Market Overview - The Hong Kong stock market opened higher today, with the Hang Seng Index at 25,452.87 points, up 232.85 points, a rise of 0.92% [1] - The Hang Seng Tech Index reached 5,456.61 points, increasing by 61.12 points, a gain of 1.13% [3] Company Updates - Sany Heavy Industry (HK06031) and Cambridge Technology (HK06166) saw slight increases in their stock prices, with Sany up nearly 1% and Cambridge rising over 6% [4] - Leap Motor (HK09863) announced its inclusion in the Hang Seng Tech Index, effective December 8, 2025, which is expected to broaden its investor base and enhance trading liquidity [5] Market Sentiment and Future Outlook - Huatai Securities indicated that the sentiment indicator for Hong Kong stocks remains in a pessimistic zone, suggesting that the market is entering a "layout zone" where left-side investors can gradually build positions [8] - The macroeconomic data has shown signs of weakness, raising concerns about the divergence between fundamentals and the stock market, but the outlook for Hong Kong companies remains optimistic, with a projected increase in profit growth for overseas Chinese stocks from 10% to 15% by 2026 [8] - CITIC Securities noted that the A-share and Hong Kong stock markets may experience a pattern similar to the U.S. market, characterized by "sharp declines followed by slow recoveries," presenting an opportunity for investors to reallocate their portfolios towards A-shares and Hong Kong stocks as they prepare for 2026 [8] Sector Performance - Technology stocks showed broad gains, with notable increases in companies like NetEase (over 3%), Baidu (over 2%), and others like Alibaba, Tencent, JD, Lenovo, Kuaishou, and Xiaomi, all rising over 1% [7] - Gold stocks were active, with China Gold International opening up by 4% [7] - The innovative drug sector saw most stocks rise, with Hengrui Medicine increasing by over 3% [7] - Lithium battery stocks opened higher, with CATL rising by over 3% [7] - Automotive stocks also performed well, with GAC Group surging by over 9% [7]

Core Insights - Leap Motor has launched its A10 model at the Guangzhou Auto Show, following the pre-sale of its Lafa 5 model, indicating a strategic push for increased sales in overseas markets to achieve its goal of selling one million vehicles by 2026 [2][3] Product Launch and Features - The A10 is positioned as a "smart boutique long-range SUV" with a range of 500 km (CLTC), powered by dual flagship chips (Qualcomm 8295P + 8650), and features full-scene intelligent assistance from parking to driving [2] - The A10 will be the first model under 100,000 yuan to feature LiDAR technology, following the earlier launch of a LiDAR-equipped model under 150,000 yuan [2] Target Market and Consumer Appeal - The A10 is aimed at young consumers, incorporating trendy and personalized elements, which aligns with Leap Motor's A series targeting this demographic [3] - The introduction of the A10 is expected to expand Leap Motor's user base and support its sales target of one million vehicles by 2026, particularly in the European market where such boutique cars are well-received [3] International Expansion and Sales Strategy - Leap Motor has established over 1,700 sales and service outlets globally, with nearly 800 located overseas, indicating a strong international presence [3] - The company is focusing on localizing production, with a project in Malaysia for the C10 model and plans for similar initiatives in Spain [4] - The B series models are being developed for global markets, with specific configurations tailored to different regions, and the B10 model is currently being promoted in Europe [4] Future Outlook - Leap Motor plans to launch several models, including the B10, B01, Lafa 5, and A10, in overseas markets by 2026, which will be crucial for achieving its sales targets [4] - The performance in international markets will significantly impact the company's ability to meet its one million vehicle sales goal, although consumer acceptance remains to be seen [4]

Group 1 - Leap Motor (09863.HK) saw its stock price increase by over 4% in early trading, reaching a rise of 4.02% to HKD 49.14 [1] - The trading volume for Leap Motor amounted to HKD 61.47 million [1]

Summary of Key Points from the Conference Call on China Auto Manufacturers Industry Overview - The conference call focused on the **China Auto Manufacturers** industry, particularly the performance of **New Energy Vehicles (NEVs)** and traditional internal combustion engine (ICE) vehicles in October 2025. Core Insights and Arguments 1. **NEV Market Performance**: - October 2025 saw a **-8% month-over-month (MoM)** decline in domestically produced NEV passenger vehicle (NEV-PV) sales, although there was a **+1% year-over-year (YoY)** increase, which missed expectations [1][9]. - Local Chinese brands maintained a high NEV market share of **84.3%**, increasing by **+1.2 percentage points (ppt) MoM** [6]. 2. **ICE Vehicle Sales**: - The penetration of ICE vehicles increased to **42.4%**, up **+0.8 ppt MoM** [2]. - Chinese brands' ICE market share rose by **+1.7 ppt MoM** to **35.4%**, while foreign brands (German, Japanese, US) experienced declines [3]. 3. **Market Share Changes**: - **Xiaomi, Nio, and Seres** gained BEV market shares with increases of **+1.3 ppt, +1.0 ppt, and +0.8 ppt** respectively, while **Tesla and BYD** lost market shares of **-4.9 ppt and -2.6 ppt** [2]. - **Geely and Chery** gained PHEV market shares by **+1.2 ppt and +0.3 ppt** respectively, while **GWM and BYD** lost shares [2]. 4. **Tesla's Performance**: - Tesla's domestic insurance retail sales dropped **-61% MoM** and **-34% YoY** to **27,367 units**. Wholesales were **61,497 units**, down **-32% MoM** and **-10% YoY** [4][19]. - Tesla's inventory levels increased, indicating potential overstock issues [5]. 5. **Inventory Levels**: - Overall inventory for major OEMs rose from **2.3 months** at the end of September to **2.7 months** at the end of October [5]. - NEV inventory also increased by **0.3 months MoM** to **1.7 months** [5]. Additional Important Insights 1. **Export Performance**: - The export volume of NEVs reached **35,491 units**, reflecting a **+84% MoM** and **+28% YoY** increase, indicating strong international demand [4]. 2. **Sales Data**: - Total domestically produced NEV PV sales for October 2025 were **1,189,321 units**, with a **1% YoY increase** but an **8% MoM decrease** [9]. 3. **Market Dynamics**: - The competitive landscape is shifting, with local brands gaining ground against established players like Tesla and BYD, suggesting a potential long-term trend favoring domestic manufacturers [2][3]. 4. **Analyst Certification and Disclosures**: - The report includes important disclosures regarding potential conflicts of interest and the analysts' certifications, emphasizing the need for investors to consider these factors in their decision-making [7][26]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and trends within the Chinese auto manufacturing industry, particularly focusing on NEVs and ICE vehicles.

Core Viewpoint - Leap Motor (09863) has seen a significant increase in stock price following its inclusion in the Hang Seng Technology Index, which is expected to enhance market visibility and diversify its investor base [1] Group 1: Stock Performance - Leap Motor's stock rose over 4%, reaching HKD 49.14, with a trading volume of HKD 61.47 million [1] Group 2: Index Inclusion - The inclusion in the Hang Seng Technology Index will take effect after market close on December 5, 2025, and will be effective from December 8, 2025 [1] - The company believes that being part of the index will increase its attention in the secondary market and potentially lead to a more diverse investor structure [1] Group 3: Analyst Outlook - Huaxing Securities has expressed optimism regarding Leap Motor's rapid sales growth driven by high-cost performance models, predicting a profitability turning point in 2025 [1] - The company effectively controls costs through its self-developed technology platform and is expanding its overseas market presence in collaboration with Stellantis, showcasing significant advantages in international expansion [1]

Core Viewpoint - Leap Motor (09863) has seen a stock price increase of over 4% following the announcement of its inclusion in the Hang Seng Tech Index, which is expected to enhance its market visibility and diversify its investor base [1] Group 1: Stock Performance - Leap Motor's stock rose by 4.02%, reaching HKD 49.14, with a trading volume of HKD 61.47 million [1] Group 2: Index Inclusion - The Hang Seng Index Company announced that Leap Motor will be included in the Hang Seng Tech Index, with changes effective after market close on December 5, 2025, and officially starting on December 8, 2025 [1] - Leap Motor stated that being included in the Hang Seng Tech Index will help increase the company's visibility in the secondary market and may lead to a more diversified investor structure [1] Group 3: Future Outlook - Huaxing Securities has released a report expressing optimism about Leap Motor's rapid sales growth driven by high cost-performance models, predicting a profitability turning point by 2025 [1] - The company effectively controls costs through its self-developed technology platform and is rapidly expanding into overseas markets in collaboration with Stellantis, showcasing significant advantages in international expansion [1]

Core Viewpoint - Company has been included in the Hang Seng Tech Index, effective from December 8, 2025, which recognizes its achievements in technology innovation, R&D investment, revenue growth, market capitalization, and liquidity [1] Group 1 - Inclusion in the Hang Seng Tech Index represents significant recognition from the capital market for the company's technological advancements [1] - The company anticipates that this inclusion will broaden its investor base and attract wider market attention [1] - Enhanced liquidity of the company's shares is expected as a result of this index inclusion, contributing to better realization of investment value [1] Group 2 - Prior to this, the company was included in the Hang Seng Composite Index and its classification indices on November 18, 2022 [1] - The recognition from the indices is expected to further strengthen the company's brand influence [1]

Group 1 - Leapmotor has been included in the Hang Seng Tech Index, effective from December 8, 2025 [1] - The Hang Seng Tech Index represents the top 30 Hong Kong-listed technology companies that are highly relevant to the technology theme [1]

Core Viewpoint - Leap Motor (09863) has been included in the Hang Seng Tech Index, effective from December 8, 2025, marking a significant recognition of the company's achievements in technology innovation, R&D investment, revenue growth, market capitalization, and liquidity [1] Group 1 - The Hang Seng Tech Index represents the top 30 Hong Kong-listed technology companies that are highly relevant to the technology theme [1] - The inclusion in the index is expected to broaden the company's investor base, attract wider market attention, and enhance the liquidity of its shares [1] - This recognition is anticipated to help realize the company's investment value and further strengthen its brand influence [1] Group 2 - Previously, on November 18, 2022, the Hang Seng Index Company announced that Leap Motor's shares were included in the Hang Seng Composite Index and its classification indices, including the Hang Seng Composite MidCap Index [1]

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公司認為，此次獲納入恒生科技指數成份股，是本公司在科技創新、研發投 入、收入增長、市值和流動性等方面所得到的來自於資本市場的重要認可，將有 效拓寬本公司的投資者基礎，吸引更廣泛的市場關注，並提升本公司股份交易流 動性。這不僅有助於更好的實現公司投資價值，也將進一步增強品牌影響力。 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） 自願公告 本公司獲納入恒生科技指數成份股 本公告乃由浙江零跑科技股份有限公司（「本公司」）自願作出。本公告旨在為本公 司股東及潛在投資者提供有關本公司最新發展的資料。 本公司欣然宣佈，根據恒生指數有限公司於2025年11月21日所刊發的公告，本公 司被納入恒生科技指數成份股，於2025年12月8日起生效。恒生科技指數代表經 篩選後最大30間與科技主題高度 ...