(本文来自第一财经) 美股周二收盘，道指收跌0.2%，标普500指数跌0.14%，纳指跌0.24%。特斯拉(TSLA.O)跌1%，英特尔 (INTC.O)涨1.7%，英伟达(NVDA.O)跌0.3%。纳斯达克中国金龙指数涨跌0.26%，百度(BIDU.O)涨 4.4%，小鹏汽车(XPEV.N)涨3.7%。 ...

● 本报记者 龚梦泽 2025年12月，零跑汽车迎来成立十周年的重要节点。在杭州举办的十周年发布会上，零跑科技创始人、 董事长、CEO朱江明携核心管理团队集体亮相，正式宣告企业告别"造车新势力"身份，抛出2026年冲刺 100万辆销量、未来十年实现400万辆销量的宏伟蓝图。这场跨越十年的战略升级背后，是零跑在全域自 研、股权架构、渠道布局和供应链建设等多维度的深度积淀，而与一汽的战略合作、管理层持续增持等 动作，更成为其冲击销量目标的重要支撑。 坚持全域自研战略 "零跑不能再以新势力自居，我们要做全球化世界级车企。"朱江明在接受中国证券报记者采访时明确表 示。这一战略转变并非空穴来风，而是基于企业十年发展的实力积累与行业格局的深刻洞察。数据显 示，零跑2025年全年销量预计近60万辆，单月销量突破7万辆，累计交付量已突破120万辆，且实现连续 季度盈利，即将达成年度盈利目标。 支撑这一转型的核心是零跑坚持十年的全域自研战略。朱江明透露，新能源汽车70%的核心技术集中在 电子、电控等新兴领域，这些技术在十年前尚未成熟，零跑抓住机遇入局，构建了覆盖整车架构、电 池、电驱、座舱系统、辅助驾驶等关键领域的研发体系，自 ...

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]

美股开盘，三大指数小幅低开，纳指跌0.04%，标普500指数跌0.02%，道指跌0.06%。 百度涨超6%，近期多项AI业务利好密集释放，此前获小摩大幅上调港股目标价至185港元。 小鹏汽车涨2.8%，小鹏G7超级增程SUV正式发布，综合续航突破1704公里创全球纪录。 现货黄金重回4400美元上方，带动黄金股上涨，金田涨4%，哈莫尼黄金涨超3%，泛美白银、美国黄金 公司涨超2%。 (格隆汇) ...

Core Viewpoint - Xpeng Motors (XPEV.US) announced the launch of the 2026 P7+ model, emphasizing its global strategy and significant upgrades in performance and comfort [1] Group 1: Product Announcement - The 2026 P7+ is positioned as a global product, adhering to unified production and safety standards across 36 countries [1] - The new model features 104 experience upgrades and a 36% upgrade in primary components, enhancing the overall cabin quality and comfort [1] Group 2: Technical Specifications - The pure electric version of the 2026 P7+ utilizes an 800V high-voltage platform and is equipped with AI batteries that support 5C ultra-fast charging [1] - Under CLTC conditions, the maximum range for the pure electric version can reach 725 km, while the range-extended version offers a pure electric range of 430 km and a combined range of up to 1550 km [1]

Core Viewpoint - The seventh Service-Oriented Manufacturing Conference held in Hainan emphasizes the theme of cultivating new productive forces and global cooperation, aligning with the critical phase of Hainan's free trade port construction [1] Group 1: Manufacturing Transformation - China's manufacturing industry remains the largest globally, but transformation and upgrading are essential for maintaining competitiveness, especially in the context of global manufacturing competition [2] - The integration of manufacturing and service industries is crucial for China's industrial upgrade, as the current proportion of the service industry in GDP is significantly lower than that of the United States [2] Group 2: Global Manufacturing Landscape - The global manufacturing landscape is undergoing significant changes, with rising trade protectionism and a shift towards self-sufficiency, which presents both challenges and opportunities for China's manufacturing exports [3] - The trend of integrating products with services through technology can mitigate the impact of traditional trade barriers and open new avenues for cooperation [3] Group 3: Free Trade Port Positioning - Hainan's free trade port aims to explore new business models that integrate manufacturing and services, moving away from traditional processing and trade [4] - The policies in Hainan, such as zero tariffs and value-added processing, are designed to attract manufacturing and service integration, positioning the region as a key hub in the global supply chain [4] Group 4: Practical Pathways - Hainan is focusing on leveraging its advantages to promote the deep integration of service-oriented manufacturing and free trade port development, particularly in sectors like new energy and materials [6] - The region aims to establish a model of "R&D and key processing in Hainan + large-scale manufacturing in the mainland + global market," enhancing its industrial foundation [6] Group 5: Future Development Goals - The "14th Five-Year Plan" period is seen as a critical window for Hainan's free trade port and China's high-quality manufacturing development, emphasizing the need for a collaborative and empowering mechanism [7] - Key actions include institutional innovation, strengthening ties with the mainland's industrial system, and addressing areas where the mainland cannot operate effectively [7]

Core Insights - Guangxi's industrial economy has achieved significant growth during the "14th Five-Year Plan" period, with the total industrial output value expected to reach 2.7 trillion yuan by 2025, an increase of approximately 900 billion yuan compared to the end of the "13th Five-Year Plan" [1][2] Industrial Development - The industrial structure in Guangxi has been optimized, forming ten pillar industries including non-ferrous metals, automobiles, and electronic information [2] - The non-ferrous metal industry is projected to double its output value over five years, expected to exceed 450 billion yuan this year [2] - Emerging industries such as new energy vehicles, new energy batteries, wind power equipment, and intelligent robots are rapidly growing, with new energy vehicle production increasing from 189,000 units in 2020 to over 800,000 units this year, quadrupling its output value [2][3] Technological Advancements - Guangxi has promoted the integration of artificial intelligence in manufacturing, with over 5,000 enterprises implementing smart upgrades, and 377 intelligent factories established [3][4] - The core industry output value of artificial intelligence in the industrial sector has surpassed 80 billion yuan, with 258 new intelligent products launched this year [3][4] Green Transformation - Guangxi has added 105 national-level green factories and 11 green parks during the "14th Five-Year Plan," with three parks selected for the first batch of national zero-carbon park construction [4] - The level of resource utilization has significantly improved, establishing a trillion-yuan scale recycling resource utilization industry [4] Innovation and Collaboration - The region has supported 23 key technology industrialization projects and 46 large-scale industrialization projects, fostering over 800 new industrial products [5] - Guangxi has accelerated its internal and external cooperation, facilitating over 1,000 signed projects with a total value exceeding 900 billion yuan through industry transfer development activities [5] Future Outlook - Looking ahead to the "15th Five-Year Plan," Guangxi aims to focus on modernizing pillar industries such as non-ferrous metals and new energy vehicles, leveraging artificial intelligence to drive deep integration of technological and industrial innovation [6]

Core Viewpoint - The article outlines key policy directions and developments in China's economic and financial landscape as the year comes to a close, focusing on fiscal, monetary, and industrial strategies for 2026. Fiscal Policy - The National Fiscal Work Conference emphasized expanding fiscal spending to ensure necessary expenditure levels, optimizing government bond tools, and enhancing fiscal-financial collaboration to amplify policy effectiveness [3][27]. - The report on the 2025 fiscal budget indicated a focus on directing new special bond quotas towards regions with well-prepared projects and high investment efficiency, while also addressing local government hidden debt issues [3][11]. - The Ministry of Finance and other regulatory bodies are committed to strict measures against the creation of new hidden debts, reinforcing accountability for local governments [3][15]. Monetary and Capital Markets - The People's Bank of China (PBOC) highlighted the importance of integrating incremental and stock policies to support key sectors such as domestic demand, technological innovation, and small and medium enterprises [4][15]. - The PBOC's Financial Stability Report for 2025 aims to create a favorable environment for long-term investments in the A-share market, enhancing the scale and proportion of various long-term funds [4][29]. Industrial Development - The National Development and Reform Commission (NDRC) called for optimizing traditional industries, particularly in steel and petrochemicals, by balancing supply and demand and promoting structural reforms [5][26]. - The NDRC's recent initiatives include fostering innovation in emerging sectors like new energy vehicles and lithium batteries, while addressing issues of "involution" in competition to maintain a fair market environment [5][26]. - The Industrial and Information Technology Conference outlined strategies to stabilize manufacturing investments, enhance industrial chain resilience, and promote technological innovation [5][22]. Encouragement of Foreign Investment - The updated Encouragement Directory for Foreign Investment aims to attract more foreign capital into advanced manufacturing, modern services, and high-tech sectors, particularly in central and western regions of China [17][19]. - The 2025 version of the directory includes 1,679 entries, with a net increase of 205 entries compared to the previous version, reflecting a strategic focus on sectors like smart manufacturing and modern service industries [18][19]. Infrastructure Development - The NDRC's article on modern infrastructure emphasizes the need for high-quality construction of strategic transport corridors and energy networks, as well as enhancing safety measures for critical infrastructure [21][26]. - The focus on developing a comprehensive infrastructure system includes promoting low-altitude and hub economies, as well as ensuring robust safety protocols for major energy projects [21][26].

证券日报网12月30日讯 ，道生天合（601026）在接受调研者提问时表示，2025年1月份至9月份，中国 新能源汽车产销分别完成1124.3万辆和1122.8万辆，同比分别增长35.2%和34.9%，新能源汽车新车销量 达到汽车新车总销量的46.1%。 ...

Core Insights - After ten years of establishment, Leap Motor has become a leading player in the automotive industry, aiming to achieve annual sales of 4 million vehicles and become a respected global smart electric vehicle company [1] - Leap Motor has delivered over 1.2 million vehicles by December 2025, with an expected annual sales of nearly 600,000 units in 2025, maintaining its position as the top seller among new car manufacturers in China [1] - The company has achieved continuous quarterly profitability, indicating a sustainable development trajectory [1] Group 1 - Leap Motor's founder, Zhu Jiangming, has set 2026 as the "breakthrough year" for reaching annual sales of 1 million vehicles, leveraging core technologies and a competitive self-sourced parts system [3] - The company emphasizes "full-domain self-research" as a core driver, with self-developed components accounting for approximately 65% of the vehicle cost [3] - Leap Motor has launched China's first automotive-grade intelligent driving chip, Lingxin 01, and has developed integrated battery chassis technology and a central domain control architecture [3] Group 2 - The product lineup includes four series (A, B, C, D) and the Lafa5 model, covering vehicle types from A0 to D levels, with both pure electric and range-extended options [3] - The C series has been particularly successful, with C10 sales reaching 20,000 units in October, and the newly launched B series and Lafa5 also experiencing strong sales [3] - Leap Motor has established a unique overseas market entry strategy through a partnership with Stellantis, covering 35 countries and regions with over 1,800 global sales outlets, including more than 800 overseas [4] Group 3 - The company has officially launched the high-end D series, featuring the D19 SUV and D99 MPV, aimed at transitioning the market from price competition to value competition [5] - The D19 is positioned as a technology luxury flagship SUV, offering six or seven-seat configurations and high-end features [7] - The D99 MPV will be available in both range-extended and pure electric versions, with significant battery specifications [7] Group 4 - Leap Motor's future strategy focuses on five key areas: continuous technological innovation, expanding the ABCD product series, building an AI-driven ecosystem, creating localized super-integrated factories, and enhancing collaborative marketing services [7]