恒生科技指数日内涨超1%，汽车股回暖，吉利汽车(00175.HK)涨超5%，理想汽车(02015.HK)涨4.8%， 美团(03690.HK)涨超3.5%，腾讯音乐(01698.HK)涨2.5%。 ...

港股吉利汽车涨幅扩大至5%，其向极氪提交了非约束性报价函，初步表明有意进行私有化建议。 ...

Monetary Policy Measures - The People's Bank of China announced a package of ten monetary policy measures aimed at implementing a moderately loose monetary policy, including three main categories: quantity-based, price-based, and structural policies [1][4] - A reduction in the reserve requirement ratio by 0.5 percentage points is expected to provide approximately 1 trillion yuan in medium to long-term liquidity [4] - The policy interest rate will be lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4% [4] Financial Regulatory Policies - The Financial Regulatory Administration will introduce eight incremental policies, including improving real estate financing systems and expanding the scope of long-term insurance capital investment trials [2][4] - The China Securities Regulatory Commission emphasizes the importance of stabilizing the market while enhancing market vitality and functionality [3] Capital Market Support - The CSRC plans to support the central government’s efforts to stabilize the market by enhancing the role of the Central Huijin Investment Co. as a stabilizing fund [3] - A focus on developing technology innovation bonds and optimizing the issuance process to provide comprehensive financial services for technology enterprises [3][4] Housing Loan Adjustments - The personal housing provident fund loan interest rates will be reduced by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [4][17] - Various cities have announced adjustments to housing provident fund loan rates, effective from May 8 [17] Fund Management Reforms - The CSRC issued a plan to promote high-quality development of public funds, emphasizing the establishment of a performance evaluation system centered on fund investment returns [16] - The evaluation criteria will prioritize long-term investment performance over short-term operational metrics [16] Corporate Actions - Geely Auto proposed a non-binding offer to privatize Zeekr at a price of $2.57 per share, representing a premium of approximately 13.6% over the last trading day [7] - Bubble Mart's investor, Fengqiao Capital, has sold all its shares in the company, totaling approximately 11.91 million shares for about 2.2 billion HKD [7] IPO Developments - XPeng Motors is considering an IPO for its flying car subsidiary, XPeng Huitian, with plans to invite multiple banks to participate [8] - CATL is reportedly planning to raise at least $5 billion through a Hong Kong listing, with potential investors informed of a price discount of less than 10% compared to its A-share listing [20]

Summary of Geely Automobile Conference Call Company Overview - **Company**: Geely Automobile - **Key Event**: Privatization of Zeekr and acquisition of Lynk & Co shares Core Points and Arguments - **Privatization of Zeekr**: Geely announced a non-binding offer to privatize Zeekr at $2.566 per share, representing a 13% premium based on the average price over the last 30 trading days. This move aims to enhance internal integration and reduce costs, especially given the low valuation of Zeekr in the US market [2][3] - **Acquisition of Lynk & Co**: Geely completed a 100% acquisition of both Zeekr and Lynk & Co, which is expected to improve operational efficiency and resource integration [2][4] - **Sales Performance**: During the May Day holiday, Geely's sales increased by approximately 10% year-on-year, driven by the popularity of the Galaxy series models, which have received positive customer feedback for their spaciousness and high configuration [2][5] - **Development Stages**: Geely has undergone five development stages, from establishment and listing to technological transformation, launching popular models, and now focusing on strategic integration and brand consolidation through the Taizhou Declaration [2][8] - **Vehicle Platforms**: Geely utilizes multiple vehicle platforms (BMA, CMA, SEA, GEA) to support diverse vehicle production, providing a flexible development foundation [2][10] - **Upcoming Technology Launch**: Geely plans to launch a super electric hybrid system by the end of Q3 2025, alongside the Zeekr 9X, which is expected to significantly enhance market performance [2][11] - **Valuation Analysis**: Despite shrinking profit margins in domestic fuel vehicles, Geely's overall market value has a potential upside of 50%, considering overseas profits, revenue from Galaxy and Zeekr, and investment returns [2][23] Additional Important Content - **Market Trends**: The overall market is expected to recover in the coming months, particularly in the new energy vehicle sector, supporting Geely's new vehicle cycle [2][7] - **Brand Integration**: The integration of brands like Geometry into Galaxy and the merger of Lynk & Co with Zeekr are part of Geely's strategy to optimize resource allocation and improve operational efficiency [2][12][16] - **Competitive Position**: Geely claims to possess comparable technology to BYD and emphasizes the importance of governance and technological iteration over individual model sales [2][17] - **Future Product Plans**: Geely plans to launch five new models this year, including the Starry 8 and Star越 7, to address gaps in fuel vehicle offerings [2][19] - **Lynk & Co's New Energy Strategy**: Lynk & Co has achieved over 60% penetration in the new energy sector and is set to release a hybrid version of a large sedan [2][21] - **Profitability Outlook**: In extreme scenarios, Geely's domestic fuel vehicle profits could drop to around 12 billion RMB, but overall market capitalization could reach 230 billion RMB, indicating significant upside potential [2][23]

Core Viewpoint - Geely Automobile Holdings Limited plans to acquire all issued shares of Zeekr Intelligent Technology Co., Ltd, aiming for a complete merger, enhancing its position in the smart electric vehicle sector [1] Group 1: Acquisition Details - Geely currently holds approximately 65.7% of Zeekr's shares, and upon completion of the transaction, Zeekr will be fully integrated into Geely [1] - As part of the strategic framework of the "Taizhou Declaration," Geely announced an optimization of the equity structure of Zeekr and Lynk & Co, involving a 9 billion yuan acquisition of 50% equity in Lynk & Co and a 367 million yuan subscription for additional registered capital [3] - After the completion of the transaction, Zeekr will own 51% of Lynk & Co, while Geely will retain 49%, making Lynk & Co a non-wholly-owned subsidiary of Zeekr [3] Group 2: Strategic Implications - The acquisition is a significant step to implement the "Taizhou Declaration," focusing on the automotive core business, improving resource utilization efficiency, and deepening brand synergy [3] - Geely aims to enhance its global competitiveness in the smart electric vehicle sector through this integration, promoting internal resource consolidation and cost reduction [3][4] - The brands under Geely, including Zeekr as a global luxury tech brand and Lynk & Co as a high-end new energy brand, will seek collaborative development across various aspects such as technology, product, supply chain, and international market expansion [3] Group 3: Leadership Statements - Geely's chairman, Li Shufu, emphasized the need to adapt to market competition and complex economic conditions, focusing on integrating automotive business and enhancing innovation and profitability [4] - The company will maintain close communication and cooperation with the U.S. and international capital markets [4] - Geely will hold a Q1 2025 earnings release conference on May 15 to provide further updates on its business developments [4]

Group 1 - Major U.S. stock index futures are showing positive trends, with Dow futures up 0.52%, S&P 500 futures up 0.58%, and Nasdaq futures up 0.63% [1] - Popular Chinese stocks are experiencing declines in pre-market trading, with Alibaba down 1.77%, Pinduoduo down 1.01%, NetEase down 1.73%, and JD.com down 0.76% [1] - Novo Nordisk's weight loss drug Wegovy saw a significant sales increase of 85% year-on-year, contributing to a 19% rise in net sales to 78.087 billion Danish Krone in Q1 2025 [1] - Geely Auto has proposed a non-binding offer to privatize Zeekr at a price of $2.566 per share or $25.66 per American Depositary Share, resulting in an over 11% increase in Zeekr's stock [1] - Amazon's autonomous driving subsidiary Zoox plans to open a new factory in the Bay Area, California, to expand its production capacity [1] Group 2 - OpenAI is restructuring its company and plans to reduce its revenue-sharing percentage with Microsoft from 20% to at least 10% by 2030, pending Microsoft's approval [2] - Ferrari reported a 17% increase in net profit for Q1, with net revenue reaching €1.791 billion, a 13% year-on-year growth [2] - Rivian has lowered its delivery target for the year to between 40,000 and 46,000 vehicles, down from a previous estimate of 46,000 to 51,000 vehicles due to tariffs and other factors [2] - AMD anticipates a revenue loss of approximately $1.5 billion due to new U.S. chip export controls [2]

Core Viewpoint - Geely Auto plans to acquire all issued shares of Zeekr, aiming for a complete merger, which will enhance its competitive position in the automotive market [1] Group 1: Company Strategy - Geely currently holds approximately 65.7% of Zeekr's shares, and upon completion of the transaction, Zeekr will be fully integrated into Geely Auto [1] - Geely's Chairman, Li Shufu, emphasized the need for strategic adaptation in response to intense market competition and a complex economic environment [1] Group 2: Business Integration and Innovation - The company aims to consolidate its automotive business, enhance technological advantages, and improve innovation and profitability [1] - Geely is focused on creating long-term value and establishing itself as a leading global smart electric vehicle group [1] Group 3: Market Communication - Geely intends to maintain close communication and cooperation with the US and international capital markets [1]

Group 1 - The company announced a non-binding offer to privatize Zeekr, aiming to enhance resource integration, reduce costs, and improve competitiveness [1] - The proposed valuation for Zeekr is $2.566 per share or $25.66 per American Depositary Share (ADS), with options for shareholders to receive cash or new shares [1] - The offer represents a premium of approximately 13.6% over the last trading price of the ADS on the NYSE and a 20.0% premium over the volume-weighted average price over the last 30 trading days [2] Group 2 - The company currently holds about 65.7% of Zeekr's issued share capital [2] - If the privatization proposal is completed, Zeekr will become a wholly-owned subsidiary of the company and will be delisted from the NYSE [2]

Core Viewpoint - Geely Auto has submitted a non-binding proposal to privatize Zeekr, offering to acquire all issued and outstanding shares and American Depositary Shares (ADS) of Zeekr, excluding those beneficially owned by the group [1] Group 1 - The proposed purchase price is $2.57 per share of Zeekr or $25.66 per ADS, representing a premium of approximately 13.6% over the last trading day’s closing price of the ADS on the NYSE [1] - The offer also reflects a premium of 20.0% over the volume-weighted average price of the ADS on the NYSE for the last 30 trading days prior to the proposal [1] - As of the announcement date, the group holds approximately 65.7% of the total issued and outstanding share capital of Zeekr [1] Group 2 - If the privatization proposal is completed, Zeekr will become a wholly-owned subsidiary of Geely Auto and will be delisted from the NYSE [1]

Investment Rating - The report maintains a "Recommended" rating for Geely Automobile (0175.HK) with a current price of HKD 16.68 [1] Core Views - Geely's performance in the new energy sector continues to shine, with significant growth in sales and a strong product pipeline, particularly with the launch of new models from Zeekr and Lynk & Co [2][3] - The company is expected to see accelerated profitability driven by new energy vehicles, with a projected revenue growth from RMB 364.8 billion in 2025 to RMB 512.8 billion in 2027 [5][6] - Geely's strategic focus on AI technology integration and smart vehicle development is anticipated to enhance product sales and reshape market valuation [5] Sales Performance - In April, Geely's total wholesale sales reached 234,000 units, a year-on-year increase of 52.7%, with new energy vehicle sales at 125,563 units, up 144.2% year-on-year [2][3] - Cumulatively, from January to April, total wholesale sales were 938,000 units, reflecting a 49.1% year-on-year growth, while new energy vehicle sales reached 465,000 units, marking a 137.7% increase [2][3] Product Launches - The launch of the Geely Galaxy E8 and the Lynk & Co 900 is expected to drive sales, with the Galaxy brand aiming for over 1 million units in annual sales [3][4] - The Zeekr brand is also set to introduce new high-end models, including the Zeekr 9X, which is expected to enhance its market share in the premium segment [4] Financial Projections - The report forecasts Geely's revenue to grow to RMB 364.8 billion in 2025, RMB 439.7 billion in 2026, and RMB 512.8 billion in 2027, with net profit estimates of RMB 14.0 billion, RMB 17.8 billion, and RMB 20.4 billion respectively [5][6] - Earnings per share (EPS) are projected to be RMB 1.39 in 2025, RMB 1.76 in 2026, and RMB 2.02 in 2027, indicating a favorable valuation with a price-to-earnings (P/E) ratio of 11, 9, and 7 times [5][6]