"汽车直租第一股"喜相逢集团（02473.HK）日前发布，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。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。 喜相逢集团是国内领先的集车辆销售、金融解决方案与售后服务为一体的综合性汽车服务平台。此次合 作，喜相逢集团推动自身平台优势与产业资源和专业金融资本深度整合，通过锁定吉利系的优质产品资 源和智慧普华的专项金融支持，为其下沉市场汽车零售、网约车运营以及全球化布局三大增长引擎，注 入高效且稳定的产业动能。 喜相逢集团此次合作的另一大亮点，是获得了智慧普华的专项购车资金支持，用于采购吉利汽车旗下多 品牌车型。喜相逢集团方面表示，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。 当前，国家政策正在大力支持汽车消费和金融市场。2025年央行实施了针对汽车金融公司的定向降准， 并取消了新能源车贷款比例上限 ...

Core Viewpoint - The collaboration between Geely and Renault in Brazil represents a strategic move to enhance their positions in the South American automotive market, focusing on electric and low-emission vehicles while leveraging each other's strengths in distribution and technology [4][5][17]. Investment and Development - Geely and Renault announced a joint investment of 3.8 billion Brazilian Reais (approximately 714 million USD) to establish a new industrial park in Brazil for developing new vehicle models [4][8]. - Part of the investment will support the development of Geely's new zero-emission and low-emission vehicle platform, with mass production expected in the second half of 2026 [8]. - The remaining funds will be used to upgrade existing Renault models and launch another new model by 2027 [9]. Strategic Partnership - Geely will acquire a 26.4% stake in Renault's Brazilian operations, while Renault will maintain control, allowing Geely to integrate Renault's established distribution and local R&D resources [9]. - This partnership aims to enhance local production, supply chain operations, sales, and after-sales service capabilities to support long-term market development [14]. Market Dynamics - The collaboration is seen as a response to the increasing competition from Chinese brands in the automotive sector, with Renault aiming to expand its business beyond Europe into South America [17]. - Brazil is identified as a key market for both companies, with significant potential for growth, especially in the electric vehicle segment, which saw a doubling of exports from China last year, reaching 152,000 units [18]. Historical Context and Future Outlook - This partnership builds on previous collaborations, including a framework agreement signed in January 2022 and a stake acquisition in Renault Korea, which has already shown positive results in sales growth [20][22]. - The establishment of a new powertrain technology company, HORSE Powertrain Limited, is expected to generate nearly 15 billion Euros in annual revenue, further solidifying the partnership's technological foundation [24]. Industry Trends - The collaboration reflects a broader trend where international brands are increasingly seeking partnerships with Chinese manufacturers to gain competitive advantages in electric vehicle technology [28][29]. - The shift in dynamics indicates that Chinese companies are now seen as leaders in technology and efficiency, prompting traditional automakers to explore joint ventures for market entry and technological exchange [29].

商报讯(记者郭雨昕)11月18日，吉利第5代帝豪在杭上市。作为吉利帝豪家族全新换代车型，新车推出 四款配置，限时感恩价6.59万-8.29万元。此次上市的第5代帝豪，是首款基于新一代BMAEvo全球模块 化架构打造的车型，外观融合东方审美与现代科技，12根镀铬直瀑立柱搭配国风配色， 4815×1885×1480mm车身尺寸与2755mm轴距，带来准B级空间体验，970mm后排最大头部空间与 1480mm肘部空间可容纳三位1.8米乘客，85.1%同级最高得房率与27处储物空间，配合610L可扩展至 1779L的后备厢，全面满足家庭出行需求。 内饰贯彻"豪华平权"理念，大面积软质包覆搭配豪华水晶挡把，标配14.6英寸高清大屏与50W无线风冷 快充，提供旷野棕、云舒灰、星夜黑三种座舱配色。智能方面搭载FlymeAuto智能座舱系统，支持魅族 FlymeLink及12大品牌互联，全系标配L2级辅助驾驶，可选装千里浩瀚辅助驾驶H3方案。安全上采用潜 艇级笼式车身，高强度钢占比达70%，配备AEB急刹避险与AES主动紧急避让功能。动力提供 1.5TD+7DCT与1.5L+8CVT双组合，中欧大师级调校底盘带来36.3米百 ...

Core Insights - The company reported Q3 2025 revenue of 89.19 billion yuan, with a year-on-year increase of 26.5% and a quarter-on-quarter increase of 14.7%, meeting expectations [1] - Net profit for Q3 2025 was 3.82 billion yuan, reflecting a year-on-year increase of 59.3% and a quarter-on-quarter increase of 5.6% [1] Revenue Performance - Total sales volume for Q3 2025 reached 761,000 units, with a year-on-year increase of 42.5% and a quarter-on-quarter increase of 7.9% [1] - The average selling price (ASP) per vehicle was 117,000 yuan, showing a year-on-year decline of 11.2% but a quarter-on-quarter increase of 6.3% [1] Profitability Metrics - Gross margin for Q3 2025 was 16.6%, with a year-on-year improvement attributed to scale effects and product mix enhancement [1] - The company achieved a single-vehicle profit of 5,300 yuan, with significant year-on-year improvement of 19.1% [2] Cost and Expenses - Selling, research and development, and administrative expense ratios for Q3 2025 were 6.0%, 4.9%, and 1.5%, respectively, with year-on-year changes of +1.2%, +0.3%, and -0.6% [1] - The increase in selling expense ratio was primarily due to marketing costs associated with the launch of four new models in Q3 [1] Other Financial Metrics - Other income for Q3 2025 was 950 million yuan, with a quarter-on-quarter decrease of 18.9%, including a foreign exchange loss of 250 million yuan [2] - Zeekr Technology Group reported a net loss of 460 million yuan for Q3 2025, with a single-vehicle loss of 3,000 yuan, although the loss narrowed quarter-on-quarter [2] Future Outlook - The company raised its net profit forecast for 2025 to 18.1 billion yuan, up from the previous estimate of 15 billion yuan, due to strong sales performance [2] - The net profit forecasts for 2026 and 2027 were adjusted downwards to 19.5 billion yuan and 27.2 billion yuan, respectively, considering potential impacts from tax policies [2] - The company maintains a "buy" rating for Geely Automobile, with corresponding price-to-earnings ratios of 9, 8, and 6 for the years 2025, 2026, and 2027 [2]

机构：国金证券 研究员：姚遥 业绩点评： 11月17日，吉利汽车发布25Q3财报，其中： 1、营收：Q3公司共计销售新车76.1万辆，同/环比+42.5%/+8.1%： 总计营收891.9亿元，同/环比+47.7%/+14.7%：我们计算Q3单车ASP11.7万元，同/环比+3.7%/+6.1%： 25Q1Q3公司共计销售新车216.9万辆，同比+45.6%，营收2394.8亿元，同比+26.4%，单车ASP11万元， 同比-13.2%； 行业竞争加剧，市场需求不及预期。 1、Q3公司业绩表现稳健，其中：1）车型结构好转，新能源拉动下出口逐渐恢复，同时Q2新车如领克 900、银河星耀8等均处中位数之上，带动单车ASP提升：2）但由于新能源车占比提升、Q3低毛利银河 A7等上市、且新能源毛利率低于燃油车，导致毛利率环比Q2小有下滑，体现为单车成本提升：3）公司 费用依旧稳健，费用率环比均下降：最终共同拉动公司Q3业绩表现稳健。 其中值得注意的是，在吉利银河销量表现强势下，规模效应和盈利结构均向上，单车利润也有所提升， 符合我们此前的量一价一利齐升的推断。我们重申，公司在低成本路线下面对市场竞争激烈和价格战， 是 ...

Core Viewpoint - 吉利汽车 reported strong performance in Q3 2025, with revenue reaching 89.2 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 15% [1] Group 1: Financial Performance - In Q3 2025, 吉利汽车 achieved a net profit attributable to shareholders of 3.82 billion yuan, an increase of 1.4 billion yuan year-on-year and 0.2 billion yuan quarter-on-quarter [1] - The company sold 760,000 vehicles in Q3 2025, representing a year-on-year increase of 43% and a quarter-on-quarter increase of 7.9% [1] - The gross profit margin for Q3 2025 was 16.6%, up 1.2 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter [1] Group 2: Cost Management - Sales expense ratio in Q3 2025 was 6.0%, up 1.2 percentage points year-on-year and down 0.1 percentage points quarter-on-quarter [1] - Management expense ratio was 1.5%, down 0.6 percentage points year-on-year and down 0.4 percentage points quarter-on-quarter [1] - R&D expense ratio was 4.9%, up 0.3 percentage points year-on-year and down 0.2 percentage points quarter-on-quarter [1] Group 3: Product Strategy and Market Outlook - 吉利汽车 is launching a new product cycle with competitive models such as 银河A7 and 银河星耀8, which have achieved monthly sales of over 13,000 and 10,000 units respectively [2] - The company expects to maintain strong sales momentum, with projected total sales of 3.04 million, 3.73 million, and 4.02 million vehicles for 2025-2027, representing year-on-year increases of 40%, 23%, and 8% respectively [2] - The introduction of high-end models is expected to significantly enhance the company's product structure and profitability [2] Group 4: Profitability Forecast - Projected net profit margins for 2025-2027 are 5.2%, 6.0%, and 6.4%, with attributable net profits of 17.8 billion, 24 billion, and 27.2 billion yuan respectively [3] - The core net profit estimates for the same period are 14.3 billion, 23 billion, and 26.2 billion yuan [3] - The company is considered a top pick for the upcoming recovery in the automotive sector due to its low valuation and strong growth potential [3] Group 5: Investment Recommendation - Based on the strong new product cycle and improved product structure, the profit forecasts for 2025-2027 have been revised upwards [3] - The target price for 吉利汽车 is set at 26.00 HKD, representing a potential upside of 51% based on a 10x PE ratio for 2026 [3]

Core Viewpoint - The company reported strong Q3 performance with significant revenue and profit growth, driven by new vehicle launches and an accelerating transition to electric vehicles [1][3][4] Financial Performance - Q3 revenue reached 89.2 billion yuan, up 27% year-on-year and 15% quarter-on-quarter; net profit attributable to shareholders was 3.8 billion yuan, up 59% year-on-year and 6% quarter-on-quarter [1] - For the first three quarters, total revenue was 239.5 billion yuan, a 26% increase year-on-year, while net profit was 13.1 billion yuan, a slight decrease of 1% year-on-year [1] Sales and Margins - Q3 sales reached a record high of 760,000 new vehicles, representing a 43% increase year-on-year and 8% quarter-on-quarter [2] - The gross margin for Q3 was 17%, with an increase of 1.0 percentage point year-on-year and a decrease of 0.5 percentage point quarter-on-quarter [2] - The average selling price (ASP) per vehicle was 117,000 yuan, up 4% year-on-year and 6% quarter-on-quarter [2] New Energy Transition - In Q3, new energy vehicles accounted for 58% of total sales, with 440,000 units sold, a 15% increase quarter-on-quarter [3] - The company plans to expand its overseas market presence in 2026, including acquiring a stake in Renault Brazil and establishing a factory in Malaysia [3] Product Launches - The launch of the Zeekr 9X and Galaxy M9 models in Q3 was successful, with significant pre-orders indicating strong market demand [4] - The company aims to continue its high-end product strategy with upcoming models like the Galaxy Battleship series [4] Profit Forecast and Valuation - The profit forecast for 2026-2027 has been adjusted upwards, with net profit estimates of 17.8 billion yuan for 2026 [4] - The company is valued at 13x PE for 2026, with a target price set at 27.07 HKD [5]

Core Viewpoint - The article highlights the launch of new electric vehicle models, specifically the Galaxy Starship 7 EM-i and Dongfeng Xinghai S7, emphasizing their competitive pricing and enhanced features in the rapidly evolving electric vehicle market [2][6][15][16]. Group 1: Galaxy Starship 7 EM-i - The Galaxy Starship 7 EM-i was launched on November 19, with a limited-time price range of 95,800 to 123,800 yuan [3][6]. - The vehicle features a compact SUV design with dimensions of 4740mm in length, 1905mm in width, and 1685mm in height, along with a wheelbase of 2755mm [8]. - Interior design retains the current model's layout, featuring a two-spoke steering wheel and a floating central control screen, with upgraded configurations including W-HUD head-up display and enhanced sound insulation [10]. - The powertrain includes a 1.5L engine paired with a 175kW electric motor and a 19.09kWh lithium iron phosphate battery, offering a pure electric range of 130/135 km, with an optional larger battery for 200 km [12]. - The model adopts a strategy of enhancing features without significant price increases, making it more competitive in the market [14]. Group 2: Dongfeng Xinghai S7 - The Dongfeng Xinghai S7 was also launched on November 19, with a limited-time price range of 105,900 to 135,900 yuan [15][16]. - The vehicle maintains a similar design to its predecessor, featuring a sleek coupe-like silhouette and unique headlight design, with dimensions of 4935mm in length, 1915mm in width, and 1510mm in height, and a wheelbase of 2915mm [18]. - The interior design is minimalist, integrating vehicle functions into the central control system, and includes features like keyless start and battery preheating [20]. - The powertrain options include 218/313kW electric motors paired with 56.8/68.2kWh lithium iron phosphate batteries, providing a pure electric range of 565/650 km and acceleration from 0 to 100 km/h in 6.7/5.9 seconds [21]. - Positioned in a highly competitive segment, the Xinghai S7 aims to differentiate itself through larger dimensions and 800V ultra-fast charging capabilities [22].

Core Viewpoint - The strategic partnership between Geely and Renault marks a significant step in their collaboration, focusing on the Brazilian market for electric vehicles and local production [2][3]. Investment and Production Plans - Geely and Renault will invest 3.8 billion Brazilian Reais (approximately 5.1 billion RMB) to establish Renault Geely do Brasil, aimed at localizing production of two new models based on Geely's GEA electric architecture, set to launch in the second half of 2026 [2]. - A new electric vehicle technology platform will be developed, with a Renault model expected to be produced by 2027 [2]. Market Potential and Strategy - Brazil's automotive market is projected to reach approximately 2.486 million units in 2024, reflecting a 14% year-on-year growth, positioning it as a key market for Chinese electric vehicles [4]. - The partnership adopts a "light asset" model, which may serve as a reference for other Chinese companies looking to expand into international markets [4]. Collaborative Goals - The collaboration aims to integrate manufacturing capabilities, marketing networks, and advanced electric platforms to create a competitive product matrix and drive sales growth [3]. - Both companies emphasize the importance of exploring new markets and opportunities, aiming for a win-win situation through strategic collaboration and resource complementarity [3].

《中国经营报》记者注意到，上述合作因对巴西新能源产业升级、就业拉动及南美汽车市场具有重要战 略意义，受到巴西政府及地方各界的高度重视。巴西副总统杰拉尔多·阿尔克明、巴拉那州州长拉蒂尼 奥·儒尼奥尔等各界领导，及雷诺集团和吉利管理层共同出席。 吉利与雷诺的合作迎来新进展。11月19日，在吉利与雷诺集团宣布成立雷诺吉利巴西公司（Renault Geely do Brasil）后，双方战略合作启动仪式在巴西埃尔顿・塞纳工业园区举行。吉利雷诺巴西公司将 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。该项目将显著提升工 业园区产能利用率，并加速吉利在拉美拓展新能源市场。 雷诺集团首席增长官、雷诺品牌CEO法布里斯·坎博利夫表示："雷诺与吉利在巴西的战略合作迈入全新 阶段。未来，双方的战略合作将聚焦潜力市场，整合工业制造能力，营销网络以及领先的电动化平台， 共同打造极具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。" "此次合作是继吉利与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 ...