智通财经APP获悉，中信里昂发布研报称，零跑汽车(09863)推出首款旗舰款全尺寸混合动力SUV D19，定价具竞争力，瞄准25万至30万元人民币的高端SUV市场，并预计将于2026年上半年上市。暂维持零跑汽车目标价80港元及“跑赢大市”投资评级。
该行认为，零跑汽车在D19上延续了高性价比策略，且优先考虑其电池容量而非油耗。全系车型采用宁德时代(03750)电池单元、双高通8797芯片及VLA智能驾驶模型，与近期的政策导向及消费者需求相符。
此外，即将实施的2026年法规要求插电式混合动力汽车(PHEV)符合更严格的发动机标准，包括使用更高质量的电池。据该行计算，油耗需降低约4.1%。该行预计，监管机构对发动机质量提升的重视将增强犹豫购车者的信心，同时续航里程更长的 PHEV 有望表现更佳，因其既能最大限度降低油耗，又能保持足够的纯电续航里程，缓解里程焦虑。
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