Core Viewpoint - Citic Securities has released a report stating that Leap Motor (09863) has launched its first flagship full-size hybrid SUV, the D19, which is competitively priced targeting the high-end SUV market priced between 250,000 to 300,000 RMB, with an expected launch in the first half of 2026 [1] Group 1: Product and Market Strategy - Leap Motor continues its high cost-performance strategy with the D19, prioritizing battery capacity over fuel consumption [1] - The D19 features battery units from CATL (300750), dual Qualcomm 8797 chips, and the VLA intelligent driving model, aligning with recent policy directions and consumer demands [1] Group 2: Regulatory Environment and Consumer Confidence - Upcoming regulations in 2026 will require plug-in hybrid electric vehicles (PHEVs) to meet stricter engine standards, including the use of higher quality batteries, with an estimated fuel consumption reduction of about 4.1% [1] - The emphasis on improved engine quality by regulatory authorities is expected to enhance the confidence of hesitant car buyers, while PHEVs with longer ranges are likely to perform better by minimizing fuel consumption and maintaining sufficient electric range to alleviate range anxiety [1]

Core Viewpoint - Citic Securities has released a report stating that Leap Motor (09863) has launched its first flagship full-size hybrid SUV, the D19, which is competitively priced targeting the high-end SUV market priced between 250,000 to 300,000 RMB, with an expected launch in the first half of 2026 [1] Group 1: Product and Market Strategy - Leap Motor continues its high cost-performance strategy with the D19, prioritizing battery capacity over fuel consumption [1] - The entire model lineup utilizes CATL battery cells, dual Qualcomm 8797 chips, and VLA intelligent driving models, aligning with recent policy directions and consumer demands [1] Group 2: Regulatory Environment and Consumer Confidence - Upcoming regulations in 2026 will require plug-in hybrid electric vehicles (PHEVs) to meet stricter engine standards, including the use of higher quality batteries, with an estimated fuel consumption reduction of about 4.1% [1] - The emphasis on improved engine quality by regulatory authorities is expected to enhance the confidence of hesitant car buyers, while PHEVs with longer ranges are anticipated to perform better by minimizing fuel consumption and alleviating range anxiety [1]

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） 微信编辑｜钉钉 ...

Core Insights - Leap Motor is not only aiming for larger scale but also pursuing upward brand positioning with the launch of its flagship D platform and the D19 SUV, marking a new chapter for the brand [1] Sales Performance - In the first nine months of this year, Leap Motor's cumulative sales reached 395,516 units, representing a year-on-year increase of 128.8%, maintaining the top position in China's new car-making forces for seven consecutive months [3] - During the recent holiday period, the Beijing store sold over 40 vehicles, contributing to a total of over 600 units sold in the Beijing market [3] Product Development - The D platform is designed to address core user pain points in areas such as range, intelligence, driving control, safety, and comfort, featuring innovative technologies like a 500 km pure electric range with an 80.3 kWh battery and a smart four-wheel drive range extension system [5] - The D19 model aims to bring high-end technology and experience to the 300,000 yuan market, embodying the design philosophy of "Technology Natural Aesthetics 2.0" [8] Technological Innovation - The D platform integrates advanced technologies to create a synergistic effect, enhancing overall performance and user experience [6] - Key features of the D19 include a 115 kWh super hybrid battery, advanced driving assistance systems, and a unique oxygen-generating system for improved health during travel [5] Market Strategy - With the launch of the D series, Leap Motor has completed its product lineup across various categories, including sedans, SUVs, and MPVs, establishing a comprehensive and diversified product matrix [10] - The D series is positioned to lead Leap Motor's entry into the high-end market, showcasing the company's systemic competitive capabilities based on fully self-developed technologies [10]

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].