从资金流向上来看，当日乘用车板块主力资金净流出15.34亿元，游资资金净流入5.13亿元，散户资金净 流入10.21亿元。乘用车板块个股资金流向见下表： 证券之星消息，1月22日乘用车板块较上一交易日下跌0.74%，赛力斯领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。乘用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000572 | 出版中集 | 7.14 | 0.71% | 54.24万 | 3.85 Z | | 601238 | 广汽集团 | 8.21 | 0.37% | 21.83万 | · 1.79亿 | | 002594 | 比亚迪 | 94.12 | 0.02% | 29.10万 | 27.42 Z | | 000625 | 长安汽车 | 11.61 | -0.09% | 49.01万 | 5.69亿 | | 601633 | 长城汽车 | 21.50 | -0.46% | 15.87万 | 3.41 ...

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

1月22日，赛力斯盘中下跌2.00%，截至13:01，报115.90元/股，成交21.46亿元，换手率1.22%，总市值 2018.96亿元。 资金流向方面，主力资金净流出3.96亿元，特大单买入1.48亿元，占比6.91%，卖出3.79亿元，占比 17.67%；大单买入4.27亿元，占比19.89%，卖出5.91亿元，占比27.56%。 赛力斯今年以来股价跌4.18%，近5个交易日跌4.47%，近20日跌3.13%，近60日跌26.96%。 资料显示，赛力斯集团股份有限公司位于重庆市沙坪坝区五云湖路7号,香港铜锣湾希慎道33号利园1期 19楼1922室，成立日期2007年5月11日，上市日期2016年6月15日，公司主营业务涉及赛力斯集团股份有 限公司是一家主要从事新能源汽车及核心三电等产品的研发、制造、销售及服务的中国公司。该公司的 主要产品包括问界系列，产品涵盖新能源汽车和传统燃油车车型。该公司推动数字化用户体验以及维修 服务，推出星夜服务、返程无忧等创新服务，构建线上线下全流程数字+人工智能（AI）服务体系。该 公司的技术创新主要体现在智能增程电动、智能辅助驾驶和智能绿色制造等方面。该公司主要在中国国 ...

除整车业务稳步扩张外，赛力斯亦积极布局前沿科技领域，聚焦具身智能赛道，推动AI技术在移动终 端的产业化落地。中金公司指出，赛力斯在智能辅助驾驶与机器人领域的稳步推进，有望进一步增厚公 司智能化优势，为企业构建起长期的增长动能。 综合考虑新品周期与智能化业务价值增量，中金公司维持赛力斯"跑赢行业"评级，并维持176元的目标 价，彰显其对赛力斯长期发展前景的坚定信心。 2025年，赛力斯新能源汽车销量再攀高峰，以全年超47万辆的成绩创下年度销量新里程碑。旗下核心品 牌问界表现尤为亮眼，全年交付突破42万辆，成功登顶国产豪华品牌榜首。国海证券在最新研报中指 出，赛力斯业绩增长的核心驱动力，来自于问界新车型的持续热销与高端化战略的有效落地，这一爆款 逻辑有望延续至后续新车及改款车型，驱动公司销量进一步攀升，上调至"买入"评级。 截至目前，问界全系累计交付已突破100万辆，全面占据高端市场高地，成为该领域极具标杆性的品 牌。其中，问界M9累计交付超27万辆，累计21个月稳居50万级销冠；问界M8连续6个月稳居40万级车 型销冠；问界M7累计交付超40万辆，市场表现强劲。 中金公司分析认为，问界品牌力已获充分验证，这为产 ...

新华社北京1月21日电（唐诗凝、王舒一）中国记协21日在京举办新闻茶座，邀请国家制造强国建设战 略咨询委员会副秘书长曾建平、中国建材集团副总经理王于猛、中铁工程装备集团副总经理王俊龙、格 力电器副总裁朱磊、赛力斯集团品牌公关总监郭锋围绕"智造未来 链动世界"主题，与境内外记者进行 交流探讨。 曾建平表示，人工智能正加速渗透制造业的各个环节，二者的深度融合已经成为发展新质生产力、构建 现代化产业体系的重要路径。面向未来，无论是制造业的转型升级还是高质量发展，最关键、最具革命 性的推动力量都将来自人工智能领域。 四位制造业企业代表就"人工智能+制造"、产业链供应链协同、企业出海等话题回答了中外记者提问。 新闻茶座结束后，集体赴中国国家博物馆参观了"筑基强国路——中国制造'十四五'成就展"。 ...

中国经济网致电问界了解详情，问界工作人员回应称，会反馈到相关部门进行跟进。截至发稿时记者暂 未收到回复。 公开资料显示，AITO，中文名问界，是2021年12月2日发布的高端智慧汽车品牌，所属公司为赛力斯 （601127）集团股份有限公司。2021年12月2日，赛力斯在重庆两江智慧工厂正式发布全新高端智慧汽 车品牌AITO。 天眼查工商信息显示，赛力斯集团股份有限公司(曾用名：重庆小康工业集团股份有限公司)，成立于 2007年，位于重庆市，是一家以从事汽车制造业为主的企业。企业注册资本163336.6086万人民币，实 缴资本52599.9966万人民币。 习女士表示，4S店在分析数据后认为车辆并非存在质量问题，气囊的爆开也属于合理范畴，并不应承 担责任。 中国经济网北京1月21日讯(记者马先震)青岛广播电视局旗下《点时新闻》19日报道显示，1月19日，江 苏无锡的习女士驾驶问界M8驶入地下车库时，由于驾驶不当导致车辆右侧翼子板周边撞击墙体，撞击 时车速为15公里每小时，车辆主、副驾驶安全气囊爆开，习女士因此头部受到巨大冲击，颈部、额头等 部位痛感明显，经医生诊断为脑震荡。习女士认为，这辆M8是刚购买的，仅开 ...

市场规模实现跨越式增长。截至2025年末，重庆境内上市公司达78家，较2020年末增长36.84%，总市值约1.2万亿 元，28家公司市值破百亿元。"十四五"时期，重庆企业累计股债融资9719.86亿元，科创债、绿色债等创新融资工 具不断涌现，落地多项全国及区域首单产品，知识产权证券化（ABS）产品票面利率创同类历史新低。政策体系 持续完善，"千里马"行动等专项计划推动企业上市与不动产投资信托基金（REITs）发展。 证券时报记者 唐强 在助力西部金融中心建设方面，行业机构实力持续增强，西南证券等机构投融资服务规模可观，期货法人机构数 量与客户规模居西部第一。区域性股权市场创新试点落地，"保险+期货"项目常态化开展，深度融入成渝地区双城 经济圈等重大战略，上市公司境外业务收入大幅增长，对外开放水平持续提升。 "十四五"时期，重庆资本市场紧抓成渝地区双城经济圈建设与西部金融中心崛起的时代机遇，以服务实体经济为 根基，通过政策协同、主体培育、功能升级与风险防控多维发力，交出了一份规模与质量齐升的亮眼答卷，打造 了西部资本市场创新发展的"重庆样本"。 产业结构加速优化升级。重庆资本市场精准赋能科技创新，新增境内上市 ...

Core Insights - During the "14th Five-Year Plan" period, the company has focused on high-end intelligent connected new energy vehicles, achieving significant improvements in operational efficiency and brand value, establishing itself as a benchmark for high-quality development in Chongqing [1] - The company has invested over 30 billion yuan in R&D, creating a core technological barrier with its proprietary "Magic Cube Technology Platform," which is the world's first full-stack multi-power compatible platform, leading in oil-electric conversion efficiency [1] - The company has built three super factories with 100% automation in key processes and 100% automatic data collection for quality monitoring [1] - In 2025, the company successfully completed the acquisition of 100% equity in Longsheng New Energy, enhancing its strategic layout for digital intelligent electric vehicle factories [1] - The company achieved sales of 472,000 new energy vehicles in 2025, with revenue of 110.534 billion yuan and a net profit of 5.312 billion yuan in the first three quarters [1] - The company's "Wenjie" series has effectively broken the monopoly of foreign luxury brands, and its supply chain ecosystem has been optimized, reducing response time to within 20 minutes [1] - The company has entered over 70 countries and regions, with cumulative exports exceeding 550,000 units [1] Capital Operations - In November 2025, the company made a significant breakthrough in capital operations by listing on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to be listed in both A-share and H-share markets, raising a net amount of approximately 13 billion yuan, with 70% allocated for R&D investment [2] - Looking ahead to the "15th Five-Year Plan," the company plans to leverage its dual capital platforms to continue increasing R&D investment, solidifying its position in the high-end market, and aims to significantly increase export volumes through the "Yuchai Outbound" plan, contributing to Chongqing's goal of becoming a hub for intelligent connected new energy vehicles [2]

Market Overview - The three major A-share indices collectively closed lower on January 20, with a total market turnover of approximately 2.8 trillion yuan, and over 2,200 stocks rose, including 63 stocks hitting the daily limit [1] Institutional Ratings - A total of 11 buy ratings were issued by institutions today, covering 9 stocks, with Hunan YN and Keda receiving 2 buy ratings each [2] - Among the stocks with buy ratings, 6 companies provided earnings forecasts for 2025, with Hunan YN expected to see a net profit increase of 114.81% year-on-year, followed by Zhenyu Technology and Keda with expected increases of 106.74% and 59.82% respectively [2] Industry Focus - The power equipment industry was the most favored by institutions, with 4 stocks including Hunan YN and Keda listed [2] - The automotive and food & beverage industries also attracted institutional attention, each having 2 stocks featured [2] Institutional Trading - In the top trading list, 17 stocks had net buying amounts exceeding 10 million yuan, with Hunan Baiyin leading at 80.83 million yuan, followed by Tongyu Communications at 55.55 million yuan [4] - Among the net selling stocks, Sanwei Communication faced the highest net sell of 194 million yuan [4] Northbound Capital - 12 stocks on the northbound trading list saw net buying, with Tongyu Communications leading at 97.57 million yuan, followed by Tiantong Co. and Hunan Baiyin, both exceeding 60 million yuan [6] Company Announcements - ST Saiwei (300044) announced an expected net profit loss of 720 million to 1.02 billion yuan for 2025, influenced by litigation and arbitration judgments [7] - Kangxin New Materials (600076) plans to acquire 51% of Wuxi Yubang Semiconductor Technology for 392 million yuan, marking its expansion into the semiconductor sector [8] - Huadian Technology (601226) signed a procurement contract worth approximately 374 million yuan for a wind-solar hydrogen project [8] - China Merchants Energy (601872) plans to build 4 container ships with a total investment of up to 1.324 billion yuan [9] - Anhui Construction (600502) received project bids totaling 13.76 million yuan for two projects [9]

Investment Highlights - The passenger car sector is expected to see a recovery in Q1 2026 due to the implementation of subsidy policies, with a focus on high-end electric vehicles that are less sensitive to policy changes, such as Jianghuai Automobile, Geely, Great Wall Motors, BAIC Blue Valley, Seres, and Li Auto [2][7] - For exports, priority should be given to leading companies with established overseas systems and proven execution capabilities, including BYD, Great Wall Motors, Chery, Leap Motor, Xpeng, SAIC Motor, and Changan Automobile [2][7] Heavy Truck Sector - In 2025, wholesale heavy truck sales reached 1.144 million units, up 26.8% year-on-year, with domestic sales of 799,000 units, up 32.8%, and exports of 341,000 units, up 17.2% [3][37] - The expected domestic sales for heavy trucks in 2026 is optimistic, projected at 800,000 to 850,000 units, a 3% increase year-on-year [3][37] - Recommended leading heavy truck companies include China National Heavy Duty Truck Group, Weichai Power, Foton Motor, FAW Jiefang, and CIMC Vehicles [3][37] Bus Sector - The implementation of the vehicle replacement policy in 2026 is slightly better than expected, with bus sales in 2025 projected at 38,000 units, a 25% increase year-on-year [3][37] - For 2026, bus sales are expected to grow to 40,000 units, a 5% increase year-on-year, supported by the number of buses over eight years old that need replacement [3][37] - Recommended leading bus companies include Yutong Bus, King Long Motor, and Zhongtong Bus [3][37] Motorcycle Sector - The motorcycle industry is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with large-displacement motorcycles expected to reach 1.26 million units, a 31% increase [4][34] - Domestic sales of large-displacement motorcycles are expected to grow slightly to 430,000 units in 2026, a 5% increase year-on-year, while exports are projected to reach 830,000 units, a 50% increase [4][34] - Recommended leading motorcycle companies include Chunfeng Power and Longxin General [4][34]