Core Viewpoint - Leapmotor, a Chinese electric vehicle maker, aims to sell over 4 million vehicles annually within the next decade, as stated by CEO Zhu Jiangming [1] Company Summary - Leapmotor is positioning itself for significant growth in the electric vehicle market, with ambitious sales targets set for the next ten years [1]

Core Viewpoint - Leap Motor has entered into a share subscription agreement with FAW Group, raising approximately RMB 3.744 billion through the issuance of about 74.83 million shares at a price of RMB 50.03 per share, which will be used for R&D, operational funding, and expanding sales networks [1][5][12]. Group 1: Financial Details - The total amount raised from the share subscription is RMB 37.44 billion [5]. - Approximately 50% (RMB 18.72 billion) of the funds will be allocated for R&D investments [5]. - About 25% (RMB 9.36 billion) will be used to supplement working capital and for general corporate purposes [5]. - The remaining 25% (RMB 9.36 billion) will be directed towards expanding the sales and service network and enhancing brand awareness [5]. Group 2: Strategic Implications - FAW's investment is expected to provide Leap Motor with critical strategic resources and a trust endorsement for its current and future development [12][25]. - The partnership aims to strengthen strategic collaboration and resource sharing between Leap Motor and FAW, enhancing product competitiveness in the electric vehicle market [20][21]. - Leap Motor's founder emphasized the importance of maintaining control by the existing management team despite the new investment [7][9]. Group 3: Future Outlook - Leap Motor aims to transition from a new car manufacturer to a more established electric vehicle company, targeting an annual sales volume of 4 million units in the next decade [11]. - The collaboration with FAW is seen as a strategic empowerment that provides Leap Motor with additional resources to navigate the competitive landscape of the automotive industry [25][27]. - The first overseas model developed through this partnership is expected to enter production in the second half of next year [24].

港股恒生指数涨0.26%，涨67点，报25886点；恒生科技指数涨1.6%。港股早盘成交1264亿港元。 江西铜业股份（00358）涨近10%。公司公告拟以不超7.64亿英镑现金，收购SolGold全部已发行及将要 发行股本。 佑驾创新(02431)解禁后涨超15%，公司入选恒生港股通电子主题指数，无人物流车行业将迎爆发期。 政策支持脑机接口发展。心玮医疗-B(06609)涨超10%，脑动极光-B(06681)涨6.7%。 建滔积层板(01888)涨超9%，公司再发涨价通知，机构称覆铜板涨价有望持续。 航空股早盘普涨，人民币汇率升值下航司汇兑压力缓解，航空将迎来假期催化。中国国航(00753)涨 3.97%；东方航空(00670)涨2.94%；南方航空(01055)涨2.3%。 12月27日，工业和信息化部"人形机器人与具身智能标准化技术委员会"在京正式成立，机器人板块大 涨。微创机器人-B（02252）涨超30%；越疆（02432）涨超12%；优必选（09880）涨超12%；小鹏汽 车-W（09868）涨超6%。 钧达股份(02865)涨超19%，与尚翼光电签署战略合作协议，机构指太空光伏仍是最强主线。 上 ...

港股市场汽车股集体大涨，其中，蔚来、小鹏汽车、 比亚迪股份涨超6%，吉利汽车涨超5%，理想汽车 涨超4%，零跑汽车、 长城汽车、 广汽集团涨超3%。 ...

Core Viewpoint - The Hong Kong stock market saw a significant rise in automotive stocks, driven by government initiatives to boost consumer spending in the upcoming year [1] Group 1: Market Performance - NIO (09866) increased by 6.71%, reaching a latest price of 41.020 with a market capitalization of 101.08 billion, and a year-to-date increase of 17.87% [2] - Xpeng Motors (09868) rose by 6.44%, with a latest price of 81.000 and a market cap of 154.842 billion, showing a year-to-date increase of 73.63% [2] - BYD (01211) saw a 6.14% increase, with a latest price of 99.350 and a market cap of 905.7947 billion, reflecting a year-to-date increase of 13.65% [2] - Geely (00175) increased by 5.20%, with a latest price of 17.800 and a market cap of 191.153 billion, showing a year-to-date increase of 22.84% [2] - Li Auto (02015) rose by 4.23%, with a latest price of 67.800 and a market cap of 136.864 billion, but has a year-to-date decrease of 27.83% [2] - Leap Motor (09863) increased by 3.92%, with a latest price of 51.900 and a market cap of 73.792 billion, reflecting a year-to-date increase of 59.45% [2] - Great Wall Motors (02333) rose by 3.34%, with a latest price of 14.860 and a market cap of 127.17 billion, showing a year-to-date increase of 12.85% [2] - GAC Group (02238) increased by 3.00%, with a latest price of 4.120 and a market cap of 42.012 billion, reflecting a year-to-date increase of 21.60% [2]

恒生指数高开0.43%，恒生科技指数涨0.88%。新能源车概念股普涨，小鹏汽车涨逾5%，零跑汽车涨逾 4%，比亚迪股份、理想汽车、蔚来涨逾3%。 来源：第一财经 (本文来自第一财经) ...

源：零跑汽车官网 智通财经记者 | 宋佳楠 12月29日，针对一汽集团以内资股增发方式入股零跑汽车一事，零跑汽车CEO朱江明向智通财经等媒体 表示，与一汽集团投资协议里明确约定，会保持创始团队的控制权。 在他看来，一汽、Stellantis等大股东入股零跑，可以增强公司稳定性，抗风险能力更强。"未来几年汽 车赛道并不会一帆风顺，还是有一定风险，大股东的加持和零部件层面的合作，对零跑是非常好的选 择。"朱江明说。 图片来 | | | 於本公告日期 | | | | 緊隨內資股認購事項完成後 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 佔已發行 | | 佔已發行 | | 佔已發行 | | 佔已發行 | | | 股份數目 | 股份總數 | | 股份總數 | 股份數目 | 股份總數 | | 股份總數 | | | (包括H股及 | 概的 | 僅內資股 | | 概約 (包括H股及 | 概約 | 僅內資股 | 蔵約 | | | 内資股） | 自分比 | 的數目 | 百分比 | 内資股) | 自分比 | 的數目 | 百分比 | | 單一 ...

本报驻德国特约记者 青 木 本报特约记者 梁睿璇 本报记者 丁雅栀 杨沙沙 编者的话：随着欧盟委员会对2035年全面禁止销售新燃油车的既定安排进行松绑，欧洲内部围绕汽车电 动化路径的分歧进一步显现。根据欧盟委员会12月16日披露的方案，欧盟将允许非电动车在2035年后继 续销售。该计划获得德国、意大利等传统汽车生产大国及其本土车企的支持，但遭到仅次于德国的欧盟 第二大汽车生产国——西班牙的明确反对，不仅如此，西班牙还宣布了推进电动化转型的"西班牙汽车 2030"计划。当德国、意大利等国试图为燃油车争取更多缓冲空间时，西班牙却选择了一条截然不同的 道路，积极布局电动化转型。这背后究竟是怎样的战略考量？ 欧盟松绑燃油车禁令，西班牙"逆势"发声 欧洲新闻电视台近日报道称，欧盟委员会16日宣布，从2035年起，总部位于欧盟的汽车制造商必须将其 二氧化碳排放量减少90%，而非此前欧盟法律规定的100%。制造商需通过使用欧盟生产的低碳钢或使 用可持续燃料来抵消剩余10%的排放量。 值得关注的是，在桑切斯致信欧盟委员会前不久，西班牙政府发布了"西班牙汽车2030计划"，明年将拨 款近13亿欧元用于支持其电动汽车市场和产业发 ...

Core Viewpoint - Leap Motor announced a strategic partnership with China FAW Group, focusing on capital integration and resource sharing to enhance collaboration in the electric vehicle sector [1] Group 1: Investment and Partnership Details - China FAW Group's wholly-owned subsidiary, FAW Equity Investment (Tianjin) Co., will invest in Leap Motor through a domestic equity increase, becoming a strategic shareholder [1] - FAW Qixin Power (Changchun) Technology Co. will collaborate with Leap Motor to develop and produce hybrid and range-extended powertrains [1] Group 2: Strategic Goals and Future Collaboration - The partnership aims to leverage each company's strengths in smart connected new energy vehicle R&D, collaborative production, and global expansion [1] - This collaboration builds on a previous memorandum of understanding signed in March 2025, which outlined joint development of new energy passenger vehicles and component cooperation [1] - The two companies plan to explore deeper capital cooperation to achieve full industry chain resource synergy [1]

智通财经APP获悉，华龙证券发布研报称，2026年乘用车行业转入存量逻辑，寻找新增长极成为核心。 整车方面，爆款新车&出海增量仍值得期待，AI转型下商业模式变更以及拓展人形机器人等新业务有望 重构车企估值框架；汽车零部件方面，积极拥抱具身智能时代机遇，自动驾驶汽车以及人形机器人作为 具身智能两个重要载体，均有望在2026年取得1-10或0-1的阶段性进展，产业链核心环节标的弹性可 期，维持行业推荐评级。 随着两新政策效果边际效应减弱，2026年乘用车行业转入存量逻辑，核心是寻找新的增长极，从两方面 来看：基本面看爆款新车与出海增量。新车方面，爆款新车对销量的拉动成为多家自主车企2025年国内 销量增长的主要动力，多家车企在2026年进入产品大年且高端化进程持续，关注具备爆款潜力的新车对 车企销量&基本面改善的拉动作用；出海方面，2025-2026年是自主车企海外产能密集落地期，展望至 2026年底，预计8座海外工厂投产，对应达产产能80.5万辆，解决车企海外市场供给能力的关键制约， 海外销量增量以及其高利润水平有望带动车企业绩修复。 AI时代消费者心智&偏好的变化倒逼乘用车企提升产品智能化水平，建设AI大模型 ...