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 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 呈交日期： 2026年3月5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 | | | | | | | | | --- ...

Group 1 - CICC maintains an "outperform" rating for BeiGene, forecasting $3.9 billion in sales for Zebrutinib in 2025, a 49% year-on-year increase, and $740 million for Tislelizumab, a 19% increase [1] - Multiple significant catalysts are expected in 2026, including U.S. approval for Sotigalimab in R/R MCL, potential accelerated approval for BTK CDAC, and the initiation of Phase III clinical trials for CDK4 [1] Group 2 - CITIC Securities maintains a "buy" rating for Dongfang Zhenxuan, reporting a 5.7% year-on-year revenue increase for FY26H1 and a return to profitability with a net profit of 239 million yuan [2][6] - The self-operated product GMV share increased to 52.8%, with 801 SKUs and the app contributing 18.5% of total GMV [2] Group 3 - CITIC Securities maintains a "buy" rating for Trip.com, reporting a 20.8% year-on-year revenue increase for Q4 2025, slightly exceeding expectations [3] - The international OTA platform saw a 60% increase in bookings for the year, serving 20 million inbound tourists and connecting over 150,000 hotels [3] Group 4 - CITIC Securities maintains a "buy" rating for Samsonite, planning a dual primary listing in the U.S. in the first half of 2026, with IATA predicting a 4.9% increase in global air passenger traffic in 2026 [4] - Current Hong Kong stock valuation is at 11x PE, significantly lower than the comparable U.S. companies at 17x and its historical average of 21x, with the dual listing expected to improve liquidity and catalyze valuation recovery [4] Group 5 - CITIC Securities maintains a "buy" rating for Insilico Medicine, highlighting partnerships with Exelixis and Menarini for high-value pipeline collaborations [5] - The core pipeline ISM001-055 shows excellent clinical potential, with the AI pharmaceutical industry expected to reach critical validation points in 2026 [5] Group 6 - Guosheng Securities maintains a "buy" rating for H&H International Holdings, forecasting strong double-digit growth in market share for ANC in mainland China and robust double-digit growth for BNC infant formula [7] - Interest expense optimization is expected to enhance profits, with BNC share gains and accelerated growth in ANC/PNC expected to resonate positively with performance and valuation [7] Group 7 - Guohai Securities maintains a "buy" rating for Geely Automobile, reporting cumulative sales of 476,000 units from January to February 2026, a 1.0% year-on-year increase [8] - New vehicle launches, including Galaxy M7 and Zeekr 8X, are expected to drive growth, with clear strategies for electrification, intelligence, premiumization, and globalization [8] Group 8 - Industrial Securities maintains a "buy" rating for Jiangnan Buyi, reporting a 7.0% year-on-year revenue increase and a 12.5% increase in net profit for FY26H1 [10] - Online revenue grew by 25.1%, with a 16.3% increase in LESS women's wear, and active membership reached 596,000, with high-value members contributing 60% of offline retail sales [10] Group 9 - Shenwan Hongyuan maintains a "buy" rating for Nine Dragons Paper, reporting a 225.1% increase in net profit for FY26H1 and a net profit of 119 yuan per ton [11] - The company produced 2.3 million tons of wood pulp, a 77% year-on-year increase, benefiting from the release of integrated pulp and paper advantages [11]

Core Viewpoint - The article discusses five key suggestions made by Lei Jun, the chairman of Xiaomi Group, during the 2026 National People's Congress, focusing on the application of humanoid robots, the establishment of a technology philanthropy system, the creation of a traffic safety civilization system for smart cars, the cultivation of interdisciplinary talent in smart electric vehicles, and the optimization of the industrial tourism environment [1]. Group 1: Humanoid Robots in Smart Manufacturing - Lei Jun emphasizes that humanoid robots are a disruptive product and a significant direction for future industries, capable of reducing production costs and increasing efficiency [3]. - He suggests accelerating the engineering application of humanoid robots, expanding their usage scenarios, and strengthening the safety standard system to promote their application [3][4]. Group 2: Technology Philanthropy System - The article highlights the need for a stable and continuous funding support for technology innovation, as the current financial resources are insufficient for exploratory and non-consensus frontier topics [4]. - Lei Jun recommends creating a better institutional environment for philanthropic foundations to support technology innovation and integrating them into the national innovation system [4]. Group 3: Traffic Safety Civilization System for Smart Cars - The development of smart connected vehicles presents new challenges to traditional traffic safety systems, necessitating the establishment of unified standards and improved training and assessment for drivers [5]. - Lei Jun advocates for the acceleration of smart vehicle technology standards and the enhancement of collaborative governance mechanisms to build a comprehensive traffic safety system for the era of smart cars [5][6]. Group 4: Cultivation of Interdisciplinary Talent - The article discusses the need to establish a primary discipline in "smart electric vehicles" to address the talent bottleneck in the automotive industry [6]. - Lei Jun suggests implementing a dual-mentor system and practical training models to cultivate interdisciplinary talent that meets the evolving demands of the automotive sector [6]. Group 5: Optimization of Industrial Tourism - Lei Jun points out the growing social value of industrial tourism and its potential to engage the public, especially the youth, in technology culture [7]. - He recommends developing new business models for industrial tourism, enhancing coordination among departments, and promoting brand awareness to create a "China Intelligent Manufacturing" tourism brand [7].

Group 1: Pharmaceutical and Biotechnology Sector - Four Seasons Pharmaceutical (00460) saw a stock increase of 3.7% after receiving approval from the NMPA for its innovative drug, Pyrocilin Tablets, for treating HR+/HER2- advanced breast cancer [1] - Hengrui Medicine (01276) rose over 5% following the approval of a clinical trial for HRS-1780 Tablets aimed at treating primary hyperaldosteronism [3] - Mirxes-B (02629) experienced a stock surge of 10.86% after announcing a strategic partnership with Apollo Health to develop advanced cancer early detection solutions in India [3] - Cornerstone Pharmaceuticals-B (02616) increased by 12.37% after receiving FDA approval for its IND application for CS2009, a tri-specific antibody for advanced solid tumors [4] - Deciphera Pharmaceuticals-B (06996) rose 16.77% after signing an agreement with U.S. Biotech for the global development and commercialization of ATG-201, a dual-specific T-cell engager [5] Group 2: Automotive Sector - Automotive stocks showed a collective rebound, with XPeng Motors-W (09868) up 3.14% and NIO-SW (09866) up 3.43%, driven by news of BYD's upcoming launch of its second-generation blade battery and fast-charging technology [2] Group 3: Technology and Communication Sector - Optical communication stocks rallied, with Cambridge Technology (06166) up 8.7% after NVIDIA announced a $40 billion investment in optical technology through partnerships with Lumentum and Coherent [1] - Brain-computer interface stocks surged, with Nanjing Panda Electronics (00553) increasing by 24.64% following government reports emphasizing the development of future industries, including brain-computer interfaces [2] Group 4: Cryptocurrency Sector - Cryptocurrency-related stocks rebounded, with Okex Cloud Chain (01499) rising 15.89% as Bitcoin surpassed $72,000, driven by short-covering amid geopolitical concerns [5][6]

Group 1 - The article emphasizes the importance of differentiated implementation timelines for China's National VI emission standards for heavy-duty commercial vehicles and National V standards for non-road mobile machinery to avoid increased R&D costs and resource strain on companies [2][3] - Recommendations include scientifically coordinating the necessary testing and compliance verification for both standards, and providing policy support for breakthroughs in key technologies to promote the green and high-end transformation of the industry [3] Group 2 - The article highlights that hybrid power (including range-extended) is a crucial pathway for transitioning from internal combustion engines to new energy, particularly in commercial vehicles and non-road mobile machinery [5] - Suggestions for supporting hybrid products include improving policy support to provide tax incentives similar to those for pure electric and fuel cell vehicles, establishing technical standards and testing mechanisms, and setting up special funds for core technology development [5][6] - The article advocates for promoting hybrid power in key operational scenarios such as trunk logistics and mining transportation, to leverage its low-carbon and intelligent advantages [6]

Group 1 - The automotive stocks are collectively rebounding, with notable increases in share prices for companies such as Xpeng Motors (up 4.83% to HKD 65.15), NIO (up 4.37% to HKD 37.74), Geely (up 2.38% to HKD 15.49), and BYD (up 0.37% to HKD 95.4) [1] - BYD is set to release its second-generation blade battery and fast-charging technology on March 5, which follows the first-generation blade battery launch in 2020 that initiated a period of rapid business growth for the company [1] - The anticipated release of the second-generation blade battery is expected to reinforce market optimism regarding technological iterations and cost reduction in the electric vehicle industry [1] Group 2 - According to Everbright Securities, multiple major new car models from various manufacturers are expected to be launched intensively from March to April, with a short-term focus on the impact of rising costs on financial performance [1] - Dongwu Securities indicates that with the implementation of industry subsidy policies, there is a positive outlook for the recovery of passenger vehicle market demand in Q1 2026, maintaining a strong outlook for the passenger vehicle sector [1] - From an annual perspective, the industry is advised to select companies with resilience against volatility domestically and those with certainty in exports [1]

Core Viewpoint - The article discusses the current state of the automotive market, particularly focusing on the impact of government subsidy policies on electric vehicle sales and the recovery of various brands in the market. Group 1: Market Performance and Recovery - In January, the automotive market experienced a decline in production and sales due to the withdrawal of national policies, with a notable drop in sales of economic electric vehicles exceeding 30% [2] - By February, the implementation of subsidy policies, such as scrappage and trade-in incentives, helped to stimulate some consumer demand, although overall orders still saw a year-on-year decline of about 15% [2] - The recovery in the automotive market since February has shown improvement compared to last year, but there remains a gap compared to March sales from the previous year [3] Group 2: Brand-Specific Recovery - BYD's Dynasty and Ocean brands have shown a rapid recovery, aided by various promotional policies introduced in late February and early March [4] - Geely has supplemented its entry-level models with additional policies, but overall, BYD is recovering the fastest among competitors [5] - Leap Motor was one of the first brands to introduce significant policy changes, offering substantial discounts on its B-series models [6] Group 3: Consumer Preferences and Technology - Consumer interest in BYD's upcoming technology releases is high, which is expected to significantly impact the brand's market recovery [9] - The key competitive factors in technology are centered around electric motors, control systems, and batteries, with BYD's innovations likely to enhance consumer experience, especially for mid-range vehicles [10] - BYD plans to adopt a new battery technology that could increase energy density to over 200Wh/kg, potentially achieving a range of 1000 kilometers [11] Group 4: Market Dynamics and Pricing Strategies - The introduction of low or zero-interest financing options has had a stimulating effect on the market, particularly for vehicles priced above 200,000 yuan, although acceptance of long-term loans remains low [14] - The actual transaction prices for vehicles above 200,000 yuan have remained stable or slightly declined compared to last year, with sales of mid-range electric vehicles performing well [15] - The pricing strategies of manufacturers like SAIC and Volkswagen are shifting towards higher-priced models, encouraging dealers to focus on selling more premium products [18] Group 5: Inventory and Supply Chain - BYD's inventory levels for its Dynasty and Ocean series are relatively high, exceeding 2.5 months, while other brands like Geely have also seen significant inventory levels [13] - The overall inventory situation varies, with some electric vehicle brands experiencing low inventory levels, while traditional fuel vehicle brands have higher stock [13] Group 6: Future Outlook - Geely plans to focus on the deployment of 800V technology in lower-priced models and enhance its smart driving capabilities across its product range [12] - The automotive market is expected to continue evolving with a focus on improving product quality and avoiding price wars, emphasizing the importance of technological advancements and consumer preferences [19]

Core Viewpoint - The automotive sector is experiencing a collective rebound, with notable stock price increases for several companies, indicating positive market sentiment towards the industry [1] Group 1: Stock Performance - Xpeng Motors (09868) increased by 4.83%, reaching HKD 65.15 [1] - NIO Inc. (09866) rose by 4.37%, reaching HKD 37.74 [1] - Geely Automobile (00175) saw a 2.38% increase, reaching HKD 15.49 [1] - BYD Company (01211) experienced a modest rise of 0.37%, reaching HKD 95.4 [1] Group 2: Technological Developments - BYD is set to launch its second-generation blade battery and fast-charging technology on March 5 [1] - The first-generation blade battery, released in 2020, significantly contributed to BYD's rapid business growth [1] - The anticipated release of the second-generation blade battery is expected to enhance BYD's technological lead and market optimism regarding cost reduction and efficiency improvements in the electric vehicle supply chain [1] Group 3: Market Outlook - According to Everbright Securities, multiple major new car models from various manufacturers are expected to be launched in March and April [1] - Dongwu Securities indicates that the industry subsidy policies have been implemented, and there is optimism for a recovery in passenger vehicle demand in Q1 2026 [1] - The overall outlook for the domestic market suggests a focus on stability amid fluctuations, while exports are expected to favor certainty [1]

Core Viewpoint - Xingdong Era has completed a strategic financing round of 1 billion RMB, with a valuation exceeding 10 billion RMB, attracting significant investment from both domestic and international industry leaders, indicating strong market confidence and growth potential in the embodied intelligence sector [3][4]. Group 1: Financing and Investment - The recent financing round occurred just two months after the previous one, with the intended investment amount significantly exceeding the fundraising target [4]. - A total of 16 domestic and international industrial investors have been attracted, including major players like Geely Capital, Alibaba, and Samsung, forming a robust ecosystem of "international giants + domestic leaders" [3]. Group 2: Technological Capabilities - Xingdong Era is the only company in China with full-stack self-research capabilities in embodied intelligence, having developed a comprehensive technical support system that includes perception, decision-making, and control [5][6]. - The company has achieved global recognition with its ERA-42 model, which integrates the entire process of perception, decision-making, and control, making it the first to accomplish full-body and dexterous hand operations [6][8]. Group 3: Market Performance and Applications - Xingdong Era has accumulated orders exceeding 500 million RMB, with international business accounting for 50%, indicating strong market penetration across North America, Europe, and Asia [12]. - The company has made significant advancements in logistics applications, including the first embodied intelligence logistics solution in China, achieving operational efficiencies of up to 70% in various cities [14][16]. Group 4: Future Outlook - The company plans to expand its logistics applications into e-commerce, industrial manufacturing, and pharmaceutical distribution, aiming to build a comprehensive embodied logistics service system [16]. - The recent financing is seen as a new starting point for accelerating technological and commercial upgrades, reinforcing the company's leadership position in the embodied intelligence industry [16].

Group 1: Berteli / Automotive Parts - The company plans to acquire 50.9727% of Yubei Steering, enhancing its steering business capabilities. The acquisition involves purchasing shares from multiple stakeholders, with a valuation not exceeding 2.2 billion yuan [3] - Yubei Steering's main business includes the production and sales of automotive steering systems and components, with projected revenues of 3.03 billion yuan and 3.18 billion yuan for 2024 and 2025, respectively [3] - The company has strong development capabilities in mechanical and electronic brake products, aiming to innovate continuously in vehicle brake systems and provide comprehensive solutions [4] Group 2: Geely Automobile - Geely's total sales in February 2026 reached 206,000 units, showing a slight year-on-year increase of 0.6%, while the cumulative sales for January-February were 476,000 units, up 1.0% year-on-year [6][7] - The company is focusing on high-end product launches, with several new models set to debut in the first half of 2026, including the flagship SUV 8X and the hybrid SUV M7 [7][8] - Geely's export performance is strong, with February exports reaching 61,000 units, a year-on-year increase of 138.3%, and cumulative exports for January-February at 121,000 units, up 129.4% [8] Group 3: Great Wall Motors - Great Wall Motors sold 73,000 vehicles in February 2026, with a cumulative sales increase of 2.6% year-on-year for January-February [10][11] - The company aims to achieve a total sales target of 1.8 million vehicles for 2026, with 600,000 units expected to come from overseas markets [11][12] - The upcoming V9X model, a luxury six-seat SUV, is set to launch in the second quarter of 2026, featuring advanced technology and performance specifications [12] Group 4: Leap Motor - Leap Motor delivered 28,000 vehicles in February 2026, marking an 11.0% year-on-year increase, with a cumulative delivery of 60,000 units for January-February, up 19.2% [14][15] - The company plans to launch several new models in 2026, including the A10, which emphasizes intelligent features and long-range capabilities [15] - Leap Motor is initiating a new retail strategy to enhance customer experience and diversify sales channels [15] Group 5: Swine Breeding Industry - The swine breeding industry is facing intensified losses, with a potential restart of capacity reduction measures. The national breeding sow inventory decreased by 2.9% year-on-year as of December 2025 [17][18] - The industry is seeing increased concentration, with the top 20 swine breeding companies accounting for 36% of the market share, up 5 percentage points year-on-year [17] - The report suggests a left-side layout for the swine breeding sector, recommending leading companies such as Muyuan Foods and Wens Foodstuffs [18] Group 6: BeiGene / Chemical Pharmaceuticals - BeiGene reported a total revenue of $5.34 billion in 2025, a 40% year-on-year increase, with product revenue also growing by 40% [25][26] - The company expects to achieve revenue guidance of $6.2 to $6.4 billion for 2026, with significant contributions from its key products [25] - The rapid growth of its drug Zebrutinib, particularly in the U.S. market, is a key driver of revenue, with a global sales figure of $3.9 billion in 2025 [26][27]