本文源自：金融界AI电报 港股汽车股震荡走低，比亚迪股份(01211.HK)跌超3%，蔚来汽车(09866.HK)、小鹏汽车(09868.HK)跌超 2%，吉利汽车(00175.HK)、长城汽车(02333.HK)、赛力斯(09927.HK)、理想汽车(02015.HK)跌超1%。 ...

Summary of Key Points Core Viewpoint - On January 6, 50 Hong Kong-listed companies conducted share buybacks, totaling 19.62 million shares and an aggregate amount of 861 million HKD [1]. Group 1: Major Companies Involved in Buybacks - Tencent Holdings repurchased 1.003 million shares for 636 million HKD, with a highest price of 638.000 HKD and a lowest price of 626.500 HKD, bringing its year-to-date buyback total to 1.907 billion HKD [1]. - Xiaomi Group-W repurchased 3.85 million shares for 150 million HKD, with a highest price of 38.900 HKD and a lowest price of 38.860 HKD, accumulating a year-to-date buyback total of 299 million HKD [1]. - Genscript Biotech repurchased 400,000 shares for 13.67 million HKD, with a highest price of 34.480 HKD and a lowest price of 33.840 HKD, totaling 27.25 million HKD in year-to-date buybacks [1]. Group 2: Buyback Amounts and Quantities - The highest buyback amount on January 6 was from Tencent Holdings at 636 million HKD, followed by Xiaomi Group-W at 150 million HKD [1]. - In terms of buyback quantity, Xiaomi Group-W led with 3.85 million shares, followed by Jieli Trading and Weigao Group with 2 million shares and 1.5948 million shares, respectively [1]. Group 3: Additional Companies and Their Buybacks - Weigao Group repurchased 1.5948 million shares for 8.22 million HKD, with a highest price of 5.230 HKD and a lowest price of 5.010 HKD [1]. - Geely Automobile repurchased 423,000 shares for 749.94 million HKD, with a highest price of 17.810 HKD and a lowest price of 17.570 HKD [1]. - Other notable companies include Tsugami Machine Tool, which repurchased 150,000 shares for 511.53 million HKD, and China National Chemical Corporation, which repurchased 150,000 shares for 446.94 million HKD [1].

Core Viewpoint - The adjustment of the new energy vehicle purchase tax policy from full exemption to a 5% tax rate starting January 1, 2026, has led to significant dissatisfaction among customers of Zeekr, particularly regarding the company's failure to honor its tax subsidy promises [2][4][19]. Group 1: Tax Policy Changes and Customer Reactions - Starting January 1, 2026, the purchase tax for new energy vehicles will be halved, increasing costs for consumers by approximately 5% of the vehicle price, which translates to around 10,000 yuan for vehicles priced over 200,000 yuan [2][4]. - Zeekr had previously launched a "cross-year purchase tax subsidy" program, promising to cover the tax if orders were locked by December 31, 2025, but later retracted this commitment, offering only points as compensation instead [2][3][6]. - Many customers, feeling deceived, have formed groups to demand the original tax subsidy, expressing frustration over the company's change in policy and lack of communication [3][8]. Group 2: Customer Complaints and Company Response - Numerous customers have reported issues with Zeekr's sales practices, where they were pressured to pay the final amount without seeing the vehicle, raising concerns about the company's integrity [6][7]. - Customers have expressed dissatisfaction with the compensation offered, which they view as inadequate compared to the promised tax subsidy [8][14]. - The company has not provided a clear response to these complaints, leading to further frustration among affected customers [3][14]. Group 3: Broader Implications for Zeekr - In 2025, Zeekr's total sales reached 224,133 units, a mere 1% increase year-on-year, falling short of the 300,000 unit target set at the beginning of the year [17]. - The company is undergoing significant restructuring, having merged with Geely and delisted from the NYSE, which raises questions about its operational stability [17][18]. - Zeekr is also involved in a 2.314 billion yuan lawsuit against a battery supplier over quality issues, further complicating its operational challenges [18][19].

Sales Performance - The local dealerships have seen an average of 10 customer visits per day, with 40% specifically interested in the Boyue L [2] - Last month, a total of 79 vehicles were sold, with 20 units being Boyue L, and the sales representative earned a commission of 300 yuan per vehicle sold [3] - There are currently 42 units of Boyue L in stock, with the 1.5TD DCT Mountain River version priced at 116,900 yuan making up two-thirds of the inventory [4] Customer Demographics - The typical customers for Boyue L are males aged 25 to 55, mostly married with children, and 60% are small business owners or civil servants [5] - A notable customer is a young doctor whose family wanted to buy her a car, showcasing the trend of families purchasing vehicles for younger members [7] Competitive Landscape - The main competitors mentioned include Changan CS75 PLUS, Haval H6, and Chery Tiggo 8 PLUS, with customers frequently comparing Boyue L to Chery's offerings [9] - Some customers prefer Changan for its aesthetics and engine performance, while others trust Chery for its self-developed technology [9] Customer Preferences - Customers who choose Boyue L appreciate its spaciousness, high configuration, and refined interior, which includes appealing ambient lighting and a Meizu 16 speaker system [11] - The most popular configuration is the 1.5TD DCT Mountain River version, with black and silver colors being the top choices [17] Pricing and Discounts - Initial discounts for Boyue L started at 7,000 yuan, increasing to 15,000-16,000 yuan by September, with reports of discounts reaching 18,000 yuan in other regions [13] - A financing option is available, offering a 50,000 yuan loan with a two-year interest-free period [15] Customer Feedback - Some customers have reported issues with the central control screen occasionally going black and connectivity problems with the Meizu system, though these are infrequent [19] - Regular maintenance costs around 600 yuan, covering oil changes and filters, with a service interval of one year or 10,000 kilometers [20] Incentives and Subsidies - There are trade-in subsidies of 12,000 yuan for Boyue L and 11,000 yuan for other brands, with additional 2,000 yuan subsidies for specific professions [21]

Group 1 - Xinghe Power plans to launch the "Ceres-1 Sea Launch" commercial rocket soon, potentially becoming the first private aerospace company to complete a launch in 2026, marking a significant development for China's private aerospace industry [1] - The Ceres-1 rocket is a small solid-fuel launch vehicle developed independently by Xinghe Power, recognized as a "star model" in China's private aerospace sector [1] Group 2 - The Chinese University of Science and Technology has achieved a breakthrough in heterogeneous quantum communication networks, proposing a fully heterogeneous quantum network architecture that supports open interconnection between different quantum systems [2] - This innovation lays the technical foundation for a diverse quantum internet, enabling parallel and automated optimization of various quantum tasks [2] Group 3 - Shanghai has introduced 20 measures to encourage foreign investment enterprises to reinvest domestically, including support for various reinvestment methods and promoting technological upgrades [3] - The measures aim to enhance R&D innovation, simplify processes for medical device production, and optimize foreign exchange registration and fund usage [3] Group 4 - Shanxi Province has issued a plan to accelerate energy technology innovation, focusing on the development of new energy technologies, including perovskite solar cells and cadmium telluride thin-film batteries [4] - The plan also emphasizes the extraction and research of new energy metals like lithium and aluminum, as well as the demonstration of electric and hydrogen-powered heavy-duty vehicles [4] Group 5 - The National Radio and Television Administration has outlined key tasks for 2026, including promoting the development of high-quality micro-short dramas and enhancing the management of online variety shows [5] - The focus will also be on integrating artificial intelligence into broadcasting and improving the quality of audiovisual data [5][6] Group 6 - The State Drug Administration has announced new regulations to strengthen the supervision of entrusted drug production, clarifying the responsibilities of both drug license holders and contract manufacturers [7] - The regulations aim to ensure the quality and safety of drugs produced under contract [7] Group 7 - The Ministry of Commerce plans to enhance the promotion of biodegradable and bamboo-based alternatives to plastic, in line with national plastic pollution control efforts [8] - The initiative aims to deepen reduction efforts in key sectors like catering and establish a long-term governance mechanism for plastic pollution [8]

Group 1 - Geely Auto Group announced the evolution of its AI technology system to version 2.0 at the 2026 CES, enabling cross-domain integration of AI technology in vehicles, providing a continuous "worldview" and "judgment" for automotive intelligence [1] - The new English brand name for Geely's advanced driving assistance system is G-ASD (Geely Afari Smart Driving), representing a high-modulus intelligent driving solution developed in collaboration with Qianli Zhijia [3] - G-ASD utilizes a Smart AI Agent architecture, enhanced by a cloud-based multimodal large model with over 100 billion parameters, significantly improving environmental perception and reasoning capabilities [3] Group 2 - G-ASD is equipped with an extensive dataset, including data from 8.5 million vehicles and 10 billion intelligent driving experiences, along with 25 million clips of model data and the industry's first million vehicle accident safety data [3] - The G-ASD system features leading perception hardware, with models like the Qianli Haohan H7 using Thor and dual Orin chips, and the H9 model achieving 1400 TOPS of computing power with five laser radars for comprehensive 360° coverage [3] - The first version of G-ASD has been integrated into several models from Zeekr and Lynk & Co, with plans to roll out Level 3 and Level 4 functionalities for Robotaxi operations within the year, subject to regulatory approval [4] Group 3 - Geely Auto Group reported sales exceeding 3.02 million units in 2025, with nearly 1.69 million units being new energy vehicles, reflecting a year-on-year growth of 90% [4]

国家知识产权局信息显示，浙江吉利控股集团有限公司、浙江吉智新能源汽车科技有限公司取得一项名 为"换电站热管理系统及具有其的换电站"的专利，授权公告号CN119749319B，申请日期为2024年12 月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 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。 来源：市场资讯 浙江吉智新能源汽车科技有限公司，成立于2018年，位于杭州市，是一家以从事科技推广和应用服务业 为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，浙江吉智新能源汽车科技有限公 司参与招投标项目10次，专利信息487条，此外企业还拥有行政许可4个。 ...

于同日，公司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3.1万股普通股 股份。 吉利汽车(00175)发布公告，于2026年1月6日，该公司斥资749.94万港元回购42.3万股股份，每股回购价 17.57-17.81港元。 ...

证券时报·数据宝统计，吉利汽车在港交所公告显示，1月6日以每股17.570港元至17.810港元的价格回购 42.30万股，回购金额达749.94万港元。该股当日收盘价17.830港元，上涨1.31%，全天成交额6.92亿港 元。 | 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） | | --- | --- | --- | --- | --- | | 2026.01.06 | 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） 自1月5日以来公司已连续2日进行回购，合计回购384.30万股，累计回购金额6781.40万港元。 其间该股 累计下跌2.03%。（数据宝） 吉利汽车回购明细 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [6]. Core Insights - Geely Automobile reported December 2025 sales of 237,000 units, representing a year-on-year increase of 12.7% but a month-on-month decrease of 23.7%. The total sales for the year reached 3.025 million units, up 39.0% year-on-year [2][4]. - The company is expected to enter a new product era supported by the GEA architecture, with positive developments across its brands including Zeekr, Lynk & Co, and Galaxy. The transition to new energy vehicles is progressing smoothly, and the scale effects are expected to enhance profitability [2][7]. - Geely's strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets. The company is set to accelerate its smart driving capabilities as part of its intelligent strategy [2][7]. Summary by Sections Sales Performance - December 2025 sales were 237,000 units, with year-on-year growth of 12.7% and a month-on-month decline of 23.7%. The breakdown includes 173,000 units from Geely brand, 34,000 from Lynk & Co, and 30,000 from Zeekr, with respective year-on-year changes of +10.2%, +29.4%, and +11.3% [7]. - For the entire year, cumulative sales reached 3.025 million units, with significant contributions from Galaxy (1.236 million units, +149.9%), Lynk & Co (350,000 units, +25.4%), and Zeekr (224,000 units, -1.8%) [7]. Strategic Outlook - Geely aims for total sales of 3.45 million units in 2026, representing a year-on-year increase of 14%. The targets for each brand are 2.75 million for Geely, 400,000 for Lynk & Co, and 300,000 for Zeekr [7]. - The company is focusing on brand strategy, with simultaneous efforts in electrification and intelligence, supported by a strong new vehicle cycle [7]. Financial Projections - The expected net profit for 2025 is 17 billion yuan, with a corresponding price-to-earnings ratio of 10.6x, indicating significant profitability potential [7].