近日，吉利银河携旗下首款旗舰MPV——超级AI增程吉利银河V900亮相第二十三届广州车展。作为吉 利银河V系列首款旗舰产品，吉利银河V900立足银河百万销量全新起点，填补吉利银河在高端MPV细 分市场的空白，开启百万银河向上进阶的全新征程。 银河V900是基于GEA Evo全球智能新能源旗舰架构打造的首款MPV，也是搭载吉利超级AI增程技术的 首款大作。同时，星睿AI云动力2.0可以智能研判用车场景，自主决策用油用电，实现真正的"无感省 油"。新车搭载宁德时代（300750）骁遥电池，快充18分钟即可实现电量从30%到80%，彻底解决用户 的里程焦虑。 此外，吉利独创的、同级领先的神盾电池安全系统，也为用户带来安心驾乘体验。吉利银河V900搭载 的宁德时代骁遥电池包，采用360°铝型材包裹与舱式底板设计，外刚内柔筑牢防撞防线，且具备IP68、 IPX9K双高防水防尘等级，可应对涉水、雨季等特殊工况。厚达2.5mm的气凝胶搭配多防爆阀，能快速 定向泄压，实现24小时无热扩散，7×24小时全天候智能守护。另外，360°防辐射专业认证，以电磁敏感 人群安全标准打造，全面保障乘员健康。神盾电池安全系统通过100多项电 ...

Group 1 - Geely Holding Group was recognized as the "Leading Enterprise in Hybrid Power Control Technology Innovation" in the recent evaluation conducted by the China Automotive Intellectual Property Utilization Promotion Center [2] - Geely holds 161 authorized patents in hybrid power system control technology, with a comprehensive patent innovation index of 145.69 and a technical innovation score of 90, all ranking first in the industry [2] - The company launched the industry's first AI scenario engine-based power domain intelligent system, Starry AI Cloud Power 2.0, which enhances the Thunder God electric hybrid system to version 2.0, currently implemented in models like Geely Galaxy M9 and Galaxy A7 [2] Group 2 - Geely's Q3 financial report shows a revenue of 239.5 billion yuan for the first three quarters, a year-on-year increase of 26%, with Q3 revenue reaching 89.2 billion yuan, up 27%, marking a new high for a single quarter [3] - The total R&D investment from January to September was 14.6 billion yuan, reflecting an 8% year-on-year increase, with ongoing advancements in areas such as assisted driving, AI cockpit, AI electric hybrid, and satellite communication [3]

Core Viewpoint - The launch of the Geely Galaxy Xingyao 6 marks a significant step in redefining the value benchmark for national family sedans, emphasizing cost efficiency and comprehensive user satisfaction through advanced technology and safety features [1][10]. Cost Efficiency - The Geely Galaxy Xingyao 6 is designed to minimize purchase, usage, and maintenance costs, promoting itself as the most cost-effective option in its class [3]. - It features the new generation Raytheon AI Hybrid 2.0 system, which includes a highly efficient hybrid engine with a thermal efficiency of 47.26%, enabling fuel consumption as low as 2.6L per 100km in congested urban conditions [4]. - The vehicle offers an extended maintenance interval of 15,000 kilometers, significantly reducing ownership costs and time commitments for users [6]. Comprehensive Features - The Xingyao 6 is equipped with four key superior features: spaciousness, safety, intelligence, and quality, exceeding user expectations and establishing a new standard for family sedans [7]. - Safety is prioritized with a high-strength steel body structure, achieving a high-strength steel ratio of 71.6%, and surpassing safety standards through rigorous testing of the battery system [7][8]. - The vehicle includes an advanced driver assistance system with multiple sensors and cameras, providing comprehensive safety features such as emergency avoidance and autonomous driving capabilities [8]. Market Positioning - The launch of the Xingyao 6 reinforces Geely Galaxy's commitment to enhancing the quality of automotive life and solidifies its position in the mainstream new energy vehicle market [10]. - The model's introduction is seen as a strategic move to cover the core A-class sedan market, further strengthening the brand's competitive edge in the evolving automotive landscape [10].

Core Insights - Geely Auto has launched the new generation of its national electric hybrid sedan, the Xingyao 6, with a competitive price range of 68,800 to 99,800 yuan, targeting the A-class sedan market [1][3] Pricing and Models - The Xingyao 6 offers two pure electric range versions: 60 km and 125 km, with a total of seven models available [1] - The limited-time guiding price starts at 68,800 yuan, making it highly competitive in the market [3] Cost Efficiency - The vehicle emphasizes three major cost-saving aspects: purchase cost, usage cost, and maintenance cost [5] - The purchase cost is minimized with a starting price of 68,800 yuan, including high-value features such as the Galaxy Flyme Auto intelligent cockpit system and safety systems [3] - The usage cost is notably low, with a fuel consumption of 2.8L/100km and a cost of only 0.2 yuan per kilometer [5] - The maintenance cost is reduced through a long maintenance cycle of 15,000 km and a battery capacity guarantee of ≥90% for 2 years or 50,000 km [5] Space and Comfort - The Xingyao 6 features a spacious design with dimensions of 4806 mm in length, 1886 mm in width, and a wheelbase of 2756 mm, providing a B-class space experience [5][7] - The interior includes a soft package area of 10.2 m² and a large trunk capacity of 609 liters, accommodating five passengers comfortably [7] Safety Features - The vehicle is built with a high-strength steel cage structure, achieving a high steel ratio of 71.6%, ensuring passenger safety [7] - The battery safety system exceeds the new national standards set for 2026, passing rigorous safety tests [7] Intelligent Features - The Xingyao 6 is equipped with the Galaxy Flyme Auto intelligent cockpit and the Qianli Haohan H3 auxiliary driving system, enhancing the smart driving experience [7][9] - The intelligent cockpit features a 14.6-inch 2K central control screen and advanced AI voice assistant capabilities [7] Market Performance - Geely Galaxy has achieved significant sales milestones, with October sales reaching 127,476 units, a year-on-year increase of 101% [9] - The brand has successfully delivered over 1 million vehicles within two years, establishing itself as a leading player in the new energy vehicle market [9]

Core Points - The Geely Galaxy Starry 6 has been globally launched as a "new generation national electric hybrid family sedan" with a price range of 68,800 to 99,800 yuan [1] - The vehicle aims to minimize purchase, usage, and maintenance costs while offering B-class space, 200,000-level safety, flagship-level intelligence, and high-quality durability [1] - The new model features the next-generation Thor AI Electric Hybrid 2.0 system, achieving the industry's lowest fuel consumption of 2.8L/100km under CLTC conditions, translating to a cost of 0.2 yuan per kilometer [1] Technical Features - The Starry 6 has passed the industry's first super national standard safety tests, demonstrating high safety redundancy in extreme risk scenarios [2] - It is equipped with the Qianli Haohan H3 assisted driving system, featuring multiple sensors and high computing power, enabling advanced driving functions such as automatic overtaking and memory parking [2] - The vehicle marks Geely Galaxy's key coverage of the A-class sedan market, further solidifying its leading position in the mainstream new energy market [2]

Core Insights - The release of the "AI Car" white paper marks the first time the automotive industry has focused on AI as a central theme, outlining the integration of AI technology in four key areas: assisted driving, intelligent cockpit, intelligent chassis, and intelligent power [2] - Geely has been integrating AI technology into its operations since the launch of its "Smart Geely 2025" initiative in 2021, establishing a comprehensive AI technology system that includes various advanced systems and products [2][3] Summary by Categories AI Technology Integration - The "AI CAR white paper" systematically analyzes the role of AI in transforming the automotive industry, providing a long-term development roadmap for the transition to the "AI CAR" era [2] - Geely has developed several AI-driven technologies, including the Qianli Haohan assisted driving system and the AI digital chassis, positioning itself as the only company globally with a comprehensive AI integration strategy [2] Product Development - Geely's latest products, such as the Galaxy M9 and Zeekr 9X, are gradually incorporating the latest advancements from the "full-domain AI" technology system [3] - The company aims to evolve cars into "intelligent mobility entities" that possess sensory capabilities, cognitive functions, and the ability to evolve through deep integration of AI and automotive technology [3] Future Vision - Geely's vision is to become a leading global technology mobility company, with AI as the core driving force behind its future developments [3]

Core Insights - Geely Automobile Holdings Limited reported a record high revenue of 150.3 billion yuan for the first half of 2025, a year-on-year increase of 27% [2] - The company achieved a net profit attributable to shareholders of 9.29 billion yuan, with core net profit rising by 102% to 6.66 billion yuan after excluding foreign exchange losses and other non-core items [2] - Total cash levels increased to 58.8 billion yuan, indicating a strong financial position [2] Sales Performance - Geely's total sales reached 1.409 million units in the first half of 2025, a 47% year-on-year growth, surpassing the market average [2] - The market share exceeded 10% for the first time, with new energy vehicle (NEV) sales reaching 725,000 units, a 126% increase [3] - The annual sales target was raised from 2.71 million to 3 million units based on better-than-expected market performance [2][5] New Energy Growth - The NEV segment saw explosive growth, with a penetration rate of 51.5%, positioning Geely among the top brands in the NEV market [3] - The Galaxy series, now an independent brand, experienced a 232% increase in sales, totaling 548,000 units in the first half [3] - High-end luxury brands Zeekr and Lynk & Co also performed well, with Zeekr selling 90,740 units and Lynk & Co achieving 154,137 units in the same period [3] Technological Advancements - Geely has established a leading smart and electrification technology system, focusing on AI integration [4] - The company launched the "Smart Geely 2025" strategy, aiming to release the industry's first "smart car full-domain AI" technology system by 2025 [4] - The Starry AI Cloud Power 2.0 and advanced battery technologies enhance product competitiveness, with the new battery system passing 36 extreme safety tests [5] Future Outlook - Geely plans to launch five new NEV products in the second half of 2025, further enhancing its market presence [5] - The "One Geely" strategy aims to deepen synergies within the company, boosting its global competitiveness in the smart NEV sector [5]

Investment Rating - The report provides a positive investment rating for the new energy vehicle industry, highlighting strong growth potential and market dynamics [2]. Core Insights - The new energy vehicle market showed significant growth in June, with total sales reaching 2.14 million units, a year-on-year increase of 20.6%, while new energy vehicle sales reached approximately 1.11 million units, up 33.3% year-on-year [9][12]. - New energy vehicles accounted for 51.9% of total passenger vehicle sales in June, indicating a growing market share [9]. - The cumulative sales of new energy vehicles in 2025 reached 5.27 million units, reflecting a year-on-year increase of 30.9% [12]. Market Sales Performance - In June, pure electric vehicle sales were approximately 676,000 units, up 42.1% year-on-year, while plug-in hybrid sales were about 434,000 units, up 21.6% year-on-year [12]. - The top 10 manufacturers in the new energy market held a market share of approximately 67.3%, with BYD and Geely leading the rankings [15][28]. - The top three cities for new energy vehicle sales in June were Beijing, Guangzhou, and Chengdu, with a combined market share of 25.9% [18]. Market Dynamics - The report highlights significant monthly sales growth in the new energy vehicle sector, with a 15.0% increase in June compared to the previous month [15]. - The report notes that the market dynamics are influenced by various manufacturers' performance, with notable increases from Tesla (China), Zero Run, and Changan [28]. Industry Policies - The Ministry of Industry and Information Technology issued an implementation plan to promote green and low-carbon standardization in the industrial and information sectors, with a focus on the automotive industry [65][66]. - The plan outlines key research directions for green low-carbon standards in the automotive sector, including carbon footprint management and new energy vehicles [66][68].

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 150.3 billion yuan, a year-on-year increase of 27%, setting a historical record [1] - The net profit attributable to shareholders reached 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% year-on-year growth [1] - The total cash level increased to 58.8 billion yuan, and the gross profit margin reached 16.4% [1] Group 2: Sales and Market Position - The company sold a total of 1.409 million vehicles in the first half of the year, a 47% increase, with a market share surpassing 10% for the first time [1] - New energy vehicle sales reached 725,000 units, a 126% year-on-year increase, contributing to a penetration rate of 51.5% in the new energy segment [5] - The annual sales target was raised from 2.71 million to 3 million units based on strong market performance [1][11] Group 3: Strategic Initiatives - The company is committed to a "One Geely" strategy, focusing on value, technology, quality, service, and brand ethics, while avoiding price wars [2] - The merger of Zeekr and Lynk & Co has led to improved synergy, enhancing competitiveness in the mainstream, mid-to-high-end, and luxury markets [2] - The company emphasizes safety and innovation, building a leading AI ecosystem and product competitiveness in both smart electric and efficient fuel sectors [2][8] Group 4: Technological Advancements - The company has developed a comprehensive AI technology system, launching the industry's first "smart car full-domain AI" technology framework [10] - The Starry AI Cloud Power 2.0 and advanced battery technologies provide a competitive edge in safety and efficiency [10] - The company has achieved significant milestones in autonomous driving and smart cockpit technologies, with over 1 million users for FlymeAuto [10] Group 5: Global Expansion - The company exported over 180,000 vehicles in the first half of 2025, expanding its global sales network to 85 countries and regions [11] - Zeekr and Lynk & Co have also shown strong performance in international markets, with Zeekr leading luxury electric vehicle sales in Hong Kong [13] - The company is committed to sustainability, with a 23.5% reduction in carbon emissions per vehicle lifecycle compared to 2020, aiming for carbon neutrality by 2045 [13]

Core Viewpoint - Lynk & Co's launch of the Lynk 10 EM-P showcases advanced AI hybrid technology, emphasizing performance and efficiency in various driving conditions, setting a new standard for mid-large hybrid vehicles in China [2][20]. Group 1: Performance and Efficiency - The Lynk 10 EM-P achieves 0-100 km/h acceleration in just 5.1 seconds, with a top speed of 210 km/h and a CLTC fuel consumption of only 4.2 L/100 km [2][6]. - The vehicle features a P1+P3+P4 motor configuration with a maximum power output of 390 kW and a peak torque of 755 N·m, enhancing driving performance [5][6]. - The AI-powered energy management system optimizes energy distribution based on real-time data, improving efficiency and performance across different driving scenarios [5][6][20]. Group 2: Advanced Technology - The Lynk 10 EM-P is equipped with a four-wheel drive system, a rarity in its price segment, which enhances traction and reduces energy loss by 5% during operation [8]. - The vehicle utilizes a dual battery option, with a 18.4 kWh lithium iron phosphate battery offering a pure electric range of 120 km, and a 38.2 kWh battery providing a range of 240 km, enabling a total range exceeding 1500 km [10]. - The integration of NVIDIA Thor chip with 700 TOPS computing power supports advanced driver-assistance features, including automatic emergency braking and obstacle avoidance [14][16]. Group 3: Intelligent Features - The vehicle's AI system, powered by the Xingrui AI Cloud Power 2.0, enhances energy management, health monitoring, charging recommendations, and driving assistance, adapting to user preferences [17][18]. - The comprehensive sensor suite, including laser radar and multiple cameras, ensures high-precision environmental monitoring, contributing to the vehicle's safety and performance [16]. - The AI-driven dynamic torque distribution system minimizes the risk of loss of control by analyzing various driving conditions in real-time [8][20]. Group 4: Market Positioning - The launch of the Lynk 10 EM-P represents a significant advancement in China's hybrid technology, combining AI and electric hybrid systems to redefine performance standards in the automotive industry [20]. - The vehicle addresses diverse consumer needs, from low energy consumption for commuting to comfort for family trips, showcasing Lynk & Co's commitment to innovation and user-centric design [20].