不过，商用飞机交付4%的增幅仍低于空客最初目标。去年12月，由于旗舰产品A320机型的机身面板质 量问题，该公司将全年商用飞机交付目标从820架下调至790架。根据12日公布的数据，空客2025年 A320机型共交付607架，占总量的76.5%。 数据还显示，空客2025年共获得1000架商用飞机的新订单，去除被取消的订单，净订单量为889架。得 益于此，空客2025年底订单积压量创历史新高，达到8754架，其中宽体客机订单积压量为1124架。 新华财经巴黎1月13日电（记者李文昕）欧洲飞机制造商空中客车公司12日宣布，该公司2025年共交付 793架商用飞机，同比增长4%。这一数量预计将超过其美国竞争对手波音公司。截至去年11月底，波音 的商用飞机交付量为537架，分析人士预测，其全年商用飞机交付量将达到600架左右。 （文章来源：新华财经） ...

Core Viewpoint - The domestic semiconductor equipment industry in China is experiencing rapid progress in localization, showcasing strong resilience and momentum, with companies like MicroNano leading the way in innovation and market penetration [1][2]. Group 1: Company Achievements - MicroNano has successfully developed and mass-produced atomic layer deposition (ALD) equipment for 28nm integrated circuit production, breaking the monopoly of international suppliers and filling a domestic gap [2][5]. - The company has also introduced hard mask chemical vapor deposition (CVD) equipment, which has become one of the first domestic devices used in high-end storage chip packaging lines, continuously receiving bulk orders [2][5]. - MicroNano's revenue has grown from 685 million yuan in 2022 to 2.7 billion yuan in 2024, marking a fourfold increase, with semiconductor business revenue increasing over sevenfold [5]. Group 2: Market Trends - The demand for domestic semiconductor equipment is surging, with a reported annual growth rate of 20% to 30% in localization over the past two years, indicating a robust market for domestic suppliers [5][6]. - The company has entered production lines of major domestic logic and storage chip manufacturers, benefiting from the ongoing expansion of domestic storage chip capacity and the acceleration of localization in logic chips and advanced packaging [5][6]. Group 3: Future Directions - MicroNano aims to maintain a higher order growth rate than the overall industry localization process, leveraging its innovative capabilities and deep collaboration with leading domestic chip manufacturers [5][7]. - The company is focusing on transitioning from being a "follower" in technology to a "definer," emphasizing original innovation and the development of new thin film materials and integrated processes for next-generation chip manufacturing [6][7]. - MicroNano is also exploring international markets, with existing equipment exports to Europe and potential for further breakthroughs in overseas business [6].

Core Insights - The global mobile game market is projected to reach $82.3 billion in 2025, with a year-on-year growth of 1.3% [1] - Chinese mobile game publishers maintain a strong market position, generating $23.3 billion in revenue, accounting for 35% of the total revenue of the top 100 publishers globally [1] Group 1: Market Overview - The overseas market revenue is expected to be $69.8 billion, reflecting a 2% increase [1] - The top 30 Chinese mobile game publishers' revenue remains stable compared to 2024 [1] Group 2: Key Players and Performance - Tencent continues to lead the global mobile game publisher revenue, with flagship titles like "Honor of Kings" and "Peacekeeper Elite" performing well [1] - "Honor of Kings" celebrates its 10th anniversary with annual revenue exceeding $2 billion, marking a 5% increase [1] - Tencent's new shooting game "Delta Force" shows significant revenue growth, contributing to the company's annual revenue increase [1] Group 3: Emerging Trends - The synthesis genre of mobile games has seen remarkable growth, with a global market size increasing by 95% to $2.4 billion [2] - DotDot Interactive's synthesis game "Tasty Travels: Merge Game" and strategy game "Whiteout Survival" drive a revenue increase of 87%, positioning the company as the second-largest Chinese publisher [2] - Lemon Sky, focusing on synthesis games, experiences a 165% revenue increase, moving up to the fourth position [2] Group 4: Gameplay Innovations - The global strategy mobile game revenue grows by 20%, surpassing $20 billion [2] - The trend of "SLG (Strategy Game) + X" gameplay fusion is becoming more pronounced, with new entries like "Last Z: Survival Shooter" and "Dark War: Survival" achieving significant revenue growth [2] Group 5: Notable Achievements - Several companies achieve notable revenue growth in their respective niches, such as Paper Games' "Love and Deep Space" with a 44% increase to $550 million [3] - Giant Network's new title "Supernatural Action Team" doubles the company's annual revenue, entering the publisher revenue rankings [3] - DotDot Interactive's "Whiteout Survival" remains the top overseas revenue generator, with annual overseas revenue exceeding $1.65 billion [3] Group 6: Overall Market Dynamics - The global mobile game market is entering a phase of stable development with slowed growth [4] - Chinese publishers are focusing on maintaining market share while exploring opportunities in synthesis, gameplay fusion, and niche genres [4] - The emphasis is shifting from scale expansion to capturing structural growth opportunities through long-term operations and innovative publishing strategies [4]

新华财经上海1月13日电1月13日，中国汽车流通协会发布的最新统计数据显示，2025年全年，全国二手 车累计交易量达2010.80万辆，首次突破2000万辆大关，同比增长2.52%，累计交易金额为12897.90亿 元。我国二手车市场自2016年跨过千万辆门槛后，历经十年发展，实现了交易量级的翻倍跨越，市场发 展韧性显著增强。 最后，行业经营水平持续优化。2025年12月，二手车库存周期稳定在45天，二手车商普遍采取更为精细 化的库存管理策略，以控制经营风险、提升资金效率。 从车型结构看，2025年不同细分市场表现分化。乘用车领域，基本型乘用车（轿车）累计交易1125.95 万辆，同比微降0.44%，仍是市场绝对主力；MPV车型表现突出，累计增长7.36%，需求持续释放。商 用车领域成为重要增长点，全年累计交易286.92万辆，同比增长7.70%，其中载货车增长8.98%，表现尤 为强劲。在交易车龄方面，3-6年车龄的车辆仍是流通主力，占比达42.97%。值得注意的是，3年内的准 新车和10年以上的老旧车交易占比同比均有提升，市场车源结构更加多元化。 从区域市场观察，2025年12月全国六大区域交易量环比均实 ...

新华财经上海1月13日电 1月13日，A股市场迎来回调，其中沪指收盘下跌0.64%，结束了连阳走势。两市合计 成交额3.651亿元，再创历史新高。 从盘面看，近期人气最高的商业航天赛道出现大幅降温，卫星ETF（563230）放量下跌6.67%，航天电子、中国 卫通、北斗星通等多股跌停。商业航天概念股大面积回调也令持续火热的市场情绪趋于冷静，两市日内跌停或 跌幅超过10%的个股合计达114只，超过了涨停或涨幅超过10%的个股数量。 不过新华财经也注意到，午后电网设备方向出现逆市拉升，电网设备ETF（159326）收盘大涨2.83%，在全部成 交额超过10亿元的行业主题ETF中位列第一，该ETF第一大持仓股特变电工涨停。 多只商业航天概念股提示风险 商业航天方向大幅降温 新华财经数据显示，今日概念板块中，航天系以7.7%的跌幅位列跌幅榜第一，航天科技、航天长峰、航天机电 等多只航天系成分股跌停。 | | | | -4.36% | | --- | --- | --- | --- | | 柔性屏 | 通用航空 | 军工央企 | 大飞机 | | -4.44% | -4.54% | -4.56% | -4.57% | | ...

Core Insights - Volkswagen Group delivered over 8.98 million vehicles globally in 2025, with 983,100 of those being pure electric vehicles, marking a 32% year-on-year increase and accounting for 10.9% of total deliveries [1] - In China, the group delivered over 2.69 million vehicles, successfully achieving its annual target and maintaining its leading position among foreign car manufacturers [1] Group 1 - The company emphasized a "value first" approach amidst intense price competition in the Chinese automotive market, focusing on profitability rather than merely increasing market share [1] - In the fuel vehicle segment, Volkswagen Group plans to deliver over 2.57 million fuel vehicles in China by 2025, capturing over 22% of the Chinese fuel vehicle market [1] - The Volkswagen brand, including Jetta, leads the Chinese fuel vehicle market, with models like Passat, Lavida, and Sagitar performing strongly in their respective segments [1] Group 2 - The group is accelerating its "In China, for China" strategy, with significant advancements in electrification and intelligent transformation [2] - By 2025, the group will enter a strategic "delivery model," launching new electric intelligent models like the Audi Q6L e-tron and Audi E5 Sportback, which have received positive market feedback [2] - Volkswagen Group has invested over €3.5 billion in Hefei to establish an intelligent connected vehicle innovation center, aiming to create a comprehensive end-to-end R&D system by the end of 2025 [2] Group 3 - The company plans to launch over 20 new energy models in China by 2026, including pure electric, plug-in hybrid, and range-extended vehicles, equipped with advanced intelligent connected technology and L2++ level driving assistance [3] - By 2027, the group aims to introduce over 30 electrified models in China, with projections reaching around 50 models by 2030 [3] - Volkswagen Group officially commenced vehicle export operations in 2025, successfully exporting its first batch of vehicles to the Middle East, with plans to expand into ASEAN, Middle East, Central Asia, Latin America, and Africa [3]

Core Viewpoint - The Indonesian government will continue to implement the B40 biodiesel blending policy this year and will not increase the blending ratio to 50% (B50) at this stage [1] Group 1: Government Policy - The Indonesian Economic Coordinating Minister, Airlangga Hartarto, stated that President Prabowo Subianto has instructed to maintain the biodiesel policy at the B40 level for now, while research and preparations for B50 will continue [1] - The government is preparing for a potential push towards B50 in the second half of the year, but B40 remains the focus based on current price scenarios and market conditions [1] Group 2: Historical Context and Future Plans - Indonesia has been implementing a mandatory biodiesel blending policy since 2016, gradually increasing the blending ratio from B10 to B20, B30, and now B40 [1] - The government previously announced plans to implement the B50 biodiesel policy by the second half of 2026 [1]

Group 1: Market Overview - The domestic commodity futures market showed mixed results on January 13, with lithium carbonate futures rising over 7%, while other commodities like silver and tin also saw significant gains [1] - The China Securities Commodity Futures Price Index closed at 1658.98 points, up 18.08 points or 1.10% from the previous trading day [1] Group 2: Lithium Carbonate - Lithium carbonate futures experienced a strong performance, driven by robust demand expectations despite entering a seasonal lull [2] - Factors supporting lithium carbonate include early implementation of national subsidies, stable demand in the power sector, and ongoing growth in energy storage projects [2] - The upcoming reduction in export tax rebates for lithium batteries on April 1 is expected to create a "rush for exports," mitigating the impact of the off-season [2] Group 3: Tin Market - Tin prices reached a recent high of 395,000 CNY/ton, matching the historical peak from March 2022, influenced by liquidity easing and supply constraints [3] - Despite the strong price performance, the tin market faces challenges from seasonal demand weakness and high prices potentially suppressing end-user purchases [3] Group 4: Shipping and Freight - The shipping index for European routes fell over 5% due to weak demand expectations post-holiday and insufficient transmission of "rush shipping" expectations to spot prices [4] - The Shanghai Export Container Freight Index for European routes reported a slight increase, but the overall market sentiment remains cautious due to potential pressures on cargo volumes in the second quarter of 2026 [4] Group 5: Precious Metals - Gold and silver prices reached new highs in the overnight market, although they showed some adjustment during the day [5] - Platinum and palladium prices fell significantly due to profit-taking and increased risk control measures by exchanges, with adjustments to trading limits and margin requirements [5] - The supply-demand balance for platinum is tight, while palladium is shifting from a supply deficit to a surplus, indicating stronger upward potential for platinum compared to palladium [5]

由于高市领导的自民党目前在众议院的议席未能单独过半，市场担心如果自民党在重新举行的大选中胜 出，将进一步助长高市积极财政政策，因此对解散众议院重新举行大选保持警惕。 （文章来源：新华财经） 新华财经东京1月13日电 由于日媒有报道称日本首相高市早苗已决定在本月23日国会开幕日解散众议 院、提前举行大选，市场对日本财政状况恶化的忧虑急剧上升，周二再现债汇"双杀"。 13日，在东京债券市场，由于投资者纷纷抛售日本长期国债，导致长债收益率急剧上扬。作为长期利率 指标的新发10年期国债收益率一度升至2.16%，触及1999年2月以来的近27年高位。去年10月3日高市当 选自民党总裁前，日本新发10年期国债收益率尚在1.66%水平。随着高市上台，投资者对日本政府大肆 推进积极财政政策导致财政恶化的忧虑不断加深，各种期限的长期国债普遍遭到投资者抛售，导致长债 价格下跌、收益率不断上扬，接连突破历史高点。仅3个多月时间，新发10年期国债收益率上升0.5%。 当天，东京外汇市场日元对美元汇率也急剧走软，由上一个交易日的1美元兑157.48日元下探至158.97日 元，下跌约1.5日元。去年10月3日日元对美元汇率还徘徊于1美 ...

Group 1 - In 2025, the number of corporate bankruptcies in Japan is expected to reach a new high since 2013, with small enterprises making up the majority [1] - There were 10,300 bankruptcy cases involving companies with liabilities exceeding 10 million yen (approximately 439,000 RMB), marking a 2.9% year-on-year increase and the fourth consecutive year of growth since 2022 [1] - 77% of bankrupt companies had liabilities below 100 million yen (approximately 4.39 million RMB), reaching a historical high, and about 90% of these companies had fewer than 10 employees [1] Group 2 - The number of bankruptcies due to labor shortages surged by 40% to 397 cases, also a historical high, attributed to rising labor costs, recruitment difficulties, and employee turnover [1] - There were 767 bankruptcy cases linked to inflation, marking a continuous increase over three years [1] - Among 10 industries, 7 experienced higher bankruptcy cases compared to the previous year, with the service industry leading at 3,478 cases (up 4.4%), and the construction industry following with 2,014 cases, surpassing 2,000 for the first time in 12 years [1] Group 3 - The Tokyo Shoko Research Company predicts an upward trend in corporate bankruptcies until the end of the 2025 fiscal year, driven by struggling businesses and those abandoning restructuring efforts [2] - Factors such as yen depreciation, high prices, rising interest rates, Trump's tariff policies, and deteriorating relations with China are contributing to the increased operational risks for companies [2]