2月6日上午，北京迎来入冬又一轮寒潮，朝阳区著名的蓝色港湾商圈里，冷风灌进连廊，稀少的行人快步穿行。 蔚来乐道门店的春节布置已经就位，烘托出喜庆的氛围。大众ID展厅里蓝光流转，与大屏幕播放的海洋画面一同展现了电动车的科技环保。长安旗 下阿维塔和深蓝两大品牌则将展示店进行了打通，两组客户正在销售人员陪同下看车。 推开极氪中心店的大门，一楼展车错落有致，二楼饮品吧飘出咖啡香。身兼零售顾问和极氪伙伴双重身份的王泽正和同事们围坐在一起梳理和跟进销 售线索——他加入这个新能源汽车品牌已满一年。 那天她带着父母和哥哥，直奔007GT展车，显然不是第一次看车。王泽陪着讲解，发现四个人关注点完全不同。 "客户本人关注的是智驾水平和座椅按摩，父亲和母亲反复问各种安全功能，哥哥全程则更在意车机系统的表现，还问我后续能不能升级扩展。"王泽 笑了，"我这哪是在跟一个人沟通，是在应对一个家庭的需求。" 随后的一天清晨，门店刚开门营业，王泽就见到了来"堵门"交定金的这位客户。期间，她选了颜色，又拿不准。"我跟家里人再商量下。"客户拿起手 机拨通电话与家人做最后的确认。 01 "我不报底价，我帮你选车" 2024年11月之前，王泽在某传统 ...

Core Viewpoint - Dongfang Securities predicts Geely Automobile's net profit attributable to shareholders for 2025-2027 to be 17.041 billion, 20.604 billion, and 24.318 billion yuan respectively, maintaining a target price of 20.79 yuan (23.37 HKD) and a "buy" rating [1] Group 1: Sales Performance - In January, Geely Automobile's total sales reached 270,200 units, a year-on-year increase of 1.3%, slightly better than industry expectations [2] - The overall automotive market in January was affected by policy transitions, with a retail market scale of approximately 1.8 million units, a 0.3% year-on-year increase [2] Group 2: Product Strategy and Export Growth - Geely's "oil-electric dual drive" strategy showed significant results in January, with brand sales of 217,400 units, a month-on-month increase of 25.8% [3] - New energy vehicle sales reached 124,300 units, a year-on-year increase of 2.6%, while fuel vehicle sales were 145,900 units, a year-on-year increase of 0.2% [3] - Exports in January totaled 60,500 units, a year-on-year increase of 121.2%, indicating successful overseas expansion [3] Group 3: High-end Brand Development - Zeekr brand sales reached 23,900 units, a year-on-year increase of 99.7%, indicating successful high-end positioning [4] - The upcoming Zeekr 8X model aims to cover the full-size high-end SUV market, showcasing the brand's commitment to high-end development [4] - The launch of the WAM world behavior model and the new generation G-ASD at CES 2026 highlights Geely's advancements in AI and autonomous driving technology [4]

Core Insights - Huawei is entering the automotive market with a focus on high-end SUV and luxury sedan segments, leveraging its successful product strategies to create a new brand, Qijing, which will launch a shooting brake model [2][12] - The shooting brake category is gaining traction in China, appealing to a younger consumer base seeking personalized and multifunctional vehicles [3][4] - The integration of electric and intelligent technologies in the shooting brake design enhances its appeal, combining elegance, practicality, and safety [6][10] Industry Trends - The automotive market is experiencing intense competition, with brands like Tesla leading the charge in offering low-interest financing, prompting a price war among various manufacturers [3] - The shift towards shooting brakes represents a departure from traditional SUV and sedan markets, as consumers seek unique designs and functionalities that reflect their lifestyles [4][11] - The rise of "self-pleasing consumption" indicates a change in consumer behavior, where vehicles are seen as extensions of personal taste rather than mere transportation [6][11] Product Development - Qijing's first model, a shooting brake, is designed with a focus on aesthetics and functionality, aiming to balance beauty and practicality [4][10] - The vehicle features a length of over 5 meters, width of nearly 2 meters, and height of approximately 1.5 meters, showcasing a sleek and low-profile design [8] - Advanced electric vehicle platforms allow for better space utilization and performance, enhancing the driving experience [10][15] Technological Integration - The Qijing model will incorporate Huawei's comprehensive solutions, including intelligent driving and smart cockpit technologies, aiming to meet high-end market standards [14][15] - The vehicle is equipped with hardware for Level 3 conditional autonomous driving, positioning it to be among the first to offer this capability once regulations permit [15] - The collaboration with top-tier suppliers ensures high-quality components, enhancing the overall product offering [14]

Core Viewpoint - Geely Auto has achieved significant sales growth in January, surpassing BYD to become the top-selling domestic car brand for the first time in 40 months, with total sales of 270,167 units, reflecting a year-on-year increase [2][4]. Sales Performance - In January, Geely sold 270,167 vehicles, a slight increase of 1% compared to 266,737 units in the previous year [4]. - The breakdown of sales includes: - Geely brand: 217,438 units, down 3% year-on-year - Galaxy series: 82,990 units, down 11% - Lynk & Co: 28,877 units, down 4% - Zeekr: 23,852 units, up 100% [4]. - The sales of pure electric vehicles (BEVs) were 68,012 units, down 15%, while plug-in hybrid electric vehicles (PHEVs) increased by 37% to 56,240 units [4]. Factors Contributing to Growth - The growth is attributed to three main factors: 1. A dual-line strategy that maintains stability in operations [5]. 2. Strong performance of the high-end brand Zeekr, which delivered 23,852 units in January, nearly doubling year-on-year [5]. 3. Significant growth in overseas exports, with 60,506 units exported in January, a 121% increase year-on-year [6][7]. Global Expansion - Geely has entered 13 new markets in 2025, including major European markets and high-potential regions like Brazil and South Africa, expanding its presence to 88 countries with over 1,200 outlets [8]. - The company aims to achieve an export target of 600,000 units this year, with several key models, including Zeekr 9X, planned for international launch [9]. Future Sales Targets - Geely has set a sales target of 3.45 million units for 2026, representing a 14% increase from 2025, with specific targets of 2.75 million for the Geely brand, 300,000 for Zeekr, and 400,000 for Lynk & Co [10][11]. - The company aims for a total of 2.22 million units in electric vehicle sales, a 32% increase, indicating ambitious growth plans in a competitive market [12].

新品方面，新车型极氪8X将在今年上半年上市，定位45万级别超级电混高性能旗舰SUV，将与宝马 X5M、奔驰GLE AMG、奥迪RS Q8等BBA主力性能车型展开差异化竞争，有望进一步打开高端性能车 市场增量空间。 出海方面，截至目前，极氪品牌已进入全球超50个国家和地区，累计销量近67万台，实现五大洲交付。 品牌还连续4年登陆CES国际消费电子展等全球顶级舞台。多款产品驶向海外：007GT以全球800V高压 技术进军欧洲高性能市场，009、7X在马来西亚权威评选中斩获多项年度大奖。由此可见，极氪的"技 术出海"与"高端定位"已经开始在全球市场获得认可。 2月1日，多家新势力车企公布1月销量。其中，极氪品牌单月交付23852台，同比增长99.7%，较2025年 1月同比实现翻倍增长。受益于品牌口碑持续回暖，极氪9X、009豪华9系双旗舰强劲热销，以及焕新 001、焕新7X订单快速增长，极氪品牌整体销量攀升。 （文章来源：南方都市报） 具体产品表现上，旗舰SUV极氪9X自去年9月底上市以来，市场热度持续走高，在2025年11-12月连续2 个月获得50万级大型SUV销量冠军，连续3个月稳居杰兰路50万元以上SUV ...

Core Viewpoint - The current market is experiencing a significant decline in customer traffic and orders compared to the previous month, primarily due to the reduction of purchase tax subsidies and the lack of new government funding for 2026, leading to a cautious market sentiment [1][10]. Group 1: Market Conditions - Customer traffic and orders have sharply decreased, with many stores reporting single-digit order numbers and a general lack of high-intent customers [1][12]. - The New Year's holiday saw minimal customer engagement, with many potential buyers still in the consideration phase and not making decisive purchases [5][17]. - The introduction of new policies, such as a 12,000 yuan purchase tax subsidy, has not significantly improved the situation, as actual costs remain higher than last year [2][10]. Group 2: Consumer Behavior - Customers are exhibiting a strong wait-and-see attitude, largely influenced by the anticipation of new models and subsidy policies [4][19]. - Many customers who considered purchasing at the end of last year are now hesitant due to increased costs and the uncertainty surrounding new government incentives [8][10]. - The majority of customers are not in a hurry to buy, with many expressing a desire to wait for better deals or new model releases [9][15]. Group 3: Competitive Landscape - The market is seeing increased competition among electric vehicle brands, with some customers considering switching back to traditional fuel vehicles due to the new purchase tax on electric cars [10][19]. - Brands like Xiaopeng and Zeekr are gaining attention for their new models, but overall customer interest remains subdued [8][14]. - The introduction of new models and policies by competitors is expected to influence customer decisions, with many waiting for clearer signals from manufacturers [15][22].

Domestic News - Hangzhou's "15th Five-Year Plan" aims to accelerate the development of two trillion-level industrial clusters in artificial intelligence and visual intelligence, focusing on nine key areas including intelligent robots, integrated circuits, and new energy equipment [7] - Shanghai has implemented a traffic congestion model at 360 intersections, resulting in a 12.9% increase in average vehicle speed at trial intersections, with traffic accidents expected to decrease by 2.7% and fatalities by 7% by 2025 [9] - BAIC Group and Hyundai Motor are deepening strategic cooperation to accelerate the transformation of Beijing Hyundai [10] - China National Building Material Group and Chery Automobile have signed a strategic cooperation agreement to focus on new materials for industries such as new energy vehicles and robotics [11] - Xiaomi plans to lower the safety mileage requirement for its urban navigation assistance feature to enhance user experience, with a target of 1,000 kilometers set for 2024 [12] - Dongfeng's solid-state battery, with an energy density of 350Wh/kg, is undergoing extreme cold testing in Mohe, demonstrating significant performance in low temperatures [13] - Zeekr's 007GT has launched in Europe, with prices in the Netherlands ranging from 374,000 to 467,000 RMB [14] - Baidu's Robotaxi service has quietly expanded to approximately 20 cities nationwide, with significant investments in smart connected vehicle testing projects [15] International News - General Motors plans to invest $1 billion in the Mexican manufacturing sector over the next two years, focusing on projects aimed at domestic demand [17] - South Korea's automotive exports are projected to reach a record $72 billion in 2025, marking a 1.7% increase from 2024 [18] - Honda's U.S. division aims for a sales target of 1.5 million vehicles by 2026, employing a balanced strategy of hybrid, fuel, and electric models [19] - Mercedes-Benz is expanding its electric vehicle charging network to Canada, with the first three fast-charging stations now operational [20] Commercial Vehicles - The Xiangling V5 gas engine product has been launched in the southwest region, targeting logistics solutions for various sectors [21] - Dongfeng's Rui Lida has completed extreme cold testing, demonstrating superior performance in low-temperature conditions [22] - Shaanxi Automobile is set to unveil three strategic new products at its upcoming partner conference [23] - The Yuanmeng Super VAN has achieved a 212% year-on-year sales increase in 2025, maintaining the top market share in the new energy wide-body light truck segment [25]

Core Insights - In 2025, the Chinese electric vehicle market is entering a deep integration phase amid fierce competition, with Zeekr achieving significant milestones in delivery volume, user reputation, high-end product leadership, and globalization [1] Sales Breakthrough and Market Position - In December 2025, Zeekr delivered 30,267 vehicles, marking its first monthly sales exceeding 30,000 units, a historical high with a year-on-year growth of 11.3% and a month-on-month increase of 4.9% [2] - For the entire year, Zeekr's cumulative deliveries reached 224,133 units, leading the Chinese high-end luxury electric vehicle market, with an average vehicle price exceeding 300,000 yuan and a maximum price nearing 900,000 yuan [2] - Zeekr's growth amidst a slowing overall market is attributed to its unwavering focus on the luxury segment, leveraging core technology and service experience to earn consumer trust [2] Product Matrix and Technological Edge - The highlight of Zeekr's product strategy in 2025 is the "9 Series Luxury Dual Flagships"—Zeekr 9X and Zeekr 009, which not only achieved sales leadership but also disrupted the long-standing dominance of foreign brands in the high-end market above 500,000 yuan [3] Zeekr 9X: Redefining Large SUV Value - From November to December 2025, Zeekr 9X became the sales champion in the large SUV market above 500,000 yuan, with an average price of 538,000 yuan [4] - The vehicle's pre-sale saw over 42,000 orders within an hour, and over 10,000 locked orders within 13 minutes of launch, indicating strong product appeal [4] - Approximately 80% of Zeekr 9X buyers came from traditional luxury brands like Mercedes-Benz and BMW, with over 70% opting for the top configuration, showcasing its status as a preferred choice among high-net-worth individuals [4] Zeekr 009: Defining a New Paradigm for Luxury MPVs - Zeekr 009 has maintained its position as the annual sales champion for MPVs priced above 400,000 yuan in China for two consecutive years, extending its success to markets in Hong Kong, Thailand, and Malaysia [5] - The vehicle's owner list includes business leaders and celebrities, reinforcing its high-end brand image [5] - The success of both flagship models is underpinned by Zeekr's commitment to a "full-stack self-research" technology strategy, including advanced energy systems and intelligent evolution [5] Rebuilding User Relationships - Zeekr's Net Promoter Score (NPS) has significantly improved, ranking it among the "strong confidence" brands in the automotive sector, with flagship models like Zeekr 9X leading in NPS rankings [6][7] - The brand has transformed its user relationship approach by proactively communicating product updates and enhancing service standards through measurable commitments [7] - Zeekr's long-term strategy emphasizes protecting the interests of existing users while introducing new technologies, establishing a reputation for value retention and brand loyalty [8] Globalization and Brand Elevation - In January 2026, Zeekr showcased its 9 Series dual flagships at CES, marking a new phase in its globalization strategy focused on "technology brand image output" [9] - Zeekr has expanded its operations to over 50 countries and regions, becoming a leading Chinese luxury brand with deliveries across all five continents [9] - The brand's strong performance in overseas markets and recognition from authoritative media have bolstered domestic consumer confidence, creating a positive feedback loop [9] Conclusion - The year 2025 represents a transformative period for Zeekr, achieving both quantitative and qualitative breakthroughs, with a solid foundation in the domestic market and a growing global presence [10] - Zeekr's success illustrates that luxury is defined by the ability to consistently deliver exceptional products and experiences, fostering a trustworthy relationship with users [10]

Core Insights - In 2025, the Chinese automotive market is entering a period of structural transformation, characterized by intensified competition, accelerated technological iteration, and diversified consumer demand, compounded by complex global trade environments and supply chain restructuring. Geely Auto Group is leveraging its "One Geely" strategy to navigate these challenges, achieving total annual sales exceeding 3.02 million units, a 39% year-on-year increase, and nearly 1.69 million units in new energy vehicle sales, marking a 90% increase year-on-year, with cumulative sales surpassing 20 million units [1][24]. Group 1: Strategic Developments - Geely Auto Group's "One Geely" strategy has been successfully implemented, showcasing its foresight and practical effectiveness, leading to systematic breakthroughs in product matrix innovation, AI technology advancements, and global ecological expansion [1][24]. - The company has introduced nine new intelligent new energy vehicles and upgraded dozens of existing models, establishing a comprehensive product competition system that spans from new energy to fuel vehicles and from mainstream to luxury segments [2][24]. Group 2: Sales Performance - The Geely Galaxy brand has emerged as a core growth engine in the mainstream new energy market, achieving annual sales of 1.24 million units, a 150% increase year-on-year, while the Geely China Star series has also seen stable performance with over 1.21 million units sold, a 3% increase year-on-year [4][26]. - The Lynk & Co and Zeekr brands have also contributed significantly, with Lynk & Co achieving over 350,000 units in annual sales and Zeekr surpassing 220,000 units, reinforcing their competitive advantages in the high-end and luxury new energy markets [4][26]. Group 3: Technological Innovations - Geely Auto Group has launched the industry's first "full-domain AI" technology system, applying AI across various automotive domains, including architecture, power, chassis, and assisted driving, establishing a comprehensive technological moat [7][29]. - The company has developed advanced safety systems, transitioning to a "full-domain safety 2.0" era, integrating AI technology to enhance consumer safety across the automotive ecosystem [12][34]. Group 4: Global Expansion - Geely Auto Group is actively expanding its international presence, entering over 88 countries and regions, with a focus on emerging markets such as the UK, Poland, Italy, and Brazil, and establishing local production facilities [15][41]. - The company has accelerated the export of its intelligent new energy vehicles, achieving significant sales milestones in international markets, including the Geely Galaxy E5 topping sales charts in Brazil [17][39]. Group 5: Collaborative Efforts - Geely Auto Group is enhancing international cooperation with global partners, focusing on technology sharing and market expansion, exemplified by its collaboration with Renault in Brazil and the establishment of local production capabilities [20][42]. - The company is also involved in various joint ventures and projects aimed at developing electric vehicle manufacturing capabilities in Southeast Asia, further solidifying its global footprint [20][42].

Core Viewpoint - Zeekr Automotive prioritizes the OTA 6.7 update for Zeekr 007 users, with the rollout scheduled to begin on January 5, 2026, after successful software development and approval [1] Group 1: OTA Updates - The OTA 6.7 version for the Zeekr 007 model has completed software development and full process verification, and is ready for rollout [1] - Other models including Zeekr 001, 001FR, 007GT, 009, 009光辉7X, 焕新7X, and MIX, equipped with the 8295 intelligent cockpit computing platform, are in the approval stage for OTA 6.7 updates, expected to be rolled out in batches from January to February 2026 [1] - There has been no official response regarding the delay of OTA 6.5 updates for some Zeekr 007 owners [1] Group 2: User Experience Initiatives - Owners of the 2023 and earlier models of Zeekr 001 WE can participate in a limited-time experience event for the "Winter Temperature Package" starting from December 31, 2025, which includes steering wheel heating and rear seat heating features, available until March 31, 2026 [1]