Group 1 - The top short-selling ratios are led by China Resources Beer (80291), AIA Insurance (81299), and Anta Sports (82020), all at 100.00% [1][2] - The highest short-selling amounts are recorded for Alibaba (09988) at 1.485 billion, Tencent Holdings (00700) at 1.163 billion, and China Construction Bank (00939) at 921 million [1][2] - The highest deviation values are for China Resources Beer (80291) at 37.08%, AIA Insurance (81299) at 34.84%, and Spring Health (01858) at 34.29% [1][2] Group 2 - The top ten short-selling ratios include JD Health (86618) at 100.00%, SenseTime (80020) at 89.60%, and Lenovo Group (80992) at 87.78% [2] - The top ten short-selling amounts also feature Xiaomi Group (01810) at 914 million and Pop Mart (09992) at 826 million [2] - The top ten short-selling deviation values include Baidu Group (89888) at 32.64% and Yum China (09987) at 29.58% [2]

12月5日,小米集团-W（01810）、美团-W（03690）、零跑汽车（09863）南向资金净流入金额位列市场 前三，分别净流入30.13 亿、6.06 亿、4.34 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | -17.78 亿 | -14.61% | 155.000（+0.39%） | | 腾讯控股(00700) | -14.47 亿 | -16.25% | 610.000（-0.33%） | | ASMPT(00522) | -4.69 亿 | -33.79% | 78.600（+0.70%） | | 中国移动(00941) | -3.42 亿 | -32.61% | 87.150（+0.17%） | | 中远海能(01138) | -2.43 亿 | -54.86% | 9.370（-2.90%） | | 汇丰控股(00005) | -2.27 亿 | -9.57% | 111.000（-0.45%） | | 快手-W(01024) | -2.21 亿 | -11.10% | 69.200（ ...

Core Viewpoint - Leap Motor's Lafa5 officially launched on November 27, 2025, with promotional pricing significantly lower than pre-sale versions, indicating a strong market entry strategy [1][2]. Group 1: Product Launch and Pricing - Lafa5 is priced between 97,800 to 121,800 yuan, with a limited-time promotional price of 92,800 to 116,800 yuan, reflecting a decrease of 13,000 to 15,000 yuan compared to pre-sale prices [1]. - The launch includes substantial promotional benefits, such as a maximum value of 24,900 yuan in launch gifts, including cash discounts and lifetime warranties on key components [1]. Group 2: Product Features and Competitiveness - Lafa5 is positioned as a high-value electric coupe, offering superior space, configuration, and performance compared to competitors, with a length of 4,430 mm and a wheelbase of 2,735 mm [2]. - The vehicle features two versions with CLTC ranges of 515 km and 605 km, and the lowest energy consumption version achieves 12.3 kWh/100 km [2]. - Equipped with advanced driving capabilities, including city and highway navigation assistance, Lafa5 utilizes Qualcomm Snapdragon 8650 and 8295 chips for enhanced smart driving performance [2]. Group 3: Market Strategy and Future Outlook - Leap Motor is in a strong new vehicle cycle, planning to launch 2-3 new products globally each year over the next three years, with Lafa5 being a key model in the 100,000 to 150,000 yuan price range [3]. - The company has established a robust domestic sales network with 866 stores and is expanding internationally, having exported 38,000 vehicles in the first nine months of the year [3]. - Collaborating with Stellantis, Leap Motor aims to leverage global resources for efficient market entry, anticipating significant profit contributions from overseas sales [3]. - Projections indicate a net profit of 630 million, 5 billion, and 8.37 billion yuan for 2025-2027, with corresponding P/E ratios of 107.9X, 13.7X, and 8.2X, maintaining a "buy" rating [3].

Key Points - The top three stocks with net inflows are Yingfu Fund (02800) with 2.602 billion, Hang Seng China Enterprises (02828) with 486 million, and Leap Motor (09863) with 395 million [1] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.352 billion, SMIC (00981) with -463 million, and Horizon Robotics-W (09660) with -264 million [1] - In terms of net inflow ratio, Qingdao Bank (03866) leads with 75.11%, followed by Jiangsu Ninghu Expressway (00177) with 58.50%, and Far East Horizon (03360) with 54.75% [1] - The top three stocks with the highest net outflow ratios are Wisdom Hong Kong 100 (02825) at -100.00%, Shanghai Petrochemical (00338) at -61.38%, and Zhengzhou Bank (06196) at -55.42% [1] Net Inflow Rankings - Yingfu Fund (02800) had a net inflow of 2.602 billion, representing a 20.03% increase, closing at 26.140 (+0.77%) [2] - Hang Seng China Enterprises (02828) saw a net inflow of 486 million, with a 6.23% increase, closing at 93.340 (+1.02%) [2] - Leap Motor (09863) recorded a net inflow of 395 million, with a 53.79% increase, closing at 52.450 (-1.04%) [2] Net Outflow Rankings - Tencent Holdings (00700) experienced a net outflow of -1.352 billion, with a -14.49% decrease, closing at 612.000 (+0.16%) [2] - SMIC (00981) had a net outflow of -463 million, with a -13.37% decrease, closing at 69.800 (+3.87%) [2] - Horizon Robotics-W (09660) faced a net outflow of -264 million, with a -14.42% decrease, closing at 8.290 (+6.97%) [2] Net Inflow Ratio Rankings - Qingdao Bank (03866) had a net inflow ratio of 75.11%, with a net inflow of 4.4567 million, closing at 4.020 (+0.25%) [3] - Jiangsu Ninghu Expressway (00177) had a net inflow ratio of 58.50%, with a net inflow of 1.9164 million, closing at 10.060 (-0.89%) [3] - Far East Horizon (03360) had a net inflow ratio of 54.75%, with a net inflow of 3.6805 million, closing at 8.020 (+1.39%) [3]

浙江零跑科技股份有限公司 章程 杭州 二〇二五年十二月 | | | 目錄 | 1 | | --- | --- | --- | --- | | 第一章 | 總則 | | 2 | | 第二章 | | 經營宗旨和經營範圍 | 3 | | 第三章 | 股份 | | 4 | | 第一節 | | 股份發行 | 4 | | 第二節 | | 股份增減和回購 | 8 | | 第三節 | | 股份轉讓 | 9 | | 第四節 | | 股票和股東名冊 | 10 | | 第四章 | | 股東和股東會 | 11 | | 第一節 | | 股東 | 11 | | 第二節 | | 股東會的一般規定 | 15 | | 第三節 | | 股東會的召集 | 18 | | 第四節 | | 股東會的提案與通知 | 19 | | 第五節 | | 股東會的召開 | 21 | | 第六節 | | 股東會的表決和決議 | 25 | | 第五章 | 董事會 | | 28 | | 第一節 | | 董事 | 28 | | 第二節 | | 獨立非執行董事 | 32 | | 第三節 | | 董事會 | 33 | | 第四節 | | 董事會秘書 | 38 | | 第六章 ...

ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 本公司的董事會（「董事會」）成員載列如下： 執行董事 朱江明先生 （創始人、董事長兼首席執行官） 曹力先生 （執行董事兼高級副總裁） 周洪濤先生 （執行董事兼高級副總裁） 非執行董事 Grégoire Olivier先生 Davide Mele先生 金宇峰先生 浙江零跑科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） （股份代號：9863） 董事名單及彼等的職責 1 董事會由三個董事委員會組成。下表載列各名董事於該等委員會中的職責： | | | 董事委員會 | 提名及 | | --- | --- | --- | --- | | 董事 | | | 環境、社會 | | | 審核委員會 | 薪酬委員會 | 及公司治理 (ESG)委員 | | | | | 會 | | 朱江明先生 | | 成員 | 主席 | | 曹力先生 | | | | | 周洪濤先生 | | | | | Grégoire Olivier先生 | | | | | Davide Mele先生 | | | | | 金宇峰先生 | | | | | 付于 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ZHEJIANG LEAPMOTOR TECHNOLOGY CO., LTD. 浙江零跑科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9863） 2025年12月8日舉行之臨時股東大會的表決結果 於本公告日期，董事會包括執行董事朱江明先生、曹力先生及周洪濤先生；及非 執行董事Grégoire Olivier先生、Davide Mele先生及金宇峰先生；以及獨立非執行 董事付于武先生、萬家樂女士及沈林華先生。 臨時股東大會的投票結果如下： | | 普通決議案 | 票數(%) | | | | --- | --- | --- | --- | --- | | | | 贊成 | 反對 | 棄權 | | 1. | 審議及批准關於更換董事的議案： | | | | | 1.1 | 免去Douglas Ostermann先生非執行董事的職務。 | 955,036,108 | 397,668 | ...

Summary of Key Points Core Viewpoint - The automotive industry in China is nearing the end of 2025, with various companies reporting their sales performance against annual targets, revealing a mix of successes and challenges across the sector. Group 1: Company Performance - China FAW Group achieved a cumulative sales of 2.995 million units from January to November, with a target completion rate of 86.81% against an annual goal of 3.45 million units, showing a year-on-year growth of 4.8% [3][4] - Changan Automobile reported cumulative sales of 2.658 million units, achieving 88.6% of its 3 million unit target, with a notable 54.66% year-on-year growth in its new energy vehicle sales [6] - SAIC Motor Corporation reached 4.108 million units in cumulative sales, completing 91.29% of its 4.5 million target, with a 16.4% year-on-year growth [8] - GAC Group's cumulative sales were 1.534 million units, achieving only 66.7% of its 2.3 million target, reflecting a 10.8% year-on-year decline [10] - BYD's cumulative sales stood at 4.182 million units, completing 90.9% of its revised target of 4.6 million units, with significant contributions from overseas markets [12] - Geely Automobile achieved 2.788 million units in sales, with a completion rate of 92.93%, reflecting a strong 42% year-on-year growth [14] - Chery Group's cumulative sales were 2.561 million units, with a year-on-year growth of 11.1%, aiming to exceed industry growth by 10-20 percentage points [16] - Li Auto reported 362,000 units sold, achieving only 56.56% of its 640,000 target, facing challenges in product cycles and market competition [18] - NIO's cumulative sales were 278,000 units, achieving 62.61% of its 444,000 target, with a year-on-year growth of 45.6% [20] - XPeng Motors exceeded its target with 392,000 units sold, achieving 103.1% of its goal [22][23] - Leap Motor surpassed its target with 536,000 units sold, achieving 107.2% of its goal [25] - Xiaomi's automotive division exceeded its target of 350,000 units, with expectations to surpass 400,000 units [27] - Lantu's cumulative sales were 134,000 units, achieving 67% of its 200,000 target, with a year-on-year growth of 82% [29] - Deep Blue reported a year-on-year growth of 45.7%, with a target of 360,000 units [31][32] - Arcfox aimed for significant growth, achieving 85.38% of its target with 136,600 units sold [34] Group 2: Industry Insights - The performance metrics of these companies reflect their strategic positioning in technology, market strategy, and organizational resilience, indicating a transition in the Chinese automotive industry from quantity accumulation to quality improvement [34]

Group 1: National Standards Implementation - The implementation of national standards for dynamic monitoring and early warning of new energy vehicle safety performance, as well as remote service and management systems, began on December 1 [1][2] - The standards aim to enhance data monitoring on safety platforms and establish a new safety management model for new energy vehicles [1] Group 2: November Sales Data - Multiple automotive companies reported their November sales figures, with China FAW selling 306,000 vehicles and producing 312,000 [5] - Changan Automobile's sales reached 283,000 units, a year-on-year increase of 2.3% [5] - BYD's sales slightly declined, while Hongmeng Zhixing saw an 89.61% year-on-year increase in new car deliveries [5] - Other companies like NIO and Li Auto reported significant year-on-year growth, while Li Auto experienced a continuous decline for six months [5] Group 3: Government Initiatives - The Ministry of Industry and Information Technology encouraged leading companies in lithium batteries and new energy vehicles to expand internationally and invest in green energy projects [6] - The ministry emphasized the importance of international cooperation in green technology and standards [6] Group 4: Automotive Repair Industry - The China Automotive Maintenance Industry Association announced the initiation of a credit evaluation system for automotive repair enterprises to enhance integrity and market order [7][9] Group 5: New Standards and Initiatives - The new national standard GB17675-2025 for steering systems will replace the previous standard starting July 1, 2026, focusing on the safety of new technologies [9] - Geely Auto Group declared December as "Geely Safety Month" and will open a global safety center on December 12 [9][10] Group 6: New Product Launches - ZF announced the mass delivery of the Indi coaxial reducer, which significantly improves efficiency while saving space and weight [11] - The National Lithium Battery Material and Product Quality Inspection and Testing Center passed a national acceptance check, equipped with advanced testing facilities [12][14] - Scania's first locally manufactured Super trucks were officially launched from its production base in Jiangsu, with a total investment of 2 billion euros [16]

Core Insights - Zhejiang's private economy has shown remarkable growth, contributing over 67% of the province's GDP, 70% of tax revenue, 80% of imports and exports, and 85% of employment as of mid-2025 [1] - The transition from traditional factor-driven growth to innovation-driven growth is highlighted as a key factor in Zhejiang's economic transformation [1] Group 1: Economic Contributions - 107 companies from Zhejiang ranked among the top 500 private enterprises in China for 2025, maintaining the province's leading position for 27 consecutive years [1] - The private sector's contribution to Zhejiang's economy is significant, with projections indicating that the "three new" economy will account for approximately 28.5% of GDP by 2024 [2] Group 2: Innovation and Technology - The integration of technological and industrial innovation has accelerated the cultivation of new productive forces in Zhejiang, with a notable shift towards digitalization and intelligence in industries [2] - AI technology is being utilized in various sectors, such as design and manufacturing, significantly reducing production cycles and enhancing product competitiveness [2][4] Group 3: Industry Clusters - Zhejiang has developed five trillion-level industrial clusters, including modern textiles, green petrochemicals, high-end software, smart IoT, and new energy vehicles [7] - The automotive air conditioning industry in Longquan has become a major cluster with over 200 enterprises and an industry output value exceeding 10 billion [5][7] Group 4: Global Expansion - Zhejiang's private enterprises are increasingly engaging in global markets, with significant exports of new energy vehicles, including 1,346 units shipped to Russia [11][12] - Companies are adapting to global competition by enhancing their overseas operations, such as establishing factories and R&D centers abroad [13]