LEAPMOTOR(HK:09863) 智通财经网·2025-10-17 02:39Core 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]