10月15日早盘，港股三大指数高开高走，恒生科技指数涨幅一度扩大至2%。主流ETF方面，港股通汽 车ETF（159323）一度涨近2%，持仓股中，广汽集团一度涨超12%，黑芝麻智能、吉利汽车等涨幅居 前；恒生科技指数ETF（513180）涨超1.5%，持仓股中，京东健康、哔哩哔哩、ASMPT、阿里巴巴、 比亚迪股份等涨幅居前。 截至10月14日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为22.64倍，处于指数发布 以来约27.36%的估值分位点，仍处于历史相对低估区间，而高弹性、高成长等特性使其具备更大的向 上动能。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 （场外联接A/C：013402/013403） 板块方面，早盘汽车股集体拉升。消息面上，10月14日，京东宣布联合广汽、宁德时代推出一款汽车产 品。此外，中汽协公布数据显示，9月，我国汽车产销历史同期首次超过300万辆，月度同比增速已连续 5个月保持10%以上。华创证券观点认为，4Q汽车基本面将延续旺销。 新能源车方面，乘联分会最新数据显示，9月新能源车渗透率升至57.8%。交银国际 ...

Group 1 - The Hong Kong automotive stocks saw significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% [1] - JD.com announced a collaboration with GAC Group and CATL to launch a new car product, with test drives starting at the end of October and an official release on November 9 [1] - The China Association of Automobile Manufacturers reported that the automotive market maintained a positive trend in Q3, with production and sales growth exceeding 10% year-on-year in the first nine months [1] Group 2 - Analyst Cui Dongshu indicated that the China Passenger Car Association raised its annual market forecast in August and will further adjust predictions after discussions in late October, expecting upward revisions for 2025 growth forecasts [1] - The ongoing policy measures, including trade-in programs and subsidies for rural areas, along with high export growth, are expected to further boost the annual forecast [1]

Core Viewpoint - Geely Automobile's stock rose nearly 5% in early trading, reflecting positive market sentiment following the announcement of record sales figures for the first three quarters of 2025 [1] Group 1: Sales Performance - Geely Holding Group reported total sales of 2,953,452 vehicles for the first three quarters of 2025, representing a year-on-year increase of 29% [1] - New energy vehicle (NEV) sales reached 1,590,866 units, marking a significant year-on-year growth of 68%, with a penetration rate of 54% [1] - The total sales and NEV sales both achieved historical highs [1] Group 2: Quarterly Breakdown - In the third quarter, Geely's sales amounted to 1,020,913 vehicles, up 28% year-on-year, while NEV sales were 588,110 units, reflecting a 59% increase, with a penetration rate of 58% [1] - This marks the first time Geely's quarterly sales surpassed one million vehicles [1] Group 3: Brand Performance - For the first three quarters, Geely Automobile Holdings Limited sold 2,170,189 vehicles, a 46% increase year-on-year, with NEV sales (including Geely Galaxy, Lynk & Co, and Zeekr) totaling 1,167,823 units, up 114% [1] - By brand, Geely Galaxy sold 875,000 units, a remarkable 206% increase; Lynk & Co exceeded 240,000 units, growing by 24%; and Zeekr surpassed 140,000 units [1]

港股汽车板块持续拉升，广汽集团涨超10%，吉利汽车涨超4%，北京汽车、比亚迪股份、理想汽车-W 跟涨。 ...

Core Viewpoint - Geely Automobile's stock rose nearly 5% in early trading, reflecting positive market sentiment following the announcement of record sales figures for the first three quarters of 2025 [1] Sales Performance - Geely Holding Group reported total sales of 2,953,452 vehicles for the first three quarters of 2025, representing a year-on-year increase of 29% [1] - New energy vehicle (NEV) sales reached 1,590,866 units, up 68% year-on-year, with a penetration rate of 54%, marking historical highs for both total and NEV sales [1] - In Q3 alone, total sales were 1,020,913 vehicles, a 28% increase year-on-year, while NEV sales were 588,110 units, up 59% year-on-year, with a penetration rate of 58% [1] Brand Performance - For Geely Automobile Holdings Limited, total sales for the first three quarters reached 2,170,189 vehicles, a 46% increase year-on-year [1] - Total NEV sales (including brands such as Geely Galaxy, Lynk & Co, and Zeekr) amounted to 1,167,823 units, reflecting a 114% year-on-year growth [1] - By brand, Geely Galaxy sold 875,000 units, a 206% increase; Lynk & Co exceeded 240,000 units, up 24%; and Zeekr surpassed 140,000 units [1]

截至发稿，广汽集团(02238.HK)涨6.35%、吉利汽车(00175.HK)涨2.77%、小鹏汽车-W(09868.HK)涨 2.12%、比亚迪股份(01211.HK)涨1.80%。 ...

Core Viewpoint - Polestar, once a luxury electric vehicle brand comparable to Tesla, has nearly vanished from the Chinese market, with monthly sales dropping to single digits and physical stores closing, reflecting a significant failure of foreign electric vehicle brands in China [1][3] Market Position and Strategy - Polestar's unclear brand positioning has been a major factor in its struggles, oscillating between the ultra-luxury and mass-market segments without establishing a solid core identity [3][12] - The brand is now expected to focus on developed markets like Europe and North America, leveraging China's complete industrial chain to create product highlights as a survival strategy [3][12] Product Development and Challenges - Polestar's initial launch of the Polestar 1 in 2017 set a high-end electric vehicle tone, but subsequent models faced significant market challenges [4][6] - The brand's reliance on Volvo's fuel vehicle platform for electric vehicle development has resulted in inherent limitations in space utilization and range performance [9][12] - Polestar's delayed product deliveries and lack of competitive features in smart technology have further hindered its market position against local competitors [9][12] Financial and Ownership Changes - In February 2024, Volvo announced a significant reduction in its stake in Polestar from 48% to 18%, indicating a withdrawal of financial support [12][14] - Following Volvo's exit, Geely became the largest shareholder, injecting $200 million into Polestar, which may allow for a restructuring of the brand's strategy in China [14][15] Market Performance - Despite its struggles in China, Polestar has shown strong growth in the European and American markets, with a 76% year-on-year increase in global sales in Q1 2025 [15][17] - The brand's production is being shifted to factories in South Korea and the United States to mitigate trade risks [15][17] Conclusion - Polestar's failure in the Chinese market is attributed to multiple factors, including mispositioning, inadequate product strength, delayed localization, and strategic shifts by shareholders [17]

Core Insights - Changrun Co., Ltd. is expanding its automotive parts product categories, focusing on new growth areas such as parking brakes, cables, pedals, and tire repair kits, driven by changing consumer habits and opportunities in the electric vehicle market [1][2] - The company's revenue share from automotive parts is steadily increasing, projected to rise from 32.50% in 2022 to 39.28% in 2024 [1] - Changrun has diversified its offerings beyond traditional fuel vehicles to include partnerships with numerous electric vehicle manufacturers, enhancing its market presence [2] Company Strategy - The company aims to leverage its core competencies in jack manufacturing to expand into broader fields, having initiated diversification efforts around 2013 [1] - In 2023, Changrun acquired a 60% stake in Suzhou Kejun New Material Technology Co., which specializes in tire repair tools, to quickly enter the electric vehicle supply chain [2] - The company plans to achieve a 40% revenue growth over the next three years by focusing on tire repair and new product categories like parking brakes and pedals [2] Market Trends - The shift towards electric vehicles necessitates higher support points, load capacities, and operational safety for jacks, leading to a preference for tire repair kits among electric vehicle manufacturers [2] - Changrun is committed to staying ahead of technological trends in the automotive industry, focusing on developing products that meet the demands of electrification and chip integration [3]

曾对标特斯拉的极星汽车，在华业务进入新的调整阶段。 10月13日，极星汽车关闭了其国内最后一家直营门店。当天，极星汽车官方热线工作人员向新京报贝壳财经记者 表示，极星汽车目前已经关闭全部线下门店，没有直营门店和4S店，改为线上销售。如果消费者需要试驾、购 车，客服可以帮忙对接线上销售。 10月14日，新京报贝壳财经记者前往位于上海前滩L+Plaza商场一层的门店原址探访，现已无照明、展车及工作人 员，仅部分未撤除的宣传物料记录着极星曾经的痕迹。 商场一位物业管理人员告诉新京报贝壳财经记者，极星门店9月底就已经开始陆陆续续关闭，刚开始是撤出店内的 展车和物品，国庆节后"就基本上没人了，也不开灯"。 "其实，这个门店关掉早有预兆，因为顾客很少，基本上没人进去，不像旁边的理想、腾势门店，客流量还不少。 目前也不知道下家是谁，只能先空着"，物业管理人员称。 极星汽车门店地处商业繁华的上海浦东前滩地区。新京报贝壳财经记者俞金旻摄 新京报贝壳财经记者扫描了门店遗留的二维码，发现在线购车系统已关闭，消费者若想试驾，需通过电话预约。 对于最后一家直营门店关闭，10月13日，极星方面表示，公司正在战略性地调整在华业务模式，以更 ...

Core Insights - Polestar, once considered a strong competitor to Tesla, has closed its last physical store in China, located in Shanghai, as part of a strategic adjustment to better align with the rapidly changing consumer demands in the Chinese market [2][3] - The company's stock price has plummeted over 90% since its initial public offering, with a current market capitalization of approximately $1.87 billion [5][6] Company Strategy - Polestar is shifting to an online sales model, allowing consumers to access product information and complete purchases through digital channels [2] - The company has faced significant management turnover, with seven different leaders in the China region over eight years, and a complete overhaul of its global management team [6] Market Performance - In the first half of 2023, Polestar's sales in China were dismal, with only 69 vehicles sold, and zero deliveries in April and May [6] - In contrast, Polestar has seen growth in other global markets, with a 51.1% year-over-year increase in global sales, totaling over 30,000 vehicles in the first half of 2023 [6] Product Offering and Pricing - Polestar's pricing strategy has been inconsistent, with significant price reductions on models like the Polestar 2, which saw its price cut from 418,000 yuan to 298,000 yuan shortly after launch [4] - The latest model, Polestar 4, is priced starting at 299,900 yuan but lacks advanced features like lidar, leading to concerns about its market viability [5]