11月18日，吉利汽车旗下第5代帝豪在杭州正式上市。新车共推出四款配置，限时感恩价6.59-8.29万 元，2025年11月30日前购车更可享7重豪礼。 | 上市描导价 | 1.5L+8CVT 豪华型 7.49xx | 1.5L+8CVT 尊费型 7.99nr | 第5代帝豪上市价格及权益 | 1.5TD+7DCT 尊费型 8.79mg | 1,5TD+7DCT 演劇型 9.19ля | | | --- | --- | --- | --- | --- | --- | --- | | 限时感恩价 | 6.59万元 | 7.09万元 | | 7.89万元 | 8.29万元 | | | 向上现金礼 | 向上升舱机 | 向上焕新礼 | 向上感恩礼 | 向上金融礼 | 向上流量礼 | 向上质保礼 | | 1000元G 金 图10000元用车金 | 图时事件保障局 6000元配置在线 | 换角图时事 重展4000元年国 | 有量的用户端时间是 3000元专属作用食 【用用上最新礼费道事业 | 2年479 0.08 12 22 | 精便本土基础发重免费 3年免费国际流量 (10G/JL) | 颜色及动力量成4年 虚15万公 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [7] Core Views - Geely Automobile reported a revenue of 239.48 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.4%. Total sales reached 2.17 million vehicles, up 45.7% year-on-year, with a core net profit attributable to shareholders of 10.62 billion yuan, an increase of 59% year-on-year [2][4] - The new platform has empowered Geely to enter a new product era, with the GEA architecture supporting a new vehicle cycle. The brands Zeekr, Lynk & Co, and Galaxy are all performing well, and the transition to new energy vehicles is progressing smoothly, leading to increased profitability [2][8] - The company’s strong foundation in fuel vehicles and innovative overseas expansion strategies are opening new markets. The intelligent driving strategy is accelerating the enhancement of driving capabilities, indicating significant profit elasticity in the new vehicle cycle [2][8] Summary by Sections Financial Performance - In Q3 2025, Geely achieved a revenue of 89.19 billion yuan, a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%. Total sales for Q3 were 761,000 vehicles, with significant growth in the Galaxy and Lynk & Co brands [8] - The Q3 net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59.3%, with a single vehicle profit of 5,000 yuan, up 11.8% year-on-year [8] Brand Performance - In Q3, Zeekr and Lynk & Co combined sales reached 140,000 vehicles, with total revenue of 31.56 billion yuan, reflecting a year-on-year increase of 9.1%. However, both brands reported a net loss of 460 million yuan for the quarter [8] Strategic Initiatives - Geely plans to launch 10 new energy models in 2025, with significant focus on electric and intelligent vehicles. The new models will feature advanced driving assistance systems, enhancing the company's competitive edge in the market [8] - The company is focusing on brand strategy, with a strong emphasis on electrification and intelligence, supported by a robust new vehicle cycle [8]

11月20日，第19届国际汽车交通安全学术会议在宁波召开。吉利汽车集团副总裁、吉利汽车研究院院长李传海在致辞中表示：汽车行业的智能化下半场由 AI与数据驱动，数字安全是行车安全和用户信任的基石。全行业应反对盲目内卷、坚守安全底线，围绕"AI安全+网联安全"构建行车安全新防线，并将"全 域安全"的价值从私域扩展到公域，携手共建安全技术开放生态，实现真正的安全平权。 会议期间，李传海还透露，吉利全球全域安全中心将于12月正式发布，未来将向全行业共享，共创行业安全新标杆。 ...

在车市竞争愈发激烈的大背景下，A级车赛道正吸引着车企持续加大投入力度。 （文章来源：中国经营报） "作为首款基于新一代BMA Evo全球模块化架构打造的全新车型，第5代帝豪在颜值、舒享、安全、驾 控、智能五大维度上实现全面进阶，完成从底层基因到用户体验的系统性革新。"吉利汽车方面表示。 如在消费者关注的安全方面，吉利汽车提供给记者的信息显示，第5代帝豪以远超同级的安全配置与结 构设计，将主流家轿安全标准提升至全新高度，其中，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。 而在辅助驾驶方面，吉利汽车相关负责人介绍，第5代帝豪搭载千里浩瀚辅助驾驶H3方案，集成26个高 精传感器与128 TOPS大算力芯片，构建了覆盖全场景的智能驾驶能力，其HNOA高快速路辅助与CNOA 城区辅助驾驶功能均支持全国范围覆盖。 "帝豪家族作为第一个且唯一完成五代进化的中国品牌轿车，始终以'中国家轿引领者'之姿，推动A级家 轿价值不断向上。"吉利汽车强调，第5代帝豪"以五大维度的全面跃升，重塑A级燃油家轿用户体验"。 公开数据显示，今年10月份，A级轿车批发41 ...

Core Viewpoint - Everbright Securities maintains a "Buy" rating for Geely Automobile (00175) and raises the target price to HKD 26.01, citing strong revenue growth and significant increases in total sales and core net profit for Q3 2025 [1] Financial Performance - In the first three quarters of 2025, Geely's total revenue increased by 26.5% year-on-year to CNY 239.48 billion, with a gross margin of 16.5%, up 0.3 percentage points year-on-year; core net profit rose by 59% to CNY 10.62 billion [1] - For Q3 2025, total revenue grew by 26.1% year-on-year and 14.7% quarter-on-quarter to CNY 89.19 billion, with a gross margin of 16.6% [1] Sales and Market Share - Geely's total sales in the first three quarters of 2025 increased by 45.7% year-on-year to 2.17 million units, with new energy vehicle sales accounting for 53.8% of total sales, up 17.2 percentage points year-on-year [2] - In Q3 2025, total sales rose by 42.5% year-on-year and 7.9% quarter-on-quarter to 761,000 units, with new energy vehicle sales making up 58.2% of total sales [2] New Model Performance - The Galaxy series has shown strong sales performance, with a year-on-year increase of 205.6% in the first nine months of 2025; new models like Galaxy M9 and Zeekr 9X are expected to drive further sales growth [2] Integration and Global Expansion - The privatization of Zeekr is progressing smoothly, with completion expected by the end of 2025; this integration is anticipated to optimize resources and enhance efficiency [3] - Geely aims to expand its global sales network to over 1,000 locations by 2026, with a target of exporting one million vehicles by 2027 [3] Profit Forecast - The company has raised its net profit forecasts for 2025, 2026, and 2027 by 10%, 3%, and 6% respectively, now projecting CNY 17.74 billion, CNY 19.18 billion, and CNY 21.23 billion [4]

2025年前三季度吉利总销量同比+45.7%至217.0万辆(新能源销量占比同比+17.2pcts至53.8%)，其中3Q25 吉利总销量同比+42.5%/环比+7.9%至76.1万辆(新能源销量占比同比+37.6pcts/环比+6.3pcts至58.2%)。费 用端，2025年前三季度公司SG&A费用率同比-0.9pcts至7.5%，其中3Q25公司SG&A费用率同比+0.6pcts/ 环比-0.5pcts至7.5%。该行判断，1)吉利银河销量持续表现强劲(2025年1-9月销量同比+205.6%)，预计 4Q25E-2026E随银河M9/极氪9X等新车型爬坡上量(银河M9上市24小时订单破4万辆、极氪9X上市13分 钟订单破1万辆)，公司市占率有望持续提升(2025年1-9月公司市占率已达10.2%);2)领克与极氪整合成效 持续显现，预计极氪私有化后2026E费用端有望进一步受益。 极氪私有化顺利推进，全球化加速布局 智通财经APP获悉，光大证券发布研报称，维持吉利汽车(00175)"买入"评级，上调目标价至26.01港 元，25Q3营收同比增长26.5%，总销量大增，核心归母净利润实现59%的强劲增长 ...

Core Insights - Chinese automotive companies are exploring new strategies for international expansion, particularly focusing on Indonesia for mining opportunities rather than just vehicle sales [1][38]. - The approach emphasizes long-term investment and establishing a solid foundation for future growth rather than immediate profits [2]. Group 1: Market Conditions in Indonesia - Indonesia is characterized by poor transportation infrastructure and low national income, with Java Island, which occupies only 6.6% of the country's area, housing 150 million people [5][11]. - Jakarta, the capital, has been identified as the most congested city globally, with drivers averaging 32,800 brake applications per year, significantly higher than the global average of 18,000 [6][8]. - The majority of the population relies on motorcycles for transportation due to inadequate public transport options, leading to a high prevalence of motorcycle ownership [6][10]. Group 2: Economic Landscape - A significant portion of the Indonesian population lives in poverty, with 8.47% classified as poor, spending less than 609,160 Indonesian Rupiah (approximately 200-300 RMB) per month [11][13]. - The economic structure is fragile, with 24.42% of the population unable to cover basic expenses and 49.29% classified as near-middle class, spending between 2.6 million to 6 million Indonesian Rupiah (approximately 1,200-2,800 RMB) [13]. - The wealth distribution is heavily skewed, with less than 1% of the population classified as wealthy, indicating a challenging market for high-end automotive products [13]. Group 3: Regulatory Environment - Chinese companies must establish local entities and meet specific capital requirements, including a minimum registration capital of 100 billion Indonesian Rupiah (approximately 4.5 million RMB) [16]. - The "localization rate" requirement mandates that foreign companies produce or source a significant portion of their components locally to benefit from policy incentives [16]. Group 4: Competitive Landscape - Japanese automotive brands dominate the Indonesian market, with Toyota leading sales figures, while Chinese brands like BYD and Wuling rank lower in market share [17][20]. - The long-standing presence of Japanese companies provides a reference point for Chinese firms entering the market [20]. Group 5: Strategic Collaborations - Chinese automotive companies are forming partnerships with local firms to enhance market entry, such as the CKD (Completely Knocked Down) assembly model adopted by several brands [32]. - Collaborations extend to local component sourcing and employment generation, which helps in meeting localization requirements and reducing operational costs [33][37]. Group 6: Resource Opportunities - Indonesia is rich in nickel resources, essential for stainless steel and battery production, making it a strategic location for Chinese companies focused on electric vehicles [41][44]. - The partnership with Indonesia in nickel mining is crucial for securing supply chains and supporting the growth of the Chinese electric vehicle industry [44][45]. Group 7: Future Prospects - The Indonesian government aims to produce 600,000 electric vehicles by 2030, indicating a growing market for electric vehicles [39]. - The collaboration between Chinese companies and Indonesia in the mining sector could enhance the international standing of the Chinese currency, the Renminbi, in global trade [46][47].

11月20日下午开盘后不久，喜相逢集团(02473.HK)股价大幅拉升逾10%，截至记者发稿，该股涨 7.71%，报8.52港元/股，成交额达到4401.3万港元。 从消息面看，喜相逢集团官微近日发布消息称，与吉利汽车集团及吉利控股集团旗下核心金融平台—— 浙江智慧普华融资租赁有限公司（下称"智慧普华"）达成2026年深度战略合作。 据介绍，此次合作，智慧普华将为喜相逢集团提供专项购车资金支持，用于喜相逢采购吉利汽车旗下多 品牌车型。这一合作将有效助力喜相逢优化车辆采购与库存结构，加快资产周转效率，进一步拓展集团 在新零售、技术应用与供应链管理方面的业务布局。 在座谈会上，各方围绕产品竞争力提升、供应链效率优化、业务模式创新与金融支持等议题进行深入交 流，并就全球化布局、车型定制、IT数据模型联合创新等合作机制达成多项共识，推动车辆+金融+流 通一体化发展。 官网显示，喜相逢集团成立于2007年，是国内知名的综合性汽车服务供应商，2023年11月9日，在香港 主板上市，成为中国汽车融资租赁的第一股。 智慧普华，作为吉利控股集团旗下的专业汽车融资租赁平台，依托吉利产业资源与法国巴黎银行成熟风 控体系，资产规模超 ...

Core Viewpoint - Xixiangfeng Group (02473) has seen a significant stock price increase following the announcement of a strategic partnership with Geely Automobile Group and its financial platform Zhihui Puhua, aiming to explore the new retail model in the automotive sector by 2026 [1] Group 1: Stock Performance - Xixiangfeng Group's stock rose over 10% in the afternoon, currently up 7.46% at HKD 8.5, with a trading volume of HKD 30.22 million [1] Group 2: Strategic Partnership - The partnership involves a deep strategic collaboration among Xixiangfeng Group, Geely Automobile, and Zhihui Puhua, focusing on new retail models and setting ambitious new car launch targets for 2026 [1] - The collaboration will initiate special financing support to create a comprehensive "product-finance-service" closed-loop system, targeting the trillion-level market in automotive new retail [1] Group 3: Company Positioning - Xixiangfeng Group is recognized as a leading automotive service platform in China, continuously focusing on the new retail and mobility service sectors [1] - The alliance with Geely and Zhihui Puhua is expected to enhance Xixiangfeng's competitive edge in vehicle resources and financial support, ultimately improving product and service experiences for end users [1]

公开资料显示，喜相逢集团作为国内知名的汽车服务平台，持续深耕汽车新零售与出行服务领域。此次 携手吉利汽车与智慧普华，将进一步强化其在车辆资源与资金配套方面的综合竞争力，为终端用户带来 更优质的产品与服务体验。 消息面上，喜相逢集团近日发布，与吉利汽车集团及吉利控股集团旗下核心金融平台智慧普华达成2026 年深度战略合作。三方将围绕新零售模式展开合作，共同挑战2026年新车投放目标，并配套启动专项融 资支持，全面构建"产品—金融—服务"全链路闭环，开拓汽车新零售万亿级蓝海市场。 智通财经APP获悉，喜相逢集团(02473)午后拉升逾10%，截至发稿，涨7.46%，报8.5港元，成交额 3021.55万港元。 ...