Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The automotive sector has shown a slight increase in performance, with a weekly change of +0.16%, ranking 9th among 31 primary industries [3] - November saw a total automotive production and sales of 3.532 million and 3.429 million units respectively, with year-on-year increases of 2.8% and 3.4% [4] - The penetration rate of new energy vehicles reached 53.2% in November, with sales of 1.823 million units, reflecting a year-on-year growth of 20.6% [4] Summary by Sections Market Review - The automotive sector's performance was +0.16%, with motorcycles and others performing the best at +1.7% [3] - The top five performing companies in the sector saw significant increases, with Superjet Co. at +39.03% [3] Sales Data - In November, automotive exports reached 728,000 units, marking a year-on-year increase of 48.5% [4] - Passenger vehicle sales were 3.037 million units, with a year-on-year increase of 1.2% [4] Regulatory Developments - The State Administration for Market Regulation has proposed guidelines to standardize pricing behavior in the automotive industry, aiming to prevent price collusion among manufacturers and parts suppliers [5] - The guidelines emphasize the need for comprehensive price management and fair pricing practices [5] Investment Recommendations - Focus on companies involved in smart technology related to vehicles, those with potential overseas sales, and parts manufacturers benefiting from domestic substitution [7] - Recommended companies include BAIC Blue Valley, Great Wall Motors, and GAC Group for vehicle manufacturers, and several parts manufacturers such as Songyuan Safety and Zhejiang Xiantong [9]

另外，基于全球智能化浪潮推动汽车体验升级与安全技术全面拓展的趋势，吉利联合中汽中心、中国检 验认证集团、清华大学等11家产学研机构共同发布了《智能汽车全域安全发展白皮书》，立足产业发展 全局，为行业安全发展提供了兼具战略性与实操性的参考。 中证报中证网讯（记者 李嫒嫒）吉利全球全域安全中心日前投入使用，面向全行业开放共享。其占地 约45000m ，是全球建筑面积最大、验证能力最全的综合型安全试验室；能力覆盖全球汽车安全标准中 被动安全领域的整车碰撞、系统模拟、行人保护及零部件安全性能等测试项目，也可进行主动安全、数 字安全等全域安全技术的验证。 吉利相关负责人介绍，吉利全球全域安全中心的"任意角度汽车碰撞测试区"可开展各类新能源汽车测 试、辅助驾驶测试、翻滚测试等综合安全试验，进行更充分地开发验证。吉利全球全域安全中心具备27 大类测试功能，测试车型覆盖乘用车和商用车，可满足中国、美国、欧洲、东南亚等国家和地区的安全 法规测试能力。 ...

吉利汽车(00175)发布公告，于2025年12月15日该公司斥资3474.85万港元回购199.1万股，回购价格为每 股17.16-17.75港元。 ...

格隆汇12月15日丨吉利汽车(00175.HK)发布公告，2025年12月15日耗资3474.8万港元回购199.1万股，回 购价格每股17.16-17.75港元。 ...

智通财经APP讯，吉利汽车(00175)发布公告，于2025年12月15日该公司斥资3474.85万港元回购199.1万 股，回购价格为每股17.16-17.75港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 吉利汽車控股有限公司 呈交日期： 2025年12月15日 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00175 | | 說明 | | | | | | 多櫃檯證券代號 | 80175 | RMB | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年1 ...

Core Insights - The 2025 New Automotive Technology Cooperation Ecological Exchange Conference focused on balancing short-term market pressures with long-term ecological foundations in the automotive industry [1] - The conference featured discussions on the current state of new automotive technology cooperation and supply chain development, emphasizing the need for industry collaboration and innovation [3] Group 1: Industry Collaboration and Strategy - The chairman of the World New Automotive Ecology Association emphasized the importance of participating in the industry's evolution as it progresses from initial stages to more advanced phases [3] - Executives from major automotive companies highlighted the necessity of deep integration and collaboration to create a resilient and vibrant industry ecosystem, with a focus on innovation and product quality [3][4] - The need for a shift from simple energy cooperation to deep integration of technology, standards, and value creation was underscored, along with strategies for local operations and efficient exports [4] Group 2: Supply Chain and Technological Challenges - The conference addressed practical challenges in supply chain management and technology cooperation, with a focus on enhancing research and development efficiency and reducing costs through local partnerships [4] - Various automotive companies presented strategies to tackle market volatility, including joint innovation and flexible production planning [4][5] - The discussions included the importance of transitioning from traditional B2B models to more collaborative ecosystems that prioritize product optimization and cost efficiency [5] Group 3: Technical Forums and Future Directions - Eight specialized forums were held to dissect current industry pain points and outline future technological advancements, covering areas such as power systems, intelligent chassis, and automotive safety [5][6] - The forums explored diverse technical routes, the integration of AI in automotive systems, and the evolution of user experiences in smart cockpits [5][6] - Discussions also focused on the implications of AI and quantum computing on automotive cybersecurity, advocating for the establishment of a responsive industry alliance [6]

Group 1: Core Insights - The rise of trade between China and Central Asian countries presents opportunities for Russian companies, particularly Yandex, which is helping Chinese businesses penetrate these markets [1] - Kazakhstan serves as a strategic hub for Chinese companies under the Belt and Road Initiative, with increasing visibility of Chinese brands in Almaty [2][3] - The demand for financial services in Central Asia is growing, with many Chinese companies exploring business opportunities in the region [3] Group 2: Market Dynamics - The Central Asian market, particularly Kazakhstan, has significant untapped potential for Chinese enterprises, especially in niche sectors like light industry and technology services [3] - Yandex, as a major player in the Russian internet market, is focusing on attracting Chinese clients to facilitate their entry into the Central Asian market [5] - The retail e-commerce market in Kazakhstan is experiencing rapid growth, with a projected transaction volume of 1.45 trillion tenge in the first half of 2024, reflecting a 61% year-on-year increase [5] Group 3: Advertising and Investment Trends - Chinese advertisers are increasingly shifting their focus to Central Asia, with a 76% year-on-year increase in the number of ads placed in Kazakhstan and a 192% rise in advertising spending [6] - The primary sectors for Chinese advertisers in Kazakhstan include gaming, e-commerce, B2B, and automotive, aligning with broader trends in Chinese brand expansion [6] Group 4: Automotive Sector Insights - Chinese automotive brands are gaining traction in Russia, with a notable increase in market share following the exit of many Western brands [7] - Approximately 47% of Russian car buyers are considering Chinese vehicles for their next purchase, indicating a growing acceptance of these brands [7] - Yandex is collaborating with Chinese automotive manufacturers to integrate its services into vehicles, enhancing their appeal in the Russian and Central Asian markets [9]

转自：北京日报客户端 12月11日，由《中国汽车市场》杂志社与搜狐汽车联合发起、主办，汽车与驾驶维修传媒承办的2025 （第二十届）中国汽车金扳手奖评选颁奖典礼在北京举行。 作为深度关注并评价国内乘用车企服务体系及用户生态的专业评选，中国汽车金扳手奖评选活动始创于 2006年。金扳手奖评选始终坚持以"推动中国汽车品牌服务向上"为使命，从专业、体验、创新、品质四 个维度，结合产业变革和售后服务使命变化，全面评估主流汽车服务品牌在提升用户全生命用车周期服 务过程中的创新与突破。 此外，经主机厂推荐、行业专家评选及终审等环节，共有来自8个品牌的8位"老技师"荣获"中国汽车金 扳手奖20周年·匠人匠心奖"，来自7个品牌的7家经销商荣获"中国汽车金扳手奖20周年·服务标杆店"荣誉 称号。 校检：陈沙、孙朝阳 2025（第二十届）中国汽车金扳手奖评选活动于今年"3·15"正式启动，当时32家主流车企品牌携手共同 发布"十大承诺"，一致推动行业诚信服务、维护市场风气。本届评选共设置4个组别，分别为自主品 牌、合资品牌、豪华品牌、新能源品牌，依据评选标准及评审结果，最终广汽传祺、吉利汽车荣获自主 品牌组年度奖项，广汽丰田、广 ...

Investment Highlights - The automotive sector has shown positive performance this week, with the SW motorcycle and other segments leading with a gain of 1.7% [4][13] - The top five stocks covered this week include Chunfeng Power, Xusheng Group, Great Wall Motors, Hengshuai Co., and Desay SV [4][13] Industry Core Changes - On December 12, 2025, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry (Draft for Comments)" [6][13] - The Central Economic Work Conference was held to optimize the implementation of the "Two New" policies [6][13] - Longxin General announced a partnership with Zhiyuan Robotics, focusing on industrial manufacturing and intelligent mobility, aiming to accelerate the development of L2 and L3 product lines [6][13] - Hezhima Intelligent and Yuanrong Qixing have reached a deep cooperation agreement to promote the mass production of advanced driver assistance technologies [6][13] - WeRide and Uber announced a partnership with the Dubai Roads and Transport Authority (RTA) to officially launch Robotaxi services through the Uber app in Dubai [6][13] Current Automotive Sector Configuration - The automotive industry is perceived to be at a new crossroads, with the electric vehicle (EV) boom nearing its end and the intelligent vehicle sector entering a phase of innovation [9][14] - Three main investment opportunities are identified: - **AI Intelligent Vehicle Main Line**: Focus on Robotaxi and Robovan, with key players including Tesla, Xiaopeng Motors, and Horizon Robotics [9][14] - **Upstream Supply Chain Key Stocks**: Include B-end vehicle OEMs like BAIC Blue Valley and GAC Group, as well as core suppliers in testing, chips, and sensors [9][14] - **AI Robotics Main Line**: Focus on selected components from companies like Top Group and Junsheng Electronics [9][14] Market Performance Overview - The automotive sector ranked 9th in A-shares and 14th in Hong Kong this week, with motorcycles and other segments performing the best [18][21] - The overall automotive sector has shown stability, with the SW motorcycle and other segments leading in performance [21][28]