Core Insights - Leap Motor is accelerating its transition towards high-quality and personalized vehicle offerings after achieving significant scale in production and delivery [1] - The company has launched the new model Lafa5, which emphasizes high performance and aesthetic appeal, alongside the flagship SUV D19 [1] Delivery and Sales Performance - In October, Leap Motor's total vehicle deliveries surpassed 70,000 units, reaching 70,289, representing a year-on-year increase of over 84% [1] - From January to October, nearly 470,000 vehicles were delivered, marking eight consecutive months of leading the new energy vehicle sector [1] Product Development and Features - The Lafa5 is positioned as a high-performance sports sedan, featuring the LEAP3.5 technology architecture and a range of advanced specifications [1][2] - The vehicle's design incorporates a "technology natural aesthetics" philosophy, with a width of 1,880mm and a drag coefficient of 0.256, enhancing aerodynamics and extending the range by 35km [2] - The interior features a super-oval digital curved design and a "magic expansion dock" for versatile user needs [3] Performance and Technology - The Lafa5 is equipped with a 160kW rear-mounted electric drive, achieving 0-100 km/h in 6.4 seconds, and offers a CLTC range of 605 km [4] - The vehicle utilizes advanced chip integration technology, improving power response speed by five times compared to traditional systems [4] - The intelligent cockpit includes a 14.6-inch central display and supports various AI functionalities, enhancing user interaction [4] Innovative Features - Leap Motor has introduced the "Leap Dynamic Sticker," allowing users to customize frequently used functions for quick access [5][6] - The vehicle is equipped with a 7.1 surround sound system, enhancing the audio experience for users [6]

Core Points - The three major U.S. stock indices closed higher, with the Dow Jones up 0.81%, the S&P 500 up 1.54%, and the Nasdaq Composite up 2.27% [1] - Major technology stocks saw significant gains, with Nvidia rising 5.8%, marking its largest single-day increase since April [1] - Chinese concept stocks also performed well, with the Nasdaq China Golden Dragon Index rising 2.25% [1] Technology Sector - Nvidia's stock increased by 5.8%, the highest single-day gain since April [1] - AMD rose over 4%, while Google, Tesla, Microsoft, Amazon, and Netflix all saw increases of over 1% [1] Chinese Concept Stocks - The Nasdaq China Golden Dragon Index increased by 2.25% [1] - Notable gains included Xpeng Motors rising over 16%, Baidu up over 5%, and Tiger Brokers and Weibo both up over 3% [1]

Core Insights - The article discusses the impending end of the vehicle purchase tax exemption for new energy vehicles (NEVs) in China, which has been in place for over a decade, and highlights the strategies adopted by various automakers to cope with this change [1][10][11]. Summary by Sections Purchase Tax Policy Changes - The exemption on vehicle purchase tax for NEVs will end by the end of 2025, with a new policy starting in 2026 that will halve the tax, allowing a maximum deduction of 15,000 yuan per vehicle [5][10]. - The current exemption allows for a maximum tax exemption of 30,000 yuan per vehicle, which will be reduced to 15,000 yuan starting next year [5][10]. Automaker Strategies - Automakers like Li Auto and Xiaomi are implementing sales strategies to encourage purchases before the tax exemption ends, including tax reimbursement policies for orders placed before the deadline [1][10]. - Many car manufacturers are launching new models in the second half of the year to boost sales, while some are offering subsidy guarantees for certain models to attract consumers [10][11]. Market Dynamics - The tightening of NEV incentives is leading to a shift in consumer behavior, with many potential buyers moving from a wait-and-see approach to making actual purchases [10][11]. - The overall market for NEVs has seen significant growth, with over 8.3 million applications for vehicle trade-ins this year, indicating a strong consumer interest in upgrading to new vehicles [11]. Impact of Subsidy Reductions - The reduction of subsidies and the tightening of policies are expected to impact the sales dynamics of different brands, with high-end brands like Li Auto and NIO seeing increased consumer inquiries, while mass-market brands like BYD are not experiencing the same urgency [15][16]. - The new regulations will also impose stricter requirements on the electric range of plug-in hybrid vehicles, potentially affecting around 40% of these models' eligibility for subsidies [16][17]. Industry Maturity - The article suggests that the NEV industry in China is transitioning from a policy-driven growth model to a market-driven one, emphasizing the need for automakers to focus on product quality, cost control, and market adaptability [17].

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The current supply and demand are both strong, with repeated news of the resumption of lithium mines in Jiangxi. The production of lithium carbonate remains at a high level, and the high price intensifies the wait - and - see sentiment among downstream players, resulting in sluggish trading in the spot market. However, there is an expectation of weakening in power demand, and the game between bulls and bears intensifies. It is expected that lithium prices will fluctuate widely. Production enterprises can conduct sell - hedging at high prices [1]. 3. Summary by Relevant Catalogs 3.1 Carbonate Lithium Futures Market - On November 10, the main contract of lithium carbonate futures increased in price with an increase in positions. The trading volume was 986,569 lots (+175,914), and the position volume was 534,483 lots (+43,532). The trading in the spot market was sluggish, and the basis discount was large [1]. - The prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts and the overall price all increased compared to the previous trading days. For example, the near - month contract's closing price increased from 80,460 yuan/ton on November 7 to 84,500 yuan/ton on November 10 [1]. 3.2 Lithium - Related Product Prices - The prices of various lithium - related products generally showed an upward trend. For example, the average price of lithium spodumene concentrate (6%, CIF China) increased by 39 US dollars/ton to 966 US dollars/ton, and the average price of lithium mica (Li2O: 1.5% - 2.0%) increased by 45 yuan/ton to 1,365 yuan/ton [1]. - The average price of battery - grade lithium carbonate (99.5% domestic) increased by 350 yuan/ton to 80,750 yuan/ton, and the average price of battery - grade lithium hydroxide (56.5% domestic, coarse - grained) increased by 50 yuan/ton to 75,630 yuan/ton [1]. 3.3 Supply and Demand Situation - **Supply side**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from various raw materials all increased. In November, the planned production of lithium carbonate increased, and the scheduled production decreased [1]. - **Demand side**: Last week, the production of lithium iron phosphate increased, and the production of ternary materials increased. In November, the planned production of power batteries increased. In terms of terminal demand, the year - on - year and month - on - month growth rates of new - energy vehicle production and sales slowed down in October, the 3C shipment volume was average, and the planned production of energy - storage batteries increased in November [1]. 3.4 Inventory Situation - The registered warehouse receipts were 27,491 tons (+159 tons), and the social inventory decreased. The inventories of smelters, downstream enterprises, and other parties all decreased. The total inventory decreased by 3,405 tons to 123,953 tons last week [1]. 3.5 Industry News - In October, the wholesale sales volume of new - energy passenger vehicles reached 1.621 million, a year - on - year increase of 18.5% and a month - on - month increase of 8.5%. From January to October, the cumulative wholesale volume was 12.058 million, a year - on - year increase of 29.9% [1]. - The Secretariat of Mining and Energy of Salta Province, Argentina, has issued an Environmental Impact Assessment Report for the first phase of the PPGS Jujuy Lake project, marking a key progress for the project. The project plans to submit an application for the Large - scale Investment Promotion System (RIGI) to the Argentine government in the first half of 2026 and has about 15,070 tons of LCE indicated + controlled resources [1].

新华社曼谷11月11日电 通讯｜中泰合作助力泰国新能源汽车人才培养 新华社记者高博 在泰国东北皇家理工大学的新能源汽车培训中心，30多名学生围在中国新能源汽车旁，专注地听教师素 帕措讲解如何检测新能源汽车故障。同时，故障诊断实训平台的大屏幕上用中文、泰语、英语等语言介 绍着知识要点。 素帕措告诉记者，该培训中心是泰国第一个新能源汽车培训基地，东北皇家理工大学也是泰国第一个开 设新能源汽车专业的大学。"广汽为培训基地和学校提供了车辆、检测设备和课程等方面支持，让学生 们能够更好地学习和操作。我也曾去广州培训进修，了解新能源汽车的前沿趋势。" 2024年11月，广汽与泰国东北皇家理工大学、泰国智乐国际教育集团以及腾讯共建的泰国首个专注于新 能源汽车人才培养的培训中心正式启用。 近年来，中泰在新能源汽车领域的合作取得快速发展。截至今年7月，比亚迪在泰国已累计交付9万辆新 能源汽车；广汽今年上半年在泰国销量同比增长214%，跻身泰国电动汽车市场前三…… 泰国新能源汽车快速发展的同时，也面临着相关人才短缺问题。广汽国际泰国销售公司总经理王浩勇 说，广汽在深耕泰国市场的过程中，探索出"产教融合出海"的创新模式。 10月2 ...

每经AI快讯，11月11日，港股新能源汽车股持续走强，小鹏汽车大涨超14%，零跑汽车涨超2%，比亚 迪股份、蔚来涨近1%。 （文章来源：每日经济新闻） ...

Core Insights - Dongfeng Yipai launched the eπ007+ model, a "smart and beautiful super coupe," at a starting price of 139,900 yuan, aiming to redefine the value benchmark for intelligent coupes in the 140,000 yuan segment [1][11] - The eπ007+ is positioned as a "first million-level four-wheel drive coupe" targeting young users, showcasing the brand's rapid development and commitment to user trust [3][11] Product Features - The eπ007+ is built on Dongfeng's self-developed quantum architecture, offering dual power options (pure electric and range-extended) and features five key characteristics: multi-dimensional expansion, comprehensive safety, advanced intelligence, low-carbon efficiency, and ultimate experience [5] - The vehicle dimensions are 4880mm in length, 1915mm in width, and 1476mm in height, with a wheelbase of 2915mm and a drag coefficient of 0.209, highlighting its aerodynamic design [5] Performance and Technology - The eπ007+ features a 400kW dual-motor intelligent electric four-wheel drive system, achieving 0-100 km/h acceleration in just 3.7 seconds, placing it in the "3-second club" [6] - The range-extended version includes the Super Sense Range Extender 2.0 system, with a pure electric range of 308 km and a total range of 1308 km, supporting ultra-fast charging from 30% to 80% in just 12 minutes [6] Intelligent Features - The vehicle is equipped with the Tianyuan T200 driver assistance system, featuring Hesai Technology's ATX lidar and 29 high-precision sensing hardware, supporting advanced functions like highway NOA navigation and cross-layer memory parking [8] - The Tianyuan Smart Cabin 2.0 system includes a Qualcomm Snapdragon SA8295P chip, a 15.6-inch ultra-clear central control screen, and a 10.25-inch instrument panel, integrating AI voice assistants for comprehensive smart interaction [8] Safety and Quality - The eπ007+ features a high-strength cage structure with 20.3% of hot-formed steel, achieving C-NCAP five-star safety certification and the title of "China's Top Ten Car Bodies" [9] - The battery system utilizes Maher batteries with a "thermal separation design + emergency cooling system," ensuring a cycle life of 2000 times, double the national standard [9] Service and Market Strategy - The eπ007+ offers lifetime warranty for the vehicle and three electric systems, along with promotional offers valued at 46,800 yuan to lower ownership barriers [11] - The brand plans to launch at least four new models annually starting in 2026, aiming to build a product matrix of 20 models by 2028, covering A0 to C-class markets [11]

Group 1 - The core achievement of Xiaopeng Motors is the production of the 200,000th MONA M03 vehicle in just 14 months, marking a significant milestone in the electric vehicle sector [1] - The automotive industry in Zhaoqing has experienced rapid development, forming a comprehensive ecosystem that includes vehicle manufacturing, key component production, smart connected vehicles, and autonomous driving [1][2] - Zhaoqing High-tech Zone has attracted over 100 companies in the electric vehicle supply chain, with 43 of them being large-scale enterprises covering various core segments [3] Group 2 - The local supply chain has become highly efficient, with nearly one-third of Zhaoqing's auto parts companies providing support to Xiaopeng Motors, enabling rapid delivery times [6] - The development cycle for sample products in the industry has been significantly reduced from 90-180 days to under 40 days, reflecting a consensus on the importance of speed in the electric vehicle market [8] - Companies like Zhaoqing Power Metal are actively transforming to meet the demands of new energy vehicles, while Guangdong Chuangzhi Intelligent Equipment Co. has developed advanced AI digital painting equipment for export [9] Group 3 - The Zhaoqing High-tech Zone has established a service center and industry association for the electric vehicle sector, addressing land, electricity, and talent issues [11] - The electric vehicle industry cluster achieved a production value of 413.81 billion yuan in 2024, accounting for 57.08% of the city's total output [11] - In the first seven months of 2025, the production value reached 250.33 billion yuan, indicating strong growth momentum [11] Group 4 - The new energy storage sector is being developed as a key area for energy transition, with Zhaoqing planning a high-standard new energy storage industrial park [14] - The first phase of the Ruqing Times project has been completed, establishing a full-chain manufacturing system for energy storage products [16][17] - The energy storage cluster is projected to achieve a production value of 229.48 billion yuan in 2024, representing 55.4% of the city's total output [22] Group 5 - Zhaoqing High-tech Zone aims to leverage the leading role of Ruqing Times to foster collaboration with new projects, enhancing the region's capabilities [23] - The focus on electric vehicles and new energy storage is driving technological innovation and green manufacturing initiatives [25] - The region is positioning itself as a green energy base in the Guangdong-Hong Kong-Macao Greater Bay Area, with plans for further internationalization and clustering of industries [27][29]

Core Insights - China's commitment to carbon peak and carbon neutrality has led to significant advancements in green and low-carbon development, establishing a comprehensive carbon reduction policy system and becoming a global leader in renewable energy and electric vehicles [1][2][3] Group 1: Waste Management and Recycling - By the end of 2024, 98.5% of urban communities in China will have waste classification facilities, reflecting a shift in public attitude towards environmental responsibility [1] - The transition from single-bin to multi-bin waste disposal signifies a broader commitment to sustainable practices [1] Group 2: Energy Transition - China is prioritizing the development of non-fossil energy, increasing its share from 16.0% in 2020 to 19.8% by 2024, with an annual increase of nearly 1 percentage point [2] - By August 2025, installed capacity for wind and solar power is expected to exceed 1.69 billion kilowatts, tripling the 2020 figures and contributing to 80% of new power installations since 2020 [2] - The proportion of fossil energy consumption is projected to decrease from 84.0% in 2020 to 80.2% by 2024, indicating a steady move towards cleaner energy sources [2] Group 3: New Energy Vehicles - As of June 2025, the number of new energy vehicles in China is expected to reach 36.89 million, accounting for 10.27% of the total vehicle ownership [3] - In 2024, Chinese new energy vehicles are projected to be exported to over 180 countries, helping to reduce global carbon emissions by over 50 million tons [3] - The "new three" sectors, including new energy vehicles, lithium batteries, and photovoltaic products, are becoming key components of China's manufacturing identity, contributing over 18% to GDP in 2024 [3] Group 4: Green Finance and Carbon Market - By the end of 2024, the balance of green loans in China is expected to reach 36.6 trillion yuan, with nearly 70% directed towards carbon reduction projects [5] - The green insurance sector is projected to generate premium income of 333.15 billion yuan in 2024, while green bond issuance is expected to reach 681.43 billion yuan, 2.5 times that of 2020 [5] - The national carbon emissions trading market, launched in July 2021, covers over 60% of carbon emissions and has seen a cumulative trading volume of approximately 728 million tons by September 2025 [5]

2025年11月11日，创业板新能源ETF华夏（159368）高开高走，上涨1.53%，持仓股中来股份20CM涨 停，上能电气涨超10%，鹏辉能源涨超7%。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至 2025年10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达58%，固态 电池含量达31%，契合当下市场热点。 （文章来源：每日经济新闻） 意见明确，完善促进新能源消纳的全国统一电力市场体系，完善适应新能源参与电力市场的规则体系。 推动建立"沙戈荒"、水风光新能源基地一体化模式参与市场的交易规则；支持分布式新能源、储能、虚 拟电厂等新型主体通过聚合、直接交易等模式参与电力市场。 华泰证券表示，看好未来中国电气化率的稳步提升，将与电网改造升级和新型储能体系建设形成相互促 进、协同发展的格局，共同推动新型电力系统建设进入加速期。 今日 ...