Core Viewpoint - The report from China Merchants Securities International indicates a weakening in wholesale numbers for some domestic car manufacturers in November, with a forecasted year-on-year decline of 8.7% in retail sales of passenger vehicles due to high base effects and reduced subsidies impacting the industry in Q4 [1] Automotive Sector Summary - The overall retail sales of passenger vehicles in November are expected to remain flat month-on-month but show a significant year-on-year decline [1] - China Merchants Securities International suggests that market sentiment is currently very pessimistic, indicating a potential opportunity for forward-looking investments [1] Stock Recommendations - The firm recommends Geely Automobile as the top pick due to high earnings certainty and undervaluation, with a target price of HKD 32 [1] - BYD and Xpeng Motors are also recommended with target prices of HKD 130 and HKD 115 respectively [1] - In the automotive parts sector, Minth Group and Fuyao Glass are recommended with target prices of HKD 42 and HKD 86 respectively [1] - All five stocks are rated as "Buy" [1] Long-term Outlook - The company maintains a positive long-term outlook on the "AI + Automotive" and "AI + Robotics" sectors, highlighting potential catalysts in Q1 of the following year, including the IPO of Yushutech and the release of Tesla's third-generation robot [1] - Recommended stocks in the AI sector include Youbixuan, Horizon Robotics, and Hesai Technology, with target prices of HKD 172, HKD 13.8, and USD 28 respectively, all rated as "Buy" [1] - The report also includes a recommendation for Extreme Wisdom [1]

Core Insights - The automotive industry in November showed strong sales performance across various companies, with a notable focus on electric vehicle (EV) transitions and global expansion strategies [1][2][3][4] Group 1: Traditional Domestic Brands - BYD achieved a record monthly sales of 480,000 units, maintaining the top position, with overseas sales surpassing 130,000 units, marking a historical high [1] - Geely sold 310,000 units in November, a year-on-year increase of 24%, with its Galaxy series seeing a 76% growth [1] - Chery reported sales of 273,000 units, with EV sales reaching 117,000 units, a 50.1% increase, and export sales of 137,000 units, up 30.3% [1][2] Group 2: New Energy Vehicle Performance - Changan's November sales reached 283,000 units, with EV sales at 125,000 units, a 23% increase [2] - SAIC Group set a new record for EV sales at 209,000 units, reflecting a 38.8% year-on-year growth [2] Group 3: New Forces in the Automotive Sector - Huawei's HarmonyOS Automotive division delivered 82,000 vehicles in November, a remarkable 89.61% increase, establishing itself as a leader among new entrants [3] - Leap Motor delivered over 70,000 vehicles in November, achieving a cumulative sales milestone of over 500,000 units [3] - Xiaomi's automotive division also exceeded its annual delivery target, with over 40,000 units delivered in November and a total exceeding 350,000 units [3] Group 4: Market Dynamics and Challenges - Xpeng and NIO experienced a decline in sales, with Li Auto delivering 33,181 units, a slight increase of 4.45% month-on-month but a 31.92% year-on-year drop [4] - The automotive market is shifting from subsidy-driven growth to a more competitive landscape focused on product capabilities and brand strength, as consumer behavior evolves post-subsidy [4]

智通财经APP讯，吉利汽车(00175)发布公告，于2025年12月4日因认股权获行使而发行6.25万股。 （原标题：吉利汽车(00175)因认股权获行使而发行6.25万股） ...

吉利汽车(00175)发布公告，于2025年12月4日因认股权获行使而发行6.25万股。 ...

Core Insights - The wholesale sales of new energy passenger vehicles in China reached 1.72 million units in November, representing a year-on-year increase of 20% and a month-on-month increase of 7% [2] - Cumulative wholesale sales for the year have reached 13.78 million units, showing a year-on-year growth of 29% [2] Company Performance - The top five companies in new energy vehicle sales are all domestic brands: BYD (474,921 units), Geely (187,798 units), Chery (111,346 units), SAIC-GM-Wuling (110,470 units), and Changan Automobile (110,000 units) [2] - Tesla ranks sixth with sales of 86,700 units, followed by Leap Motor at seventh with 70,327 units, and Seres with 51,677 units [2] Joint Venture Brands - Among joint venture brands, GAC Toyota sold 10,616 units, FAW Toyota sold 3,492 units, SAIC Volkswagen sold 6,187 units, and FAW Volkswagen sold 2,802 units [2] - GAC Honda sold 2,172 units, Dongfeng Honda sold 1,175 units, SAIC General sold 10,670 units, and Dongfeng Nissan sold 8,794 units [2] - BMW Brilliance sold 2,985 units [2]

18家车企中，仅有8家车企11月销量实现同比、环比双增长。 11月国内车市销量呈现"冰火两重天"态势。鸿蒙智行全系实现8.19万销量，同比、环比分别大涨89.61%、 20.01%；零跑汽车微增38辆、继续以7万辆级单月交付量也实现同比、环比增长。"蔚小理"11月交付量出现不同程 度的下滑，单月销量均未超4万辆，但从今年前11个月累计交付量看，零跑、小鹏已提前完成全年销量目标。 | 7家自主车企2025年11月销量(辆)。 | | 同比增幅 | 环比增幅 | 1-11月 | | --- | --- | --- | --- | --- | | | | | | 盟计 | | 480186 | 比亚迪 | -5.25% | 8.71% | 4182038 | | 460818 | 上汽集团 | -3.75% | 1.51% | 4108067 | | 310428 | 吉利汽车集团 | 24.10% | 1.07% | 2787750 | | 306000 | 中国一汽 | - | 0.33% | 2995000 | | 284197 | 长安汽车 | 2.49% | 2.07% | 2658199 | | 272 ...

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4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 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 | | | | | | | | | | | 事件 ...

制图：圆象科技；数据来源：IT桔子 题图 | AI生成 作为国家战略性新兴产业的核心增长极，低空经济正以强劲势头书写发展新篇。最新统计数据显示，2025年11月，我国低空经济领域融资市场持续升温， 单月共达成28起融资交易，融资金额累计高达18.54亿元，资本的密集注入为产业发展注入了强劲动能。 这组亮眼数据的背后，是低空经济从"政策驱动"向"市场驱动"转型的鲜明信号。当前，我国低空经济市场规模正稳步向1.5万亿元目标迈进，从eVTOL载 人飞行器的适航认证突破，到无人机物流的商业化订单激增，从长三角、京津冀的产业集群成型，到成渝地区的场景试点落地，技术迭代与场景拓展正共 同激活这片万亿级蓝海。11月的融资数据，正是产业活力的直观缩影，既反映出资本对赛道价值的高度认可，也预示着低空经济正从"单点示范"迈入"规 模化落地"的关键阶段。 从结构来看，早期轮次的集中与中后轮次的分散，既印证了低空经济作为新兴赛道的"早期特征"，也体现资本在"押注新方向"与"锁定潜力股"之间的平衡 策略。随着低空交通、无人机物流等场景的政策落地加速，后续中后轮次融资或逐步放量，行业将从"初创孵化"向"成长分化"过渡。 制图：圆象科技； ...

岚图汽车、智己等央国企新能源车企持续"提速"。岚图汽车2025年11月销量为2万辆，同比增长84%，已实现连续 十个月增长；智己汽车连续3个月销量破万辆，11月销售超1.3万辆。 自主车企中，吉利汽车11月销售31万辆创下历史新高，连续9个月实现同环比双增长。今年前11个月吉利汽车累计 销量约278.78万辆，目前全年销量目标达成率93%。长安汽车11月销量也实现同环比双增长，新能源销量和海外 销量成为拉动其增长的主动力。 11月国内车市销量呈现"冰火两重天"态势。鸿蒙智行全系实现8.19万销量，同比、环比分别大涨89.61%、 20.01%；零跑汽车微增38辆、继续以7万辆级单月交付量也实现同比、环比增长。"蔚小理"11月交付量出现不同程 度的下滑，单月销量均未超4万辆，但从今年前11个月累计交付量看，零跑、小鹏已提前完成全年销量目标。 | | | | | 示川 | | --- | --- | --- | --- | --- | | 480186 | 比亚迪 | -5.25% | 8.71% | 4182038 | | 460818 | 上汽集团 | -3.75% | 1.51% | 4108067 | | ...

一、 订单呈环比下滑趋势 自 10 月中下旬起，订单开始下滑。剔除 10 月底的短期抢购订单后，11 月市场形势进一 步小幅走弱 —— 这一方面因国家补贴额度耗尽，另一方面消费者进入 "观望模式"。 尽管多家车企宣布，若消费者订单无法在 2025 年内交付，将为部分车型承担额外购置 税，但消费者似乎仍在等待国家补贴，因此该举措的积极影响有限。 目前整个市场的新车发布阶段已结束，2025 年剩余时间内预计无更多需求催化剂。 上周各品牌订单情况如下： 比亚迪周订单不足 7 万辆； 吉利银河品牌周订单不足 3 万辆； 零跑汽车周订单超 1 万辆，主要受 Lafa 5 车型上市推动，若剔除该新车因素，其周订单 同样呈环比下滑趋势； ...