Investment Rating - The report rates the industry positively, highlighting the rapid growth and market competitiveness of Leap Motor [11][14][23]. Core Insights - Leap Motor has successfully transitioned from initial struggles to becoming a leading player in the domestic market, with sales approaching 500,000 units by 2025 [14][24]. - The company's strategy focuses on cost-effective pricing and maximizing interior space, appealing to family-oriented consumers [12][14]. - Leap Motor's growth is attributed to its ability to attract users from traditional overseas brands, particularly in the compact car segment [23][24]. Summary by Sections Sales Performance - Leap Motor's domestic sales reached over 100,000 units in 2022 and are projected to approach 300,000 units in 2024 and 500,000 units in 2025 [14][24]. - The company has gained significant market share, challenging established brands like Volkswagen and Honda [14][24]. User Demographics - By 2025, over 80% of Leap Motor's users will be repeat buyers, with a significant portion coming from overseas brands [23][24]. - The average age of repeat users is over 40, primarily consisting of middle-income earners [44][57]. Competitive Landscape - Leap Motor's rapid rise has occurred amidst a decline in traditional overseas brands, which have struggled to meet the demand for economical and energy-efficient vehicles [68][69]. - The company has positioned itself effectively in the market by launching models that cater to the needs of cost-sensitive consumers [91][102]. Future Outlook - The report anticipates increased competition in the "economic large energy-saving vehicle" segment, with Leap Motor planning to launch new flagship models in 2026 [101][112]. - The competitive environment is expected to intensify as other brands introduce similar products, potentially impacting Leap Motor's market position [102][112].

最近，全球混动市场格外热闹。先是丰田汽车计划到2028年将混合动力汽车（HEV）及插电式混 合动力汽车（PHEV）产量提升至约670万辆，较其2026年的计划增产约3成，更是占到公司总产量的 近6成；随后，吉利汽车又宣布2026年将陆续推出4~5款搭载吉利i-HEV智能双擎技术的全新混动车 型。 在中国，混动市场主要以插混为主，且增速明显不及纯电动汽车。数据显示，2025年我国纯电动 汽车销售1062万辆，同比增长37.6%；插电式混动车型销售586万辆，同比增长14%。依照丰田的规 划，其混合动力车型产量增长不仅聚焦于HEV车型，同样强调了PHEV车型。这恰恰说明，丰田一面 以HEV为存量燃油车找好退路，一面把PHEV当作电动化转型的突破口。针对前者，丰田有着成熟的 技术护城河；对于后者，其对充电网络的较低要求则能够迅速在全球不同市场推广开来。可见，这并 非一次逆势的任性之举，反倒是经过深思的"两手抓"战略。 研究机构Dataforce的数据显示，2025年11月，中国品牌在欧洲混合动力车领域的市场份额突破 13%。在2025年欧洲最畅销插混车型前十榜单上，比亚迪Seal U更是击败大众、沃尔沃等跃升榜首， ...

编前：近日，各大主流车企陆续公布了2025年全球销量数据。头部格局相对稳定：丰田汽车以逾千万辆的成绩实现六连冠，而大众集团连续6年位列第二， 两者的差距进一步拉大。凭借现代汽车和起亚汽车在全球尤其是北美市场的亮眼表现，现代汽车集团稳居季军。通用汽车和Stellantis集团则依然位列第四 和第五。 值得注意的是，由于在新能源汽车领域取得的突出成绩，以及"出海"战略的持续深化，中国车企近年来海外销量猛增，2024年比亚迪、吉利控股集团两家 中国车企跻身全球车企销量榜前十，且分别排在第七、第十位。2025年稳中有进，比亚迪全球销量首次超越福特，成为全球第六大汽车制造商；吉利控股 集团也超过本田、铃木、日产，在榜单中的排名上升至第八位。 相比之下，日产全球销量继续下滑，掉出前十，由铃木取而代之。另外，长安汽车2025年总销量291.3万辆，同比增长8.5%；奇瑞集团280.64万辆，同比 增长7.8%。这两家中国车企与第十名铃木的差距并不算大。如果保持现在的增速，可以预见的是，未来会有更多中国车企跻身全球十大车企行列。 01 丰田汽车 1132万辆 近日，丰田汽车集团公布了2025年全球销量数据：含日野、大发在内， ...

菲利普证券日本研究主管Kazuhiro Sasaki认为，从公司治理角度看，这则消息是积极的。他指出金融机 构作为交叉持股方并非良好的治理实践，而丰田的计划恰逢日本今年预定修订《公司治理准则》，因此 很可能顺应这一有利趋势。 然而，日本企业界的整体改革步伐一直较为缓慢。丰田集团自身推动其一家关键子公司私有化的行动， 也使其改革努力受到关注。 该集团试图收购丰田工业公司的举动，遭到了激进投资者Elliott Investment Management的强烈批评，后 者正呼吁投资者联手阻止该项收购要约。 此次私有化行动由丰田汽车董事长丰田章男主导，要约收购期将于周一结束。本月初，丰田工业公司表 示，丰田集团方面距离获得启动挤出式收购所需的三分之二多数股权尚有约9%的差距。 智通财经APP获悉，据了解，丰田汽车(TM.US)正计划解禁其银行及其他金融机构持有的大约3万亿日 元(合190亿美元)的战略持股。此举将对日本的企业改革努力构成重大推动。若该计划得以实施，将标 志着丰田加速推进其解除交叉持股的行动。这一进程始于2024年，旨在响应日本政府推动大型企业理顺 其复杂的持股网络，以提高投资者回报并鼓励公平竞争的改革 ...

2月26日，丰田汽车公司计划解除银行及其他金融机构持有的约3万亿日元(约合190亿美元)战略持股， 此举将极大推动日本的企业改革进程。 未具名知情人士消息称，出售规模可能更大，具体取决于股东的出售意愿。丰田力争最早于今年完成此 次出售，但时间和规模可能发生变化，甚至该计划也可能被完全放弃。丰田汽车发言人拒绝对该事宜置 评。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 ...

（文章来源：第一财经） 据报道，丰田计划通过金融机构出售190亿美元股票。 ...

格隆汇2月26日｜有媒体援引消息人士称，丰田计划通过金融公司出售其价值约190亿美元的股份，以解 除交叉持股。 ...

Core Viewpoint - Toyota plans to unwind strategic shareholdings, involving banks and insurance firms selling approximately $19 billion of its shares, marking a significant moment in Japan's corporate governance reform [1][3]. Group 1: Share Sale Details - The planned share sale is expected to total around 3 trillion yen ($19 billion), with the potential to increase based on shareholder willingness to sell [1]. - The sale is aimed to occur as early as this year, although timing and scale may vary depending on shareholder responses [1]. Group 2: Corporate Governance Reform - This move by Toyota is indicative of the ongoing corporate governance reform in Japan, as regulators and the Tokyo Stock Exchange encourage companies to reduce cross-shareholdings [3]. - Cross-shareholding practices, which have been criticized for insulating management from shareholders, have been prevalent in Japan but are less common in Western markets [4]. Group 3: Investor Relations and Governance - Toyota is under pressure to improve capital efficiency and governance, as it has faced criticism from investors regarding its governance practices [4]. - The company aims to demonstrate its commitment to governance reform by unwinding strategic shares [5]. Group 4: Shareholder Composition - Major shareholders of Toyota include banks like Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, as well as insurers such as MS&AD Insurance Group [6].

原创：邢予青 秦朔朋友圈 五年前小鹏汽车创始人何小鹏嘲笑丰田章男对待EV（电动汽车）的态度，并在微博上暗示丰田就是下一个汽车行业的诺基亚。 岁月如梭，五年一晃就过去了，尽管EV造车新势力在中国市场上如日中天， 但是，丰田依然是全球汽车业老大，并没有成为汽车行业的诺基亚。 新崛起的中国造车新势力，也没有把丰田从神坛上拉下来。 2025年，丰田全球汽车销售1132万辆，远远超过位居第二的德国大众汽车的898万辆。这已经是丰田连续第六年成为卖车最多的世界冠军了。 美国是丰田最重要的海外市场。不幸的是，2025年特朗普开启了全球贸易大战。这对丰田在美国的业务来说是苦不堪言。 特朗普丝毫不考虑日本是美国在亚洲最可靠和忠实的盟友这一事实，对所有日本产品加征高达25%的关税。 在日本政府官员不顾十几小时的时差，多次飞往华盛顿与美国谈判，并最终答应在美国投资5500亿美元之后，特朗普才把对日关税降到15%。但是，这也 比WTO框架下的2.5%的最惠国汽车关税高6倍。 谨小慎微的丰田公司担心把关税转移给美国消费者会影响销售，就象征性地把在美国销售的汽车的价格平均提高了280美元，自己则忍痛承担绝大部分出 口美国汽车的关税。 中 ...

Investment Rating - The report indicates a positive outlook for the solid-state battery industry, projecting GWh-level mass production by 2027, driven by collaborative innovation across the entire supply chain [2][6][12]. Core Insights - The solid-state battery industry is rapidly forming a collaborative innovation pattern across "materials, equipment, manufacturing, and applications," with significant advancements expected in materials and processes [6][20]. - Major players like CATL and BYD are expected to dominate the market, focusing on high-end applications in electric vehicles and energy storage [20][21]. - The demand for high-performance batteries is increasing due to the rapid growth of the global electric vehicle market, with solid-state batteries emerging as a strong competitor [20][21]. Summary by Sections Development - Global solid-state batteries are expected to achieve GWh-level mass production by 2027, with a focus on material innovation and process optimization [6][9]. - The supply chain is anticipated to mature over the next 3-5 years, with commercial viability expected around 2030 [9][10]. Process - The electrolyte film formation process is critical, influencing the thickness and ionic conductivity of solid electrolyte membranes [22][23]. - Two main technical routes for semi-solid batteries are identified: one focuses on reducing electrolyte liquid usage, while the other emphasizes in-situ curing processes [22][23]. Equipment - The global solid-state battery equipment market is projected to reach 12 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [31][32]. - The value share of equipment in the front and middle stages of solid-state battery production is expected to increase significantly compared to traditional liquid batteries, with a combined share of around 80% [32][36]. Key Company Updates - Naconor has successfully delivered high-speed wide-format dry electrode equipment to leading domestic manufacturers, marking a significant milestone in solid-state battery production [4.1][21]. - Lingge Technology has secured contracts for solid-state sulfide systems and is advancing its solid electrolyte pilot line [4.2][26]. - Litong Technology is developing isostatic pressing equipment to enhance the interface density between solid electrodes and solid electrolytes [4.3][41]. - Wuhan Blue Electric is focusing on high-precision testing equipment for solid-state batteries, capable of stable testing under low currents [4.4][30].