Group 1: Company Updates - Michelin expects first-quarter sales to be slightly below market expectations due to more significant seasonal factors than anticipated in the first half of 2025 [1] - Anta Sports plans to acquire the German outdoor brand Jack Wolfskin for a base price of $290 million, with the deal expected to close by the end of Q2 or early Q3 2025 [1] - Yonghui Supermarket has engaged with hundreds of supply chains and is in talks with over 70 quality suppliers to expand domestic sales channels [2] - Porsche has preemptively shipped additional inventory to the U.S. to mitigate tariff impacts while maintaining March order prices [3] - Waymo is set to conduct its first international testing in Japan, marking a significant milestone for the company [3] Group 2: Investment and Financing - Stardust Intelligence has completed A and A+ round financing amounting to hundreds of millions, led by Jinqiu Fund and Ant Group [4][5] - Zhui Chuang Venture Capital has successfully raised the first phase of a 10 billion yuan industrial fund focused on robotics, AI, and high-end equipment manufacturing [6] - THINKRIDER aims to shift its business focus from domestic sales to international markets by 2025, targeting significant sales on platforms like AliExpress [7] - Tencent has established a venture capital partnership in Suzhou with an investment of approximately 249 million yuan [8] Group 3: New Products and Technologies - Leap Motor has announced that its intelligent driving software will be free for models equipped with smart driving assistance features, with refunds for previously paid users [9] - Nissan plans to launch the next-generation ProPILOT autonomous driving technology in the fiscal year 2027, featuring advanced sensing and AI capabilities [10] Group 4: Industry Developments - The European Union is moving forward with plans to build 13 AI super factories, aiming to mobilize 200 billion euros in investments for AI development [3] - Citigroup has committed over $560 million to support Vietnam Airlines' strategic investment plan to enhance operational capabilities and expand its international route network [12]

Core Viewpoint - Leapmotor responded to claims that its C16 model failed electromagnetic compatibility testing in Uzbekistan, stating that the vehicle mentioned in the warning letter was not submitted by the company for testing [1] Group 1 - The warning letter from the Uzbekistan technical regulatory authority indicated that the C16 did not pass electromagnetic compatibility tests [1] - Leapmotor clarified that the details regarding the test vehicle and specific testing conditions are unclear, and the company holds reservations about the test results [1] - The company is actively communicating with the Uzbekistan technical regulatory authority to facilitate retesting and will provide updates on the testing progress [1]

Core Insights - Leap Motor has surpassed Li Auto to become the top new force car manufacturer in March with a delivery of 37,095 vehicles, marking a year-on-year increase of over 154% [1][2] - Xiaopeng Motors and Li Auto ranked second and third with deliveries of 36,674 and 33,205 vehicles respectively in March [1] - Zeekr Technology delivered 40,715 vehicles in March but is not ranked separately due to its merger with Lynk & Co [1] Delivery Performance - Leap Motor's March delivery of 37,095 vehicles is the first time it has exceeded 30,000 monthly deliveries this year [2] - Xiaopeng Motors remains the leader in cumulative deliveries for Q1 2025 with 94,008 vehicles, a year-on-year increase of 331% [2] - Li Auto's Q1 2025 deliveries reached 92,864 vehicles, while Leap Motor's total for the same period was 87,552 vehicles, placing it third [2] Market Dynamics - NIO's growth in March was slower compared to competitors, with deliveries of 15,039 vehicles, a year-on-year increase of 26.7% [4] - Xiaomi Motors has shown stable delivery performance with over 29,000 vehicles delivered in March, maintaining a consistent monthly delivery above 20,000 for six consecutive months [4] - NIO's sub-brand, Ladao, has not met its delivery commitments, delivering only 4,820 vehicles in March [4] Strategic Shifts - NIO announced a significant personnel change, with the president of its Ladao brand resigning and a new leader appointed, indicating a potential strategic shift [4] - The automotive industry is witnessing a trend towards accelerated investment in intelligent driving technologies, with various companies launching new models and features [6] Intelligent Driving Trends - Leap Motor is set to launch its B10 model featuring the LEAP3.5 technology architecture [6] - Zeekr has introduced innovative driving technologies, including the G-AES automatic obstacle avoidance feature [6] - The market for intelligent connected vehicles in China is projected to reach a scale of 1.1082 trillion yuan in 2024, with a growth rate of 34% [6]

Group 1 - The core viewpoint of the article highlights Leap Motor's successful financial performance, achieving positive net profit in Q4 of the previous year and setting a new record for quarterly gross margin at 13.3% [2] - The company aims to expand its international market presence by increasing its channel network to over 550 locations this year [2] - Leap Motor is focusing on localizing manufacturing in Europe, potentially at Stellantis' factories, with a target to avoid 20.7% tariffs through local production by 2026 [3] Group 2 - As of the end of 2024, Leap Motor plans to establish over 400 sales and service points globally, with more than 350 in Europe, exceeding initial targets [3] - The European electric vehicle market is facing challenges, with a 5.9% decline in new electric vehicle sales, while hybrid vehicle sales have increased by 20.9% [3][4] - Leap Motor is diversifying its market strategy beyond Europe, targeting regions such as the Middle East, Asia-Pacific, and South America, with different export models based on regional demands [4] Group 3 - The company has set an export target of over 50,000 vehicles this year, following a successful export of over 13,700 vehicles last year [5][6] - Leap Motor is enhancing its product offerings, with plans to unveil an exciting new model at the Munich IAA Mobility International Auto Show in September [6] - The company is collaborating with Stellantis Financial Services to provide financial services to dealers and consumers, and has established a robust parts distribution network [6] Group 4 - Leap Motor aims to differentiate itself in the competitive landscape by focusing on advanced intelligent driving features rather than competing solely on price [7]

每经编辑 张锦河 零跑汽车上涨12.98%，盘中一度涨超15%，股价创下历史新高，今年以来其股价已经涨超70%，今日市值增加87.57亿港元（约合人民币81.84亿元）。 4月2日，港股汽车股多数上涨。 吉利汽车涨超4%，理想汽车、蔚来涨超1%。 | | 汽车[HK] | | | | --- | --- | --- | --- | | | 877.062 1.28% | | | | 新闻 | 成分股 | | | | 零跑汽车 | 57.000 - | 12.98% | 2.97 | | HK HK9863 | | | | | 越南制造加工出口 | 0.520 | 5.05% | 0.00' | | HK HK0422 | | | | | 吉利汽车 | 17.400 | 4.69% | 1.16 | | HK HK0175 | | | | | 理想汽车-W | 100.200 | 1.21% | 0.46 | | HK HK2015 | | | | | 劇来-SW | 29.650 | 1.19% | 0.67 | | HK HK9866 | | | | 4月1日，各大车企发布了3月的成绩单。 4月1日，蔚来在 ...

智通财经APP获悉，市场观望美国即将公布的对等关税政策，港股早盘探底回升，恒科指数一度涨 1.8%，随后涨幅逐步收窄，恒指及国指午后集体翻绿。截止收盘，恒生指数跌0.02%或4.31点，报 23202.53点，全日成交额2165.98亿港元；恒生国企指数跌0.07%，报8531.51点；恒生科技指数涨 0.35%，报5426.44点。 中信证券指出，受近期个别企业的配售和对关税问题的担忧，港股自3月中旬持续调整。但该行判断这 两个因素更多为短期的情绪扰动，并不会改变港股延续反转的中长期行情。该行认为，从4月中旬起， 若海外开始交易新一轮的美联储降息预期，且国内也开始抢跑月底的政治局会议，港股有望重拾上行趋 势。 蓝筹股表现 盘面上，大型科技股涨跌互现，小米续跌超4%，快手则涨超2%。苹果AI功能拓展至更多语言和地区， 苹果概念股集体上扬；机构称险企资负两端均有改善机会，新华保险涨近5%领跑内险股；部分AI概念 股活跃，万国数据涨超5%，金山云涨超4%；新势力3月销量放榜，零跑汽车首夺新势力销冠，股价大 涨近13%创新高，吉利汽车涨超4%；重型机械、半导体、建材水泥股等飘红。另一边，有色金属、医 药股等陷入调整 ...

Market Overview - The Hong Kong stock market experienced a mixed performance, with the Hang Seng Technology Index initially rising by 1.8% but ultimately closing up only 0.35% [1][3] - The Hang Seng Index and the China Enterprises Index ended the day nearly flat after a brief rebound [1] Company Performance - Major technology stocks saw most of them increase, with Kuaishou rising over 2% and Baidu up more than 1% [3] - JD.com, NetEase, and Alibaba also recorded slight gains [3] - Xiaomi's stock fell over 4% due to the ongoing fallout from the SU7 incident, while Meituan's stock was in the red [3] - Heavy machinery stocks performed well, with SANY International rising by 6.5% and Zoomlion (000157) increasing by 5.5% [3] - Apple-related stocks generally rose following the expansion of AI features to more languages, including Chinese [3] - Domestic insurance stocks collectively rose, supported by a report from Dongwu Securities (601555) indicating strong performance driven by asset-liability resonance [3] Sector Performance - The semiconductor sector, Chinese brokerage stocks, home appliance stocks, shipping stocks, and paper industry stocks mostly saw gains [3] - Conversely, gold stocks were sluggish amid increasing risks of a significant price drop for gold, while copper and aluminum stocks declined [3] - Biopharmaceutical stocks, which had surged the previous day, experienced a full retreat [3] - Robotics and photovoltaic stocks also faced widespread declines [3]

港股通科技ETF（513860）紧密跟踪中证港股通科技指数（HKD）。该指数从港股通范围内选取50只市 值较大、研发投入较高且营收增速较快的科技龙头上市公司证券作为指数样本，以反映港股通内科技龙 头上市公司证券的整体表现。该ETF还配备了场外联接基金（021465）。 西部证券研报称，DeepSeek技术突破削弱美国AI垄断估值，特朗普对等关税加剧美国经济下行担忧， 带来中美预期回报率"东升西落"，全球流动性从美股外溢。从性价比看：恒生科技市盈率在全球科技中 更低，且处于自身历史低位；从增长性看：DeepSeek的出现，中国科技从"跟跑者"转向"核心竞争者"， 带来盈利能力的预期抬升。对标美股AI三阶段行情，行情中后期资金将聚焦"有业绩的上游算力和AI应 用端"，港股科技巨头EPS上修已现确定性，应用端弹性将随商业化落地释放。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 资金流向上看，Wind金融终端数据显示，港股通科技ETF（513860）近5日有3日获得资金净流入。 消息面上，据媒体报道，南向资金"扫货"1600亿港元，科技、消费巨头获"爆买"。今年 ...

雷军和小米汽车回应小米 SU7 高速交通事故。 4 月 1 日，小米公司发言人微博表示，2025 年 3 月 29 日 22 时 44 分，一辆小米 SU7 标准版在德上 高速公路池祁段行驶过程中遭遇严重交通事故，并造成 3 人死亡。据初步了解，事故发生前车辆处 于 NOA 智能辅助驾驶状态，以 116km/h 时速持续行驶。 据小米汽车公告，事发路段因施工修缮，用路障封闭自车道、改道至逆向车道。车辆检测出障碍物 后发出提醒并开始减速。约 1 秒后，驾驶员接管车辆进入人驾状态，NOA 功能退出。驾驶员持续 减速并操控车辆转向，随后车辆与隔离带水泥桩发生碰撞，碰撞前系统最后可以确认的时速约为 97km/h。 4 月 1 日晚间，小米汽车发布公告，称基于目前已知情况，仅能确定事故车起火并非自燃，推测系 猛烈撞击隔离带水泥桩后，整车系统严重受损导致，并表示由于尚未接触到事故车辆，暂时无法进 一步分析起火原因，以及事故时车门是否可以打开。雷军也首次公开回应此事，称 "代表小米承 诺：无论发生什么，小米都不会回避，我们将持续配合警方调查，跟进事情处理的进展，并尽最大 努力回应家属和社会关心的问题。" OpenAI 向免 ...

制表：每经记者孙磊 4月伊始，不少新能源车企就公布了3月的销量成绩。 造车新势力方面，零跑汽车摘得当月造车新势力销冠。4月1日，零跑汽车公布的数据显示，其在3月的交付量为37095辆，同比增长超154%。其中，旗舰车 型零跑C16还迎来了累计超5.5万辆的交付。 | | | 2025年3月部分新势力交付情 | | | --- | --- | --- | --- | | 走业 | 本月交付 | 上月交付 | li | | 零跑汽车 | 37095 | 25287 | | | 理想汽车 | 36674 | 26263 | | | 小鹏汽车 | 33205 | 30453 | | | 小米汽车 | >29000 | >20000 | | | 闘来 | 15039 | 13192 | | 传统车企打造的新品牌方面，广汽埃安3月的全球销量达34082辆，同比增长4.8%，环比增长63.4%。广汽埃安方面表示，随着广汽集团三年"番禺行动"的持 续深入，将加速开启多能源战略，全面覆盖增程、插混等多种动力形式车型，保证每年都有2~3款全新的智能产品推向市场。同时，埃安L4前装量产车也将 于今年上海车展正式亮相。 4月1日，极 ...