Core Viewpoint - Chery Automobile officially listed on the Hong Kong capital market on September 25, 2023, with an opening price of HKD 34.2 per share, an increase of 11.22% from the issue price [2][4]. Group 1: Company Overview - Chery Automobile, founded in 1997, has become the second largest independent brand car manufacturer in China and the eleventh globally, with projected global sales exceeding 2.295 million units in 2024, a year-on-year increase of 49.4% [5]. - From 2022 to 2024, Chery's revenue surged from CNY 92.6 billion to CNY 269.9 billion, with a compound annual growth rate (CAGR) of 70.7%, while net profit increased from CNY 5.8 billion to CNY 14.3 billion, with a CAGR of 57.1% [5][6]. Group 2: Growth Model - Chery's unique "four-track" growth model allows it to achieve strong growth across fuel vehicles, new energy vehicles, domestic markets, and overseas markets simultaneously, providing a diversified revenue source and reducing risks associated with single market dependence [6][10]. - The IPO was oversubscribed by approximately 10 times, indicating strong market demand, with the final issue price set at HKD 30.75 per share, resulting in a market capitalization of HKD 177.34 billion [6][11]. Group 3: New Energy Transition - Chery's transition to new energy vehicles is gaining momentum, with a projected year-on-year sales increase of over 265% in 2024, reflecting its commitment to becoming a leading player in the new energy sector [7][10]. - The company employs a multi-technology approach, including pure electric, plug-in hybrid, and range-extended technologies, addressing market concerns such as range anxiety [10]. Group 4: Globalization Strategy - Chery has maintained its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years, with over 3,169 overseas dealerships and sales exceeding 13 million vehicles globally [12][14]. - The company has established local R&D centers in various countries, enhancing its ability to provide customized products and services that meet local market demands [14][15]. - Chery's overseas revenue accounted for 32.8% to 38.5% of total revenue from 2022 to Q1 2025, showcasing its ability to mitigate regional market fluctuations and benefit from both emerging and developed markets [15].

● 龚梦泽 熊永红 随着中国长安汽车集团有限公司挂牌成立，其内部人事结构与资源调配策略亦迎来深刻变革。 9月上旬，长安汽车旗下子公司深蓝汽车已完成"换帅"，原公司CEO邓承浩升任为深蓝汽车董事长，其 职位由荣耀前中国区首席市场官姜海荣接任。而最新变动则出现在阿维塔科技，目前朱华荣已正式卸任 阿维塔科技董事长一职，该职位由王辉接任。 值得关注的是，王辉的任职背景也从侧面反映出长安汽车管理层年轻化的趋势。中国证券报记者从长安 汽车方面获悉，当前集团12位副总裁中有7位80后：米梦冬、李名才、王辉、张法涛、王孝飞、贺刚、 邓承浩。 除了销量层面的不及预期，更深层危机还在于，品牌差异化优势稀释——华为技术加持已非独有标签， 智驾与豪华配置渐成行业标配，而高端定位尚未完全转化为市场认可。 为此，王辉履新后迅速烧起"第一把火"，推出阿维塔战略2.0直面行业激烈竞争。新车方面，作为战略 落地首款车型，阿维塔07 2026款被寄予厚望。新车共推出6款配置，官方指导价21.99万元起，限时权益 价20.99万元起。但价格并非最大亮点，真正引发行业关注的是其"入门即满配"的产品逻辑。 "如果将过去的长安比作一艘小船，如今的长安汽 ...

成功上市，业绩增长与财务风险并存 历经多次折戟，奇瑞汽车终于正式在港交所上市。上市首日，奇瑞汽车开盘价为34.2港元/股，较发行 价上涨11.22%，市值一度超过2000亿港元。截至首日收盘，奇瑞汽车涨3.8%，报收于31.92港元/股，总 市值1841亿港元。招股书显示，此次赴港上市，奇瑞计划将募集资金主要用于新技术与新车型研发、海 外市场拓展及智能制造升级。 从2004年首次尝试IPO，奇瑞多次冲击资本市场却均以失败告终。北京商报记者梳理发现，奇瑞此前上 市计划失败的核心原因，集中在复杂的股权结构等问题。2025年1月，奇瑞汽车的控股股东奇瑞控股通 过股东下沉的方式简化了此前混乱的股权结构，一定程度上为上市扫清了障碍。 奇瑞此次成功上市的底气，离不开近年来营收的高增长。从2022—2024年，奇瑞营收从926.18亿元增长 至2698.97亿元，复合年增长率高达70.7%，2025年一季度，奇瑞营收同比增长24.25%至682.23亿元。 然而，营收增长的同时，奇瑞的盈利能力却低于业内部分头部企业。财报数据显示，2022—2024年，奇 瑞整体毛利率分别为13.8%、16%和13.5%，2025年一季度的 ...

记者注意到，吉利以"自然受益"为导向，通过无废设计、无废制造、无废供应链和无废循环四大方面，构建了行业领先的"全链条无废管理模 式"。截至目前，吉利汽车集团已有12家工厂获评国家级绿色工厂，其中11家更被认定为"无废工厂"，规模与质量均居行业前列。 "与此同时，在制造端，我们亦秉持汽车制造的核心功能，以维护区域生态平衡为重要方向，持续关注与周边自然生态的和谐共生。我们致力 于将工厂打造为'自然受益型工厂'，不仅开展了自然受益专项评价，还建立了一套完善的管理办法。现如今，在新建工厂时，我们会重点考量 如何与周边环境、社区实现和谐共处。例如，我们在贵阳打造工厂时，特意保留了生活区原有的小山与小河；为实现这一目标，我们将原本设 计为六层的宿舍楼适当加高，从而完整保留了园区内的自然山水，真正实现了与生态的和谐共存。"俞绍华进一步说道。 俞绍华称，在供应端，吉利也将绿色可持续理念全面融入产品设计，持续加大可循环、可再生材料的开发与应用力度，不断提升循环材料使用 比例，推进汽车轻量化技术的进步。 "以某款车型为例，我们为循环钢、循环铝、循环塑料设定了明确使用比例，目前已达成要求。"俞绍华称，"我们在供应端深化绿色供应链管 ...

21世纪经济报道 见习记者何煦阳 奇瑞控股集团董事长尹同跃敲响的港交所钟声，回荡着奇瑞汽车二十余年的风雨兼程。 2025年9月25日，奇瑞汽车成功登陆港交所，股票代码9973.HK，募资规模达91.4亿港元，成为港股市场 2025年以来最大车企IPO。 奇瑞汽车开盘表现亮眼。以34.2港元/股开盘，较30.75港元的发行价上涨11.22%，市值一度突破2000亿 港元。截至收盘，奇瑞汽车股价为31.92港元/股，市值回落至1840.90亿港元，仍展现出资本市场对奇瑞 汽车的认可。 回溯奇瑞的发展历程，从1997年安徽芜湖城北一家废弃砖瓦厂的小草房开始，到如今产品远销超100个 国家和地区，奇瑞走过的28年，是一部中国自主品牌汽车的奋斗史。尹同跃斑白的两鬓，见证了这个品 牌从无到有、从国内到海外的艰辛历程。 在行业增速放缓的当下，奇瑞却交出了一份亮眼的成绩单：据弗若斯特沙利文，2024年，奇瑞成为中国 前十大乘用车企中增速最快的品牌，更是全球前二十乘用车企中，唯一在新能源、燃油车、国内外市场 均实现同比超25%增长的企业。 海外市场更是奇瑞的"王牌战场"，使其稳坐"出海王者"宝座。2024年我国汽车总出口586 ...

行业报告 | 行业深度研究 公用事业 证券研究报告 从"华银电力"看省级火电企业转型发展 "双碳"目标下新能源装机规模快速扩张，市场化进程加快 碳中和承诺驱动能源加速转型，风、光装机容量快速扩张，国内电力结构转 变。截至 2025 年 6 月，国内风电装机规模达到 5.73 亿千瓦，光伏装机规模 达到 11.00 亿千瓦，风光装机占比达到 45.9%。同时，2025 年 2 月"136 号 文"出台，新能源入市节奏加快，各省份"136 号文"配套政策陆续出台， 由于各省份新能源发展节奏、燃煤基准价、电力供需水平等不同，未来其新 能源项目收益表现或存在差异。 火电新增投资持续，资产盈利出现分化 一方面，2022 年后火电投资"回暖"，核准装机规模明显增加。2022-2023 年国内火电核准装机规模分别达到 136.25、140.25GW，经过两年大体量核 准，2024 年核准量下滑至 59.29GW，但 2025 年核准量再次出现回暖，上 半年核准量达到 32.49GW，同比增加 127.81%。另一方面，由于不同容量等 级火电机组的运行效率（供电煤耗、负荷率等）存在显著差异，目前百万千 瓦级大机组或具备一定盈 ...

Core Viewpoint - Chery Automobile Co., Ltd. successfully listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion, marking the largest IPO of a car company in the Hong Kong market this year [1] Group 1: Company Background and Listing Journey - Chery's journey from its inception in the 1990s to its recent IPO reflects the challenges faced by Chinese automotive companies in capital markets, including failed attempts and complex ownership structures [2] - The company faced significant hurdles in its listing process, including financial crises and restructuring efforts, which delayed its IPO plans initiated in 2004 [2][3] Group 2: Financial Performance and Growth - Chery reported a revenue of CNY 269.9 billion and a net profit of CNY 14.3 billion for 2024, with a compound annual growth rate (CAGR) of 70.7% in revenue and 57.1% in net profit from 2022 to 2024 [4] - The company achieved a record global sales volume of 2.295 million vehicles in 2024, ranking second among Chinese independent brands and eleventh globally [4] Group 3: Strategic Use of IPO Proceeds - Chery plans to allocate approximately 35% of the net proceeds from the IPO to research and development of various passenger car models, 25% to next-generation vehicles and advanced technologies, 20% to expanding overseas markets, and 10% to enhance production facilities [3] Group 4: Global Market Presence - Since its first export in 2001, Chery has established a global sales network covering over 100 countries, maintaining its position as the top exporter of Chinese independent brand passenger vehicles for 22 consecutive years [5] Group 5: Technological Innovation - Chery emphasizes technological innovation as a core competitive advantage, developing a comprehensive technology system that includes powertrains, platforms, intelligent cockpits, and advanced driver assistance systems [6] - The company’s "Kunpeng Power" system and "Mars Architecture" platform are designed to enhance product development efficiency and adaptability across different vehicle types [6]

Group 1 - The oil market is experiencing a significant surge, with WTI crude oil rising 2.5% to surpass $64 per barrel, driven by geopolitical risks and potential supply disruptions [3] - Copper prices have also seen a notable increase, with London copper rising 3.6% to reach $10,336 per ton, influenced by supply interruptions at Freeport's Grasberg mine in Indonesia [3] - In contrast, gold prices have declined by 1.11% to $3,722 per ounce, primarily due to a strengthening dollar and reduced demand for safe-haven assets following strong U.S. new home sales data [3] Group 2 - The current market dynamics reflect two main themes: geopolitical risks driving up prices of strategic resources like oil, and the long-term demand for green metals like copper supported by the energy transition [3] - For medium to long-term investors, it is suggested to focus on commodities with solid fundamental support, such as copper, which is essential for electric vehicles and grid construction [3] - Investors are advised to consider indirect participation through stocks or funds related to these sectors to mitigate the high risks associated with direct futures trading [4]

Core Viewpoint - Chery Automobile Co., Ltd. successfully listed on the Hong Kong Stock Exchange on September 25, 2023, raising HKD 91.4 billion, marking the largest IPO for a car company in the Hong Kong market this year [1] Company Journey - Chery's journey from its inception in the 1990s to its recent IPO has been fraught with challenges, including financial crises and failed attempts at listing [2] - The company faced significant obstacles such as complex shareholding structures and a lack of experience in capital market operations, which delayed its IPO plans initiated in 2004 [2] IPO Details - The IPO was marked by a subscription rate of 238 times for the public offering, setting a new record for Hong Kong IPOs in 2023 [1][3] - The funds raised will be allocated strategically, with approximately 35% for R&D of various passenger car models, 25% for next-generation vehicles and advanced technologies, 20% for expanding overseas markets, and 10% for enhancing production facilities [3] Financial Performance - In 2024, Chery achieved revenue of CNY 269.9 billion and a net profit of CNY 14.3 billion, significantly outpacing the average growth rates of the global passenger car industry [4] - From 2022 to 2024, Chery's revenue grew from CNY 92.6 billion to CNY 269.9 billion, with a compound annual growth rate (CAGR) of 70.7%, while net profit increased from CNY 5.8 billion to CNY 14.3 billion, with a CAGR of 57.1% [4] Global Market Position - Chery's global sales reached 2.295 million vehicles in 2024, making it the second-largest Chinese independent brand in passenger car sales and the eleventh globally [4] - The company has maintained its position as the top exporter of Chinese independent brand passenger cars for 22 consecutive years, with a global sales network covering over 100 countries [5] Technological Innovation - Chery emphasizes technological innovation as a core competitive advantage, developing a comprehensive technology system that includes powertrains, platforms, smart cockpits, and driver assistance systems [5][6] - The company has established a modular hardware and cross-platform software design approach to reduce R&D costs and accelerate product launches [6] Strategic Implications - The successful IPO is seen as a milestone for Chery, providing essential funding to support its transition to electric vehicles and global expansion, while enhancing its brand image and governance [6]

9月23日晚，福特中国宣布在上海设立福特销售服务公司，未来，江铃福特与长安福特两个渠道的销售 和服务业务将合二为一。2018年，福特的渠道整合计划曾一度落空，而再次决定整合的背后，是近年来 福特在中国市场面临的转型阵痛。迈入2025年，长安福特连续数月销量下滑，电动车业务也亏损严重， 2025年二季度，福特电动汽车业务仍有着13亿美元的亏损。 业内人士指出，短期内渠道的合并可以减少内耗，提升经销商盈利能力，但这无法解决核心问题，福特 还应在中国加大产品力的投入，优化供应链和本地化生产等，最终需形成产品、渠道和营销协同的改革 方案。 渠道再迎"合体" 福特中国正在进一步进行战略调整。最新成立的福特销售服务公司，作为福特的全资子公司，将全面负 责管理福特品牌乘用车和皮卡车型在中国市场的营销、销售和服务业务。江铃汽车也同步发布公告称， 拟委托福特销售服务公司为江铃汽车生产的福特品牌乘用车和皮卡产品提供在中国的分销服务。 "理论上，整合后江铃福特与长安福特经销商可以销售福特商标的全部车型，但具体能够销售哪款车 型，福特还会根据门店服务能力等进行评估。"江铃汽车相关负责人在接受北京商报记者采访时坦言， 此次整合也意味着 ...