Investment Rating - The report maintains a "Buy" rating for Geely Automobile [3][6] Core Views - Geely's sales performance in January slightly exceeded industry expectations, with total sales of 270,200 units, a year-on-year increase of 1.3% [9] - The company's "oil-electric hybrid" strategy has shown significant results, with January sales of new energy vehicles reaching 124,300 units, a year-on-year increase of 2.6% [9] - Exports have seen substantial growth, with January exports reaching 60,500 units, a year-on-year increase of 121.2% [9] - The Zeekr brand has achieved success in the high-end market, with Zeekr 9X becoming the best-selling large SUV in its price range [9] Financial Forecasts and Investment Recommendations - The forecast for net profit attributable to the parent company for 2025-2027 is 17.041 billion, 20.604 billion, and 24.318 billion yuan respectively, maintaining a target price of 20.79 yuan (RMB) or 23.37 Hong Kong dollars [3] - Revenue projections for 2023-2027 are 179.204 billion, 240.194 billion, 319.444 billion, 387.363 billion, and 448.685 billion yuan, with growth rates of 21.1%, 34.0%, 33.0%, 21.3%, and 15.8% respectively [5][10] - Operating profit is expected to grow significantly, with projections of 3.806 billion, 7.644 billion, 16.055 billion, 19.616 billion, and 23.173 billion yuan for the same period [5][10] - The report indicates a consistent improvement in gross margin, projected to reach 17.3% by 2027 [10]

1.【丰田汽车将在巴西设立生物燃料实验室】丰田汽车巴西首席执行官Evandro Maggio当地时间2月 3日表示，丰田将在巴西圣保罗州索罗卡巴设立生物燃料实验室，初期将配备约40名工程师。丰田在 索罗卡巴设有工厂。（凤凰网） 2.【段永平：FSD确实好用，开特斯拉已是我首选】2月4日，步步高创始人、著名投资人段永平通过 其雪球账号"大道无形我有型"发文表示，"FSD确实好用，Model Y开起来也没啥不舒服的，现在开 特斯拉已经是我的首选了。"此前，段永平曾表示马斯克是牛人，但投资特斯拉有点难。在2025年11 月上线的访谈中，段永平称不是很喜欢马斯克的品行，投资实际上在跟公司经营者做朋友，"我不想 跟他做朋友，哪怕给我钱我也不干"。段永平还表示，电动车的生意不会太好，差异化很小，特斯拉 做出了差异，但大部分电动车生意很艰苦。（同花顺财经） 扫码可订阅产业日报 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 3.【比亚迪将推出王朝首款B级纯电SUV】2月4日，比亚迪王朝网销售事业部总经理路天在社交平台 发布预告，将推出王朝首款B级纯电SUV——宋Ultra EV。（ ...

Core Viewpoint - Geely Automobile and Ford Motor are in talks for a potential collaboration to share technology development and production costs, focusing on utilizing Ford's European factories for local market production [1][2]. Group 1: Collaboration Details - The discussions center around Geely using Ford's factory in Valencia, Spain, to produce vehicles for the European market [1]. - Both companies are also exploring the sharing of automotive technologies, including autonomous driving [1]. - Geely's executives recently met with Ford's leadership in Michigan, and Ford sent a delegation to China to further discussions, indicating ongoing negotiations for several months [2]. Group 2: Strategic Context - Geely aims to leverage Ford's European production capabilities to avoid the EU's high tariffs on Chinese electric vehicle imports, which could reach up to 37.6%, with Geely facing a 19.9% tariff [5]. - Other Chinese automakers, such as BYD and Leap Motor, are establishing production bases in Europe to mitigate similar tariff impacts [5]. - Geely has a history of collaboration with European brands, including partnerships with Renault, which have resulted in increased sales in non-European markets [5]. Group 3: Industry Dynamics - Ford's CEO, Jim Farley, has acknowledged the technological lead of Chinese automakers in electric vehicles and the importance of collaboration to mitigate risks in the industry [6][8]. - Ford has previously formed strategic partnerships with other companies, such as Renault, to develop new electric vehicle models [8]. - Recent collaborations between Ford and Chinese companies, including CATL, highlight the growing trend of partnerships in the automotive sector [8]. Group 4: Regulatory Environment - There are uncertainties for Chinese automakers in collaborating with U.S. companies due to regulatory restrictions imposed by the Biden administration, which have limited access to the U.S. market [9]. - Concerns have been raised by U.S. lawmakers regarding the security risks associated with Chinese automotive technology, which could impact future collaborations [9]. - Despite these challenges, there are indications that potential partnerships may still be welcomed if they bring investment and job opportunities to the U.S. [11].

Group 1 - The automotive industry has become a significant pillar of the national economy in China, with local governments prioritizing the cultivation of new productive forces and accelerating industrial transformation and upgrading [2][15] - Various provinces and cities are focusing on the development of new energy vehicles (NEVs), with Beijing reporting over 1.3 million NEVs in use and plans to eliminate old vehicles while increasing the production of NEVs [3][5] - The "co-creation of a car" initiative in the Beijing-Tianjin-Hebei region aims to enhance data collaboration and innovation within the automotive industry, addressing core challenges in data governance [4][5] Group 2 - The automotive industry is transitioning towards electrification, intelligence, and connectivity, with Tianjin and Hebei emphasizing the need for influential "chain master" enterprises to enhance the industry chain [5][6] - Zhejiang Province reported a 49.8% year-on-year increase in NEV production, with plans to create strategic emerging industry clusters by 2030 [5] - Local governments are focusing on integrating advanced manufacturing and new energy sectors, with specific projects aimed at enhancing the competitiveness of the automotive industry [6][8] Group 3 - The concept of "new quality productivity" is gaining traction, with discussions on the integration of AI, embodied intelligence, and robotics into the automotive sector to drive innovation and efficiency [9][10] - Infrastructure development is critical for supporting the automotive industry's transformation, with Beijing planning to build a modern transportation system and increase charging facilities for electric vehicles [10][11] - The establishment of a unified data circulation and utilization infrastructure is being proposed to enhance the digital economy and support the automotive industry's growth [11][12] Group 4 - Local governments are committed to fostering innovation in the automotive sector, with initiatives aimed at enhancing education, technology, and talent development to support industry upgrades [13][14] - Policies are being introduced to support R&D and financial services for key industry clusters, aiming to reduce tax risks and promote high-quality technological development [14][15] - The overall strategy emphasizes a comprehensive approach to automotive industry development, from vehicle manufacturing to battery production, to stimulate regional economic growth [15]

Core Viewpoint - The automotive industry is experiencing a significant shift as sales decline across most brands, with Geely surpassing BYD in January sales, marking a pivotal moment in the market dynamics [1][2]. Group 1: Sales Performance - Geely's January sales reached 270,200 units, reflecting a 1% year-on-year growth and a 14% month-on-month increase [4]. - BYD's sales for January were reported at 210,000 units, indicating a competitive landscape where Geely has reclaimed its position as the leading domestic brand [1][4]. - Geely's sales structure showed a notable increase in its China Star series, which sold 134,448 units, up 86% month-on-month, and the high-end series surged by 160% [4]. Group 2: Market Dynamics - The automotive market is at a critical turning point after five years of rapid electrification, with the competition between new energy vehicles (NEVs) and fuel vehicles becoming more pronounced due to policy changes [1][9]. - The reduction of purchase tax incentives has led to a significant drop in the retail penetration rate of NEVs, falling from nearly 60% in December 2025 to approximately 44.4% in January 2026 [5][6]. - The new purchase tax policy, which shifted from full exemption to a 50% reduction, has increased the cost of NEVs, making them less competitive against fuel vehicles [6][9]. Group 3: Strategic Implications - Geely's success in January is attributed to its dual strategy of maintaining both fuel and electric vehicle offerings, allowing for greater flexibility in the current market environment [3][4]. - The market is transitioning from a policy-driven growth model to one focused on value, where companies must enhance efficiency and innovation to survive [9][11]. - Industry experts predict a slowdown in NEV growth to around 8% for the year, down from 30% in the previous year, indicating a challenging environment ahead [11].

Group 1 - Dongfeng Nissan has launched an 8-year low-interest financing plan with a zero down payment option for several models, including the Xuan Yi Classic, which has a daily payment of 27 yuan [4][7] - The promotional period for this financing offer is from February 3 to February 28 [4] - This initiative is part of a broader trend in the automotive industry, where major companies like Tesla and Li Auto have introduced similar low-interest financing options to reduce purchase barriers [7] Group 2 - Dongfeng Nissan aims to boost its vehicle sales through this financing strategy, with a reported total sales of 60,000 units in 2025, including 320,000 units of the Xuan Yi model [9] - In the new energy vehicle segment, Dongfeng Nissan achieved over 50,000 cumulative sales in 2025, with significant contributions from models like N6 and Tianlai [9] - The overall market for new energy vehicles in China saw a wholesale increase of 25.2% year-on-year, with retail sales growing by 17.6% in 2025 [9] Group 3 - The passenger vehicle market in 2026 is expected to show a U-shaped trend, with sales projected to remain flat compared to 2025 [10] - The implementation of new national standards for electric vehicle batteries in July is anticipated to release pent-up demand for mid-to-high-end vehicle replacements [10] - Exports in the automotive sector are expected to maintain a growth rate of over 10% [10]

吉利汽车(00175)发布公告，于本公布日期，本公司已根据回购计划购回合计6743.1万股股份。本公司于 本公布日期前购回的所有股份均已按照本公司先前公布的意向处理，即该等股份将于切实可行的情况下 尽快予以注销。 本公司进一步宣布，自本公布日期起，于本公布日期或之后根据回购计划购回的任何股份将作为本公司 库存股份持有。 ...

Group 1 - Geely Automobile announced a share repurchase plan amounting to HKD 2.3 billion [1]

Core Viewpoint - Geely Automobile has announced a share repurchase plan worth HKD 2.3 billion and has already repurchased a total of 67.431 million shares under this plan [1] Group 1: Share Repurchase Plan - The company has entered into a share repurchase agreement with Morgan Stanley & Co. International plc for HKD 2.3 billion [1] - The board has been granted general authority to repurchase shares, with discretion to either cancel the repurchased shares or hold them as treasury shares [1] - As of the announcement date, all shares repurchased prior to this announcement will be canceled as soon as practicable [1] Group 2: Current Status of Repurchased Shares - The company has repurchased a total of 67.431 million shares under the repurchase plan as of the announcement date [1] - Any shares repurchased from the announcement date onward will be held as treasury shares [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 23億港元自動股份回購計劃 承董事會命 吉利汽車控股有限公司 公司秘書 茲提述(i)吉利汽車控股有限公司（「本公司」）日期為二零二五年十月六日及二零二五年十 一月十八日之公佈，內容有關本公司與Morgan Stanley & Co. International plc（「該經紀 商」）訂立23億港元自動股份回購計劃（「回購計劃」）；及(ii)日期為二零二五年四月二十八 日之通函（「股東週年大會通函」），內容有關（其中包括）授予董事一般性授權以購回本公 司股份（「股份」）。根據股東週年大會通函，董事獲授權酌情決定註銷本公司購回的股份 或將該等股份作為庫存股份持有。 本公司謹此告知股東及潛在投資者，於本公佈日期，本公司已根據回購計劃購回合計 67,431,000股股份。本公司於本公佈日期前購回的所有股份均已按照本公司先前公佈的 ...