FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年12月29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 | | | | | | | | | | 事件 | | | 已發行股份（不包括 ...

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down 0.71% to 25,635.23 points and a total turnover of HKD 224.51 billion [1] - The Hang Seng Tech Index fell 0.3% to 5,483.01 points, while the Hang Seng China Enterprises Index decreased by 0.26% to 8,891.71 points [1] Consensus and Divergences - Huatai Securities noted two main consensus points: 1. The logic of the bulk commodity sector is solid, leading to a rapid revaluation 2. Weak recovery in domestic demand suggests a left-side allocation in the consumer sector [1] Blue Chip Performance - BYD Company (01211) led blue-chip stocks, rising 3.74% to HKD 97.1, contributing 20.66 points to the Hang Seng Index [2] - Other notable blue-chip performances included Geely Automobile (00175) up 3.43% and Industrial and Commercial Bank of China (01398) up 1.63% [2] Sector Highlights - The automotive sector saw most stocks rise, with NIO-SW (09866) up 4.89% and Xpeng Motors-W (09868) up 3.88% [3] - The robotics sector showed strong performance, with MicroPort Robotics-B (02252) surging 25.85% and UBTECH (09880) rising 9.13% [4] Individual Company News - UBTECH plans to acquire Fenglong Co. for HKD 1.665 billion, focusing on garden machinery and automotive components [5] - MicroPort Robotics reported over 230 cumulative orders for its surgical robots, with over 160 orders for its bronchoscopic surgical robot "Dudao" [5] Gold Sector Performance - Gold stocks generally retreated, with Zijin Mining International (02259) down 5.86% and Chifeng Jilong Gold Mining (06693) down 5.4% [5] - The gold market experienced volatility, with spot gold prices dropping below USD 4,450 per ounce [6] Power Sector Performance - Power stocks faced pressure, with Huaneng International (00902) down 6.48% and Datang International Power Generation (00991) down 4.7% [6] - The announcement of long-term electricity prices in Guangdong indicated a decline, with a 19.72 cents per kilowatt-hour drop [6] Notable Stock Movements - Junda Co. (02865) surged 21.65% following a strategic partnership announcement in the space energy sector [7] - Youjia Innovation (02431) rose 15.45% as the first batch of L3 autonomous vehicles began large-scale operation [8] - Goldwind Technology (02208) increased by 13.7% after the release of new listing standards for commercial rocket companies [9] - Jiantao Laminates (01888) rose 6.81% due to a price increase announcement amid rising copper prices [10] - MGM China (02282) fell 17.14% after a report indicated a significant increase in brand usage fees starting in 2026 [11]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, as well as the impact of new subsidies [2]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, with a focus on companies like BYD and Geely, which cater primarily to mid-to-low-end demand [2]. - The report highlights the potential for significant performance improvement in parts manufacturers in the first half of 2026 due to subsidy support, recommending companies with strong fundamentals and low valuations [2]. - The report identifies new energy vehicle companies such as XPeng, NIO, and Li Auto, which have advantages in AI and robotics, as potential investment opportunities [2]. - The report notes a positive trend in the used car market and overall dealer profitability, recommending companies like Uxin [2]. - The report emphasizes the importance of state-owned enterprise reforms, particularly for SAIC and Dongfeng, as a key area to watch [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [2]. - The automotive industry recorded a total transaction value of 582.81 billion yuan for the week, with an industry index increase of 2.74%, outperforming the Shanghai Composite Index [6]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao [11]. Market Conditions - The report notes that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw materials increasing by 1.3% week-on-week and 1.0% month-on-month, while new energy vehicle raw materials rose by 5.6% week-on-week and 6.8% month-on-month [62]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all sectors, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [8][10]. Key Events - The report highlights the optimization of toll road policies and the improvement of autonomous driving regulations as significant developments that will enhance the operational efficiency of the transportation system [3][4]. - The report mentions the launch of the first L3 autonomous driving license plate in China, awarded to Changan Automobile, marking a milestone in the industry [24][44].

群益证券主要观点如下： 公司电动化转型正在加速，高性价比产品策略取得成效，在各个主流价格区间都有市场认可的产品 公司汽车业务整合后有望降低采购成本、共享技术，产品整体竞争力有望提升。2026年汽车补贴延续， 汽车市场有望维持景气度，公司销量增长可期。根据公司11月18日公告，公司完成对极氪的私有化后， 将进行股份回购，总金额不超过23亿港元，预计对股价有提振作用。该行预计公司2025/2026/2027年净 利润分别至170.6/218.5/281.8亿元，扣除一次性收益的影响，YOY分别为+80%/+28%/+29%，EPS分别为 1.59/2.04/2.62元。当前股价对应P/E分别为9.6/7.5/5.8倍，建议"买进"。 群益证券发布研报称，12月22日，吉利汽车(00175)发布公告，宣布完成极氪私有化并于纽交所退市。 公司通过发行股份(占70.8%)和支付现金(占29.2%)完成此项交易。合并后公司汽车业务在研发、营销、 采购等方面将进一步整合，运营效率有望提升。建议买进。 公司电动化加速，2026年产品矩阵将进一步完善 2025年公司电动化进程加速，1-11月公司累计销售汽车278.78万辆，Y ...

Core Viewpoint - Geely Automobile has completed the privatization of Zeekr and will delist from the New York Stock Exchange, aiming to enhance operational efficiency through integration of its automotive business [1][3] Group 1: Privatization and Integration - The privatization of Zeekr was completed on December 22, with approximately 70.8% of shareholders opting for stock exchange and 29.2% for cash compensation, resulting in a cash payment of $701 million [1][3] - Following the merger, the company expects to reduce R&D investment by 10% to 20%, lower BOM costs by 5% to 8%, and improve capacity utilization by 3% to 5% [3] Group 2: Electric Vehicle Strategy - The company is accelerating its electrification process, with total vehicle sales reaching 2.7878 million units from January to November, a year-on-year increase of 41.8%, and new energy vehicle sales reaching 1.5335 million units, up 97% [4] - The company plans to launch multiple new models in 2026, including three SUVs and two sedans under the Galaxy brand, and aims to strengthen its export of new energy vehicles, expecting a 50% year-on-year increase [4] Group 3: Financial Projections - The company is projected to achieve net profits of 17.06 billion, 21.85 billion, and 28.18 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 80%, 28%, and 29% [2][5] - The current stock price corresponds to P/E ratios of 9.6, 7.5, and 5.8 for the years 2025, 2026, and 2027, respectively, with a recommendation to "buy" [2][5]

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 09866 | 蔚来-SW | 0 | 6.71% | 41.020 | 1010.8亿 | 17.87% | | 09868 | 小鹏汽车-W | | 6.44% | 81.000 | 1548.42 Z | 73.63% | | 01211 | 比亚迪股份 | | 6.14% | 99.350 | 9057.947 | 13.65% | | 00175 | 吉利汽车 | | 5.20% | 17.800 | 1911.53亿 | 22.84% | | 02015 | 理想汽车-W | | 4.23% | 67.800 | 1368.64 Z | -27.83% | | 09863 | 零跑汽车 | | 3.92% | 51.900 | 737.92 Z | 59.45% | | 02333 | 长城汽车 | | 3.34% | 14.860 | 1271.7亿 | 12.85% | | 02238 | 广汽集团 | | 3.00% ...

金吾财讯 | 港股开盘向好，恒指高开0.43%，国企指数高开0.59%，恒生科技指数高开0.88%。 龙蟠科技(02465)高开4.05%，公司公布，变更2022年发行新A股募集资金投资项目建设计划，新能源汽 车动力与储能电池正极材料规模化生产项目第三期年产能由原计划的6.25万吨变更为10万吨，比原计划 升60%。项目投资约9.1亿元人民币，项目投资财务内部收益率为12.59%，投资回收期为7.64年，预计明 年5月建设完成，并达到预定可使用状态，项目已完成项目备案，尚需完成环评、能评等程序。 比亚迪股份(01211)涨3.53%，吉利汽车(00175)涨3.31%，中国宏桥(01378)涨3.28%，理想汽车(02015)涨 3.07%。跌幅方面，小米集团(01810)跌1.38%，京东健康(06618)跌0.85%，药明生物(02269)跌0.31%。 龙蟠科技(02465)高开4.05%，公司公布，变更2022年发行新A股募集资金投资项目建设计划，新能源汽 车动力与储能电池正极材料规模化生产项目第三期年产能由原计划的6.25万吨变更为10万吨，比原计划 升60%。项目投资约9.1亿元人民币，项目投资财 ...

据悉，极氪自成立以来聚焦高端纯电市场，产品覆盖轿跑、MPV、SUV等多个细分领域。数据显示， 极氪累计交付量已超过60万台，平均单车价格接近30万元。在技术方面，极氪打造的浩瀚架构及相关电 混、智能底盘、辅助驾驶等技术，或将逐步应用于吉利旗下更多车型。中金指出，吉利汽车合并极氪 后，"一个吉利"的形象更为强化，更清晰的管理组织架构能进一步取信于资本市场。 智通财经获悉，吉利汽车(00175)涨超5%，截至发稿，涨5.5%，报17.85港元，成交额7.31亿港元。 消息面上，吉利汽车发布公告，合并协议项下拟进行交易(包括私有化及合并事项)的所有先决条件已达 成，有关交易已于2025年12月22日完成。于合并协议项下拟进行交易完成后：根据私有化安排，本公司 已收购所有已发行及发行在外的极氪股份及极氪美国存托股份。根据合并事项，合并附属公司已与极氪 合并，而极氪作为存续实体持续经营。因此，极氪已私有化成为本公司的全资附属公司，并于纽交所退 市。 本文源自：智通财经网 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][6]. Core Insights - The completion of the Zeekr privatization is expected to enhance operational efficiency, with anticipated reductions in R&D and BOM costs, and improvements in capacity utilization [6][8]. - The company is accelerating its electrification strategy, with a significant increase in sales of new energy vehicles, which accounted for 55% of total sales in 2025 [8]. - The company plans to launch multiple new models in 2026, targeting various price segments, which is expected to drive sales growth [6][7]. Financial Summary - The company forecasts net profits of RMB 170.6 billion, RMB 218.5 billion, and RMB 281.8 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of +80%, +28%, and +29% [6][10]. - Earnings per share (EPS) are projected to be RMB 1.59, RMB 2.04, and RMB 2.62 for the same years, with corresponding price-to-earnings (P/E) ratios of 9.6, 7.5, and 5.8 [6][10]. - The company plans to repurchase shares worth up to HKD 2.3 billion, which is expected to support the stock price [6][8].

每经AI快讯，吉利汽车(00175.HK)涨超5%，截至发稿涨5.5%，报17.85港元，成交额7.31亿港元。 ...