编者荐语： 油车价格降下来了+电车安全事故增多，让传统燃油车又找到了生存的空间。 在新能源"霸麦"，电动化成为主流叙事的当下，燃油车生命力依然顽强。 10月21日，中汽协公布的一组数据显示，今年9月，传统燃油车国内销量为100万辆，比去年同期增加6万辆，环比增长10.9%，同比增长6.4%，已经连续四个月实 现同比增长。 将时间扩大到今年1—9月，传统燃油车国内累计销量为814.1万辆，同比增长1.7%，作为对比，2024年传统燃油乘用车销量的同比跌幅达到17.7%。 今年1至9月，乘用车国内总销量为1704.4万辆，据此计算，燃油车销量占比为47.76%，仍占据半壁江山。 以下文章来源于棱镜 ，作者岳家琛 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 图源：AI 据汽车之家数据，今年9月，月销超万辆的车型共72款，其中33款为燃油车。 "燃油车'退场论'为时尚早。"乘联会秘书长崔东树如是说。"燃油车的这次反弹，也是市场在一次狂热后趋于理性的回调。"一位汽车行业资深人士道。 "中国汽车在新能源赛道完成了惊艳的弯道超车，但燃油车、混动车型同样存在市场需求，自主品牌不应过分'偏科'。"崔东树说。 以价 ...

10月吉利汽车总销量30.71万辆，同比增长35.5%，环比增长12.5%，单月销量创历史新高;其中新能源汽 车销量17.79万辆，同比增长63.6%，环比增长7.7%;1-10月总销量247.73万辆，同比增长44.3%。据乘联 会初步统计，10月1-26日国内乘用车批发销量同比下降1%，环比下降5%，预计公司销售情况显著好于 行业平均水平，体现了公司产品具备较强的市场竞争力，预计公司完成全年300万辆销售目标确定性较 强。 银河品牌提前达成百万辆销售目标，海外合作加速推进 智通财经APP获悉，东方证券发布研报称，维持吉利汽车(00175)"买入"评级，预测2025-2027年EPS分别 为1.49、1.75、2.12元，维持可比公司25年PE平均估值15倍，目标价22.35元人民币，24.51港元(1港元 =0.9120元人民币)。 东方证券主要观点如下： 10月销量增速显著好于行业平均水平，单月销量创历史新高 10月吉利品牌销量24.55万辆，同比增长43.9%，环比增长10.6%。其中吉利银河销售12.75万辆，同比增 长100.8%，环比增长5.5%，提前达成年销量100万辆目标;中国星销售11.8 ...

Core Viewpoint - The report from China Merchants Securities International indicates that Geely Automobile (00175) is expected to raise its annual sales target due to the launch of significant new models from Galaxy, Lynk & Co, and Zeekr in the second half of the year, which could act as a catalyst for the stock price [1] Group 1: Sales Performance - In May, Geely's total wholesale volume reached 235,000 units, marking a year-on-year increase of 46.4% and a month-on-month increase of 0.5%, setting a historical record [2] - The cumulative wholesale volume from January to May was 1.17 million units, up 49% year-on-year, achieving approximately 43% of the annual sales target of 2.71 million units, with potential for exceeding the target [2] - In May, the wholesale volume of new energy vehicles (NEVs) was 138,000 units, reflecting a year-on-year increase of 178% and a month-on-month increase of 9.9%, significantly outpacing the industry growth [2] - NEVs accounted for 58.7% of total sales in May, up 22.2 percentage points year-on-year [2] - Cumulative NEV wholesale from January to May reached 602,000 units, a year-on-year increase of 137%, representing 51% of total sales [2] - The high-end fuel vehicle, China Star, saw sales of 87,000 units in May, with the high-end series achieving a year-on-year growth of 21% [2] Group 2: Product Launches and Innovations - The company plans to launch multiple significant new models in the second half of the year, including the Galaxy A7 mid-size sedan and a rugged SUV, enhancing its product matrix [3] - The high-end flagship SUV Lynk & Co 900 had nearly 5,600 units delivered in May, with a strong order backlog, and the Lynk & Co hybrid Z10 is set to launch in the second half [3] - Zeekr's new model 007GT is performing well, with additional luxury SUVs set to launch in Q3 and Q4 [3] - The fuel vehicle Star series is leveraging the new energy platform for shared benefits, with the Star Yue L model performing well since its March launch [3] Group 3: International Expansion - The company is accelerating its overseas layout, with the first EX5 produced at the Indonesian KD factory and plans for a light asset model in Latin America and Central Asia [3] - The Galaxy E5 and Star Wish are set to enter multiple markets in the second quarter, with an acceleration of overseas expansion planned for the second half of the year [3]

Group 1 - The core point of the article is the significant leadership changes within Geely, indicating a generational shift in management and a focus on financial expertise to support the company's expansion strategy [1][2]. - An Conghui has been appointed as the CEO of Geely Holding, transitioning from overseeing Zeekr to a broader management role, while still holding 2.68% of Zeekr shares, potentially worth approximately $59 million if no share swap occurs [1]. - Li Donghui, the former CEO, has been promoted to Vice Chairman of Geely Holding Group, recognized for his role in major acquisitions including Volvo and Daimler [1]. - Gan Jiayue, a member of the "post-80s" generation, has been appointed as the CEO of the merged Geely Auto Group, gaining more operational authority over various brands [1]. - Dai Qing, also from the "post-80s" generation, has become the first rotating president of Geely Holding Group, indicating a management structure inspired by Huawei [1]. Group 2 - The leadership appointments reflect Geely's preference for executives with financial backgrounds, as seen in the new roles of An Conghui, Gan Jiayue, and Dai Qing, which aligns with Geely's history of capital-driven expansion [2]. - The company is currently focused on integrating its diverse business segments, including automotive, mobility, battery, and even mobile phone operations, following the "Taizhou Declaration" [2].

Core Viewpoint - Geely Automobile Holdings Limited is undergoing a significant restructuring by privatizing Zeekr Intelligent Technology, aiming to consolidate its brands and resources to enhance competitiveness in the evolving automotive market [1][4]. Group 1: Merger and Integration - The merger between Geely and Zeekr was announced just eight days after the privatization offer, indicating a swift response to market conditions [1]. - Geely plans to establish two main divisions post-merger: the Galaxy Division and the Zeekr Division, with four primary brands: Zeekr (global luxury tech), Lynk & Co (high-end new energy), Galaxy (mainstream new energy), and China Star (mainstream fuel) [2]. - The merger aims to eliminate redundant investments and reduce costs, targeting production cost reductions of over 3%, R&D optimization of 10-20%, and management efficiency improvements of 10-20% [2][11]. Group 2: Financial Performance and Projections - Geely reported a revenue of 72.5 billion RMB for Q1 2025, a 25% year-on-year increase, and a net profit of 5.67 billion RMB, up 264% [4]. - The cash reserves of Geely as of March 31, 2025, were 35.2 billion RMB, approximately one-third of BYD's cash reserves, indicating potential liquidity pressure [4]. - The privatization of Zeekr is expected to allow investors to exchange shares, reducing the cash outflow required for the merger and enabling Geely to allocate more funds for core business development [5]. Group 3: Management Changes - Following the merger, An Conghui will transition from managing Zeekr to becoming the CEO of Geely Holdings, while Gan Jiayue will take over as CEO of the merged Geely Automobile Group [2][9]. - The introduction of a rotating presidency system within Geely aims to prevent power concentration and foster leadership talent, although it may lead to strategic inconsistencies [9][10]. - The restructuring reflects Geely's historical pattern of consolidation, with the last major integration occurring in 2014, which significantly improved its market position [2][7]. Group 4: Challenges and Future Outlook - The integration process has faced challenges, including communication costs and differing employee incentive mechanisms between the two companies [11]. - Despite recent profitability, Zeekr has accumulated significant losses over the past few years, which will impact Geely's financial statements post-merger [13]. - The company aims to achieve a growth target exceeding 5% and improve R&D and management efficiency by 15-20% [11].

Group 1 - The core viewpoint is that the era of merely discussing market dreams in the new energy vehicle sector may be ending, with a focus shifting towards companies that can deliver tangible results and have a clear organizational structure [1][12][13] - Geely's stock price surged significantly following the announcement of the merger with Zeekr, indicating a strong market response to the company's strategic move to consolidate under the "One Geely" framework [3][4][5] - The market's positive reaction to Geely's integration of Zeekr reflects a desire for clear direction and logical consolidation rather than just new narratives [4][12] Group 2 - Geely's decision to fully integrate Zeekr is seen as a response to the current policy environment encouraging quality Chinese companies to return to domestic markets [5][6] - The integration is characterized by three key aspects: clear direction, effective organizational implementation, and a focus on measurable outcomes rather than speculative growth [6][7][11] - The shift in focus from "market dreams" to "market calculations" signifies a broader industry trend where companies are expected to demonstrate clear profitability models and operational efficiency [7][12][13] Group 3 - Geely's approach contrasts with competitors like BYD and Huawei, as it emphasizes organizational synergy and platform integration to enhance efficiency rather than solely relying on vertical integration or user experience [11][12] - The market's willingness to support Geely's consolidation indicates a preference for companies that can simplify complex operations and deliver results, marking a potential turning point in the new energy vehicle sector [12][14] - The narrative is shifting towards evaluating companies based on their ability to consolidate brands and achieve operational success, rather than just introducing new products [13][14]