备注：以上数据由格隆汇数据中心根据港交所数据加工计算所得，并不保证100%精确。 本文源自：格隆汇 股票名称 回购数 回购额 年累计回购数量(股) 年累计回购数量/总股本 腾讯控股(00700) 106.00万 6.36亿 8831.30万 0.961% 小米集团-W(01810) 240.00万 1.01亿 1.03亿 0.400% 中远海控(01919) 300.00万 4085.81 万 7854.30万 2.727% 纳芯微(02676) 20.15万 3067.05万 null null 顺丰控股(06936) 81.55万 3042.25万 null null 碧桂园服务(06098) 468.40万 2921.95万 3691.40万 1.105% 吉利汽车(00175) 153.70万 2713.61万 470.50万 0.047% 中国飞鹤(06186) 547.00万 2293.91万 2.29亿 2.521% 巨子生物(02367) 40.00万 1438.24万 80.00万 0.075% 金山软件(03888) 34.50万 999.72万 707.32万 0.510% 中国石油化工 ...

还记得12年前《Top Gear》是怎么评价中国车的吗？ 当时 Jeremy 和 James 在北京试驾了广汽传祺、荣威350、比亚迪F0等车型，评价是："样子还行，但开起来很糟糕。" 但他们也在节目结尾预言："五年前中国人还只能造三轮车，现在他们已经能造出这样的车了。谁能想象五年后中国车会是什么样？" 如今回头再看，当年那些被调侃的"山寨车"，早已蜕变为在海外市场"杀疯了"的中国燃油车军团。 若是"三贱客"今天再来试驾，表情该有多精彩？ 从被嘲讽到被追赶，中国车只用了十年。而今天，在这个电动化呼声最高的时代，中国制造的燃油车，正在海外完成一场"沉默的反击"。 01 猛猛出海 数据显示，自2020年起，中国每出口四辆车，就有三辆是燃油车。 燃油车确实是在猛猛出海。 燃油车在东欧、拉丁美洲和非洲等二线市场的销量依然不错。JATO Dynamics数据显示，今年上半年，中国车厂占南非汽车市场近16%的份额，去年同期 是10%。燃油车销量近3万辆，电动车仅售出11辆。 智利的情况也一样。当地汽车工业协会称，中国燃油车已占当地市场近三分之一份额。雪佛兰、日产和大众等传统品牌去年在当地销量下滑34至45%。 一些传统汽 ...

忙碌的生产线，承载着消费者的期待。在贵阳白云区吉利银河新能源体验中心，被银河E5车型宽敞的 内部空间打动，用户张土英提走自己的第一辆车，"以后结婚有小孩，用车会很方便，这辆车的车机系 统灵敏，综合性价比很高。" 张土英的选择，反映了新能源汽车消费趋势的变化——过去关注价格和配置，包括电池快充时间、动力 性能；现在也关注体验和细节，包括车内空间、舒适度和智能化水平。 消费需求的升级，倒逼供给端的变革。"设计这款车时，我们通盘考虑底盘结构、零部件布局，释放出 更宽敞的驾乘空间。"李飞平说，银河E5去年8月上市至今，销量突破21万台。 同一款车，面向80多个国家和地区同步开发。今年以来，已有近5万辆银河E5销往海外。"我们组建了 全球研发团队，在保持核心性能一致的基础上，针对不同市场做本地化适配。"李飞平说，比如，在气 候炎热的地区，配置加强版空调；在多山地区，增强轮胎摩擦力。 数据来源：工业和信息化部等 制图：张丹峰 以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互动，增强国内大循环 内生动力和可靠性。 ——摘自"十五五"规划建议 每70多秒，一辆新车下线。 贵州贵阳观山湖区，贵州吉利汽车 ...

Core Viewpoint - The automotive industry is witnessing a shift where traditional fuel vehicles are accelerating their smart technology integration to compete with the rising market share of electric vehicles (EVs). However, experts believe that this smartification of fuel vehicles is a transitional solution, as the long-term trend favors the replacement by electric vehicles, leading to a restructuring of the automotive supply chain with Chinese tech companies becoming central players [1][9]. Group 1: Smartification of Fuel Vehicles - The first fuel sedan equipped with Huawei's advanced smart driving solution, the FAW Audi A5L QianKun, has been launched, alongside the Dongfeng Nissan Teana featuring Huawei's Harmony cockpit [2]. - Data from the China Passenger Car Association indicates that fuel vehicle sales are projected to decline by 17.3% year-on-year in 2024, with their market share dropping to 52.4%. By the first nine months of 2025, this share further decreased to 49.9%, indicating that new energy vehicles have officially surpassed traditional fuel vehicles as the mainstream choice for consumers [2][3]. - A report highlights that 71.9% of users consider smart cockpits a primary factor in their purchasing decisions, while 69.3% focus on in-car interaction experiences, emphasizing the critical role of smart technology in consumer choices [2]. Group 2: Technological Challenges and Solutions - Experts point out that fuel vehicles face several technological bottlenecks in their smartification process, including limitations in architecture, power supply issues, and challenges in heat dissipation and integration [5]. - Despite these challenges, the narrative that fuel vehicles cannot be smartified is changing, as more models are now equipped with advanced smart driving systems, such as the FAW Audi A5L QianKun and the SAIC Audi A5L Sportback [6]. - Huawei and Audi have overcome key challenges related to computing power, power supply, and heat dissipation, enabling the integration of high-performance computing platforms in fuel vehicles [7]. Group 3: Industry Transformation and Supply Chain Restructuring - The trend of fuel vehicles adopting smart technology is part of a broader "oil-electricity intelligence" strategy being pursued by many automakers, including joint ventures like FAW-Volkswagen and Mercedes-Benz [8]. - As consumer demand for smart driving features increases and technology costs decrease, traditional automakers are accelerating their efforts to enhance their products' smart capabilities [8]. - The shift towards smartification is expected to have profound implications for the automotive industry, driving a transformation towards intelligent vehicles and altering competitive dynamics, with a focus on collaboration between automotive manufacturers and tech companies [9][10].

Core Insights - The self-driving travel market in China is experiencing significant growth, with a projected market size exceeding 1.5 trillion yuan in 2024, reflecting a 20% year-on-year increase and maintaining over 60% of the domestic tourism market share for seven consecutive years [2][3] - Self-driving travel is evolving from a mere travel choice to a market pillar, with a shift in customer demographics towards younger generations and active retirees [2][3] - The integration of various industries, including transportation, accommodation, and digital platforms, is reshaping the self-driving travel ecosystem, enhancing user experience and service quality [4][6][8] Market Expansion - The self-driving travel market is expanding rapidly, with a 20% growth forecast for 2024, reaching a market size of 1.5 trillion yuan [2] - Self-driving travel accounts for 77.4% of national travel modes, solidifying its position as the primary choice for travelers [2] - The demographic profile of self-driving travelers is diversifying, with increasing participation from the "Z generation" and the elderly [2][3] Consumer Preferences - The elderly demographic prefers slow-paced, in-depth travel experiences, focusing on comfort and unique local attractions [3] - Younger travelers are seeking freedom and flexibility, often opting for self-planned itineraries rather than group tours [2][3] - There is a growing trend towards exploring lesser-known destinations, driven by the desire to avoid crowds and discover hidden gems [3] Industry Integration - The self-driving travel industry is integrating five core elements: people, vehicles, roads, scenery, and networks, promoting a comprehensive industry chain [4] - The combination of high-speed rail and car rentals is gaining popularity, prompting rental companies to enhance their network and collaborate with transportation providers [4] - Companies are transitioning from being mere product providers to comprehensive service providers, offering bundled travel solutions [4][6] Service Innovation - Digital platforms are becoming crucial in connecting the self-driving travel industry, facilitating seamless booking and enhancing user experience [6][8] - The industry is moving towards service empowerment, focusing on improving service quality and user experience rather than just hardware competition [8] - The development of tourism highways and improved service networks is being prioritized to enhance the overall quality of self-driving travel experiences [7][8]

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Viewpoints - The market space for high-end vehicles priced above 400,000 yuan is stable, with expectations for increased penetration of new energy vehicles driven by the growth of pure electric models [4][7] - The competitive landscape shows that foreign brands dominate, but domestic brands are rapidly increasing their market share, reaching 40.9% in the high-end segment [24][26] - The competition factors are shifting from brand and performance parameters to technology attributes and emotional experiences, favoring domestic brands in the current market [30][38] Summary by Sections Market Space - The high-end vehicle market (above 400,000 yuan) has maintained annual sales between 700,000 to 1,200,000 units since 2018, accounting for over 5% of total vehicle sales [4][7] - In 2025, the cumulative sales of high-end vehicles from January to October reached 588,000 units, a year-on-year increase of 0.6% [7] - The penetration rate of new energy vehicles in this segment is expected to exceed 50% by 2026, driven by improvements in charging efficiency and infrastructure [21][24] Competitive Landscape - As of 2025, foreign brands hold a 59.1% market share in the high-end segment, with traditional brands like BBA (Benz, BMW, Audi) accounting for over 40% [24][26] - Domestic brands, led by Li Auto, NIO, and Seres, have seen their market share increase significantly since 2021, with a cumulative increase of 39.1 percentage points [24][26] Competition Factors - The automotive market is transitioning from valuing brand reputation and mechanical performance to prioritizing technological innovation and user experience [30][38] - Consumers are increasingly willing to pay for vehicles that offer superior technological features and emotional engagement, reflecting a shift in purchasing behavior [30][36] Investment Analysis - The stable market space for high-end vehicles, combined with the relatively low market share of domestic brands, presents significant growth opportunities for these companies [4][43] - The upcoming reduction in new energy vehicle purchase tax subsidies and the phasing out of trade-in incentives are expected to have a limited impact on the high-end market, enhancing profitability [43]

Core Viewpoint - The article discusses the significant growth of Chinese fuel vehicles in overseas markets, highlighting their competitive advantages in terms of price and features compared to traditional brands, despite the global shift towards electric vehicles [4][25]. Group 1: Export Growth of Fuel Vehicles - Since 2020, for every four cars exported from China, three have been fuel vehicles [5]. - In 2021, China exported 2.015 million cars, with 1.705 million being fuel vehicles, accounting for 84.6% [6]. - In 2022, the total car export volume reached 3.111 million, with fuel vehicles increasing to 2.342 million, representing 78.2% [7]. - In 2023, the export volume of traditional fuel vehicles was 3.707 million, making up 75.4% of total exports [8]. - Projections for 2024 indicate that fuel vehicle exports will reach 4.574 million, maintaining a share of 78.1% [9]. Group 2: Market Performance and Competitiveness - Chinese fuel vehicles are performing well in secondary markets such as Eastern Europe, Latin America, and Africa, with significant market shares [12]. - In South Africa, Chinese manufacturers captured nearly 16% of the automotive market in the first half of the year, up from 10% the previous year [12]. - In Chile, Chinese fuel vehicles accounted for nearly one-third of the market, while traditional brands saw sales declines of 34% to 45% [12]. Group 3: Advantages of Chinese Fuel Vehicles - Chinese fuel vehicles offer superior cost-performance ratios, allowing consumers to purchase larger and better-equipped vehicles for the same price as basic models from traditional brands [16][38]. - For example, in Saudi Arabia, the price of a base model Nissan Sylphy can buy a fully equipped MG7, which offers better performance and features [38]. - The strategy of providing high configurations at competitive prices has proven effective in attracting budget-conscious consumers [40]. Group 4: Industry Upgrades and Global Strategy - Chinese automakers have upgraded their production standards to meet international safety and reliability benchmarks, moving from merely exporting products to establishing local production bases in key markets [21][42]. - Companies like Chery, SAIC, and Geely have successfully transitioned to building local supply chains and sales networks, enhancing their global competitiveness [21][44]. - Some joint ventures have also leveraged Chinese manufacturing advantages to boost their export operations significantly [23][45]. Group 5: Future Outlook - The narrative of Chinese fuel vehicles represents a "silent yet solid" counterattack in the face of the electric vehicle trend, focusing on practical needs in markets where electric infrastructure is lacking [25][46]. - Despite challenges in brand recognition and scale compared to global giants like Toyota and Volkswagen, Chinese manufacturers are poised to convert their cost and technology advantages into sustainable global competitiveness [25][46].

海南自贸港即将迎来全岛封关运作。面临新一轮开放机遇，上市公司正抢先"跑步入场"。 在此背景下，每日经济新闻联合海南国际经济发展局，于12月11日至13日在海口举办"2025第十四届上 市公司发展年会暨海南自贸港开放机遇交流大会"，将有超过400家上市公司和20多家机构参会，共话封 关新局下的政策路径、全球化机遇。 作为本次系列活动的首场重要活动，"2025第九届上市公司董秘年会暨海南自由贸易港政策沟通会"于12 月11日率先举行。此次董秘年会以"共享机遇·链接全球"为主题，吸引政府机构、投资机构、有意向出 海的企业和众多上市公司董秘及高管齐聚一堂，共话出海新机遇。 中企出海 全球化深度运营 从会前征集的问题来看，企业家们对封关政策尤为关切，包括如何把握封关运作初期的政策红利，以及 封关后各项配套政策将如何持续为企业发展提供助力等。因此，本次董秘年会的一大亮点正是为企业了 解、落地海南自贸港搭建一个政企交流平台。本次董秘年会将邀请海南深改办、财政厅、海口海关等部 门相关负责人到场，深度解读有关自贸港封关最新政策。不仅如此，针对封关后海关监管、税收制度、 投资政策、人才配套等一系列高关注度话题，政企双方还将展开深 ...

Group 1 - The Ministry of Industry and Information Technology (MIIT) released the 402nd batch of new car application lists on December 5, indicating a significant number of new vehicle registrations as companies plan for the upcoming year [2][14] - The application list reflects the product direction of major automotive companies for the next year, showcasing various new models and updates [2][14] Group 2 - Changan is focusing on models like CS75PLUS and UNI-V, introducing hybrid and plug-in hybrid versions to provide consumers with more diverse power options [4][16] - BYD has submitted multiple new car applications, with the most notable being the Qin MAX and Seal 06 MAX, marking the return of the MAX suffix after several years and upgrading the electric versions of Qin L and Seal 06 [5][17] - Great Wall's Haval H9 remains a significant model with a rugged positioning and offers a variety of optional configurations to meet the needs of different off-road enthusiasts [7][19] - Geely has also submitted several new models, with the Galaxy M7 being particularly noteworthy as it represents a significant redesign of the Galaxy L7, positioning it as a strong competitor to models like Song PLUS [8][20]

还记得 12年前《Top Gear》是怎么评价中国车的吗？ 当时 Jeremy 和 James 在北京试驾了广汽传祺、荣威350、比亚迪F0等车型，评价是："样子还行，但开起来很糟糕。" 但他们也在节目结尾预言： "五年前中国人还只能造三轮车，现在他们已经能造出这样的车了。谁能想象五年后中国车会是什么样？" 如今回头再看，当年那些被调侃的 "山寨车"，早已蜕变为在海外市场"杀疯了"的中国燃油车军团。 若是 "三贱客"今天再来试驾，表情该有多精彩？ 从被嘲讽到被追赶，中国车只用了十年。而今天，在这个电动化呼声最高的时代，中国制造的燃油车，正在海外完成一场 "沉默的反击"。 01 猛猛出海 数据显示，自 2020年起，中国每出口四辆车，就有三辆是燃油车。 燃油车确实是在猛猛出海。 来自中国汽车工业协会数据， 2021年，中国汽车出口201.5万辆，其中又170.5万辆都是燃油车，占比达84.6%。 2022年汽车出口量为311.1万辆，燃油车同步增长到234.2，占比达78.2%。 但行业统计显示，奇瑞在燃油车出口方面表现尤为突出。媒体报道称，奇瑞 2025年1–11月整车出口达119.9万辆，其中新能源占比约三 ...