特斯拉：今天，特斯拉上海超级工厂第500万台电驱系统下线。 ...

Core Insights - Leap Motor celebrated its 10th anniversary, showcasing its development and future strategic plans, including the global debut of its flagship SUV D19 and MPV D99 [1] - The company emphasizes "full self-research" as its core driving force, achieving significant technological advancements and a competitive self-sufficient parts system [2] - Leap Motor has established a diverse product lineup under 300,000 yuan, covering various vehicle types and offering both pure electric and extended-range options [3] - The company has expanded its global presence, establishing a network in 35 countries and regions, with over 800 overseas sales and service outlets [4] Group 1 - Leap Motor has delivered over 1.2 million vehicles and achieved monthly sales exceeding 70,000 units, marking a transition to sustainable profitability [1] - The company maintains a high R&D personnel ratio of 90% during its initial phase, focusing on key areas such as vehicle architecture and autonomous driving systems [2] - Leap Motor's strategy includes a dual approach of "vehicle + Tier" to enhance its unique development model in the Chinese automotive industry [2] Group 2 - The company has successfully completed its product layout across four major series and has a robust sales and service network with over 1,800 outlets [3] - Leap Motor's collaboration with Stellantis Group has accelerated its international expansion, enhancing its brand presence globally [4] - The company aims to leverage its technological advancements and manufacturing efficiency to strengthen its market competitiveness in the global electric vehicle industry [4]

Core Insights - Xiaomi Group and its founder Lei Jun are at a crossroads of traffic backlash and brand reconstruction, with their personal IP becoming a double-edged sword [3][12] Group 1: Recent Developments - Lei Jun made a surprise appearance during a live stream on January 7, 2026, announcing the upcoming launch of the new SU7 model [4] - The live stream format included a product breakdown in the first half and a Q&A session addressing public concerns in the second half [5] - The company has faced significant public relations challenges, including controversies surrounding KOL collaborations and marketing strategies [6][12] Group 2: Public Relations and Marketing - Lei Jun addressed the KOL collaboration issue, emphasizing that the company cannot tolerate any disrespect towards Xiaomi users [6] - The marketing strategy has been questioned, with Lei Jun clarifying that the company's approach has evolved since its early days [6][12] - The label of "marketing master" has been a point of contention, with Lei Jun asserting that Xiaomi's success is rooted in product quality rather than marketing [7][12] Group 3: User Engagement and Feedback - Lei Jun acknowledged a drop of 290,000 followers, which is only 0.6% of the total 43 million followers, attributing it to a lack of engagement [9] - He committed to more frequent communication with users to address issues directly and transparently [9][12] - The live stream showcased Lei Jun's relaxed demeanor, indicating a return to form and a connection with the audience [10][11] Group 4: Market Context and Future Outlook - The competitive landscape has intensified, with Xiaomi needing to maintain its user base across various sectors while facing scrutiny from competitors [12] - The company's commitment to product quality and user engagement remains a cornerstone of its strategy, despite external pressures [12][13] - The future remains uncertain as the company navigates the challenges of 2025 and beyond, with the effectiveness of Lei Jun's approach yet to be determined [12][13]

1月8日消息，昨晚直播的时候，雷军聊到了别人给他贴的"营销大师"这个标签。 雷军回忆，这个标签其实源于早年前的一档娱乐节目，当时他和刘强东各带一个团队PK，对方团队开玩笑说千万别跟雷军比营销，他能卖几十万台手机。 没想到这个纯粹为了节目效果的玩笑，竟被友商和竞争对手抓住放大，这一贴就是十多年。 图源：小红书 导致现在他听到"营销"这两个字都有点恶心... 其实也有道理，雷军是工程师出身，小米也始终主打技术驱动，多年来在研发上的投入有目共睹，现在却总被说只靠营销，这不就是否定了整个团队的努 力。 不过小雷倒认为，能被竞争对手拿营销当话题炒作，也从侧面说明小米的市场影响力足够大，不然谁会特意盯着？ 直播中另一大亮点就是新一代SU7的发布。关于新车涨价方面，雷军说因为成本大涨，还加了好几万的配置，真做不到加量不加价了。不过想想现在新能源 车行业竞争激烈，原材料、供应链成本持续上涨，既要提升配置又要维持低价，确实不现实。 图源：微博 配置方面，新一代SU7的升级堪称全面焕新。安全性上，采用2200Mpa超强钢内嵌式防滚架，全系标配9个安全气囊，电池包底部还加了1500Mpa防刮横梁和 防弹涂层。激光雷达、4D毫米波雷 ...

1月3日晚，雷军如约开播。在2200MPa超高强钢、14层防护电池包等硬核拆解中，雷军一改往日"好产品自会说话"的沉默策略，主动拆解产品的同时，也拆 解了缠绕小米的舆论争议。 而就在直播后的第四天（1月7日），新一代小米SU7开启预订，起售价23.59万元，预计4月正式上市。 2025年，小米汽车在交付量突破41万辆的同时，也遭遇了前所未有的口碑挑战。 成都SU7车祸中"车门无法打开"的争议，被恶意剪辑传播为"绿化带战神"；300多名车主联合维权，质疑4.2万元的挖孔机盖涉嫌虚假宣传；而"小米不让农民 卖小米"的荒诞谣言，则让小米法务部门不得不频频出手。 面对舆情和尖锐标签，雷军有相当长一段时间保持了低调和沉默。但是在这次直播中，雷军用现场拆解YU7的方式进行了回应。 直播中最具说服力的环节是工程师对车辆结构的实地拆解。当A柱、B柱内部采用的2200MPa超强钢展现在镜头前，当"丢轮保车"的安全设计被直观演示， 雷军试图用最硬核的方式证明小米汽车的用料扎实。 针对"小字营销"的质疑，雷军也坦承这是"行业陋习"，承诺立即整改，未来小米的各类说明注解将尽量采用大字呈现。而对网络上各种对雷军发言"断章取 义"的尬黑 ...

Core Insights - The article highlights the contrasting fates of new energy vehicle manufacturers in China, with Leap Motor achieving significant sales success while Neta Auto faces bankruptcy [2] - The landscape of new car manufacturers has drastically changed since 2015, with only a few remaining competitive players in the market [2] Group 1: Leap Motor's Success - Leap Motor is projected to sell nearly 600,000 vehicles in 2025, marking a 103% year-on-year increase and securing the title of sales champion among new car manufacturers [3] - The company shifted its strategy to target the mainstream market, launching models like the T03 and C11, which contributed to its sales growth [3] - Leap Motor has formed strategic partnerships with Stellantis and FAW, enhancing its brand credibility and accelerating its international expansion [3] Group 2: Hongmeng Zhixing's Rise - Hongmeng Zhixing, formerly Huawei Smart Selection, has seen rapid growth, with total deliveries reaching 589,000 units in 2025, a 32% increase from the previous year [4][5] - The AITO Wenjie brand, particularly the Wenjie M7, has been a significant contributor to this growth, with 420,000 units delivered in 2025, accounting for 71% of total sales [5] Group 3: Xiaomi's Entry - Xiaomi, entering the automotive sector later than its competitors, achieved sales of 412,000 vehicles in 2025, surpassing its target and ranking fifth among new energy vehicle manufacturers [5] - Despite its success, Xiaomi has faced challenges, including negative publicity related to safety incidents and design issues [5] Group 4: The Decline of "Wei Xiao Li" - The trio of "Wei Xiao Li" (NIO, Li Auto, and Xpeng) has experienced a divergence in performance, with NIO's sales declining to 326,000 units in 2025, despite a 47% year-on-year increase [6][7] - Xpeng led the trio with sales of 429,000 units, a 126% increase, while Li Auto's sales fell by 19.6% to 405,900 units, marking a significant drop from its previous leadership position [7][8] Group 5: Industry Challenges and Failures - The article discusses the decline of many new energy vehicle manufacturers, categorizing them into three groups: those that failed before mass production, those that made strategic errors, and those that faced funding issues [9][10] - Notable failures include companies like LeEco and Byton, which struggled with financial sustainability and market competition [10] Group 6: Future Outlook - The article suggests that the next decade will be more challenging for remaining players, emphasizing the need for operational efficiency and cost control to survive in a competitive environment [10][11] - New entrants continue to emerge, indicating ongoing interest in the automotive sector despite the challenges faced by existing manufacturers [11]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电、封面：图虫创意 行情变化： 1月8日，ICC电池级碳酸锂（99.5%）现货结算指导价格为 142000 元 /吨 ，较上一工作日 上涨 5000 元 ；电池级氢氧化锂（ 56.5%粗颗粒）结算指导价格为 120000 元 /吨 ，较上一工作日 上涨 7000 元 。 期货方面，受有色期货整体高位调整影响， 1月8日，碳酸锂期货早盘也出现低开，随后受四川部分锂 盐厂检修消息提振，行情稳住阵脚后继续上攻。远期合约价格一度突破 150000 元 /吨 大关。午盘 后，受一些市场小作文扰动，期货价格再度回调整理，主力合约价格收于 145000元 /吨 ，较昨日 上 涨 3480 元 ，持仓量仍保持增长态势。 ICC锂电结算指导价： | 品名 | 1月7日 | 1月8日 | 环比上涨 | 上月均价 | | --- | --- | --- | --- | --- | | 锂精矿 | 1800 | 1900 | 100 | 1249 | | (6.0%) | | | | | | 电池级碳酸锂 | 13.7 | 1 ...

Core Insights - The Chinese electric vehicle (EV) market in 2025 is experiencing a contradiction between "scale expansion and profit pressure," with ongoing price wars and accelerated淘汰赛 leading to clearer industry differentiation [1] - Seres has successfully listed on the Hong Kong Stock Exchange, becoming the first luxury EV company in China to achieve "A+H" dual listing, signaling a new phase of capital internationalization and strong market value recognition [1][4] - Despite industry-wide pressures, Seres has maintained profitability and growth, showcasing a unique competitive advantage rooted in a "long-termism" strategy [1][7] Industry Overview - In 2025, EV sales in China reached 12.466 million units, accounting for 50.3% of total vehicle sales, marking a significant shift as EVs surpassed traditional fuel vehicles [1] - The focus of competition has shifted from "quantity expansion" to "quality competition," indicating a transition to high-quality development in the industry [1] Financial Performance - The average gross margin for automotive companies in the first three quarters of 2025 was approximately 19.99%, with a slight year-on-year decline, contrasting with Seres' strong performance of a net profit of 5.312 billion yuan and a gross margin of 29.95% in Q3 [2] - Seres achieved sales of 472,269 EVs in 2025, with a record monthly sales of 60,981 units in December, representing a year-on-year growth of 63.40% [2] Strategic Positioning - Seres has opted for a high-end strategy, focusing on the mid-to-high-end market with flagship models like the Wanjie M5, M7, M8, and M9, which have collectively delivered over 970,000 units [3] - The company’s strategy has led to a virtuous cycle of simultaneous sales and profit growth, validating its approach [3] Capital Market Engagement - Seres raised 14.016 billion HKD in its IPO, the largest for a Chinese car company to date, with 70% of the funds allocated for R&D and product capability enhancement [4] - The company’s inclusion in the CSI A100 index reflects its growing influence in the A-share market, potentially attracting more long-term investment [4][5] Institutional Confidence - Over 40 brokerage firms have issued reports rating Seres as "buy" or "overweight," indicating strong institutional confidence in its growth potential [6] - Analysts project a 25x PE for A-shares and 20x PE for H-shares in 2026, with target prices of 195.80 yuan and 171.76 HKD respectively [6] Innovation and Competitive Advantage - Seres maintains high R&D investment, with 5.198 billion yuan spent in the first half of 2025, a 154.9% increase year-on-year, leading to significant technological advancements [8] - The collaboration with Huawei has strengthened Seres' competitive edge, creating a differentiated barrier in the market [8] Long-term Strategy - Seres exemplifies long-termism by focusing on high-end EVs and consistent R&D investment, providing a strategic reference for sustainable growth in technology-intensive industries [9] - The company's approach highlights the importance of innovation and value creation in navigating industry cycles and achieving lasting success [9]

（文章来源：每日经济新闻） 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数从市 场中选取涉及清洁能源、新能源汽车、储能技术等领域的科技创新企业作为指数样本，重点关注具有高 成长性和技术创新能力的公司，以反映新能源领域前沿科技企业的整体表现。 天风证券指出，锂行业经历3年调整期，供需基本面加速改善，价格已从年内低点6万元/吨回升至13万 元以上。供给端受宜春锂云母矿证问题扰动，粗放式开采模式逐步退出；需求侧动力电池构成基本盘， 储能因经济性成为新增长极。钴方面，刚果金实施出口配额制（2025年配额仅9.66万吨，同比减少 56%），叠加印尼增量有限，中长期供需或转向紧平衡，钴价中枢有望提升。稀土永磁领域，供给端通 过《稀土管理条例》及南北集团整合持续优化，需求侧新能源汽车占比提升至42%，人形机器人、节能 电机等新应用打开长期空间，稀土价格中枢或持续上行。储能电池成为锂电需求新引擎，2025年前三季 度国内出货同比增67%，政策驱动下经济性逐步显现。 ...

Core Viewpoint - The sales data for major automotive companies in 2025 highlights the resilience of Seres, with significant growth in electric vehicle sales and a strong market position in both domestic and international markets [1][2] Group 1: Sales Performance - In December, Seres sold 60,981 electric vehicles, marking a year-on-year increase of 63.40%, and surpassing the 60,000 mark for the first time, maintaining sales above 50,000 for three consecutive months [1] - The total sales for the year exceeded 470,000 units, setting a new historical record for the company [1] - The AITO series, particularly the AITO M9, has achieved cumulative deliveries of over 260,000 units, leading the luxury SUV market priced above 500,000 yuan for 20 months [1] Group 2: Product Development - The AITO M8 has also seen strong sales, with cumulative deliveries surpassing 150,000 units, quickly capturing the high-end SUV market priced around 400,000 yuan [1] - The newly launched AITO M7 achieved over 100,000 pre-orders within 72 days, becoming a phenomenon in the 300,000 yuan SUV segment [1] - Analysts believe that the continued strong performance of the AITO series will contribute significantly to sales growth in 2026 [1] Group 3: Global Expansion - Seres is advancing its global strategy, focusing on resource integration and the establishment of overseas sales networks and service systems [1] - The company is also working on localizing its products for various international markets, having already exported to Europe, the Middle East, and Southeast Asia [1] - These initiatives are expected to lay a solid foundation for entering overseas markets and tapping into global growth opportunities [1] Group 4: Technological Innovation - Seres is actively investing in the field of embodied intelligence, aiming to integrate AI technology into its products [2] - The company is focused on creating "AI + embodied intelligence" mobile smart entities and life partners, which could enhance its technological moat and brand barriers [2] - Through innovation, Seres aims to accelerate product iteration and drive long-term high-quality development [2]