招商证券国际发布研报称，在美联储降息、AI投资等因素支持下，预计美国经济明年保持温和增长， 维持对美股的战略性看多，但需关注结构性分化和一季度短期风险。针对明年港股市场展望，该行表 示，港股将从估值修复主导，迈向盈利增长主导。估值扩张可能减弱，但流动性宽松，不会形成拖累。 2026年呈现盈利驱动与流动性托底相结合的格局，通过"新供给创造新需"，成为港股市场新动力。 招商证券国际明年年一季度首选推荐股为：Alphabet(GOOGL.US)、Meta(META.US)、 Netflix(NFLX.US)、腾讯控股(00700)、阿里巴巴(BABA.US)、哔哩哔哩(BILI.US)、翰森制药(03692)、 康诺亚-B(02162)、信达生物(01801)、和誉-B(02256)、迈瑞医疗(300760.SZ)、新产业(300832.SZ)、吉利 汽车(00175)、比亚迪股份(01211)、小鹏汽车(09868)、优必选(09880)、地平线机器人-W(09660)、敏实 集团(00425)、泡泡玛特(09992)、亞朵(ATAT.US)、雅诗兰黛(EL.US)、李宁(02331)。 该行又指，新经济支撑港股 ...

Group 1 - The core viewpoint of the report is that Asian stock markets have risen approximately 25% this year, driven by a revaluation of price-to-earnings ratios, with strong support from a resilient macro environment and robust corporate earnings momentum [1] - The report highlights that South Korea and China maintain strong momentum, while India's stock market continues to reach new highs. Japan remains attractive amid accelerated reforms, and the Australian market shows steady performance [1] - The report anticipates that by mid-2026, the reality of AI returns will be tested, with a peak in the US dollar exchange rate, which will help Asian and emerging markets outperform the broader market [1] Group 2 - In China, strong earnings momentum is expected to drive a 15% upside potential, with a consensus forecast of 16% earnings growth per share by 2026. The private sector and high-tech manufacturing are expected to lead this growth [2] - The report identifies key sectors for 2026, including alternative energy (lithium batteries, solar), automotive, beauty, healthcare, industrial automation, internet technology, and semiconductors, while maintaining a cautious stance on materials and durable consumer goods [2] Group 3 - The report recommends several thematic stocks for 2026, including Tencent, CATL, Sungrow Power Supply, Mindray, Yili, Geely, Galaxy Entertainment, Huahai Pharmaceutical, Yihua Healthcare, and InnoCare Pharma [3]

Core Insights - The automotive industry is witnessing a shift where traditional fuel vehicles are accelerating their smart technology integration to compete with the rising market share of electric vehicles (EVs) [1][2][9] - Industry experts suggest that the smartification of fuel vehicles is a transitional solution, as the long-term trend favors the replacement by electric vehicles, leading to a restructuring of the automotive supply chain [1][9] Fuel Vehicle Smartification - The launch of the first fuel sedan equipped with Huawei's advanced driving solution, the FAW Audi A5L QianKun, signifies a trend where traditional fuel vehicles are adopting smart technologies [2][3] - Data from the China Passenger Car Association indicates a 17.3% year-on-year decline in fuel vehicle sales in 2024, with their market share dropping to 52.4%, and further down to 49.9% in the first nine months of 2025 [2] - A report highlights that 71.9% of consumers consider smart cockpit features as a primary factor in their purchasing decisions, indicating that smart technology is becoming a critical decision-making factor [2] Technological Challenges - Experts point out several technological bottlenecks in the smartification of fuel vehicles, including limitations in architecture, power supply issues, and challenges in heat dissipation and integration [5][6] - The traditional fuel vehicle's distributed electronic architecture has low bandwidth, making it difficult to support high computing demands, while the 12V battery cannot sustain the power needs of advanced driving hardware [5][6] Industry Trends - The trend of fuel vehicles adopting smart driving solutions is gaining momentum, with various models from brands like Mercedes-Benz and Volkswagen also integrating smart technologies [3][4] - The automotive industry is moving towards an "oil-electric intelligence" strategy, with major players like FAW-Volkswagen and Mercedes-Benz committing to smart upgrades across their fuel vehicle lineups [8][10] Future Outlook - The shift towards smartification in fuel vehicles is expected to have profound impacts on the automotive industry, driving more companies to invest in smart driving technology and potentially altering market competition dynamics [9] - The long-term outlook suggests that electric vehicles will dominate the market, with the smartification of fuel vehicles serving as a defensive innovation strategy to buy time for the transition [9][10]

该行又表示，预计明年汽车行业销量持平或微跌，市场情绪已经足够悲观，现在是逐步吸纳明年业绩增 长确定性高的公司的机会;推荐预计明年量产加速的人形机器人和渗透率提升的智能驾驶子板块;消费板 块复苏依然不均，建议采取"收益为锚，以增长为翼"配置策略;看好教育板块韧性增长及扩张机会。 招商证券国际明年年一季度首选推荐股为：Alphabet(GOOGL.US)、Meta(META.US)、 Netflix(NFLX.US)、腾讯控股(00700)、阿里巴巴(BABA.US)、哔哩哔哩(BILI.US)、翰森制药(03692)、 康诺亚-B(02162)、信达生物(01801)、和誉-B(02256)、迈瑞医疗(300760.SZ)、新产业(300832.SZ)、吉利 汽车(00175)、比亚迪股份(01211)、小鹏汽车(09868)、优必选(09880)、地平线机器人-W(09660)、敏实 集团(00425)、泡泡玛特(09992)、亞朵(ATAT.US)、雅诗兰黛(EL.US)、李宁(02331)。 在行业层面，招商证券国际认为，美股科技行业将更理性，AI仍是关键驱动力，而监管环境对并购有 利;AI积极进展也将持 ...

初期将推出两款车型，小型车"AION UT"和SUV的"AION V"。其中，AION UT起售价为330万日元（约 合14.98万元），AION V起售价为500万日元（约合人民币22.70万元）。两款车型均支持日本独有的快 充标准"CHAdeMO"。初期销售将限定面向有商务用车需求的企业客户。 广汽集团是1997年成立的中国国有汽车集团，与丰田、本田等日企在中国设有合资企业。2018年广汽创 立了专注于EV业务的子品牌"埃安"。包括EV及合资品牌在内，集团2024年全年销量达200万辆。 广汽旗下品牌埃安的SUV"AION Y Plus" 广汽将于2026年夏季以EV进入日本市场。广汽近期销量增长乏力，2025年1至9月总销量同比下滑 11%，其中埃安品牌销量同比大幅下降20%。日本EV普及进度落后，中国车企正接连进入…… 中国国有大型汽车集团广汽集团将于2026年夏季正式以纯电动车（EV）进入日本市场。将通过代理商 进行销售，目标在2027年实现2000辆的订单量。继比亚迪（BYD）之后，主打高端EV的浙江吉利控股 集团也已进入日本市场。目前中国国内EV制造商数量激增，陷入过度竞争局面，越来越多企业将目 ...

Core Insights - The article discusses the performance and market share of major Battery Electric Vehicle (BEV) manufacturers, highlighting the growth trends and competitive landscape in the electric vehicle market [6][9][11]. Group 1: Market Performance - BYD continues to lead the global BEV market with nearly 600,000 units sold in Q3 2025, representing a 33% year-on-year growth. The company has a strong presence in overseas markets, contributing 27% to its sales [6]. - Tesla ranks second with over 13% global market share, achieving a 7% increase in sales year-on-year in Q3 2025, driven by the strong performance of the updated Model Y and preemptive purchases in the U.S. before the EV tax credit expiration [11]. - Geely Holding ranks third with a 10% global BEV market share, experiencing a 51% year-on-year increase in sales in Q3 2025, supported by its brands targeting the economy and mid-range electric vehicle segments [7][10]. Group 2: Sales and Market Share Trends - Global sales of new energy vehicles saw a significant year-on-year increase of 32% in Q3 2025, with BEVs accounting for two-thirds of total electric vehicle sales. The BEV penetration rate reached a record high of 18% of global passenger car sales, up from 14% the previous year [9]. - China remains the core driver of global growth, contributing 60% of global BEV sales, followed by Europe and the U.S. [9]. - The top-selling electric vehicles in Q3 2025 included Tesla Model Y, Geely Galaxy, and Tesla Model 3, indicating strong competition among leading brands [9]. Group 3: Competitive Strategies - BYD's competitive advantage lies in its diverse product offerings in BEV and PHEV segments, particularly in compact SUVs and sedans, maintaining its market leadership through competitive pricing and scale effects [6]. - Geely's strategy of combining affordable pricing with advanced software has resonated well with consumers in the competitive Chinese market, with its Galaxy brand contributing over half of its total BEV sales [10].

吉利控股集团以10%的全球BEV市场份额位列全球第三，第三季度销量同比增长51%。集团旗下银河与 极氪两大品牌在中国经济型及中端电动车市场表现突出，持续推动销量增长。 中新网北京12月11日电(记者 吴涛)10日，科技研究咨询公司Counterpoint Research发布数据报告称， 2025年第三季度，全球新能源汽车销量同比大幅增长32%。 特斯拉以超过13%的全球份额排名第二，2025年第三季度销量同比增长7%。今年特斯拉销量提升主要 受益于改款Model Y的表现，以及在中国推出的长轴距版Model Y。(完)【编辑:于晓艳】 在车企层面，比亚迪集团在2025年第三季度以近60万辆的BEV继续稳居全球市场第一，同比增长33%。 该公司在欧洲、东南亚和拉美等海外市场表现强劲，出口量超过15万辆，海外市场贡献率达27%。 其中，纯电动车(BEV)继续占据主导地位，占全球电动汽车销量的三分之二，其销量较去年同比增长 32%。插电式混合动力汽车(PHEV)也实现温和增长，同比增长6%。 报告称，第三季度BEV普及率创下新高，占全球乘用车销量的18%，高于去年同期的14%。中国仍是全 球增长的核心动力，贡献了 ...

| 股票名称 | 回购数 | 回购额 | 年累计回购数量 | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | (股) | 股本 | | 腾讯控股(00700) | 106.00 万 | 6.36 亿 | 8831.30 万 | 0.961% | | 小米集团-W(01810) | 240.00 万 | 1.01 亿 | 1.03 亿 | 0.400% | | 中远海控(01919) | 300.00 万 | 4085.81 万 | 7854.30 万 | 2.727% | | 碧桂园服务(06098) | 468.40 万 | 2921.95 万 | 3691.40 万 | 1.105% | | 吉利汽车(00175) | 153.70 万 | 2713.61 万 | 470.50 万 | 0.047% | | 中国飞鹤(06186) | 547.00 万 | 2293.91 万 | 2.29 亿 | 2.521% | | 巨子生物(02367) | 40.00 万 | 1438.24 万 | 80.00 万 | 0.075% | | 金山软件(0388 ...

在AI加速赋能千行百业的大背景下，其与汽车产业的融合正愈发成为外界关注焦点。大众、吉利、上 汽等国内外车企正在加速布局AI，如吉利汽车在2025CES上就对外发布行业首个"智能汽车全域AI"技术 体系。 《中国经营报》记者注意到，在业内人士看来，车企加速角逐AI赛道的背后，是其意识到人工智能技 术对汽车研发、生态构建等领域带来的巨大赋能。罗兰贝格也认为，当前，汽车研发正迎来AI技术驱 动的根本性变革。 "在AI、大数据与智能制造的推动下，全球汽车产业正加速重构，中国已从'电动化的领先者'迈向'智能 化的引领者'。"中欧国际工商学院院长、管理学教授、横店集团管理学教席教授汪泓日前在2025第十九 届中国汽车产业论坛上发表该观点，其同时直言："AI正在成为驱动产业转型的核心引擎。" AI重塑产业竞争格局 在多重因素影响下，AI愈发成为车企重塑自身核心竞争力的重要"抓手"之一。 广发证券研报认为，海外车企份额下降，倒逼智能化加速，提升产品竞争力。从中国市场来看,根据交 强险数据,自主品牌份额自2020年的35.5%逐年提升至2025年1—9月的64.9%。 记者注意到，在日前于中欧国际工商学院上海校区举行的2025 ...

备注：以上数据由格隆汇数据中心根据港交所数据加工计算所得，并不保证100%精确。 本文源自：格隆汇 股票名称 回购数 回购额 年累计回购数量(股) 年累计回购数量/总股本 腾讯控股(00700) 106.00万 6.36亿 8831.30万 0.961% 小米集团-W(01810) 240.00万 1.01亿 1.03亿 0.400% 中远海控(01919) 300.00万 4085.81 万 7854.30万 2.727% 纳芯微(02676) 20.15万 3067.05万 null null 顺丰控股(06936) 81.55万 3042.25万 null null 碧桂园服务(06098) 468.40万 2921.95万 3691.40万 1.105% 吉利汽车(00175) 153.70万 2713.61万 470.50万 0.047% 中国飞鹤(06186) 547.00万 2293.91万 2.29亿 2.521% 巨子生物(02367) 40.00万 1438.24万 80.00万 0.075% 金山软件(03888) 34.50万 999.72万 707.32万 0.510% 中国石油化工 ...