【瑞银 】看好南瑞科技，因电网资本支出上行周期超出市场预期，将其加入"最佳投资组合" 近期的政策发展强化了2026-2030年电网资本支出将进入一个可见的上行周期的观点，预计复合年增长率 （CAGR）为7%，这超出了市场预期。 瑞银的公用事业团队认为，7%的CAGR是一个保守的基线增长率，实际的复合年增长率可能因骨干电网和配电网 建设的加速而达到11%。 从历史上看，南瑞科技的增长速度大约是国家电网 【瑞银 】看好南瑞科技，因电网资本支出上行周期超出市场预期，将其加入"最佳投资组合" 近期的政策发展强化了2026-2030年电网资本支出将进入一个可见的上行周期的观点，预计复合年增长率 （CAGR）为7%，这超出了市场预期。 瑞银的公用事业团队认为，7%的CAGR是一个保守的基线增长率，实际的复合年增长率可能因骨干电网和配电网 建设的加速而达到11%。 发改委引入容量电价机制，显著提升电网侧独立储能项目的经济性 国家发改委于1月30日发布了114号文，为电网侧的独立新型储能引入了容量电价机制。 根据该框架，被纳入省级项目清单的储能项目可以获得容量电价补偿，该补偿基准于当地的煤电容量电价（预计 2026年约为16 ...

2025年，全球新能源汽车产业迎来历史性转折。长期在新能源汽车总销量上保持第一的比亚迪，以全年 225.7万辆的纯电动汽车销量，首次超越特斯拉，登顶全球榜首。这一历史性超越，其背后是中国汽车 品牌凭借体系化创新与战略性全球化，引领全球汽车产业核心赛道。 比亚迪实现超越的背后，是建立在其长期构筑的全产业链技术护城河之上。2025年，比亚迪推出"天神 之眼"辅助驾驶系统、"超级e平台兆瓦闪充"等核心技术，实现了智能化与电动化的再次突破与进化，而 其垂直整合的供应链模式，确保了技术和产品快速迭代的极致效率，在全球化竞争中，构成了难以复制 的核心优势。 这一系统性优势在全球核心市场得到了充分验证。在欧洲，比亚迪实现了从单一产品切入到体系化突破 的转变。其在英国市场销量超过5万辆，同比激增485%；在德国、西班牙、意大利等传统汽车强国，年 销量均突破2万辆。这一成绩不仅源于产品矩阵的完善与设计品质的认可，更得益于其销售与服务网络 的快速本土化铺设。在亚太等增长型市场，比亚迪的领先优势更为显著：在土耳其、泰国，其年销量分 别达到4.5万与4.1万辆，泰国本地化工厂的投产大幅增强了市场主导力；在新加坡、马来西亚等市场， 其 ...

2026年开年1月的中国车市，用"冰火两重天"形容再贴切不过。 过去三天，不少车企都发布了1月份的销量业绩，可以说绝大多数车企都挂上了负增长的标签，特别是一些头部新能源车企，其1月销量波动更 为严峻。 乘联会数据显示，全月乘用车零售预计180万辆，环比下滑20.4%，同比仅微增；新能源零售销量可能达80万辆左右，渗透率降至44.4%，较 2025年底的峰值跌落近10个百分点。 在这场开年"寒流"中，车企阵营分化彻底拉满，拥有庞大燃油车基盘的大多数车企稳如泰山，而绝大多数单押新能源的品牌集体承压，新势力 内部更是有人狂欢有人落寞。 透过这份成绩单，我们似乎可以发现中国市场越来越明显的竞争逻辑，那就是即便新能源是未来发展的大趋势，但"双腿走路才稳"的路径愈加 清晰。 燃油车托底者稳，单押新能源者惨，出口是重要支撑 1月的销量数据，像一面放大镜，照出了不同车企战略选择的最终结果。核心分化点清晰明了，即是否拥有燃油车基本盘，直接决定了企业在市 场波动中的抗风险能力。 以吉利、上汽、广汽丰田为代表的传统车企，凭借"燃油+新能源"双线布局，在1月交出了最稳健的答卷。 上汽集团1月销量32.74万辆，同比增长23.94%， ...

Group 1 - BYD's stock price increased by 0.37% on February 3, with a trading volume of 3.276 billion yuan. The financing buy amount was 222 million yuan, while the financing repayment was 307 million yuan, resulting in a net financing buy of -84.82 million yuan. The total financing and securities balance reached 12.823 billion yuan [1] - As of February 3, BYD's financing balance was 12.771 billion yuan, accounting for 2.69% of its circulating market value, which is below the 50th percentile level over the past year, indicating a low position [1] - On the same day, BYD's securities lending saw a repayment of 34,600 shares and a sale of 32,900 shares, with a selling amount of 2.8745 million yuan. The remaining securities lending volume was 601,400 shares, with a balance of 52.5446 million yuan, exceeding the 70th percentile level over the past year, indicating a high position [1] Group 2 - As of September 30, BYD had 642,600 shareholders, an increase of 98.37% compared to the previous period. The average circulating shares per person were 5,427, an increase of 51.21% [2] - For the period from January to September 2025, BYD achieved an operating income of 566.266 billion yuan, a year-on-year increase of 12.75%. However, the net profit attributable to shareholders decreased by 7.55% to 23.333 billion yuan [2] - BYD has distributed a total of 27.859 billion yuan in dividends since its A-share listing, with 24.414 billion yuan distributed in the last three years [3]

证 券 研 究 报 告 批发销量节奏调整，静待后续产品周期 目标价：113.8 元、116.3 港元 乘用车Ⅲ 2026 年 02 月 04 日 比亚迪（002594）2026 年 1 月销量点评 强推（维持） 当前价：87.37 元、90.00 港元 华创证券研究所 证券分析师：张程航 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：夏凉 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 777,102 | 805,565 | 943,584 | 1,070,539 | | 同比增速(%) | 29.0% | 3.7% | 17.1% | 13.5% | | 归母净利润(百万) | 40,254 | 35,214 | 47,042 | 59,979 | | 同比增速(%) | 34.0% | -12.5% | 33.6% | 27 ...

Core Viewpoint - The automotive market in China experienced a significant month-on-month decline in January 2026, influenced by changes in tax policies and early consumer demand, while year-on-year sales remained relatively stable [1]. Group 1: Market Performance - In January 2026, the retail sales of narrow passenger vehicles in China were approximately 1.8 million units, representing a month-on-month decrease of 20.4% and a slight year-on-year increase of 0.3% [1]. - The retail sales of new energy vehicles (NEVs) in January were around 800,000 units, showing a year-on-year decline of 40.2%, but a month-on-month growth of 7.5% [1]. - Major traditional automakers like SAIC and Geely surpassed BYD in sales, with SAIC selling 327,000 units (up 23.9% year-on-year) and Geely selling 270,200 units (up 1.3% year-on-year) [2]. Group 2: New Energy Vehicle Segment - In the new energy vehicle sector, brands like Xiaomi, Hongmeng Zhixing, and NIO saw significant year-on-year growth, with Xiaomi's sales increasing by 95% to over 39,000 units [3][4]. - NIO delivered 27,200 units in January, marking a 96% year-on-year increase, driven by the new ES8 model [4]. - Conversely, companies like XPeng and Li Auto experienced declines, with XPeng's deliveries down 47% month-on-month and 34% year-on-year [4]. Group 3: Cost Pressures - The automotive industry is facing rising costs, with single-vehicle costs increasing by 4,000 to 7,000 yuan due to surging prices of key materials like lithium, aluminum, and DRAM [5][6]. - The price of battery-grade lithium carbonate rose from 75,700 yuan per ton at the beginning of 2025 to 146,600 yuan per ton by February 3, 2026, a nearly 94% increase [5]. - UBS reported that the cost increases in metals and chips could compress profit margins significantly, with potential reductions of 33% to 93% for vehicles priced at 150,000 yuan [6]. Group 4: Strategic Directions - To counteract rising costs and stagnant market demand, automakers are focusing on international expansion, with Chery exporting 119,600 units in January, accounting for nearly 60% of its total sales [7]. - BYD's overseas sales exceeded 100,000 units, a year-on-year increase of 43.3%, while Geely's exports grew by over 120% [7]. - Companies are also targeting the high-end market, with Great Wall Motors launching the WEY brand's flagship V9X, indicating a competitive push in the premium segment [9]. Group 5: Market Outlook - The automotive consumption index for January 2026 was reported at 31.1, reflecting a cautious consumer sentiment influenced by various factors, including the upcoming Spring Festival and changes in tax policies [10]. - Industry experts suggest that the market may not see a clear recovery until March or the end of the first quarter [10].

南方财经2月4日电，南财投研通数据显示，2月3日，券商给予上市公司目标价共14次，按最新收盘价计 算，目标价涨幅排名居前的公司有贵州茅台、炬芯科技、比亚迪，目标价涨幅分别为76.28%、 61.28%、49.51%，分别属于白酒、半导体、乘用车行业。从券商推荐家数来看，2月3日有29家上市公 司得到券商推荐，其中比亚迪获得3家推荐，北京利尔、上汽集团均获得1家推荐。查看原文：贵州茅台 目标价涨幅超76%，29家上市公司获券商推荐丨券商评级观察刚刚 ...

Core Insights - Shanghai Xinmi Technology Co., Ltd. has successfully completed A and A+ rounds of financing, raising over 100 million yuan, with investments from Guotai Junan Innovation Investment, Guojing Capital, and Tongxin Capital [3][4] - The funding will be used for the development of next-generation integrated sensing and computing chip architecture, global commercialization, and expansion of high-end production capacity [3][4] - Xinmi Technology's core product is based on the "integrated sensing and computing" technology, offering a full-stack product matrix that includes AI SoC chips, intelligent modules, and integrated hardware-software solutions [4][5] Company Background - Founded in 2019 and headquartered in Shanghai, the company has a core team with strong academic and industry backgrounds, including experience in robotics and AI [4] - The founder and CEO, Dr. Yang Minglun, has over ten years of experience in industrial robotics, while the CTO, Cheng Yuan, has published extensively in top academic journals and achieved significant breakthroughs in chip architecture [4] Technology and Product Application - The company has developed a new paradigm of "integrated sensing and computing," which eliminates data transmission bottlenecks and enhances efficiency in processing complex multimodal data [4][9] - Xinmi Technology's products are widely used in smart manufacturing, embodied intelligent robots, automotive, new energy, smart cities, and precision instrument monitoring [5] Market Trends and Growth - The shift towards "high-efficiency specialized intelligence" marks a transition from large models to deep integration with physical devices, indicating a growing market for industrial IoT applications [7][9] - Xinmi Technology has experienced rapid revenue growth, with a reported annual doubling of revenue and a gross margin maintained at a high level [7] - The company's overseas business is expected to grow over 400% annually, with international revenue projected to account for over 40% of total income this year [7] Future Development Plans - The company aims to deepen its focus on industrial agent systems and expand into "embodied intelligence" and "precision sensing" sectors [10] - Long-term goals include integrating advanced technologies like neuromorphic computing and photonic computing to significantly enhance AI capabilities [10] Investor Perspectives - Investors highlight the importance of efficiency, energy consumption, and speed in AI applications, with Xinmi Technology's architecture seen as a key player in the future of intelligent infrastructure [12][13] - The company's unique approach to edge AI and integrated computing is expected to create significant competitive advantages and establish strong data and technology barriers [13][14]

Core Insights - BYD Company Limited reported a significant decline in January 2026 sales, with 210,051 new-energy vehicles sold, representing a drop of over 30.1% compared to January 2025 [1][9] - The decline in sales marks the fifth consecutive month of year-on-year sales decreases for the company [1][6] Sales Performance - The January sales included 205,518 passenger vehicles and 4,533 commercial vehicles, indicating broad-based weakness across key segments [1][2] - Passenger vehicle sales fell sharply by 30.7% year-over-year, while commercial vehicle deliveries showed modest growth of about 10.8% [9] Production and Exports - BYD produced 29.1% fewer vehicles than the previous year, continuing a production decline that has persisted since July 2025 [3] - Exports provided some support, with nearly half of BYD's sales coming from international markets, totaling approximately 100,482 vehicles shipped overseas [3][9] - The company reduced its 2026 export target from 1.5 million vehicles to 1.3 million [3] Market Challenges - The ongoing sales decline highlights increasing challenges for BYD as competition in China's electric vehicle market intensifies [2][5] - The global volume also declined, reflecting a broader weakening trend in the electric vehicle market [5][6]

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) ...