【导读】吉利与雷诺集团战略合作提速，产业共建助力全球化协同发展 11月19日，在吉利与雷诺集团宣布成立雷诺吉利巴西公司后,双方的战略合作启动仪式在巴西埃尔顿·塞 纳工业园区举行。 雷诺吉利巴西公司将投资38亿雷亚尔（约合人民币51亿元），推动新能源技术平台及车型在巴西落地， 将显著提升工业园区产能利用率，并加速吉利在拉美拓展新能源市场。 这是吉利与雷诺集团加速布局拉美市场的最新进展。11月3日，吉利控股集团和吉利汽车控股有限公司 （以下统称吉利）与雷诺集团签署巴西战略合作最终协议。 根据协议，吉利通过收购雷诺巴西公司26.4%的股份，共享雷诺巴西公司的工厂产能和市场网络，从而 加速在拉美地区汽车市场的拓展。 从中国走向世界，吉利始终坚持"守正创新、高质量发展、全球资源协同"的全球化路径。吉利与雷诺集 团在巴西的合作，成为两者全球化协同发展的又一次战略升级。 吉利汽车集团CEO淦家阅表示："此次合作是继吉利雷诺韩国整车合资项目和浩思动力总成公司成立之 后，吉利与雷诺战略合作又一重要里程碑。双方将继续探索新市场和新机遇，共创共赢，共同发展，通 过协同战略与跨洲际合作形成规模效应，将最优质的产品、最优化的成本和高质 ...

Core Viewpoint - The strategic cooperation between Geely and Renault Group is accelerating, with the establishment of the Renault-Geely Brazil company aimed at enhancing global collaboration and expanding into the Latin American market [2][4]. Investment and Market Expansion - The Renault-Geely Brazil company will invest 3.8 billion Brazilian Reais (approximately 5.1 billion RMB) to promote the implementation of new energy technology platforms and models in Brazil, significantly improving the industrial park's capacity utilization [4]. - Geely's acquisition of 26.4% of Renault Brazil's shares allows it to share production capacity and market networks, facilitating faster expansion in the Latin American automotive market [5]. Market Potential and Challenges - Brazil is the largest and most promising automotive market in Latin America, with total sales expected to reach approximately 2.486 million vehicles in 2024, a year-on-year increase of 14% [7]. - The Brazilian automotive market faces structural challenges such as high taxes and income-to-price ratios, with the government planning to gradually restore electric vehicle import taxes to 35% by 2026 [7]. Local Production and Technological Development - Geely and Renault plan to localize the production of two new models based on Geely's GEA new energy architecture, with a launch scheduled for the second half of 2026 [8]. - The GEA platform is a core component of the cooperation, aimed at enhancing Brazil's capabilities in new energy and intelligent manufacturing [8]. Employment and Economic Contribution - The partnership is expected to create more manufacturing, engineering, service, and operational jobs in Brazil, contributing to local talent development and skills enhancement [13]. - Geely aims to increase the localization rate to 45%, promoting supply chain expansion and industrial ecosystem development in Brazil [13]. Global Business Strategy - Geely's global strategy emphasizes local empowerment and sustainable cooperation, with a focus on building a new paradigm for the Brazilian new energy industry [12][14]. - The collaboration with Renault is seen as a significant milestone in Geely's systematic advancement of its global business layout [12].

人民网巴西库里蒂巴11月18日电 （记者陈一鸣）当地时间11月18日，吉利控股集团和吉利汽车控股有限公司（以 下统称"吉利"）与雷诺集团战略合作启动仪式在巴西巴拉那州首府库里蒂巴附近的埃尔顿・塞纳工业园举行，巴西副 总统杰拉尔多·阿尔克明出席活动。 雷诺集团首席增长官、雷诺品牌首席执行官法布里斯·坎博利夫表示，雷诺与吉利在巴西的战略合作将聚焦潜力市 场，整合工业制造能力、营销网络和先进的电动化平台，共同打造具有市场竞争力的产品矩阵，促进销售增长，加速 雷诺与吉利的全球化布局。 雷诺集团首席增长官、雷诺品牌首席执行官法布里斯·坎博利夫在活动上致辞。吉利控股集团和吉利汽车控股有限公司 供图 杰拉尔多·阿尔克明在活动中表示，巴西欢迎中国企业积极参与巴西的绿色新能源转型进程，愿与中国企业携手推 动可持续发展，实现互利共赢。巴西政府2023年底启动汽车行业税收优惠政策，吉利与雷诺的战略合作进一步巩固了 巴西汽车行业在这一政策推动下形成的创新、可持续和竞争力并重的发展环境。 吉利控股集团高级副总裁杨学良在致辞中介绍，根据双方的战略合作协议，吉利EX5和吉利EX2（星愿）两款车 型已通过雷诺经销网络在巴西上市，接下来双方将 ...

11月18日，吉利汽车"世界家轿 中国帝豪——400万向上盛典暨第5代帝豪全球上市发布会"于杭州举办，新车共推出四款配置，限时售价6.59万元至8.29万 元。 据介绍，第5代帝豪在颜值、舒享、安全、驾控、智能五大维度实现进阶，进行了从底层基因到用户体验的全面革新。 在设计方面，第5代帝豪前脸搭载12根镀铬纵向直瀑立柱，"吉目远眺LED前大灯"拥有超170米照射距离。新车车身侧面腰线比例为0.618与2.2倍轮高比，配 合1885mm宽车身、1.27宽高比、18英寸五星之盾轮毂及544mm超低重心。同时，车尾配备LED超红光尾灯，波长为627-632nm，具备300米远距离穿透力， 提升恶劣天气下穿透性能。新车推出千山青、墨岩黑、峰芒银、云纱白、松壑蓝、苍烟灰六款车身配色。 安全方面，第5代帝豪整车采用潜艇级笼式车身，高强度钢占比达70%，最高抗拉强度超1500MPa，车身扭转刚度高达26000N·m/deg。前机舱配备"B"型截面 高强钢防撞梁与240mm长吸能盒，后防撞梁采用"C"型高强钢与200mm渐变吸能盒，结合S形两折弯吸能设计与发动机下沉技术，在碰撞中有效引导能量传 递，保障乘员舱完整。同时搭载上 ...

Core Insights - The recent performance of electric vehicle manufacturers, particularly Xiaopeng and Li Auto, has raised concerns in the market, leading to significant stock price declines following their earnings reports [1][2][4] - The automotive industry is expected to undergo changes due to the reintroduction of vehicle purchase tax for electric vehicles starting in 2026, which may affect consumer choices and market dynamics [5][6][7] Company Performance - Xiaopeng Motors reported a revenue of 20.38 billion yuan for Q3, a year-on-year increase of nearly 100%, but incurred a net loss of 380 million yuan, although this loss narrowed compared to previous periods [2][3] - Li Auto achieved a revenue of 19.45 billion yuan in Q3, nearly doubling year-on-year, with a net profit of 150 million yuan, but experienced an 8% decline in net profit compared to the previous quarter [2][3] - Geely's Q3 revenue reached 89.2 billion yuan, a 27% increase year-on-year, with a net profit of 3.82 billion yuan, up 59% year-on-year, and total sales of 761,000 units, a 43% increase [3] Market Dynamics - Xiaopeng's stock price fell by 10.47% to 85.85 HKD, marking a cumulative decline of over 20% since November 12, while Geely's stock fell by 1.16% to 17 HKD, resulting in a market capitalization of 172 billion HKD [2] - The average selling price of Xiaopeng vehicles decreased by 0.8 million yuan to 156,000 yuan, with a gross margin of 13.1%, slightly below market expectations [3] - The automotive sector is experiencing a weak performance overall, with concerns about declining sales data and the impact of upcoming policy changes on growth rates [4][6] Future Outlook - The reintroduction of the vehicle purchase tax in 2026 is expected to slow down the growth of the passenger vehicle market, potentially leading to increased promotional activities among electric vehicle manufacturers [6][7] - Analysts suggest that the automotive industry will see a differentiation among companies, with stronger competitors likely to emerge as the market adjusts to the new tax environment [6][7]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 27.07 [7][5]. Core Insights - The company reported a revenue of RMB 89.2 billion for Q3 2025, representing a quarter-on-quarter increase of 27% and a year-on-year increase of 15%. The net profit attributable to shareholders was RMB 3.8 billion, up 59% quarter-on-quarter and 6% year-on-year [1]. - The company achieved a record high of 760,000 new car sales in Q3 2025, with a gross margin of 17%, reflecting a positive trend in vehicle pricing and cost management [2]. - The sales of new energy vehicles reached 440,000 units in Q3 2025, accounting for 58% of total sales, indicating a strong focus on the transition to new energy [3]. - The successful launch of high-end models such as Zeekr 9X and Galaxy M9 is expected to enhance profitability and market positioning [4]. - Profit forecasts for 2025-2027 have been adjusted upwards, with net profits projected at RMB 17.8 billion, RMB 19.2 billion, and RMB 24 billion respectively, reflecting strong growth potential [5]. Summary by Sections Q3 Performance - Revenue for Q3 2025 was RMB 89.2 billion, with a net profit of RMB 3.8 billion, aligning with expectations [1]. - The company sold 760,000 vehicles in Q3 2025, achieving a gross margin of 17% [2]. New Energy Transition - New energy vehicle sales reached 440,000 units, representing 58% of total sales, with significant growth in the Galaxy brand [3]. - The company plans to expand its overseas market presence in 2026, including acquisitions and new manufacturing facilities [3]. Product Launches - The Zeekr 9X and Galaxy M9 have seen strong initial sales, contributing to the company's high-margin product offerings [4]. Profitability and Valuation - The net profit forecasts for 2025-2027 have been increased, with a target price set at HKD 27.07 based on a 13x PE ratio for 2026 [5].

作者丨彭鑫 目前，吉利EX5和吉利EX2（星愿）已通过雷诺经销网络在巴西上市。接下来，双方将致力于构建完善的本地生态体系，进一步提升本地化制造、供应链、 销售与服务能力，推动品牌在巴西及拉美市场实现快速、可持续增长。此次投资是继双方携手推进韩国整车合作项目、共同成立全球动力总成公司浩思 （HORSE Powertrain）之后，吉利与雷诺战略合作的又一重要举措。 本月初，吉利控股集团与吉利汽车控股有限公司与雷诺集团正式签署巴西战略合作最终协议。双方将进一步深化合作，通过雷诺巴西公司生产和销售吉利与 雷诺的新能源车型。根据协议，吉利将收购雷诺巴西公司26.4%的股份，雷诺集团继续保持控股股东地位并合并财务报表。 据《中国汽车报》报道，巴西作为拉美地区最大的汽车市场，正成为全球新能源汽车竞争的重要区域。吉利与雷诺的合作将增强双方在巴西市场的竞争力： 雷诺可借助吉利的新能源技术扩展产品线，吉利则可通过雷诺的经销商网络快速进入巴西市场，形成"技术输出—产能共享—市场共创"的全球化梯度布局。 内容综合自中国汽车报、吉利官方资料等 图源：吉利官方 这是吉利与雷诺集团宣布成立雷诺-吉利巴西公司后取得的实质性进展。 根据投资 ...

Core Insights - Renault and Geely's joint investment of 3.8 billion Brazilian Reais (approximately 5.1 billion RMB) in Brazil marks a significant milestone in their strategic partnership, focusing on the localization of new energy vehicle technology and models [1][3] - The collaboration aims to produce two new models based on Geely's GEA new energy architecture, with plans for market launch in the second half of 2026, and a new Renault model projected for production in 2027 [3][10] - This partnership reflects a broader trend of Chinese automotive companies transitioning from followers to leaders in the global market, showcasing their development and globalization journey [3][14] Investment and Production Plans - The investment will facilitate the establishment of a new energy technology platform in Brazil, enhancing local production capabilities [3][10] - The joint venture will leverage Renault's existing production facilities in Brazil, which include two vehicle plants and a workforce of 5,000 employees, aiming for a local production rate of 45% [10][12] Technological Advancements - Geely has invested over 250 billion RMB in research and development over the past 11 years, leading to significant technological breakthroughs, including the GEA platform, which supports the upcoming Brazilian projects [6][14] - The company has developed a comprehensive range of power solutions, including pure electric and hybrid systems, positioning itself competitively in the global market [6][7] Global Collaboration and Market Strategy - The partnership between Geely and Renault exemplifies a deep collaborative model that emphasizes resource sharing and long-term mutual benefits, moving beyond traditional capital alliances [9][10] - Geely's global strategy includes a multi-brand approach, with brands like Geely, Zeekr, and Lynk & Co targeting diverse market segments, enhancing its presence across Asia, Europe, and South America [12][13] Industry Transformation - The collaboration signifies a shift in the Chinese automotive industry's development philosophy, moving from merely seeking market share to creating value through integration and collaboration [13][14] - The partnership is expected to position Brazil as a key hub for Geely's South American strategy, facilitating the large-scale deployment of Chinese new energy technologies in the region [13][14]

Core Insights - The collaboration between Geely and Renault in Brazil marks a significant step in the globalization of Chinese automotive companies, transitioning from product export to technological cooperation [1][3][20] Group 1: Strategic Collaboration - The strategic partnership between Geely and Renault in Brazil is officially launched, with Geely acquiring a 26.4% minority stake in Renault Brazil, allowing access to industrial and commercial resources [5][6] - This partnership is designed to enhance production capacity utilization at Renault's Ayrton Senna industrial park, which has a production capacity of 188,000 fuel vehicles in 2024, with a market share of 5.6% in Brazil [6][8] Group 2: Market Potential and Growth - Brazil is identified as the largest automotive market in Latin America, with projected total sales of approximately 2.486 million vehicles in 2024, reflecting a 14% year-on-year growth [8][19] - Geely aims to establish Brazil as a strategic core for its Latin American operations, planning to launch multiple localized new energy products by 2026-2027 to meet the demand for high-quality, intelligent, and green transportation [8][19] Group 3: Global Expansion and Technological Advancement - Geely's collaboration with Renault is part of a broader strategy that has evolved from product trade to technology licensing and brand cooperation, highlighting the rise of Chinese automotive companies on the global stage [11][20] - Geely has invested over 250 billion RMB in R&D over the past 11 years, positioning itself as a leader in various technological fields, including electric and hybrid powertrains [16][19] Group 4: Financial Performance - Geely's third-quarter revenue for 2025 reached 89.2 billion RMB, marking a 27% year-on-year increase, with total global sales of 3.337 million vehicles in 2024, a 22% increase [19][20] - The company has achieved a 68% year-on-year growth in new energy vehicle sales, with a penetration rate of 54%, indicating strong performance in the global market [19]

Core Points - The strategic partnership between Geely Group and Renault Group was officially launched in Brazil, with an investment of 3.8 billion reais (approximately 5.1 billion yuan) to promote the localization of new energy technology platforms and models in Brazil [1] - The collaboration aims to enhance local manufacturing, supply chain, sales, and service capabilities, fostering sustainable growth in the Brazilian and Latin American markets [1] - The Brazilian government plans to provide tax incentives for R&D and technological efficiency improvements for companies operating in Brazil [1] Company Insights - Geely's senior vice president emphasized that this new cooperation model will invigorate the Brazilian automotive industry and contribute to a low-emission ecosystem [1] - Renault's Chief Growth Officer stated that the partnership will focus on potential markets and integrate manufacturing capabilities and marketing networks to create competitive products [2] - Geely's CEO highlighted that this collaboration marks a significant milestone following previous joint ventures and aims to explore new markets and opportunities for mutual growth [2] Product Development - Geely EX5 and EX2 models have already been launched in Brazil through Renault's distribution network [2] - The investment plan includes local production of two new models based on Geely's GEA new energy architecture, set to be launched in the second half of 2026 [2] - A new Renault model will be updated in the second half of 2026, and a new technology platform will be developed by 2027, leading to the production of a new Renault model [2]