2026 年 03 月 20 日 公司研究 评级：买入(维持) 研究所： | 相对恒生指数表现 | | | 2026/03/19 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 吉利汽车 | 7.6% | 8.1% | 4.0% | | 恒生指数 | -4.5% | -0.7% | 2.9% | | 市场数据 | | | 2026/03/19 | | 当前价格（港元） | | | 18.34 | | 周价格区间（港元） 52 | | | 12.94-20.90 | | 总市值（百万港元） | | | 197,817.28 | | 流通市值（百万港元） | | | 197,817.28 | | 总股本（万股） | | | 1,083,146.23 | | 流通股本（万股） | | | 1,083,146.23 | | 日均成交额（百万港元） | | | 1,494.47 | | 近一月换手（%） | | | 12.77 | 相关报告 《吉利汽车（00175）销量点评：1-2 月累计销量 同比微增，出口表现亮眼（买入）*乘用车*戴畅， 胡惠民》——2026 ...

本档包含对吉利汽车控股有限公司（"本公司"）以及本公司的子公司和关联公司（与本公司合称为"本集团"）一般经营计划和战略的前瞻监院 述。前瞻性陈述通常包含"将"、"预期"和"期望"以及其它类似词语。就其本质而言，前瞻性陈达具有一定风险和不确定性，因为其涉及将在 未来发生的事件和情况。许多因素都会导致实际结果与前瞻性陈述出现重大差异，包括本公司未来经营的变化与发展，竞争环境、落实经营战略及 措施的能力，应对技术变革的能力，以及本集团经营所在市场的政治、经济、规管及社会状况。本公司没有任何对这些前瞻性陈述进行更新或修改 以反映未来事件或发展的义务。 2025年全年业绩 吉利汽车控股有限公司 （于开曼群岛注册成立之有限公司） 股票代号： 175（ 港币柜台 ）及 80175（ 人民币柜台 ） 2026/03/18 重要告示 本档之内容仅作演示用途，而任何其他人士不应利用或依赖相关信息。本档亦不应被视为替代阁下作出判断。阁下应单独负责对本演示材料之讨论 要点作独立调查及评估，吉利汽车控股有限公司对本演示材料之内容的准确性、完整性、可靠性服不作任何表示或保证。未经我方事先同意、不得 复制及/或份发本演示材料之内容。吉利汽 ...

亲爱的全体吉利汽车人： 马年开工大吉！ 我们始终坚持"安全平权"，守护每一个用户的平安出行。"安全"是吉利刻在骨子里的基因，也是我们造车的起点。不论技术如何演进，我们始终都将安全视 作第一优先级。我们还深度参与行业标准制定，主动向行业开放了一键破窗、电池底部安全专利集群、汽车门把手安全技术等多项研发成果。去年，我们建 成并对行业开放了全球规模最大、测试功能最完备的全域安全中心，致力于提升全行业的安全水平，让科技向善的人文温度，惠及每一位交通参与者。 我们始终坚持"造每个人的智能精品车"，助力行业实现高价值的跃迁。5年间，我们销量的复合增长率达到了23%，新能源渗透率增长了9倍。这些数据，不 只是规模上的量变，更是推动了中国汽车产业稳步迈向高端化。极氪的全系产品均价超过了30万，极氪9X单车成交均价超过了53万元，累计交付量超3万 辆，位居50万以上大型SUV销量第一；领克持续丰富高端化、智能化产品矩阵，2025全年销量突破35万辆，创历史新高；吉利银河不断刷新"银河速度"，成 为年销最快破百万辆的新能源品牌；吉利中国星也实现逆势增长，并连续9年蝉联中国品牌燃油车销量冠军。 我们始终坚持以"技术创新为核心驱动力 ...

Core Viewpoint - Geely Auto has shown significant growth in January 2023, with a total sales volume of 270,167 units, marking a 1% year-on-year increase and a 14% month-on-month increase, making it the only company among 13 major listed automakers to achieve both year-on-year and month-on-month growth [3][4][16]. Sales Performance - Geely Auto's January sales reached 270,167 units, ranking second after SAIC Motor's 327,413 units and surpassing BYD's 210,051 units [4][16]. - The Geely brand sold 217,438 units in January, although this represents a slight decline of 3% year-on-year [19]. - The Zeekr brand achieved sales of 23,852 units, reflecting a remarkable 100% year-on-year growth [17][19]. Electric Vehicle Sales - Geely's sales of pure electric vehicles (BEVs) totaled 68,012 units, while plug-in hybrid electric vehicles (PHEVs) reached 56,240 units, showing a year-on-year increase of 37% [17][19]. - Export sales for Geely reached 60,506 units, a significant increase of 121% compared to the previous year [17][19]. Market Position and Strategy - Geely is positioned as a leading player in the automotive industry, with a focus on AI technology, energy diversification, product premiumization, and globalization [20]. - The company is set to launch 1-2 new models each quarter in 2026, including new hybrid models and next-generation hydrogen energy vehicles, aiming for an annual target of 3.45 million units [24]. Industry Outlook - The automotive industry in China is expected to undergo significant restructuring, with Geely emerging as a benchmark enterprise capable of navigating market fluctuations and policy changes [20][25].

Core Insights - Geely Holding Group has announced its "One Geely, Fully Leading" 2030 strategic goal, aiming for global sales to exceed 6.5 million units and revenue to surpass 1 trillion yuan by 2030 [1][2] Group Strategy - The core of "One Geely" focuses on strengthening top-level coordination and establishing a global strategic layout, while "Fully Leading" emphasizes six core areas: brand, technology, and complete vehicles [1] - The brand strategy will enhance the Geely parent brand and integrate local brands like Geely China Star and Zeekr with international brands such as Volvo and Lotus, alongside partners like Renault to create a global brand matrix [1] Technology Development - Geely will develop a top-tier global new energy architecture covering A to E class vehicles, aiming to reduce average R&D cycle and comprehensive costs by over 30% [1] - In the field of intelligent driving, Geely aims for full coverage of L2 level assisted driving, advancing towards L3 industrialization and accelerating the commercialization of L4 technology and Robotaxi [1] - The safety sector will focus on establishing a "world safety dual-polar" pattern, promoting the "Shen Dun Jin Zhuan battery" as an industry benchmark and advancing the industrialization of semi-solid and solid-state batteries [1] Ecological Layout - Geely will focus on user services, future mobility, and methanol-hydrogen electric fields, including the launch of 100,000 customized Robotaxi models by 2030 [2] - The methanol-hydrogen sector will expand multi-scenario applications and accelerate the construction of methanol refueling networks [2] Talent and Sustainability - Geely will deepen its "Talent Forest" strategy with a total investment of 300 million yuan in a youth innovation and entrepreneurship incentive plan, exploring new talent cultivation models [2] - The company will strengthen ESG governance, promoting low-carbonization throughout the product lifecycle and encouraging supply chain partners to achieve carbon reduction [2] Future Outlook - By 2025, Geely aims to achieve sales of 4.116 million units with a 56% penetration rate of new energy vehicles [2] - The company plans to drive high-quality development in the automotive industry through technological innovation in AI, energy diversification, product premiumization, and internationalization, creating a safe, reliable, and intelligent travel experience for global users [2]