Core Viewpoint - Leap Motor has achieved significant milestones in 2023, including surpassing its annual sales target of 500,000 units and expanding its product line with the new A and D series, targeting price ranges from 60,000 to 300,000 yuan [1][4][7]. Group 1: Strategic Partnerships and Investments - Leap Motor has entered a strategic partnership with FAW Group, which will invest 3.744 billion yuan to acquire a 5% stake in the company, marking the first investment by a state-owned enterprise in a new energy vehicle startup [4][6]. - The collaboration will involve joint research and development of hybrid and extended-range powertrains, enhancing Leap Motor's technological capabilities and resource sharing [4][6]. Group 2: Growth and Future Goals - Leap Motor aims to double its sales to 1 million units by 2026 and establish itself as a world-class smart electric vehicle manufacturer, aspiring to rank among the top 10 globally [7][8]. - The company has set ambitious sales targets, with expectations of significant contributions from its new A series and continued success from its B and C series models [62][70]. Group 3: Historical Context and Development - Leap Motor's journey began in 2015, with founder Zhu Jiangming leveraging his experience from the security industry to enter the automotive sector, driven by the belief that China could achieve breakthroughs in electric vehicles [15][18]. - The company faced early challenges, including low sales of its first model, the S01, which sold only 1,086 units in 2019, and a critical cash shortage in 2020 [22][24]. Group 4: Technological Advancements and Competitive Edge - Leap Motor has focused on developing its own technologies, such as the CTC battery integration and advanced driving assistance systems, which have become key competitive advantages [37][44]. - The company has established a robust in-house manufacturing system, producing 65% of its vehicle components internally, with plans to increase this to 80% [44][46]. Group 5: Market Position and Global Expansion - In 2023, Leap Motor delivered over 500,000 vehicles in China, with expectations for its new A series to drive further growth [62][63]. - The company has partnered with Stellantis, which holds an 18.99% stake, to facilitate its entry into international markets, with plans for local production in Malaysia and Europe [67][70].

【导读】一汽拟入股获零跑汽车5%股份，朱江明称实控人团队仍有控制权 中国基金报记者 邱德坤 "一汽入股零跑汽车"的传言，迎来靴子落地。 12月29日，零跑汽车发布公告称，公司拟向一汽股权投资（天津）有限公司（以下简称一汽股权）发行7483.22万股内资股。交易完成 后，一汽股权将获得公司5%的股份。 零跑汽车是首家获得汽车央企战略投资的造车新势力。一汽股权是中国一汽的全资子公司，而中国一汽是国内三大央企汽车集团之一。 12月29日，零跑汽车创始人、董事长兼CEO朱江明及相关高管接受中国基金报等媒体采访称，公司实控人团队仍拥有零跑汽车的控制权， 并且要成为一家世界级的智能电动车企。 来源：零跑汽车 朱江明强调实控人团队仍有控制权 公告显示，12月28日，零跑汽车与一汽股权签署投资协议。协议显示，一汽股权以人民币50.03元/股（相当于港元55.29元/股）的价格， 认购零跑汽车7483.22万股内资股。 交易完成后，一汽股权获得零跑汽车5%的股份，成为零跑汽车的重要股东之一。 "要保证实控人的控制权，这是不会改变的。"朱江明在12月29日接受采访时表示，借助中国一汽这样的股东加入，以及在战略和产品层面 的合作， ...

（原标题：零跑朱江明：希望零跑在下一个十年成为值得尊敬的世界级智能电动车企） 人民财讯12月28日电，12月28日晚，在零跑成立十周年发布会上，零跑汽车创始人、董事长兼CEO朱江 明表示，希望在下一个十年，零跑实现年销400万辆，成为值得尊敬的世界级智能电动车企。此前，公 司宣布在2026年的销量目标为100万辆（2025年是50万—60万辆）。朱江明表示，未来"不能再以'新势 力'自居，而要以一家可持续发展、值得尊敬的世界级车企来要求自己"。 ...

Core Insights - The company aims to achieve an annual sales target of 4 million vehicles in the next decade and aspires to become a respected global smart electric vehicle enterprise [1][3]. Group 1: International Expansion - The company has effectively utilized Stellantis' sales channel service system and localized manufacturing to enter global markets, particularly Europe, with minimal investment [1][3]. - In its first complete year in the international market, the company has secured over 70,000 overseas user orders and exported more than 60,000 vehicles, becoming the top seller among new car manufacturers in overseas markets [1][3]. Group 2: Challenges and Future Outlook - The CEO highlighted the difficulties faced in the past decade, describing it as a challenging journey, and noted that the company has only recently reached a break-even point [4]. - The CEO emphasized the urgency for the company to capitalize on the remaining window of opportunity in the electric vehicle market, as its market share in both China and globally remains relatively small [4].

（编辑 丛可心） 证券日报网讯 12月26日，九号公司发布公告称，2021年限制性股票激励计划第二次预留授予部分第二 个归属期条件已成就，3名激励对象可归属52，491份存托凭证，占当前股本总额0.01%，上市流通日待 登记完成后确定。 ...

Core Insights - Zhang Xiao, the product head of the Li Auto i8 model, is reported to be leaving the company after nearly 10 years, despite not being a core executive or technical leader [2][3] - Zhang has been a key figure in the development of several successful models, including the ONE, L9, L8, and L7, and is known for his deep understanding of product development [5][7] Group 1: Departure of Zhang Xiao - Zhang Xiao's departure is linked to his desire to pursue entrepreneurial opportunities in AI and embodied intelligence [13] - He played a significant role in the restructuring of Li Auto's product lines, particularly the second product line, which includes key models like the L7 and L8 [3][5] Group 2: Performance of the i8 Model - The i8, Li Auto's first pure electric SUV, has faced challenges in its initial market performance, with concerns over its product capabilities compared to previous models [15][19] - Initial sales figures for the i8 show a recovery after adjustments in configuration and pricing, but it still falls short of the ambitious target of 10,000 monthly deliveries set by CEO Li Xiang [20][19] - The i8's sales trajectory reflects a "low start, high rise" strategy, similar to the earlier MEGA model, indicating potential for future growth despite a rocky start [20][19]

资料显示，恒生科技ETF易方达（513010）跟踪恒生科技指数，该指数成份股涵盖众多港股科技龙头， 包括阿里巴巴、腾讯控股、美团、京东集团、百度集团、网易、中芯国际等30家核心企业，覆盖互联网 电商、数字媒体、半导体、智能电动车及云计算等，可助力投资者一键布局港股科技成长板块。 有券商认为，展望未来，流动性宽松环境叠加政策利好影响下，港股有望震荡上行。配置方面，科技板 块仍是中长期投资主线，经历前期调整后估值回落，在多重利好因素提振下，有望反弹回升。 一定程度上受上周五美股调整影响，今日港股三大指数早盘集体低开，截至11:09，恒生科技ETF易方 达（513010）跟踪的恒生科技指数盘中一度下跌1.6%。成份股中，华虹半导体领跌，快手-W、百度集 团-SW跌超3%。 虽然近期港股多有震荡，但资金却十分看好港股后市。Wind数据显示，截至上周五，恒生科技ETF易方 达（513010）最新规模升至261.7亿元，创历史新高，今年下半年来，该产品累计吸金逾146亿元。 ...

Core Viewpoint - The Hong Kong technology sector has shown signs of recovery after reaching a low point, with the Hang Seng Tech Index slightly down by 0.17% as of 10:53 AM, led by stocks such as Horizon Robotics, Alibaba, Meituan, and Baidu Group [1] Group 1: Market Performance - The Hang Seng Tech ETF (513010) has seen a trading volume exceeding 400 million yuan, indicating a slight increase compared to the previous trading day [1] - Since June 12, the ETF has not experienced any single-day net outflow, accumulating a total inflow of 17.115 billion yuan year-to-date as of December 9 [1] Group 2: Investment Insights - Institutions believe that both A-shares and Hong Kong stocks are currently at mid-to-low valuation levels, with earnings transitioning from a bottoming phase to a recovery pricing phase [1] - There are structural opportunities in the mid-to-high-end manufacturing sector based on dividends and cash flow factors [1] - The potential investment space for global asset allocation is steadily increasing, supported by the moderate core inflation, profit margin recovery, and low correlation with US dollar assets [1] Group 3: ETF Composition - The Hang Seng Tech ETF tracks the Hang Seng Tech Index, which includes major Hong Kong tech leaders such as Alibaba, Tencent, Meituan, JD Group, Baidu Group, NetEase, and SMIC, covering sectors like e-commerce, digital media, semiconductors, smart electric vehicles, and cloud computing [1]

Core Viewpoint - Dongwu Securities maintains a "buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on range extension with large batteries and efficient range extenders to achieve long pure electric range and leading fuel-to-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while globalization is seen as the second growth curve through localized production, R&D centers, and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with predictions that the market will reach 83.1 billion yuan by 2030, potentially replacing private car travel [2] - XPeng's Robotaxi project is set to launch in the second half of 2026, with pre-production vehicles expected to begin trial operations [2] - The company aims to reshape the billion-dollar mobility market through its self-developed VLA2.0 model, mass production capabilities, and innovative business models [2] Collaboration with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures and core AI chips [3] - Volkswagen's sales in China are projected to exceed 2.6 million units by 2026, with a new energy penetration rate of over 10% [3] - The collaboration will see the launch of two full-size pure electric models in 2026, alongside deep cooperation in EE architecture and charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from deep synergy with its smart vehicle business, with the IRON robot integrating "bionic body" and "AI brain" technologies [4] - The IRON robot features a human-like spine, bionic muscles, 82 degrees of freedom, and a dexterous hand with 22 degrees of freedom, enabling advanced environmental perception, decision-making, and interaction capabilities [4] - Commercial trials for IRON are set to begin in 2026, focusing on services such as guiding, shopping assistance, and patrol [4] Flying Cars - XPeng's next-generation vertical take-off and landing flying car, A868, has entered the test flight phase, achieving over 500 km of range [5] - As of October 2025, XPeng has received 7,000 pre-orders and plans to deliver the A868 globally in the second half of 2026 [5]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on large batteries and efficient range extenders to achieve long pure electric range and leading oil-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while aiming for a scale of tens of thousands of deliveries through localized production and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with projections indicating that the market could reach 83.1 billion yuan by 2030 [2] - XPeng's Robotaxi project is set to commence with pre-production vehicles rolling off the line in the second half of 2026, aiming to reshape the billion-dollar mobility market with its self-developed VLA 2.0 model and innovative business model [2] Partnership with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures [3] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy penetration rate surpassing 10%, as XPeng collaborates on two full-size pure electric models and deepens cooperation on charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from the deep integration with its smart vehicle business, with the IRON robot combining "bionic body" and "AI brain" capabilities [4] - The IRON robot features a human-like spine, bionic muscles, and advanced dexterity, with plans for commercial trials in navigation and shopping services starting in 2026 [4] Flying Cars - XPeng is on the verge of mass production for its next-generation vertical take-off and landing flying car, the A868, which has achieved over 500 km of range during test flights [5] - As of October 2025, XPeng has received 7,000 pre-orders for the A868, with plans for global deliveries in the second half of 2026 [5]