证 券 研 究 报 告 行业周报 TPU有望成为人形机器人安全保护材料，蓝箭航天提交招股说明书 汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年01月06日 ◼ 分析师：林子健 ◼ SAC编号：S1050523090001 投 资 要 点 ▌人形机器人重要安全材料，TPU实用价值凸显 TPU（聚氨酯弹性体）具有优异的机械强度、弹性、耐磨性、耐油性，同时环保无毒，可循环回收使用。 TPU是一种比价成熟的材料，在下游应用端可以与PP、PC、PVC、PA6组成塑料合金与LFT组成复合材料， 适用于不同汽车组件。比如，国内外正在开发针对汽车TPU-PP玻纤（包括长纤和短纤）的增强橡塑复合 结构材料，此种材料质轻、性价比优良，可望能广泛用于汽车内外饰件，如保险杠及其支架，车上各种支 架和结构框架等。 TPU有望成为机器人主流安全保护材料。1）弹性外壳作用类似人体的脂肪层，可以有效"吸能"，降低 机器人对外部环境的损坏，同时减小机器人摔倒过程中的动量，保护内部结构件。2）关节模组弹性保护 套类似人体关节软骨，TPU减震功能可以缓冲机器人在工作过程中的震动，延长重要零部件的工作寿命， 也可进一步降低噪音 ...

当零跑汽车董事长朱江明在公司十周年发布会上抛出"2026年冲击年销100万辆"的目标时，已经多少习惯了造车新势力们不断挑战销量高峰的外界第一反 应并非惊讶，而是出于对这家企业目标以及升级路径的了解，发出了一个关键追问：零跑，真的准备好变贵了吗？ 对已经站上造车新势力销量榜首的零跑汽车而言，销量数字本身或许已不再是最难的挑战。真正的考验，在于如何打破长期形成的"高性价比"品牌惯性， 说服市场接受一个价格更高、定位更上的零跑。这不仅是一场产品升级，更是一场品牌与体系能力的全面跃迁。 从"黑马"到样本：百万目标的现实底气 回顾过去一年，零跑的增长几乎是造车新势力阵营中最具冲击力的存在。2025年，零跑全年销量预计接近60万辆，这一成绩不仅使其稳居新势力阵营销量 的榜首位置，也让零跑首次进入中国主流车企集团销量前列，完成了从"追赶者"向"领跑者"的角色转变。 支撑起这一角色转变的，是零跑长期坚持的"全域自研"路线。通过对核心零部件的高比例自研，零跑在成本控制、供应稳定性以及规模化制造方面构建起 显著优势。这种能力使其在新能源价格战持续升级的背景下，率先实现阶段性盈利，成为少数具备自我造血能力的新势力车企之一。 正是在 ...

Core Insights - The article highlights the journey of Leap Motor, a Chinese electric vehicle manufacturer, which has successfully navigated the competitive landscape of the automotive industry over the past decade, focusing on long-term sustainability and technological innovation rather than short-term hype [4][5][59]. Group 1: Company Overview - Leap Motor was founded in 2015 during a peak period of enthusiasm for electric vehicle manufacturing in China, characterized by numerous startups and significant capital influx [10][61]. - The company has adopted a "three no" principle: not relying on subsidies, not promoting concepts excessively, and not overly pleasing investors [12][61]. - Leap Motor's founder, Zhu Jiangming, emphasizes the importance of technical mastery and cost optimization for long-term survival in the automotive industry [62][64]. Group 2: Technological Development - Leap Motor has focused on in-house research and development, with over 65% of its core component costs being self-developed [4][59][78]. - The company has developed a comprehensive technical system that allows for continuous optimization and cost efficiency, avoiding the pitfalls of chasing fleeting trends [20][73]. - Leap Motor's strategy includes a "five-year rolling plan," which allows the company to anticipate market needs and technological advancements [21][69]. Group 3: Market Positioning - The company targets the mass market, particularly the segment below 200,000 yuan, which constitutes 70% of the Chinese electric vehicle market [28][75]. - Leap Motor aims to provide high-quality vehicles at competitive prices, positioning itself as a brand that offers "good but not expensive" products [31][77]. - The company has successfully integrated advanced technologies, such as laser radar and high-performance chips, into its vehicles at accessible price points [80][86]. Group 4: Supply Chain and Collaboration - Leap Motor has established deep collaborations with suppliers, fostering a symbiotic relationship that enhances cost efficiency and innovation [82][83]. - The company’s approach to supply chain management has evolved from initial challenges to creating a resilient and responsive ecosystem [36][82]. Group 5: Future Outlook - As Leap Motor enters its next decade, it faces the challenge of transitioning from a "good but not expensive" image to competing in the high-end market [49][95]. - The company plans to enhance its capabilities in smart driving and user experience to compete with technology giants like Tesla and Huawei [49][95]. - Leap Motor has built a robust foundation of self-research and agile response strategies, positioning itself as a significant player in the global automotive industry [96][98].

12月29日，零跑科技创始人、董事长兼CEO朱江明在接受媒体采访时，再次表明2026年冲刺百万辆年 销，未来十年跻身年销400万辆的世界级车企行列的目标。从30万元级旗舰MPV的高端突围，到智驾技 术从"跟随"向"领跑"的跨越，再到渠道体系的升级，零跑正试图完成从"性价比代表"到"世界级车企"的 跃迁。 60万、100万和400万 在零跑汽车十周年之际，朱江明明确了品牌"向上"的清晰路径：2026年剑指100万辆年销，未来十年跻 身年销400万辆的世界级车企行列。 零跑销量目标植根于产品端的全面升级。作为冲击高端市场的核心力量，D系列全系基于零跑最新旗舰 D平台打造，首款科技豪华旗舰MPV-D99也在零跑十周年发布会上迎来全球首秀。新车定价将在30万元 级，提供增程与纯电双动力选择，增程版搭载80.3kWh大电池与800V高压平台；纯电版则配备115kWh 大电池与全栈1000V高压平台。 零跑科技高级副总裁曹力介绍，零跑始终坚持"成本定价"原则，即便向高端化迈进，也不会脱离用户对 高性价比的核心诉求。"D系列车型定位25万—30万元的价格区间，比以往零跑ABC系列车型的价格更 高，但其品质感和价值感可以与5 ...

新浪科技讯 12月29日上午消息，在零跑十周年发布会后，零跑科技创始人、董事长、CEO朱江明等高 管团队与媒体对话。 谈及高端化的话题，零跑科技高级副总裁曹力表示，D系列不是要冲豪华车的价格，依旧会坚持成本定 价，强化价值感，虽然是25-30万元的价格，品质感和价值感会对标百万车型。 零跑科技高级副总裁、COO徐军表示，零跑会回归用户体验，对豪华的定义是豪华的体验，这对渠道 会有新的要求，只有达到标准的经销商和渠道才会给用户提供D系列的服务，会分级、分梯队对经销商 认定。 新浪科技讯 12月29日上午消息，在零跑十周年发布会后，零跑科技创始人、董事长、CEO朱江明等高 管团队与媒体对话。 谈及高端化的话题，零跑科技高级副总裁曹力表示，D系列不是要冲豪华车的价格，依旧会坚持成本定 价，强化价值感，虽然是25-30万元的价格，品质感和价值感会对标百万车型。 零跑科技高级副总裁、COO徐军表示，零跑会回归用户体验，对豪华的定义是豪华的体验，这对渠道 会有新的要求，只有达到标准的经销商和渠道才会给用户提供D系列的服务，会分级、分梯队对经销商 认定。 ...

Core Viewpoint - Leap Motor's recent share purchases by major shareholders indicate confidence in the company's fundamentals and long-term investment value, especially during challenging times for performance or stock price [2][3]. Group 1: Shareholder Activity - Leap Motor's Chairman and CEO Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 3.2435 million H-shares at an average price of HKD 63.19 per share, amounting to approximately HKD 205 million [2]. - Zhu Jiangming and Fu Liqian have committed not to transfer or reduce their holdings for the next ten years, demonstrating long-term confidence in the company [3]. - Since August 2024, Zhu Jiangming and Fu Liqian have collectively increased their holdings by approximately HKD 850 million [3]. Group 2: Operational Performance - In September, Leap Motor achieved a delivery volume of 66,700 vehicles, a year-on-year increase of over 97%, setting a record for monthly deliveries among new car manufacturers [4]. - For the first nine months of 2025, Leap Motor's cumulative deliveries reached 396,000 vehicles, a year-on-year growth of 129%, achieving 79.1% of its annual target [4]. - Leap Motor's product line covers four major series (A to D), focusing on the mainstream family car market priced between RMB 100,000 and RMB 250,000 [4]. Group 3: Product Development - The launch of the D series models is expected to broaden Leap Motor's product range and potentially enhance profitability, with the D19 model anticipated to improve gross margins [5]. - Leap Motor's senior vice president indicated that combined sales of the A and D series could reach 30,000 units per month, contributing to the company's goal of achieving annual sales of one million vehicles [5].

Core Viewpoint - Recent share purchases by major shareholders of Leap Motor reflect confidence in the company's fundamentals and long-term investment value during a period of market pressure [1][2]. Group 1: Shareholder Activity - Leap Motor's chairman and CEO, Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 3.2435 million H-shares at an average price of approximately HKD 63.19 per share, amounting to about HKD 205 million [1]. - Zhu Jiangming and Fu Liqian have cumulatively invested approximately HKD 850 million in Leap Motor over the past 14 months [2]. - The latest share purchase announcement indicates that Zhu Jiangming and Fu Liqian now hold a combined total of 206.9 million H-shares and 128.5 million domestic shares, representing 23.59% of the company's total issued shares [2]. Group 2: Company Performance - Leap Motor achieved a delivery volume of 66,700 vehicles in September, marking a year-on-year increase of over 97%, and has maintained a month-on-month growth for nine consecutive months [3]. - In the first nine months of 2025, Leap Motor delivered a total of 396,000 vehicles, a year-on-year increase of 129%, achieving 79.1% of its annual target [3]. - The company has expanded its product line to cover four major series (A to D), focusing on the mainstream family car market priced between 100,000 to 250,000 yuan [3]. Group 3: Product Development - The launch of the D series, including the flagship D19 model, signifies a new phase in Leap Motor's technology and product layout, potentially enhancing profitability [3][4]. - The D series is expected to contribute significantly to sales, with projections suggesting that combined sales of the A and D series could reach 30,000 units per month [4][5].

Core Viewpoint - Leap Motor is transitioning from a budget-friendly brand to a higher-end market with the launch of its flagship D19 model, aiming to offer luxury at an accessible price point of around 300,000 yuan [2][3]. Product Development - The D19 is a full-size six-seat SUV with dimensions exceeding 5.2 meters in length, nearly 2 meters in width, and over 3.1 meters in wheelbase, priced significantly higher than previous models [2]. - Leap Motor's product line includes T, B, C, and D series, with the D series positioned as the highest tier [2]. Sales Performance - Leap Motor has achieved monthly sales exceeding 50,000 units recently, with September sales surpassing 60,000 units, making it the top new energy vehicle brand in terms of sales [2]. - Cumulative sales from January to September reached 395,500 units, indicating strong market demand [2]. R&D and Cost Structure - The company emphasizes its robust R&D capabilities, claiming that 65% of the D platform's vehicle costs are self-researched and manufactured, which contributes to cost savings [3]. - Leap Motor's gross margin has improved, reaching 14.1%, with expectations to turn profitable by mid-2025 due to increased sales volume and cost optimization [3]. Technology and Features - The D platform boasts advanced technologies, including over 500 kilometers of electric range, a high-voltage system, and cutting-edge driving assistance features, positioning it competitively in the 300,000 yuan market [4]. Market Strategy and Partnerships - Leap Motor plans to expand the D series to include various vehicle types such as SUVs, MPVs, and sedans, targeting the 300,000 yuan market segment [5]. - Strategic partnerships with Stellantis and FAW Group have been established to enhance international market presence and collaborative development [5]. Competitive Landscape - The D19 will compete with other six-seat SUVs in the 300,000 yuan segment, including models from Li Auto, Aito, and XPeng, indicating a highly competitive environment [5]. - Leap Motor is working on building a premium brand image, recently engaging a celebrity spokesperson to enhance its market presence [5]. Current Development Stage - The company is experiencing a phase of rising sales and improving operational performance, which is crucial for successfully launching the D series [6].

Core Viewpoint - The article discusses the strategic shift of Leap Motor as it aims to establish itself in the high-end market with the launch of its D series, despite its previous positioning as a cost-effective brand. The company emphasizes maintaining its "good but not expensive" philosophy while expanding its product offerings [1][3]. Group 1: Company Strategy - Leap Motor's chairman, Zhu Jiangming, asserts that the D series does not alter the brand's positioning and aims to provide high-end products without pursuing high profits [3][16]. - The company has set a five-year strategic plan and sales targets, expecting to continue significant growth after achieving its initial goal of 500,000 units for the year [3][17]. - Leap Motor's D series is designed to compete in the full-size SUV market, with the first model, D19, showcasing advanced technology and spacious dimensions [5][11]. Group 2: Market Performance - Leap Motor achieved a milestone with the production of its one-millionth vehicle in September, becoming the second new force in the domestic market to reach this sales volume [3][17]. - The company reported a 129% year-on-year increase in cumulative sales for the first nine months of the year, totaling 395,000 units [3][17]. - In September alone, Leap Motor's sales reached a record high of 66,000 units [3]. Group 3: Product Innovation - The D19 model features an 80.3 kWh range extender battery, providing over 500 km of pure electric range, showcasing Leap Motor's technological capabilities [9][11]. - The D series aims to incorporate unique technologies, such as an integrated drive generator and an onboard oxygen generator, to differentiate itself in the competitive SUV market [11][16]. - Leap Motor's strategy focuses on leveraging its self-developed technologies to meet user demands while maintaining cost-effectiveness [13][16]. Group 4: Financial Outlook - Despite significant revenue growth of 174% in the first half of the year, Leap Motor's profit was only 30 million yuan, indicating challenges in scaling profitability [16][17]. - The company plans to adjust its annual sales target to between 580,000 and 650,000 units, reflecting confidence in its market position despite competitive pressures [17].

Core Insights - Leapmotor's D19 SUV is positioned as a non-luxury vehicle despite its premium features, emphasizing value over brand prestige [2] - The company adopts a "full self-research" strategy to maintain cost control while utilizing top-tier suppliers [3][4] - Leapmotor's approach to smart driving is pragmatic, focusing on following established technology trends rather than leading [5][6] Product Strategy - The D19 SUV is priced between 250,000 to 300,000 yuan, with a focus on high-end configurations without luxury branding [2] - Leapmotor's "range extender" solution combines a large battery with a small fuel tank, aiming for improved electric range [4] - The company plans to release 2-3 additional models in the D series and 2 models in the A series by next year, with 2026 expected to be a significant year for product launches [7][8] Market Positioning - Leapmotor's strategy targets rational consumers who prioritize product value over brand prestige, aiming to penetrate the high-end market without the luxury label [2][8] - The company achieved a gross margin of 14.1% in the first half of the year, focusing on scale rather than high margins for profitability [6][7] - Leapmotor's channel strategy is designed to efficiently reach potential customers in major cities, ensuring high conversion rates [6][7] Technological Innovation - Leapmotor's collaboration with ZF on an integrated electric drive and generator system showcases its commitment to innovation and cost reduction [3] - The company is cautious about entering the smart driving space, preferring to adopt proven technologies rather than chase trends [5][6] Production and Capacity - Leapmotor's production capacity is aligned with future sales targets, focusing on models suitable for local markets, particularly in Europe [7][8] - The company is strategically avoiding launching the D19 in overseas markets initially, opting for models better suited for those regions [8]