Core Viewpoint - The B-segment sedan market in China is experiencing a significant price war, with domestic brands aggressively entering the market at previously unthinkable price points, such as 80,000 yuan [1] Group 1: Market Dynamics - The recent launch of the Roewe M7 DMH at a limited-time price of 85,800 to 102,800 yuan targets the 100,000 yuan plug-in hybrid sedan market [1] - Competitors like BYD's Qin L and Galaxy A7 are also focusing on the 80,000 yuan price range, indicating intense competition in this segment [1] - The B-segment market is characterized by large capacity and high profit margins, which have traditionally been dominated by joint venture brands [1] Group 2: Competitive Landscape - Joint venture brands are also introducing plug-in hybrid models in the B-segment, such as the Accord e:PHEV and Passat PHEV, which are priced around 200,000 yuan [1] - Monthly sales figures for these joint venture models remain in the hundreds, suggesting a potential shift in consumer preference towards domestic brands [1] - The high-end sedan market is witnessing a decline in Japanese and other joint venture brands, while domestic brands are rapidly gaining market share [1]

Core Points - China successfully launched the Geli constellation 06 group of satellites using the Jielong-3 rocket from the Taiyuan Satellite Launch Center [1] - The satellites successfully entered their designated orbit, marking the mission as a complete success [1] - The mission also included the launch of the Peking University Time Space Star 01 experimental satellite [1]

Core Viewpoint - The Chinese lithium battery industry is accelerating its global presence driven by strong demand in electric vehicles and energy storage, despite facing challenges such as price wars and geopolitical uncertainties [1] Group 1: Industry Trends - In the first eight months of 2025, China's lithium-ion battery exports exceeded 3.003 billion units, marking an 18.66% year-on-year increase, with export value reaching $48.296 billion, up 25.79% [1] - The industry is experiencing a significant price war, particularly in the electric vehicle and energy storage sectors, with prices for energy storage systems dropping over 80% in the past three years [2][4] Group 2: Historical Lessons - The current price competition in the new energy sector mirrors the historical decline of the Chinese motorcycle industry in the 1990s, where aggressive pricing led to a loss of market trust and quality issues [2][4] - The decline in quality due to price cuts could result in a loss of overseas markets and damage the reputation of Chinese products globally [4] Group 3: Policy Responses - The Chinese government is implementing a series of anti-involution policies starting in 2024 to regulate competition in the lithium battery and new energy vehicle sectors, aiming to prevent a repeat of past industry failures [5][6] - New regulations, including the revised Anti-Unfair Competition Law, prohibit selling below cost, providing a legal basis to combat price dumping [5] Group 4: Market Adjustments - As a response to the anti-involution policies, some companies are adjusting their strategies, moving away from aggressive pricing to prioritize quality [6][7] - The lithium battery material market is showing signs of recovery, with prices for key materials like lithium hexafluorophosphate beginning to rise [7] Group 5: Sustainable Development - The focus is shifting towards a collaborative ecosystem across the entire supply chain, emphasizing the importance of maintaining healthy profit margins for all players involved [9] - The industry is encouraged to prioritize technological and quality advancements over price competition to establish a sustainable growth path [10]

9月24日下午，吉利汽车在港交所公告，鉴于推出吉利及领克品牌旗下新车型及公司产能不足，于2025 年9月24日（交易时段后），公司、吉利控股、远程商用车与山东吉利新能源订立整车及整车成套件合 作制造采购协议。该协议为期三年，自完成日期起至2027年12月31日止。根据该协议，集团已有条件同 意向远程商用车集团、山东吉利新能源集团及吉利控股集团购买主要用于吉利、极氪及领克品牌汽车之 整车及整车成套件。该等实体乃集团指定的整车及整车成套件的生产合作伙伴。该份新协议将取代现有 整车及整车成套件合作制造采购协议。 截至2027年12月31日止三个年度，集团根据整车及整车成套件合作制造采购协议购买整车及整车成套件 之建议年度上限分别为约人民币753.195亿元、人民币1313.969亿元及人民币1671.203亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 非豁免持續關連交易 吉利汽車控股有限公司之財務顧問 獨立董事委員會及獨立股東之獨立財務顧問 (A) 整車及整車成套件合作製造採購協議 茲提述本公司日期為二零二三年九月十五日之公佈，內容有關整車及整車成套件 合作製造採購協議，其將於二零二六年十二月三十一日屆滿。 鑒於推出吉利及領克品牌旗下新車型及本公司產能不足，於二零二五年九月二十 四日（交易時段後），本公司、吉利控股、遠程商用車與山東吉利新能源訂立整車 及整車成套件合作製造採購協議。該協議為期三年，自完成日期起至二零二七年 十二月三十一日止。根據該協議，本集團已有條件同意向遠程商用車集團、山東 吉利新能源集團及吉利控股集團購買主要用於吉利、極氪及領克品牌汽車之整車 及整車成套件。該等實體乃本集團指定的整車及整車成套件的生產合作夥伴。該 份新協議將取代現有整車及整車成套件合 ...

Core Viewpoint - Geely has launched the Galaxy M9, a large six-seat SUV, at a competitive price range of 173,800 to 238,800 yuan, significantly lowering the market price for this segment and achieving over 23,000 pre-orders within 24 hours of its launch [2][3] Pricing Strategy - The Galaxy M9 targets the family user market at the 200,000 yuan price point, offering larger dimensions and higher configurations compared to competitors like Li Auto L9 and AITO M9 [3] - The pricing strategy aims to create a "high-value" perception among customers, emphasizing quality at a competitive price [2][4] Product Features - The Galaxy M9 features a length of 5.2 meters, a fuel consumption of 4.8L/100km, and a maximum range of 1500 km under CLTC conditions, showcasing its efficiency and spaciousness [3][4] - It is built on the GEA Evo platform and incorporates advanced technologies such as the new generation Raytheon EM-P AI hybrid system and comprehensive autonomous driving capabilities [3][4] Market Positioning - Geely aims to establish the Galaxy M9 as a "hexagonal warrior" that meets all user needs for a large six-seat SUV, focusing on solving pain points and enhancing user experience [4] - The Galaxy brand has achieved significant sales growth, with 110,700 units sold in August, a 173% year-on-year increase, and a cumulative total of 754,100 units sold from January to August, marking a 222% increase [4] Competitive Strategy - Geely's ability to control costs through robust technical capabilities allows it to maintain a "high-quality, low-price" product positioning [5][6] - The company is entering a "harvest period" after substantial R&D investments, which have laid the foundation for improved product quality and experience [6] Future Outlook - Geely plans to launch multiple new models, including the Starry 6 and the fifth-generation Emgrand, to support its revised annual sales target of 3 million units, up from 2.71 million [6]

Core Insights - The global automotive industry is undergoing a restructuring phase, with Chinese automotive exports expected to accelerate by 2025, leading to a projected production scale of nearly 30 million vehicles by 2030 for Chinese brands [1][2] - The penetration rate of new energy vehicles (NEVs) in China is anticipated to exceed 50% by 2025, positioning Chinese brands as leaders in the domestic market [2] - Global consumer awareness of electric and intelligent technologies has been established, prompting a rapid transition to NEVs among European, American, and Japanese automakers [2] Industry Overview - The transformation towards electric and intelligent vehicles in China is nearly complete, with a significant market share achieved by local brands [2] - Chinese automotive exports are expected to maintain their position as the largest globally, with a shift towards deeper international expansion for domestic brands [2] - The demand for NEVs in non-Chinese markets is projected to increase, driven by both supply and demand dynamics, leading to a potential "Davis Double Play" opportunity for the Chinese supply chain [2] Company Recommendations - Recommended companies for investment include leading Chinese automakers with established export strategies such as BYD, Leap Motor, Great Wall Motors, Geely, and Xpeng [3] - International component suppliers with strong global presence and technological leadership, such as Minth Group, Fuyao Glass, Sanhua Intelligent Controls, Changshu Automotive Trim, and Coboda, are also highlighted as potential beneficiaries of the NEV transition [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 38th week of 2025 (from September 15th to September 21st), the single - week retail sales of passenger cars reached 5.11 million, a year - on - year increase of 14.2%. The cumulative retail sales since the beginning of this year were 15.693 billion, a year - on - year increase of 5.9%. The single - week retail sales of new energy passenger cars were 2.99 million, a year - on - year increase of 5.9%, and the cumulative retail sales since the beginning of this year were 8.214 billion, a year - on - year increase of 23.0%. The single - week penetration rate of new energy vehicles reached 59.5%, and the cumulative annual penetration rate was 52.3%, showing a slow upward trend [1][13][16]. - The market pattern of new energy vehicles is constantly changing. Brands like BYD and Li Auto had a year - on - year negative growth, while XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintained relatively high growth rates. New brands such as Xiaomi have added new variables to the market, and traditional automakers like Geely, Changan, and Chery have achieved excellent performance in new energy vehicle sales [2][22]. 3. Summary According to Relevant Catalogs 3.1 Passenger Car Market Weekly Overview - **Overall Passenger Car Sales**: In the 38th week of 2025, the single - week retail sales of passenger cars were 5.11 million, a year - on - year increase of 14.2%. The cumulative retail sales since the beginning of this year were 15.693 billion, a year - on - year increase of 5.9% [1][13]. - **New Energy Passenger Car Sales**: The single - week retail sales of new energy passenger cars were 2.99 million, a year - on - year increase of 5.9%. The cumulative retail sales since the beginning of this year were 8.214 billion, a year - on - year increase of 23.0% [1][13]. - **Penetration Rate**: The single - week penetration rate of new energy vehicles reached 59.5%, and the cumulative annual penetration rate was 52.3%, showing a slow upward trend [1][16]. - **Sales by Power Type**: Among passenger cars, traditional fuel, hybrid, and new energy vehicles had retail sales of 1.94 million, 0.18 million, and 2.99 million respectively, with year - on - year changes of - 4.1%, - 3.4%, and 31.9% respectively, accounting for 37.9%, 3.6%, and 58.5% of passenger cars. Among new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles had retail sales of 1.95 million, 0.79 million, and 0.25 million respectively, with year - on - year changes of 54.9%, 5.0%, and - 2.4% respectively, accounting for 65.2%, 26.5%, and 8.3% of new energy passenger cars [17]. - **Sales by Production Attribute**: Among passenger cars, self - owned and joint - venture brands had retail sales of 3.43 million and 1.69 million respectively, with year - on - year increases of 22.0% and 1.0% respectively, accounting for 67.0% and 33.0% of passenger cars. Among new energy passenger cars, self - owned and joint - venture brands had retail sales of 2.7 million and 0.3 million respectively, with year - on - year increases of 33.2% and 21.1% respectively, accounting for 90.1% and 9.9% of new energy passenger cars [19]. 3.2 Key New Energy Automaker Sales Analysis - **Overall Situation**: In the 38th week of this year, BYD sold 78,000 new energy passenger cars, Geely Automobile sold 37,000, SAIC - GM - Wuling sold 20,000, Tesla (China) sold 17,000, Changan Automobile sold 15,000, Hongmeng Zhixing sold 13,000, and Chery Automobile sold 11,000. Among new - force automakers, Leapmotor sold 13,000, Xiaomi sold 11,000, Wenjie sold 10,000, XPeng and Li Auto sold 9,000 each, and NIO sold 7,000 [2][22]. - **BYD**: The weekly sales were 78,000. Since July, the year - on - year growth rate has turned negative. The cumulative sales this year were 2.359 billion, with a year - on - year growth rate of 2.3%. The sales of pure - electric and plug - in hybrid (including extended - range) models were basically half and half. From January to August this year, the global cumulative sales were 2.864 billion, and the overseas cumulative sales of passenger cars and pickups were 630,000. Regarding the reported reduction of the annual sales target from 5.5 billion (including 800,000 in the overseas market) to 4.6 billion, the completion rate of the original target from January to August was 52%, and the overseas market target completion rate was 78.75%. After the target reduction, the completion rate was 62% [26]. - **Geely Automobile**: The weekly sales were 56,000, including 37,000 new energy vehicles (3,000 from the Zeekr brand), and the electrification rate was about 65%. The cumulative sales this year were 1.647 billion, a year - on - year increase of 48.5%, and the cumulative new energy sales were 979,000, a year - on - year increase of 100.0%. The company adjusted its 2025 sales target from 2.71 billion to 3 billion [28]. - **SAIC - GM - Wuling**: The overall passenger car sales were 21,000, including 20,000 new energy vehicles, and the electrification rate was as high as 92%. The cumulative sales this year were 594,000, with a growth rate of 19.9%, and the new energy sales were 511,000, with a growth rate of 35.4%. Pure - electric models dominated the sales [31]. - **Changan Automobile**: The overall passenger car sales were 25,000, including 15,000 new energy vehicles, and the electrification rate was about 59%. The cumulative sales this year were 846,000, a year - on - year increase of 2.1%, and the new energy sales were 423,000, a year - on - year increase of 19.2% [36]. - **Chery Automobile**: The overall passenger car sales were 26,000, including 11,000 new energy vehicles, and the electrification rate was about 44%. The cumulative sales this year were 869,000, a year - on - year increase of 23.5%, and the new energy sales were 313,000, a year - on - year increase of 66.5% [41]. - **Tesla**: The sales in China that week were 17,000, and the cumulative sales this year were 412,000, a year - on - year negative growth of - 5.7%. The sales of Model 3, Model Y, and Model Y L were about 6,000, 10,000, and 1,000 respectively. Tesla has launched multiple promotional activities this year. The price of the long - range version of Model 3 increased by 10,000 yuan since July 1st. Tesla's Model 3 and Model Y entered the rural subsidy catalog for the first time in 2025 [46]. - **Hongmeng Zhixing**: The weekly sales were 13,000, including about 10,000 for Wenjie and about 1,000 for Zhijie. The Shangjie H5, a new car in cooperation with SAIC, is planned to be officially launched in September, targeting the mass market [50]. - **New - Force Automakers**: Leapmotor, Xiaomi, Wenjie, XPeng, Li Auto, and NIO sold 13,000, 11,000, 10,000, 9,000, 9,000, and 7,000 respectively. XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintained relatively high growth rates [2][22].

Core Viewpoint - Geely's new "Dongfangyao" series has been officially launched, with a price range of 98,700 to 179,700 yuan, aiming to enhance its product matrix in the high-end fuel vehicle market [2][5]. Product Launch - The "Dongfangyao" series includes two main product lines: Xingrui and Xingyue L, with a total of six versions for Xingrui priced between 98,700 and 138,700 yuan, and three versions for Xingyue L priced between 158,700 and 179,700 yuan [2]. - The series features two power combinations: 2.0TD+8AT and 1.5TD+7DCT for Xingrui, and three 2.0TD+8AT models for Xingyue L [2]. Brand and Cultural Initiatives - Geely's "Cultural Tourism Exploration Plan" has launched its fourth season in Dunhuang, integrating traditional culture with modern technology and tourism experiences [2]. - Strategic partnerships have been established with the Dunhuang municipal government and Henan TV to promote cultural events and automotive-related cultural products [2]. Design and Technology - The series emphasizes differentiated product strength across five dimensions: design, technology, driving control, comfort, and safety [3]. - The design draws inspiration from Dunhuang Silk Road aesthetics, featuring exclusive colors and interior elements that reflect traditional culture [3]. - The vehicles are equipped with GEEA 3.0 electronic architecture and AI capabilities for enhanced performance and user experience [3]. Performance and Comfort - All models are powered by a 2.0TD engine with a maximum power of 200 kW and peak torque of 400 N·m, achieving 0-100 km/h in 6.5 seconds [4]. - The Xingyue L model includes advanced comfort features such as seat massage and adjustable rear seat backs [4]. Safety Features - The new series incorporates nine safety systems based on four core safety concepts, including high-strength materials and advanced active safety features [4]. - The vehicles are equipped with an AEB system capable of stopping at speeds up to 120 km/h, with future OTA updates planned for enhanced safety features [4]. Market Performance - Fuel vehicles still hold a 49.9% market share in China's passenger car market, with Geely maintaining a dual strategy of investing in both fuel and new energy vehicles [5]. - Geely's total sales are projected to exceed 1.4 million units by mid-2025, with a market share of 10.4%, and the "Geely China Star" series leading in fuel vehicle sales among Chinese brands [5]. - The launch of the "Dongfangyao" series further enriches Geely's product offerings, providing consumers with high-end fuel vehicle options that balance intelligence, comfort, and mechanical performance [5].

智能化生产线与技术人员精准协作，70多秒就能下线一辆新能源汽车，2025"一带一路"媒体合作论 坛东盟与中日韩（10+3）主流媒体采访团来到吉利汽车贵阳制造基地，感受"中国智造"驱动产业升级转 型的魅力。从2015 年在贵州落子，到 2024 年销量突破13万辆，再到今年成功打造出满油满电状态下拥 有超2100km的行业最高综合续航汽车。一系列数据背后，是贵州"数字赋能+N"模式的生动实践。外国 媒体嘉宾纷纷点赞，这座工厂彰显了贵州在数字经济领域的强劲动力，更让世界看到了智能制造和可持 续发展的未来样貌。 统筹：李志强 叶琦 视频制作：王靖舒 韩汝鑫 罗飞扬 文字：岳秋童 摄影：蔡成干 薛珂 ...