Core Viewpoint - The report from China Galaxy Securities highlights that during the "14th Five-Year Plan" period, the automotive industry is expected to benefit from policies supporting domestic demand and the acceleration of new productivity development, particularly through technological innovations and global supply chain layouts [1][2]. Group 1: Automotive Industry Contribution - The automotive industry has become a significant contributor to GDP, with the industrial output of key automotive enterprises projected to grow from 2.51 trillion yuan in 2013 to 4.45 trillion yuan by 2024, maintaining a GDP contribution of over 3% [1]. - The automotive sector is a stabilizer for the job market due to its long industrial chain and high correlation with other sectors, providing numerous employment opportunities [1]. Group 2: New Energy Vehicle (NEV) Development - During the "14th Five-Year Plan," NEV policies evolved from direct subsidies to diversified support, including tax incentives and market regulations, leading to a projected NEV sales volume of 12.87 million units in 2024, a 35.5% year-on-year increase, with a penetration rate of 40.93% [2]. - Domestic brands have gained significant market share, with NEV sales expected to reach 17.96 million units in 2024, a 23.5% increase, resulting in a cumulative market share of 61%, up by 8.6 percentage points from the previous year [2]. Group 3: Global Expansion and Export Growth - The Chinese automotive industry has become the world's largest automobile exporter, with exports projected to reach 6.41 million units in 2024, reflecting a five-year compound annual growth rate (CAGR) of 45.15% [2]. - The export structure is shifting towards new energy vehicles, which are expected to account for 35.76% of total exports in 2024, with significant growth in markets such as Europe, Southeast Asia, and Latin America [2]. Group 4: Future Trends in Automotive Technology - The integration of artificial intelligence (AI) is transforming the automotive industry, with smart driving and smart cockpit technologies expected to enhance vehicle performance and user experience [3]. - The development of embodied intelligence and low-altitude economy is anticipated to create new growth opportunities, with the global market for urban air mobility projected to exceed one trillion dollars by 2040 [3]. Group 5: Strategic Recommendations - The focus should be on four main lines: 1) Policy-driven domestic demand, with an emphasis on high-end models to avoid price wars [6] 2) Further penetration of electrification and intelligence into mid-range vehicles [6] 3) Global expansion opportunities, particularly in Europe and emerging markets [6] 4) New productivity layouts, including humanoid robots and low-altitude economy [6].

Core Viewpoint - The launch of the Galaxy M9 by Geely is set to disrupt the large six-seat SUV market, particularly in the price range above 200,000 yuan, with a significant order volume indicating strong market interest [5][7]. Pricing and Market Position - The Galaxy M9 is priced between 183,800 and 238,800 yuan, with a promotional trade-in subsidy bringing the starting price down to 173,800 yuan [3][5]. - The vehicle's final pricing is lower than the pre-sale price of 193,800 yuan, challenging traditional pricing expectations for the Galaxy series [5][16]. Sales Performance - The Galaxy M9 has received over 40,000 orders within 24 hours of its launch, indicating a strong demand that exceeds production capacity [5][7]. - Geely's sales manager noted that the M9's monthly sales performance is expected to surpass that of its competitor, the Lynk & Co 900, which has a monthly production capacity of about 7,000 units [5][7]. Technological Innovations - The Galaxy M9 is built on Geely's GEA Evo AI architecture, featuring advanced AI technologies such as an AI smart cockpit, AI digital chassis, and AI-assisted driving [9][11]. - The vehicle is equipped with 11 high-definition cameras, 3 millimeter-wave radars, 1 laser radar, and 12 ultrasonic radars, providing a comprehensive smart driving experience [11][13]. Performance and Efficiency - The M9 utilizes the new generation Raytheon EM-P AI super hybrid technology, achieving a thermal efficiency of 47.26% and a fuel consumption of 4.8L/100km [13][15]. - The vehicle's dynamic control system allows for advanced maneuverability, including a turning radius of 3.45 meters and the ability to perform complex driving tasks [13][15]. Market Strategy - Geely aims to redefine the value proposition in the large six-seat SUV segment by offering a "low price + high configuration" strategy, which could challenge existing market perceptions [15][16]. - The introduction of multiple models within the M9 lineup reflects Geely's attempt to cater to varying market preferences while addressing the competitive landscape [15][16].

Group 1 - The automotive market is experiencing a surge in new vehicle launches, with nearly 40 new models expected in September 2023, compared to 17 in the same month of 2024, indicating a significant increase in activity [1] - September 17 alone saw the launch of five new electric vehicle models, including the 2025 Mercedes-Benz EQS and the new Chery Fengyun X3L, highlighting the trend towards electric vehicles [1] - The Chinese government has been supporting the electric vehicle industry by exempting vehicle purchase tax since 2014, with 2023 being the last year for full exemption, and a gradual reduction in tax for 2026 and 2027 [1] Group 2 - Automakers are under pressure to meet annual sales targets, with Geely and BYD leading in completion rates at 63% and 62% respectively, while others like BAIC are struggling at 36% [2] - New energy vehicle brands such as XPeng and Li Auto have shown higher completion rates, while brands like NIO and Zeekr face significant sales challenges with rates below 40% [2] - In response to market pressures, several automakers have introduced promotional strategies, including Tesla's price cuts and financing offers, to stimulate sales [2] Group 3 - Over 20 provinces and cities in China have launched regional purchase subsidies in September, creating a layered subsidy effect to encourage vehicle purchases [3] - For example, Guangxi province has initiated a vehicle purchase subsidy program with amounts ranging from 2,000 to 5,000 yuan, totaling 350 million yuan in subsidies [3] - Local governments are also offering additional incentives such as fuel vouchers and insurance coupons to further promote vehicle sales [3]

Group 1 - The "large six-seat" SUV market in China is becoming increasingly competitive, with multiple brands launching new models to capture market share [1][2] - Geely's Galaxy M9 was launched with a price range of 173,800 to 238,800 yuan, featuring a spacious interior and advanced technology [1][3] - The market for six-seat SUVs is projected to reach around one million units in sales this year, reflecting a shift in consumer demand towards larger family-oriented vehicles [2][3] Group 2 - The recent entrants into the "large six-seat" SUV market are focusing more on smart and personalized features rather than just family needs [3] - Geely Galaxy M9 incorporates advanced AI technology and a new intelligent cockpit, enhancing user experience with numerous interactive features [3] - The competition among new energy vehicle manufacturers is shifting from mere sales figures to technological advancements and smart features [3]

Core Viewpoint - Geely's Galaxy M9 has been launched with an aggressive pricing strategy, significantly undercutting competitors in the large SUV market, particularly in the context of rising prices for electric vehicles [2][5]. Product Strategy - The Galaxy M9 is priced between 173,800 to 238,800 yuan, which is 20,000 yuan lower than its pre-sale price two months ago, challenging the perception that larger vehicles must be expensive [2]. - The vehicle features high-end specifications across all models, including the Qualcomm 8295 chip and L2-level assisted driving, appealing to Chinese consumers' preference for well-equipped vehicles at lower prices [2]. - The M9 offers two electric range options of 100 km and 230 km, addressing different consumer needs and alleviating "range anxiety" associated with electric vehicles [2]. AI Integration - The Galaxy M9 fully embraces AI technology, featuring an AI digital chassis, intelligent cockpit, and cloud power system, aiming to enhance the driving experience [3][5]. - The vehicle includes an advanced emotional AI assistant, Eva, which aims to improve human-vehicle interaction through voice technology and emotional understanding [3]. - The M9's autonomous driving capabilities promise to address common pain points in urban navigation, although Geely must prove the effectiveness of its AI technology compared to established competitors [3][5]. Market Positioning - The Galaxy M9 serves a dual role for Geely: showcasing technological prowess and capturing market share in the competitive 200,000 yuan segment [5]. - Positioned below the 400,000 yuan price point of competitors like Li Auto's L9, the M9 targets price-sensitive consumers who require larger SUVs without the premium price tag [5]. - Geely's vertical integration in technology and manufacturing supports the M9's competitive pricing while maintaining high specifications [5]. Market Response - Initial market response has been positive, with over 40,000 pre-orders within 24 hours, indicating strong demand for high-value large SUVs [5]. - The success of the M9 will depend on its ability to convert pre-orders into actual sales and manage production capacity effectively [5]. Competitive Landscape - The M9's entry into the market may shift the dynamics of the large SUV segment from a "blue ocean" to a "red ocean," intensifying competition and potentially leading to price wars [7]. - The sustainability of Geely's competitive advantages, such as brand recognition and product differentiation, will be critical as more manufacturers enter the market [6][7]. - The performance of the M9's intelligent features in real-world scenarios will significantly impact consumer perception and product reputation [6].

中国青年报客户端讯（中青报·中青网记者 王志远）9月17日，吉利银河M9在杭州正式上市。新车共推 出6款配置车型，分别为210km四驱领航版、230km两驱探索版、230km两驱智航版、100km两驱智航版 以及230km两驱远航版、100km两驱启航版，上市限时指导价为17.38万-23.88万元。 "面对电动化和智能化的时代命题，吉利汽车一直在思考，AI能为行业的变革带来什么。"发布会现场， 吉利汽车集团CEO淦家阅表示："我们坚信新能源汽车的体验变革必将由AI驱动，吉利银河要做AI时代 的'新汽车'。" 正如淦家阅所言，没有AI体系力就造不出真正的新汽车。记者了解到，早在2021年吉利汽车提出"两个 吉利蓝色行动计划"时，就将全面智能化作为核心基础。同年，吉利汽车还发布了"智能吉利2025战 略"，从大算力、大模型、大数据以及天地一体的卫星星链入手，围绕"一网三体系"全面打造科技新基 座。 在辅助驾驶方面，吉利银河M9搭载行业领先的千里浩瀚辅助驾驶H5方案，星睿智算中心2.0，超万卡强 大算力支撑，配合11颗高清摄像头、3颗毫米波雷达、1颗激光雷达、12颗超声波雷达的硬件，实现车位 到车位的城市无图NO ...

(作者：焦文娟编辑：吴晓宇) 在银河M9上市发布会后，吉利汽车集团CEO淦家阅对21世纪经济报道等媒体表示，围绕智能驾驶的战 略布局，吉利已与千里科技（601777）共同成立合资公司——千里智驾。根据规划，合资公司的股权架 构为吉利、千里科技与迈驰各持股30%，路特斯持股5%。他进一步透露："未来，我们将在千里智驾之 下设立一家名为'千里浩瀚'的公司。穿透下来，吉利的持股比例超过60%。这专门为吉利提供辅助驾驶 服务。" ...

Group 1: Core Strategy - The company is planning a "2030 strategy" with a focus on AI and "integrated space and ground" initiatives [1][2] - The "Smart Geely 2025" strategy is being implemented, emphasizing investments in satellite technology, AI, battery safety, and assisted driving [1][2] Group 2: AI Development - AI will play a larger role in the next phase of the company's strategy, aiming to transform Geely into a true technology company [2] - Geely has established a leading position in AI's "three pillars"—computing power, algorithms, and data—compared to other automakers [2] - The Geely Starry AI Computing Center 2.0 has a computing power of 23.5 EFLOPS, and the company has launched a comprehensive AI model system [2] Group 3: Product Innovation - The Geely Galaxy M9 is a product developed using the full AI technology system, aimed at enhancing overall sales and elevating the Galaxy brand [3] - Future applications of AI will extend into safety and health domains, indicating significant potential for innovation [3] Group 4: Satellite Network Development - The "integrated space and ground" initiative is a key focus area, with accelerated satellite launches noted [4][5] - Geely's satellite constellation has seen rapid deployment, with 52 satellites currently in orbit and plans to complete a network of 64 satellites by the end of 2025 [5][6]

Core Viewpoint - Geely is planning a "2030 strategy" with a focus on AI and a "天地一体化" (integrated space and ground) layout as a primary direction for development [1][3]. Group 1: AI Strategy - Geely's "智能吉利2025" (Smart Geely 2025) strategy emphasizes significant investment in AI technologies, including satellite, AI, battery, safety, and assisted driving [1][3]. - The company aims to establish itself as a true technology company by enhancing its AI capabilities, which include advancements in computing power, algorithms, and data [3]. - Geely's Starry Smart Computing Center 2.0 has a computing power of 23.5 EFLOPS, and the company has launched a comprehensive AI model system that includes language, multimodal, and digital twin models [3][4]. Group 2: Product Development - The Geely Galaxy M9, developed using the full AI technology system, represents a new era of AI vehicles and is expected to boost overall sales for the Geely brand [4]. - The application of the full AI technology system is already mature, with plans for further integration of AI capabilities in safety and health domains [4]. Group 3: Satellite Network Development - Geely's satellite network, known as Geely Constellation, is progressing rapidly, with recent launches including the "LYNK & CO领克" painted rocket that deployed multiple satellites [6][8]. - As of now, there are 52 satellites in orbit, with plans to complete a total of 64 satellites by the end of 2025, which will support the "天地一体化" intelligent mobility ecosystem [8].

Core Viewpoint - Geely is planning a "2030 strategy" with a focus on AI and "integrated space and ground" initiatives to transform itself into a technology company [4][6]. Group 1: AI Development - Geely has been investing in AI as part of its "Smart Geely 2025" strategy, aiming to empower products and the company through smart technology and AI model implementation [5][6]. - The company has established a leading position in AI's "three pillars"—computing power, algorithms, and data—compared to other automakers [6]. - Geely's computing power has reached 23.5 EFLOPS, and it has launched a comprehensive AI model system, including language, multimodal, and digital twin models [6]. - The "Smart Geely 2025" strategy is set to conclude in 2025, with the Geely Galaxy M9 being a product developed under this AI framework [6]. Group 2: Integrated Space and Ground Strategy - The "integrated space and ground" initiative is a key focus area for Geely, which includes the development of a satellite constellation to support smart mobility [8][12]. - Geely has accelerated its satellite launch schedule, with recent successful launches increasing the number of operational satellites to 52 [12]. - The company aims to complete a global network of 64 satellites by the end of 2025, enhancing its technological competitiveness [12][13].