来源：上海证券报·中国证券网 上证报中国证券网讯 1月5日，至信股份发布首次公开发行股票并在沪市主板上市公告，明日将进行网 上网下新股申购。上午，至信股份在上证路演中心·上海证券报及中国证券网成功举行网上路演，公司 管理层主要成员及保荐机构申万宏源一起做客直播室，围绕本次发行情况、公司核心技术优势、未来战 略规划以及募集资金运用等话题，与网友进行了为时三个小时的在线交流。 来源：上海证券报·中国证券网 据公司董事长陈志宇介绍，至信股份深耕汽车冲焊件及模具领域三十余年， 目前已在全国布局十余个 生产基地，实现了对客户需求的快速响应。并以此为中心，积极辐射并开拓周边的新老客户。在智能制 造方面，公司拥有大吨位大台面自动化和连线生产线16条，自动化焊接机器人超1500台，整体自动化率 超96%。此外，在赋能自身智能制造与数字化管理的同时，公司机器人工作站及集成业务已实现对外销 售，正逐步形成第二增长点。经过多年积累，至信已发展成为长安汽车、吉利汽车、长安福特、蔚来汽 车、理想汽车、比亚迪、长城汽车、零跑汽车等知名整车制造厂商的一级供应商，并已配套宁德时代、 英纳法、伟巴斯特等知名汽车零部件供应商。 谈到本次发行情况 ...

Group 1: Passenger Vehicle Market Outlook - The overall expectation for the passenger vehicle market in 2026 is a decline of 3.5% in domestic demand due to the 5% new energy vehicle purchase tax [1][6] - As of October 22, 2025, over 10 million applications for vehicle trade-in have been submitted, with over 340 million scrapped and 660 million replaced, resulting in a total subsidy expenditure of 140 billion yuan [1][6] - The new energy vehicle purchase tax will be reinstated at a reduced rate of 5% from January 1, 2026, with a maximum tax exemption of 15,000 yuan per vehicle [1][6] Group 2: Smart Driving Technology - In 2026, the penetration rate of urban NOA (Navigation on Autopilot) in new energy vehicles is expected to rise to 40% [2][7] - The market share of chip suppliers is projected to change, with Nvidia's share decreasing to 45%, Tesla at 15%, Huawei at 25%, and other domestic suppliers at 15% [2][7] Group 3: Heavy Truck Market Forecast - The wholesale sales of heavy trucks are expected to reach 1.16 million units in a neutral scenario, reflecting a year-on-year increase of 1.5%, while domestic sales are projected to decline by 5.5% [3][8] - In an optimistic scenario, wholesale sales could reach 1.25 million units, with domestic sales increasing by 2.7% [3][8] Group 4: Heavy Truck Export Outlook - The export of heavy trucks is expected to accelerate in 2026 as the impact from Russia diminishes, with significant growth anticipated in Southeast Asia, Africa, and the Middle East driven by local infrastructure and mining demands [4][9] - The conservative estimate for exports in 2026 includes a year-on-year increase of 20% for Asia, 30% for Africa, and 40% for the Middle East [4][9] Group 5: Globalization Strategy for Passenger Vehicles - The selection of automotive companies for investment should focus on those with high export ratios and established overseas production capacity, particularly those like Chery, Great Wall, and BYD [10] - Companies with a dual strategy of BEV (Battery Electric Vehicle) and PHEV (Plug-in Hybrid Electric Vehicle) are better positioned for sustained market access and growth [10]

Group 1 - The core product of the company is electronic connectors, which are categorized into "home appliance connectors," "automotive connectors," "industrial connectors," and "connectors for other fields" based on market and customer needs [2] - Home appliance connectors are primarily sold to major manufacturers such as Midea, Haier, Gree, Hisense, and Xiaomi, as well as component suppliers like Derun Electronics and Sanyuan Group [2] - Automotive connectors are mainly supplied to new energy vehicle component suppliers like Ruipu Lanjun and Jinkang New Energy, and automotive manufacturers including BYD, Chery, Changan, SAIC, and Leap Motor [2] Group 2 - Industrial connectors are primarily sold to robot manufacturers such as Ubtech and KUKA [2] - Connectors for other fields are mainly supplied to energy storage and photovoltaic equipment manufacturers like Dingke Energy and Yiyuan Holdings [2]

（来源：零跑汽车） 118家 407家 543家 零跑中心 体验中心 服务中心 销售网店覆盖295个城市，服务网店覆盖200个城市 零跑中心 零跑汽车11月4日至今新开23家零跑中心,零跑中心一 般位于城市汽车销售服务交付聚集的核心商圈,功能集 销售、交付、服务等于一体。 | 嘉兴零跑中心城北路店 营业时间： 周一至周日8:30-20:30 门店电话: 销售0573-82088588 服务0573-82588765 门店地址: 浙江省嘉兴市经开区城北路1761号 | 海口零跑中心南海大道东店 服务0898-66809668 门店地址:海南省海口市龙华区城西镇南海大道 116号，安骅汽车城 | 兰州零跑中心汇金汽车城店 服务0931-2903266 门店地址:甘肃省兰州市西固区南滨河西路9号汇 金国际智慧汽车城 | 银川零跑中心创业街店 营业时间： 周一至周日8:30-18:00 营业时间： 周一至周日8:20-18:30 门店电话:销售13006022642 营业时间： 周一至周日9:00-18:00 门店电话:销售0931-4501199 服务0951-6605800 门店地址： 宁夏回族自治区银川市金凤区 ...

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The main contract of Shanghai copper fluctuates strongly, with increasing positions, spot discount, and weakening basis. The raw material side has a tight copper concentrate supply, and the cost - support logic for copper prices is solid. Supply may gradually shrink due to tight raw materials and approaching holidays, and the growth rate of domestic refined copper supply is slowing. Demand is affected by high copper prices, and downstream buyers are cautious. Overall, the fundamentals are in a stage of slightly shrinking supply and cautious demand, with an increase in social inventory. In the options market, the sentiment is bullish, and the implied volatility slightly decreases. Technically, the 60 - minute MACD shows a bullish signal. The suggestion is to conduct short - term long - position trading at low prices with light positions, paying attention to rhythm and risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai copper futures contract is 101,350 yuan/ton, up 3110 yuan; the LME 3 - month copper price is 12,833 dollars/ton, up 363.5 dollars. The main contract's inter - month spread is - 120 yuan/ton, up 20 yuan. The main contract's open interest of Shanghai copper is 216,315 lots, up 8069 lots. The net position of the top 20 futures holders of Shanghai copper is - 45,864 lots, down 3287 lots. The LME copper inventory is 145,325 tons, down 2100 tons. The SHFE cathode copper inventory is 145,342 tons, up 33,639 tons. The SHFE cathode copper warrant is 90,282 tons, down 2856 tons [2]. 3.2现货市场 - The SMM 1 copper spot price is 100,575 yuan/ton, up 1755 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 100,660 yuan/ton, up 1325 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 50 dollars/ton, unchanged; the Yangshan copper average premium is 41.5 dollars/ton, down 7.5 dollars. The basis of the CU main contract is - 775 yuan/ton, down 1355 yuan; the LME copper cash - to - 3 - month spread is 38.6 dollars/ton, up 8.21 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 252.62 million tons, up 7.47 million tons. The copper concentrate price in Jiangxi is 89,620 yuan/metal ton, up 1610 yuan; in Yunnan, it is 90,320 yuan/metal ton, up 1610 yuan. The southern processing fee for blister copper is 2000 yuan/ton, up 500 yuan; the northern processing fee is 1200 yuan/ton, up 100 yuan. The monthly output of refined copper is 123.6 million tons, up 3.2 million tons. The import volume of unwrought copper and copper products is 430,000 tons, down 10,000 tons [2]. 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 67,970 yuan/ton, up 1100 yuan; the price of 2 copper (94 - 96%) in Shanghai is 82,050 yuan/ton, up 900 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1030 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The monthly output of copper products is 222.6 million tons, up 22.2 million tons. The cumulative grid infrastructure investment is 560.39 billion yuan, up 77.956 billion yuan. The cumulative real estate development investment is 7859.09 billion yuan, up 502.82 billion yuan. The monthly output of integrated circuits is 4,392 million pieces, up 215 million pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 21.82%, up 1.47 percentage points; the 40 - day historical volatility is 17.69%, up 1.40 percentage points. The implied volatility of the current - month at - the - money option is 27.33%, down 0.0101 percentage points. The call - to - put ratio of at - the - money options is 1.49, up 0.0406 [2]. 3.7 Industry News - In December 2025, China's manufacturing PMI, non - manufacturing PMI, and composite PMI were 50.1%, 50.2%, and 50.7% respectively, up 0.9, 0.7, and 1.0 percentage points month - on - month, all rising to the expansion range. In 2025, the sales of trade - in related goods exceeded 2.6 trillion yuan, benefiting over 3.6 billion people. The eurozone's December 2025 manufacturing PMI was 48.8, lower than expected. Fed's Paulson said that if inflation cools, the Fed may further cut interest rates but will not take immediate additional measures. In December 2025, BYD's new - energy vehicle sales were 420,398, down 18.2% year - on - year, with an annual cumulative sales of 4.602436 million, up 7.73% year - on - year, and overseas sales exceeded 1 million for the first time, up 145%. Geely's December 2025 sales were 236,817, up 13% year - on - year, and the annual sales were 3.024567 million, up 39% year - on - year. Many new - energy vehicle brands had record - high December sales, and Leapmotor ranked first with nearly 600,000 annual sales [2].

Market Overview - The Hong Kong stock market showed a narrow fluctuation today, with the Hang Seng Index slightly up by 0.03% to close at 26,347.24, while the Hang Seng China Enterprises Index fell by 0.22% to 9,148.47, and the Hang Seng Tech Index increased by 0.09% to 5,741.63 [1][2]. Technology Sector - The technology sector exhibited mixed performance, with Kuaishou rising over 11%, Bilibili increasing by over 4%, Alibaba up by over 2%, while NetEase and Xiaomi both dropped by over 2% [2]. Automotive Sector - The automotive stocks faced significant declines, with NIO down nearly 6%, XPeng Motors falling over 4%, and Li Auto dropping over 3%. Great Wall Motors also saw a decline of over 6% [4]. Biopharmaceutical Sector - The biopharmaceutical sector saw gains, with Rongchang Biopharmaceutical rising over 7%. The China Drug Evaluation Center (CDE) indicated that by December 31, 2025, 76 innovative drugs are expected to be approved, surpassing the 48 approved in 2024, marking a historical high [4]. Real Estate Sector - The real estate sector showed strength, with China Rongxin rising over 6% [5]. Brain-Computer Interface Sector - The brain-computer interface concept surged, with Nanjing Panda Electronics rising over 39%. Elon Musk announced that his company Neuralink plans to begin large-scale production of brain-computer interface devices in 2026 [5]. Oil Sector - The oil sector weakened, with PetroChina declining by over 3%. This follows reports of U.S. military actions against Venezuela, with plans for U.S. oil companies to invest billions in repairing Venezuela's oil infrastructure while maintaining an oil embargo [5].

Core Insights - Leap Motor aims to achieve an annual sales target of 1 million vehicles by 2026, marking a significant ambition for the company as it transitions from a "challenger" to a "leader" in the new energy vehicle market [1][4] - The company faces the challenge of shifting its brand perception from a "high cost-performance" image to a higher-end positioning, which requires convincing consumers to accept higher prices for its vehicles [3][5] Group 1: Sales and Market Position - Leap Motor is projected to sell nearly 600,000 vehicles in 2025, solidifying its position as the top seller among new energy vehicle companies in China [4] - The company's strategy of high self-research and development of core components has provided it with advantages in cost control and supply stability, enabling it to achieve profitability ahead of many competitors [4] Group 2: Brand and Consumer Perception - Leap Motor has established a market image of being "good but not expensive" within the price range of 60,000 to 200,000 yuan, which has helped it rapidly expand its user base but also created consumer expectations that may hinder its ability to raise prices [5][7] - The transition to a higher price point of 250,000 to 300,000 yuan will require Leap Motor to address consumer willingness to pay a premium for its brand, rather than just the vehicle's features [5][8] Group 3: Product and Pricing Strategy - Leap Motor's pricing strategy has traditionally been cost-driven, focusing on providing high configurations at attractive prices, but this approach may not translate effectively in the high-end market where consumer value perception is more complex [8][11] - The company is currently in a catch-up phase regarding key technologies such as intelligent driving, and any delays in technological advancements could negatively impact consumer confidence [8][12] Group 4: Competitive Landscape - The high-end market segment, particularly in the 250,000 to 300,000 yuan range, is highly competitive with established players like Tesla, Li Auto, NIO, and Aito already having solidified their user bases [9][12] - Leap Motor's strategy of climbing from the mass market to the premium segment is challenging and carries higher risks, despite having successful precedents in the industry [9][12] Group 5: Operational Challenges - Achieving the sales target of 1 million vehicles will require a nearly 70% increase in scale, posing significant challenges across various operational aspects, including dealership standards, supply chain stability, and organizational complexity [12][13] - The company must balance profitability with high-end investments and maintain a dynamic equilibrium between pricing competition and gross margins [13] Group 6: Global Expansion and Long-term Strategy - Leap Motor is leveraging international partnerships to accelerate its global expansion, but initial phases typically prioritize scale over profit, necessitating strong financial endurance and a longer return cycle [13] - The company's focus on engineering efficiency and investment returns has previously helped it navigate industry downturns, but the new phase of high-end and global strategies will require greater patience and commitment to long-term investments [13]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The alumina market may be in a stage of slightly converging supply and stable demand, suggesting light - position oscillatory trading [2]. - The Shanghai aluminum market may be in a stage of slightly increasing supply and off - season demand, with aluminum prices maintaining high - level oscillations due to positive macro expectations. It is recommended to go short - term long at low prices with a light position [2]. - The cast aluminum alloy market may be in a stage of converging supply and weakening demand, and light - position oscillatory trading is suggested [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract was 23,645 yuan/ton, up 720 yuan; the closing price of the alumina futures main contract was 2,770 yuan/ton, down 8 yuan [2]. - The LME electrolytic aluminum three - month quotation was 3,021 US dollars/ton, up 24 US dollars; the LME aluminum inventory was 509,250 tons, down 2,500 tons [2]. - The closing price of the cast aluminum alloy main contract was 22,520 yuan/ton, up 665 yuan; the registered warehouse receipts of the cast aluminum alloy on the Shanghai Futures Exchange were 69,620 tons, up 32 tons [2]. 3.2 Spot Market - The price of Shanghai Non - Ferrous Network A00 aluminum was 23,310 yuan/ton, up 850 yuan; the spot price of alumina in Shanghai Non - Ferrous was 2,610 yuan/ton, unchanged [2]. - The average price (tax - included) of ADC12 aluminum alloy ingots nationwide was 23,100 yuan/ton, up 650 yuan; the price of Yangtze River Non - Ferrous Market AOO aluminum was 22,520 yuan/ton, up 820 yuan [2]. 3.3 Upstream Situation - Alumina production in the current month was 813.80 million tons, up 27.30 million tons; the demand for alumina (electrolytic aluminum part) in the current month was 705.96 million tons, down 24.27 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap was 17,500 yuan/ton, up 150 yuan; the average price of crushed raw aluminum in Shandong metal scrap was 17,050 yuan/ton, up 150 yuan [2]. 3.4 Industry Situation - The import volume of primary aluminum was 146,109.72 tons, down 101,652.54 tons; the export volume of primary aluminum was 53,047.69 tons, up 28,474.13 tons [2]. - The production of aluminum products was 593.10 million tons, up 23.70 million tons; the export volume of unwrought aluminum and aluminum products was 57.00 million tons, up 7.00 million tons [2]. 3.5 Downstream and Application - The production of recycled aluminum alloy ingots was 70.00 million tons, up 9.17 million tons; the export volume of aluminum alloy was 3.06 million tons, down 0.03 million tons [2]. - The automobile production was 351.90 million vehicles, up 24.00 million vehicles; the national real estate climate index was 91.90, down 0.52 [2]. 3.6 Option Situation - The historical volatility of Shanghai aluminum for 20 days was 17.05%, up 3.38%; the historical volatility for 40 days was 13.95%, up 1.88% [2]. - The implied volatility of the at - the - money option of the Shanghai aluminum main contract was 21.6%, up 0.0295; the call - put ratio of Shanghai aluminum options was 1.69, down 0.1008 [2]. 3.7 Industry News - In December 2025, China's manufacturing PMI, non - manufacturing PMI, and comprehensive PMI were 50.1%, 50.2%, and 50.7% respectively, up 0.9, 0.7, and 1.0 percentage points month - on - month [2]. - In 2025, the sales volume of trade - in related commodities nationwide exceeded 2.6 trillion yuan, benefiting more than 360 million people [2]. - The final value of the eurozone's manufacturing PMI in December 2025 was 48.8, with the expected and previous values both being 49.2 [2]. - Multiple car companies announced their December 2025 and full - year results. BYD's new - energy vehicle sales in December 2025 were 420,398 units, a year - on - year decline of about 18.2%; the full - year cumulative sales were 4,602,436 units, a year - on - year increase of 7.73% [2].

港股汽车股跌幅居前，蔚来跌近6%，小鹏汽车跌超4%、零跑汽车跌超3%，长城汽车（601633）跌超6%。 | 名称 | 现价 | 涨跌幅 -- | | --- | --- | --- | | 蔚来-SW | 38.860 | -5.95% | | 9866.HK | | | | 小鹏汽车-W | 76.650 | -4.60% | | 9868.HK | | | | 零跑汽车 | 47.880 | -3.39% | | 9863.HK | | | | 比亚迪股份 | 95.800 | -2.99% | | 1211.HK | | | | 长城汽车 | 14.190 | -6.15% | | 2333.HK | | | | 吉利汽车 | 17.600 | -3.30% | | 0175.HK | | | 生物医药股涨幅居前，荣昌生物涨超7%。2025年12月31日，CDE官网显示，荣昌生物维迪西妥单抗新适应症拟纳入突破性治疗品种。此外，1月3日晚 间，国家药监局官方微信公号发文称，2025年我国已批准上市的创新药达76个，大幅超过2024年全年48个，创历史新高。此外，2025年我国创新药对外 授权交易总金额超 ...

| 名称 | 现价 | 涨跌幅 -- | | --- | --- | --- | | 快手-W | 73.600 | 11.09% | | 1024.HK | | | | 毕 哩 哔 里-W | 209.800 | 5.06% | | 9626.HK | | | | 华虹半导体 | 84.000 | 3.32% | | 1347.HK | | | | 京东健康 | 58.200 | 3.28% | | 6618.HK | | | | 阿里巴巴-W | 152.800 | 2.55% | | 9988.HK | | | | 阿里健康 | 5.320 | 2.11% | | 0241.HK | | | | 中芯国际 | 76.500 | 1.86% | | 0981.HK | | | | 金山软件 | 29.700 | 1.78% | | 3888 HK | | | 港股汽车股跌幅居前，蔚来跌近6%，小鹏汽车跌超4%、零跑汽车跌超3%，长城汽车跌超 6%。 | 名称 | 现价 | 涨跌幅 -- | | --- | --- | --- | | 蔚来-SW | 38.860 | -5.95% | | 9866.HK ...