汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截至 2 月 25 日收盘，汽车（中信）行业指数上涨 3.62%， 跑赢同期沪深 300 指数 3.0pct，在中信 30 个一级行业中排名第 8 名。本月 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 第1页 / 共23页 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 发布日期：2026 年 02 月 25 日 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截 ...

红星资本局2月13日消息，小米集团（01810.HK）董事长雷军宣布，自2024年4月3日以来，小米汽车累 计交付量已超过60万台。他同时表示，新一代小米SU7的展车已经到店。 2月12日，雷军发文称，小米YU7今年1月的销量达37869台。按照第三方平台的排行榜，小米YU7为1月 乘用车零售销量冠军。他表示："这个排名含金量很高，不带任何定义，不论能源形式，不论价钱，不 论SUV/轿车。" 红星资本局注意到，如果以批发销量为统计口径，小米YU7排名第五。 乘联分会2月12日公布的《2026年1月份全国乘用车市场分析》显示，1月乘用车批发销量超2万辆的车型 有17个（上月27个），比亚迪宋为42227辆、吉利星愿为41676辆、博越为41296辆、特斯拉Model Y为 38916辆、小米YU7为37869辆。 1月全国乘用车市场零售154.4万辆，同比下降13.9%。其中自主品牌零售89万辆，同比下降18%；主流 合资品牌零售47万辆，同比下降4%；豪华车零售18万辆，同比下降15%。 1月新能源乘用车市场零售59.6万辆，同比下降20.0%；1月常规燃油乘用车零售94.8万辆，同比下降 10%。1月新能源 ...

Overall Market - In January 2026, the retail sales of passenger cars reached 1.544 million units, a year-on-year decrease of 13.9% [14] - The decline in retail sales is attributed to complex market factors and a historical pattern of fluctuating sales in January [14] - The end of the new energy vehicle purchase tax exemption in December 2025 has led to a recovery period for the new energy vehicle market, with some consumers having made purchases in December to take advantage of the policy [14] - January 2026 saw a significant increase in exports, with passenger car exports reaching 576,000 units, a year-on-year increase of 52.0% [16] - The production of passenger cars in January 2026 was 2.003 million units, a year-on-year decrease of 4.4% [16] - The wholesale volume for January 2026 was 1.973 million units, a year-on-year decrease of 6.2% [17] New Energy Market - In January 2026, retail sales of new energy vehicles (NEVs) totaled 596,000 units, down 20.0% year-on-year [18] - The penetration rate of NEVs in the domestic market was 38.6%, while the export penetration rate was 49.6% [15] - The production of NEVs reached 938,000 units, a slight decrease of 0.6% year-on-year [18] - The wholesale volume of NEVs was 864,000 units, down 3.3% year-on-year [18] - The export of NEVs reached 286,000 units, a significant increase of 103.6% year-on-year, accounting for 49.6% of total passenger car exports [22] Company Performance - BYD, Geely, and Chery are leading in the new energy vehicle market, with BYD's sales reaching 205,518 units in January 2026 [24] - The market share of domestic brands in the new energy sector is increasing, with a notable rise in the export of new energy vehicles to Europe and Southeast Asia [15][22] - The new energy vehicle market is characterized by a shift towards higher quality products, with an increase in the proportion of high-end NEVs [15] Market Outlook - February 2026 is expected to see lower sales due to the shorter working days caused by the extended Spring Festival holiday [27] - The market is anticipated to stabilize post-holiday, with potential recovery in the entry-level electric vehicle segment [28] - The overall sentiment in the consumer market remains cautious, influenced by high costs and economic factors [28]

Core Insights - The delivery of 1,000 vehicles marks a deepening collaboration among Ehi Car Services, Geely Automobile, and Yongying Financial Leasing, expanding from traditional vehicle procurement to a comprehensive industry chain collaboration that includes automotive manufacturing, financial services, and mobility operations [2][3] Group 1: Collaboration and Industry Synergy - The partnership leverages Geely's product support, Yongying's flexible financial solutions, and Ehi's nationwide operational network to enhance vehicle operation and market services, creating a high-efficiency closed-loop industry ecosystem [3] - This collaboration signifies a transition from single vehicle procurement to a full-chain deep collaboration encompassing "technology + finance + scenarios" [3] Group 2: Market Demand and Vehicle Features - Ehi Car Services' introduction of Geely models reflects a deep market insight focused on user needs, particularly in response to the higher demands for space, safety, and intelligence during the Spring Festival travel season [5] - The selected SUV models offer spacious interiors, rich intelligent configurations, and efficient energy-saving advantages, catering to diverse travel needs such as family outings and home visits [5] Group 3: Sustainability and Green Mobility - The collaboration aligns with industry trends towards green travel and sustainable development, with plans to prioritize the deployment of new vehicles in tourist hotspots and hub areas [5] - The enhanced intelligence and environmental performance of the delivered vehicles will be integrated into Ehi's service network covering over 500 cities nationwide, transforming into actual mobility services [5]

Core Insights - The delivery of 1,000 smart SUVs marks a significant upgrade in the fleet structure of Ehi Car Services, showcasing a strategic collaboration among Ehi, Geely Auto, and Yongying Financial Leasing [2][6][7] - This partnership transitions from traditional vehicle procurement to a comprehensive "manufacturing-finance-operation" model, enhancing the automotive rental industry's collaborative development [2][6] Group 1 - The event on January 18, 2026, featured the delivery of 500 Geely Boyue and 500 Geely Bin Yue SUVs, attended by key leaders from Ehi, Geely, and Yongying [1][3] - The collaboration aims to create a high-efficiency closed-loop industry ecosystem by leveraging Geely's quality vehicles, Yongying's flexible financial solutions, and Ehi's extensive service network [2][6] - The new SUVs are designed to meet the increasing demands for space, safety, and intelligence in the travel market, particularly for family outings and holiday returns [6][7] Group 2 - Ehi Car Services plans to prioritize the deployment of these vehicles in tourist hotspots and key urban areas, promoting green and intelligent travel experiences [6][7] - The initiative aligns with industry trends towards sustainable development and low-carbon travel, enhancing public access to high-quality transportation during the Spring Festival [6][7] - This delivery sets a precedent for the next phase of industry development, exemplifying deep integration and mutual benefits among stakeholders [7]

Core Insights - In 2025, Geely Auto achieved an annual total sales of over 3,024,567 vehicles, marking a 39% year-on-year increase and exceeding the adjusted target of 3 million vehicles [1][23]. - The Geely China Star matrix, consisting of popular models like Xingrui, Xingyue L, Boyue, Emgrand, and Bin Yue, sold a total of 1,214,132 units, securing the title of the best-selling Chinese brand fuel passenger car for nine consecutive years [1][23]. - Geely's strong performance in the fuel vehicle market sets a new benchmark for the development of Chinese brand fuel vehicles amidst the accelerating penetration of new energy vehicles [1][23]. Sales Performance - The high-end series of the Geely China Star sold over 420,000 units in 2025, becoming the core engine for the high-end fuel vehicle market [4][25]. - The flagship SUV, Xingyue L, was the best-selling fuel SUV of 2025, while the flagship sedan, Xingrui, led the A-class fuel sedan segment for Chinese brands [4][25]. - The Boyue model achieved annual sales of 300,000 units, driven by continuous product expansion and iteration [6][29]. Product Innovations - The Boyue underwent a dual-car renewal with the launch of the fourth-generation Boyue L and the new Boyue, enhancing its market value standards for family SUVs [8][28]. - The Emgrand sedan sold 180,000 units in 2025, becoming the first and only Chinese brand sedan to surpass cumulative global sales of 4.15 million units [10][30]. - The fifth-generation Emgrand, built on the new BMA Evo global modular architecture, underwent a comprehensive upgrade across five dimensions: aesthetics, comfort, safety, driving control, and intelligence [10][30]. Safety and Technology - Geely emphasizes safety as its top priority, with over 250 billion invested in R&D over the past 11 years and 1,562 safety patents, leading the industry [12][33]. - The global safety center was launched in 2025, achieving five Guinness World Records, and introduced the "Full Domain Safety 2.0" technology system to enhance safety standards [12][33]. - The Geely China Star models are designed with a focus on comprehensive safety, adhering to C-NCAP five-star standards and incorporating advanced safety features [14][36]. Intelligent Features - Geely's "Smart Geely 2025" strategy, initiated in 2021, aims to create a smart technology ecosystem through advanced computing and data capabilities [17][38]. - The introduction of the "Full Domain AI" technology system in 2025 positions Geely as the only automaker with a complete AI intelligent layout, enhancing both fuel and new energy vehicles [17][38]. - The new models feature the industry-leading "Qianli Haohang" advanced driving assistance system, providing a comprehensive perception capability [18][39]. Future Outlook - Geely aims to continue leveraging its core advantages in full-domain AI and safety to meet user demands and drive technological innovation [21][41]. - The company is committed to redefining the value standards of fuel vehicles through continuous technological iterations in safety, intelligence, energy efficiency, and comfort [21][41].

Core Viewpoint - The article provides an overview of new vehicle models set to launch in August 2025, highlighting specifications, market segments, and pricing strategies for various manufacturers in the automotive industry [2][5][13]. Group 1: Vehicle Launches - Geely Auto is set to launch the Panda Karting on August 15, 2025, targeting the A00 HB segment with a price of 50,900 CNY and a range of 210 km [8]. - Chery Auto will introduce the Fengyun X3 and Fengyun X3 PLUS on August 16, 2025, with prices ranging from 89,900 to 139,900 CNY and electric ranges of 401 to 520 km [16][24]. - Dongfeng Passenger Vehicle will launch the Mengshi M817 on August 17, 2025, in the D SUV segment, priced between 319,900 and 349,900 CNY [32]. - Tesla China will release the Model Y L on August 19, 2025, priced at 339,000 CNY with a range of 751 km [56]. - Great Wall Motors will launch the Haval Menglong on August 19, 2025, with prices from 173,800 to 208,800 CNY and a range of 105 to 200 km [61]. Group 2: Specifications and Features - The Geely Panda Karting features a pure electric engine with a power output of 30 kW and a torque of 110 N·m, equipped with a 17.03 kWh battery [8]. - The Chery Fengyun X3 has a power output of 185 kW and a torque of 300 N·m, with battery capacities of 50.79 kWh and 68.36 kWh [16]. - The Dongfeng Mengshi M817 is powered by a 1.5T plug-in hybrid engine, offering a power output of 145 kW and a torque of 290 N·m [32]. - Tesla's Model Y L boasts a power output of 340 kW and is equipped with an 82 kWh battery [56]. - The Haval Menglong features a 1.5T plug-in hybrid engine with a power output of 115 kW and an electric motor output of 220 kW [61]. Group 3: Market Segmentation - The new models are categorized into various segments, including A00 HB, A SUV, C SUV, and D SUV, indicating a diverse range of offerings to cater to different consumer preferences [2][16][32]. - Pricing strategies vary significantly across manufacturers, with entry-level models starting around 39,900 CNY and premium models reaching up to 349,900 CNY [8][32][56].

Group 1 - The core viewpoint of the statement is to clarify user rights regarding the "basic data" services associated with Geely's smart connected vehicles, emphasizing that promised rights will remain unchanged despite differences in models and configurations [1][5][6] - Geely acknowledges previous inconsistencies in communicating the specifics of "basic data" rights and aims to standardize the information, which typically includes remote vehicle control, online navigation, voice assistant, weather queries, and OTA upgrades [2][6][7] - The company expresses gratitude to over 18 million global users for their trust and support, reiterating its commitment to a user-first philosophy and enhancing the travel experience [6][7] Group 2 - There are concerns from users regarding changes to the "basic data" services, with some reporting that features like voice control and navigation have been reclassified as entertainment data, which has led to dissatisfaction among older model owners [6][7] - Users have highlighted that when purchasing vehicles, they were promised lifetime free access to "basic data" services, and they are urging Geely to honor these commitments rather than standardizing rights for new models at the expense of existing customers [7]

Core Viewpoint - Geely Holding Group announced the acquisition of all remaining shares of Zeekr, with a potential maximum investment of 17.2 billion RMB, marking a significant strategic move towards consolidating its high-end electric vehicle segment [1][8]. Group 1: Acquisition Details - The acquisition will result in Zeekr becoming a wholly-owned subsidiary of Geely, allowing for better resource allocation and potential synergies [1][2]. - Zeekr's shareholders will have the option to receive either cash or stock, creating a win-win scenario for all parties involved [1][8]. - The total payment for the acquisition could reach up to 2.399 billion USD, equivalent to approximately 17.2 billion RMB, with a significant portion allocated to related shareholders [8]. Group 2: Strategic Implications - The merger is part of Geely's broader strategy to streamline its business lines and enhance its capabilities in the smart electric vehicle sector [1][5]. - The integration of Zeekr is expected to improve Geely's operational efficiency, with anticipated increases in R&D, management, and marketing efficiencies by 15% to 20% [4]. - The successful integration will strengthen Geely's position in the luxury electric vehicle market, enhancing its product matrix and competitive edge [4][6]. Group 3: Market Expectations - Analysts have responded positively to the merger, with forecasts for Geely's net profit for 2025-2027 being revised upwards to 13.7 billion, 18.1 billion, and 23.2 billion RMB respectively [9]. - The strategic consolidation is expected to enhance Geely's financial performance, with projected revenues for the same period also being adjusted upward [9]. Group 4: Future Outlook - The merger signifies Geely's commitment to its "One Geely" strategy, aiming for a more cohesive and efficient operational structure [5][7]. - The integration of Zeekr is anticipated to facilitate collaboration with other brands under Geely's umbrella, enhancing technological and operational synergies [3][6].