1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoints of the Report - In 2025, the issuance scale of green ABS products declined, with the structure of underlying asset types adjusted. Green financial leasing ABS rose to the top in issuance scale. Green REITs, renewable energy price subsidy ABS, and new - energy vehicle loan ABS still dominated the issuance, while new underlying assets like held real estate and consumer finance loans were added [5][35]. - Multiple departments coordinated to deepen the financial supply - side reform, continuously improving the green finance standard system and basic institutions, and promoting the high - quality development of green finance. The green ABS market is moving towards higher - quality and diversified development [5][30][35]. 3. Summary by Relevant Catalogs 3.1 Issuance - In 2025, 136 green ABS products were issued in China, a 7.48% year - on - year decrease, with a total issuance scale of 185.326 billion yuan, a 16.59% year - on - year decline. Green enterprise ABS, green ABN, and green credit ABS accounted for 50.72%, 38.01%, and 11.27% respectively [5][6]. - By underlying asset types, green financial leasing ABS ranked first with an issuance scale of 58.484 billion yuan (31.56% of the total). Green REITs, renewable energy price subsidy ABS, and new - energy vehicle loan ABS decreased but remained major issuers. Held real estate and consumer finance loans expanded the types of green underlying assets [5][14]. - In 2025, 53 carbon - neutral ABS products were issued, with a scale of 70.393 billion yuan, a 32.02% year - on - year decline, accounting for 37.98% of green ABS [5]. 3.2 Issuance Interest Rate - The issuance spread of green ABS products showed a narrowing trend. In 2025, the average spreads of AAAsf - rated green credit ABS, ABN, and enterprise ABS products to the benchmark rate were 16BP, 46BP, and 64BP respectively. The spread of green credit ABS was significantly lower than other credit ABS, while the difference between green ABN/enterprise ABS and non - green ABS was small [5][26]. 3.3 Policy - In 2025, multiple departments issued policies to deepen the financial supply - side reform, improve the green finance standard system, and promote the development of green asset securitization. Key policies included those from the China Securities Regulatory Commission, the National Administration of Financial Regulation and the People's Bank of China, etc [30][31]. 3.4 Conclusion - In 2025, the green ABS market saw a decline in issuance scale and an adjustment of underlying asset types. With policy support, the market is moving towards high - quality and diversified development. Emerging fields such as green consumer credit, carbon sink revenue rights, and held real estate may become new growth drivers [35]. 3.5 Schedule - The schedule lists the detailed issuance information of green asset - backed securitization products in 2025, including green credit ABS, green ABN, and green enterprise ABS [37][38][39].

外观设计上，宋Ultra EV延续了比亚迪王朝网经典的"龙颜美学"设计语言。前脸采用封闭式格栅造型， 与贯穿式灯带呼应，下包围两侧导流槽尺寸大幅增大，优化了空气动力学性能。 凤凰网科技讯2月13日，比亚迪（002594）王朝首款B级纯电SUV——宋Ultra EV全新紫色涂装官图公 布，新车前脸线条融合东方美学与当代设计语言，侧面配备悬浮式车顶。 据报道，宋Ultra EV长宽高分别为4850/1910/1670毫米，轴距达到2840毫米，相较于宋L DM的 4780/1898/1670毫米(轴距2782毫米)，在长度、宽度和轴距上均有明显提升，成为目前宋家族尺寸最大 的车型。 ...

Core Insights - The January sales figures indicate a significant shift in the competitive landscape of the Chinese automotive market, with traditional giants like SAIC and Geely reclaiming leadership positions, while BYD's dominance is challenged [1][3][4] Group 1: Sales Performance - SAIC Group achieved sales of 327,000 vehicles in January, marking a year-on-year increase of 23.9% [2][4] - Geely Automotive sold 270,100 vehicles, a year-on-year growth of 1%, surpassing BYD to become the top-selling domestic brand [2][4] - BYD's sales fell to 210,000 vehicles, experiencing a significant year-on-year decline of 30.1% [2][4] - New energy vehicle sales for SAIC reached 85,000 units, growing by 39.7% [4] - The overall automotive production and sales in January were 2.45 million and 2.346 million units, respectively, with a slight year-on-year production increase of 0.01% [7] Group 2: New Players and Market Dynamics - The new energy vehicle segment saw a reshuffling, with Hongmeng Zhixing leading the new force with 57,915 units sold, a remarkable year-on-year increase of 65.6% [6] - Xiaomi Automotive followed closely with over 39,000 units sold, achieving a year-on-year growth of approximately 70% [6] - The previous leaders in the new force segment, such as Leap Motor, have seen a decline, with their sales dropping to 32,059 units [6] Group 3: International Market Growth - The overseas market is identified as a key growth area for automotive companies, with January exports reaching 681,000 vehicles, a year-on-year increase of 44.9% [7] - Exports of new energy vehicles doubled to 302,000 units, highlighting the importance of global expansion for competitive advantage [7]

日本经济新闻2月12日获悉，针对日产汽车已决定退出的墨西哥市场，中国汽车大企业比亚迪 （BYD）和吉利汽车已表示有意收购其墨西哥工厂。比亚迪刚刚取消在墨西哥新建工厂的计 划，外界认为该公司已转换方针，打算活用其他企业在当地的现有生产基地。 路透社援引相关人士的话报道了这一消息。两家中国车企有意收购的是日产与德国梅赛德斯- 奔驰合资经营的COMPAS工厂（位于墨西哥中西部阿瓜斯卡连特斯州）。据称，两家车企与 其他中国大型企业及越南纯电动汽车（EV）厂商一同进入了最终候选名单。 比亚迪从2023年开始正式考虑在墨西哥建设新工厂的计划，2024年已接近敲定最终选址的阶 段。该公司还于同年5月在墨西哥城举行了非中国地区首次新车发布会，大型汽车企业聚集的 墨西哥的中西部巴希奥地区及东北部新莱昂州等具体候选地也浮出水面。当时该公司被认为 已几乎敲定进驻墨西哥。 比亚迪过去一直对在墨西哥新建工厂表现出积极意愿（2024年5月在墨西哥城举办的新车发布会） 比亚迪和吉利汽车等进入了日产与德国梅赛德斯-奔驰合资经营的墨西哥COMPAS工厂的收 购意向方的最终候选名单。比亚迪刚刚取消在墨西哥新建工厂的计划，外界认为该公司已转 换方 ...

此次诉讼由比亚迪旗下四家美国子公司联合发起，早在2026年1月26日便已提交至美国国际贸易法院。 在诉状中，比亚迪明确指出，美国政府近年来以《国际紧急经济权力法》为依据推出的多项关税政策缺 乏合法基础，属于明显越权行为，并提出多项关键诉求：请求法院宣告相关关税行政令无效，叫停相关 不合理措施，同时要求美方全额返还自2025年4月以来公司已经缴纳的全部关税及相应利息，并承担本 次诉讼产生的相关费用。 很多人关心，比亚迪此次起诉的底气究竟从何而来。核心关键点就在于美方所使用的法律依据本身站不 住脚。《国际紧急经济权力法》主要适用于国家紧急状态等特殊场景，法条中既没有授权政府加征关税 的内容，甚至连"关税"一词都未出现。美国政府将这部法律当作推行贸易保护政策的工具，在法律层面 存在明显漏洞，这也是比亚迪敢于直接对簿公堂的重要原因。 这起诉讼早已超出普通商业纠纷的范畴，更像是中国汽车产业在全球舞台上的一次重要表态。过去很长 一段时间里，中国车企出海大多以产品输出、市场拓展为主，面对海外不合理的贸易限制时，往往处于 近期国际汽车行业与中美贸易领域传来重磅消息，据路透社等多家外媒2月9日报道，中国汽车巨头比亚 迪已经正式 ...

国海汽车｜1月乘用车上险数解读及后续展望 – 畅谈汽车第49期 1、1月乘用车市场结构与车企表现 ·2月乘用车销量预测分析：国内购车补贴政策于2026年1月1日实施，但因细则及渠道等方面较2025年1月有变化， 存在落地时间窗口或延迟，导致1月销量处于低位。 2月起各地政策加速落地，北京、上海2月上旬已启动，其他省市预计2月全面推进。 ·1月上险数据结构特征分析：1月国内乘用车上险和零售总量约155万辆，同环比均呈两位数下滑。 不同级别车型走势分化显著：2025年1月A00级小车销量约6万辆，2026年1月降至1.6万辆，同比下降超70%，主要 因新能源车购置税政策切换（2026年起加征5%购置税，2028年恢复至10%）导致2025年 国海汽车｜1月乘用车上险数解读及后续展望 – 畅谈汽车第49期 1、1月乘用车市场结构与车企表现 ·1月上险数据结构特征分析：1月国内乘用车上险和零售总量约155万辆，同环比均呈两位数下滑。 不同级别车型走势分化显著：2025年1月A00级小车销量约6万辆，2026年1月降至1.6万辆，同比下降超70%，主要 因新能源车购置税政策切换（2026年起加征5%购置税，2028年恢 ...

【文/观察者网 阮佳琪】 美国关税持续冲击墨西哥，导致大量工厂关停、工人失业，中资投资俨然成为当地的"救命稻草"。而能 否抓住这一机遇，关键还在于墨西哥自身。 当地时间12日，路透社援引知情人士消息称，中国两大头部车企比亚迪与吉利已进入收购日产-奔驰墨 西哥工厂的最终竞标名单，越南电动汽车制造商VinFast位列第三；另有两位消息源透露，最初共有9家 企业表达收购意向，其中至少还包括奇瑞与长城汽车两家中国主流车企。 此举是中国车企在墨西哥布局制造基地的关键一步，但据知情人士透露，墨西哥政府正面临两难抉择： 特朗普政府的关税政策持续重创本国汽车业，中资投资有望创造亟需的就业岗位；但墨方同时担忧，中 国企业在墨设产可能激怒华盛顿，进而危及今年美墨加贸易协定的谈判进程。 两个墨政府消息源声称，尽管墨方无法阻止工厂出售，但经济部官员已私下敦促地方暂缓审批中国车企 的投资，直至墨方完成与美国的贸易谈判。 美国事实上已禁止中国品牌汽车在美销售，总统特朗普更无端指责墨西哥为中国商品进入美国市场"提 供后门"。对于墨方举动，白宫发言人辩称美国贸易壁垒基于所谓国家安全与经济安全考量。 中国商务部未就此置评。去年12月，墨西哥国 ...

Group 1 - The State Administration for Market Regulation opposes manufacturers engaging in "involution" and selling cars at a loss, aiming to promote healthy competition in the automotive market [3] - The newly released guidelines clarify the boundaries of pricing behavior in the automotive industry, encouraging compliance and fair competition among manufacturers and sellers [3] - The guidelines specify that automotive manufacturers must not engage in pricing behaviors that aim to eliminate competitors or monopolize the market, which poses significant legal risks [3] Group 2 - OpenAI announced the release of a new real-time programming model, GPT-5.3-Codex-Spark, which is a more compact version of GPT-5.3-Codex, optimized for low-latency hardware [5][7] - The Codex-Spark model can generate over 1000 tokens per second and is currently available as a research preview for ChatGPT Pro users [5][7] - The model operates on Cerebras' Wafer Scale Engine 3, which features 40 trillion transistors and 900,000 AI cores, providing extremely low latency [7] Group 3 - Multiple automotive companies, including Geely, Chery, and BYD, have disclosed their plans for solid-state battery technology, with Geely aiming for small-scale production by 2027 and a long-term goal of mass production by 2030 [18][19][20] - Chery plans to start pilot production of solid-state batteries by 2026 and aims to validate the technology in real vehicles by 2027 [20] - BYD is focusing on sulfide solid-state batteries, expecting to achieve small-scale production by 2027 [23] Group 4 - Meizu's smartphone business is reportedly facing dissolution, with the Meizu 23 project allegedly halted [25][26] - The company has not officially responded to the rumors, and customer service has stated that no notifications regarding the business's status have been received [26] Group 5 - ByteDance is set to release the upgraded Doubao model on February 14, 2026, which will include significant enhancements to its foundational model capabilities [34][35] - The Doubao 2.0 model is expected to be a multimodal model with 1 trillion parameters, marking a substantial advancement in the company's AI capabilities [35] Group 6 - Xiaomi has launched its first-generation robot VLA model, which features 4.7 billion parameters and excels in visual language understanding and real-time execution capabilities [39][42] - The model has achieved state-of-the-art results in various benchmarks and is designed for high efficiency in real-world tasks [42] Group 7 - Lenovo reported a 72% year-on-year increase in AI-related revenue, which now accounts for 32% of the company's total revenue, driven by growth in AI PCs, smartphones, and servers [32][36] - The company has successfully navigated challenges in the global AI supply chain, maintaining its commitment to double-digit revenue growth and profitability [32]

【环球时报记者 杨沙沙 环球时报驻加拿大特约记者 陶短房】编者的话："中加联手打造面向全球的电动车。"加拿大工业部长梅拉妮·乔利2月6日 向彭博社透露，加政府正着力促成一座中加合资汽车工厂，该工厂将面向全球出口电动汽车。随后有媒体发现，中国奇瑞汽车已经开始招聘加拿 大工作岗位，被解读为中国车企"进入实质性准备阶段"。这是加拿大总理1月中旬访华期间宣布对中国电动汽车进口政策实施重大调整后，中加合 作传出的又一积极信号。针对加拿大民众的一项最新民意调查显示，大多数人支持引进更多中国制造的电动汽车，认为这将有利于加拿大消费者 拥有更多价格实惠的电动汽车选择。不过，面对巨大的市场和战略机遇，接受《环球时报》采访的专家以及业内人士建议，赴加中企"要提前做足 调研"，确保稳扎稳打。 " 同中企合作可在全球范围内保持竞争力 " 在接受彭博社采访时，加拿大工业部长乔利表示，联邦政府正与中国汽车制造商进行"积极对话"，探讨在加拿大建立电动汽车组装厂以供应国际 市场的可能性。这一方案将依赖于合资模式，将中国的整车平台与加拿大的劳动力、供应商及技术相结合。 乔利表示，麦格纳国际、利纳马公司、玛汀瑞亚国际等加拿大汽车零部件企业已在中 ...

Group 1: Hang Seng Index - The Hang Seng Index showed a slight increase, closing at 27,274 points with a gain of 0.31%, but trading volume continued to decline, raising concerns about market sustainability [1] - Investors exhibit a clear divergence in sentiment post-Lunar New Year, with bullish investors optimistic about reaching 28,500 points, while bearish investors worry about the sustainability of the current upward trend due to shrinking trading volume [1] - Technical analysis indicates a sell signal predominates, with a sell-to-buy signal ratio of 10:3, and key support at 26,700 points, with a potential drop to 26,100 points if breached [2] Group 2: Xiaomi Group - Xiaomi Group's stock price rebounded significantly, closing at 37.1 HKD, with intraday prices nearing the upper Bollinger Band, and trading volume increased [8] - To reach the target of 40 HKD, Xiaomi must break through two key resistance levels: 38.8 HKD and 39.7 HKD [8] - Some investors opted for put options as the stock price rose, indicating concerns about potential short-term pullbacks [9] Group 3: BYD Company - BYD's stock price performed well, reaching 99.15 HKD, with investors focused on whether it can stabilize above the 100 HKD mark and challenge the 110 HKD target [15] - Technical signals are neutral, with key resistance at 103.1 HKD, and a breakthrough could lead to further gains towards 110 HKD [15] - Investors are favoring long-dated call options with a strike price of around 106 HKD, which have a favorable selection in the market [16] Group 4: Ping An Insurance - Ping An's stock price has been fluctuating within a narrow range, closing at 72.5 HKD, with trading volume hitting a recent low [22] - There is a growing bearish sentiment, with some investors believing the stock needs to drop to 69 HKD before a new upward trend can begin [22] - The key support level is at 70.1 HKD, and if breached, the stock may drop to 67.5 HKD, with a sell signal dominating the market [22] Group 5: CNOOC Services - CNOOC Services' stock price reached a new high of 9.57 HKD, but trading volume slightly decreased, indicating a divergence between price and volume [28] - Despite the price breakout, technical signals remain bearish, suggesting caution regarding short-term optimism [28] - The key resistance level is at 9.83 HKD, and a breakthrough could lead to a rise above 10 HKD [28] Group 6: Trip.com Group - Trip.com Group's stock price has been hovering at low levels, closing at 446.2 HKD, with expectations for upcoming Spring Festival travel data [35] - The stock is near the lower Bollinger Band, with a slight buy signal prevailing, but the key support level is at 431 HKD, below which a drop to 395 HKD is likely [35] - Investors are advised to wait for stabilization before considering bottom-fishing strategies, with some opting for call options with a strike price of 400 HKD [35]