FF305 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年9月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00175 | | 說明 | | | | | | | 多櫃檯證券代號 | 80175 | RMB | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 ...

Group 1 - The core viewpoint of the report highlights the positive momentum in the automotive industry, supported by government policies aimed at stabilizing growth from 2025 to 2026 [1][2] - The report notes that the A-share automotive sector outperformed the broader market, with the Shanghai and Shenzhen 300 Index rising by 1.38% and the automotive sector increasing by 1.74% [1][2] - Key developments in the industry include the release of the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments, as well as significant advancements in electric vehicle sales and technology [2][3] Group 2 - The report suggests focusing on various companies within the automotive sector, including BYD, Great Wall Motors, and Li Auto, among others, indicating a diverse range of investment opportunities [3] - In the commercial vehicle segment, companies such as China National Heavy Duty Truck Group and FAW Jiefang are highlighted as potential investment targets [3] - The automotive parts sector is also emphasized, with recommendations for companies like Midea Group and Fuyao Glass, showcasing a broad spectrum of investment prospects across the industry [3]

Core Viewpoint - The Chinese used car market is poised to leverage its position as the largest new car consumer market to expand into global markets, particularly through long-distance used cars, which are increasingly seen as a viable option for international trade [2][3]. Group 1: Market Potential - In 2024, China's used car export volume has surpassed 400,000 units, covering over 160 countries and regions, indicating a significant opportunity for growth in the global market [2]. - Long-distance used cars are gaining traction due to their price competitiveness and suitability for emerging markets, which prioritize practical and cost-effective vehicles [3]. Group 2: Export Market Dynamics - The primary target markets for China's long-distance used cars are approximately 117 left-hand drive countries, mainly in Southeast Asia, the Middle East, Eastern Europe, Africa, and Latin America, with an annual import growth rate of around 6% from 2021 to 2024 [4]. - In Central Asia and Northern Asia, China's used cars have captured about half of the import market share, with an annual growth rate of 28% [4]. Group 3: Challenges in Exporting - The development of long-distance used cars faces challenges such as fragmented vehicle sources, high certification costs due to non-standard vehicle conditions, and inefficiencies in the distribution process [5][6]. - There is a significant gap in after-sales service for exported used cars, with complaints emerging regarding the lack of support for vehicles sold overseas [7][8]. Group 4: Strategic Initiatives - Companies like SAIC Volkswagen are exploring various models for used car business, including repurchase strategies to stabilize prices and enhance competitiveness in international markets [9]. - The industry anticipates that if domestic dealers and trade enterprises can effectively utilize specialized international trade strategies, the export share of long-distance used cars could rise from under 8% to 50% within the next decade, achieving an annual export target of 5 million units [10].

Investment Highlights - The electrical equipment index (9107) increased by 0.53%, underperforming the broader market during the week of September 8-12 [1][2] - Solar energy sector declined by 3.7%, while new energy vehicles rose by 3.61%, nuclear power increased by 2.43%, lithium batteries grew by 2.25%, wind power fell by 0.95%, and power generation equipment decreased by 0.76% [1][2] Industry Developments - The first robot task execution system based on world models was launched in China [3] - The National Development and Reform Commission and the National Energy Administration issued a notice on new energy storage, projecting a cumulative installation of 180 GW by 2027 [3] - New pricing mechanisms for energy storage capacity were introduced, with standards set for coal power units and new energy storage from October 2025 [3] Company Updates - Zhongwei Co. plans to repurchase shares for employee stock ownership plans, with a total amount not less than 60 million yuan [5] - BYD anticipates a total installation of approximately 5 billion yuan for new energy vehicle batteries and energy storage batteries by August 2025 [5] - Trina Solar has repurchased 1.35 million shares for a total payment of 22.84 million yuan [5] Market Trends - The price of cobalt increased by 2.1% to 273,000 yuan/ton, while lithium carbonate prices decreased by 3.2% for industrial-grade to 70,200 yuan/ton [4] - The domestic electric vehicle sales reached 1.4 million units in August, showing a year-on-year increase of 27% [7] - The global energy storage market is expected to grow at a CAGR of 30-50% from 2025 to 2028, driven by demand in emerging markets [7] Investment Recommendations - Companies such as CATL, Sungrow, and Yiwei Lithium Energy are highlighted as strong investment opportunities due to their market leadership and growth potential [8][9]

Core Insights - The automotive sector showed a mixed performance in early September 2025, with passenger car sales declining while new energy vehicle sales increased slightly [1][2] - The A-share automotive sector outperformed the market, with a 3.9% increase, ranking 13th among sub-industries [1][2] - Key companies to watch include Geely, Xpeng, Li Auto, BYD, and others, indicating a focus on high-quality domestic brands [2][5] Weekly Data - Passenger car sales reached 368,000 units, down 9.5% year-on-year and down 29.8% month-on-month [1][2] - New energy vehicle sales were 221,000 units, up 3.1% year-on-year but down 23.6% month-on-month [1][2] - New energy penetration rate was 60.2%, an increase of 4.8 percentage points from the previous month [1][2] Market Performance - The automotive sector's performance was stronger than the broader market, with the A-share automotive sector rising 3.9% compared to the CSI 300's 2.9% [1][2] - Sub-sectors such as auto parts and services saw significant gains, with auto parts up 6.7% and auto services up 4.8% [1][2] Upcoming Catalysts - Chery Automobile is preparing for a significant IPO in Hong Kong, which could be the largest for a car company this year [4] - NIO announced plans to issue 181.8 million Class A ordinary shares to fund core technology development for smart electric vehicles [4] Investment Recommendations - Focus on high-quality domestic brands in the passenger car segment, including Geely, Xpeng, Li Auto, and BYD [5] - In the auto parts sector, recommendations include companies involved in smart driving and intelligent cockpits [5] - For the robotics sector, attention is drawn to companies involved in automotive robotics [5]

Group 1 - Hainan Free Trade Port (FTP) is entering the final stage of its full island closure operation, set to officially launch on December 18 this year [1] - The successful completion of the first bonded maintenance service for imported cold chain container parts marks an expansion of the bonded maintenance policy to the cold chain sector, enhancing international competitiveness for local companies [1] - Since the release of the overall plan for Hainan FTP in June 2020, various policies promoting trade and investment liberalization have been implemented, laying a solid foundation for the full island closure operation [1] Group 2 - As of June this year, Hainan FTP has imported "zero tariff" goods worth 24.16 billion yuan and exempted 4.68 billion yuan in taxes, with the processing and value-added policy expanding to the entire FTP area [2] - The first registered special vehicle modification company in Hainan is leveraging the zero tariff policy to capture the automotive modification market, with plans to expand into recreational and business vehicle modifications [2] - The processing and value-added policy will be optimized post-closure, reducing production costs and stimulating innovation in high-end manufacturing and specialty processing [2] Group 3 - Various tax incentives and liberalization measures are attracting more enterprises to establish a presence in Hainan, with over 100 private enterprises participating in a recent promotional event [3] - New Hope Group plans to utilize Hainan FTP's financial policies to enhance global fund management efficiency and risk control [3] - Infrastructure development is progressing alongside policy implementation, with smart inspection equipment being installed to facilitate "seamless customs clearance" in the future [3] Group 4 - The arrival of the "Lighthouse Star" cruise ship at Sanya marks a significant milestone for the international cruise port, with streamlined inspection processes ensuring smooth passenger clearance [4] Group 5 - The full island closure operation signifies a new phase in Hainan FTP construction, with local authorities focusing on policy implementation to convert benefits into corporate gains and attract quality investments [5]

Core Viewpoint - The article discusses the development of green methanol as a sustainable energy source, highlighting its potential in various applications and the importance of industry collaboration in advancing technology and market adoption [2][28]. Event Overview - The 2025 Liquid Sunshine Industry Development Forum will take place from September 24 to 26 in Dalian, Liaoning, organized by DT New Energy and supported by various industry leaders [2][4]. - The forum will feature multiple sessions focusing on green methanol, including key technology advancements, industry strategies, and international collaboration [4][28]. Session Highlights - The opening ceremony will include discussions on the macro development of liquid sunshine (green methanol) and key technologies for its production [28][33]. - Notable sessions will cover topics such as carbon dioxide high-value utilization, biomass gasification coupled with green hydrogen production, and the ecological construction and application of green methanol [28][38]. Participant Engagement - Over 40 companies involved in green methanol projects are expected to attend, including major players like China Petroleum and Chemical Corporation and China National Offshore Oil Corporation [11][12]. - The event will also feature a welcome dinner and opportunities for networking among industry professionals [4][37]. Technical Presentations - Presentations will include insights on renewable methanol technology, carbon capture and resource utilization, and advancements in sustainable aviation fuel production [33][42]. - Experts from various institutions, including Tsinghua University and the Chinese Academy of Sciences, will share their research and developments in green methanol technologies [32][41].

在动力系统上，吉利银河M9采用了雷神EM-P AI电混，拥有CLTC工况百公里4.8升馈电油耗、超1500公 里综合续航、4.5秒破百等领先性能。同级独有的分布式三电机系统，还能提供华尔兹式掉头、漂移泊 车等极致操控体验。9月17日，吉利银河M9将正式上市。 来源：中国青年报客户端 中国青年报客户端讯（中青报·中青网记者 张真齐）近日，在中国汽车技术研究中心有限公司主办 的"2025中国十佳底盘"及"2025中国十佳车身"评选中，吉利银河M9凭借静态、动态两大维度的出色表 现，荣膺年度"十佳底盘""十佳车身""最佳安全"奖项，此外GEA Evo架构获"最佳架构"奖。 据了解，吉利银河M9是吉利基于GEA Evo架构开发的AI科技大六座旗舰SUV，搭载了同级独有的AI数 字底盘，并得到了路特斯团队的全球深度调校，实现了操控精准性与舒适性的平衡。整车高速不晃、过 坎不颠、过弯不甩，可轻松应对全路况挑战。 ...

Investment Rating - The report maintains a positive investment rating for the automotive industry, particularly highlighting the performance of the robotics supply chain and suggesting a focus on leading companies and new opportunities [3]. Core Insights - The automotive sector's performance is primarily driven by the robotics supply chain, with catalysts expected to persist in the second half of the year. Traditional supply chains remain weak. The Ministry of Industry and Information Technology's "Automotive Industry Stabilization Growth Work Plan (2025-2026)" emphasizes the industrialization of intelligent connected technologies, including the conditional approval for L3 level vehicle production and accelerating breakthroughs in key technologies such as automotive chips, operating systems, artificial intelligence, and solid-state batteries. This indicates a shift in industry support from total volume logic to new technology logic [3][4]. Data Tracking - In August, new energy vehicle deliveries showed significant growth, with XPeng delivering 37,709 units, a year-on-year increase of 168.7%. BYD delivered 373,626 units, up 0.1% year-on-year, while traditional automakers like SAIC and Geely also reported substantial increases in sales [5][23][26]. - The average discount rate in late August was 9.9%, a decrease of 0.2 percentage points from earlier in the month, while the average discount amount was 22,198 yuan, down 344 yuan [5][27][28]. - The report recommends continued focus on electric vehicle manufacturers and traditional automakers with potential recovery, such as Jianghuai Automobile and SAIC [7]. Industry News - The report highlights several key developments, including the listing of Chery Automobile on the Hong Kong Stock Exchange and the launch of new models by various manufacturers, such as the LYNK & CO 10 EM-P and BYD's new SUV, the Titanium 7 [32][33]. - The retail sales of passenger vehicles in August reached 1.995 million units, a year-on-year increase of 4.6%, with new energy vehicles accounting for 110,100 units sold, up 7.5% year-on-year [32]. Market Performance - The automotive sector saw a weekly increase of 1.46%, ranking 17th out of 29 sectors. The overall market indices also showed positive growth, with the Shanghai Composite Index rising by 1.52% [10][36].

Core Insights - The retail growth of passenger cars in August 2025 is projected to be 5%, significantly lower than the 15% growth in wholesale [1] - The retail decline in August is attributed to high interest rates, limited rebates, and the suspension of subsidies [1] - C-class SUVs emerged as the main retail force in August, with strong performance in the high-end SUV segment [1] Passenger Car Market Overview - The overall wholesale volume for passenger cars in August 2025 reached 246,000 units, reflecting a 15% year-on-year increase [2] - The cumulative wholesale volume for the first eight months of 2025 is 1.799 million units, showing a 13% increase compared to the previous year [2] - Retail sales in August 2025 totaled 200,000 units, a 5% increase year-on-year, with a cumulative retail volume of 1.474 million units, up 9% [2] A00 Segment Performance - A00-class cars had a wholesale volume of 117,300 units in August 2025, with a year-on-year increase of 22% but a month-on-month decrease of 5% [5] - Retail sales for A00-class cars decreased by 14% year-on-year but increased by 8% month-on-month [5] - The cumulative wholesale volume for A00-class cars from January to August 2025 is 1.0575 million units, with a 69% year-on-year increase [5] A0 Segment Performance - A0-class cars achieved a wholesale volume of 140,000 units in August 2025, marking an 87% year-on-year increase and a 6% month-on-month increase [8] - Retail sales for A0-class cars increased by 44% year-on-year and by 5% month-on-month [8] - The cumulative wholesale volume for A0-class cars from January to August 2025 is 972,500 units, reflecting a 76% year-on-year increase [8] A-Class Segment Performance - A-class cars had a wholesale volume of 358,700 units in August 2025, with no year-on-year growth but a 6% month-on-month increase [13] - Retail sales for A-class cars decreased by 9% year-on-year but increased by 4% month-on-month [13] - The cumulative wholesale volume for A-class cars from January to August 2025 is 2.6134 million units, showing a 5% year-on-year decline [13] B-Class Segment Performance - B-class cars had a wholesale volume of 345,900 units in August 2025, reflecting a 14% year-on-year increase and an 18% month-on-month increase [19] - Retail sales for B-class cars increased by 12% year-on-year and by 10% month-on-month [19] - The cumulative wholesale volume for B-class cars from January to August 2025 is 2.5364 million units, with a 6% year-on-year increase [19] MPV Market Trends - B-class MPVs had a wholesale volume of 52,700 units in August 2025, a 7% year-on-year decline but a 4% month-on-month increase [23] - Retail sales for B-class MPVs decreased by 9% year-on-year and by 1% month-on-month [23] - C-class MPVs saw a wholesale volume of 21,200 units in August 2025, with a 48% year-on-year increase but a 25% month-on-month decline [23]