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 ...

Core Insights - Geely Automobile Holdings Limited has announced the final results of the privatization transaction for Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" strategy [2][4] Group 1: Shareholder Decisions - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely [2][3] - The remaining 29.2% of eligible shareholders chose cash consideration, leading to a total cash payment of approximately $701 million [2][3] - The decision of over 70% of shareholders to choose stock over cash indicates a strong preference for long-term value investment, significantly higher than typical privatization transactions [3] Group 2: Strategic Integration - The completion of the share consideration selection signifies the final execution phase of the merger between Geely and Zeekr, which has been progressing since the "Taizhou Declaration" in September 2024 [4] - The merger aims to leverage Zeekr's high-end electric vehicle technology and Geely's scale in the mainstream market, creating synergies across R&D, supply chain, and manufacturing [4][6] Group 3: Financial Performance - Geely's revenue for the first three quarters of 2025 reached 239.5 billion yuan, a 26% year-on-year increase, with a core net profit of 10.62 billion yuan, up 59% [6] - The company reported total cash of 60.1 billion yuan and net cash of 45.2 billion yuan as of the end of September, providing ample liquidity to cover the cash consideration and support future R&D and global expansion [6] Group 4: Valuation Shift - As the merger nears completion, the market's valuation logic for Geely is shifting from a traditional automotive manufacturing model to one that incorporates technology and brand premiums [7] - Zeekr's high-end positioning is expected to elevate Geely's overall brand value, with average vehicle prices for Zeekr models exceeding 300,000 yuan, compared to 180,000 yuan for Lynk & Co and 120,000 yuan for Geely's mainstream models [7] - The merger is viewed as a starting point for Geely's valuation reformation, transitioning from a traditional car manufacturer to a smart technology group [7]

海南自贸港即将迎来全岛封关运作。面对新一轮开放机遇，上市公司正抢先"跑步入场"。 在此背景下，每日经济新闻与海南国际经济发展局联合主办的"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"将于12月11日至13日在海口 举办。届时，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"将于12月11日举行。本次董秘年会以"共享机遇·链接全 球"为主题，将吸引政府机构、投资机构、有意向出海的企业和众多中国上市公司董秘及高管齐聚一堂，共话出海新机遇。 为何上市公司如此"看重"海南？一个原因是，伴随全岛封关，海南自贸港正在建设成为引领我国新时代对外开放的重要门户。对于不断从"走出去"向"走进 去"深入的出海企业，海南无疑成为重要"桥头堡"。 中企出海，3.0时代来了 今年10月，高盛中国发布一篇名为《中国战略：走向世界》的报告。报告估计，MSCI中国指数成分股公司中，目前约15%的销售额来自海外，这一比例已 经高于2018年的11%，其中汽车、零售和资本货物业务的增长尤为突出。而到2 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][14]. Core Insights - The core business of the company revolves around Beidou Free Flow technology, which aids the government in accurately collecting road tolls and monetizing related data assets. The company has made significant progress in Hainan, benefiting from supportive policies, and has demonstrated predictable profit prospects [3][4]. - The market growth potential is substantial, particularly with the increasing penetration of electric trucks and the retrofitting of existing vehicles, targeting a national market of approximately 8 million heavy trucks [5]. Summary by Sections Company Overview - The company focuses on processing and monetizing driving data generated by users, holding ownership of this data. It collaborates with insurance companies and mapping service providers to optimize claims processes and enhance map accuracy [4]. Market Analysis - The business model has shown smooth advancement in Hainan due to favorable policy conditions, with a clear path for nationwide expansion, especially in the commercial vehicle sector, particularly electric commercial vehicles [4]. Investment Recommendations - Recommendations include strong domestic manufacturers like BYD, Geely, and Xpeng, as well as companies aligned with the trend of smart technology such as Jianghuai Automobile and Seres. The report also suggests focusing on state-owned enterprise consolidations and component manufacturers with strong growth potential [3].

Core Insights - Renault and Ford have announced a strategic partnership in Europe, where Ford will develop two new electric vehicle models based on Renault's Ampere platform, with production taking place in France [1][3] - This collaboration allows Ford to quickly enhance its product lineup during a critical period of electrification in Europe, leveraging Renault's technological capabilities [1][3] Group 1: Strategic Collaboration - The partnership signifies a deeper integration of Chinese research and development capabilities, supply chain efficiency, and cost-effective solutions into Renault's electric vehicle strategy [3][4] - Renault's Ampere platform aims to provide high-cost performance electric vehicle solutions for the European market, utilizing modular and electrification solutions from China [3][4] Group 2: Development and Integration - Renault has established a new Advanced China Development Center (ACDC) to empower the Ampere platform in creating electric products, highlighting the importance of collaboration with Chinese supply chains [4][6] - The integration of Chinese supply chains into the Ampere platform is crucial for reducing self-research costs and enhancing efficiency in key areas such as battery and electric drive systems [6][13] Group 3: Market Dynamics - The collaboration may reshape the competitive landscape for Chinese automotive companies, as European brands like Ford and Renault will leverage Chinese efficiencies, potentially increasing competition for Chinese automakers in Europe [13][14] - The strategic shift of Renault from a traditional manufacturer to an integrator reflects a broader trend in the automotive industry, where collaboration and resource sharing are becoming essential for competitiveness in the electric vehicle market [9][14]

中新网西安12月10日电 (李一璠)当传统工业的高耗与污染成为过往，"零碳工厂"正用科技与自然的交 响，书写着制造业的绿色革命，厂房顶部光伏板整齐排列，阳光倾洒在生产线上，机械臂有条不紊地左 右轮转。 近日，中新网记者跟随"绿动西安·碳寻未来"西安市减污降碳协同创新试点采风活动，了解该市在绿色 发展领域的思路与成效。 同时，西安正在把"生活垃圾"变成循环利用的"绿色宝藏"。高陵生活垃圾无害化处理焚烧热电联产项 目，采用中温次高压高效发电技术，发电效率达27%，每吨生活垃圾焚烧后可发电600千瓦时，焚烧产 生的热量运用于集中供热，垃圾焚烧后的废渣经无害化处理达标后，可加工制成透水砖、路基材料等建 筑用料。 记者在西咸新区一园区内看到，测试员正驾驶着"氢能蓝"在各厂房间灵活穿梭，该氢能助力车具有无噪 运行、零碳排放的特点。"这款氢能助力车以压缩氢气罐为动力，一罐气可实现约80公里续航，即便在 极端环境下也能稳定运行。"陕西海创盛世氢能科技有限公司生产主管张海斌介绍，目前，30台氢能助 力车已在茯茶镇正式投放，为园区通勤勾勒出高效低碳的风景线。 据了解，在汽车工业传统生产模式中，涂装、电镀等工艺，以化石燃料为主的能 ...

回复：标的公司已经在车身照明控制驱动芯片上取得优 势，实现大规模国产替代并逐步拓展全球市场，占据领先市场 份额，同时头尾灯驱动芯片已成功量产，该等芯片的安全等级 要求更高，国内市场目前主要由 TI、英飞凌、恩智浦等境外厂 商垄断，标的公司填补国产空白，已陆续实现国产替代。 问题 5：为什么选择收购英迪芯微？股份支付对公司未来 利润的影响？ 回复：报告期内，标的公司的营业收入分别为 49,403.98 万 元、58,414.70 万元及 38,531.09 万元。其中，车规级芯片收入 占营业收入 9 成以上，主要有汽车照明控制驱动芯片，以及汽 车电机控制驱动芯片、汽车传感芯片。 随着标的公司产品渗透率逐步提高，下游以新能源汽车整 车厂为代表的汽车芯片需求放量，标的公司收入有望保持稳健 增长。 问题 3：英迪芯微的客户主要有哪些？ 回复：标的公司的产品已经在上百款车型实现量产上车， 进入国内绝大多数合资及国产汽车品牌厂商供应链，产品批量 应用于比亚迪、上汽集团、一汽集团、长安、广汽集团、吉 利、东风、长城、奇瑞、鸿蒙智行系列、小米、蔚来、理想、 小鹏、零跑等众多国产汽车品牌车型。同时，标的公司系国内 少有的具备出 ...

吉利汽车回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.10 | 153.70 | 17.820 | 17.440 | 2713.61 | | 2025.12.09 | 163.40 | 17.910 | 17.420 | 2870.26 | | 2025.12.08 | 153.40 | 17.910 | 17.510 | 2711.69 | （文章来源：证券时报网） 证券时报·数据宝统计，吉利汽车在港交所公告显示，12月10日以每股17.440港元至17.820港元的价格回 购153.70万股，回购金额达2713.61万港元。该股当日收盘价17.680港元，上涨0.97%，全天成交额5.28 亿港元。 自12月8日以来公司已连续3日进行回购，合计回购470.50万股，累计回购金额8295.56万港元。 其间该 股累计上涨1.78%。（数据宝） ...

Core Viewpoint - Geely Automobile Holdings Limited is finalizing the privatization of Zeekr Intelligent Technology Holdings Limited, marking the completion of the "One Geely" strategy [1] Group 1: Privatization Details - Approximately 70.8% of eligible Zeekr shareholders opted for share consideration, resulting in the issuance of 777,228,611 shares by Geely [3] - About 29.2% of eligible Zeekr shareholders chose or are deemed to have chosen cash consideration, leading to a total cash payment of approximately $701 million by Geely [3] - Each Zeekr share can be exchanged for $2.687 in cash or 1.23 shares of Geely, while each Zeekr American Depositary Share can be exchanged for $26.87 in cash or 12.3 shares of Geely [3] Group 2: Strategic Implications - The merger is expected to be completed by December 29, 2025, allowing Geely to leverage Zeekr's position in the global luxury electric vehicle market [3] - Post-merger, Geely aims to cover mainstream, mid-to-high-end, and luxury segments, creating a diverse power system that includes fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [3] - The merger is anticipated to enhance Geely's cost advantages, brand competitiveness, and global market influence [4] Group 3: Financial Performance - For the first three quarters of 2025, Geely reported revenue of 239.5 billion yuan, a year-on-year increase of 26% [4] - Core net profit attributable to shareholders reached 10.62 billion yuan, reflecting a 59% year-on-year growth [4] - As of September 30, 2025, Geely's total cash level was 60.1 billion yuan, with a net cash level of 45.2 billion yuan, ensuring ample cash reserves for long-term development [4]

相关事件 格隆汇12月10日丨吉利汽车(00175.HK)发布公告，2025年12月10日耗资2713.61万港元回购153.7万股， 回购价格每股17.44-17.82港元。 吉利汽车(00175.HK)12月10日耗资2713.61万港元回购153.7万股 吉利汽车(00175.HK)12月9日耗资 2870.26万港元回购163.4万股 ...