Core Points - The Shenzhen Stock Exchange announced on December 8 that due to the adjustment of the Hang Seng Composite Midcap Index, the list of eligible securities for the Hong Kong Stock Connect will be updated, effective from December 8, 2025 [1] Group 1: Company Adjustments - Four companies have been added to the Hong Kong Stock Connect: FWD Group (01828), Aux Group (02580), Sinopharm Group (02591), and Chery Automobile (09973) [1][3] - The adjustment reflects the ongoing changes in the market and the inclusion of mid-cap stocks in the investment framework [1]

Core Viewpoint - CICC initiates coverage on Chery Automobile with an "outperform industry" rating and a target price of HKD 42, highlighting its position as a leading Chinese independent automaker with accelerating export and new energy transformation [1] Group 1: Company Performance - Chery Automobile is expected to rank among the top in total sales within the industry for 2024, supported by its multi-powertrain development and multi-brand strategy [1] - The company is projected to release several new models by 2026, which could significantly contribute to its sales growth [1] Group 2: Market Potential - The overseas market is anticipated to become a key driver for Chery's long-term sales and profit growth [1] - CICC forecasts a compound annual growth rate (CAGR) of 22% for earnings per share from 2024 to 2026, with expected earnings per share of RMB 3.32 and RMB 3.88 for the next two years [1]

Core Insights - Chery Automobile reported a total sales volume of 255,809 units in November, a slight decrease of approximately 2% compared to 260,309 units in the same month last year [3] - Cumulative sales for the year reached 2,399,073 units, reflecting an 11% increase from 2,169,588 units in the previous year [3] Brand Performance - **Chery Brand**: November sales were 165,511 units, a 1% increase from 164,225 units year-on-year. Cumulative sales for the year reached 1,543,069 units, up 7% from 1,443,055 units [1][2] - **Exeed Brand**: November sales dropped to 12,021 units, down 24% from 15,898 units year-on-year. Cumulative sales for the year were 109,466 units, a 15% decrease from 128,438 units [2] - **Jetour Brand**: November sales were 55,088 units, a 13% decline from 63,040 units year-on-year. However, cumulative sales for the year increased by 14% to 573,739 units from 502,367 units [2] - **iCAR Brand**: This brand showed significant growth, with November sales reaching 11,428 units, a 99% increase from 5,745 units year-on-year. Cumulative sales for the year were 90,451 units, up 63% from 55,508 units [2] - **Zhijie Brand**: November sales were 11,761 units, a 3% increase from 11,401 units year-on-year. Cumulative sales for the year reached 82,348 units, a substantial 105% increase from 40,220 units [2] Future Outlook - By November 2025, Chery's sales of new energy vehicles are projected to reach 110,017 units, significantly contributing to overall sales. Additionally, export sales are expected to be high at 131,851 units, indicating strong performance in overseas markets [2]

Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 42.00, based on a comparable valuation method with a 2026 P/E of 10x [1] - Company is a leading independent automaker in China, with accelerated development in exports and new energy transformation [1] Market Position - Company ranks among the top independent automakers in China, with total sales expected to be among the industry leaders in 2024 [1] - Company maintains a multi-powertrain strategy, with a recent increase in fuel vehicle market share, solidifying its profit base [1] - The company has established five brand series to meet differentiated market demands, including Chery for the mass market and Jetour for the off-road segment [1] Export and Competitive Advantage - Company has the highest overseas sales among independent automakers, leveraging over 20 years of export experience [1] - The company has maintained the top position in export volume for independent passenger car brands in China for 22 consecutive years [1] - A rich channel network, global collaborative R&D system, and comprehensive global production capacity form a competitive moat for the company [1] New Energy Transition - Company has a robust self-research capability and is accelerating its electric and intelligent transformation [2] - A multi-tiered, comprehensive R&D system has been established, creating a wide-reaching and highly applicable automotive platform [2] - The company is expected to launch several new models in 2026, indicating strong growth potential in new energy vehicle sales [2] Financial Projections - Earnings per share (EPS) are projected to be CNY 3.32 and CNY 3.88 for 2025 and 2026, respectively, with a CAGR of 22% from 2024 to 2026 [2] - Current stock price reflects a 2026 P/E of 7x, with a target price of HKD 42 corresponding to a 2026 P/E of 10x, indicating a 35% upside potential [2]

Core Insights - The automotive industry in mainland China is experiencing a significant divergence in sales performance as major car manufacturers report their November sales figures, with the impact of the "two new" policies fading and sales growth slowing down or even declining [1][2][3] Group 1: Sales Performance - Geely Automobile reported November sales of 310,000 units, a year-on-year increase of 24% and a month-on-month increase of 1%, with a cumulative total of 2.79 million units for the first eleven months, representing a 42% year-on-year increase [1] - Leap Motor achieved over 70,000 units in November, maintaining a year-on-year growth of 75%, with a cumulative delivery of 536,000 units for the first eleven months, up 113% year-on-year [2] - Xiaomi Automobile delivered over 40,000 units in November, maintaining this level for three consecutive months, and is expected to exceed its annual target of 350,000 units by the third week of December [3] Group 2: New Energy Vehicles - Geely's new energy vehicle sales reached 188,000 units in November, a year-on-year increase of 53%, with a penetration rate exceeding 60% [1] - Leap Motor's B and C series vehicles are seeing increased deliveries, with the A10 model recently unveiled at the Guangzhou International Auto Show [2] - The "Five Realms" product matrix of Chery Automobile has been completed, indicating strong future performance potential [2] Group 3: Competitive Landscape - Ideal Auto's November deliveries were 33,000 units, a year-on-year decrease of 32%, with cumulative deliveries for the first eleven months at 362,000 units, down 18% year-on-year [3] - NIO's November sales were 36,000 units, a year-on-year increase of 76%, but cumulative deliveries for the first eleven months were only 278,000 units, indicating challenges in meeting year-end targets [3] - The overall industry is facing a challenging environment with regulatory pressures and the withdrawal of subsidies, limiting the potential for significant changes in market structure in December [3]

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: 2025年11月30日 狀態: 新提交 公司名稱: 奇瑞汽車股份有限公司 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09973 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,354,771,974 | RMB | | 1 RMB | | 2,354,771,974 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,354,771,974 | RMB | | 1 RMB | | 2,354,771,974 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明 ...

比亚迪11月新能源汽车销量48.02万辆领跑，鸿蒙智行以超8万辆领跑创新高，极氪、零跑分别交付超6万和7万辆。小米再破4万辆并推出现车选 购。蔚来多品牌战略交付3.6万辆，同比增76.3%。理想交付3.3万辆，新款i6和i8订单破10万。智己汽车交付实现连续三月破万。 临近年终，中国新能源车企开始冲刺，不过格局有所分化：超过半数企业实现月交付量破万，且头部企业销量领先优势进一步拉大。 12月1日，最新公布的初步数据显示，新能源汽车市场在年末冲刺阶段呈现明显分化格局。比亚迪11月新能源汽车销量48.02万辆领跑，鸿蒙智行 交付量超8万辆，极氪科技和零跑汽车分别以超6万辆和7万辆位居前列。"蔚小理"较上一月的交付量均出现不同程度的下滑；而在纯电转型关键期 遭遇交付波动的理想汽车，则再次垫底排行榜。 12月2日盘初，港股汽车股表现分化，"蔚小理"集体下跌， 跌超5%， 跌超3%； 再涨超7%， 涨近3%。 | 圖表 | 成分股 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 序號 | 代碼 | 名稱 | 最新價 | 漲跌幅 ◆ | 成交額 | 總市 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The US stock market saw declines across major indices, with the Dow Jones falling by 427.09 points or 0.90% [2] - Southbound funds maintained a net inflow of 121.9 billion HKD in November, indicating continued interest in Hong Kong stocks [3] Sector Performance - The materials sector, particularly non-ferrous metals, led the gains in the Hong Kong market, with notable increases in stock prices for companies like Sunny Optical Technology, which rose by 6.2%, and Zijin Mining, which increased by 5.3% [1][5] - In the US market, technology stocks faced profit-taking pressure, particularly in AI-related stocks, contributing to the overall market decline [2] Investment Opportunities - The report emphasizes the importance of technological self-reliance as a core theme for future performance in the Hong Kong market, suggesting that leading companies in AI, semiconductors, and industrial software may present long-term growth opportunities [3] - Specific recommendations include focusing on sectors with lower valuations and higher dividends, as well as companies benefiting from anticipated Federal Reserve interest rate cuts [3] Company Highlights - XPeng Motors reported a 19% year-on-year increase in vehicle deliveries for November, totaling 36,728 units, and a cumulative delivery of 391,937 units for the year, reflecting a 156% increase [9] - Alibaba, ZTE, and Meituan were among the top net purchases by southbound funds, indicating strong investor interest in these companies [9] Stock Performance - The Hang Seng Index and its sub-indices showed varied performance over the past month, with the Hang Seng Technology Index up by 0.8% [16] - Notable stock performances include Tencent Holdings, which saw a 1.3% increase, and Alibaba, which rose by 2.2% [16]

Core Viewpoint - CICC initiates coverage on Chery Automobile (09973) with an "outperform" rating and a target price of HKD 42.00, indicating a 35% upside potential based on a comparable valuation method [1] Group 1: Company Overview - Chery is a leading independent automotive manufacturer in China, with accelerated development in exports and new energy transformation [1] - The company ranks among the top independent car manufacturers in China, with total sales expected to be among the industry leaders in 2024 [2] Group 2: Product and Market Strategy - Chery maintains a multi-power and multi-brand strategy, with a growing market share in fuel vehicles, reinforcing its profitability [2] - The company has established five major brand series to meet diverse market demands, including the Chery brand for the mass market and the Jietu brand for the off-road segment [2] Group 3: Export and International Presence - Chery holds the position of the top independent car manufacturer in China for overseas sales, leveraging over 20 years of export experience [3] - The company has a significant first-mover advantage and has been the leading exporter of independent brand passenger vehicles for 22 consecutive years [3] - Chery is accelerating its entry into new markets in Europe and Asia-Pacific since 2025, which is expected to drive long-term sales and profit growth [3] Group 4: Technological Development - Chery has established a comprehensive R&D system and developed proprietary technologies, including the Kunpeng power system and the Falcon intelligent driving system [4] - The company is forming a new energy brand matrix covering various price segments and is expected to launch several new models by 2026, indicating strong growth potential in new energy vehicle sales [4] Group 5: Catalysts for Growth - Potential catalysts for Chery's growth include continuous improvement in new energy and export sales [5]

中国头部自主车企，多动力、多品牌布局 中金发布研报称，首次覆盖奇瑞汽车(09973)给予跑赢行业评级，目标价42.00港元，当前股价为 26E7xP/E，基于可比估值法，对应估值倍数26E10x P/E，较当前有35%上行空间。公司是中国领先的自 主车企，出口和新能源转型加速发展。预计公司25-26年EPS分别为3.32/3.88元，24-26年CAGR为22%。 市场关注公司出口业务表现，该行提示公司新能源转型/传统油车/出口业务均有稳健发展。 中金主要观点如下： 具备技术自研基因，加速电动智能转型 公司已建立多层次、全方位的研发体系，搭建了广覆盖和高沿用的汽车平台，自研鲲鹏动力系统和猎鹰 智驾体系，打造电动智能转型的技术底座。公司逐步形成覆盖全价格段、多细分市场的新能源品牌矩 阵，新能源产品周期走强，该行预计多款全新车型有望于2026年发布，该行看好公司新能源销量的增长 潜力和后发优势。 潜在催化剂：公司新能源和出口销量持续改善。 风险提示：海外风险，国内需求波动，行业竞争加剧，新能源低于预期。 公司是头部自主车企，2024年总销量位居行业前列。公司坚持多动力类型发展，燃油车份额近年逆势增 长，巩固盈利基 ...