10月6日，公司公告宣布拟实施一项最高金额达23亿港元的股份回购计划，该计划在获得香港联交所批 准后，将通过自动化机制在公开市场分批回购，回购资金来自吉利汽车现有的资本及现金储备，展现了 吉利汽车对长期发展前景的坚定信心，回购将优化资本结构、提升每股收益并有助合理反映公司估值。 近期，极氪科技与吉利汽车向美国证券交易委员会提交CB表格，吉利和极氪的"大合并"交割工作有望 在今年年底前完成，看好推进"一个吉利"战略，促进经营效益提升、降本增效。 公司10月批发总销量30.7万辆，同比+35.5%，环比+12.5%;出口方面，公司10月出口销量4.2万辆，环比 +2.2%，表现亮眼。10月30日，吉利银河旗下全新电混家轿星耀6上市，上市限时指导价为6.88万元-9.98 万元，星耀6搭载新一代雷神AI电混2.0系统，前排电动座椅提供加热和通风功能，搭载银河Flyme Auto 智能座舱与千里浩瀚H3辅助驾驶系统。该行看好公司销量逐步兑现，同时规模化提振主品牌盈利。 智通财经APP获悉，民生证券发布研报称，吉利汽车(00175)新能源品牌势能向上，盈利加速，预计 2025-2027公司营收4,047.8/4,896 ...

Core Viewpoint - The article highlights the unique survival logic of Seres in the electric vehicle sector, showcasing its strong financial performance and strategic capital market actions, including a significant investment in Huawei and plans for a Hong Kong IPO [1][11]. Financial Performance - In the first three quarters of 2025, Seres reported revenue of 110.5 billion yuan, a year-on-year increase of 3.67%, and a net profit of 5.312 billion yuan, a substantial year-on-year increase of 31.56% [1][2]. - The third quarter saw revenue of 48.13 billion yuan, a year-on-year increase of 15.75%, but net profit slightly decreased by 1.74% year-on-year, indicating short-term operational pressure [1][2]. - The net profit growth rate of 31.56% significantly outpaced the revenue growth rate of 3.67%, with the adjusted net profit also increasing by 26.7% year-on-year, outperforming the industry average [2][3]. Strategic Partnership - Seres completed a payment of 11.5 billion yuan for a 10% stake in Huawei's subsidiary, reflecting a strategic move to deepen its partnership with Huawei, which is crucial for technology access and market growth [3][4]. - The collaboration with Huawei has led to the successful launch of high-end models, such as the AITO series, which have seen over 40% year-on-year sales growth in the first three quarters of 2025 [3][4]. - The partnership allows Seres to gain priority access to Huawei's latest driving technologies, enhancing its competitive edge in the high-end electric vehicle market [5][6]. Capital Market Actions - Seres plans to raise 12.9 billion HKD through its Hong Kong IPO, aimed at supplementing liquidity and supporting its global expansion strategy [6][8]. - The dual listing strategy (A+H shares) is designed to broaden financing channels and reduce reliance on a single market, with the Hong Kong market being more favorable for long-term growth potential [6][8]. - The IPO has attracted significant interest from cornerstone investors, indicating strong market confidence in Seres' business model and growth prospects [6][10]. Industry Context - Seres' approach contrasts with traditional automakers like BYD and Geely, which rely on scale effects; instead, Seres focuses on high-end positioning and technology partnerships [2][3]. - The company’s average revenue per vehicle reached 286,000 yuan, exceeding the industry average by 112,000 yuan, supporting its long-term profitability [3][4]. - The article emphasizes the importance of balancing technology partnerships with independent innovation, as Seres aims to mitigate risks associated with over-reliance on Huawei [6][12].

Core Viewpoint - The article emphasizes that smart's ability to redefine its product positioning in a competitive market is more crucial than technological upgrades [1]. Group 1: Product Launch and Specifications - The smart 5 EHD, the brand's first plug-in hybrid SUV, has been launched with a price range of 189,900 to 239,900 yuan, with a promotional starting price of 169,900 yuan after discounts [1]. - The 5 EHD is positioned as a mid-size SUV and features the Geely Group's Raytheon hybrid technology, offering two battery pack options: a 20 kWh lithium iron phosphate battery with a pure electric range of 120 km and a comprehensive range of 1,483 km, and a 41.46 kWh battery with a pure electric range of 252 km and a comprehensive range of 1,615 km [3][5]. - The vehicle is equipped with a 1.5T four-cylinder hybrid engine, achieving a fuel consumption of 4.4L per 100 km under CLTC conditions [5]. Group 2: Market Position and Challenges - Smart has faced declining sales since 2025, with the 1 model maintaining monthly sales around 2,000 units, while the 3 and 5 models have only achieved sales in the hundreds, with 404 and 204 units sold in September, respectively [8]. - The 5 model competes against strong rivals in the Chinese market, including Tesla Model Y, Li Auto L6, and BYD models, which presents significant challenges for market penetration [8]. - The introduction of the plug-in hybrid version aims to attract consumers by alleviating "range anxiety" and enhancing cost-effectiveness with a lower price point [8]. Group 3: Brand Strategy and Future Outlook - Smart's brand transformation began after Geely acquired a 50% stake in 2019, shifting from a focus on compact city cars to a broader range of vehicles [7]. - Despite the shift, smart faces a dilemma of unclear positioning, as it struggles to balance its identity as a design-oriented brand with the need to appeal to a wider audience [9]. - The future success of the smart 5 EHD will depend on the brand's ability to find a new balance between individuality and mass appeal, avoiding a price war while maintaining brand value [9].

随着时间进入11月，车市进入年末冲刺阶段，新旧势力在燃油、混动、纯电三大阵营齐发力，密集的新车投放将车市热度推向新的高峰。接下来，就来看一 看都有哪些新车值得关注？ 比亚迪2026款夏 上市时间：11月4日 新车亮点：800伏高压架构、搭载两挡变速箱 全新奔驰纯电CLA已于此前开启预售，推出两款车型，预售价为25.9万元起。新车作为MMA平台的首款量产车型，采用全新轿跑设计语言，提供5种车身颜 色。 新车亮点：配置与体验优化 比亚迪2026款夏将于11月4日上市，作为年度改款车型，核心变化集中在续航与智能化配置的提升。新车造型延续现款设计。车身尺寸为 5145×1970×1805mm，轴距为3045mm。 续航表现上，新车的CLTC纯电续航从现款的最高180km提升至218km，综合续航超过1100km，满足日常纯电通勤需求。动力上，新车搭载1.5T插混系统， 发动机最大功率为156马力，电机最大功率272马力。 梅赛德斯-奔驰全新纯电CLA 上市时间：11月5日 上市时间：11月 新车亮点：空间、智能体验提升 内饰部分，配备10.25英寸仪表屏、14英寸中央显示屏和14英寸前排乘客显示屏，搭载奔驰自研的MB ...

格隆汇11月4日｜据智通财经，针对有关改造沈阳原上汽通用北盛工厂（三期）的消息，吉利汽车对记 者表示，吉利银河销量的爆发确实对产能提出了更高要求，目前公司正在积极研究并探讨多种扩充产能 的方案，尽最大可能利用各地剩余产能，不再建设新的汽车生产工厂或者扩大现有工厂产能。日前有市 场消息称，沈阳原上汽通用北盛工厂（三期）正在改造中，后续将用于补充吉利银河产能。一位接近吉 利的人士透露，"沟通挺久了，现在银河的产能紧张。" ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting the benefits of sustained growth and scale effects in the sector [1]. Core Views - The automotive industry has shown resilience with a continuous two-digit growth in sales for three consecutive quarters, driven by policy support and the "old-for-new" vehicle replacement program [11]. - The report indicates that while price competition remains significant in the passenger car segment, there are signs of improvement in margins, reflecting a reversal of the previous "involution" trend [8]. - The report emphasizes the growth in the new energy vehicle (NEV) segment, with a penetration rate exceeding 52% and a year-on-year increase in sales [14]. Summary by Sections Industry Overview - The automotive sector consists of 258 listed companies with a total market capitalization of approximately 5.09 trillion yuan, accounting for 4.2% of the total A-share market [8]. - In Q3 2025, total automotive wholesale sales reached 8.68 million units, representing a year-on-year increase of 15% [11]. Passenger Vehicles - In Q3 2025, passenger vehicle sales reached 7.69 million units, up 15% year-on-year and 8% quarter-on-quarter [16]. - Revenue for passenger vehicle manufacturers (excluding SAIC) was 380.7 billion yuan, reflecting a 4% year-on-year increase [46]. - The gross margin for passenger vehicle manufacturers (excluding SAIC) was 17.4%, down 2.3 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [51]. Auto Parts - The auto parts sector experienced a revenue growth of 11% year-on-year and 7% quarter-on-quarter in Q3 2025, benefiting from the continuous growth of scale effects [4]. - The gross margin for the auto parts sector was 19.5%, showing a slight decline of 0.5 percentage points year-on-year [42]. Commercial Vehicles - Commercial vehicle sales in Q3 2025 totaled 990,000 units, marking a 20% year-on-year increase [16]. - The report notes that the profitability of both buses and trucks has increased year-on-year [5]. Investment Recommendations - The report suggests focusing on high-risk, high-reward areas for investment opportunities in Q4, particularly in passenger vehicles and heavy trucks [4]. - Recommended stocks include Geely Automobile, BYD, and Jianghuai Automobile for passenger vehicles, and China National Heavy Duty Truck Group and Weichai Power for heavy trucks [4].

11月3日，武汉市召开汽车制造和服务产业链链长会议，专题部署年底前攻坚任务，全 力确保全年整车产量突破100万辆、新能源汽车产量达到56.6万辆。 促消费政策成效显著，累计核销消费券9700余万元，带动汽车销售超2.3万辆；以旧换 新补贴政策申请总量15.5万辆，拉动销售额264亿元。海外市场拓展取得突破，前三季度本 地产车辆累计出口5.7万辆，其中奕派、岚图同比分别增长206%、93%。 产业转型升级步伐加快。1—10月，全市签约汽车领域重点项目89个，签约金额566亿 元；亿元以上重点项目开工47个、投产37个。小米智能装备产业园引进32家零部件企业，吉 利银河全新车型项目顺利落地。 企业层面，东风公司与斯泰兰蒂斯达成合作共识，以本地化团队打造神龙新车型；东风 整合品牌与零部件业务，成立奕派科技与跃创科技；岚图汽车正加速推进赴香港上市备案。 会上表示，全市将围绕"保运行、抓项目、拓市场、优链条、促置换"重点发力，后两个 月需完成整车产量28.2万辆，其中新能源汽车18.7万辆。各区将实施"日监测、周走访"，推 动主要车企挖潜增产，推进全市汽车产业实现稳定发展和转型升级。 最新数据显示，1至10月，全市汽车 ...

吉利汽车（0175.HK）系列点评三十五 ➢ 极氪 9X 上市 高端市场加速发力。极氪、领克 10 月分别销量 21,423 辆、 40,213 辆，1-10 月累计销量分别 16.5、28.2 万辆，同比-1.7%、+24.3%。9 月 29 日，极氪旗下全球超豪华 SUV 新旗舰极氪 9X 正式上市，限时置换补贴价 45.59-58.99 万元，新车基于豪华电混专属架构浩瀚-S 打造，全系标配闭式双腔 空气悬架和双阀 CCD 电磁减振器，配备双 8295 座舱芯片，支持超级桌面 2.0， 智能驾驶提供两种方案，其中千里浩瀚 H7 方案将匹配英伟达 Thor-U 芯片；千 里浩瀚 H9 方案配备双 Thor-U 芯片，支撑 L3 级自动辅助驾驶能力，9X 上市后 13 分钟内大定突破 10,000 台，有望加速抢夺高端市场份额，高端车型盈利有望 在下半年逐步体现，增厚公司报表。 ➢ 宣布股份回购计划，展现发展信心。10 月 6 日，公司公告宣布拟实施一项 最高金额达 23 亿港元的股份回购计划，该计划在获得香港联交所批准后，将通 过自动化机制在公开市场分批回购，回购资金来自吉利汽车现有的资本及现金储 备，展 ...

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司是否与特斯拉合作关系？ 中海达（300177.SZ）11月4日在投资者互动平台表示，目前公司车载端软硬件产品已定点应用在吉利、 小鹏、上汽、长城、东风和一汽等汽车制造企业的多款量产新车型。相关业务介绍请参阅公司定期报告 内容。 ...

Core Insights - Chinese automotive companies are rapidly increasing their market share in Europe, reaching a historic high of 7.4% in September 2023 [2] - The focus of Chinese car manufacturers has shifted from merely selling cars to establishing a strong presence in international markets [3] Market Entry Challenges - The initial phase of exporting vehicles involved a traditional model where Chinese manufacturers produced cars domestically and relied on foreign trade companies for overseas sales, which accounted for over 70% of exports before 2020 [7] - The introduction of a 25% anti-subsidy tax by the EU in October 2024 led to a 30% year-on-year drop in exports to Europe, highlighting the impact of trade barriers [7] - Regulatory challenges such as the R155 information security regulation and R156 battery traceability requirements have caused significant delays and financial losses for companies [7][8] - The shipping capacity of Chinese companies is limited, with only 7.6% of global roll-on/roll-off shipping capacity, leading to increased costs and delivery times [7] Evolution of Export Strategies - By 2021, the industry began transitioning to a model where key components were shipped to overseas factories for assembly, reducing transportation costs by approximately 30% [7] - However, challenges persisted, including brand perception issues and supply chain vulnerabilities exposed by geopolitical tensions [8] Systematic Approach to Global Expansion - Leading Chinese automotive companies are now forming collaborative networks that integrate vehicle manufacturing, component suppliers, and service support to enhance their global competitiveness [11] - The strategy has evolved to focus on building a comprehensive ecosystem rather than just selling products, emphasizing brand value, local production, and full-channel support [11][12] Strategic Focus on the UK Market - The UK has emerged as a strategic entry point for Chinese car manufacturers into Europe, benefiting from lower policy risks and a growing market for electric vehicles [18] - The lack of strong domestic automotive brands in the UK allows for greater acceptance of new entrants, creating a favorable environment for Chinese brands [20] Performance Metrics - In the first ten months of 2025, Geely's exports of new energy vehicles increased by 218%, with its global strategic model EX5 achieving top sales in several countries [12] - Geely's domestic market share rose from 6.3% in 2021 to 10.4%, providing a robust financial base for international expansion [21] Conclusion - The transformation of Chinese automotive companies from passive participants to proactive leaders in the global market reflects a significant shift in strategy, focusing on sustainable and profitable growth [24]