Core Viewpoint - The company, Zhiming Technology, plans to invest in a new automotive parts and high-precision components production base in Chonburi, Thailand, to optimize its capacity and global layout, aligning with the localized supply chain demands of clients in the electric vehicle and embodied intelligent robotics sectors [1] Investment Details - The total investment amount for the new production base will not exceed 217 million yuan [1]

Core Viewpoint - Leap Motor continues to show strong growth, achieving record revenue and significant sales increases in Q3 2025, driven by product launches and expanded sales channels [1][2][4]. Financial Performance - In Q3 2025, the company reported revenue of 19.45 billion yuan, a 97.3% increase from 9.86 billion yuan in the same period of 2024, and a 36.7% quarter-on-quarter growth, marking a new quarterly revenue high [2]. - The net profit attributable to the parent company reached 150 million yuan, a turnaround from a loss of 690 million yuan in Q3 2024, with a gross margin improvement to 14.5%, up from 8.1% year-on-year [7]. Sales and Delivery - The company delivered 173,900 vehicles in Q3, a year-on-year increase of 101.77% and a quarter-on-quarter increase of 29.63%, maintaining its position as the sales leader among new energy vehicle manufacturers for eight consecutive months [2][4]. - Leap Motor has set an ambitious sales target of 600,000 vehicles for the year, having already achieved its initial goal of 500,000 vehicles ahead of schedule [4]. Product Strategy - The growth in sales is attributed to the launch of multiple new models, including the C11 and B01, with the latter achieving over 46,700 cumulative deliveries by the end of October [4]. - The company is expanding its product lineup across four major series, with new models like the Lafa 5 and D19 set to debut soon [4]. Market Expansion - As of September 30, the company has expanded its sales and service network to cover 292 cities, an increase of 88 cities year-on-year, with 866 sales stores and 499 service centers [5]. - Leap Motor is also accelerating its international expansion, with over 700 stores established in approximately 30 international markets, and aims for overseas sales of 100,000 to 150,000 vehicles next year [6][9]. Research and Development - The company invested 1.21 billion yuan in R&D in Q3, a 55.4% increase year-on-year, focusing on automotive electronics, new product development, and future technology reserves [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [12]. Core Insights - The company achieved its first half-year profit, with both domestic and international sales accelerating significantly [3]. - The third quarter of 2025 saw the company report revenue of 19.45 billion yuan, reflecting a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [4]. - The gross margin for Q3 2025 reached 14.5%, showing improvements both year-on-year and quarter-on-quarter, primarily due to increased sales volume and cost management [5]. - The company delivered 174,000 vehicles in Q3 2025, maintaining its position as the top new force in vehicle deliveries for eight consecutive months [7]. - The company is expanding its product matrix and sales channels, with a significant increase in sales service network coverage [6][8]. Financial Performance Summary - Revenue projections for the company are as follows: 32.16 billion yuan in 2024, 63.90 billion yuan in 2025, 113.20 billion yuan in 2026, and 174.00 billion yuan in 2027, with growth rates of 92%, 99%, 77%, and 54% respectively [3][9]. - The company is expected to turn a profit in 2025, with a projected net profit of 738 million yuan, followed by 6.27 billion yuan in 2026 and 8.43 billion yuan in 2027 [3][9]. - The net asset return rate is projected to improve significantly, reaching 7% in 2025 and 45% in 2026 [3][9]. - The company’s cash flow per share is expected to turn positive in 2025, with projections of 15.74 yuan in 2026 and 18.80 yuan in 2027 [3][9].

Core Viewpoint - The company, Zhaomin Technology, plans to invest in a new automotive parts and high-precision components production base in Chonburi, Thailand, to optimize capacity and global layout, aligning with the localization supply chain demands of clients in the electric vehicle and intelligent robotics sectors [1] Group 1 - The total investment amount for the new production base is not to exceed 217 million RMB or its equivalent in foreign currency [1]

Core Viewpoint - The company plans to invest up to 217 million RMB or equivalent foreign currency in overseas projects to enhance its core business and global presence [1] Group 1: Investment Details - The investment will be made through a wholly-owned subsidiary in Thailand's Chonburi Province [1] - The focus of the investment is to establish a production base for automotive components and high-end precision parts [1] - This initiative aims to optimize the company's production capacity and align with the localized supply chain demands of clients in the electric vehicle and intelligent robotics sectors [1]

《中国经营报》记者注意到，上述合作因对巴西新能源产业升级、就业拉动及南美汽车市场具有重要战 略意义，受到巴西政府及地方各界的高度重视。巴西副总统杰拉尔多·阿尔克明、巴拉那州州长拉蒂尼 奥·儒尼奥尔等各界领导，及雷诺集团和吉利管理层共同出席。 吉利与雷诺的合作迎来新进展。11月19日，在吉利与雷诺集团宣布成立雷诺吉利巴西公司（Renault Geely do Brasil）后，双方战略合作启动仪式在巴西埃尔顿・塞纳工业园区举行。吉利雷诺巴西公司将 投资38亿雷亚尔（约合人民币51亿元），推动新能源技术平台及车型在巴西落地。该项目将显著提升工 业园区产能利用率，并加速吉利在拉美拓展新能源市场。 雷诺集团首席增长官、雷诺品牌CEO法布里斯·坎博利夫表示："雷诺与吉利在巴西的战略合作迈入全新 阶段。未来，双方的战略合作将聚焦潜力市场，整合工业制造能力，营销网络以及领先的电动化平台， 共同打造极具市场竞争力的产品矩阵，促进销售增长，加速雷诺与吉利的全球化布局。" "此次合作是继吉利与雷诺韩国整车合资项目和浩思动力总成公司成立之后，吉利与雷诺战略合作又一 重要里程碑。双方将继续探索新市场和新机遇，共创共赢，共同发展，通过 ...

Core Viewpoint - The company, HaiNengDa, emphasizes its capabilities in "self-research, self-manufacturing, and self-marketing," indicating a strong vertical integration strategy in its operations [1] Group 1: Business Operations - The subsidiary, Deep Sea, focuses on OEM (Original Equipment Manufacturer) business in three main areas: new energy vehicle electronics, robotics, and communication servers [1] - The new energy vehicle electronics segment has experienced rapid growth over the past two years and has secured orders from several leading automotive companies [1] Group 2: Market Trends - The company anticipates that the growth in new energy vehicle electronics will continue to deepen as the penetration rate of new energy vehicles increases [1]

日期 2025 年 11 月 19 日 有色金属研究团队 行业 镍日报 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 镍观点： 受宏观转弱以及基本面高库存压制，沪镍继续下跌，18 日主力合约进一步刷 新低点，几近最低价收盘，报 114840 元/吨。金川镍平均升水较上日涨 150 报 4050， 国产电积镍升贴水涨 75 报 100-400。8-12%高镍生铁均价下跌 3 至 899.5 元/镍点， 电池级硫酸镍均价较上日下跌 50 至 28330 元/吨。产业链价格均走弱。印尼矿端 短期支撑有限，而镍终端需求拖累显著。不锈钢市场已进入年末的消费淡季 ...

行业 铝日报 日期 2025 年 11 月 19 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 铝观点： 18 日沪铝继续下跌，跌幅较前几日有所扩大，主力 2601 跌至 21465，跌幅 1.22%，总持仓较上一交易日大幅减少 6 万余手至 680374 手，显示资金离场迹象。 现货上，伴随铝价下行，采购情绪进一步回升，但下游观望情绪也随之升温，尚 未出现大规模补库行为，日内华东贴水-30，中原贴水-150，华南贴水-165。进口 窗口关闭，但沪伦比值上修明显，现货进口亏损大幅收窄 500 至-1500 元/吨左右。 国产矿相 ...

沪铜产业日报 2025/11/19 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 86,080.00 | +430.00↑ LME3个月铜(日,美元/吨) | 10,751.00 | +31.50↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 0.00 | 0.00 主力合约持仓量:沪铜(日,手) | 153,278.00 | -11118.00↓ | | | 期货前20名持仓:沪铜(日,手) | -23,694.00 | +11.00↑ LME铜:库存(日,吨) | 136,050.00 | +325.00↑ | | | 上期所库存:阴极铜(周,吨) | 109,407.00 | -5628.00↓ LME铜:注销仓单(日,吨) | 9,475.00 | -175.00↓ | | | 上期所仓单:阴极铜(日,吨) | 60,874.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 86,115.0 ...