风险提示：新产品推出及销售不及预期；公司出海进展不及预期；价格竞争；原 材料成本上升。 1 月出口销量大幅增长 2026 年 1 月吉利实现销量 27.0 万辆，同比+1%。出口销量同比大幅增长 121% 至 6.1 万辆。我们认为 2026 年公司的极氪、领克、吉利品牌销量全面向好，处在 强势产品周期，叠加出口放量，带动盈利提升。维持目标价 26 港元，买入评级。 报告摘要 1 月销量同环比提升。2026 年 1 月吉利实现销量 27.0 万辆，同比+1%。出口销量 同比大幅增长 121%至 6.1 万辆。分品牌来看，吉利主品牌、领克、极氪分别实现 销量 21.7/2.9/2.4 万辆，同比增速分别为-3%/-4%/+100%。销量增长主要得益于 出口与极氪品牌销量大幅增长，极氪 9X 销量达 1.1 万辆，连续三个月位居 50 万 级大型 SUV 销量榜首，成交均价 53.8 万元，且大部分用户来自 BBA 等传统豪华 品牌增换购，充分彰显其在高端市场的竞争力。 极氪品牌持续发力，极氪 8X 开始预热。极氪 8X 预计在 3 月上市，8X 基于 SEA-S 超级电混架构打造，是该架构下继 9X 之后第二款 ...

Core Viewpoint - Guan Haitao, former Chief Business Officer of Zeekr, has returned to Honor to lead global marketing, indicating a strategic shift and renewed focus on brand development and market expansion [1][3]. Group 1: Guan Haitao's Background and Experience - Guan Haitao previously served as Chief Marketing Officer and Head of E-commerce at Honor, showcasing his extensive experience in the company [3]. - After joining Zeekr in September 2023 and being promoted to CBO in February 2025, he announced his departure in October 2025, expressing a desire to return to Honor [3]. - His return is driven by both emotional ties to Honor and a strategic assessment of the company's current direction and capabilities [3]. Group 2: Honor's Current Market Position - Despite facing challenges in recent years, Honor's core capabilities remain strong, with global business continuing to grow rapidly [3]. - The company has inherited a global supply chain and management model from its previous association with Huawei, which supports its overseas expansion [3]. - Market research indicates that the overall smartphone market in China saw a 2.7% year-on-year decline, with Honor ranking fifth among major smartphone manufacturers [4]. Group 3: Marketing Strategy and Future Outlook - Guan Haitao believes that Honor's approach is more systematic and investment-oriented compared to competitors, making it suitable for long-term brand building [4]. - His diverse experience across consumer electronics and new energy vehicles equips him with insights into consumer demands and technological trends [4]. - The current phase for Honor presents opportunities for strategic repositioning and brand revitalization, leveraging Guan's comprehensive understanding of marketing and brand strategy [4].

Core Viewpoint - The article highlights the significant growth and potential of 如祺出行 (Zhuhai Travel) following the release of its "Robotaxi+" strategy, indicating that the company's market value is currently underestimated despite its strong performance and future prospects [2][21]. Financial Performance - In the first half of the year, 如祺出行 reported a revenue of 1.676 billion RMB, representing a year-on-year increase of 61.7% [4]. - The order volume for ride-hailing services grew by 51.13% to 73.3 million orders, contributing a transaction value increase of 56.83% to 2.032 billion RMB [4]. - The company achieved a gross profit margin of 2.2% for the first time, with a total gross profit of 37.438 million RMB, reflecting a 215.4% year-on-year improvement [4]. Operational Data - Despite industry challenges, 如祺出行's total order volume increased by 51.13% to 73.3 million orders in the first half of the year, with the average transaction value per order rising from 26.7 RMB to 27.7 RMB [6]. - The Robotaxi fleet has over 300 vehicles, with order volume increasing by over 470% and monthly active users rising by over 70% [6]. Revenue Structure and Business Model - The revenue structure has diversified, with technology service revenue related to AI data and model solutions and high-precision mapping services growing by 207% [8]. - 如祺出行's technology investments are beginning to yield commercial returns, enhancing its business model and operational efficiency [9]. Cost Management and Efficiency - The company has significantly reduced costs, with financial expenses decreasing by 43.4% and general administrative and marketing expenses dropping by over 20% [10]. - Adjusted net losses improved by nearly 50% year-on-year, indicating a positive trend in profitability [10]. Strategic Initiatives - The "涟漪模式" (Ripple Model) strategy focuses on deepening market penetration in the Guangdong-Hong Kong-Macao Greater Bay Area before expanding to adjacent regions, allowing for efficient growth with lower customer acquisition costs [10]. - The "Robotaxi+" strategy aims to provide comprehensive solutions to local regulatory bodies and partners to accelerate the commercialization of Robotaxi services [15]. Future Growth Potential - 如祺出行 plans to invest 1.37 billion HKD in autonomous driving and Robotaxi operations, with an additional 2.56 billion HKD planned for 2026 and beyond [13]. - The company aims to cover 100 core cities with its Robotaxi operations and build a fleet of over 10,000 vehicles, establishing a robust operational network [16]. Market Positioning - 如祺出行 is positioned to become a leading player in the Robotaxi sector, similar to Uber, by leveraging its operational capabilities and data collection advantages [18]. - The company is also exploring the maintenance market for Robotaxi services, which is essential for the large-scale commercialization of these vehicles [20].