（来源：科创100ETF基金） 吉利汽车公告，公司与独立经纪商Morgan Stanley&Co.International plc订立股份回购协议，该经纪商或 其联属人士将于香港联合交易所有限公司回购股份，涉及金额最高达23亿港元。该等回购将根据回购协 议项下所载预定参数进行，且由该经纪商(独立于公司及其关连人士)全权酌情决定。 来源：市场资讯 ...

格隆汇11月18日丨吉利汽车(00175.HK)发布公告，2025年11月18日，公司与独立经纪商Morgan Stanley &Co. International plc订立一份股份回购协议，据此，该经纪商或其联属人士将于联交所回购股份，涉 及金额最高达23亿港元。 ...

格隆汇11月18日｜中金发表研报指，吉利汽车今年首三季度收入按年增长43%至2395亿元，归母净利润 131亿元，按年持平。第三季度营业收入按年增长48%至892亿元，归母净利润按年增长56%至38.2亿 元，符合该行预期。中金表示，由于公司新车周期较强，且银河M9、领克900等新车爬坡提振盈利能 力，分别上调吉利今明两年净利润预测4.5%、11.9%至169亿、197亿元；维持"跑赢行业"评级和目标价 26港元，分别对应2025年14.2倍市盈率和2026年12.1倍市盈率。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 23億港元自動股份回購計劃 股份回購計劃 茲提述吉利汽車控股有限公司（「本公司」）日期為二零二五年十月六日之公佈，內容有關 本公司董事會（「董事會」）批准一項最高達23億港元（「港元」）的自動股份回購計劃（「自願 公佈」）。茲亦提述本公司日期分別為二零二五年七月十五日及八月十八日之公佈及通 函，內容有關對ZEEKR Intelligent Technology Holding Limited（「極氪」）私有化之要約 （「要約」）及本公司可能發行最多1,098,059,328股新普通股（「股份」）作為代價（「代價股 份」）。 本公司欣然宣佈，於二零二五年十一月十八日，本公司與獨立經紀商Morgan Stanley & Co. International plc（「該經紀商」）訂立一份股份回購協議（「回購協議」），據此，該經紀 ...

摩根士丹利认为，吉利汽车的股价在未来15天内绝对值将会上涨，估计此情境实现概率约70%至80%(即 极有可能)，评级"增持"，目标价24港元。大摩指，公司第三季净利润达38亿元，毛利率16.6%，优于上 半年的16.4%，且前三季核心盈利106亿元，仍有望达成全年150亿元目标。考虑到2026年强劲的产品规 划项目，大摩认为目前未来12个月共识市盈率9倍的估值(相较两年平均10至11倍)提供具吸引力的风险 回报比。 ...

Core Insights - The article highlights a 3% year-on-year growth in global backup power supply shipments for base stations and data centers, reaching 10 GWh from January to September 2025 [2]. Company Rankings - The top 10 companies in the global backup power supply market are listed as follows: 1. Guoxuan High-Tech 2. Nandu Power 3. EVE Energy 4. Samsung 5. Ganfeng Lithium 6. Penghui Energy 7. Geely 8. Zhongtian Energy Storage 9. Pylon Technologies 10. LG Energy [2][5].

Core Viewpoint - Geely Galaxy announced the launch of its luxury flagship MPV, the Galaxy V900, which will debut at the 2025 Guangzhou Auto Show on November 21. The vehicle is positioned as a mid-to-large MPV with an extended range powertrain, offering a maximum pure electric range of 202 km [1]. Group 1 - The Galaxy V900 features a large front grille integrated with split headlights and a continuous daytime running light above. It is equipped with a laser radar on the roof to support advanced intelligent driving assistance [3]. - The side profile of the vehicle is designed to be elegant and spacious, featuring smooth lines and a two-tone color scheme. It is expected to have hidden door handles to enhance aerodynamics and overall vehicle integrity [3]. - The vehicle is designed with electric sliding doors for easy passenger access, making it suitable for business or family travel scenarios [3]. Group 2 - The rear of the Galaxy V900 adopts a贯穿式 design with a refined internal structure for the light cavity, providing high recognition when illuminated. A large rear window enhances visibility for rear passengers and adds to the overall transparency of the rear [5]. - The dimensions of the vehicle are 5360 mm in length, 1998 mm in width, and 1940 mm in height, with a wheelbase of 3200 mm. It will offer two seating configurations: 6-seat and 8-seat layouts [5]. - The vehicle is powered by a 1.5T extended range power system, with a maximum speed of 190 km/h. Various pure electric range options are available, including 165 km, 172 km, 195 km, and 202 km [5].

Core Viewpoint - The company's performance in Q3 2025 met expectations, with significant revenue growth driven by increased sales and an optimized product matrix [1][2]. Performance Review - For the first three quarters of 2025, the company's revenue increased by 43% year-on-year to 239.5 billion yuan, while net profit attributable to shareholders remained flat at 13.1 billion yuan [1]. - In Q3 2025, operating revenue rose by 48% quarter-on-quarter and 15% year-on-year to 89.2 billion yuan, with net profit attributable to shareholders increasing by 56% quarter-on-quarter and 6% year-on-year to 3.82 billion yuan [1]. Development Trends - Sales volume surged by 46% year-on-year to 2.1702 million vehicles in the first three quarters of 2025, with Q3 2025 sales increasing by 43% quarter-on-quarter and 8% year-on-year to 761,000 vehicles [1]. - By brand, sales in Q3 2025 were 53,000 for Zeekr, 87,000 for Lynk & Co, and 327,000 for Galaxy, with quarter-on-quarter increases of 7%, 7%, and 13% respectively [1]. - The company is focusing on overseas markets, with Q3 2025 export sales increasing by 19% quarter-on-quarter to 112,000 vehicles [1]. Profitability and Quality Improvement - The gross profit margin in Q3 2025 improved by 1 percentage point year-on-year to 16.6%, benefiting from economies of scale and enhanced profitability of new energy vehicles [2]. - The company effectively managed expenses, with the combined sales, management, and research expense ratio decreasing by 0.7 percentage points quarter-on-quarter to 12.4% [2]. Shareholder Returns and Product Upgrades - The company announced a large-scale share buyback plan in Q3 2025, demonstrating a commitment to shareholder returns [2]. - The product strategy focuses on full-domain intelligence, with new models like the Galaxy A7 and Zeekr 9X set to launch in the second half of the year [2]. Profit Forecast and Valuation - Due to a strong new car cycle and the ramp-up of models like Galaxy M9 and Lynk & Co 900, the company raised its net profit forecasts for 2025 and 2026 by 4.5% and 11.9% to 16.9 billion yuan and 19.7 billion yuan respectively [2]. - The current stock price corresponds to a price-to-earnings ratio of 9.4 times for 2025 and 8.0 times for 2026, with a target price of 26.00 HKD, indicating a potential upside of 51.2% from the current price [2].

Core Viewpoint - The report from Credit Lyonnais indicates that Geely Automobile's net profit for the third quarter is 3.8 billion yuan, translating to a profit of approximately 5,000 yuan per vehicle, compared to 4,700 yuan in the first half of the year. This improvement in sales price and unit profit is primarily driven by changes in product mix and economies of scale [1] Financial Performance - Geely's third-quarter net profit is reported at 3.8 billion yuan, with a profit per vehicle of about 5,000 yuan, an increase from 4,700 yuan in the first half of the year [1] - The bank expects this trend of improved profitability to continue into the fourth quarter, leading to an upward revision of the profit forecast for the year by 12% [1] Strategic Outlook - Management has set an export target of 1 million units for next year, with an anticipated penetration rate of 50% for new energy vehicles [1] - The expected merger with the subsidiary Zeekr is anticipated to yield better synergies [1] Market Position - The bank forecasts that Geely will maintain resilience in its performance next year and reaffirms a target price of 23 Hong Kong dollars, with a rating of "highly confident to outperform the market" [1]

Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile (00175.HK) with a target price of HKD 26.00, indicating a potential upside of 51% from the current price [1][7]. Core Insights - Geely Automobile's Q3 2025 performance shows significant growth, with revenue reaching HKD 89.2 billion, a year-on-year increase of 27% and a quarter-on-quarter increase of 15%. The net profit attributable to shareholders was HKD 3.82 billion, up by HKD 1.4 billion year-on-year and HKD 0.2 billion quarter-on-quarter [1][7]. - The company is entering a new product cycle with several competitive new models launched, including the Galaxy A7 and Galaxy M9, which are expected to drive sales growth. The sales volume in October reached 307,000 units, a year-on-year increase of 35% and a quarter-on-quarter increase of 12% [7][8]. - The report highlights the company's improved cost control, with a sales expense ratio of 6.0%, a management expense ratio of 1.5%, and a research and development expense ratio of 4.9% [7]. Financial Projections - Revenue projections for Geely Automobile are as follows: - 2024A: HKD 241.1 billion - 2025E: HKD 344.8 billion - 2026E: HKD 446.3 billion - 2027E: HKD 493.4 billion - The net profit projections are: - 2024A: HKD 16.6 billion - 2025E: HKD 17.8 billion - 2026E: HKD 24.0 billion - 2027E: HKD 27.2 billion [3][9]. Market Position and Valuation - Geely's valuation is considered low compared to its growth potential, with a projected PE ratio of 9x for 2025 and 7x for 2026. The report suggests that the current market pessimism presents a good investment opportunity [7][8]. - The report anticipates that the company will benefit from a recovery in the automotive market and an increase in overseas sales, with total sales expected to reach 3.04 million, 3.73 million, and 4.02 million units from 2025 to 2027, respectively [7][9].