Core Insights - The founder of Skyworth Group, Huang Hongsheng, highlighted the company's focus on photovoltaic technology, AI home appliances, and international expansion during the 2026 annual speech [2] - Skyworth's photovoltaic revenue is expected to surpass its television revenue for the first time in 2025, with the photovoltaic business projected to account for over one-third of the company's total revenue by mid-2025 [2][3] Photovoltaic Business - Skyworth entered the photovoltaic sector in 2020, expanding from rural distributed photovoltaic systems to upstream core components, establishing a vertical industry chain that includes modules, brackets, inverters, and a digital ecosystem [3] - The company is accelerating its overseas expansion, with projects such as the commercial photovoltaic project in Thailand expected to generate over 4.4 million kWh in its first year and a 10MW distributed photovoltaic station project signed in Italy [3] - Huang anticipates significant potential in the overseas photovoltaic market, citing high electricity prices in Europe and frequent power outages in parts of Southern Africa as driving factors for increased demand [3] AI Home Appliances - Skyworth plans to fully promote AI home appliances by 2026, integrating AI functionalities into high-end products, such as smart search for film and television content and intelligent interaction with other appliances [3][4] - The introduction of AI appliances is expected to be delayed for lower-end products due to rising storage costs [4] International Expansion - Skyworth has acquired the operational rights for the Philips television brand in North America and aims for low-cost global expansion through sponsorships, similar to competitors like Hisense and TCL [4] - Research firm AVC predicts that Skyworth could enter the top five global television shipment rankings by 2026 [4] Synergy Between Businesses - The company has introduced a "photovoltaic balcony" solution targeting high-rise residential users, allowing for solar panel installation on balconies to meet household electricity needs [4] Cautious Outlook on Robotics and AI Glasses - Despite the popularity of humanoid robots and AI glasses at CES 2026, Huang expressed a conservative view on their practical applications, emphasizing that AI home appliances, overseas photovoltaic business, and future energy storage are the main growth areas for Skyworth [4]

2026.01.11 本文字数：2393，阅读时长大约4分钟 作者 |第一财经 陆如意 特斯拉CEO马斯克近日在一场3小时的长访谈中，深度讨论了科技发展、AI趋势、商业创新、人类未来等话题。其 中在能源相关议题，马斯克颠覆性提出，未来财富的计量单位不是货币，而是"瓦特"——即你所能掌控的能量规 模。 在该访谈中，马斯克提出，"太阳能是人类能源自由的唯一答案。" 他进一步拆解并提出了"三步走"的方案。第一步，利用特斯拉Megapack电池储存电厂夜间闲置电力，提升现有电网 效率翻倍；第二步，向太空发射太阳能AI卫星，借助太空24小时日照的优势最大化利用太阳能，预计需一年8000次 发射完成部署；第三步，在月球建立卫星工厂，就地取材制造卫星并送入轨道，实现更大规模的太阳能捕获，这被 他视为人类文明的真正升级。 他第一步中提到的Megapack，指的是特斯拉公司设计的一种集装箱式、模块化设计的大型储能系统。刚过去的 2025年，得益于特斯拉Megapack大型储能系统的持续扩张和Powerwall家庭储能产品市场需求的增加，该业务已实 现强劲增长。 据特斯拉公布的2025年全球生产与交付报告数据，2025年全年，公 ...

产业变局 2026年伊始，光伏行业在政策层面迎来双重变局。随着光伏产品增值税出口退税的全面取消，以及业内 传闻的行业自律被官方约谈叫停，持续一段时间的政策呵护与隐性秩序正被撤去。 市场对此反应剧烈，多晶硅市场情绪降至冰点，1月9日多晶硅主力合约2605大幅下跌，大全能源 （688303.SH）、通威股份（600438.SH）等硅料股周内均是大跌。 这标志着中国光伏产业将彻底告别政策温床，产业正站在一个历史性拐点上。监管的约束与财税扶持的 退坡交织，将形成一个截然不同的竞争格局，其对光伏上市公司经营业绩的影响，意味着行业估值体系 面临重构。 光伏行业开年遭遇监管铁腕 财政部和国家税务总局日前宣布，自2026年4月1日起，取消光伏等产品增值税出口退税，标志着行业进 入"无退税补贴"阶段。我国光伏行业出口退税政策始于2013年10月，最近两年退税率逐步下降，从2024 年12月1日起，光伏硅片、电池及组件的出口退税率就从13%降到9%，在当时被视为退税取消的过渡阶 段。 值得重视的是退税取消的背景。2024年以来，我国光伏产品在海外市场面临日益激烈的竞争，出口价格 持续走低，呈现"量增价减"态势。刚刚过去的2025 ...

Core Insights - The EU's Foreign Subsidies Regulation (FSR) has led to over 200 transactions being reported to the European Commission by mid-October 2025, significantly exceeding the initial estimate of 30 transactions per year [1][4] - The FSR's broad applicability and complex reporting requirements have created substantial compliance burdens and uncertainties for both the EU and multinational transaction participants [1][5] Group 1: FSR Implementation and Impact - The FSR has triggered a large number of submissions, with nearly half (47%) of reported transactions involving EU investors, many of which have no clear connection to jurisdictions outside the EU [4] - Compliance procedures under the FSR are burdensome, requiring companies to detail all foreign financial support received over the past three years, often necessitating cross-departmental collaboration [5] - The European Commission has initiated an evaluation of the FSR, responding to feedback that the current review system is cumbersome and slows down transaction processes [5][6] Group 2: Future Developments and Regulatory Adjustments - Future enforcement of the FSR is expected to become more targeted, with potential simplification of review processes for low-risk transactions while maintaining vigilance for those in critical sectors [2] - A draft guideline from the European Commission aims to clarify the application of key FSR provisions, including the assessment of distortive effects and the initiation of pre-review for transactions below the reporting threshold [6] Group 3: Impact on Chinese Enterprises - Chinese enterprises have faced significant regulatory challenges under the FSR, with the Chinese Ministry of Commerce highlighting the adverse effects on their operations in Europe [7][8] - Reports indicate that Chinese companies' bids for public procurement projects are increasingly subjected to second-stage reviews by the European Commission, reflecting heightened scrutiny [8] - High-risk sectors for Chinese enterprises include automotive, pharmaceuticals, energy, battery, and chemicals, with state-owned enterprises being particularly vulnerable to investigations [8][9] Group 4: Strategic Recommendations for Enterprises - Despite regulatory obstacles, international expansion remains an irreversible trend, necessitating companies to identify viable investment opportunities within complex regulatory frameworks [9] - Companies are advised to conduct thorough risk assessments and develop effective response plans to navigate the regulatory landscape successfully [9]

【品大事】 嘉美包装：核查完成公司股票将于1月12日复牌 德福科技：终止收购卢森堡铜箔100%股权 德福科技(301511)公告，公司原计划收购的卢森堡铜箔100%股权因卢森堡经济部附加的限制条件无法完 成，交易双方同意终止此次收购。德福科技已支付的1740.47万欧元合同保证金将在终止后10个工作日 内由交易对方全额退还。此次终止收购不会影响公司的正常生产经营及财务状况。 德福科技：拟以现金收购及增资方式取得慧儒科技不低于51%股权 德福科技(301511)公告，近日，公司与安徽慧儒科技有限公司（简称"慧儒科技"）及其实际控制人王孙 根签署《收购意向书》，公司拟以现金收购及增资方式，取得慧儒科技不低于51%的股权。本次交易完 成后，慧儒科技将成为公司控股子公司。慧儒科技主要从事各类高性能电解铜箔的研发、生产和销售， 主要产品包括锂电铜箔和电子电路铜箔。截至本公告披露日，慧儒科技电解铜箔产能为2万吨/年。 商络电子：向不特定对象发行可转换公司债券申请获深交所受理 商络电子(300975)公告，公司于2026年1月9日收到深圳证券交易所出具的《关于受理南京商络电子股份 有限公司向不特定对象发行可转换公司债券申请 ...

Group 1 - The core product, Huawei's first MPV, the Zhijie V9, is set to enter the 500,000 RMB luxury new energy MPV market, aiming to enhance competitiveness through safety, technology, design, and scenarios [1] - The Zhijie V9 features a length exceeding 5.3 meters and a wheelbase over 3.2 meters, equipped with a range-extended power system, a 53 kWh battery, and a 60-liter fuel tank, achieving a maximum CLTC comprehensive range of 1,250 kilometers [1] - The vehicle will debut advanced features such as a new generation of Huawei's intelligent driving hardware, a smart cockpit with a tri-screen setup, and a new type of safety airbag [1] Group 2 - The new energy MPV segment is showing significant growth potential, with a year-on-year sales increase of 33% from January to October 2025, while traditional fuel MPVs saw a decline of 13.9% [2] - The market is becoming increasingly competitive, with eight new MPV models launched in the Chinese market by the third quarter of 2025, covering price ranges from 100,000 to 500,000 RMB [2] - The competition is expected to intensify in 2026, with multiple new models, including the Leap D99 and Geely Galaxy V900, set to launch alongside the Zhijie V9 [2]

Group 1: IPO Approvals and Registrations - During the week of January 5 to January 11, two companies were approved for listing, four submitted registration, and two registrations became effective on the Shanghai and Shenzhen Stock Exchanges [1] - The two companies approved for listing are Zhoushan Chenguang Electric Machine Co., Ltd. and Guangdong Banzhe Chuangke Electric Co., Ltd., both of which had their applications accepted in June 2025 and were approved in early January 2026 [1] Group 2: Company Performance and Governance Concerns - Chenguang Electric was questioned about its performance stability and internal governance, specifically regarding its core competitiveness compared to major competitors, customer cooperation stability risks, and measures to address potential declining gross margins [1] - Banzhe Chuangke faced inquiries about the authenticity and sustainability of its profit growth, particularly the significant increase in net profit and the inconsistency between net profit and revenue growth [1] Group 3: Registration Details of Other Companies - Among the four companies that submitted registration, two are applying to the Shenzhen Stock Exchange: Beijing Weitongli Electric Co., Ltd. and Nanchang Sanrui Intelligent Technology Co., Ltd. (Sanrui Intelligent) [2] - Sanrui Intelligent's main business involves the R&D, production, and sales of drone electric power systems and robotic power systems, with sales to its top five customers accounting for 18.30% to 33.09% of its main business revenue from 2022 to the first half of 2025 [2] Group 4: Customer Relationship Concerns - Sanrui Intelligent's first major customer, Nanchang Linglai Technology Co., Ltd., raised concerns due to its small registered capital of 100,000 RMB and limited employee count, questioning its ability to generate over 100 million RMB in sales [2] - There are also issues regarding shared addresses and email accounts among Sanrui Intelligent's subsidiaries and its customers, indicating potential governance and operational risks [3] Group 5: Additional Companies Registered - Two other companies that registered successfully are Luoyang Shenglong Mining Group Co., Ltd. and Gude Electric Material System (Suzhou) Co., Ltd. [7] - Shenglong Mining highlighted risks related to a lack of product diversification, as its revenue primarily comes from molybdenum products, making it vulnerable to price fluctuations [7] - Gude Electric Material reported a decline in gross margin for the first half of 2025, attributed to fluctuations in terminal vehicle sales and changes in tariff policies affecting its high-margin export sales [7]

他第一步中提到的Megapack，指的是特斯拉公司设计的一种集装箱式、模块化设计的大型储能系统。 刚过去的2025年，得益于特斯拉Megapack大型储能系统的持续扩张和Powerwall家庭储能产品市场需求 的增加，该业务已实现强劲增长。 据特斯拉公布的2025年全球生产与交付报告数据，2025年全年，公司储能产品全年装机量为46.7吉瓦 时，同比增长48.7%。其中，2025年第四季度，储能产品装机量为14.2吉瓦时，环比增长13%，创下季 度装机量新纪录。 而马斯克提出的第二步，"向太空发射太阳能AI卫星"以最大化利用太阳能的畅想，最早可回溯至两个月 前。彼时，马斯克提出未来每年向太空部署100GW的太阳能AI卫星能源网络的战略规划，并表示，这 种方式能够以最低的成本大规模驱动并运行人工智能。 特斯拉CEO马斯克近日在一场3小时的长访谈中，深度讨论了科技发展、AI趋势、商业创新、人类未来 等话题。其中在能源相关议题，马斯克颠覆性提出，未来财富的计量单位不是货币，而是"瓦特"——即 你所能掌控的能量规模。 在该访谈中，马斯克提出，"太阳能是人类能源自由的唯一答案。" 他进一步拆解并提出了"三步走"的方案。 ...

马斯克提出，太阳能是人类能源自由的唯一答案；未来财富的计量单位不是货币，而是"瓦特"。 特斯拉CEO马斯克近日在一场3小时的长访谈中，深度讨论了科技发展、AI趋势、商业创新、人类未来等话题。其 中在能源相关议题，马斯克颠覆性提出，未来财富的计量单位不是货币，而是"瓦特"——即你所能掌控的能量规 模。 在该访谈中，马斯克提出，"太阳能是人类能源自由的唯一答案。" 他进一步拆解并提出了"三步走"的方案。第一步，利用特斯拉Megapack电池储存电厂夜间闲置电力，提升现有电网 效率翻倍；第二步，向太空发射太阳能AI卫星，借助太空24小时日照的优势最大化利用太阳能，预计需一年8000次 发射完成部署；第三步，在月球建立卫星工厂，就地取材制造卫星并送入轨道，实现更大规模的太阳能捕获，这被 他视为人类文明的真正升级。 他第一步中提到的Megapack，指的是特斯拉公司设计的一种集装箱式、模块化设计的大型储能系统。刚过去的 2025年，得益于特斯拉Megapack大型储能系统的持续扩张和Powerwall家庭储能产品市场需求的增加，该业务已实 现强劲增长。 据特斯拉公布的2025年全球生产与交付报告数据，2025年全年，公 ...

A股后市怎么走？看看机构怎么说。 沪指本周累计涨3.82%，深成指涨4.40%，创业板指涨3.89%，科创综指涨10.19%。A股后市怎么走？看 看机构怎么说： ①光大证券：热度短期有望延续短期 光大证券研报认为，市场热度仍有望持续，不过需要关注1月中旬之后到春节前市场逐步降温的可能。 一方面，政策有望持续发力，经济增长有望保持在合理区间，进一步夯实资本市场繁荣发展的基础。另 一方面，政策红利释放，有望提振市场信心，进一步吸引各类资金积极流入。持续上涨之后，关注1月 中旬之后到春节前市场逐步降温的可能。 行业方面，关注电子、电力设备、有色金属等。若市场风格为成长，五维行业比较框架打分靠前的行业 分别为电子、电力设备、通信、有色金属、汽车、国防军工；若1月份市场风格为防御，五维行业比较 框架打分靠前的行业分别为非银金融、电子、有色金属、电力设备、汽车、交通运输等。两种风格假设 下，得分靠前行业具有一定的相似性。 主题方面，继续关注商业航天。商业航天板块自建议关注以来已经出现持续多周大幅上涨的现象。特别 是其对标的二级行业指数及相关主题类指数，如航天装备、商业航天等短期累计涨幅较大，热度较高。 机构认为尽管板块短 ...