微信编辑 ｜钉钉 10月17日上午，零跑汽车高级副总裁曹力在一场媒体沟通会上表示，发生交通事故的时候，无论是谁 的责任，首先要做的是尽可能保证车主的安全。一是当驾驶员因为道路状况或者醉驾、超速等状况而发 生交通事故时，会有碰撞信号传到后台，零跑会及时联系驾驶员并提供救援等服务。二是，公司质量部 门会分析是不是车有安全隐患，配合车主、交警等一起调查。人身安全始终在第一位。（第一财经记者 葛慧） ...

（文章来源：第一财经） 10月17日上午，零跑汽车高级副总裁曹力在一场媒体沟通会上表示，发生交通事故的时候，无论是谁的 责任，首先要做的是尽可能保证车主的安全。一是当驾驶员因为道路状况或者醉驾、超速等状况而发生 交通事故时，会有碰撞信号传到后台，零跑会及时联系驾驶员并提供救援等服务。二是，公司质量部门 会分析是不是车有安全隐患，配合车主、交警等一起调查。人身安全始终在第一位。 ...

Core Insights - Leap Motor officially launched its flagship D19 model, marking a significant step in its high-end strategy with advanced technology integration [1][2] - The D19 features Qualcomm's Snapdragon dual 8797 integrated chip, achieving a computing power of 640 TOPS, which enhances its smart cockpit capabilities [1] - The company aims to differentiate itself in the increasingly competitive high-end electric vehicle market, facing challenges from tech giants and traditional luxury brands [2] Product and Technology - The D19 is the largest and highest-positioned product in Leap Motor's history, available in both pure electric and range-extended versions [1] - It boasts a three-motor all-wheel drive system, achieving acceleration in three seconds for pure electric and four seconds for range-extended models [1] - Leap Motor has invested over 10 billion yuan in R&D, with over 95% of key components developed in-house, enhancing its competitive edge [2][3] Market Performance - In September, Leap Motor achieved a monthly delivery of 66,657 vehicles, contributing to a total of 221,664 vehicles delivered in the first half of 2025, a 155.7% increase year-on-year [2] - The company's revenue reached 24.25 billion yuan, a 174% increase, with a gross margin of 14.1%, marking a record high for the company [2] - Leap Motor has established around 1,700 stores globally, including approximately 700 overseas, supporting the sales of the D19 [2] Strategic Collaborations - Leap Motor has innovated its cooperation model, supplying components to other automakers and expanding its battery supply business [3] - A strategic cooperation memorandum was signed with FAW Group to jointly develop new energy vehicles and components, enhancing resource collaboration [3] Global Expansion - In the first seven months of 2025, Leap Motor exported 24,980 vehicles, leading among new energy vehicle companies [4] - The company has established around 600 sales and service outlets in 30 markets, including over 550 in Europe, with plans for a local production base by the end of 2026 [4]

Core Insights - Leap Motor officially launched its self-developed flagship D platform and showcased the first full-size flagship SUV, the Leap D19, globally [1] Group 1: Product Launch - The Leap D19 features six industry-first technologies and offers both range-extended and pure electric powertrains [1] - The range-extended model achieves over 500 kilometers of pure electric range based on CLTC standards [1] - The pure electric model utilizes high-voltage technology with a 115 kWh battery and incorporates CATL's globally debut mixed battery cells, achieving over 700 kilometers of pure electric range based on CLTC standards [1]

Market Overview - The Hong Kong stock market showed mixed performance on October 16, with the Hang Seng Index slightly down by 0.09%, the Hang Seng China Enterprises Index up by 0.09%, and the Hang Seng Tech Index down by 1.18% [1][2]. Technology Sector - Major technology stocks experienced a downturn, with Xiaomi down by 3.6%, Baidu, Meituan, and Tencent Holdings each down over 1%, while JD.com, Kuaishou, and Alibaba also saw slight declines [2][3][4]. - The overall performance of the technology sector was weak, contributing to the decline of the Hang Seng Tech Index [2][3]. New Energy Vehicle Sector - The new energy vehicle sector faced significant declines, with NIO down nearly 9% and other companies like Li Auto, Xpeng, and BYD also experiencing losses [5][6]. - Data from the China Passenger Car Association indicated that retail sales of new energy vehicles in October were 367,000 units, a year-on-year decrease of 1% [6]. Education Sector - The education sector showed strong performance, with companies like Think Academy seeing a remarkable increase of 26.5% in stock price, driven by plans to raise approximately HKD 241 million for future AI projects [9][10]. - The sector's rebound is attributed to positive policy signals and the adoption of AI technology by educational companies [10]. Apple Concept Stocks - Apple-related stocks performed well, with BYD Electronics rising nearly 5% following discussions between Apple's CEO Tim Cook and China's Ministry of Industry and Information Technology regarding business development in China [11][12]. Coal Sector - Coal stocks saw gains, with China Qinfa up over 8%, driven by increased demand for coal as winter approaches and a report indicating a rise in coal production [13][14]. Shipping Sector - The shipping sector was active, with stocks like Orient Overseas International and COSCO Shipping rising nearly 4% following the announcement of a special port fee for ships from the U.S. [14][16]. Innovative Drug Sector - The innovative drug sector experienced growth, with companies like 3SBio and Innovent Biologics rising nearly 6%, ahead of the European Society for Medical Oncology (ESMO) annual meeting [16][17]. Insurance Sector - Insurance stocks were active, with China Life Insurance rising nearly 5% after a positive earnings forecast from New China Life Insurance [18][19]. IPO Activity - Cloudwalk Technology debuted on the Hong Kong stock market, closing up 26.05% with a market capitalization of HKD 8.281 billion, following a highly oversubscribed IPO [20][23]. Market Outlook - Analysts expect the Hong Kong stock market to experience wide fluctuations, with a focus on sectors such as precious metals and the AI industry due to ongoing geopolitical tensions and trade issues [25].

Core Viewpoint - The article discusses the evolution of the new energy vehicle market in China, highlighting the shift from the "Wei Xiaoli" (NIO, Xpeng, Li Auto) representation of new car manufacturers to a broader classification of seven key players, termed "BIG 6+1," which includes Tesla, Leap Motor, AITO, Xiaomi, Xpeng, Li Auto, and NIO. This shift reflects the changing market dynamics as new entrants gain significant market share and challenge established brands like BYD [1][15]. Group 1: Market Dynamics - By 2025, the penetration rate of new energy vehicles in China is expected to exceed 50%, leading to the market's accelerated elimination of some new car manufacturers [1]. - In August 2025, the total insurance volume of seven new energy vehicle manufacturers approached or briefly surpassed that of BYD, the market leader [1][13]. - The "BIG 6+1" collectively accounted for approximately 30% of the entire market, with a significant share in the new energy segment [15]. Group 2: Classification of New Energy Manufacturers - A clear distinction is made between manufacturers with fuel vehicle production qualifications and those without, with only seven companies in the top 40 insurance volume rankings lacking such qualifications [2]. - The seven new energy vehicle manufacturers identified are Tesla, Leap Motor, AITO, Xiaomi, Xpeng, Li Auto, and NIO, with their respective market shares in August 2025 being 2.81%, 2.52%, 2.19%, 1.79%, 1.71%, 1.53%, and 1.40% [4][14]. Group 3: Sales and Market Share - The sales rankings for August 2025 show BYD leading with 284,005 units sold, followed by other brands, with the "BIG 6+1" collectively nearing BYD's sales figures [3][14]. - The average selling prices of the "BIG 6+1" brands vary, with Tesla at 29.67 million yuan, Li Auto at 34.90 million yuan, and Leap Motor at 12.98 million yuan, indicating a diverse pricing strategy among these manufacturers [9][11]. Group 4: Product Strategy and Offerings - The "BIG 6+1" brands have a varied product lineup, with most brands offering around seven models, while Xiaomi has the least with three models [5]. - The product pricing strategy shows a concentration in the 20,000 to 40,000 yuan range, with the cheapest model from Leap Motor priced at around 50,000 yuan [7][12]. Group 5: Future Outlook - The article suggests that as the "BIG 6+1" brands stabilize their sales figures, they will likely lead the new energy vehicle market, marking a new phase in the industry's development [15]. - Upcoming product launches from these brands, such as the AITO M7 and NIO ES8, are expected to further enhance their market positions and sales potential [15].

Group 1 - Leap Motor officially announced that Fei Xiang will be the spokesperson for the D series, with the promotional slogan "Upgrade Beyond, Reconstruct the Flagship" [1] - The flagship D platform technology launch event and the global debut of the D19 will take place today at 19:00, with Fei Xiang in attendance [1] - The D19 is positioned as a full-size SUV, set to officially launch in the first quarter of 2026, featuring a length exceeding 5.2 meters and a wheelbase surpassing 3.1 meters, which enhances interior space [1]

Core Insights - The automotive market in September experienced both month-on-month and year-on-year growth, with retail sales reaching 2.241 million units, a 6.3% increase year-on-year and an 11.0% increase month-on-month [1] - Domestic brands captured two-thirds of the market share, with retail sales of 1.5 million units, reflecting a 13% year-on-year increase and a 12.9% month-on-month increase [2] - New energy vehicles (NEVs) and exports significantly contributed to the growth of domestic brands, with NEV penetration among domestic brands reaching 78.1% [2] Domestic Brands Performance - Domestic brands achieved a retail market share of 66.9% in September, up 3.6 percentage points year-on-year, and a cumulative market share of 64.8% for the first nine months of the year, an increase of 5.9 percentage points [2] - BYD led the domestic brands but experienced its first year-on-year decline in sales since March 2024, with September sales at 396,200 units, down 5.52% [2][4] - Geely and Chery are gaining market share in the NEV sector, with Geely's sales reaching 273,100 units in September, a 35.24% year-on-year increase, and Chery's sales at 255,600 units, an 8.90% increase [5] Joint Venture and Luxury Brands - Joint venture brands faced challenges, with retail sales of 490,000 units in September, down 6% year-on-year, despite a 4% month-on-month increase [6] - Luxury brands saw a slight year-on-year decline, with retail sales of 240,000 units, down 1%, but a 16% month-on-month increase [6] - The market share of German brands decreased by 2.3 percentage points to 14.3% in September, indicating a shift towards domestic brands [6] New Energy Vehicle Market - The penetration rate of NEVs among domestic brands remains high at 70.1%, despite a slight year-on-year decline of 2.3 percentage points [2] - New energy vehicles accounted for 6.6% of joint venture brands and 40% of luxury brands in September [6] Emerging Players - New energy vehicle startups showed significant growth, with Leap Motor leading the segment with approximately 66,700 units delivered in September, a 97% year-on-year increase [8]

Group 1 - The Hong Kong automotive stocks experienced significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% and several other companies also showing positive growth [1][1][1] - JD.com announced a collaboration with GAC Group and CATL to launch a new car product, with test drives scheduled for late October and an official release on November 9 [1][1][1] - The China Association of Automobile Manufacturers reported that the automotive market continued its positive trend in Q3, with production and sales growth exceeding 10% year-on-year for the first nine months [1][1][1] Group 2 - Cui Dongshu indicated that the Passenger Car Association raised its annual market forecast in August and will further adjust predictions after discussions in late October, expecting upward revisions for 2025 growth forecasts [1][1][1] - The government's policy measures, including trade-in programs and subsidies for rural areas, along with high export growth, are expected to further boost the annual forecast [1][1][1]

Group 1 - The Hong Kong automotive stocks saw significant gains, with GAC Group leading with an increase of over 13%, followed by Geely Auto with over 4% [1] - JD.com announced a collaboration with GAC Group and CATL to launch a new car product, with test drives starting at the end of October and an official release on November 9 [1] - The China Association of Automobile Manufacturers reported that the automotive market maintained a positive trend in Q3, with production and sales growth exceeding 10% year-on-year in the first nine months [1] Group 2 - Analyst Cui Dongshu indicated that the China Passenger Car Association raised its annual market forecast in August and will further adjust predictions after discussions in late October, expecting upward revisions for 2025 growth forecasts [1] - The ongoing policy measures, including trade-in programs and subsidies for rural areas, along with high export growth, are expected to further boost the annual forecast [1]