国泰海通证券发布研报称，吉利汽车2025年至今销量增速保持较高水平。该行指出，2025年下半年，包 括吉利银河A7、吉利银河M9、吉利银河星耀6、极氪9X、领克10EM-P在内的多款新车陆续上市，同时 吉利品牌、极氪品牌和领克品牌的全球化进程加速推进，吉利汽车将向300万辆全年目标稳步迈进。 消息面上，10月6日，吉利汽车宣布拟进行23亿港元股份回购计划，回购的股份将予以注销，以优化股 本结构。据悉，2025年9月，公司实现销量273125辆，环比增长9%，同比增长35%，连续第七个月保持 同环比双增长，并创下历史单月销量新高。 吉利汽车(00175)尾盘涨超5%，截至发稿，涨4.68%，报19.24港元，成交额10.56亿港元。 ...

国泰海通证券发布研报称，吉利汽车2025年至今销量增速保持较高水平。该行指出，2025年下半年，包 括吉利银河A7、吉利银河M9、吉利银河星耀6、极氪9X、领克10EM-P在内的多款新车陆续上市，同时 吉利品牌、极氪品牌和领克品牌的全球化进程加速推进，吉利汽车将向300万辆全年目标稳步迈进。 消息面上，10月6日，吉利汽车宣布拟进行23亿港元股份回购计划，回购的股份将予以注销，以优化股 本结构。据悉，2025年9月，公司实现销量273125辆，环比增长9%，同比增长35%，连续第七个月保持 同环比双增长，并创下历史单月销量新高。 智通财经APP获悉，吉利汽车(00175)尾盘涨超5%，截至发稿，涨4.68%，报19.24港元，成交额10.56亿 港元。 ...

来源：成都发布 | | | 国家市场监督管理总局 缺陷产品召回技术中心 近日发布最新召回信息 涉及比亚迪唐、元Pro 浙江吉利缤瑞 共计召回车辆超16万辆 比亚迪汽车工业有限公司召回部分唐、元 Pro 汽车 日前，比亚迪汽车工业有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理条例实施办法》的要求，向国家市场监督管理总局 备案了召回计划。 一、召回编号 S2025M0165I ：自即日起，召回 2015 年 3 月 28 日至 2017 年 7 月 28 日期间生产的 2015 款唐系列汽车，共计 44535 辆。 比亚迪汽车工业有限公司将通过比亚迪王朝授权经销商以挂号信、电话、短信等方式，通知相关用户此次召回事宜。用户可拨打王朝客户服务热 线：4008-303-666，进行咨询。 本次召回范围内的部分车辆，由于元器件设计选型问题，可能导致驱动电机控制器在使用过程中，主动泄放功能异常。极端情况下，造成电路板烧 蚀，车辆纯电驱动模式失效，存在安全隐患。 本次召回活动是在国家市场监督管理总局启动缺陷调查情况下开展的。比亚迪汽车工业有限公司将委托授权经销商，免费为召回范围内的车辆更新 软件，泄放方式变 ...

Group 1 - Chinese assets showed a comprehensive recovery on October 20, with A-shares' three major indices collectively rising, and the ChiNext index initially increasing over 3% before narrowing to around 1% in the afternoon [1] - In the concept sectors, cultivated diamonds and optical module CPOs led the gains, while AI computing hardware stocks rebounded, with "Yizhongtian" among the top performers [1] - The Hang Seng Technology Index surged nearly 4% in the morning and maintained over 2% gains in the afternoon, with tech stocks like NetEase, Alibaba, and Tencent rebounding [1] Group 2 - Huaxi Securities indicated that a repair market is expected to slowly unfold in late October, with potential consensus during upcoming economic discussions and the APEC summit, suggesting a possible re-emergence of "TACO" trades [2] - The current market environment reflects a shift in funds rather than a broad decline, with net inflows into financing and ETFs indicating sufficient micro liquidity in the stock market [2] - The construction of a "stabilizing market mechanism" and improvements in investor return systems are highlighted as key features of the current market cycle, supporting the notion of a "slow bull" market in A-shares [2]

Core Insights - The visit by the company's chairman and technical team to Geely's Zeekr Meishan factory marks the initiation of a collaboration focused on "large integrated die-casting" technology, aiming to address manufacturing bottlenecks in the automotive industry and promote independent breakthroughs in key manufacturing technologies in China [1][3]. Group 1: Collaboration Objectives - The partnership aims to integrate advanced materials and technologies in powder metallurgy and additive manufacturing to meet Geely's urgent needs in large integrated die-casting manufacturing [3][4]. - The company will develop customized high-performance die-casting steel materials to enhance thermal stability, thermal conductivity, and lifespan, directly improving Geely's production efficiency and reducing costs associated with mold maintenance [3][4]. Group 2: Technological Innovations - The company plans to apply results from national key research projects to optimize the manufacturing and remanufacturing of molds, particularly for complex cooling channel molds, thereby improving cooling efficiency and reducing production cycles [4][6]. - Advanced repair technologies, such as laser cladding, will be utilized to perform precise repairs on existing molds, saving costs and minimizing downtime for Geely [4][6]. Group 3: Comprehensive Technical Support - The company commits to providing a full-spectrum technical support system for Geely, covering material selection, application guidance, and failure analysis, ensuring a collaborative approach to overcoming technical challenges [4][6]. - A joint technical working group will be established to facilitate ongoing cooperation and address various technical challenges during product development and mass production [4][6]. Group 4: Future Outlook - The collaboration is seen as a significant step towards enhancing supply chain resilience and achieving efficiency and quality in Geely's core manufacturing processes [6]. - Both parties express a commitment to exploring innovative materials and processes, aiming to elevate China's automotive industry in key manufacturing technologies and new material applications [6][7].

Core Viewpoint - The collaboration between Tiangong International and Geely Auto marks a significant step in integrating advanced materials and manufacturing technologies in the automotive industry, specifically in the area of large-scale integrated die-casting [1][4]. Group 1: Collaboration Overview - Tiangong International's chairman and technical team visited Geely Auto's Zeekr Meishan factory, initiating a partnership focused on overcoming manufacturing bottlenecks in the automotive sector [1]. - The partnership aims to leverage Tiangong's expertise in powder metallurgy and additive manufacturing to meet Geely's urgent needs in large-scale integrated die-casting [2][3]. Group 2: Key Areas of Focus - Customized Material Development: Tiangong will develop a new generation of high-performance die-casting mold steel tailored to Geely's requirements, addressing common industry challenges such as thermal fatigue and wear [2]. - Additive Manufacturing Technology: Tiangong will apply its research outcomes to enhance mold manufacturing and repair processes, optimizing cooling efficiency and reducing production downtime [3]. - Comprehensive Technical Support: The companies will establish a joint technical working group to address various technical challenges throughout product development and mass production [3]. Group 3: Future Outlook - The collaboration is seen as a benchmark for the industrial application of national-level research project outcomes, enhancing supply chain resilience and efficiency for Geely Auto [4]. - Both companies expressed commitment to exploring innovative materials and processes, aiming to achieve higher levels of autonomy and global leadership in critical manufacturing technologies [4].

Core Viewpoint - The collaboration between Tiangong International and Geely Auto marks a significant step in integrating advanced materials and manufacturing technologies in the automotive industry, specifically in the area of large-scale integrated die-casting [1][4]. Group 1: Collaboration Overview - Tiangong International's leadership visited Geely Auto's Zeekr Meishan factory to initiate a partnership focused on large-scale integrated die-casting technology [1]. - The partnership aims to address manufacturing bottlenecks and enhance China's automotive industry's capabilities in key manufacturing technologies [1][4]. Group 2: Technological Advancements - Tiangong International will leverage its expertise in powder metallurgy to develop customized high-performance die-casting mold steel for Geely Auto, targeting improvements in thermal stability, thermal conductivity, and lifespan [2][3]. - The collaboration will utilize advanced additive manufacturing techniques to optimize mold cooling efficiency and reduce production cycles, while also enabling precise repairs of existing molds to minimize costs and downtime [3]. Group 3: Comprehensive Technical Support - The partnership includes a commitment to provide comprehensive technical support throughout the entire lifecycle of the molds, from material selection to failure analysis and solution provision [3]. - A joint technical working group will be established to address various technical challenges during product development and mass production, ensuring the sustainability and effectiveness of the collaboration [3][4]. Group 4: Future Outlook - The collaboration is seen as a benchmark for the industrial application of national-level research project outcomes, enhancing supply chain resilience and efficiency for Geely Auto [4]. - Both companies expressed their intent to explore further innovations in materials and processes, aiming to achieve higher levels of autonomy and global leadership in critical manufacturing technologies and new material applications within the Chinese automotive industry [4].

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, reflecting a forecasted price-to-earnings ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and weak consumer spending in mainland China [2][4] - The U.S. Federal Reserve's recent interest rate cuts and the potential for further reductions in 2026 have influenced market sentiment, with expectations of increased volatility in the market due to ongoing trade tensions [4][6] Sector Focus - The insurance sector is showing strong investment returns in Q3, driven by robust performance in A-shares, leading to expectations of positive earnings announcements from companies [7] - AI concept stocks are gaining traction as mainland China accelerates the application of artificial intelligence, with breakthroughs in chip development [7] Economic Indicators - China's GDP for Q3, along with industrial and retail data for January to September, is anticipated to be released soon, which will provide insights into the economic landscape [7] - The People's Bank of China is expected to implement a moderately loose monetary policy to support economic stability, while also enhancing financial risk monitoring and management [9] Corporate News - Zijin Mining reported a net profit exceeding $900 million for the first three quarters, while Sany Heavy Industry is set to raise up to 12.36 billion yuan through an IPO [7] - BYD and Geely are recalling over 160,000 vehicles due to safety concerns, highlighting ongoing challenges in the automotive sector [9] Investment Opportunities - The semiconductor industry is witnessing significant investments, with a 20 billion yuan project announced for a high-end analog integrated circuit production line in Xiamen [9] - The ice and snow industry in China is projected to exceed 1 trillion yuan by 2025, indicating a growing market for winter sports and related activities [10]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [7] Core Insights - The new energy vehicle market continues to show a solid foundation, with significant developments in solid-state battery technology and new business models emerging [5][40][42] - In October, the retail sales of passenger cars in China decreased by 8% year-on-year, while cumulative retail sales for the year increased by 8% [1][21] - The penetration rate of new energy vehicles reached 53.5% in October, with a year-to-date growth of 23% in retail sales [2][21] Summary by Sections Market Overview - In October, the retail sales of passenger cars were 686,000 units, down 8% year-on-year but up 12% compared to the previous month [1][21] - Cumulative wholesale for the year reached 21.39 million units, reflecting a 12% year-on-year increase [1][21] New Energy Vehicle Insights - Retail sales of new energy passenger vehicles in October were 367,000 units, a slight decrease of 1% year-on-year, but a 1% increase from the previous month [2][21] - The cumulative retail sales for new energy vehicles reached 9.236 million units, with a year-on-year growth of 23% [2][21] Industry Developments - The National Development and Reform Commission announced plans to build 28 million charging facilities by the end of 2027 to support 80 million electric vehicles [3][40] - Significant breakthroughs in solid-state battery technology were reported, potentially allowing for over 1000 kilometers of range with a 100 kg battery [4][42] - A strategic partnership between CATL and JD.com aims to enhance battery service and logistics solutions [3][39] Investment Opportunities - The report suggests focusing on the development of new business scenarios for new energy vehicles in logistics and battery swapping models [5] - Attention is drawn to the advancements in solid-state battery technology as a potential investment opportunity [5]

Core Viewpoint - Geely Automobile (00175) announced the issuance of a total of 47,000 shares on October 20, 2025, due to the exercise of stock options [1] Group 1 - The company will issue shares as a result of stock option exercises [1]