Core Insights - China's automotive market share is increasing, reaching 40% in November and stabilizing at 37% in December, with a projected share of 35.6% for the full year of 2025, an increase of 1.4 percentage points year-on-year [1][13]. Global Automotive Sales Trends - Global automotive sales are expected to grow by 5% in 2025, with China contributing significantly by selling 34.35 million units, a 9% increase. Other markets like the US, India, Japan, and Germany are also experiencing growth, albeit at lower rates [5][6][10]. - The global automotive market is projected to reach 96.47 million units in 2025, with a year-on-year growth of 5% [6][15]. Performance of Major Automotive Markets - The Chinese automotive market is currently the most dynamic, with a growth rate of 9%, while markets like Russia are experiencing significant declines [1][10]. - In 2025, the US automotive market is expected to sell 16.72 million units, reflecting a modest growth of 1% [5][15]. Chinese Automotive Companies' Market Position - Among the world's top 10 automotive companies, three are Chinese: BYD ranks 5th, Geely 7th, and Chery 10th, indicating a strong upward trend in their market shares [1][24]. - The electric vehicle sector is contributing to the decline of some international automotive brands, while Chinese companies are gaining market share [1][10]. Yearly Sales Data Overview - The global automotive sales data from 2019 to 2025 shows fluctuations, with a notable recovery in 2023 and a projected steady growth through 2025 [5][6][15]. - The share of Chinese automotive sales in the global market has consistently increased from 30% in 2016-2018 to an expected 35.6% in 2025 [10][13].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資非上市股份 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,533,406,011 RMB | | 1 | RMB | | 2,533,406,011 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,533,406,011 RMB | | 1 | RMB | | 2,533,406,011 | | 3. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 ...

证券研究报告·海外公司深度·汽车(HS) 奇瑞汽车（09973.HK） 深耕出海，多品牌协同拓展增长边界 2026 年 02 月 05 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 163,205 | 269,897 | 303,208 | 329,400 | 372,250 | | 同比(%) | 76.21 | 65.37 | 12.34 | 8.64 | 13.01 | | 归母净利润（百万元） | 11,953 | 14,135 | 18,410 | 21,076 | 25,375 | | 同比(%) | 90.76 | 18.25 | 30.25 | 14.48 | 20.40 | | EPS-最新摊薄（元/股） | 2.06 | 2.43 | 3.17 | 3.63 | 4.37 | | P/E（现价&最新摊薄） | 12.26 | 10.37 | 7.96 | 6.95 | 5.77 | [T ...

Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [1]. Core Insights - Chery Automobile is transitioning towards globalization and intelligence, with a focus on multiple brands to meet diverse market demands. The company has established a clear equity structure involving state-owned assets, strategic investors, and management, which enhances operational efficiency and strategic alignment [8][13]. - The financial outlook is positive, with significant revenue growth driven by the expansion of new energy vehicles and increasing overseas sales. The report forecasts a substantial increase in net profit from 11.95 billion yuan in 2023 to 25.38 billion yuan by 2027 [1][17]. - Chery's brand strategy includes five distinct brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments and customer needs [38][39]. Summary by Sections 1. Basic Information - Chery Automobile was founded in 1997 and has evolved from a local manufacturer to a global technology-driven automotive enterprise. The company has a clear equity structure that balances state ownership, strategic investments, and management control [13][14]. - The company has seen rapid revenue growth from 2022 to 2024, primarily due to the increasing contribution of new energy vehicles and sustained overseas revenue growth [17][18]. 2. Existing Brand System - Chery's main brand targets the mainstream market with a focus on high cost-performance and diverse powertrain options. Jetour emphasizes family travel and off-road capabilities, while Exeed targets high-end users. iCAR is aimed at younger consumers with a focus on personalization, and Zhijie leverages collaboration with Huawei for smart experiences [38][39]. 3. Export Strategy - Chery has a well-established export strategy that began in developing markets and is now expanding into key markets like Russia and Europe. The company has adapted its product offerings and distribution channels to suit local market conditions [55][60]. - The Tiggo series is central to Chery's product strategy, with a focus on multiple brands and energy types to cater to different regional markets [65]. 4. Technological Foundation - Chery is enhancing its platform-based manufacturing capabilities and pursuing a dual-track strategy of self-research and collaboration with leading technology partners. The company aims to consolidate its R&D efforts to improve efficiency and innovation [8][34]. 5. Profit Forecast and Investment Advice - The report projects Chery's net profit to reach 18.41 billion yuan in 2025, with a corresponding P/E ratio indicating a favorable valuation compared to peers. The strong momentum in new energy development and solid export positioning justify a higher valuation for the company [1][17].

Group 1 - The Hong Kong stock market saw a collective decline in automotive stocks, with Xpeng Motors dropping over 8%, NIO down over 6%, and Li Auto, Great Wall Motors, and others also experiencing declines [1] - Major Chinese automakers reported January vehicle delivery data, with BYD's January new energy vehicle sales at 210,051 units, a year-on-year decrease of 30.11%, while Li Auto delivered 27,668 units, down 7.55%, and Xpeng delivered 20,011 units, a decline of 34.07% [1] Group 2 - Specific stock performance included Xpeng Motors at -8.58% with a latest price of 65.500 and a market cap of 125.09 billion, NIO at -6.53% with a price of 36.100 and a market cap of 88.96 billion, and BYD at -4.60% with a price of 93.250 and a market cap of 850.18 billion [2] - Other notable declines included Li Auto at -3.03%, Great Wall Motors at -3.09%, and Geely Auto at -2.11%, with respective market caps of 129.09 billion, 109.88 billion, and 171.66 billion [2]

奇瑞汽车(09973)发布公告，集团于2026年1月的五大品牌总销量为19.15万辆汽车，较去年同期减少约 10.7%。 ...

奇瑞汽车（09973）发布公告，集团于2026年1月的五大品牌总销量为19.15万辆汽车，较去年同期减少 约10.7%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 奇瑞汽车（09973）发布公告，集团于2026年1月的五大品牌总销量为19.15万辆汽车，较去年同期减少 约10.7%。 ...

| | | | | 去年同期 | | | | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年同期 | | 今年累計 | 累計 | | | 品牌 | (専) | (朝) | 同比變動 | (轉) | ( 酮) | 同比變動 | | 奇瑞 | 135.551 | 129.553 | 4.6% | 135.551 | 129.553 | 4.6% | | 星途 | 5,276 | 5.804 | -9.1% | 5,276 | 5.804 | -9.1% | | 捷途 | 42.744 | 58.162 | -26.5% | 42.744 | 58.162 | -26.5% | | iCAR | 3.419 | 7.853 | -56.5% | 3.419 | 7.853 | -56.5% | | 智界 | 4.506 | 13.000 | -65.3% | 4.506 | 13.000 | -65.3% | | 응計 | 191.496ª | 214,372 | -10.7% | 191,496 | 214,372 | - 10.7% | 2月1日，奇瑞 ...

Major Events - Lanke Technology (06809) will conduct an IPO from January 30 to February 4, with an expected listing on February 9 [1] - Aixin Yuanzhi (00600) will conduct an IPO from January 30 to February 5, with an expected listing on February 10 [1] - Lexin Outdoor (02720) will conduct an IPO from January 31 to February 5, raising HKD 130 million from Horizon Capital and Huangshan Dejun [1] - Dongpeng Beverage (09980) sets the offer price at HKD 248 per share [1] - Zhonghui Biotech-B (02627) received approval from the National Medical Products Administration for a trivalent influenza virus subunit vaccine [1] - Kangzheng Pharmaceutical (00867) received approval for the first and only targeted drug for vitiligo treatment in China [1] - Shishi Pharmaceutical Group (02005) received production registration for Propafenone Hydrochloride Injection from the National Medical Products Administration [1] - China Aluminum (02600) plans to jointly acquire 68.6% of Brazilian Aluminum from Rio Tinto and will initiate a mandatory offer [1] - Yanzhou Coal Mining (01171) plans to transfer 100% equity of Inner Mongolia Xintai Coal [1] - Botai Car Union (02889) plans to collaborate with Ping An Property & Casualty to reconstruct the smart travel insurance ecosystem [1] - Jin Jing New Energy (01783) signed a strategic framework agreement with Tianqi Grand for lithium battery recycling and precious metal extraction [1] - Guangdong-Hong Kong-Macau Holdings (01396) subsidiary Hongce Data introduces Fudian Capital as a strategic investor for 40% equity [1] - China Mobile (00941), China Unicom (00762), and China Telecom (00728) will adjust the applicable scope of value-added tax for telecom services [1] Operating Performance - BYD Company (01211) sold approximately 210,000 new energy vehicles in January [2] - Geely Automobile (00175) reported total vehicle sales of 270,200 units in January, a year-on-year increase of about 1% [2] - Chery Automobile (09973) saw total sales of 191,500 vehicles in January, a year-on-year decrease of about 10.7% [2] - Seres (09927) reported total vehicle sales of 45,900 units in January, a year-on-year increase of 104.85% [2] - Great Wall Motors (02333) sold approximately 90,300 vehicles in January, a year-on-year increase of 11.59% [2] - Li Auto-W (02015) delivered 27,668 new vehicles in January, a year-on-year decrease of 7.5% [2] - NIO-SW (09866) delivered 27,182 vehicles in January, a year-on-year increase of 96.1% [2] - GAC Group (02238) reported vehicle sales of 116,600 units in January, a year-on-year increase of 18.47% [2] - Great Wall Motors (02333) released a preliminary report indicating a net profit attributable to shareholders of 9.912 billion yuan for 2025, a year-on-year decrease of 21.71% [2] - Shandong Gold (01787) expects a net profit attributable to shareholders of approximately 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% [2] Earnings Forecast - SF Express (09699) expects a year-on-year profit increase of no less than 80% for 2025 [3] - China International Capital Corporation (03908) anticipates a net profit attributable to shareholders of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% [3] - China Shenhua (01088) expects a year-on-year decline in net profit for 2025 [3] - Datang Power (00991) anticipates a net profit of approximately 6.8 billion to 7.8 billion yuan for 2025, a year-on-year increase of about 51% to 73% [3] - China Southern Airlines (01055) expects a net profit attributable to shareholders of 800 million to 1 billion yuan for 2025, turning a profit [3] - Air China (00753) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.9 billion yuan for 2025 [3] - China Eastern Airlines (00670) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.8 billion yuan for 2025 [3] - GAC Group (02238) expects a net loss attributable to shareholders of 8 billion to 9 billion yuan for 2025 [3] - Ansteel (00347) warns of a net loss attributable to shareholders of approximately 4.077 billion yuan for 2025, a year-on-year narrowing of 42.75% [3] - Junshi Biosciences (01877) warns of a net loss attributable to shareholders of approximately 873 million yuan for 2025, a year-on-year decrease of about 31.85% [3]

每经AI快讯，2月1日，奇瑞汽车发布公告称，集团2026年1月五大品牌总销量为191496辆汽车，同比下 降10.7%。 ...