Core Insights - Leap Motor is transitioning from a "new force" in car manufacturing to a global automotive enterprise, aiming for 1 million vehicle sales in 2026 and 4 million over the next decade [1][2] - The company has achieved significant milestones, including an expected sales volume of nearly 600,000 vehicles in 2025 and a cumulative delivery exceeding 1.2 million vehicles, alongside continuous quarterly profitability [2] R&D Strategy - Leap Motor has adhered to a comprehensive self-research strategy, with 70% of core technologies in the electric vehicle sector concentrated in emerging fields like electronics and control systems [2] - The company has established a robust R&D system covering key areas such as vehicle architecture, batteries, electric drives, cockpit systems, and assisted driving, with self-researched components accounting for 65% of vehicle costs [2] Shareholder Structure - In 2025, Leap Motor formed a strategic partnership with China FAW Group, which became a strategic shareholder, creating a stable "shareholder triangle" with existing stakeholders [3] - This partnership leverages FAW's manufacturing and policy resources alongside Leap Motor's core technology in new energy vehicles, ensuring the founding team's control and strategic continuity [3] Support System - To achieve the 1 million sales target, Leap Motor has developed a three-pronged support system encompassing products, supply chain, and channel services [4] - The company has launched the D series models based on its flagship D platform, targeting the high-end market with competitive pricing [4] Supply Chain Management - Leap Motor employs a standardized and multi-channel strategy for battery supply, having established stable partnerships with leading suppliers like CATL [4] - The company has prepared a battery stock with a redundancy of 1.2 to 1.3 times to meet the production capacity needs for 1 million vehicles [4] Channel and Service Upgrades - Leap Motor focuses on enhancing user experience through a defined luxury core, creating key touchpoints throughout the customer journey [5] - The company has adopted an innovative channel model that fosters a "partner" relationship with dealers, resulting in over 1,800 global channel outlets [5] Technological Investment - Leap Motor plans to increase investment in intelligent assisted driving technologies, aiming to upgrade all models with L3-level capabilities by 2026 [6] - The company recognizes the automotive industry's upcoming adjustment period but remains optimistic about the irreversible trend of electric vehicle adoption [6]

2025年，是全球经济在复苏与重构中寻找新平衡的一年，也是中国产业在经历了数年技术积淀、市场激 荡与模式探索后，进入深度分化与价值重塑的关键节点。我们不再仅仅追逐风口，而是更冷静地审视风 口之下正在发生的改变：存储芯片"超级周期"搅动市场，国产正凭借成熟的性能、稳定的供应突围；新 能源汽车穿越价格战，驶向全球化的深海；金价暴涨，点燃一场现代淘金热；AI大模型卸下炫技光 环，沉入产业毛细血管；短剧现象则掀开了内容消费的底层革命。 这一年的核心叙事是分化与沉淀，当所有行业都在接受价值的重新丈量，真正的机遇只属于那些穿透周 期噪音、构筑内生力量的建设者。我们在此记录这场静默而深刻的重塑——潮水退去时，留在岸上的才 是这个时代真正的重量。 "账期真的短了。" 账期，曾经是悬在众多汽车供应链企业头上的一把利剑。 "感觉真的不一样了。"2025年12月，虽然时值寒冬，一位在华东地区为多家主机厂供货的汽车电子企业 人士却向记者描述了久违的"暖意"。他所在的公司在过去几年，早已习惯了合同上写着"60天"，实际回 款却拖到180天的行业潜规则。"现在，账款回收的速度明显在加快，现金流压力小了很多。" 这一转变并非偶然。万创投行 ...

Group 1 - The core viewpoint of the article highlights the unprecedented collaboration between traditional automaker FAW Group and the new energy vehicle brand Leap Motor, with FAW investing 3.744 billion yuan for a 5% stake in Leap Motor [1][3] - This partnership is expected to leverage FAW's advanced supply chain capabilities, internal combustion engine R&D, and extensive distribution network alongside Leap Motor's self-developed intelligent and electrification technologies, creating a win-win situation for both parties [3] Group 2 - Geely has completed the integration of its intelligent driving division, aiming to enhance innovation and delivery efficiency in the field of advanced driver assistance systems [4] - Despite significant R&D investments in the driver assistance sector, user feedback indicates that Geely has not achieved a dominant lead over competitors, prompting the consolidation of its previously dispersed teams to focus efforts and potentially gain an advantage in a competitive market [6]

1.【保时捷中国回应"郑州中原保时捷中心疑似跑路"：正与警方和相关部门在现场核查事实】针 对"郑州中原保时捷中心疑闭店'跑路'"一事，保时捷中国回应记者称，对于此次事件给各位车主及消 费者带来的困扰与担忧致以最诚挚的歉意，将积极推动事件妥善处理，将消费者合法权益放在首 位。"我们高度关注保时捷授权经销商郑州中原保时捷中心出现经营异常情况，目前与警方和相关部 门正在现场核查事实。"近日，多位网友反映，郑州中原保时捷中心"人去楼空"，涉及金额从数万元 至数十万元不等。（财联社） 2.【深蓝董事长回应和小鹏对比】近日，有网友在社交平台发布自己在小鹏M03与深蓝L06之间的深 度对比试驾体验，并最终选择深蓝L06，由此引发了关于智能辅助驾驶新能源购车选择的讨论。对 此，深蓝汽车董事长邓承浩回应称，感谢用户对深蓝的认可，小鹏是可敬的友商，未来将继续专注于 以安全为基石的智能辅助驾驶研发。据悉，此前长安汽车在重庆被授予首块L3级自动驾驶专用正式号 牌"渝AD0001Z"，并于12月23日正式上路通行。（和讯网） 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 3.【阿维塔回应南极 ...

此前，邓承浩用十个字概括了L06最核心的竞争力："公路磁悬浮，智驾老司机。"他解释，"磁流变悬 架"是市场唯一供给，源自军用技术，此前仅用于顶级豪车；"智驾老司机"则指L06标配带激光雷达的城 区NCA，实现"人无我有"。 据了解，深蓝L06主打"磁流变悬架"技术，官方称其为中国品牌首款搭载该系统的量产车型。该系统具 备10毫秒级响应能力，可实现全场景自适应软硬调节。智能驾驶方面，车辆配备包括1颗激光雷达在内 的27颗传感器，搭载双地平线J6芯片，算力达256TOPS，支持高速与城市领航辅助等90项智能驾驶功 能。 凤凰网科技讯12月25日，近日，有网友在社交平台发布自己在小鹏M03与深蓝L06之间的深度对比试驾 体验，并最终选择深蓝L06，由此引发了关于智能辅助驾驶新能源购车选择的讨论。对此，深蓝汽车董 事长邓承浩回应称，感谢用户对深蓝的认可，小鹏是可敬的友商，未来将继续专注于以安全为基石的智 能辅助驾驶研发。 ...

Group 1: Industry Developments - The Chinese automotive market is at a critical intersection of policy opportunities and year-end push as December 2025 approaches [1] - The Ministry of Industry and Information Technology (MIIT) has granted road access licenses for two L3 level autonomous driving vehicles from Changan Automobile and BAIC Group [2] - The MIIT is proposing seven mandatory national standards for automobiles, including safety requirements for door handles [6] Group 2: New Product Launches - Great Wall Motors has launched the Ora 5 SUV with a limited-time price starting at 91,800 yuan, featuring two battery options and advanced AI integration [3][5] - The Ora 5 is equipped with the Coffee OS 3 system and a third-generation driver assistance system, offering features like city NOA and memory parking [5] Group 3: Strategic Partnerships - CATL and Lantu have signed a ten-year deepening cooperation agreement focusing on technology application, product supply, and global market collaboration [7][9] Group 4: Corporate Actions - Zotye Auto plans to dispose of up to 3% of its shares to repay historical debts, with a maximum of 151 million shares to be sold [10] - GAC Group has initiated a Business Unit reform to enhance internal resource integration and operational efficiency, focusing on two brands, Haobo and Aion [11][13] - Hozon Auto is progressing with its bankruptcy restructuring, having selected a management trustee to oversee the process [14][16] Group 5: Regulatory Changes - The State Administration for Market Regulation and the Ministry of Ecology and Environment have issued new guidelines for the evaluation of vehicle inspection institutions to enhance regulatory standards [17]

Core Viewpoint - Chery Automobile's new model, the Fengyun T9L, is set to launch in March-April 2026, positioned as a large five-seat SUV featuring advanced intelligent driving and cabin technologies [1] Group 1: Vehicle Specifications - The Fengyun T9L features a simple front design with a closed grille and elongated light groups, complemented by a trapezoidal air intake [3] - The vehicle dimensions are 4870mm in length, 1930mm in width, and 1710mm in height, with a wheelbase of 2920mm, providing 1037mm of rear legroom [3] Group 2: Interior and Technology - The interior is equipped with the Lingxi cabin, utilizing a 3nm flagship-level cabin chip, front dual zero-gravity seats, a 17.3-inch rear screen, and a vehicle-mounted refrigerator capable of temperatures from -6°C to 50°C [4] Group 3: Powertrain and Performance - The Fengyun T9L is powered by the Kunpeng Super Energy Electric Hybrid CDM, achieving a comprehensive engine thermal efficiency of 45.79%, paired with a DHT260 super hybrid transmission and electric motor, delivering a total system power of 260kW and torque of 330N·m [4] - The vehicle offers a four-wheel drive system, with a 0-100 km/h acceleration time in the 5-second range and a top speed of 240 km/h [4]

Core Insights - The article discusses the advancements of BYD's Tian Shen Zhi Yan B driver assistance system, particularly through a rigorous 174-kilometer test that evaluates both efficiency and safety [1][10]. Group 1: Testing Overview - The test route covered 174 kilometers, including various road types and complex scenarios, with the vehicle maintaining assisted driving throughout to assess system performance [1]. - The testing included 100 parking challenges in diverse environments, demonstrating the system's capabilities under extreme conditions [6]. Group 2: Performance Improvements - The Tian Shen Zhi Yan B system showed significant enhancements in prediction, path planning, and traffic efficiency, with smoother dynamic avoidance and decision-making in complex situations [3][4]. - The system successfully reduced the travel time for the 174-kilometer journey to 4 hours, marking it as the fastest vehicle under the testing standards [5]. Group 3: Parking Capabilities - The system excelled in parking tests, accurately identifying parking spaces even in challenging conditions, thus reducing the risk of collisions [7]. - The "兜底" policy, which holds the company responsible for accidents during the parking process, has shifted user perception from hesitation to confidence in using the technology [9]. Group 4: Industry Positioning - BYD's advancements position it among the top tier of autonomous driving technology in China, with a significant data-driven approach supporting continuous improvement [10]. - The company has sold over 2.3 million vehicles equipped with the Tian Shen Zhi Yan system, generating over 150 million kilometers of driving data daily, which feeds back into technology optimization [10].

高分辨率雷达是SAE 2＋级和3级智能辅助驾驶系统中不可或缺的核心技术。2＋级（部分自动化）车辆 已具备完全自主转向、加速和制动的能力（但驾驶员仍需全程监督系统运行），而3级（有条件自动 化）则允许车辆在特定条件下完全接管驾驶任务。这些系统在交通拥堵或高速公路时速约100公里以下 的场景中显得尤为关键。为确保系统安全可靠运行，需大幅提升雷达传感器的性能，以实现更远距离、 更高精度的物体和道路使用者探测。佛瑞亚海拉的高分辨率雷达传感器ForWave7HD，凭借显著增强的 环境探测能力，成为这些系统中的核心组件。其高分辨率和众多发射接收通道，能够可靠探测到仅数厘 米大小的物体，例如道路上散落的货物或施工区域的锥形标志。得益于小于1°的改进角分辨率，该传感 器还能清晰分辨间距极近的物体，如密集城市交通中的车辆或人群中的个体。得益于最先进的天线和芯 片技术，其探测范围可达400米，视野更广阔，近距离探测性能也得到进一步优化。 佛瑞亚海拉最初以24GHz后视角雷达供应商的身份在市场中站稳脚跟，随后成功实现77GHz雷达传感器 的量产。这些安装在车辆四角的传感器，能覆盖车辆前后方的应用场景，例如变道辅助或交叉路口辅助 系 ...

Group 1 - The core point of the article highlights the frequent CEO changes at Weipai, with the latest CEO, Feng Fuzhi, serving only six months before being replaced by Zhao Yongpo, marking the eighth CEO change in nine years [1][3][14] - Weipai's sales have shown significant improvement, with a cumulative sales of 89,100 units from January to November this year, representing a year-on-year increase of 93.94%, and November alone saw sales of 12,800 units, up 81.14% year-on-year [14][31] - The transition to a direct sales model has been emphasized as a key strategy, with the goal of expanding the number of direct stores to 600 by the end of the year, although the previous target of 1,000 stores set by the former CEO was not met [10][18][33] Group 2 - Zhao Yongpo, the new CEO, has a strong technical background, having worked at Great Wall Motors for over 25 years, and is expected to leverage his experience to stabilize and grow Weipai [19][21][29] - The article discusses the challenges Weipai faces, including competition from other new energy vehicle brands and the need to improve its cost-effectiveness in the direct sales model [31][33][35] - The previous CEO's departure is speculated to be linked to unmet sales targets and high expectations set by the company's founder, Wei Jianjun, indicating a potential misalignment in strategic goals [16][33]