Core Viewpoint - Tesla has lost its title as the "global electric vehicle sales champion" for the first time, being surpassed by Chinese automaker BYD in 2025, with Tesla's global deliveries dropping to 1.636 million units, a year-on-year decline of approximately 8.6% [2][9] Group 1: Sales and Deliveries - In 2025, Tesla delivered 1.636 million vehicles, down from 1.79 million in 2024, marking an 8.6% decrease [6][8] - In Q4 2025, Tesla produced over 434,000 vehicles and delivered over 418,000, with a 16% decrease in deliveries compared to Q4 2024 [7][8] - BYD's electric vehicle sales reached 2.2567 million units in 2025, surpassing Tesla for the first time [2][10] Group 2: Market Dynamics - The decline in Tesla's Q4 sales is attributed to the U.S. federal government's early termination of electric vehicle incentives, which prompted a rush in sales during Q3 [8] - Tesla's sales in Europe also slowed, with a 39% drop in registrations in the first 11 months of 2025, while BYD's registrations grew by 240% [10] - Tesla faces increasing competition from other Chinese manufacturers like Xiaomi and Geely, in addition to BYD [11] Group 3: Stock Performance and Future Outlook - Despite the sales decline, Tesla's stock price has generally risen, reaching a historical high in late December 2025, with a market capitalization exceeding $1.6 trillion [4][12] - Analysts suggest that Tesla's future value is increasingly tied to its advancements in autonomous driving and robotics rather than just vehicle sales [15][16] - Tesla's energy storage business continues to grow, with a deployment of 14.2 GWh in Q4 2025, a 13.6% increase from 12.5 GWh in 2024 [16]

Core Viewpoint - The listing process for commercial rocket companies is accelerating, with Blue Arrow Aerospace aiming to become the first commercial rocket stock on China's STAR Market by 2025 [1] Industry Overview - The commercial aerospace industry encompasses the research, manufacturing, launching, and operation of spacecraft and launch vehicles [2] - Since 2015, the Chinese commercial aerospace market has rapidly grown due to various factors, with a projected market size of 8 trillion RMB by 2030 [2] - At least 10 commercial rocket companies, including Star Glory and China Aerospace Science and Technology Corporation, have initiated IPO processes [2] Company Specifics - Blue Arrow Aerospace's IPO application was accepted, aiming to raise 7.5 billion RMB for projects related to reusable rocket capacity and technology improvements [1] - The company is currently in a loss-making state and plans to adopt the STAR Market's fifth set of listing standards, which have now expanded to include the commercial aerospace sector [1] Market Demand - There are approximately 100 registered satellite constellations in China, with a planned total exceeding 60,000 satellites, primarily for communication purposes [2] - The demand for rocket launches is expected to surge, with over 10 new rocket models anticipated to compete in 2026 [3] - The increasing scale of satellite constellations necessitates the development of reusable rockets to meet the demand for faster, more cost-effective launches [3]

Core Viewpoint - The company has clarified that the claims made on social media regarding the Xiaomi 17 Ultra Leica version's zoom ring being a software manipulation are false and misleading [1][2] Group 1: Clarification of Misleading Claims - Numerous social media accounts have distorted the content of a teardown video by a certain blogger, alleging that the zoom ring is fake and controlled by software [1][2] - The original blogger has issued a clarification in response to the malicious distortion and misleading dissemination of information [1][2] Group 2: Technical Explanation of the Zoom Ring - The zoom ring of the Xiaomi 17 Ultra Leica version features a complex and precise mechanical structure that operates through the rotation of an external zoom ring, which drives an internal gear system [1] - The small gears within the gear system move the gear shaft, while an optical displacement sensor detects the movement of the shaft, accurately recognizing the angle of the zoom ring's rotation and converting it into an electrical signal for physical control of the phone's zoom [1] - The zoom ring also allows users to customize settings, such as adjusting EV and filters, enabling different users to select their most frequently used adjustment parameters [1]

Group 1 - Xiaomi has refuted claims regarding the "fake zoom ring" of the Xiaomi 17 Ultra Leica version, stating that the zoom ring's mechanical structure is complex and precise, involving a gear system that translates physical rotation into digital signals for zoom control [2] - The Xiaomi 17 Ultra was officially launched on December 25, 2025, with a starting price of 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [4] - The Xiaomi 17 Ultra Leica version features a design inspired by classic Leica cameras, with a zoom ring that allows users to adjust focal lengths, priced at 7,999 yuan for the 16GB+512GB version and 8,999 yuan for the 16GB+1TB version [4] Group 2 - Goldman Sachs' latest report indicates that the launch of the Xiaomi 17 Ultra smartphone series enriches the company's product line and reflects its ongoing high-end strategy, with expectations for further penetration into the market above 6,000 yuan in China by 2026 [5] - The report also highlights Xiaomi's accelerated AI development this year, with plans to integrate self-developed chipsets, the Surge OS, and the MiMo large language model into a potential AI-native consumer terminal expected to be released in 2026 [5] - Xiaomi's strong balance sheet, robust ecosystem integration capabilities, and cost advantages from deep supply chain involvement are expected to enhance its competitiveness in the electric vehicle sector, with a "buy" rating and a target price of 53.5 HKD assigned by Goldman Sachs [5]

小米辟谣"变焦环造假"。 1月2日晚间，小米公司发言人发文，对小米17 Ultra徕卡版变焦环结构原理进行说明。 小米表示，近日大量社交媒体账号发布视频，对某拆机博主的小米17 Ultra徕卡版拆机内容断章取义、 歪曲解读，称"变焦环造假，是软件调控"。这一说法，与事实严重不符。针对相关恶意歪曲、误导性传 播，原拆机博主本人已发布澄清内容。 小米创始人、董事长兼CEO雷军此前曾转发了一个 小米 17 Ultra 徕卡 版的测评视频，并表示这款产 品"是Ultra系列的一次新的突破，而对整个行业而言，这也是一种新的参考答案"。 高盛最新研报认为，小米最新发布的17 Ultra智能手机系列，使得公司产品线更丰富，反映小米持续推 进高端化策略；预期进入2026年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透价位在 6000元以上的市场，并将加速发展海外高端产品市场。 高盛亦提到，小米今年加快AI发展，相信未来会将自研芯片组、澎湃OS及MiMo大语言模型整合到一个 可能于2026年发布的AI原生消费终端当中，继续看好集团在其人车家全生态战略下，仍处于多年生态 扩张的早期阶段，又指稳健的资产负债表、强大的生态整 ...

Core Insights - The article highlights that 37 listed companies have distributed dividends exceeding 10 billion yuan, with 5 companies surpassing 100 billion yuan in dividends, marking a historical high for the A-share market [1] - Notably, the "Big Four State-owned Banks" and China Mobile are among the companies that achieved this milestone, with Agricultural Bank of China, Bank of China, and China Mobile each breaking the 100 billion yuan barrier for the first time [1] - The total mid-year dividend distribution for 2025, including Q1, semi-annual, and Q3 reports, has significantly increased, with 1,113 companies participating and a total amount reaching 8,148.82 billion yuan, surpassing approximately 6,700 billion yuan in 2024 [1] - China Mobile, Industrial and Commercial Bank of China, and China Construction Bank lead in mid-year dividend amounts, distributing 540.87 billion yuan, 503.96 billion yuan, and 486.05 billion yuan respectively [1]

芯片股集体大涨，费城半导体指数大涨超4%。个股方面，美光科技涨超10%，阿斯麦、拉姆研究等涨超8%，英特尔涨超6%，台积电、迈威尔科技等涨超 5%，科天半导体、ARM、超威半导体等涨超4%。 芯片股大涨。 当地时间周五(1月2日)，欧美股市多数收涨。美国三大股指收盘涨跌不一，道琼斯工业指数涨0.66%报48382.39点，标普500指数涨0.19%报6858.47点，纳 斯达克指数跌0.03%报23235.63点。本周，道琼斯工业指数跌0.67%，标普500指数跌1.03%，纳斯达克指数跌1.52%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 道琼斯工业平均 | 48382.39d | 319.10 | 0.66% | 0.66% | | 纳斯达克指数 | 23235.63d | -6.36 | -0.03% | -0.03% | | 标普500 | 6858.47 | 12.97 | 0.19% | 0.19% | 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.13%报24521.49点，法国CAC40指数涨0.56%报8 ...

1月2日美股开盘，道指盘中一度跳水，纳指拉涨。中概股则全线大涨，黄金有所回落。 晚间，美股集体高开后道指盘中一度跳水，纳指涨约1%。 中概股全线大涨或受港股暴涨影响，港股截至收盘，恒生指数涨逾2.7%，恒生科技指数涨4%。 此外，韩国、新加坡、菲律宾等亚太股市均集体拉涨。 此外，人民币也在最近不断拉涨也是中国资产上涨的原因之一，截至发稿，美元兑离岸人民币升破6.97。 黄金方面，截至发稿，现货黄金突然回落，不过仍保持在4340美元上方，今日曾一度突破4400美元。此外，现货白银也回落至74美元下方。 个股方面，特斯拉微涨。 特斯拉最新公布的2025年第四季度交付量418227辆，同比减少16%；第四季度汽车产量434358辆，同比减少5.5%。特斯拉全年交付量164万辆，同比减少 8.6%。 值得注意的是，纳斯达克中国金龙指数暴涨，截至发稿大涨超4%。个股方面，百度暴涨超10%，公司建议分拆昆仑芯于港交所主板独立上市，昆仑芯已 提交上市申请。 此外，万国数据涨逾8%，叮咚买菜涨逾7%。 2026年美联储的降息预期以及持续发酵的地缘政治紧张局势，成为推动本轮黄金价格走高的两大核心因素。 芝加哥商品交易所集团上调 ...

特朗普此前一直声称，自己2025年10月曾在美国沃尔特·里德国家军事医学中心接受磁共振成像(MRI)检 查。然而，此次接受《华尔街日报》专访时，特朗普却改口称，自己当时接受的是耗时更短的"计算机 断层扫描(CT)"，并坚称自己"身体非常健康"。 美国总统医生肖恩·巴尔巴贝拉也向《华尔街日报》证实，特朗普当时的确接受了CT检查，目的是"明确 排除任何心血管问题"，结果显示"一切正常"。 "现在回想起来，我真不该做这项检查，这给了他们可乘之机。"特朗普说："如果没做检查，我会好过 得多。因为做过检查这件事本身就会引人猜想，'哦，天哪，是不是出什么问题了？'结果，什么事都没 有。" 特朗普现年79岁，2025年在第二任期就职时创造了美国史上最高龄就职总统纪录。法新社报道说，无论 是频繁与记者互动还是不断在社交媒体发帖，特朗普的政治形象很大程度上建立在他"精力充沛"的人设 之上。但自他开启第二任期后，其健康状况引发外界质疑。 人们注意到，特朗普右手背部常年有瘀青，这一部位常被遮瑕膏遮盖，有时还会贴上创可贴，他的脚踝 也曾出现明显肿胀。《华尔街日报》和法新社均提到，除了在自家高尔夫球场活动外，特朗普几乎不进 行其他锻炼 ...

据香港交易所披露，国家集成电路产业投资基金股份有限公司（以下简称"国家集成电路基金"）在中芯 国际H股的持股比例于2025年12月29日从4.79%升至9.25%。 银河证券指出，2025年12月，半导体板块在产业链涨价、AI算力需求持续扩张及国产替代逻辑强化的 三重驱动下，走出结构性行情。展望未来，设备与材料环节因顶层设计支持而具备最强确定性，数字芯 片作为算力自主的核心载体，以及先进封测受益于技术迭代，均值得重点关注。 （文章来源：证券时报） 2025年12月29日，中芯国际公告称，中芯国际通过中芯控股与国家集成电路基金等订立新合资合同及新 增资扩股协议，将引入大基金三期、先导集成电路基金等作为中芯南方新的投资方。 根据公告，中芯南方的增资金额为77.78亿美元（约合人民币543亿元），其中35.773亿美元计入注册资 本，42.007亿美元计入资本公积。 新进股东方面，国家集成电路基金三期、泰新鼎吉及先导集成电路基金成为新股东，分别持股 8.361%、5.545%及1.063%。一期与二期的持股比例将因增资而被稀释，国家集成电路基金持股由 14.562%降至9.392%，国家集成电路基金二期持股由23. ...