凭借十年的技术积累与体系化能力建设，零跑全面实现规模与效益的双提升。 2026年1月，新能源汽车市场在政策调整与春节假期错位的双重影响下进入阶段性盘整，多家车企的交 付数据出现环比下滑。在此背景下，零跑汽车以32,059台的月度交付量逆势同比增长27%。 公开数据显示，零跑汽车截至目前累计交付量超120万辆，单月销量突破7万辆，全球渠道网点超过1800 家，其中海外超800家，已进入全球35个国家和地区。 目前，零跑完成了ABCD四大系列以及Lafa5的产品布局，形成包含轿车、SUV、MPV 在内的多元化产 品阵容，实现了从A0级到D级全维度覆盖，更提供纯电和增程双动力选择。 作为零跑经典车型，C系列凭借越级产品力持续领跑细分市场，其中C10销量已达到月销2万辆的新高 度；旗舰D系列首款车型D19、A系列首款小型纯电SUV A10，亮相阶段收获用户满满期待。 据新华网（603888），即将于2026年第二季度上市的A系列，主打10万级市场。作为一款定位"智能精 品长续航SUV"的全球车型，零跑A10以"好而不贵、科技普惠"为核心理念，集500km CLTC超长续航、 搭配高通8650智驾芯片、车位到车位全场景 ...

Group 1: Fixed Income Analysis - The report analyzes the recent increase in borrowing of local government bonds and provides insights into the reasons behind this trend and future market outlook [3][4] - As of January 6, the net borrowing volume of local government bonds has increased, with the top five being Henan, Jiangxi, Shandong, Hunan, and Hebei, all with a 30-year maturity [5] - Institutions are primarily borrowing local bonds to take long positions on the spread between local government bonds and national bonds, with the spread reaching a relative low of 14.8 basis points on December 29, 2025 [5][6] Group 2: Great Wall Motors Analysis - Great Wall Motors reported a total sales volume of 1.324 million vehicles in 2025, marking a year-on-year increase of 7.3%, achieving a record high for the company [7][8] - The WEY brand saw significant growth, with a year-on-year increase of 86.3%, while the Haval brand maintained a steady performance with a 7.4% increase [8][9] - The company aims to continue its high-end upgrade strategy with the launch of new models and expects to maintain strong sales momentum in 2026 [9][10] Group 3: Leap Motor Analysis - Leap Motor achieved a total delivery of 597,000 vehicles in 2025, a year-on-year increase of 103.1%, and aims for a target of 1 million vehicles in 2026 [11][12] - The B and C series products have been well-received, contributing to the company's upward structural upgrade, with new models expected to enhance the product lineup [12] - The company has expanded its overseas presence, achieving over 60,000 deliveries in international markets, and plans to accelerate local production in 2026 [12][13] Group 4: Leshushih Analysis - Leshushih has established itself as a leading player in the African hygiene products market, focusing on local manufacturing and a strong distribution network [14][15] - The African market for baby diapers and sanitary products is projected to grow from $3.8 billion in 2024 to $5.6 billion by 2029, driven by increasing penetration and a young population [15][16] - The company has built a robust local supply chain and brand recognition, holding significant market shares in key product categories [16][17] Group 5: AI and Manufacturing Policy - The report discusses the recent policy initiative aimed at integrating AI into manufacturing, with goals to develop industrial intelligence and enhance software capabilities by 2027 [18][19] - The initiative aims to create 1,000 industrial intelligent entities and promote the application of AI across various manufacturing processes, potentially increasing efficiency and reducing costs [19][20] - The industrial software market in China is expected to exceed 500 billion yuan by 2029, driven by the ongoing digital transformation and policy support [21][22]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [12]. Core Insights - The 2026 new energy vehicle purchase tax subsidy policy has shifted from a "one-size-fits-all" model to a tiered proportional subsidy, resulting in a slight decrease in per-vehicle subsidy amounts. Companies with a higher proportion of low-end models, such as Geely and BYD, will experience a more significant subsidy reduction, while high-end brands are largely unaffected [2][3]. - The adjustment in subsidy policy is expected to significantly reshape the sales structure of new energy vehicles in 2026, with demand for low-end models likely to decline, benefiting mid-to-high-end models and companies with higher average selling prices (ASP) [3]. Summary by Sections Subsidy Policy Analysis - The 2026 subsidy policy will lead to a reduction in subsidies for companies with a higher share of low-end models, with Geely facing a 19% reduction and BYD a 14% reduction. In contrast, companies like Xiaopeng, Great Wall, and Leap Motor will see a reduction of around 10% due to their higher proportion of mid-to-high-end models [3][4]. Sales Analysis of Key Companies - **Xiaopeng Motors**: Projected delivery volume for 2025 is approximately 430,000 units, a 126% increase year-on-year. December deliveries were 37,500 units, showing a decline due to subsidy reductions. The ASP is expected to drop from nearly 190,000 yuan in 2024 to 160,000 yuan in the first half of 2025. Xiaopeng plans to launch seven dual-power models in 2026, which are expected to benefit from the policy changes [4][5]. - **Leap Motor**: Expected to deliver 597,000 units in 2025, doubling from 290,000 units in 2024. The growth is driven by new models and overseas market expansion. Despite the introduction of lower-priced models, Leap Motor has maintained its gross margin due to effective cost control. The 2026 sales target is set at 1 million units [5][6]. - **Great Wall Motors**: Anticipated sales for 2025 are 1.32 million units, a 7% increase. The company has optimized its internal structure, with new models compensating for declines in older models. The sales target for 2026 is set at 1.8 million units, reflecting a 40% year-on-year growth expectation [6]. Investment Recommendations - The report suggests focusing on new energy vehicle companies that have advantages in AI and robotics, such as Xiaopeng, NIO, and Li Auto, as well as key Tier 1 suppliers. It also recommends second-hand car companies and component manufacturers with low valuations and growth potential, such as Yinchuan, Fuda, and others [2][6].

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].

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge, but several companies achieved substantial annual growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO saw a 46.88% year-on-year increase. Li Auto, however, struggled to regain its peak performance due to unmet expectations in its pure electric strategy [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, marking a year-on-year increase of 42.11%, and achieved a total of 596,555 deliveries for the year, a 103.1% increase, setting a new record for new energy vehicle sales [2][3]. - NIO's December deliveries reached 48,135 vehicles, a historical monthly high with a year-on-year growth of 54.59%. The total deliveries for 2025 amounted to 326,028 vehicles, reflecting a 46.88% increase [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 for the year, representing an 18.81% decline. However, it became the first new energy brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved 429,445 deliveries in 2025, a significant year-on-year increase of 125.94%, although December deliveries were 37,508, falling short of its quarterly guidance [9]. Group 2: Market Trends and Future Outlook - The absence of a year-end surge in the 2025 car market was confirmed by industry analysts, with government policies expected to stabilize the market in 2026 [11]. - Leap Motor aims to reach a delivery target of one million vehicles in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model has become a key contributor to sales, with a significant number of orders expected to mitigate performance dips in early 2026 [5]. - Li Auto is focusing on expanding its overseas market presence to alleviate domestic competition pressures [7]. - Xpeng Motors plans to introduce seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - Leap Motor plans to issue 74.832 million domestic shares to FAW at a price of HKD 50.03 per share, totaling HKD 3.744 billion. Approximately 50% of the funds will be allocated for R&D, 25% for operational capital, and 25% for expanding sales and service networks [2][4][6]. - The company is expected to benefit from a strong domestic new car cycle, driving continuous sales growth, while its partnership with Stellantis will facilitate a light-asset overseas expansion, enhancing global sales potential [4][6]. - The projected net profits for Leap Motor from 2025 to 2027 are estimated at CNY 6.3 billion, CNY 5.0 billion, and CNY 8.37 billion, with corresponding P/E ratios of 102.5X, 13.0X, and 7.7X [4]. Summary by Relevant Sections Domestic Market - The company leverages its technological foundation to create a strong price-performance ratio, which is expected to enhance sales during the ongoing new car cycle. Scale effects and product structure optimization are anticipated to improve profitability [4][6]. Overseas Market - The collaboration with Stellantis, the fourth-largest automotive group globally, allows Leap Motor to utilize Stellantis's extensive sales and after-sales network and production capacity for a rapid and flexible overseas expansion. This partnership is expected to yield significant profit contributions from high single-vehicle profitability [4][6]. Product Development and Sales Network - Leap Motor plans to launch 2-3 new products globally each year over the next three years, with several models already introduced in 2025. The company has established a robust domestic sales network with 866 sales outlets across 292 cities and has expanded its international presence with over 700 sales and service points in approximately 30 international markets [6].

Core Insights - The article highlights the ten-year journey of Leap Motor, showcasing its transformation from a startup to a leading player in the electric vehicle (EV) industry, emphasizing its commitment to self-research and technological innovation [2][4][18] Group 1: Company Overview - Leap Motor was founded in 2015 by engineer Zhu Jiangming, who aimed to revolutionize the automotive industry through IT, leading a team predominantly composed of engineers [4][6] - Over the past decade, Leap Motor has achieved significant milestones, including over 1.2 million users, nearly 600,000 annual sales, and a global network covering 35 countries with over 1,800 channels [4][6] - The company has established 17 major component factories, achieving 65% of vehicle costs through self-research, resulting in a 10% cost advantage [6][9] Group 2: Technological Innovation - Leap Motor's commitment to "technology for all" has redefined value standards in the automotive market, allowing consumers to access high-end features without the associated premium prices [9][11] - The company has introduced advanced technologies such as laser radar and central domain control in its vehicles, which were previously exclusive to luxury models, enhancing the user experience [9][11] - Leap Motor's focus on user-centric product innovation addresses real consumer pain points, ensuring that technology becomes an integral part of everyday life [11][12] Group 3: Global Expansion and Market Strategy - The company has formed strategic partnerships, such as with Stellantis, to facilitate its global expansion, breaking traditional market-entry barriers and promoting its value proposition internationally [12][15] - Leap Motor's domestic "1+N" channel model has established over 1,000 service points, ensuring efficient coverage and a transparent, responsive user experience [12][15] Group 4: Long-term Vision and Sustainability - Leap Motor emphasizes long-termism as a core principle, focusing on sustained technological innovation and maintaining a high percentage of R&D personnel [15][16] - The company has successfully created a diversified business model, acting as both an OEM and a Tier 1 supplier, which allows it to maximize technological output and foster industry-wide value enhancement [16][18] - Leap Motor's journey reflects the broader evolution of China's EV industry, demonstrating the capability of Chinese brands to master core technologies and create world-class products [18]

Core Insights - The article discusses Leap Motor's ten-year journey and future strategic planning, emphasizing its transition from survival to aiming for a world-class smart electric vehicle company [1][3][24] Group 1: Company Overview - Leap Motor was founded by an engineer with a background in security and electronics, lacking the typical advantages of internet companies or traditional automakers [5] - The company initially struggled with its first model, S01, but found success with the T03, establishing a stable sales trajectory [7][9] Group 2: Sales and Growth - Leap Motor's sales have shown significant growth, delivering approximately 44,000 vehicles in 2021, over 100,000 in 2022, and reaching 140,000 in 2023, with projections nearing 300,000 in 2024 and close to 600,000 by 2025 [9][24] - The company aims to achieve annual sales of 4 million vehicles by 2033, with a target of 1 million units by 2026 [18][20] Group 3: Technological Development - Leap Motor has invested heavily in core technologies, focusing on battery, electric drive, and electronic architecture, which are seen as essential for electric vehicles [10][12] - The company has developed a self-research and manufacturing system, with self-produced components accounting for about 65% of vehicle costs [12] Group 4: Market Positioning and Strategy - The new slogan "Upward, Lead" reflects Leap Motor's shift in focus from survival to establishing its position in the industry [3][24] - The company is enhancing its product lineup with the introduction of the D series, which features advanced technologies and aims to elevate the brand's market presence [23][26] Group 5: Future Challenges and Opportunities - Leap Motor acknowledges the challenges ahead, including price competition and the complexities of globalization, as it transitions into a more competitive environment [24][26] - The partnership with Stellantis is part of its strategy to strengthen its global presence, with expectations of significant overseas sales by 2025 [18][26]

Core Insights - Leap Motor celebrates its 10th anniversary in December 2025, achieving nearly 600,000 annual sales and continuous quarterly profitability, marking its transformation from a newcomer to a leader in the electric vehicle market [1][24] - The company's journey reflects the broader shift of Chinese automotive brands from followers to leaders, emphasizing self-research, customer-centricity, and global expansion as key strategies [1][24] Group 1: Self-Research and Innovation - Leap Motor's decade-long journey symbolizes the commitment of Chinese brands to core technology independence, with founder Zhu Jiangming establishing a "full self-research" approach from the outset, covering 65% of vehicle costs through in-house development [3][26] - The company focuses on addressing user pain points, such as winter driving challenges in northern China, by implementing cold-resistant sealing strips and intelligent temperature control systems [5][28] - Self-research has led to cost advantages, allowing Leap Motor to pass on 10% gross margin savings to consumers while maintaining a healthy gross margin of 14%-15% on vehicles [7][30] Group 2: Customer-Centric Approach - Leap Motor adopts a "good but not expensive" philosophy, prioritizing product quality and user experience over short-term marketing gimmicks, which has helped it maintain the top position in new energy vehicle deliveries for eight consecutive months [10][32] - The product lineup effectively meets consumer needs, with models like the T03, C11, B10, B01, and Lafa5 addressing various market segments, achieving significant sales milestones [11][34] - The service system is designed around user needs, simplifying domestic channels and leveraging Stellantis' network for overseas operations, enhancing customer trust through comprehensive service offerings [13][36] Group 3: Global Expansion - Leap Motor's globalization accelerates as it expands into 35 countries, achieving 60,000 overseas deliveries and setting a new benchmark for Chinese automotive exports [14][35] - The company collaborates with Stellantis to penetrate key markets in Europe and South America, with plans for extensive dealership networks in Brazil and Chile [16][39] - Leap Motor's success abroad is supported by the overall growth of the Chinese automotive industry, which now holds a 38% global market share, showcasing the brand's ability to compete internationally [18][42] Group 4: Future Vision and Goals - Looking ahead, Leap Motor aims to become a world-class automotive company focused on sustainable development, with a sales target of 1 million vehicles by 2026 and a commitment to continuous innovation and quality [17][44] - The company emphasizes the importance of maintaining an agile organization while deepening its self-research efforts and enhancing product quality to meet global standards [19][44] - Leap Motor's growth story is a testament to the transformation of the Chinese automotive industry, which has evolved from catching up to leading in the electric vehicle sector [22][46]

Core Insights - Leap Motor has delivered 70,327 vehicles in November, maintaining its position as the sales champion among new energy vehicle brands for nine consecutive months [2][34] - The company, founded in Hangzhou, celebrates its tenth anniversary on December 24, 2025, with a reflective internal letter from CEO Zhu Jiangming [3][35] - Zhu emphasizes the need for Leap Motor to transition from being a "follower" to a "leader" in the automotive industry, aiming to be a sustainable and respected global enterprise [5][37] Dimension 1: Pragmatism and Accountability - Zhu's internal letters from 2019 to 2025 reflect a consistent commitment to pragmatism, avoiding exaggeration and focusing on measurable outcomes [6][38] - This pragmatic approach has been crucial for Leap Motor's success amid the reshuffling of the electric vehicle industry [7][39] - The company has established a communication principle of "speaking with facts," which has guided its operations and strategic planning [8][40] - Leap Motor's internal reforms during industry downturns have led to significant growth, including surpassing 100,000 annual deliveries ahead of schedule in 2022 [9][41] - The company has expanded its global presence, with over 30 countries and regions covered and more than 1,700 sales and service outlets by 2025 [9][41] Dimension 2: Commitment to Self-Research and Product Philosophy - Leap Motor has proven its commitment to full self-research, which has been a cornerstone of its technological development over the past decade [17][48] - The company has faced challenges in its self-research path but has seen significant advancements, including the launch of the LEAP3.0 technology era [19][49] - Zhu highlights the importance of technological innovation as essential for the company's survival and future [50] - Leap Motor's product philosophy has evolved from "value for all" to "extreme quality," emphasizing that affordable products must also be of high quality [20][52] - The company aims to redefine the value standards for electric vehicles priced between 150,000 to 200,000 yuan, focusing on delivering high-quality products [23][53] Dimension 3: Strategic Transition to a Global Player - Zhu redefines Leap Motor's identity, urging the company to view itself as a world-class enterprise rather than just a new force in the industry [24][54] - The company has surpassed Tesla in monthly sales for the first time in October 2025, marking a significant milestone in its competitive positioning [27][57] - Leap Motor's transition to a global player involves expanding its operational capabilities and brand influence on a worldwide scale [27][57] - The strategy has shifted from merely exporting products to establishing a complete value chain for research, production, sales, and service globally [60][62] - Zhu emphasizes the need for Leap Motor to deeply integrate with local industries and enhance its adaptability to serve global customers effectively [60][62]