汽车行业定期报告：极氪控股领克，吉利迎来战略转型新起点

Investment Rating - The industry rating is "Outperform the Market" [2][80] Core Viewpoints - Geely Holding announced an optimization of the equity structure for Zeekr and Lynk & Co, transferring 11.3% of Zeekr shares for $806 million (approximately 5.8 billion RMB), increasing Geely's stake in Zeekr to about 62.8% [9][10] - Lynk & Co will have its equity structure adjusted, with Geely selling 20% of its shares for 3.6 billion RMB and Volvo selling 30% for 5.4 billion RMB, resulting in a 50% ownership split between Geely and Zeekr [9][10] - The integration aims to implement a dual-brand strategy, with Zeekr focusing on luxury technology and Lynk & Co targeting the global high-end new energy market [11] Market Performance - From November 11 to November 15, the automotive sector declined by 2.5%, while the CSI 300 index fell by 3.3%, indicating that the automotive sector outperformed the index by 0.8 percentage points [11] - Year-to-date, the automotive sector has increased by 16.6%, ranking 6th among 31 sectors [11] Sales Data - From November 1 to November 10, retail sales of passenger vehicles reached 567,000 units, a year-on-year increase of 29%, but a month-on-month decrease of 3% [28] - Wholesale sales for the same period were 667,000 units, a year-on-year increase of 41% and a month-on-month increase of 45% [29] Key Industry Data - In October, total automotive sales were 3.053 million units, with a month-on-month increase of 8.7% and a year-on-year increase of 7% [31] - From January to October, total automotive sales reached 24.624 million units, reflecting a year-on-year growth of 2.7% [31] Industry News - Leap Motor reported a revenue of 9.86 billion RMB for Q3 2024, a year-on-year increase of 74.3%, with a delivery of 86,165 units, up 94.4% [63] - The 22nd Guangzhou International Auto Show opened, featuring over 80 brands and 1,171 vehicles, including 78 global debut models [71]