Core Insights - Leap Motor's first strategic product, Lafa 5, has officially started pre-sales in China and is set to launch on November 28, 2023, with plans to enter global markets by 2026 [1] - The Lafa 5 is positioned as a "high-value pure electric sports hatchback," targeting a younger demographic with features emphasizing intelligence and driving pleasure, offering two CLTC range versions of 515 km and 605 km across five configurations [1] - The introduction of the Lafa 5 Ultra special edition, equipped with a dedicated aerodynamic kit, is scheduled for delivery in the second quarter of 2026 [1] Product Strategy - The design of the Lafa 5 incorporates elements favored by younger consumers, supported by the company's self-research strategy that allows for cost control, enabling competitive pricing while including high-end features like lidar, Qualcomm 8295 chips, and 800V high-voltage architecture [1] - The sports hatchback model has broad acceptance in the European market, enhancing Leap Motor's prospects for entering this region [1] Market Positioning - Leap Motor's Vice President highlighted that the Lafa 5 targets a consumer group that values individuality, aligning with the product positioning of the Golf GTI, which emphasizes youthful passion and non-conformity [2] - The introduction of personalized models is seen as a critical step for Leap Motor in transitioning from a "mass-market" to a "refined" strategy, marking a new development phase for the company [2] - Leap Motor has established over 600 sales and service outlets in approximately 35 international markets, with more than 550 of these located in Europe [2]

New Car Launches - BYD's new model "Summer" launched with a price range of 206,800 to 269,800 yuan, featuring advanced technology and improved electric range [2][3][12] - Mazda's new EZ-6 launched at a price of 119,800 to 162,800 yuan, emphasizing safety and driving performance [13][20] - Zeekr X launched with a price range of 155,800 to 175,800 yuan, focusing on performance and design [21][28] - Mercedes-Benz's pure electric CLA launched at a price of 249,000 to 285,600 yuan, showcasing advanced technology and design [34] - Tank 400 plug-in hybrid launched with a price range of 249,800 to 319,800 yuan, featuring off-road capabilities and advanced technology [35][44] - Tesla's Model Y long-range rear-wheel drive version launched at a price of 285,800 yuan, achieving over 800 km of electric range [45][51] - IM LS9 opened for pre-sale with a price range of 346,900 to 376,900 yuan, featuring luxury and advanced technology [52][61] - Aion i60 opened for pre-sale with a price range of 119,800 to 126,800 yuan, offering both extended range and pure electric versions [62][70] - New Xiangjie S9 opened for pre-sale with a price range of 318,000 to 378,000 yuan, focusing on luxury and technology [79] - Xpeng X9 extended range version opened for pre-sale with a price range of 350,000 to 370,000 yuan, emphasizing design and technology [80][89] - Leap Lafa5 opened for pre-sale with a price range of 105,800 to 131,800 yuan, targeting young consumers [90][96] Company Developments - Geely acquired a 26.4% stake in Renault's Brazilian operations, enhancing its market presence in Latin America [98][101] - Xpeng unveiled its second-generation VLA model and self-developed Robotaxi, showcasing advancements in AI and autonomous driving [102][113] - Volkswagen announced a partnership with Horizon to develop system-level chips, aiming for mass production in 3-5 years [114][119] - Nissan sold its global headquarters for approximately 44.94 billion yuan to improve its financial situation [124][126] Domestic News - China's combination driving assistance technology has significantly improved, with a market penetration rate of 62.58% for passenger cars equipped with such systems [128][132]

Core Viewpoint - The article discusses the recent developments and performance of Leap Motor, highlighting its growth trajectory and market positioning in the electric vehicle sector [1] Group 1: Company Performance - Leap Motor reported a significant increase in vehicle deliveries, achieving a total of 30,000 units in the last quarter, representing a 50% year-over-year growth [1] - The company’s revenue for the same period reached 1.5 billion, marking a 45% increase compared to the previous year [1] - Leap Motor's gross margin improved to 18%, up from 12% in the previous quarter, indicating enhanced operational efficiency [1] Group 2: Market Positioning - The company has expanded its market share in the electric vehicle segment, now holding a 10% share in the domestic market [1] - Leap Motor plans to launch two new models in the upcoming year, aiming to capture a broader customer base and enhance its competitive edge [1] - The company is focusing on increasing its presence in international markets, with plans to enter Southeast Asia by the end of the year [1]

Investment Rating - The report maintains a positive investment outlook for the clean energy sector, particularly focusing on storage, wind, and solar energy [1][5][19]. Core Insights - The global electricity shortage narrative continues to evolve, driven by AI computing power demands and carbon reduction goals, which will collectively drive a significant cycle in clean energy and new grid construction over the next 3-5 years [1][5]. - Storage solutions are identified as critical for adapting to changes in power source structures and load characteristics, while green hydrogen and ammonia are seen as key pathways for carbon reduction in non-electric sectors [1][5]. - The report emphasizes the importance of top-level design documents in China, reinforcing the strategic direction for energy transition and carbon neutrality [6][7]. Summary by Relevant Sections Energy Storage - North America continues to experience electricity shortages, with a resonance between the Chinese and U.S. markets; the white paper on carbon peak and carbon neutrality in China further establishes the key role of storage [6][7]. - Tesla is expected to procure 30GWh of storage batteries from Samsung SDI, indicating a strong demand for storage solutions [8][9]. Lithium Battery - The price of lithium hexafluorophosphate (6F) continues to rise, with a notable increase of 4.19% in the average price of lithium iron phosphate batteries; the overall lithium battery supply chain remains optimistic [12][16]. - Tianqi Lithium announced significant orders totaling nearly 400 billion yuan for electrolyte products, indicating robust demand in the lithium battery sector [13]. Wind Energy - Wind turbine prices and volumes are exceeding expectations, with a focus on the profitability recovery of the turbine manufacturing segment; the report recommends key companies in this area [17][19]. - The government of Yancheng has released a green electricity direct connection plan, with a wind power capacity of 35.8GW planned, predominantly from offshore sources [20][21]. Solar Energy - The solar industry is experiencing a seasonal slowdown in production, but the decline is less than previously predicted; the report suggests bottom-fishing strategies in the solar sector, particularly in glass and low-cost silicon materials [23][24]. - The report highlights the potential for demand recovery in the solar market due to ongoing electricity shortages and domestic carbon reduction targets [23][26]. Hydrogen and Fuel Cells - The solid oxide fuel cell (SOFC) sector is experiencing unexpected growth, with new supply chain opportunities emerging; the report emphasizes the importance of green hydrogen and ammonia in future energy strategies [26][28]. - The report identifies a significant opportunity for green methanol production, driven by upcoming projects and the demand for green shipping fuel [27][28]. AIDC (Advanced Industrial Computing) - Major electrical giants are expanding their liquid cooling business through acquisitions, indicating a growing market for thermal management solutions in data centers [29][30].

Core Insights - Leap Motor is expanding its market presence by entering the personalized automotive sector with the launch of the Lafa 5, a pure electric sports sedan [2][4] - The Lafa 5 is priced between 105,800 to 131,800 yuan and will officially launch on November 28, 2023, with plans for global market entry by 2026 [2] - The company has reported strong sales growth, achieving nearly 470,000 units sold in 2025 and a significant revenue increase of 174% year-on-year [3] Group 1: Product Launch and Features - The Lafa 5 offers five configuration versions with CLTC ranges of 515 km and 605 km, featuring an 800V high-voltage architecture and Qualcomm 8295P chip [2][5] - The vehicle's dimensions are 4430mm in length, 1880mm in width, and 1520mm in height, with a wheelbase of 2735mm [2] - The introduction of the Lafa 5 signifies Leap Motor's strategic shift towards personalized vehicles after establishing a foothold in the mainstream market [3][6] Group 2: Market Strategy and Brand Development - Leap Motor aims to enhance its brand image, moving away from being perceived as a budget alternative to a more premium offering [3] - The company has launched the D platform and the D19 flagship SUV, marking its entry into the luxury market segment [3] - The rise of the Z generation as a key consumer group has prompted Leap Motor to focus on personalized designs that resonate with younger buyers [4] Group 3: Global Expansion and Technological Integration - Leap Motor's global strategy includes establishing over 600 sales and service outlets in approximately 35 international markets, with a focus on Europe [5] - The Lafa 5's competitive pricing is supported by the company's in-house research and development capabilities, allowing for advanced features typically found in higher-priced models [5][4] - The transition from mainstream to personalized vehicles represents a significant evolution in Leap Motor's business strategy, indicating a shift from survival to differentiation in the market [6]

北京商报讯（记者 蔺雨葳）11月7日，零跑全新个性战略新品——零跑Lafa5开启预售，预售价区间10.58万—13.18万元。新车定位高颜值运动轿跑，基于零 跑LEAP3.5技术架构打造，融合了轿跑颜值、中欧联合底盘调校、高通8295P+8650旗舰芯片等。零跑Lafa5将于11月28日正式上市，2026年还将逐步登陆全 球市场。 图片来源：企业供图 动力方面，零跑Lafa5搭载160kW后置后驱7合1高性能油冷电驱，零百加速6.4秒。续航方面，新车CLTC工况下续航里程可达605公里，30%—80%充电仅需 18分钟。 ...

（文章来源：21世纪经济报道） 零跑汽车 Lafa5 正式开启预售。新车共分为515km、605km两种续航版本，将在11月28日正式上市，预 售价格10.58万元-13.18万元。另外，官方称，Lafa 5 Ultra版本将在2026年二季度正式发布。 ...

Group 1 - Multiple automakers reported strong sales performance in October, driven by the peak season of "Golden September and Silver October" [1] - New energy vehicle (NEV) sales are expected to exceed 16 million units in 2025, with the used car replacement policy significantly boosting the market [1][7] - New force brands like Leap Motor, Xpeng Motors, and NIO achieved record monthly deliveries, with Leap Motor delivering 70,289 units, a year-on-year increase of over 84% [2] Group 2 - Xpeng Motors delivered 42,013 units in October, marking a 76% year-on-year increase and entering several international markets [2] - NIO's deliveries reached 40,397 units, a 92.6% year-on-year increase, with significant contributions from its various brands [2] - Xiaomi Motors also surpassed 40,000 units in deliveries, while Li Auto's deliveries decreased slightly [3] Group 3 - Traditional automakers showed strong performance in the NEV sector, with BYD reporting 441,706 NEV sales in October, a 12% year-on-year decline [4] - SAIC Group's sales reached 453,978 units, with NEV sales growing by 31.6% year-on-year [4] - Chery Group's NEV sales exceeded 110,000 units for the first time, reflecting a 54.7% year-on-year increase [4] Group 4 - Industry experts noted that traditional automakers are leveraging their manufacturing scale and brand reputation to excel in the NEV market [5] - The market is expected to remain strong post the peak season, with various automakers launching new promotional activities [6] - The automotive market is anticipated to exceed initial production and sales forecasts, with a projected total of 32.9 million vehicles for the year [7]

Core Insights - Leap Motor officially announced the pre-sale of its new model Lafa 5, targeting the compact market with a price range of 105,800 to 131,800 yuan, set to launch on November 28 [1][2] Group 1: Vehicle Specifications - Lafa 5 features an 800V high-voltage architecture, allowing for a charging time of 15 minutes to go from 10% to 80% battery, and can add 200 km of range in just 5 minutes [1] - The vehicle is equipped with a peak power electric motor of 160 kW and a peak torque of 240 N·m, achieving 0-100 km/h acceleration in 6.4 seconds [2] - The dimensions of Lafa 5 are 4430 mm in length, 1880 mm in width, and 1520 mm in height, with a wheelbase of 2735 mm, indicating a standard A-class size [2] Group 2: Battery and Range - Lafa 5 offers two battery options: a 56.2 kWh and a 67.1 kWh lithium iron phosphate battery, providing CLTC range estimates of 515 km and 605 km respectively [2] - The pre-sale prices for different configurations are as follows: 515Plus at 105,800 yuan, 515Pro at 115,800 yuan, 515Max at 125,800 yuan, 605Pro at 121,800 yuan, and the top-tier 605Max at 131,800 yuan [2] Group 3: Intelligent Features - The vehicle's smart cockpit is powered by the Qualcomm Snapdragon 8295P chip, featuring a 14.6-inch central control screen and an 8.8-inch instrument screen [1] - Lafa 5 is equipped with laser radar and supported by a Qualcomm 8650 chip with 200 Tops of computing power, enabling city NAC navigation without high-precision maps [1] Group 4: Design Elements - The design includes frameless doors, 19-inch wheels, and a tail diffuser, emphasizing a sporty aesthetic [2] - An additional Lafa 5 Ultra version is planned for release in Q2 2026, featuring more aggressive styling elements [2]

FF301 備註： 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 1,131,047,140 RMB 1 RMB 1,131,047,140 增加 / 減少 (-) RMB 本月底結存 1,131,047,140 RMB 1 RMB 1,131,047,140 增加 / 減少 (-) RMB 本月底結存 290,765,512 RMB 1 RMB 290,765,512 2. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 09863 說明 1. 股份分類 普通股 股份類別 其他類別 (請註明) 於香港聯交所上市 (註1) 否 證券代號 (如上市) N/A 說明 內資股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 290,765,512 RMB 1 RMB 290,765,512 | | | 公司名稱: 浙江零跑科技股份有限公司 致：香港交易及結算所有限公司 截至月份: 2025年10月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 1,421,812,652 第 1 頁 共 11 頁 v 1.1.1 由于本公司系在中華人民共和國註册成立，" ...