证券之星消息，12月30日商用车板块较上一交易日上涨0.27%，金龙汽车领涨。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流出9307.09万元，游资资金净流入6316.26万元，散户资 金净流入2990.83万元。商用车板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000951 | 中国車汽 | 2942.02万 | 15.66% | -126.24万 | -0.67% | -2815.78万 | -14.98% | | 600686 | 金龙汽车 | 1813.28万 | 8.16% | 2706.60万 | 12.17% | -4519.88万 | -20.33% | | 000957 | 中通客车 | 946.80万 | 8.54% | 631.50万 | ...

近日，零跑汽车发布公告称，12月28日该公司与中国一汽全资子公司一汽股权投资（天津）有限公司订立内资股认购协议，拟向一汽股权发行74832245股内 资股，每股认购价为50.03元，总金额达37.4386亿元（约41.3750亿港元）。 此次认购所得款项用途明确，约50%投入研发，助力零跑在新能源及智能电动汽车领域持续创新；约25%补充营运资金，保障公司日常运营稳定；剩余25% 用于扩大销售及服务网络、提升品牌知名度，进一步拓展市场份额。 交易完成后，零跑汽车股权结构将迎来变化，内资股总数从2.91亿股增至3.66亿股，总股本由14.22亿股增至14.97亿股，一汽股权持有总股本5%。零跑汽车 在公告中表明，此次内资股认购是一汽股权的战略性投资，体现其对零跑业务及长期发展前景的信心，也为双方商业和产业合作奠定基础。 事实上，零跑汽车与中国一汽的合作由来已久。今年3月，双方签署《战略合作谅解备忘录》，计划在研发领域发挥各自技术积累，开展新能源乘用车联合 开发及零部件合作。4月，双方的首个合作项目——红旗海外车型项目落地，预计明年下半年量产销往海外。12月28日晚，零跑汽车董事长朱江明还透露， 双方合作首款车型将 ...

Core Viewpoint - The article discusses the strategic partnership between Leap Motor and FAW Group, highlighting the investment agreement and its implications for the electric vehicle market in China [1][2]. Group 1: Investment Agreement - Leap Motor announced a share subscription agreement with FAW Group's subsidiary, FAW Equity Investment (Tianjin) Co., Ltd., at a price of 50.03 RMB per share, totaling 3.744 billion RMB (approximately 4.138 billion HKD) for 74,832,245 shares [2]. - Following the investment, FAW Group will hold approximately 25.74% of Leap Motor's domestic shares, equating to about 5.00% of the total issued shares [2]. - The funds raised will be allocated as follows: approximately 1.872 billion RMB for R&D in smart electric vehicles and core technologies, 936 million RMB for working capital, and another 936 million RMB for expanding sales and service networks and brand building [2]. Group 2: Strategic Collaboration - Leap Motor and FAW Group's subsidiary, FAW Qixin Power (Changchun) Technology Co., Ltd., will collaborate on the joint development and production of plug-in hybrid and range-extended powertrains [1][3]. - The partnership aims to enhance resource sharing and promote strategic synergy between the two automotive groups [1]. Group 3: Global Expansion - Leap Motor has established a global business network covering 35 countries and regions, leveraging Stellantis Group's resources for international expansion [3]. - The company has over 800 overseas sales and service outlets, indicating a significant footprint in international markets [3]. Group 4: Battery Supply Chain - Leap Motor's battery suppliers include major companies such as CATL, Guoxuan High-Tech, and others, while the battery pack is produced in-house [3].

证券之星消息，12月29日商用车板块较上一交易日下跌0.33%，中集车辆领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。商用车板块个股涨跌见下表： 从资金流向上来看，当日商用车板块主力资金净流出1.85亿元，游资资金净流入651.62万元，散户资金净 流入1.79亿元。商用车板块个股资金流向见下表： | 代码 | 名称 | | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600686 | 金龙汽车 | | > 290.77万 | 1.17% | 1878.38万 | 7.58% | -2169.14万 | -8.75% | | 000800 | 一汽解放 | | 182.52万 | 2.60% | -150.26万 | -2.14% | -32.26万 | -0.46% | | 000550 江铃汽车 | | | -114.89万 | -2.23% | 352.19万 ...

Domestic News - The Ministry of Finance will continue to allocate funds to support the replacement of consumer goods in 2026, aiming to boost consumption through targeted actions and optimized subsidy standards [3] - The National Bureau of Statistics reported that from January to November 2025, profits in the equipment manufacturing industry increased by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [4] - Chongqing has added 160 million yuan in subsidies for automobile replacement and scrapping, bringing the total subsidy amount to 185 million yuan, with applications open until January 10, 2026 [5] - Gansu's 14th Five-Year Plan emphasizes fostering new types of consumption, including digital, green, and intelligent consumption, while enhancing public service spending and consumer protection [6] - China FAW Group and Leap Motor have deepened their cooperation, focusing on strategic collaboration in capital and powertrain development [7] - GAC Group has launched a "Three Responsibilities" policy for its brands, ensuring compensation for vehicle fires due to battery issues and free battery replacements for capacity degradation beyond standards [8] - Changan Automobile's Thailand factory has shipped its first batch of 500 vehicles to Europe, marking a significant step in its global strategy [9] - XPeng Motors has officially entered the Qatari market and signed a strategic cooperation agreement with a dealer in Mauritius, expanding its presence in the Middle East and East Africa [10] International News - Russia has extended its ban on gasoline exports until February 28, 2026, affecting all exporters [11] - Toyota plans to achieve a global production target of over 10 million vehicles in 2026, driven by increasing demand for hybrid models, with domestic production expected to exceed 3 million [12] - Bolivia's cancellation of fuel subsidies has led to a surge in electric vehicle sales, with imports reaching $16.3 million from January to October 2025, a 300% increase compared to the previous year [13] - Samsung SDI is shifting its focus in the U.S. from electric vehicle batteries to energy storage systems, with plans to transform its production lines by 2027 [14] Commercial Vehicles - Super Fusion has launched a supercharging demonstration station for heavy trucks in Fujian, providing a new solution for electric commercial vehicle charging [15] - FAW Jiefang and All Route have jointly released a new battery-swappable light truck, promoting strategic cooperation in the Changchun Economic Development Zone [16] - Foton's new electric light truck platform, "Qimingxing," will be officially launched on December 30, 2025, marking a new phase in the transition to electric commercial vehicles [17] - Weichai Power showcased its new series of commercial vehicles at a technology innovation conference, highlighting advancements in the field [18] - Weichai's commercial vehicle sales have seen significant growth in 2025, with a notable increase in the share of new energy vehicles [19]

Group 1 - China FAW Group's subsidiary, FAW Equity Investment (Tianjin) Co., has signed a domestic share subscription agreement with Leap Motor, investing a total of RMB 3.744 billion for 74.832 million shares at RMB 50.03 per share, making FAW Equity a strategic shareholder of Leap Motor [2] - Approximately 50% of the investment will be allocated to research and development, 25% for operational funds and general corporate purposes, and the remaining 25% to expand sales and service networks and enhance brand awareness [2] - FAW's subsidiary, FAW Qixin Power (Changchun) Technology Co., has also signed a cooperation agreement with Leap Motor to strengthen strategic collaboration in capital and powertrain development [2] Group 2 - The collaboration is based on long-term strategic trust and technological complementarity between the two companies, aiming to deepen cooperation in areas such as intelligent connected new energy vehicle joint research and global layout [3] - The partnership is expected to accelerate the development of a new paradigm in the automotive industry and contribute to the high-quality development of China's automotive sector, transitioning from a "big automotive country" to a "strong automotive country" [3]

Core Viewpoint - The new energy heavy truck market experienced significant growth in November 2025, with a year-on-year increase of 178%, reaching a record sales volume of 28,000 units, driven by strong performance in sub-segments like new energy tractors and charging heavy trucks [1][4]. Group 1: Market Performance - In November 2025, the sales of new energy heavy trucks reached 28,000 units, a month-on-month increase of 39% and a year-on-year increase of 178% [4]. - New energy dump trucks sold 2,606 units in November, achieving a year-on-year growth of 105% and marking the highest monthly sales in the history of new energy dump trucks [4][5]. - The penetration rate of new energy dump trucks surpassed 50% for the first time, indicating a strong market acceptance [4][11]. Group 2: Market Share and Competition - In the new energy heavy truck market, new energy dump trucks accounted for 9.32% of total sales in November, a decline from 11.07% in the previous month, marking the first time this segment fell below 10% [7]. - The cumulative sales of new energy dump trucks from January to November 2025 reached 21,700 units, representing an 86% year-on-year increase, with several companies achieving over 100% growth [22][24]. - Major players in the new energy dump truck market include XCMG, China National Heavy Duty Truck Group, and SANY, with XCMG leading with a market share of 22.91% [22][24]. Group 3: Technological Trends - The majority of new energy dump trucks are pure electric models, with 97% of the total new energy dump trucks sold being pure electric [13]. - The distribution of new energy dump trucks across regions remains uneven, with the top eight provinces accounting for over 60% of total sales [13]. Group 4: Future Outlook - The new energy dump truck market is expected to remain competitive, with ongoing interest from manufacturers, as indicated by the increase in market participants from 25 to 26 companies [20]. - The period from March to November 2025 has been the highest for new energy dump truck sales, suggesting a robust market environment [26].

Group 1 - China FAW Group and Leap Motor signed investment and cooperation agreements to enhance strategic collaboration in capital and powertrain sectors [1][3] - FAW's subsidiary, FAW Equity Investment (Tianjin) Co., will become a strategic shareholder of Leap Motor by subscribing to 74.832 million shares at a price of RMB 50.03 per share, totaling RMB 3.744 billion [3] - The share issuance represents 20.47% of the expanded total of domestic shares and 5% of the total expanded shares of Leap Motor [3] Group 2 - The partnership aims to leverage each company's strengths in the joint development and production of smart connected new energy vehicles, as well as global expansion [3] - This collaboration follows a strategic cooperation memorandum signed on March 3, 2025, indicating a long-term commitment to working together [3]

Core Viewpoint - The CEO of Leap Motor, Zhu Jiangming, emphasized that the company will maintain control by the founding team despite the investment from FAW Group, which is expected to enhance the company's stability and risk resilience [1] Group 1: Investment and Control - FAW Group will become a strategic shareholder in Leap Motor through an increase in domestic shares, as per the investment and cooperation agreement signed on December 28 [1] - The agreement includes collaboration between FAW's subsidiary, Qixin Power, and Leap Motor for the joint development and production of plug-in hybrid and range-extended powertrains [1] Group 2: Market Outlook - Zhu Jiangming acknowledged that the automotive sector will face challenges in the coming years, indicating that having major shareholders and collaboration in components is a beneficial choice for Leap Motor [1]

Core Viewpoint - The investment agreement between FAW Group and Leap Motor aims to enhance the stability and risk resilience of Leap Motor while maintaining control by the founding team [1] Group 1: Investment Agreement - FAW Group signed an investment and cooperation agreement with Leap Motor on December 28, which allows FAW to become a strategic shareholder through the issuance of domestic shares [1] - The agreement includes collaboration between FAW's subsidiary, Qixin Power, and Leap Motor for joint development and production of plug-in hybrid and range-extended powertrains [1] Group 2: Management Perspective - Leap Motor's CEO, Zhu Jiangming, emphasized that the involvement of major shareholders like FAW and Stellantis can significantly enhance the company's stability and risk management capabilities [1] - Zhu acknowledged that the automotive sector will face challenges in the coming years, making the partnership with major shareholders and collaboration on components a beneficial choice for Leap Motor [1]