国补政策延续，有望支撑新能源汽车2026年的销量大盘。在企业层面，整治内卷式竞争延续，限制车企 无序降价，车企盈利也有望得到边际改善。 消费品以旧换新方面：继续实施汽车报废更新和汽车置换更新补贴，在保持汽车补贴上限不变的基础 上，将定额补贴调整为按车价比例进行补贴。 受汽车国补政策驱动，近期蔚来、理想、零跑、小鹏等汽车股表现活跃，带动恒生科技指数反攻，恒生 科技指数ETF(513180)成交显著放量。 国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》12月 30日对外发布，明确2026年"两新"政策的支持范围、补贴标准和工作要求。 ...

Core Insights - The article highlights the journey of Leap Motor, a Chinese electric vehicle manufacturer, which has successfully navigated the competitive landscape of the automotive industry over the past decade, focusing on long-term sustainability and technological innovation rather than short-term hype [4][5][59]. Group 1: Company Overview - Leap Motor was founded in 2015 during a peak period of enthusiasm for electric vehicle manufacturing in China, characterized by numerous startups and significant capital influx [10][61]. - The company has adopted a "three no" principle: not relying on subsidies, not promoting concepts excessively, and not overly pleasing investors [12][61]. - Leap Motor's founder, Zhu Jiangming, emphasizes the importance of technical mastery and cost optimization for long-term survival in the automotive industry [62][64]. Group 2: Technological Development - Leap Motor has focused on in-house research and development, with over 65% of its core component costs being self-developed [4][59][78]. - The company has developed a comprehensive technical system that allows for continuous optimization and cost efficiency, avoiding the pitfalls of chasing fleeting trends [20][73]. - Leap Motor's strategy includes a "five-year rolling plan," which allows the company to anticipate market needs and technological advancements [21][69]. Group 3: Market Positioning - The company targets the mass market, particularly the segment below 200,000 yuan, which constitutes 70% of the Chinese electric vehicle market [28][75]. - Leap Motor aims to provide high-quality vehicles at competitive prices, positioning itself as a brand that offers "good but not expensive" products [31][77]. - The company has successfully integrated advanced technologies, such as laser radar and high-performance chips, into its vehicles at accessible price points [80][86]. Group 4: Supply Chain and Collaboration - Leap Motor has established deep collaborations with suppliers, fostering a symbiotic relationship that enhances cost efficiency and innovation [82][83]. - The company’s approach to supply chain management has evolved from initial challenges to creating a resilient and responsive ecosystem [36][82]. Group 5: Future Outlook - As Leap Motor enters its next decade, it faces the challenge of transitioning from a "good but not expensive" image to competing in the high-end market [49][95]. - The company plans to enhance its capabilities in smart driving and user experience to compete with technology giants like Tesla and Huawei [49][95]. - Leap Motor has built a robust foundation of self-research and agile response strategies, positioning itself as a significant player in the global automotive industry [96][98].

Core Viewpoint - Leapmotor aims to transition from a follower to a leader in the electric vehicle market, showcasing its ambition with the launch of the D19 and D99 flagship models during its tenth anniversary event [2][25][49] Group 1: D19 Model Overview - The D19 marks Leapmotor's entry into the competitive 300,000 RMB full-size flagship SUV market, focusing on family users by offering spaciousness, comfort, and features typically found in higher price ranges [4][27] - The D19 has dimensions of 5,252 × 1,995 × 1,780 mm and a wheelbase of 3,110 mm, with seating configurations of 2+2+2 and 2+3+2 to cater to multi-child families [4][27] - The design emphasizes stability and includes a unique side window design that reduces wind noise and enhances quietness, with an investment of over 20 million RMB [6][29] Group 2: Comfort and Interior Features - The D19's interior is designed for comfort, featuring a high occupancy rate of 88% and a soft-touch material covering of 25 square meters, using imported leather for a premium feel [8][30] - The second row offers a zero-gravity reclining position and electric leg support, while the third row includes adjustable seating and heating for all six seats [10][32] - Additional features include a high-capacity oxygen system and a 23-speaker audio system, enhancing the overall family travel experience [10][34] Group 3: Performance and Technology - The D19 offers both pure electric and range-extended powertrains, with the range-extended version featuring an 80.3 kWh battery and a CLTC range of 500 km [11][35] - The vehicle utilizes CTC battery integration technology, allowing for efficient space utilization and a fast charging time of approximately 16 minutes from 30% to 80% [13][37] - The D19's performance includes a three-motor all-wheel-drive system with a power output of 540 kW for the pure electric version, achieving 0-100 km/h in the 3-second range [11][37] Group 4: D99 Model Introduction - The D99, Leapmotor's first MPV, is positioned as a high-end model with a focus on spaciousness and advanced features, sharing many technological elements with the D19 [16][43] - The D99 is designed to be the longest-range range-extended MPV globally, with a focus on maximizing interior space through innovative design [20][45] - The D99's dimensions exceed 5.2 meters in length and nearly 2 meters in width, featuring a short front end and a steep A-pillar for improved aerodynamics [19][47] Group 5: Strategic Shift - Leapmotor's tenth anniversary marks a strategic shift towards a long-term product logic, moving beyond merely selling cars to establishing a comprehensive platform capability [22][49] - The company aims to achieve an annual sales target of 4 million vehicles in the next decade, indicating its ambition to become a world-class smart electric vehicle manufacturer [25][49]

【环球时报驻德国特约记者 青木 环球时报特约记者 梁睿璇 环球时报记者 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。 据路透社报道，在推动欧盟委员会调整"2035燃油车禁令"上，包括德国、意大利、保加利亚和捷克在内的多个欧盟成员国，联合欧洲 ...

记者丨赖镇桃 编辑丨和佳 李艳霞 黎奥从未想过，一次他觉得很寻常的对话，会让一位泰国员工怕得想离职。"当时和一位员工 说话声音大了点，对方就觉得我们是在凶他，第二天不敢来上班了。"作为一家中国车企的海 外业务人士，这是他踏上"微笑之国"一年多后，才逐渐参透的文化差异。 在泰国，游客们常会听闻一种"三不叫"的说法：车不叫——即便曼谷的交通堵得水泄不通， 也少见烦躁的喇叭声；狗不叫——街头的流浪犬慵懒地趴着，它们知道静候常能换来一口施 舍；人不叫——细声慢语是这里表达尊敬的默认规则。 然而，这片浸润在独特"宁静"之中的土地，在全球汽车工业的版图上，却从不沉寂。 泰国是全球第十大、东南亚第一大汽车生产国，享有"东方底特律"的盛名。 同时，它又是牢 不可破的"日系车后花园"。自上世纪60年代踏足于此， 日系车 凭借先发优势与成熟的本地产 业链， 巅峰时期市占率常年高达90%，2024年其占有率依然稳固在70%左右。 当泰国政府拉开新能源转型的大幕，蓄力已久的中国车企开始了密集抢滩。 电动化狂奔 在泰国Citywalk时，只要走出曼谷的核心区，尤其是来到曼谷以外的城镇，常会看到道路两旁 散落着许多两三层高的独栋小房。 ...

Core Viewpoint - The capital game in the Chinese new energy vehicle (NEV) market is intensifying, with major players like Deep Blue, JAC Motors, and BAIC Blue Valley securing significant financing to enhance their competitive positions as the market matures and policy incentives wane [1][3][4]. Group 1: Financing and Investment - Deep Blue plans to raise approximately 6.122 billion yuan through capital increase [1] - JAC Motors has received approval for a 3.5 billion yuan private placement [1] - BAIC Blue Valley's 6 billion yuan refinancing project has also been approved [1] Group 2: Market Dynamics - The NEV market is transitioning from an exploratory phase to a deep cultivation phase, with sales exceeding 14.78 million units and a penetration rate surpassing 47% by November 2025 [6] - Traditional manufacturers are leveraging decades of experience in cost control and lifecycle management to gain an edge as the market slows down [4][6] Group 3: Competitive Landscape - New energy brands are shifting from passive followers to more proactive players, aiming to catch up in technology and service capabilities [3][4] - The competitive focus is now on product reliability and long-term ownership costs rather than just technological innovation [11][12] Group 4: Financial Performance - In Q3 2025, Zeekr's gross margin reached 19.2%, NIO's was 14.7%, and Xpeng's was 13.1%, indicating traditional manufacturers are establishing advantages in cost control and scale [7] Group 5: Strategic Initiatives - JAC Motors is investing 1 billion yuan in body parts projects to enhance self-sufficiency and reduce reliance on external suppliers [9] - The rise of brands like Hongmeng Zhixing and Xiaomi is not displacing traditional manufacturers but rather integrating their manufacturing expertise into new ventures [9]

Core Insights - Thailand is the 10th largest automobile producer globally and the largest in Southeast Asia, known as the "Detroit of the East" [6] - Japanese cars dominate the market with a market share of around 70% in 2024, down from a peak of 90% [6] - Chinese automakers are rapidly entering the Thai market, particularly in the electric vehicle (EV) sector, with a market share increase from 5% to approximately 20% [6][12] Electric Vehicle Market Dynamics - As of October 2023, Thailand's EV penetration rate reached 20%, with sales outpacing Denmark, a leader in EV adoption [5] - The number of EVs in Thailand is close to 300,000, with a ratio of over 20 vehicles per charging station, indicating a need for more charging infrastructure [3][5] - The Thai government has implemented various subsidies and tax incentives to promote EV adoption, significantly boosting sales [11][12] Competitive Landscape - Chinese brands, including BYD, GAC, and Changan, have established a strong presence in Thailand, with over 70% market share in the EV segment [6][7] - The Thai automotive market is experiencing a shift, with local brands like BYD rising in rankings, while traditional Japanese brands face challenges [7][8] - The competition is intensifying as more players enter the EV market, leading to a more complex landscape [23] Local Production and Policy Impact - The Thai government has set production requirements for imported EVs, mandating local production to qualify for subsidies [12][13] - BYD's factory in Thailand is a significant investment, with a production capacity of 150,000 vehicles and a local production rate of about 50% [13] - The government is adjusting policies to alleviate pressure on automakers, allowing exported vehicles to count towards local production requirements [16] Future Opportunities - There is potential for growth in the pickup and commercial vehicle segments, where Chinese brands currently have minimal presence [26] - The high-income demographic in Thailand presents opportunities for luxury EV models, as the market for high-end vehicles remains robust [27] - The establishment of a complete ecosystem around EVs, including services and financing, is crucial for long-term success in the Thai market [21][28]

12月21日—22日，2025年智能网联新能源汽车极端环境测试技术创新大会在内蒙古呼伦贝尔成功举办。呼伦贝尔市委书记王旺盛，市委副书记、市长及永 乾，中国汽车技术研究中心有限公司(以下简称"中汽中心")副总经理张嘉禾出席大会。 本次大会由中汽研汽车试验场股份有限公司(以下简称"中汽股份（301215）")主办，围绕极端环境下智能网联汽车适应性提升与技术创新主题，汇聚了来自 高校科研院所、汽车企业、研发测试机构等的行业专家200余人，共同探讨智能网联新能源汽车行业快速发展背景下低温冰雪等极端环境测试的核心议题， 共享行业最新发展动态，为推动汽车行业新质生产力发展提供有力支撑。 张嘉禾在大会上发表讲话。他指出，智能网联新能源汽车产业发展正从规模扩张迈向质量提升的关键阶段，推进智能网联新能源汽车全季冰雪试验基地建 设，既是响应国家战略的重要实践，也是破解产业痛点、引领行业升级的重要举措。中汽中心将紧跟国家"十五五"规划建议，夯实智能网联发展基础，以科 技创新和新质生产力发展推动汽车产业科技高水平自立自强，构建产业发展新篇章。 及永乾在致辞中强调，呼伦贝尔坚持践行"冰天雪地也是金山银山"的发展理念，凭借独特的区位优势 ...

Core Viewpoint - The article highlights the impressive performance of Leap Motor, a new car manufacturer, in the electric vehicle industry, achieving significant sales growth and profitability while maintaining a low-profile strategy and focusing on cost-effective innovation [2][4][5]. Group 1: Sales Performance - From January to November 2025, Leap Motor delivered a total of 536,000 vehicles, ranking fifth among brands, following BYD, Geely Galaxy, Wuling, and Tesla [2]. - Monthly delivery volumes have shown consistent growth, with November 2025 reaching 70,327 units, resulting in a year-to-date increase of 92% [3][4]. - The sales of various models have remained balanced, with most models expected to maintain year-on-year growth in 2025, except for the C01 model [4]. Group 2: Financial Performance - Leap Motor achieved a net profit in the first half of 2025 and continued to report quarterly profits in the third quarter, indicating a strong correlation between increased sales and rising gross and net profits [4]. - The company has maintained a low marketing expenditure compared to competitors, focusing on a "quietly making money" approach [4]. Group 3: Strategic Insights - The founder, Zhu Jiangming, attributes the company's success to two main strategies: a "low-price, high-spec" market competition strategy and technological innovation through comprehensive self-research [4][5]. - Leap Motor's operational certainty stems from strategic choices made a decade ago, allowing the company to create a cost-effective, competitive pricing model that drives high sales volume [5]. Group 4: Innovation and Technology - Leap Motor emphasizes "integrated innovation," focusing on optimizing existing technologies rather than creating entirely new inventions, which allows for cost efficiency [29][30]. - The company has successfully integrated various components, reducing the number of control modules in vehicles, which enhances efficiency and lowers costs [29][30]. Group 5: Market Positioning - Leap Motor aims to target the mass market rather than pursuing a niche, high-end brand strategy, reflecting a shift in consumer preferences towards more affordable options [8][78]. - The founder compares Leap Motor to Uniqlo, emphasizing a focus on quality and affordability while planning to introduce higher-end products without reaching luxury price points [80][82]. Group 6: Future Outlook - Leap Motor is targeting a sales goal of 1 million vehicles by 2026, with plans to launch four new models by mid-2026, contributing to an expected increase of 10% to 20% in sales from existing models [93].

港股晨报 2025 年 12 月 22 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：圣诞行情临近，市场明显反弹 港股市场上周五回暖，三大指数集体收涨。其中，恒生指数升 0.75%，国企指 数升 0.68%，恒生科技指数升 1%，多个板块呈现普涨格局。大市成交金额回升 至2,212亿元，主板总卖空金额约452亿元，占可卖空股票总成交金额约22.19%。 南向资金流（北水）方面，周五净流入约 34 亿元。港股通 10 大成交活跃股中， 北水净买入最多的是腾讯控股 700.HK、阿里巴巴 9988.HK、长飞光纤光缆 6869.HK；净卖出最多的是中国移动 941.HK、地平线机器人－Ｗ9660.HK、中芯 国际 981.HK。 分板块来看，烟草概念股表现突出。消息面上，国务院办公厅近日印发《关于 全链条打击涉烟违法活动的意见》，明确要求全方位加强电子烟监管，严打非 法生产与出口回流等乱象。此举将有效净化市场环境，为合规企业带来更大的 发展空间与机遇，提振了板块信心，中烟香港 6055.HK 与思摩尔国际 6969.HK 领涨。消费板块整体做好，汽车股亦表现亮眼，小鹏 9868.HK、零跑 9 ...