Core Viewpoint - The MPV market is shifting from a business-exclusive segment to a family-oriented necessity, driven by the increase in three-child families and diverse consumer usage scenarios, presenting a new opportunity for automakers [1] Group 1: Product Features - The Geely Galaxy V900 is positioned as a strategic product for the Geely Galaxy brand, addressing the pain points of family travel with three core advantages: space, comfort, and safety [3] - The vehicle boasts a high space utilization rate and flexible layout, making it adaptable to various family structures [3] - The V900 features an ultra-large trunk that can easily accommodate camping gear and children's items, with ample storage space throughout the vehicle [5] Group 2: Comfort and Safety - The vehicle includes Nappa leather seats with heating, ventilation, and massage functions, ensuring comfort for elderly passengers during long trips [6] - The air suspension system, tuned by the Lotus team, effectively filters road bumps, reducing motion sickness for children and elderly [6] - Safety features include a comprehensive airbag system that extends to the third row, a full metal seat back to prevent rear-end penetration, and advanced driver assistance systems to mitigate sudden risks [6] Group 3: Market Positioning - The Galaxy V900 represents Geely's commitment to intelligent and high-quality vehicles, breaking traditional MPV limitations and focusing on user needs [8] - The vehicle is part of Geely's "Smart Boutique Car" strategy, showcasing the company's technological advancements in new energy and intelligence [8] - The V900 is positioned to lead in the competitive MPV market, offering innovative concepts like "three-row equality" and comprehensive adaptability for family travel [8][9]

每经记者｜吴泽鹏 每经编辑｜段炼 魏官红 欣旺达（SZ300207）子公司欣旺达动力科技股份有限公司（以下简称欣旺达动力）卷入了一场高达23.14亿元的诉讼案件。 根据欣旺达12月26日晚间公告，威睿电动汽车技术（宁波）有限公司（以下简称威睿电动）认为欣旺达动力交付的电芯存在质量问题，因此发起诉讼，已 由浙江省宁波市中级人民法院立案受理。 《每日经济新闻》记者了解到，欣旺达曾计划将欣旺达动力分拆至深交所创业板上市，但截至目前尚无成果。此外，记者查询发现，欣旺达动力近两年营 业收入均超过100亿元，但也出现了较大的亏损，2023年、2024年分别亏损15.6亿元及18.7亿元。 威睿电动则是吉利汽车全资子公司，2021年4月，欣旺达动力成为威睿电动的定点供应商。 欣旺达子公司卷入巨额诉讼 记者查询发现，欣旺达电动汽车电池有限公司即欣旺达动力原名，而此次导致欣旺达动力卷入诉讼纠纷的便是电芯，纠纷事项发生的起始时间2021年6月 也与欣旺达动力成为定点供应商的日期接近。 资料显示，吉利汽车PMA平台是吉利和沃尔沃联合开发的纯电模块化架构，应用于极氪、smart、沃尔沃和吉利几何等品牌产品。 据第一财经报道，极氪00 ...

Core Viewpoint - The lawsuit filed by Weirui Power against Xiwanda Power for over 2.3 billion yuan highlights significant quality issues with battery cells supplied from June 2021 to December 2023, which could impact Xiwanda's financial performance and reputation in the electric vehicle battery market [1][2]. Group 1: Lawsuit Details - Weirui Power is suing Xiwanda Power for over 2.3 billion yuan due to quality issues with battery cells delivered during the specified period [1]. - Weirui Power, established in 2017, is primarily owned by Geely-related companies, with its major shareholder being Zeekr Automotive [1]. - The collaboration between Geely and Xiwanda Power began in 2021, focusing on supplying battery cells for the PMA platform project [1]. Group 2: Product Issues - The Zeekr 001, which utilizes Xiwanda battery cells, has faced complaints from users regarding slow charging speeds and inaccurate battery level readings [1]. - In December 2024, Zeekr announced a battery health monitoring initiative, revealing that some Zeekr 001 WE86 models exhibited charging speed issues and abnormal battery capacity degradation [2]. - Although the battery issues did not meet warranty replacement standards, Zeekr offered free battery replacements to affected users, leading to speculation that Xiwanda batteries were being replaced with those from CATL [2]. Group 3: Financial Implications - The total net profit attributable to shareholders for Xiwanda in 2023 and 2024 is reported to be 2.544 billion yuan, which is nearly equivalent to the amount being claimed in the lawsuit [2]. - Xiwanda has stated that the lawsuit has not yet gone to trial, and the outcome remains uncertain, making it difficult to assess the impact on current or future profits [2]. - The company is actively seeking a reasonable resolution to the lawsuit and is enhancing communication with relevant parties [2].

从2020年产量5.9万辆到2024年产量119.8万辆，陕西新能源汽车产量年均增速达112%，汽车产业已连续 多年保持全省非能工业第一支柱产业地位。 亮眼数据的背后，是陕西汽车产业向电动化、智能化加速转型的坚实步伐。在陕汽控股汽车总装配厂， 同一产线可实现柴油车与纯电车生产的快速切换，仅需30分钟即可完成工艺转换，新能源电车单班产能 提升达100%；吉利汽车西安制造基地的"黑灯工厂"，实现冲压、焊接、喷涂全流程自动化；比亚迪"刀 片电池"、陕汽新能源重卡智能装配线、"天行健"车联网系统等创新成果不断涌现，推动生产提质增效 与产品迭代升级。 产业生态的持续优化，为高质量发展注入韧性。近年来，陕西坚持"链长"统筹、"链主"驱动、"链群"协 同，推动乘用车(新能源)产业集群化发展。 今年8月，陕西省乘用车(新能源)产业链推介招商签约互采对接会在西安举办，会议共征集招引落地、 互采对接、人才技术合作、金融合作项目46个，总金额达122.15亿元。 中新网西安12月26日电 (党田野 杨英琦)记者26日从陕西省汽车工业协会获悉，今年前11个月，陕西汽 车产量达157.6万辆，同比增长1.18%，其中新能源汽车产量99 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The Western European passenger car market is large, with significant room for improvement in the penetration rate of new energy vehicles (NEVs). The annual sales of passenger cars in Western Europe exceed 10 million units, and the NEV penetration rate increased by 6 percentage points year-on-year to 29% in the first ten months of 2025. Countries with high passenger car sales, such as Germany, the UK, France, Spain, and Italy, have NEV penetration rates generally below 35% [3][6][12] - The growth of the European NEV market in 2026 is supported by policy foundations, including comprehensive EU regulations and incentives for NEV adoption. The EU aims for climate neutrality by 2050, and while there are adjustments to the 2035 "zero-emission" target, the overall goals remain intact [12][15] - With Chinese manufacturers accelerating their presence in Europe, it is expected that NEV exports from China to Europe will see rapid growth in 2026. Currently, major shares in the Western European NEV market are held by manufacturers like Volkswagen and BMW, but companies like BYD are increasing their market share [20][28] Summary by Sections 1. Western European Passenger Car Market - The market is characterized by a significant annual sales volume exceeding 10 million units, with a NEV penetration rate that has room for growth. The focus will be on B/SUV-B/C/SUV-C models to enhance NEV penetration [3][6][10] 2. Policy Support for NEV Growth in 2026 - The EU has established clear targets for NEV transition, with penalties and incentives for carbon emissions. The 2026 NEV market growth is expected to be bolstered by continued or new subsidies in key European countries [12][15] 3. Growth of Chinese Manufacturers in Europe - Chinese manufacturers are expected to see significant growth in NEV exports to Europe, with companies like BYD and Geely leading the charge. The expansion of sales networks and local production will contribute to this growth [20][28]

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。 来源：市场资讯 国家知识产权局信息显示，浙江吉利控股集团有限公司取得一项名为"热管理系统安全性的控制方法、 系统及车辆"的专利，授权公告号CN119412855B，申请日期为2024年11月。 龙泉夏芝热管理系统有限公司，成立于2023年，位于丽水市，是一家以从事汽车制造业为主的企业。企 业注册资本3558.1395万人民币。通过天眼查大数据分析，龙泉夏芝热管理系统有限公司参与招投标项 目6次，专利信息23条，此外企业还拥有行政许可1个。 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。 ...

Overall Market - The total market for passenger vehicles in China includes both traditional internal combustion engine (ICE) vehicles and new energy vehicles (NEV), which comprise battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) [4][5] - In November 2025, the total production of NEVs reached 1,756,587 units, while ICE vehicles produced were 1,349,384 units, leading to a total market production of 3,105,971 units [6][7] - Year-to-date (YTD) data for January to November 2025 shows NEV production increased by 6.3%, while ICE vehicle production decreased by 4.0% compared to the same period in 2024 [6][8] Market Segmentation - The market is segmented into various categories including sedans, MPVs, and SUVs, with NEVs showing a significant growth trend in all segments [25][26] - In November 2025, NEV sales in the sedan category were 593,948 units, while ICE sedans sold were 413,429 units, indicating a strong preference for NEVs in the sedan market [26] Export Market - The export of NEVs has shown substantial growth, with a total of 2,149,769 units exported in November 2025, reflecting a 243.3% increase compared to the previous year [16][21] - The NEV export penetration rate reached 41.7% in the first eleven months of 2025, up from 27.1% in 2024, indicating a growing international demand for Chinese NEVs [18][20] Manufacturer Performance - BYD remains the leading manufacturer in the NEV market, with a wholesale volume of 474,921 units in November 2025, despite a year-on-year decline of 5.8% [22][23] - Other notable manufacturers include Geely and Chery, with Geely achieving a 53.4% increase in wholesale volume, indicating strong competitive performance in the NEV segment [22][23] Price Positioning - The market is categorized into price segments, with vehicles priced below 100,000 yuan showing a significant share in the NEV market, reflecting consumer preferences for affordable electric options [4][5] - The price segmentation also indicates a growing trend towards higher-priced NEVs, as consumers are increasingly willing to invest in premium electric vehicles [4][5]

Core Insights - The completion of Geely's privatization and merger with Zeekr marks a significant step in the consolidation of China's automotive industry, transitioning from incremental competition to stock game dynamics [1] - This move aligns with Geely's "One Geely" strategy, facilitating a deep restructuring of brand, technology, and global resources, serving as a reference model for collaborative development and resource optimization among Chinese automakers [1] Group 1: Strategic Integration - The integration of Zeekr into Geely is expected to create a dual empowerment effect, enhancing both brands and contributing to the strategic elevation of Chinese automotive brands on a global scale [2] - Geely's strong foundation in the mainstream automotive market is complemented by Zeekr's luxury electric vehicle offerings, addressing gaps in Geely's luxury segment and facilitating technological advancements [2][3] - Zeekr's return to Geely is anticipated to accelerate its global expansion, leveraging Geely's extensive service network and manufacturing capabilities across over 80 countries [3] Group 2: Product and Market Performance - Zeekr has established a strong product matrix, with the Zeekr 9X leading the large SUV segment priced above 500,000 yuan, and the Zeekr 009 dominating the MPV market in China and abroad [4] - The brand's commitment to luxury positioning and product value is evident, with an average vehicle price nearing 300,000 yuan and a cumulative delivery exceeding 600,000 units [3][4] - Zeekr's focus on high-end markets, coupled with a refusal to engage in price-cutting promotions, demonstrates its capability to compete effectively against traditional luxury brands [3] Group 3: Brand Development and User Experience - Zeekr is set to become the top brand within Geely's hierarchy, emphasizing luxury and enhanced user services through initiatives like the "Zeekr User Service Agreement" and transparent communication strategies [9] - The brand has received high ratings in customer satisfaction and product quality, indicating a positive reception from both new and existing users [9] - The privatization allows Zeekr to focus on long-term development without the pressures of short-term profitability, fostering an environment conducive to innovation and brand value enhancement [15] Group 4: Industry Implications - The merger is viewed as a pivotal moment in the transition of China's automotive industry from fragmented competition to integrated upgrades, with broader implications for the sector's evolution [15] - Zeekr's focus on long-term strategies under Geely's support is expected to contribute to China's transformation from a major automotive market to a strong global player [15]

国家知识产权局信息显示，浙江吉利控股集团有限公司、宁波吉利汽车研究开发有限公司取得一项名 为"一种环视相机标定方法、装置、电子设备及存储介质"的专利，授权公告号CN117315046B，申请日 期为2023年9月。 来源：市场资讯 宁波吉利汽车研究开发有限公司，成立于2013年，位于宁波市，是一家以从事汽车制造业为主的企业。 企业注册资本3000万人民币。通过天眼查大数据分析，宁波吉利汽车研究开发有限公司共对外投资了7 家企业，参与招投标项目143次，专利信息2231条，此外企业还拥有行政许可12个。 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。 ...

Core Viewpoint - Chinese automotive design is entering a globalized era, gaining recognition and appreciation worldwide, with companies like Geely leading the way in establishing a Chinese automotive design discourse system [2][3][5]. Group 1: Development of Chinese Automotive Design - Geely has proposed a "Ten-Year Three-Step" development model for the Chinese automotive design discourse system, which includes three phases: building consensus, breaking barriers, and achieving resonance [5][6]. - The first year of this model is 2024, focusing on product practice, theoretical exploration, and aesthetic origins to enhance the design discourse system [6][9]. - Geely's design philosophy emphasizes the importance of cultural roots, value propositions, and distinctive representations in creating authentic Chinese design [7][9]. Group 2: Market Performance and Impact - Geely's sales data shows a significant increase, with cumulative sales exceeding 2.78 million units in the first eleven months of 2025, marking a 42% year-on-year growth [6][9]. - The Geely Galaxy brand achieved remarkable success, with sales reaching 1.135 million units in the same period, a 167% increase, making it the fastest Chinese electric vehicle brand to reach annual sales of one million units [6][9]. - The design system's effectiveness is reflected in Geely's competitive advantage, which integrates quality, cost, and efficiency while meeting user demands [6][9]. Group 3: Cultural and Aesthetic Contributions - Geely has introduced the "Chinese User Aesthetic Map," providing a systematic analysis of Chinese aesthetic preferences through a cultural geography lens [9][11]. - The company has released the "Research White Paper on the Chinese Automotive Design Discourse System (Third Edition)" and the "Nine Principles of Geely Design," which standardize its design strategy and promote upward mobility in Chinese automotive design [9][11]. - Geely's design initiatives aim to redefine value and aesthetics in the automotive industry, contributing to a broader understanding of Chinese design on the global stage [11][12]. Group 4: Future Directions and Industry Collaboration - The journey towards establishing a global value paradigm for Chinese design requires collective efforts from the entire industry, moving beyond individual competition [12][14]. - The focus is on creating a design core rooted in Chinese aesthetics and technology, transitioning from mere production to leading global design values [14]. - The industry is encouraged to engage in collaborative practices to redefine and elevate Chinese automotive design, ensuring it resonates on a global scale [14].