Core Viewpoint - Geely Automobile's stock rose over 5%, reaching HKD 17.85 with a trading volume of HKD 731 million, following the announcement of the completion of a merger agreement involving the privatization and merger of Zeekr, which will now operate as a wholly-owned subsidiary of Geely [1] Group 1 - The merger agreement's prerequisites have been fulfilled, and the transaction is set to be completed by December 22, 2025 [1] - Following the merger, Zeekr has been privatized and delisted from the New York Stock Exchange, becoming a wholly-owned subsidiary of Geely [1] - Zeekr has focused on the high-end electric vehicle market since its inception, with cumulative deliveries exceeding 600,000 units and an average vehicle price close to RMB 300,000 [1] Group 2 - The technologies developed by Zeekr, including the Haohan architecture, hybrid electric, intelligent chassis, and driver assistance technologies, are expected to be gradually applied to more models under Geely [1] - CICC noted that the merger strengthens the "One Geely" image and provides a clearer management structure, which could enhance credibility in the capital markets [1]

Core Viewpoint - Geely Automobile has seen a stock increase of over 5%, currently at HKD 17.85, following the announcement of the completion of all preconditions for a merger agreement, which includes privatization and merger matters, set to be completed by December 22, 2025 [1] Group 1: Merger and Privatization - The merger agreement includes the acquisition of all issued and outstanding shares of Zeekr and its American Depositary Shares, resulting in Zeekr becoming a wholly-owned subsidiary of Geely and delisting from the New York Stock Exchange [1] - The merger will enhance Geely's brand image as "One Geely" and provide a clearer management structure, which is expected to build trust in the capital markets [1] Group 2: Zeekr's Market Position - Zeekr has focused on the high-end pure electric vehicle market since its establishment, with product offerings across multiple segments including coupe, MPV, and SUV [1] - Zeekr has achieved cumulative deliveries exceeding 600,000 units, with an average vehicle price close to 300,000 RMB [1] Group 3: Technological Advancements - The technologies developed by Zeekr, including the Haohan architecture, hybrid electric, intelligent chassis, and driver assistance systems, are expected to be gradually applied to more models under Geely [1]

Overview - The rapid rise of the new energy vehicle industry is driving the growth of the automotive magnesium alloy wheel hub sector, with increasing demand for lightweight components to alleviate range anxiety [1][9] - The market size of China's automotive magnesium alloy wheel hub industry is projected to reach 1.42 billion yuan in 2024, representing a year-on-year growth of 47.9%, although the current market share of magnesium alloy wheel hubs is less than 2% [1][9] Market Policies - China has implemented a series of policies to support the development of the automotive magnesium alloy wheel hub industry, creating a favorable policy environment [4] Industry Chain - The upstream of the automotive magnesium alloy wheel hub industry includes suppliers of magnesium alloys and coating materials, while the downstream primarily targets the automotive market, with new energy passenger vehicles being the largest demand source [5][7] Current Development - The automotive market in China is experiencing rapid growth, with production and sales of automobiles reaching 24.43 million and 24.36 million units respectively in the first nine months of 2025, showing year-on-year growth of 13.3% and 12.9% [7][8] Competitive Landscape - The industry is transitioning from "technical reserves" to "scale application," with few companies capable of mass production. Key players include Dewey Technology Co., Ltd., Baowu Magnesium Industry, and others [9][10] Development Trends - Continuous optimization of material formulations is expected, with a focus on combining magnesium with rare earths and carbon fibers to enhance performance [13] - Smart manufacturing processes will be integrated into production, utilizing AI and 3D printing technologies to improve efficiency [14] - Green production will become a core competitive advantage, with a focus on reducing carbon emissions and enhancing recycling systems [15] - Vertical integration of the industry chain will be pursued by leading companies to ensure supply stability and reduce costs [16]

Summary of Key Points Core Viewpoint - On December 24, 42 Hong Kong-listed companies conducted share buybacks, totaling 24.01 million shares and an aggregate amount of HKD 947 million [1][2]. Group 1: Share Buyback Details - Tencent Holdings repurchased 1.056 million shares for HKD 636 million, with a highest price of HKD 604.00 and a lowest price of HKD 598.00, bringing its total buyback amount for the year to HKD 78.13 billion [1][2]. - Xiaomi Group-W repurchased 3.80 million shares for HKD 149 million, with a highest price of HKD 39.26 and a lowest price of HKD 39.08, totaling HKD 5.99 billion in buybacks for the year [1][2]. - Geely Automobile repurchased 1.956 million shares for HKD 33.14 million, with a highest price of HKD 17.03 and a lowest price of HKD 16.87, totaling HKD 385 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on December 24 was from Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 149 million, and Geely Automobile among the top [1][2]. - In terms of share quantity, the most shares repurchased on December 24 were by Shoucheng Holdings at 6.39 million shares, followed by Xiaomi Group-W at 3.80 million shares and Mingyuan Cloud at 2.75 million shares [1][2].

Group 1 - The automotive stocks are experiencing a significant rise, with Xpeng Motors up 6.18% at HKD 80.75, Leap Motor up 5.33% at HKD 52.6, BYD up 4.75% at HKD 98.05, and Geely up 4.79% at HKD 17.71 [1] - A report from Founder Securities indicates that the central economic work conference and the Ministry of Finance have clarified the optimization of the "two new" policies, with multiple regions selecting enterprises for vehicle replacement programs [1] - Media reports suggest that the national subsidy will continue until 2026, with a maximum subsidy of CNY 30,000 per vehicle, focusing on phasing out old high-emission vehicles while enhancing subsidies for new energy vehicles and increasing the pure electric range threshold for hybrid models [1] Group 2 - The report notes that after the exit of replacement and upgrade subsidies in various regions, the industry has not seen a tail effect, and the pressure in the car market is expected to increase in Q1 2026 due to the gradual reduction of new energy vehicle purchase tax exemptions [1] - Positive signals are continuously released from the policy side, with the National Market Supervision Administration publishing compliance guidelines for automotive industry pricing behavior, leading to a response from companies like BYD and Xpeng, resulting in a slowdown in price competition and an improved competitive environment [1] - Some cities have begun deploying new national subsidy-related work, indicating that the industry may see the implementation of policy details and supplementary support, highlighting the bottom configuration value of leading automotive companies and the potential for policy-driven market improvement [1]

每经AI快讯，港股汽车股全线走高。截至发稿，小鹏汽车-W(09868.HK)涨6.18%，报80.75港元；零跑 汽车(09863.HK)涨5.33%，报52.6港元；比亚迪股份(01211.HK)涨4.75%，报98.05港元；吉利汽车 (00175.HK)涨4.79%，报17.71港元。 ...

方正证券发布研报称，中央经济工作会议及财政部明确优化"两新"政策，多地遴选以旧换新平台企业。 据媒体披露，2026年国补将延续，单车最高补3万元，聚焦淘汰老旧高排放车辆，同时提升新能源补贴 与混动车型纯电续航门槛。 汽车股全线走高，截至发稿，小鹏汽车-W(09868)涨6.18%，报80.75港元；零跑汽车(09863)涨5.33%， 报52.6港元；比亚迪（002594）股份(01211)涨4.75%，报98.05港元；吉利汽车(00175)涨4.79%，报17.71 港元。 该行指出，多地置换更新补贴退出后，行业翘尾效应未现，叠加新能源购置税减免政策于2026年起退 坡，26Q1车市淡季压力进一步加大。但政策端积极信号持续释放，国家市场监管局发布汽车行业价格 行为合规指南后，比亚迪、小鹏等车企积极响应，行业价格竞争趋缓，竞争环境持续优化。同时，部分 城市已开始部署新国补相关工作，行业有望迎来政策细则落地与配套支持的补充催化，龙头车企底部配 置价值突显，关注后续政策景气催化 ...

方正证券发布研报称，中央经济工作会议及财政部明确优化"两新"政策，多地遴选以旧换新平台企业。 据媒体披露，2026年国补将延续，单车最高补3万元，聚焦淘汰老旧高排放车辆，同时提升新能源补贴 与混动车型纯电续航门槛。 该行指出，多地置换更新补贴退出后，行业翘尾效应未现，叠加新能源购置税减免政策于2026年起退 坡，26Q1车市淡季压力进一步加大。但政策端积极信号持续释放，国家市场监管局发布汽车行业价格 行为合规指南后，比亚迪、小鹏等车企积极响应，行业价格竞争趋缓，竞争环境持续优化。同时，部分 城市已开始部署新国补相关工作，行业有望迎来政策细则落地与配套支持的补充催化，龙头车企底部配 置价值突显，关注后续政策景气催化 智通财经APP获悉，汽车股全线走高，截至发稿，小鹏汽车-W(09868)涨6.18%，报80.75港元；零跑汽 车(09863)涨5.33%，报52.6港元；比亚迪股份(01211)涨4.75%，报98.05港元；吉利汽车(00175)涨 4.79%，报17.71港元。 ...

Core Viewpoint - The article discusses the sales performance and customer demographics of the newly launched Galaxy Starship 7, highlighting its popularity among young male buyers and the competitive landscape with other brands like BYD [1][2][3]. Sales Performance - The local dealership sold a total of 311 vehicles in November, with the Starship 7 accounting for 69 units, indicating strong demand [2]. - The dealership currently has 34 units of the 26th version of Starship 7 in stock, with the majority being the Zhihang version (17 units) priced at ¥106,800 [2]. - The most popular color among customers is Liuyue Silver, which makes up 85% of the inventory [2]. Customer Demographics - The primary customer base for the Starship 7 consists of males aged 23-35, with over 90% of buyers falling into this category, often being individual business owners or employees [3]. - Customers are increasingly comparing services and expertise rather than just price, especially with the introduction of the new model [3]. Competitive Landscape - The main competitor for the Starship 7 is the BYD Song Pro DM-i, which has a strong local reputation and customer loyalty [7]. - Customers often express interest in the Starship 7 but may hesitate due to pricing concerns compared to competitors [8][9]. Customer Preferences - The most popular configurations sold are the Zhihang and Linghang versions, while lower and higher-end models see less demand due to perceived value [15]. - Customers are particularly drawn to the vehicle's design and features, with a significant focus on the aesthetics and pricing compared to competitors like BYD [11][13]. Purchase Incentives - The company offers a ¥6,000 super replacement subsidy, and additional discounts may be available during promotional periods [17]. - Customers are encouraged to confirm any potential subsidies or discounts with sales consultants to maximize savings [24]. Customer Feedback - Common complaints from buyers include short electric range and noticeable noise levels from tires and engines [21]. - Maintenance costs are relatively low, with the first service being free and subsequent services costing around ¥450 [22].

Group 1 - The Chinese government will adjust the scope and standards of the "National Subsidy" program in 2024, expanding it to include more consumer goods and services, with a focus on stimulating consumption [4][5] - The "National Subsidy" program will continue to support the replacement of old vehicles and various household appliances, with an increase in funding from 150 billion yuan in 2024 to 300 billion yuan in 2025 [4][5] - Experts suggest shifting the focus of subsidies from goods to services and increasing cash and digital currency subsidies to better support consumer spending [5] Group 2 - Wentai Technology is pursuing legal action to reclaim its control over Nexperia, with potential claims reaching up to $8 billion if unresolved within six months [7][8] - Geely's subsidiary is suing Awin for over 2.3 billion yuan due to quality issues with battery cells supplied between June 2021 and December 2023 [9][10] - Awin has faced complaints from customers regarding battery performance, leading to a significant lawsuit that could impact its financial standing [9][10] Group 3 - Duzhi Technology announced a year-end bonus of 26 million yuan, distributing gold to all employees, reflecting its strong performance with over 100% annual growth for six consecutive years [12][13] - The company has expanded its market share in the robotic vacuum sector, ranking third globally with a 12.4% share [13] Group 4 - NetEase announced the retirement of its executive vice president Ding Yingfeng, who will continue as a consultant, highlighting a trend of "soft exits" for senior executives in Chinese tech companies [14] - Ding has been instrumental in the development of several flagship games and the establishment of a professional game development system at NetEase [14] Group 5 - BYD is undergoing a significant internal restructuring, merging its 13th division into other departments and adjusting executive roles, indicating a strategic shift in its organizational structure [20][21] - The company has also implemented substantial salary increases for technical staff, signaling a commitment to retaining talent amid competitive market conditions [21] Group 6 - Zero Run Technology aims to sell 4 million vehicles annually in the next decade, focusing on international expansion and leveraging local partnerships for market entry [23] - The company has reported significant overseas orders, positioning itself as a leader in the new energy vehicle sector [23] Group 7 - Apple, Qualcomm, and MediaTek are set to launch 2nm chips in 2026, marking a significant advancement in semiconductor technology [37][38] - TSMC is ramping up production capacity for 2nm chips, indicating strong demand from major tech companies [37][38] Group 8 - OpenAI is recruiting a new safety officer with a salary of $555,000 to address potential risks associated with its AI models, reflecting the company's focus on safety amid growing scrutiny [45][46] - The role is critical as OpenAI faces legal challenges related to the impact of its technology on user mental health [45][46]