香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概 不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 | | | | 產量 | | | | 銷量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 項目類別 | 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 本月 | 去年同期 | 本年累計 | 去年累計 | 累計同比 | | －商用車 | 4,523 | 4,053 | 4,523 | 4,053 | 11.60% | 4,533 4,092 | 4,533 | 4,092 | 10.78% | | －客車 | 442 | 286 | 442 | 286 | 54.55% | 442 286 | 442 | 286 | 54.55% | | －其他 | 4,081 | 3,767 | 4,081 | 3,767 | 8.34% | 4,091 3,806 | 4,091 | 3,806 | 7.49% ...

汽车行业周报 比亚迪发布天神之眼 5.0，辅助驾驶不断进阶 中游制造/汽车 1 月 25 日至 1 月 31 日，汽车行业整体下跌 5.1%。本周，比亚迪发布天神之眼 辅助驾驶系统 5.0 版本，在全闭环端到端的基础上，新增强化学习能力，其核心 优势为强化学习+闭环训练，实现 AI 大模型自进化。特斯拉获准在瑞典全境测 试完全自动驾驶系统，标志着特斯拉向在更广泛欧洲市场落地 FSD 系统迈出关 键一步。阿联酋正全面提速无人驾驶商业化进程，其中，阿布扎比目标是到 2040 年实现 25%的出行由自动驾驶完成，迪拜计划在 2030 年前让 25%的出行转为 自动驾驶。 ❑ 市场板块行情回顾 本周 CS 汽车+2.2%。本周（1 月 25 日至 1 月 31 日，下同）上证 A 指周度 涨跌幅为-0.4%，深证 A 指涨跌幅为-2.3%，创业板涨跌幅为-0.1%。本周各 行业板块下跌居多，涨幅较大的行业板块为 CS 石油石化（+6.9%）、CS 通 信（+4.8%）和 CS 煤炭（+4.0%），下跌幅度较大的行业板块为 CS 国防军 工（-7.6%）、CS 综合金融（-6.2%）和 CS 汽车（-5.1%）。 汽车 ...

Group 1 - The core viewpoint of the article highlights the explosive growth of the large cylindrical battery and all-tab technology market, with a projected increase of over 15% in China's cylindrical battery shipments by 2025, and a growth rate exceeding 40% for large cylindrical batteries [3] - Major companies in the large cylindrical battery sector, such as EVE Energy, Molicel, and others, are expected to face supply shortages due to high demand, with continued rapid growth anticipated in 2026 [3] - The integration of advanced technologies like all-tab, high nickel, silicon-carbon, and sodium batteries with cylindrical batteries is expected to create new growth points and market opportunities [3] Group 2 - The event titled "2026 (Second) Qidian Lithium Battery Cylindrical Battery Technology Forum and Top 20 Rankings Release" is organized by Qidian Lithium Battery and Qidian Research Institute (SPIR), focusing on the advancements in cylindrical battery technology [6] - The forum will feature discussions on various topics, including high-power cylindrical battery technology, innovations in household and portable energy storage, and the development trends of automotive-grade large cylindrical batteries [7][8] - A comprehensive competitive ranking of the top 20 cylindrical battery companies will be published, covering key aspects such as battery cells, equipment, and materials, serving as a reference for industry procurement [3][6] Group 3 - The event is expected to attract over 600 participants, including leading companies in the cylindrical battery sector, downstream application enterprises, and equipment manufacturers [6][10] - Various participation options are available, including SVIP, VIP, and free attendance, with different benefits associated with each registration type [11][12][13] - The forum aims to facilitate networking and collaboration among industry players, including discussions on overcoming market entry barriers and identifying emerging application markets for cylindrical batteries [7][8]

宁德时代签约云南 1月27日，宁德时代与云南省人民政府 签署了三方战略合作协议，将主要围绕新能源电池、绿色能源、绿色交通、低空经济4个方面开展深入 合作，规划建设锂电池绿色智造基地，计划2026年一季度开工。 消息显示，早在2022年12月，宁德时代便在昆明注册成立"云南时代新能源科技有限公司"，注册资金10亿元。 比亚迪越南建电动车电池厂 1月27日，越南汽车制造商Kim Long汽车（越南金龙汽车）与比亚迪签约战略合作， 并同时举行比亚迪电池制造厂（ 位于金龙汽车顺化汽车 制造组装工业园内 ）建设奠基仪式。 Kim Long汽车将 在越南中部投建一座投资额1.3亿美元的新能源电池工厂。 工厂建设资金由Kim Long 汽车承担，比亚迪则提供全方位技术支持。 工厂分两期建设， 总投资1.3亿美元， 生产巴士、卡车、小型客车等商用车配套电池。 一期工程占地4.4公顷，建成后将成为越南乃至亚洲领 先的电动汽车电池工厂之一，年产能达3GWh，并采用最先进的技术。该工厂预计很快投产，将显著 提升产能 ，并确保金龙 汽车（KIM LONG MOTOR）的 电池供应稳定可靠 。二期工程将扩大投资范围，新增10公顷厂房， ...

Core Viewpoint - The article discusses the challenges and strategies of corporate philanthropy in China, highlighting the need for sustainable models that integrate social responsibility into business operations. It emphasizes that relying solely on a few individuals for charitable efforts is not sustainable in the long run [1][2]. Group 1: Corporate Philanthropy Models - Five main types of corporate philanthropy are identified among the top 50 companies in China: 1. **Participation by Everyone**: Companies like Tencent encourage public involvement through low-barrier donation options, such as the "Fenfen Donation" program, which has engaged 400 million users by the end of 2024 [2][3]. 2. **Technical or Industrial Support**: Companies like CATL engage in rural revitalization through initiatives that support local agriculture, such as the "I Have an Acre of Land" program, which has reclaimed 280 acres of wasteland [3][4]. 3. **Establishment of Charitable Trusts/Funds**: Many companies, including Vanke, have set up foundations that have collectively invested over 1 billion yuan in various social causes by the end of 2024 [4]. 4. **Creating Charity IPs**: Notable examples include Ping An's Hope Primary Schools, which have supported over 31,000 students and trained over 20,000 rural teachers [4][5]. 5. **Direct Charitable Donations**: This straightforward approach remains a primary method for many companies, although it is seen as less sustainable [4][5]. Group 2: Sustainability of Philanthropic Models - Among the five models, "Technical or Industrial Support" is considered the most sustainable, as it aligns social needs with business capabilities, allowing for a synergy between social and commercial value [5][6]. - Establishing charitable trusts or funds is also viewed as sustainable, as it allows for independent management of social issues, facilitating long-term planning [5][6]. - The "Participation by Everyone" model enhances brand image and is well-suited for platform companies like Tencent, while the "Charity IP" model maximizes brand benefits [5][6]. Group 3: Challenges in Corporate Philanthropy - Companies face significant challenges in creating sustainable philanthropic models, including the need for strategic integration of philanthropy into business operations and the establishment of a culture that promotes ongoing participation [11][12]. - The lack of dedicated personnel in many corporate foundations raises concerns about the effectiveness and management of charitable initiatives [8][9]. - A comprehensive approach to philanthropy is necessary, requiring professional management processes and a clear understanding of social issues to ensure long-term impact [12][13]. Group 4: Financial Contributions and Impact - In 2024, corporate donations accounted for 983 billion yuan, representing 74.21% of total charitable contributions in China, underscoring the critical role of businesses in philanthropy [8]. - Notable large donations include BYD's commitment of 3 billion yuan to education and significant stock donations from individuals supporting educational institutions [8][9]. - The article highlights the diverse forms of donations, including cash, stocks, and services, reflecting a growing trend in corporate philanthropy [8].

本报讯（记者彭媛媛）1月31日，南宁市启动2026年春风行动暨就业援助季活动。本次活动以"春风送岗促就业，真情相助暖民心"为主题，聚焦登记失业人 员、灵活就业人员、农村劳动者、返乡农民工、脱贫人口等重点群体，以及有用工需求的各类用人单位，畅通各类就业渠道、提供优质就业服务，活动将持 续至3月底。 启动仪式当天，由南宁市人力资源和社会保障局、邕宁区政府等10部门联合主办的专场招聘会同时在南宁举行。招聘会组织了比亚迪股份有限公司、广西宁 福新能源科技有限公司等51家优质企业招贤纳才，提供涵盖生产制造、行政管理、市场营销、技术研发、家政服务、医疗护理等领域的就业岗位4500多个， 吸引5000多人进场求职，达成初步就业意向336人，共发放政策宣传资料2000多份，76人登记报名职业技能培训。 专场招聘会现场。 本报记者彭媛媛 摄 活动期间，南宁将集中开展"送政策、送服务、送岗位、送温暖"专项行动，计划举办职业技能培训、政策宣讲及职业指导活动100场以上，举办各类线上线 下招聘会200场以上，把优质岗位、惠民政策、暖心服务送到群众身边、送到企业手中，以实打实的举措稳就业、促发展、惠民生，为全年就业工作开好 局、起好步 ...

Core Viewpoint - The article highlights the impressive sales performance of electric vehicle brands, particularly focusing on the January sales figures of Jishi Automotive and the unveiling of new models by BYD, indicating a strong market presence and innovation in the industry [2][6][9]. Group 1: Jishi Automotive Sales Performance - Jishi Automotive reported sales of 1,028 units in January, which is nearly double the sales compared to January of the previous year [6]. - The brand has gained significant recognition in overseas markets, especially in the Middle East, aided by the recent launch of the ADAMAS model [7]. Group 2: BYD New Model Launch - BYD has unveiled its new flagship models, the Seal 08 sedan and the Sea Lion 08 SUV, which feature rear-wheel steering to enhance maneuverability [9][12]. - The introduction of these models is part of BYD's strategy to accelerate its high-end brand development, following the successful launch of the Han L and Tang L models last year [12].

星标★IPO日报 精彩文章第一时间推送 截至2025年，伯镭科技在新疆准东某露天矿同时部署了超过120辆伯镭电牛145自动驾驶矿卡。 业绩方面，2023年—2024年，伯镭科技实现收入分别为6956.5万元、1.71亿元；年内亏损分别为3247.9万元、6098.6万元。 2025年前三季度，公司实现收入为3.15亿元，同比增长819.9%；期内亏损为5866.6万元，而上年同期亏损为4562.2万元。 1月29日，上海伯镭智能科技股份有限公司（下称"伯镭智能"）正式向港交所递交申请，拟主板上市，中信证券与中信建投国际为联席保荐人。 IPO日报注意到，作为全球最大的纯电自动驾驶矿卡提供商，此次递表前，伯镭智能刚刚在1月23日获得了比亚迪的1亿元战略投资。 最大纯电自驾矿卡提供商 伯镭科技成立于2015年，是一家自动驾驶矿卡解决方案提供商，推行"无人化+电动化"的一体化战略，推动矿业向绿色、智能转型。 根据咨询公司灼识咨询的资料，于2024年，按出货量及收入计，伯镭科技是全球最大的纯电自动驾驶矿卡提供商，而按采用公司解决方案的矿山累计数量 计，截至2024年12月31日，其是全球最大的电动及自动化矿山解决方案提 ...

Core Viewpoint - Berai Intelligent Technology Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, aiming to leverage its position as the world's largest provider of fully electric autonomous mining trucks and to enhance its market presence through strategic investments and partnerships [1][2]. Group 1: Company Overview - Founded in 2015, Berai Intelligent focuses on autonomous mining truck solutions, promoting a strategy of "unmanned + electrification" to drive the green and intelligent transformation of the mining industry [5]. - By 2024, Berai is projected to be the largest provider of fully electric autonomous mining trucks globally in terms of shipment volume and revenue, and also the largest provider of electric and automated mining solutions based on the cumulative number of mines using its solutions [5]. Group 2: Business Model and Operations - Berai has established three synergistic business segments: Smart Vehicles, Smart Mines, and Smart Transportation, deploying its autonomous truck fleet in mining areas and managing vehicle scheduling, maintenance, battery replacement, remote driving assistance, and algorithm optimization [6]. - The company’s business model allows clients to enjoy the benefits of unmanned transportation without initial capital investment, significantly lowering operational risks [6]. Group 3: Financial Performance - In 2023 and 2024, Berai's revenues were approximately 69.57 million yuan and 171 million yuan, with losses of about 32.48 million yuan and 60.99 million yuan, respectively [9]. - For the first three quarters of 2025, the company reported revenues of 315 million yuan, a year-on-year increase of 819.9%, with losses of approximately 58.67 million yuan [10]. - The revenue concentration from the top five clients was notably high, accounting for 91.5%, 96.1%, and 97.7% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [10]. Group 4: Strategic Investments - Recently, Berai received a strategic investment of 100 million yuan from BYD, which will primarily be used to enhance R&D, expand intelligent production capacity, accelerate domestic and international market expansion, and deepen industry ecosystem cooperation [2][14]. - The collaboration with BYD is expected to leverage their expertise in electric vehicle technology and Berai's specialization in mining truck automation, fostering innovation in heavy industry applications [15].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The penetration rate of domestic new energy passenger vehicles has reached 55%, and future sales growth is expected to slow down. However, the increase in battery capacity is anticipated to significantly impact demand, with a projected double-digit growth in battery demand for passenger vehicles by 2026 [2][4] - The domestic new energy passenger vehicle market has entered a consumption-driven growth phase since the end of 2020, with penetration rates increasing from around 10% to an expected 55% by the end of 2025. This growth is accompanied by a slowdown in sales growth due to a higher base [4][17] - The increase in battery capacity is expected to support the growth of battery installations, with single-vehicle battery capacity projected to rise from 52.8 kWh in April 2025 to 61.2 kWh by December 2025 for EVs, and from 23.3 kWh to 33.7 kWh for PHEVs during the same period [4][18] Summary by Sections Market Trends - The market for new energy passenger vehicles is projected to see a slight decline in total vehicle numbers, while new energy vehicles are expected to achieve small single-digit growth due to increased penetration rates. Battery capacity per vehicle is expected to increase by approximately 7%-8%, supporting a battery installation growth rate of around 12% [6][34] Policy and Economic Factors - Positive factors for battery capacity enhancement include changes in the old-for-new policy, which sets a subsidy cap at 8% of the vehicle price in 2026, and changes in purchase tax standards that require PHEVs to have a pure electric range of 100 kWh to qualify for tax exemptions [5][23] - The trend towards larger batteries in range-extended and plug-in hybrid vehicles is expected to continue, addressing consumer concerns about range anxiety and enhancing the perception of electric vehicles' convenience and cost-effectiveness [24] Product Development - Major manufacturers are launching new models with increased battery capacities. For instance, BYD and Geely are introducing models with capacities ranging from 20.79 kWh to 36.62 kWh for their 2026 versions [27][30] - The introduction of large-capacity EVs and PHEVs is expected to further enrich the market, with new models like the Wanjie M9 and NIO ES9 expected to have battery capacities around 100 kWh [31][33]