Market Performance - The Hong Kong stock market showed resilience, with the Hang Seng Index and the Hang Seng Tech Index recovering from previous declines, closing up by 0.37% and 1.11% respectively [1][2] - The overall market remained stable despite a significant drop in US stocks overnight [1] Sector Performance - Major technology stocks saw gains, with notable increases in shares of Hua Hong Semiconductor (up over 5%) and SenseTime (up over 4%) [4][5] - Semiconductor stocks were active, driven by positive sentiment in the AI-driven storage cycle, with companies like Zhaoyi Innovation reaching new highs [2][7] - Gold stocks surged, led by Chifeng Jilong Gold (up over 9%) and Lingbao Gold (up over 8%), as spot gold prices broke through $4,880 [6][8] Individual Stock Movements - The stock of Skyworth Group soared over 37% after announcing a distribution of shares in Skyworth Photovoltaic and plans for a mainboard listing [16] - Southbound funds recorded a net inflow of HKD 13.93 billion, indicating strong investor interest [19] Future Outlook - Analysts predict that the Hang Seng Index could challenge the 30,000 to 31,000 point range by 2026, as current valuations remain below historical averages [21]

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Core Viewpoint - The report highlights the current premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Junda Co. leading in premium rates, while CATL, Hengrui Medicine, and China Merchants Bank are at the bottom of the list [1][2]. Premium Rate Rankings - Northeast Electric (00042) has a premium rate of 815.25%, followed by Zhejiang Shibao (01057) at 378.67% and Junda Co. (02865) at 342.63% [2]. - The lowest premium rates are recorded for CATL (03750) at -13.79%, Hengrui Medicine (01276) at -2.52%, and China Merchants Bank (03968) at -2.22% [1][2]. Deviation Values - Junda Co. (02865) has the highest deviation value at 104.89%, followed by Goldwind Technology (02208) at 23.62% and Guanghetong (00638) at 20.17% [1][2]. - The lowest deviation values are for Northeast Electric (00042) at -35.64%, Chenming Paper (01812) at -16.87%, and China Life (02628) at -15.34% [1][4]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3][4].

Group 1 - The Hang Seng Tech Index experienced a significant increase, with a peak rise of 1.7% [1] - Notable individual stocks included Kuaishou and Hua Hong Semiconductor, both rising over 5% [1] - Baidu Group and Tongcheng Travel saw increases of over 4%, while SMIC and Alibaba Health rose over 3% [1] Group 2 - Alibaba, BYD Electronics, Bilibili, Sunny Optical, and BYD Company all recorded gains exceeding 2% [1]

Core Viewpoint - The China Insurance Automotive Safety Index evaluates four vehicle models based on principles of professionalism, impartiality, scientific rigor, independence, and public welfare, with results to be officially released on January 21, 2026 [1] Group 1: Vehicle Models Evaluated - The evaluation includes four models: Tengshi N9, Audi A5L Sportback, Volkswagen Taos L, and Li Auto i8, comprising three SUVs (Tengshi N9, Volkswagen Taos L, Li Auto i8) and one sedan (Audi A5L Sportback), with two models being electric vehicles (Tengshi N9, Li Auto i8) [1] Group 2: Safety Ratings - In terms of crashworthiness and repair economy, two models received an excellent+ (G+) rating, one model received an excellent (G) rating, and one model received a mediocre (M) rating [2] - For structural crashworthiness, Tengshi N9 and Volkswagen Taos L received excellent ratings, while for repairability, Audi A5L Sportback, Volkswagen Taos L, and Li Auto i8 received excellent ratings [2] - Volkswagen Taos L received an excellent rating for repair economy, and three models (Tengshi N9, Volkswagen Taos L, Li Auto i8) received excellent ratings for collision compatibility [2] Group 3: Passenger Safety Ratings - All four models received excellent or above ratings for passenger safety, with three models achieving excellent+ (G+) ratings [3] - In various collision scenarios, all four models received excellent ratings, and 100% of the models received excellent ratings for roof strength and seat/headrest performance [3] Group 4: Pedestrian and Auxiliary Safety Ratings - All four models received excellent+ (G+) ratings for pedestrian safety [4] - In terms of auxiliary safety, all models received excellent (G) or above ratings, with two models achieving excellent+ (G+) ratings [4] - All four models are equipped with AEB (Automatic Emergency Braking) and emergency rescue service (E-call) features, with a 100% installation rate [4] Group 5: New Energy Vehicle Index - The two electric vehicle models received excellent (G) ratings in the New Energy Vehicle Index [5] - The China Insurance Automotive Safety Index aims to promote the development of safer and more competitive new models for consumers, continuing to expand the range of tested vehicles [5]

Core Viewpoint - Honda Fit is attempting to regain market attention through price reductions and limited marketing strategies, launching a new model priced at 66,800 yuan with a limited release of 3,000 units, despite only selling 2,695 units in 2025, which is less than the new model's release quantity [1][2] Group 1: Honda Fit's Market Position - The new Honda Fit has not changed in body size or power parameters compared to the 2024 model, with updates primarily in interior features, including a new 10.1-inch central control screen and standard Bluetooth and CarPlay functions [1] - The previous market dominance of the Fit was due to its competitive advantages in the fuel vehicle era, offering better interior space and fuel economy in the 100,000 yuan price range, making it a preferred choice for young consumers [1] - In 2018, the Fit achieved peak annual sales of 129,200 units in China, but by 2024, its sales plummeted over 70% to 14,700 units, dropping to eighth place in its segment [2] Group 2: Competitive Landscape - BYD has quickly filled the market gap left by the declining Fit, with its Dolphin and Seagull models dominating the small car market, achieving sales of 453,600 units for the Seagull in 2024, nearly double that of the second-place Wuling Bingo [4] - In 2025, Geely's Star Wish surpassed BYD's Seagull with sales of 465,800 units, becoming the new leader in the small car market and the overall sales champion in the Chinese passenger car market [4][5] - The small car market is highly concentrated, with only two to three models actively competing, making it crucial for brands to maintain a presence in consumer purchase intentions [5] Group 3: Challenges for Other Brands - Great Wall's Ora brand has seen a decline in market share, with sales dropping from 73,600 units in 2023 to 29,300 units in 2025, due to a strategic focus on profitability and reduced investment in the Ora brand [6] - The new Ora 5 model, launched after a three-year hiatus, is positioned as a compact SUV with a higher price range of 99,800 to 133,800 yuan, moving away from the small car segment [7] - The shift in branding strategy for Ora, moving from a female-focused identity to a broader market appeal, raises questions about the effectiveness of this change in a competitive environment [7] Group 4: Emerging Trends in the Small Car Market - The market for premium small cars, represented by brands like BMW MINI and NIO's Firefly, focuses on design and brand positioning rather than scale, achieving higher price points and brand premiums [10] - NIO's Firefly has captured 61% of the high-end small car market share, with plans for international expansion, including a launch in Singapore [11] - In contrast, Smart's sales have declined from 42,300 units in 2023 to 30,800 units in 2025, as its product strategy lacks focus, failing to maintain its classic small car appeal in the electric era [12] Group 5: Policy and Market Dynamics - The new subsidy policies for electric vehicles will limit the financial incentives for low-priced models, making it essential for companies to compete based on real value and product strength [13] - The small car market is expected to face overall declines in 2026 due to the dual pressures of subsidy reductions and tax changes, necessitating a balance between sales volume and profitability for all participants [13]

Core Viewpoint - The narrative of "decoupling from China" in the automotive industry is countered by significant investments and strategic shifts by foreign automakers, indicating a deeper integration into the Chinese market driven by market and technological needs rather than solely political pressures [2][12][25]. Group 1: Foreign Automakers' Strategies in China - Toyota has transferred decision-making authority for its models in China from Japan to local teams [2]. - Volkswagen has established a €2.5 billion smart connected vehicle R&D center in Hefei, known as "Oriental Wolfsburg" [2]. - Mercedes-Benz and BMW have announced plans to invest over 100 billion RMB in R&D in China over the coming years [2]. Group 2: Historical Context and Market Dynamics - In the 1980s, foreign automakers entered China through joint ventures with local companies, dominating the market for decades [3][4]. - The "smile curve" illustrates that while foreign companies controlled R&D and profits, local partners were confined to low-end manufacturing [5][6]. - The U.S.-China trade war initiated a wave of domestic substitution, leading to significant changes in the automotive landscape, including the rise of new players like Tesla and local startups [6][7]. Group 3: Shifts in Consumer Preferences - Chinese consumers are increasingly prioritizing advanced technologies over traditional brand prestige, leading to a shift in competitive dynamics [7][8]. - The rapid evolution of electric and smart vehicles has created a new competitive landscape where innovation speed is crucial [8][11]. Group 4: Localized Innovation and R&D - Foreign automakers are now decentralizing decision-making, with many appointing local executives to lead their China operations [13][15]. - Companies like Volkswagen and BMW are establishing R&D centers in China to focus on local market needs and global trends [15][16]. - The integration of local engineers into core development processes is transforming foreign R&D centers from mere adaptation units to hubs of original innovation [15][16]. Group 5: Supply Chain and Manufacturing Evolution - Foreign automakers are increasingly relying on Chinese manufacturing capabilities, viewing local factories as benchmarks for global production standards [17][19]. - The shift from "made in China" to "designed in China" is evident, with Chinese innovations being exported globally [20][24]. Group 6: Standardization and Global Influence - China is actively working to establish global standards in the automotive industry, aiming for a significant increase in the international standard conversion rate [26][27]. - The push for standardization is supported by government initiatives, enhancing China's role in shaping future industry norms [26][27]. Group 7: Future Outlook and Strategic Opportunities - The trend of "reverse localization" presents a strategic opportunity for the Chinese automotive industry to lead in the next era of automotive innovation [25][29]. - The focus is shifting from merely being a part of the global supply chain to becoming a rule-maker in the smart electric vehicle era [29].

Group 1 - The automotive industry is witnessing a significant shift with Chinese EV brands gaining attention at global events like the Munich Auto Show in 2025 [1] - Guangdong is producing flying cars at an unprecedented rate, with one unit rolling off the production line every 30 minutes, marking a new era in manufacturing efficiency [3] - The mass production factory in Guangdong has an annual output capacity of 10,000 flying cars, surpassing the global annual sales of traditional aircraft, which is less than 4,000 units [5] Group 2 - Guangdong accounts for one-fifth of China's automotive production, supported by a complete industrial chain [7] - The self-sufficiency rate of core components in new energy vehicles in Guangdong exceeds 90%, showcasing the region's manufacturing strength [8] - GAC Group has launched 12 high-performance automotive-grade chips and initiated a collaborative plan for an automotive chip application ecosystem to meet diverse consumer demands [9] Group 3 - GAC Group's chairman stated that China's new energy vehicle technology is approximately 3 to 5 years ahead in terms of products, technology, and industrial chain [11] - BYD's chairman emphasized the advantages of Guangdong as a fertile ground for entrepreneurship and its well-established industrial chain and talent base [14] - Xpeng Motors' chairman highlighted the importance of semiconductor, new energy, and biomedicine sectors in driving innovation [17] Group 4 - Guangdong's industrial manufacturing is evolving, with significant improvements in efficiency, such as a 200% increase in smart home appliance production in Zhuhai [19] - The region's strategic industrial clusters are operating continuously, with the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally [19] - Guangdong's high-tech manufacturing industry is projected to grow by 6.4% in 2025, with the highest production of industrial robots in the country [22]

虽有博弈，或存变数，但汽车产业的全球化不能停止，真正的竞争力也不是壁垒，而是看谁能够在开放中持续创新。 近期，中国汽车出口频频传来捷报。 来自中汽协的数据显示，2025年全年汽车出口709.8万辆，同比增长21.1%。而海关总署数据更高，算上整车和成套散件等，全年出口832万台，同比增长 30%，出口额1424亿美元。 一边是增长迅速的数字，另一边则传来海外市场一系列利好政策。 1月20日，消息称德国政府为了推动电动汽车销量增长，计划推出30亿欧元补贴，补贴计划向中国品牌在内的所有制造商开放。 新补贴计划将持续至2029年，预计支持约80万辆电动汽车的购买。补贴金额根据车型及购买者收入水平分为1500至6000欧元不等，重点面向中低收入群 体。行业分析认为，德国此举将对中国汽车出口德国迎来重大利好。 2025年全年，中国车企在德国乘用车市场的销量为6.87万辆，同比增长120.4%。虽然面临种种不利的情况，但中国车企在德国市场还是创造新的销售纪 录。而据机构预测，2026年中国车企在德国市场有望达到10万辆的规模。 前些天，加拿大方面也宣布，将中国电动汽车关税从106.1%（6.1%最惠国关税+100%附加关 ...

01 问询 根据申请文件：（1）报告期内，发行人对比亚迪等部分客户的销售采用寄售模式，以公司取得客户确认的实际领用的结算依据时确认收入。 （2）报告 期内，发行人销售模式包括直接订单销售和寄售模式销售，其中直接订单销售占比分别为 91.07%、81.13%和70.21%，寄售模式销售占比分别为8.93%、 18.87%和29.79%。 请发行人：说明报告期各期采取寄售的客户数量、收入金额及占比、发行人与寄售模式客户的对账方式、对账周期、收入确认的具体依据、相关内控措施 及执行情况，说明是否存在与客户采用非自然月份对账导致收入跨期的情形。 | 项目 | 内容 | | --- | --- | | 对账方式 | 客户供应商管理系统对账、邮件对账等 | | 对账周期 | 按月对账 | | 收入确认的具体依据 | 公司根据预计需求、剩余库存情况将一定数量的产品运送至客 户指定地点,客户根据生产经营需要进行领用,公司定期根据 | | | 客户的供应商管理系统或领用结算通知集暑示的领导期探-卓 | | | 客户对账结算并确认收入。 | 公司与寄售销售相关的内控制度健全，并得到有效执行，具体如下： 1、说明报告期各期采取寄售 ...