新华财经上海10月13日电（记者王鹤）吉利控股集团13日发布数据称，2025年前三季度，集团总销量 295.3万辆，同比增长29%；其中新能源汽车销量159.1万辆，同比增长68%，新能源渗透率54%，总销量 及新能源销量均创历史新高。 值得一提的是，第三季度，吉利控股集团销量102.1万辆，同比增长28%；新能源销量58.8万辆，同比增 长59%，新能源渗透率58%。这是吉利控股集团季度销量首次突破百万辆，新能源渗透率持续攀升，电 动化转型保持着强劲势头。 （文章来源：新华财经） 燃油板块同样表现亮眼，吉利中国星前三季度销量突破91万辆，逆势同比增长5%。 全球市场拓展方面，前三季度，吉利汽车海外出口销量近30万辆，其中新能源出口销量不断提升。9月 份，吉利新能源海外销量达1.46万辆，占出口总量36%。9月初，吉利国际EX5在英国正式开启预售；吉 利银河星舰7 EM-i（澳大利亚市场名：STARRAY EM-i）开启出海征程，正式登陆澳大利亚；极氪7X于 9月末在阿联酋正式上市；领克品牌进驻捷克、奥地利、瑞士三个欧洲新市场，海外"朋友圈"进一步扩 展。 此外，沃尔沃汽车（VOLCAR-B.ST）前三季度销 ...

国泰海通发布研报称，吉利汽车(00175)的品牌架构较为合理且清晰，随着"智能吉利2025"战略的逐步 落地，公司整体营收和归母净利润有望持续增长。该行预计公司2025-2027年的归母净利润分别为163.0 亿元、182.1亿元、236.6亿元，EPS分别为1.61元、1.80元、2.34元，给予2025年16.6倍PE，对应目标价 29.2港元，维持"增持"评级。 报告中称，2025年9月吉利汽车销量达27.3万辆，同比增长35%。其中新能源销量16.5万辆，包括纯电动 10.0万辆和插电式混动6.6万辆，分别同比增长55%和146%。海外出口4.1万辆，同比增长1%。2025年1- 9月吉利汽车销量达217.0万辆，同比增长46%。其中新能源销量116.8万辆，包括纯电动79.4万辆和插电 式混动37.4万辆，分别同比增长141%和73%。分品牌看，吉利品牌销量178.5万辆，同比增长55%，领克 品牌24.1万辆，同比增长23%，极氪品牌14.4万辆，同比增长1%。 该行指，吉利汽车2025年全年销量目标300万辆。2025年下半年，包括吉利银河A7、吉利银河M9、吉 利银河星耀6、极氪9X、领克10 ...

Core Viewpoint - The article discusses an incident where BYD's security team allegedly impersonated Geely's Zeekr team to obtain sensitive information about a cybersecurity product, raising questions about corporate ethics and competition in the automotive industry [4][5][11]. Group 1: Incident Overview - BYD's security team posed as members of Geely's Zeekr team to request information about DefenseWeaver, an AI-driven automotive cybersecurity analysis software [4]. - The impersonators initiated contact through official channels, conducted a detailed online meeting, and subsequently went silent after obtaining information [4][5]. - After the incident, BYD representatives provided vague explanations and did not acknowledge any wrongdoing [4]. Group 2: Industry Context - The incident reflects a competitive environment in the Chinese automotive sector, where companies may resort to unethical practices to gain technological advantages [11][12]. - BYD reported significant financial growth, with a revenue of 777.1 billion yuan and a net profit of 40.25 billion yuan in 2024, suggesting that the company has resources for legitimate R&D [11]. - The competitive landscape has intensified, with Geely's sales increasing by 126% in the first half of 2025, indicating a shrinking market share for BYD [14]. Group 3: Ethical Concerns - The article raises critical questions about BYD's corporate culture and the ethical standards expected of its employees [17]. - Comments from industry insiders suggest that such behavior may stem from internal pressures to innovate and compete effectively [11][12]. - The incident has sparked discussions about the need for suppliers to protect their intellectual property in a highly competitive market [12][17].

今年9月的车市，热闹得不太寻常。翻开9月的新车日历，各大车企像是约好了一般把最重要的产品都押注在了这个月。刷刷朋友圈，隔三差五就是某个品 牌的新车发布会，翻翻汽车媒体的推送，几乎每周都有"重磅上市"的标题。 9月新车多，原本不是什么新鲜事，但今年确实有点格外疯狂了：方程豹钛7上旬上市，上市5天交付破千台；极狐T1身居纯电小车市场，上市1小时大定 破2.6万；享界S9T以鸿蒙智行首款旅行车上市，后面跟着全新问界M7和被寄予厚望的尚界H5；奥迪E5 Sportback、领克10 EM-P、腾势N9、极氪9X也都 陆续上市。 在Q4到来前，各大车企仿佛听到了同一个发令枪响，把所有筹码都压在了这个起跑线上。这背后有着多方面的原因，即将到期的政策窗口是一方面，年 度KPI的不断催促也不可忽视，所有车企都陷入了一场抢时间的豪赌，中国车市的红火和压力肉眼可见。 倒计时：购置税减免的最后百天 让今年9月与众不同的，首先是一个明确的截止日期：今年年底新能源汽车购置税减免政策就将到期，明年1月1日开始改为"减半征收"，每辆减税额不超 过1.5万元，优惠力度有所退坡。对一台30万的新能源车来说，购置税减免就是近3万的实打实优惠。这 ...

事件评论 重新定义国产豪华旗舰SUV，极氪9X 带动品牌高端化持续上攻。超大豪华舒适空间，长宽高分别为 5239/2029/1819mm，轴距为3169mm，搭载32 扬声器Naim 殿堂之声音响系统、后排双零重力座椅、后 排17 英寸3K 娱乐屏、47 英寸AR-HUD 抬头显示等豪华配置。动力方面，极氪9X 搭载浩瀚超级电混， 全系基于900V 高压平台打造，搭载2.0T插混系统，三电机版零百加速仅3.1 秒。续航方面，搭载55 千 瓦时和70 千瓦时宁德时代电池，CLTC 综合续航超1200km，SOC 20%-80%仅需9 分钟。底盘层面，极 氪9X 配备双腔闭式空气悬架、双阀CCD 电磁减振系统，同时作为中国品牌首发48V 主动稳定杆，提供 极致舒适性。智能辅助驾驶方面，极氪9X 提供千里浩瀚H7 和H9 方案，其中H9 方案搭载双英伟达Thor 芯片，算力达1400TOPS，配备5 颗激光雷达，属于极氪H3级智能驾驶技术架构，预期实现高速和城市 快速路的L3 级智能驾驶。 品牌战略聚焦，电动化和智能化齐发力，强势新车周期持续。新车大年，2025 年预计推出10 款全新新 能源车型，其中吉利品牌预期 ...

丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 极氪 9X 正式上市，重新定义国产豪华旗舰 SUV 报告要点 [Table_Summary] 2025 年 9 月 29 日，吉利极氪 9X 正式上市，定位大型 SUV，共推出 4 款车型，MAX 版/Ultra 版/Hyper 版曜黑版上市售价分别为 45.59/47.59/54.99/58.99 万元（包含 1 万元限时超级置换 金权益），相较预售价下降约 2 万元，上市 13 分钟大定突破 1 万辆。各品牌新能源转型顺利推 进，规模效应逐步凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新出海模式持 续打开海外新空间。智能化战略即将开启，加速提升智驾能力。整车强势新周期下盈利具备较 大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 吉利汽车（0175.HK） cjzqdt11111 [Table ...

Industry Information - National Grid will explore issuing highway charging coupons during the National Day and Mid-Autumn Festival holidays to guide users to avoid long-duration trickle charging [9] - CATL plans to build 100 chocolate battery swap stations in Hainan over the next three years, significantly enhancing the coverage of battery swap networks across the island [10] - The Ministry of Industry and Information Technology will further deepen cooperation in the automotive industry, supporting collaboration in capital, technology, management, and talent [10] - The electric vehicle and battery industry has become a new hotspot for cooperation between China and Nordic countries, with trade between China and the five Nordic countries reaching $53.17 billion in 2024, an increase of 8.5% [11] - The World New Energy Vehicle Development Organization has been established to promote the green and intelligent transformation of the automotive industry [12] - China's fuel cell vehicle demonstration scale has exceeded 20,000 units, with 200 hydrogen stations built, marking the initial commercialization of fuel cell vehicles [13] - During the National Day and Mid-Autumn Festival holidays in 2025, the charging volume for new energy vehicles reached a historical high, with a 51.33% year-on-year increase in charging volume on highways [20] Policy Information - Shenzhen is soliciting opinions on a work plan to promote stable growth in the new energy vehicle industry by 2025 [23] - Chengdu has issued implementation measures for central energy-saving and emission reduction subsidy funds for charging infrastructure [27] - Hebei's Cangzhou has released a three-year action plan for public charging infrastructure construction [30] - Gansu's Lanzhou has published a plan for the construction of new energy vehicle charging infrastructure from 2023 to 2025 [31] - Hangzhou has announced the suspension of the automobile replacement subsidy policy starting from October 9, 2025 [33] - Shanxi has suspended the automobile replacement and electric bicycle trade-in subsidies starting from October 9, 2025 [35] - Hainan has also suspended the automobile replacement subsidy policy starting from October 6, 2025 [37] Company Information - NIO has achieved battery swap coverage in over 1,200 districts and counties across multiple provinces [39] - Xiaomi's charging map now covers over 1.5 million charging piles, including 120,000 supercharging piles [39] - Seres has completed the payment for the acquisition of a 10% stake in Shenzhen Yiwang Intelligent Technology Co., Ltd. from Huawei, totaling 11.5 billion yuan [40] - Xiaomi has opened 32 new stores in September, bringing the total to 402 stores across 119 cities [40] - Seres' stock price has surged over 8%, reaching a market capitalization of 280 billion yuan, driven by strong sales of its models [40] - Beijing Hyundai has named its first pure electric platform SUV "EO Yiou" [40] - XPeng Motors has signed strategic cooperation agreements with leading dealers in Morocco and Tunisia, expanding its presence in Africa [40] - Li Auto has launched a "safety net" plan for users affected by the upcoming changes in the new energy vehicle purchase tax policy [40] - Great Wall Motors plans to unveil its first supercar by the end of 2026 [40]

分组1 - BYD: Orders increased by over 30% month-on-month, with an expected 130,000 to 150,000 orders during the National Day holiday; sufficient inventory and multiple new models launched, returning to a cost-performance route with prices lower than expected, leading to positive order response [1] - AITO M7: Orders account for 50% of single-store sales, with over 60% year-on-year growth; expected to reach 30,000 orders during the 8-day holiday [1] - Li Auto: The Li L6 model saw strong orders, attracting users from competitors like YU7, Model Y, and others; approximately 15,000 new orders in the first five days before the holiday, with a total expected to reach nearly 70,000 by the weekend; orders recovered well after a price cut announced on October 2 [1] 分组2 - Zeekr: Zeekr X received over ten orders daily during the exhibition; pre-sale orders for Zeekr 9X exceeded 60,000, with a lock-in rate of 50-60%, and user budgets mostly above 500,000 [1] - Xpeng: Orders at single stores were less than 40 units in the first seven days of the holiday, with an expected total of 40,000 for the month [1] - Tesla, Xiaomi, and Leap Motor: Month-on-month performance remained stable, but year-on-year growth was significant [1] 分组3 - SAIC H5: Product strength is average, with high pricing, facing pressure to maintain a steady monthly sales of 10,000 units [1]

Group 1 - The overall customer flow during the National Day holiday was high, with some brands experiencing better sales compared to the previous months, although there was a decline compared to the same period last year due to new store openings in the same city [2][11][16] - The most popular models included the AITO M7, Yu7, and i6, with customers particularly focused on delivery times and vehicle features [2][7][11][22] - Promotional activities included test drive incentives and tax rebate policies, which helped boost consumer confidence, especially for newly launched models [2][11][17] Group 2 - Some brands did not implement any additional promotional activities during the holiday, maintaining a consistent policy from the previous month [8][9][12] - Local auto shows were held, but their effectiveness in attracting customers was considered limited, with some brands opting for external exhibitions instead [13][19][24] - The impact of subsidy reductions was noted, with some brands offering trade-in subsidies to encourage purchases before the changes took effect [12][23]

Core Viewpoint - The article discusses the successful launch and market performance of the Zeekr 9X SUV, highlighting its high pricing strategy and impressive sales figures shortly after its release. Group 1: Market Performance - The Zeekr 9X achieved over 10,000 pre-orders within 13 minutes of its launch, with 70% of orders for the top-spec model [3][61] - The SUV's pricing ranges from ¥465,900 to ¥599,900, positioning it as a premium offering in the market [2][6] Group 2: Design and Features - The Zeekr 9X features a unique design, with a high degree of originality compared to competitors, and includes a striking front grille [8][10] - The interior boasts luxury elements reminiscent of high-end brands, including a Naim sound system with 32 speakers and a peak power of 3868W [12][14] - The vehicle offers extensive comfort features, such as heated and ventilated seats, a 17-inch OLED screen, and a 13L refrigerator [32][40] Group 3: Technical Specifications - The Zeekr 9X is equipped with a 900V high-voltage hybrid architecture, featuring a 2.0T engine with a maximum power of 205kW and a thermal efficiency exceeding 46% [48][50] - The SUV can accelerate from 0 to 100 km/h in 3.1 seconds for the three-motor version, with a top speed of 240 km/h [51][53] - It includes advanced suspension technology, such as a closed dual-chamber air spring and dual-valve electromagnetic dampers, enhancing ride comfort and handling [55][56] Group 4: Driving Experience - The Zeekr 9X demonstrates quick all-wheel-drive response and maintains comfort even on rough terrain, showcasing its off-road capabilities [65][68] - On-road performance balances comfort and sportiness, though some limitations in ride quality were noted due to the vehicle's weight [69][70] - The driving assistance features are efficient, with smooth lane changes and adaptive speed control, although some areas for improvement were identified [74][76]