Core Viewpoint - Geely Auto announced the evolution of its AI technology system to version 2.0 at CES 2026, introducing the WAM world behavior model for cross-domain integration in automotive intelligence [1] Group 1: AI Technology Advancements - The AI 2.0 system supports the evolution of the Eva super-human emotional intelligence agent, which serves as the central intelligence for vehicles, enabling human-like dialogue and autonomous decision-making capabilities [1] - Geely introduced the G-ASD (千里浩瀚辅助驾驶系统) brand for its advanced driver assistance system, utilizing the Smart AI Agent architecture and the WAM model, achieving functionality coverage from Level 2 to Level 4 [1] Group 2: Product Launches and Sales Goals - Geely showcased new models including the Zeekr 9X and Galaxy M9, along with technological advancements such as the Shendun battery [1] - The company reported a 90% year-on-year increase in new energy vehicle sales for 2025 and plans to launch approximately 10 new vehicles in 2026, aiming for an annual target of 3.45 million units [1]

Core Insights - Geely Auto Group showcased its commitment to intelligent mobility at CES 2026 by unveiling Full-Domain AI 2.0 and G-ASD, aiming to redefine next-generation smart vehicle technology [2][6] Group 1: Full-Domain AI 2.0 - Full-Domain AI 2.0 represents a significant upgrade from the previous version, transitioning from a fragmented, module-based system to a unified vehicle-wide AI architecture [3] - The new architecture integrates vehicle-level computing power, data, and models to create a central intelligent engine, enhancing collaboration across various vehicle functions [3] - This system allows for real-time interaction and mutual access among intelligent systems in the cockpit, chassis, safety, and driving domains [3] Group 2: G-ASD (Geely Afari Smart Driving) - G-ASD is Geely's next-generation intelligent driving system, designed to facilitate the shift towards high-level autonomous driving [4][6] - The system utilizes advanced AI, extensive real-world driving data, and high-performance hardware to improve safety and driving confidence in complex traffic situations [4] - G-ASD aims to provide a more humanlike and user-friendly driving experience, integrating seamlessly with vehicle components [5]

Group 1 - The core viewpoint of the report is that Geely Automobile (00175) is experiencing an upward product cycle and multi-brand collaboration, leading to an increase in profitability, with net profit estimates for 2025 and 2026 raised by 3.2% and 8.9% to 17.5 billion and 21.5 billion respectively, and a new estimate for 2027 net profit at 24.9 billion [1] - The company announced that it achieved a passenger vehicle sales volume of 3,024,567 units in 2025, a year-on-year increase of 39%, exceeding the original annual sales target of 3 million units [2] - In terms of brand performance, Geely's main brand, Zeekr, and Lynk & Co achieved sales of 2,449,939 units, 224,133 units, and 350,495 units respectively, with year-on-year growth of 47%, 1%, and 23%. New energy vehicle sales increased by 90% to 1,687,767 units, accounting for 55.8% of total sales [3] Group 2 - The company has set a sales target of 3.45 million passenger vehicles for 2026, representing a year-on-year increase of 14%, with new energy vehicle sales expected to grow by 32% to 2.22 million units. The sales targets for Geely, Zeekr, and Lynk & Co are set at 2.75 million, 300,000, and 400,000 units respectively [3] - The report highlights that Geely is gradually improving its product lineup across various price ranges in the new energy sector, with new models such as the Zeekr 9X, Lynk & Co 900, and Galaxy M9 being introduced to fill market gaps, while also expanding its product line in MPV and off-road categories [3] - The report anticipates that as the integration of Geely, Zeekr, and Lynk & Co progresses, the synergies in production management will gradually be realized, coupled with an upward product cycle, which is expected to demonstrate stronger profitability elasticity [3]

腾讯控股回购数量101.80万股，回购金额6.36亿港元，回购最高价为627.500港元，最低价为617.000港 元，年内累计回购金额12.71亿港元；小米集团-W回购数量380.00万股，回购金额1.49亿港元，回购最 高价为39.320港元，最低价为39.220港元，年内累计回购金额1.49亿港元；吉利汽车回购数量342.00万 股，回购金额6031.47万港元，回购最高价为17.900港元，最低价为17.520港元，年内累计回购金额 6031.47万港元。 集团 | 02598 | 连连数字 | 11.00 | 75.86 | 6.970 | 6.710 | 75.86 | | --- | --- | --- | --- | --- | --- | --- | | 00909 | 明源云 | 20.00 | 65.53 | 3.280 | 3.270 | 132.64 | | 02416 | 易点云 | 21.95 | 49.89 | 2.280 | 2.250 | 134.20 | | 02652 | 长风药业 | 1.50 | 48.54 | 32.920 | 31.700 | 85.42 | | ...

智通财经APP获悉，石四药集团(02005)、摩比发展(00947)、吉利汽车(00175)、方正控股(00418)、绿城 服务(02869)、富智康集团(02038)、名创优品(09896)、天伦燃气(01600)、天福(06868)、同方友友 (01868)、津上机床中国(01651)、信利国际(00732)、IGG(00799)、明源云(00909)、永升服务(01995)、天 虹国际集团(02678)、腾讯控股(00700)、百融云-W(06608)、移卡(09923)、知行科技(01274)、中视金桥 (00623)、宝胜国际(03813)、滨海投资(02886)、融创服务(01516)、美亨实业(01897)、微泰医疗- B(02235)、思派健康(00314)、德康农牧(02419)、九毛九(09922)、易点云(02416)、叮当健康(09886)、小 米集团-W(01810)、骏杰集团控股(08188)、绿茶集团(06831)、巨子生物(02367)、KEEP(03650)、东阳光 药(06887)、天立国际控股(01773)、家乡互动(03798)、连连数字(02598)、多点数智(025 ...

Group 1: Local Government Bonds - Shandong Province issued 723.81 billion yuan in local government bonds, marking the first issuance in the country for the year [2] - The issuance included 467.72 billion yuan in new special bonds and 256.09 billion yuan in refinancing special bonds, focusing on investment in new projects [2] - The Ministry of Finance established a dedicated Debt Management Department to enhance government debt management, which was previously fragmented [2][3] Group 2: Pharmaceutical Industry - In 2025, China approved 76 innovative drugs, significantly surpassing the 48 approved in 2024, with domestic drugs accounting for 85.5% of the total [4] - The total value of authorized transactions for innovative drugs exceeded 130 billion USD, with over 150 transactions, setting a new record [4] - The Chinese pharmaceutical industry has seen substantial growth, particularly in innovative drugs, supported by reforms in drug approval processes and enhanced intellectual property protections [5] Group 3: Automotive Industry - Six major listed car manufacturers reported their 2025 sales, with BYD leading at 4.6024 million units, a 7.73% increase, followed by SAIC and Geely [6] - The growth in sales was driven primarily by the expansion of electric vehicles, with BYD's electric vehicle sales surpassing Tesla for the first time [6][7] - The competitive landscape in the automotive market is intensifying, with companies focusing on optimizing product structures and expanding overseas [7] Group 4: Oil Market - OPEC+ decided to maintain stable oil production levels, postponing planned increases due to ongoing geopolitical tensions [8] - Despite Venezuela's significant oil reserves, production remains low due to insufficient investment, limiting its impact on global supply [8][9] - The global oil market faces challenges in stabilizing prices amid concerns of overproduction and geopolitical factors [9] Group 5: Stock Market Performance - In 2025, 385 Hong Kong stocks saw over 100% growth, with 14 stocks increasing more than tenfold, indicating a strong market performance [14] - The increase in "red stocks" reflects a growing willingness to assign long-term value to internet giants and a high enthusiasm for growth sectors [15] - The A-share market opened positively in 2026, with significant gains across various sectors, particularly in insurance and AI applications [16][17] Group 6: Consumer Products - Prices for certain LABUBU products in the second-hand market have dropped significantly, indicating a shift in supply and demand dynamics [10][11] - The price decline is attributed to increased production by the company, which aims to balance consumer demand with product scarcity [11] Group 7: Technology and AI - Samsung plans to double the number of mobile devices equipped with Google's Gemini AI system, aiming to regain market share in the smartphone sector [12][13] - The integration of AI into various products, including home appliances, highlights a trend towards combining hardware and software solutions [13]

Group 1 - The Hong Kong stock market is experiencing a surge in share buybacks at the beginning of 2026, with numerous companies signaling positive market sentiment [1] - As of January 5, 2026, 45 Hong Kong companies have disclosed buyback activities, with three companies repurchasing over 10 million HKD [1] - Major sectors involved in the buybacks include property services, internet, and pharmaceuticals, featuring leading companies such as Tencent, Geely, and Country Garden Services [1] Group 2 - Tencent has repurchased shares for two consecutive trading days in 2026, spending approximately 1.271 billion HKD to buy back 2.047 million shares [1] - In 2025, Tencent conducted 130 buybacks totaling 1.53 million shares and over 80 billion HKD, maintaining its position as the "buyback king" in Hong Kong for four consecutive years [1] - Geely has spent 60.3147 million HKD to repurchase 3.42 million shares, with a total buyback plan of 2.3 billion HKD announced previously [1] Group 3 - First Journey Holdings has continued its buyback efforts in 2026, spending approximately 19.9915 million HKD to repurchase about 9.182 million shares [2] - The company has a buyback plan in place to repurchase up to 1 billion HKD worth of shares from November 17, 2025, to December 31, 2028, aiming to enhance long-term value and shareholder returns [2] - Several property service companies, including Country Garden Services and Greentown Services, have actively supported their stock prices through buybacks [2] Group 4 - On December 31, 2025, Weibo announced a share buyback plan authorized for up to 200 million USD within the next 12 months [3] - Cloudtrace has also announced a buyback plan for H-shares, with a maximum amount not exceeding 100 million HKD, with the repurchased shares to be either canceled or held as treasury shares [3]

Core Insights - The report highlights that the Chinese automotive industry is entering the mid-to-late stage of the electric and intelligent transformation, characterized by the coexistence of traditional fuel vehicles, electric intelligent vehicles, and future industries represented by autonomous driving. This necessitates a layered and structured investment approach based on the different stages of these industry curves [2][3]. Trend Summaries Trend 1: Scrap Gap Provides Long-term Space, Trade-in Policies Expected to Normalize - The Chinese automotive market has stabilized at an annual sales level of 31 million units, with a substantial vehicle ownership base of 350 million units, laying the groundwork for future updates. The annual scrappage volume is still significantly lower than new car sales, leading to an expanding replacement gap. The "trade-in" policy is expected to evolve from a temporary stimulus to a normalized tool, enhancing the precision of policies to support domestic demand and industrial production [2][13][27]. Trend 2: New Forces Drive China's Automotive Exports to a New Structural Upgrade Stage - China's automotive exports have entered a high-growth phase, achieving several-fold growth over four years. The export structure has undergone profound changes, with a significant increase in the penetration of new energy vehicles. New force car manufacturers are enhancing China's brand premium and technological image in the global market through high-value product exports [2][30][34]. Trend 3: "Mass Market Pure Electric + High-end Range Extender" Trend Continues to Deepen - With the penetration rate of new energy vehicles surpassing 50%, market demand is showing structural differentiation. In the mass market under 200,000 yuan, the 800V high-voltage platform significantly improves charging efficiency, driving pure electric growth to outpace plug-in hybrids and range extenders. In the high-end market above 300,000 yuan, the "large battery long-range range extender" remains the mainstream solution for full-size SUVs/MPVs [2][3]. Trend 4: The "Late Mass Market" Phase Will Continue to Strengthen the Matthew Effect - The industry is transitioning from the "early mass market" to the "late mass market" phase, where consumers prioritize brand endorsement, after-sales support, and residual value certainty. This pragmatic user base favors mature brands and ecosystem capabilities, leading to a concentration of market resources towards leading technology firms [2][3]. Trend 5: Focus on State-owned Enterprises for Opportunities Around "Certainty + Cost-effectiveness" - Regulatory bodies are intensifying the separate assessment and market value management of state-owned enterprises' new energy businesses, driving resources towards electric intelligence. Major automotive groups are restructuring to shorten development cycles, accelerating the integration of intelligent configurations into mainstream price segments [2][3]. Trend 6: Growth of New Energy Heavy and Light Trucks Enters Acceleration Phase - The electrification of commercial vehicles has crossed a critical point, entering a self-driven growth phase. The total cost of ownership (TCO) for heavy trucks has dropped to a recovery period of 1.5-2 years, accelerating the replacement of fuel vehicles. The light truck sector is also maturing, with urban delivery electrification fully established [3][6]. Trend 7: High-perception Intelligent Cockpit Configurations Will Reshape Purchase Decisions - Intelligent cockpits have become a default configuration in new energy vehicles, with the importance of intelligent features in purchase decisions rising to the forefront. Consumers are focusing on visual and perceptible components, making HUDs, large LCD screens, and intelligent seating core differentiation battlegrounds [3][6]. Trend 8: Intelligent Driving Accelerates Along "End-to-End" and "Equal Rights" Paths - The intelligent driving architecture is transitioning to an "end-to-end" model, enhancing efficiency across the perception and decision-making chain. The continued acceleration of L3 policies provides opportunities for leading manufacturers to compete and iterate rapidly in high-level intelligent driving [3][6]. Trend 9: Three Major Autonomous Driving Commercialization Scenarios Approaching Explosive Growth - Robotaxi, mining autonomous driving, and unmanned logistics vehicles are moving from pilot projects to mass production. The cost advantages of unmanned logistics vehicles are becoming increasingly evident, with sales curves showing signs of exponential growth [3][6]. Trend 10: Embodied Intelligence Enters Pre-production Phase, Releasing a Second Growth Curve for the Automotive Manufacturing Industry - Humanoid robots are transitioning from hardware-driven to intelligent dual-core driven, with the automotive supply chain naturally adapting to this field. The synergy between embodied intelligence and the automotive industry is expected to create dual dividends in performance and valuation [3][6].

Investment Highlights - The automotive industry is expected to see a recovery in passenger vehicle demand in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles and established export-oriented companies [3][4][5][34] - The heavy truck sector benefits from a new policy that maintains subsidy levels, with expectations of 800,000 to 850,000 units sold domestically in 2026, reflecting a 3% year-on-year increase [4][29][38] - The bus sector anticipates a slight increase in sales to 40,000 units in 2026, supported by the continuation of subsidy policies [4][28][38] - The motorcycle market is projected to grow, with total industry sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by strong export growth [5][35] Passenger Vehicle Sector - The implementation of subsidy policies is expected to convert pent-up demand into sales, with a focus on companies less sensitive to policy changes, such as Jianghuai Automobile and high-end brands like Geely and Great Wall [3][34] - The domestic market is expected to prioritize stability, while exports will focus on companies with proven execution capabilities, such as BYD and Changan [3][34] Heavy Truck Sector - The new policy for heavy trucks has exceeded expectations, maintaining subsidy levels from 2025, which is anticipated to accelerate the rollout compared to previous years [4][29][38] - The domestic sales forecast for heavy trucks in 2026 is optimistic, with expectations of 80,000 to 85,000 units sold, reflecting a 3% increase year-on-year [4][29][38] Bus Sector - The bus sector's subsidy policy has also exceeded expectations, with sales projected to reach 40,000 units in 2026, a 5% increase year-on-year [4][28][38] - The market anticipates a continued push for electric buses, supported by government incentives [28][38] Motorcycle Sector - The motorcycle market is expected to see significant growth, particularly in the large-displacement segment, with total sales projected at 1.26 million units in 2026, a 31% increase year-on-year [5][35] - Exports are expected to rise significantly, with a forecast of 830,000 units in 2026, reflecting a 50% increase [5][35] Overall Market Outlook - The overall automotive market is projected to grow, with total industry sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year [5][35] - The heavy truck and motorcycle sectors are particularly well-positioned for growth due to favorable policy environments and increasing export opportunities [4][5][35]

Core Insights - Cerence Inc. has announced a partnership with Geely Auto to implement Cerence xUI™, a hybrid AI platform aimed at enhancing the in-vehicle voice interaction experience for overseas users [1][2]. Group 1: Partnership Details - The collaboration leverages Geely Auto's AI technology and Cerence's expertise in hybrid AI to prioritize overseas user needs, enhancing driving safety and convenience [2]. - Geely Auto will utilize Cerence xUI to introduce advanced voice interaction features, including multi-intent recognition and natural language understanding, tailored to regional linguistic and cultural preferences [3]. Group 2: Product Features and Benefits - Cerence xUI enables a more natural and intuitive in-car assistant experience, transforming it from a reactive system to a proactive, context-aware companion [4]. - Key features of Cerence xUI include: - Natural, unconstrained dialogue allowing users to interact freely without unrecognized requests [6]. - Multi-intent functionality that allows the assistant to handle complex queries seamlessly [6]. - Support for multiple acoustic zones, providing personalized experiences for each passenger [6]. - Say What You See (SWYS) functionality for hands-free control of the user interface [6]. Group 3: Market Impact and Future Plans - The deployment of Cerence xUI in the Geely Galaxy M9 is set to begin in April 2026, showcasing the rapid market introduction of these AI solutions [4]. - Cerence's technology has been integrated into over 525 million vehicles, indicating a strong market presence and partnership with leading automakers [5].