| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 泡泡玛特(09992) | 10.08 亿元 | 17.14% | -7.69% | | 小米集团-W(01810) | 8.25 亿元 | 10.26% | -11.52% | | 美团-W(03690) | 7.77 亿元 | 17.49% | 1.85% | | 中国人寿(02628) | 7.18 亿元 | 23.90% | 3.47% | | 洛阳钼业(03993) | 6.87 亿元 | 35.31% | 21.99% | | 百度集团-SW(09888) | 6.24 亿元 | 21.01% | -5.12% | | 阿里巴巴-W(09988) | 6.13 亿元 | 6.91% | -7.34% | | 比亚迪股份(01211) | 4.97 亿元 | 20.25% | 0.39% | | 腾讯控股(00700) | 4.79 亿元 | 3.27% | -7.53% | | 中国平安(02318) | 3.47 亿元 | 16.40% | -12.96% | 前十大沽空偏离值排行 ...

Core Insights - The overall vehicle sales for 20 A and H-share listed automotive manufacturers in December 2025 totaled 2.2255 million units, representing a year-on-year decline of 7.64% and a month-on-month decrease of 6.77% [10][11] - In December 2025, 16 companies reported sales of approximately 1.2532 million new energy vehicles (NEVs), marking a year-on-year increase of 1.99% and a penetration rate of about 58% [10][11] Group 1: Overall Vehicle Sales - The total vehicle sales for the 20 listed companies in December 2025 were 2.2255 million units, down 7.64% year-on-year and down 6.77% month-on-month [10][11] - For the entire year of 2025, these companies sold over 23.5 million vehicles, reflecting a year-on-year growth of 8.86% [11] - Companies such as Jianghuai Automobile, Seres, and Jiangling Automobile saw an acceleration in sales growth in December compared to November, while companies like Shuguang and Zhongtong Bus experienced a slowdown [10][11] Group 2: New Energy Vehicle Sales - In December 2025, the total sales of NEVs reached approximately 1.2532 million units, with a year-on-year increase of 1.99% and a month-on-month decrease of 8.93% [5][15] - The NEV penetration rate for December was about 57.96%, a decrease of 0.85 percentage points from November [15] - BYD, SAIC Group, and Geely were the top three companies in NEV sales for December, with significant growth observed in companies like BAIC Blue Valley and Jianghuai Automobile, which reported growth rates exceeding 70% [7][17] Group 3: Company-Specific Performance - BYD led the sales in December with 420,398 units sold, although this represented an 18.34% decline year-on-year [4][14] - SAIC Group and Changan Automobile followed with sales of 399,449 units and 254,843 units, respectively, with Changan showing a slight year-on-year increase of 1.66% [4][14] - Geely's December sales increased by 12.74% year-on-year, totaling 236,817 units, while GAC Group experienced a significant decline of 33.82% in sales [4][15]

1. 2025年12月27日，"百万英才汇南粤"大型综合招聘会在深圳会展中心(福田)举行，吸引众多求职者参 加。 2. 招聘会现场为求职者提供简历诊断服务。 3. 招聘会现场为求职者提供免费职业妆造服务。 旁白 "稳就业"关乎"稳经济"的大局。2025年12月，中央经济工作会议在部署2026年经济工作时明确要求，实 施稳岗扩容提质行动，切实稳定高校毕业生、农民工等重点群体就业。开年以来，广东率先把稳岗扩容 提质的要求落到企业用工与人才机制上，一批粤企在校招、实习、技能岗位补充等方面持续加力，成为 稳就业的重要承接端。 从用工市场信号看，扩招与涨薪正在同步出现。据不完全统计，2025年，比亚迪新发"AI infra算法工程 师"岗位平均月薪上涨超过36%；大疆"工业设计师"岗位平均月薪上涨20%，腾讯"AI 产品经理"岗位平 均月薪上涨5.56%。岗位与薪酬变化背后，指向同一条主线：新技术驱动的岗位需求加速释放，企业在 关键岗位上提升吸引力，同时通过更系统的人才培养与发展通道提高留用率、提升就业质量。 近日，南都湾财社记者采访了腾讯、比亚迪、研祥集团三家企业，发现"稳就业"的落点正在发生迁移： 从"多招人"转向 ...

Group 1: Company Overview of Meidel - Meidel, established in 2009, is a leading supplier of intelligent conveyor systems in China, focusing on the research, design, manufacturing, and sales of smart manufacturing equipment, particularly modular conveyor systems and industrial components [2][5] - The company’s products are integral to factory automation and are widely used in industries such as new energy, automotive parts, electronics, and warehousing logistics [5] - As of September 30, 2025, Meidel holds 201 patents, including 21 domestic invention patents and 159 utility model patents, and is recognized as a national high-tech enterprise [5] Group 2: Financial Metrics and Market Position of Meidel - Meidel's IPO price is set at 41.88 yuan per share, with an issuance price-to-earnings ratio of 14.99, compared to the industry average of 47.36 [3] - The company’s revenue and net profit for 2022 are projected to show a growth rate of 15% and 10% respectively, with a forecasted decline of 10% in 2024 [3][6] - The company plans to allocate 1.20 billion yuan (18.60%) to the Dalian Meidel Phase IV construction project and 2.00 billion yuan (31.01%) to the development of high-end intelligent conveyor systems [4] Group 3: Customer Base and Risks of Meidel - Meidel has a high customer concentration risk, with sales to the top five customers accounting for 59.34% of total revenue in 2022, which is projected to rise to 62.75% by mid-2025 [6] - The concentration is attributed to the high market concentration in the new energy battery sector, where leading companies have significant demand for conveyor systems [6] Group 4: Company Overview of Aishalon - Aishalon, founded in 2003, specializes in the research, production, and sales of disposable medical consumables in the rehabilitation and medical protection fields [7][11] - The company is recognized as the largest manufacturer of medical care pads in China and is rapidly advancing towards the top four in the industry [11] Group 5: Financial Metrics and Market Position of Aishalon - Aishalon's IPO price is set at 15.98 yuan per share, with an issuance price-to-earnings ratio of 14.99, compared to the industry average of 29.79 [8] - The company plans to invest 3.00 billion yuan (100%) into the Caprol public health medical supplies industrial park construction project [10] Group 6: Customer Base and Risks of Aishalon - Aishalon faces a high customer concentration risk, with sales to the top five customers making up 81.99% of total revenue in 2022, increasing to 88.40% by mid-2025 [12] - The primary customer, Medline Group, represents a significant portion of sales, with its share ranging from 71.51% to 77.73% over the forecast period [12]

【环球时报驻加拿大特约记者 陶短房 环球时报记者 丁雅栀 环球时报特约记者 任重】编者的话："加拿 大为中国电动汽车敞开了大门。"加拿大《环球邮报》19日报道称，加拿大总理卡尼近期宣布对中国电 动汽车进口政策实施重大调整，加拿大不再征收100%附加税，同时给予每年4.9万辆的配额，配额内享 受6.1%的最惠国关税待遇。另据彭博社报道，加拿大政府正在制定一项新的汽车业发展策略，旨在为 在该国生产汽车的企业提供更广阔的市场准入机会。报道认为，此举是对美国现任政府迫使汽车制造商 将工厂从加拿大迁至美国这一行为的回击，同时也为中国汽车制造商首次在加拿大组装汽车敞开大门。 加拿大多项政策调整引发车企与市场的积极反响，相关行业专家表示，"这无疑是重大利好"。 4.9 万辆配额： " 探寻市场的机遇 " 中国机电产品进出口商会汽车国际化专业委员会高级专家孙晓红在接受《环球时报》记者采访时表示， 2024年加拿大政府跟随美国，对中国电动车加征100%关税后，这一举措向双方合作发出了错误信号。 中国电动汽车本身在价格、性能等方面很适合加拿大消费者，原本正处于良好发展势头，却被强行中 断。当前，卡尼政府取消了此前100%的加税， ...

2025-2026年磷酸铁锂新扩产落地的产能将超过200万吨，届时全球磷酸铁锂产能将逼近900万吨，磷酸 铁锂行业仍难摆脱供过于求格局，过剩主要集中在二、三代材料，而四代高端材料依旧短缺。在企业抢 出口、新能源汽车及储能政策利好的共同驱动下，乐观估计2026年中国磷酸铁锂正极材料总产量将达 580万吨，同比增长约53%。 2026年国内磷酸铁锂材料新扩产的产线大多做的是更高端的产品，而非低端产品的简单复制，行业竞争 格局正呈现"头部集中、中小出清"的态势。湖南裕能、德方纳米、龙蟠科技等龙头企业纷纷加码高压 实、长循环等高端产品布局。 当前，国内磷酸铁锂行业面临结构性过剩，但高性能产品需求旺盛。未来企业能否在磷酸铁锂行业立 足，关键取决于两大核心能力：一是高端差异化产品的研发与生产能力，二是大规模生产下的产品一致 性控制能力。 图2 2025年我国磷酸铁锂材料主要企业产量占比 图3 我国磷酸铁锂正极材料出口量(吨) 近一年来，国内磷酸铁锂行业出现了一轮总额超2400亿元的巨额订单锁定潮，涉及宁德时代、楚能新能 源、亿纬锂能、欣旺达、比亚迪等多个头部电池厂商，其中宁德时代是最大买家，其采购金额占总额的 绝大部分。 ...

Market Overview - The Hang Seng Index closed at 26,246.02, down by 241.49 points or 0.91% [1] - The index reached a high of 26,469.55 and a low of 26,233.40 during the trading session [1] - The average price for the day was 26,351.48, with a trading volume of 46.7434 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 128.682, up by 0.22% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 593.183, down by 1.30% compared to the Hong Kong close [2] - Alibaba Group (W) closed at HKD 159.700, down by 0.44% [3] - Xiaomi Group (W) closed at HKD 35.480, down by 2.74% [3] - Meituan (W) closed at HKD 97.350, down by 1.17% [3] Stock Price Changes - Tencent Holdings saw a decrease of HKD 9.000, or 1.48% [3] - HSBC Holdings increased by HKD 1.400, or 1.10% [3] - China Ping An rose by HKD 0.600, or 0.88% [3] - BYD Company experienced a decline of HKD 3.700, or 3.67% [3] - Kuaishou Technology (W) fell by HKD 0.700, or 0.91% [3]

Core Viewpoint - The article highlights the historical evolution and current achievements of Chinese enterprises, emphasizing their contributions to the nation's industrial foundation and economic growth, as well as their promising future prospects. Group 1: Historical Context - The development of Chinese shipping began with the "Yidun" ship, followed by significant vessels like the "Hailiao" and "Minghua," culminating in the modern "Xinyi Dun," reflecting the struggles and milestones of a century-old enterprise [1] - After the Opium War, numerous individuals established various industrial enterprises, laying the groundwork for modern Chinese industry [2] - Post-1949, amidst poverty, enterprises emerged to build a complete industrial system through self-reliance and hard work [2] Group 2: Current Achievements - In 2025, BYD achieved a remarkable sales figure of 2.2567 million units, becoming the global leader in pure electric vehicle sales, showcasing the advantages of China's economy [2] - The China State Shipbuilding Corporation has made significant strides in the shipbuilding industry, while CRRC's CR450 train sets a new benchmark for global high-speed rail equipment [3] - The number of billion-dollar enterprises in China has increased to 267, with 15 companies surpassing 100 billion yuan in revenue, indicating a continuous rise in the entry threshold for the "China Top 500 Enterprises" list [3] Group 3: Future Outlook - The "14th Five-Year Plan" suggests enhancing the modern enterprise system with Chinese characteristics and fostering a spirit of entrepreneurship to build more world-class enterprises [4] - Various policy measures are being implemented to create a better ecosystem for enterprise development, including promoting technological innovation and supporting the growth of the private economy [4] Group 4: Conclusion - Chinese enterprises are poised to navigate the waters of high-quality development with confidence and determination, seizing opportunities for growth [5]

Core Insights - Chengdu is accelerating the construction of major industrial projects, including BOE's 8.6-generation AMOLED production line with a total investment of 63 billion yuan and BYD's semiconductor project with an investment of 22.1 billion yuan, both expected to be completed within the year [2][3] - The Sichuan provincial government has announced a list of key projects for 2026, with Chengdu contributing 168 projects totaling nearly 1.3 trillion yuan, representing 20.2% and 24.4% of the province's total [2][3] - The projects are categorized into four main types: industrial projects, infrastructure projects, social welfare projects, and ecological construction projects, all closely aligned with national strategies [2][3] Industrial Projects - Industrial projects account for the largest share of the key projects in Chengdu, with 48.2% in number and 37.1% in investment amount, reflecting the city's ambition to strengthen its real economy [3] - Notable projects include a 3.5 billion yuan intelligent manufacturing base for aerospace equipment and a 9.35 billion yuan intelligent manufacturing project for automobiles, which will significantly enhance Chengdu's capabilities in these sectors [3] - The BOE AMOLED production line is expected to capture over 20% of the global market and 50% of the national market for flexible displays, directly benefiting over 200 upstream and downstream enterprises [3] Infrastructure Projects - Chengdu is focusing on traditional infrastructure investments, including transportation, water conservancy, and energy, while also incorporating new infrastructure projects like the Chengdu Supercomputing Center [3] - The Chengdu-Chongqing high-speed rail integrated transportation hub project, with an investment of 23.6 billion yuan, is a key node that will transform the eastern new district of Chengdu into a transportation hub [2][3] Social Welfare Projects - Major social welfare projects include a 112.8 billion yuan housing project aimed at alleviating housing difficulties and a 8.4 billion yuan project for the development of high-quality hospitals, which will enhance medical resource distribution [3] - The city is also investing in elderly care facilities, with a project worth 2.47 billion yuan expected to provide 280,000 square meters of elderly care services [3] Ecological Projects - Environmental projects include a 4.32 billion yuan waste-to-energy plant and a 6.62 billion yuan sewage treatment capacity enhancement project, which will significantly improve the city's waste management and water quality [3] - These projects are part of Chengdu's commitment to enhancing public welfare while adhering to strict standards to prevent superficial projects and ensure compliance with national regulations [3]

Core Insights - In 2025, China's automotive industry demonstrated remarkable resilience and vitality, achieving record production and sales figures of 34.53 million and 34.40 million vehicles, respectively, marking year-on-year growth of 10.4% and 9.4% [1] - The year marked a significant shift in the market, with new energy vehicles (NEVs) surpassing 50% of domestic new car sales, establishing themselves as the mainstream product in the automotive market [2][3] - The automotive export volume exceeded 7 million units, with NEV exports reaching 2.615 million units, reflecting a strong competitive edge in international markets [11] NEV Market Dominance - NEVs accounted for 50.8% of domestic new car sales in 2025, indicating that for every two new cars sold, one was an NEV [3] - NEV production and sales reached 16.626 million and 16.49 million units, respectively, with year-on-year growth of 29% and 28.2%, maintaining a global leadership position for 11 consecutive years [3] - The competitive landscape has shifted, with domestic brands capturing nearly 70% of the passenger car market share, reversing the dominance of joint venture brands [3][4] Technological and Policy Support - The growth of NEVs is attributed to supportive policies, technological advancements, and a robust supply chain, with over 11.5 million vehicles replaced under the trade-in policy, generating sales exceeding 1.6 trillion yuan [5] - Technological innovations have led to significant improvements in vehicle performance, such as a 30% reduction in battery costs and a 40% increase in battery lifespan [6] - The establishment of a comprehensive supply chain has positioned China as a leading supplier of battery materials and power batteries globally, with 70% and 60% market shares, respectively [6] Smart Driving Developments - The approval of the first L3-level conditional autonomous driving models in December 2025 marked a pivotal moment in China's autonomous driving industry, transitioning from technology validation to mass production [7] - The penetration rate of vehicles equipped with L2-level driving assistance features reached 64%, with a year-on-year growth of 21.2% in the first three quarters of 2025 [9] - The integration of AI technologies into smart driving systems has accelerated advancements, with new models emerging that enhance driving experiences and product forms [9][10] International Expansion and Localization - In response to intensified domestic competition, Chinese automakers are accelerating their international expansion, with exports reaching 7.098 million units in 2025, a 21.1% increase [11] - Localization strategies are being implemented in key markets such as Southeast Asia and Europe, with several Chinese brands establishing manufacturing bases to enhance competitiveness [12] - Collaborations with multinational companies are facilitating the entry of Chinese automotive supply chains into global markets, strengthening China's position in the global automotive value chain [12] Market Competition Restructuring - The introduction of compliance guidelines aims to curb price wars and establish a more orderly competitive environment in the automotive industry [13] - Measures to address "involution" in the market have begun to take effect, with a shift from price competition to a focus on technology, quality, and service [13][14] - The automotive industry is transitioning from a phase of scale expansion to one of quality enhancement, necessitating a comprehensive approach to market regulation and competition [15]