous year, while maintaining its net profit target [4] Group 2: New Energy Vehicle Startups - Leap Motor has set an ambitious sales target of 1 million units for 2026, following a record of 597,000 units sold in 2025, which is a 103.1% increase [5] - Xiaomi Auto aims for a sales target of 550,000 units in 2026, representing a 34% increase from the previous year, with new models expected to launch [5] - NIO has set a sales target of 456,000 to 489,000 units for 2026, with a growth rate of 40-50%, following a total of 326,000 units sold in 2025 [5] Group 3: Market Outlook - The automotive market is expected to experience a "front low and back high" trend in 2026, with overall growth driven by supportive national policies, countering previous expectations of negative growth [6] - The new policies, including the early implementation of replacement subsidies, are anticipated to positively impact market growth and consumer upgrades [6]

Core Viewpoint - The green methanol industry is entering a critical phase of large-scale industrialization, driven by its economic and strategic advantages as a new energy carrier, which is essential for China's energy security and achieving carbon neutrality goals [1][2][7]. Policy Support - Over 70 policy documents have been issued by national ministries and local governments to support the promotion of methanol vehicles, creating a comprehensive policy framework from top-level design to local implementation [2]. - The introduction of the "New Energy Law" in 2025 explicitly supports renewable energy development, indicating ongoing policy incentives for the methanol industry [2]. Economic Advantages - Green methanol shows significant economic benefits, with fuel costs for methanol-hydrogen electric heavy trucks reduced by 32%-52% compared to diesel vehicles, and a 30% savings in purchase costs compared to pure electric vehicles [3]. - The cost of retrofitting methanol refueling stations is only 5% of that for traditional gas stations, leveraging existing infrastructure for energy transition [3]. Technological Innovations - Key technological breakthroughs, such as the development of zero-carbon methanol production and methanol engine efficiency reaching 50.3%, are driving the industrialization of methanol [3]. - The "Yuanchun 001" vessel, the world's first methanol-hydrogen electric dual-use ship, demonstrates the potential for green transformation in water transport, achieving a 42% reduction in energy costs compared to diesel ships [3]. Market Potential - The green methanol market in China is projected to exceed 1 trillion yuan by 2030, encompassing production, storage, transportation, and application sectors [5]. - Investment in wind-solar-hydrogen coupling projects for methanol production is becoming a hotspot, with significant market opportunities in storage and transportation networks [5]. Capital Market Interest - The continuous policy support, technological advancements, and ecosystem development are attracting significant attention from the capital market, with substantial funding rounds completed for methanol-related ventures [4].

Core Insights - Chinese automakers are redefining the future of the automotive industry at CES, shifting focus from hardware to AI models and advanced driving architectures [1] - The competition is now centered around software capabilities and supply chain integration, marking a significant transition from manufacturing to standard-setting [1][11] Group 1: Technological Advancements - Geely introduced its "Universal AI 2.0" system, featuring the World Action Model (WAM), which enhances the vehicle's intelligence through a layered design [2] - WAM allows for a complete intelligent feedback loop, enabling continuous evolution in automotive intelligence [2] - Geely's strategy has led to a 20%-30% reduction in project numbers while enhancing quality, indicating a focus on efficiency [3] Group 2: Strategic Integration - Geely's brands, including Zeekr and Lynk & Co, have unified their driving software under the "G-ASD" system, promoting technology sharing across models [3] - This integration allows for rapid deployment of advanced technologies, such as the Thor-U chip, across different vehicle brands [3] - Great Wall Motors is pursuing a dual strategy of mechanical and intelligent advancements, showcasing its Hi4-Z hybrid architecture to address consumer concerns about range and energy consumption [4] Group 3: Supply Chain and Market Positioning - Chinese supply chain companies are demonstrating their production capabilities, with Leap Motor showcasing its aggressive electronic architecture strategy [5] - Black Sesame Intelligence presented its A2000 autonomous driving chip, targeting the L2+/L3 market, while other companies displayed advancements in lidar technology [6] - The automotive industry is expected to undergo significant changes, with a shift from funding and qualifications to AI model integration as the new entry barrier [7] Group 4: Future Industry Dynamics - The high costs associated with advanced driving technologies are leading to a consolidation trend, where only a few major players will dominate the market [9] - Companies unable to develop large models or afford high-performance chips may face significant challenges, leading to potential market exits [9] - The transition from "software-defined vehicles" to "AI-defined vehicles" will fundamentally alter the automotive business model, emphasizing AI capabilities over traditional hardware metrics [10][11]

吉利汽车回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.07 | 338.80 | 17.650 | 17.380 | 5915.60 | | 2026.01.06 | 42.30 | 17.810 | 17.570 | 749.94 | | 2026.01.05 | 342.00 | 17.900 | 17.520 | 6031.47 | （文章来源：证券时报网） 证券时报·数据宝统计，吉利汽车在港交所公告显示，1月7日以每股17.380港元至17.650港元的价格回购 338.80万股，回购金额达5915.60万港元。该股当日收盘价17.510港元，下跌1.79%，全天成交额6.83亿 港元。 自1月5日以来公司已连续3日进行回购，合计回购723.10万股，累计回购金额1.27亿港元。 其间该股累 计下跌3.79%。（数据宝） ...

Core Insights - The automotive industry in 2025 has experienced significant growth driven by proactive policies that enhance consumption, tap into incremental potential, and improve the competitive environment, leading to a collaborative effort to combat unhealthy competition [2] - The "Cover Story" titled "Progress 2025 - Ten Major Annual Reviews of the Automotive Industry" has been launched, marking the sixth consecutive year of such comprehensive reporting [2] Group 1: Industry Trends - The automotive sector is focusing on innovation and collaboration to achieve steady progress while addressing challenges such as unhealthy competition [2] - A series of ten thematic reports have been published, covering various aspects of the automotive industry, including annual highlights, new policies, personnel changes, and significant events [2] Group 2: Leadership Perspectives - Industry leaders emphasize the importance of face-to-face interactions to reduce misunderstandings and foster collaboration, as highlighted by Chery's chairman [6] - The call for open communication among industry leaders is seen as essential for addressing challenges and promoting a healthy competitive environment [6][7] Group 3: Safety and Technology - Geely's establishment of a world-class safety center aims to enhance automotive safety through shared resources and data accumulation, reflecting a commitment to industry-wide safety standards [7][8] - The focus on safety is underscored by the need for responsible innovation that prioritizes user safety over mere technological advancement [10][11] Group 4: Market Dynamics - BYD's chairman advocates for a leadership role that respects competitors while pushing for technological excellence, emphasizing the importance of consumer trust and respect within the industry [9][10] - The shift towards a more collaborative industry ethos is seen as vital for fostering innovation and maintaining a competitive edge [10] Group 5: Innovation and Responsibility - The automotive industry is urged to prioritize necessary technological advancements that align with user safety and regulatory requirements, as articulated by Great Wall's chairman [11] - The call for innovation driven by real user needs rather than mere technological prowess reflects a shift towards more responsible and inclusive practices in the industry [13] Group 6: Global Trade and Cooperation - BMW's chairman stresses the importance of open markets and clear rules over trade barriers, advocating for mutual support in the face of geopolitical challenges [15][16] - The emphasis on cooperation and shared prosperity highlights the need for a unified approach to global trade within the automotive sector [16] Group 7: Strategic Reflections - Volkswagen's CEO acknowledges the need for self-reflection and adaptability in response to industry changes, emphasizing the importance of proactive engagement [17][18] - Toyota's chairman highlights the significance of preparing for uncertainties rather than making predictions, advocating for a responsive strategy to market changes [18][19]

Group 1 - Geely Automobile (00175.HK) announced a share buyback on January 7, 2026, spending HKD 59.156 million to repurchase 3.388 million shares at a price range of HKD 17.38 to HKD 17.65 per share [1] - On January 6, 2026, Geely Automobile spent HKD 7.4994 million to buy back 423,000 shares [1]

Core Viewpoint - Geely Automobile announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will repurchase 3.388 million shares at a total cost of HKD 59.156 million [1] - The buyback price per share ranges from HKD 17.38 to HKD 17.65 [1]

Domestic News - The Ministry of Commerce announced that China aims to achieve 18.3 million vehicle trade-ins from 2024 to 2025, with nearly 60% being new energy vehicles, contributing to a consumer sales increase of 3.92 trillion yuan, benefiting 494 million consumers [3] - Shanghai has issued measures to encourage foreign investment enterprises to reinvest domestically, allowing various methods for reinvestment, including using undistributed profits [4] - Beijing plans to implement a "no-cost first aid" policy for traffic accident victims, ensuring they receive immediate medical care without upfront costs [5] - Guangdong is optimizing insurance services for new energy vehicles and exploring the development of smart driving liability insurance products to support the growth of the new energy vehicle industry [6] - NIO has officially rolled out its one millionth production vehicle, a new ES8, and has signed a five-year strategic cooperation agreement with CATL to enhance technology and market collaboration [8] - Qianli Zhijia and Geely have jointly launched a new smart driving brand, G-ASD, which covers intelligent driving capabilities from L2 to L4 levels, with the first version already installed in 16 models [9] - Chery Group has set a sales target of 3.2 million vehicles for 2026, representing a year-on-year increase of 14.03% [10] - Hesai Technology announced plans to double its lidar production capacity to 4 million units by 2026 to meet the growing demand in ADAS and robotics [11] International News - Canadian automotive sales are projected to rebound to pre-pandemic levels by 2025, with an estimated 1.9 million light vehicle sales, a 2% increase from 2024 [12] - NVIDIA plans to test its L4 autonomous taxi service in 2027, following initial road tests in 2026 [13] - Sony and Honda's joint venture will launch its first electric vehicle, "AFEELA1," in Japan in the first half of 2027 [14] - Hyundai Motor Group intends to deploy Boston Dynamics' humanoid robots in its U.S. factories starting in 2028 [15] Commercial Vehicles - Proton Motors aims to sell 13,000 vehicles in 2026, following a successful year where it sold over 8,000 vehicles [16][17] - FAW Jiefang has initiated public road demonstrations for its liquid hydrogen heavy truck, marking a significant step in commercializing hydrogen technology [18] - BYD's T4 electric truck has received a recommendation award from industry opinion leaders for its performance and customer recognition [19] - Shaanxi Automobile's X6000 tractor has received EU certification, allowing it to enter the European market, showcasing its compliance with stringent safety and emissions standards [20]

Core Viewpoint - The 2026 Harbin International Ice and Snow Economy Expo showcased Geely Holding Group's innovative achievements in green transportation, snow equipment, and the entire ecological field, highlighting its commitment to sustainable solutions in extreme weather conditions [1] Group 1: Product Innovations - Geely presented multiple alcohol-hydrogen electric products, emphasizing their advancements in technology [1] - The Geely remote alcohol-hydrogen electric snow removal vehicle is designed to meet high-intensity snow removal demands with stable power [1] - The Geely remote alcohol-hydrogen electric bus achieved over 600 km range without degradation at temperatures as low as -40°C, providing a reliable technological solution for winter transportation in northern regions [1]