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 ...

Group 1 - The core viewpoint of the article emphasizes the integration of artificial intelligence into the manufacturing sector, which is seen as a crucial path for developing new productive forces and building a modern industrial system [1] - The discussion highlighted that the most revolutionary driving force for the transformation and high-quality development of the manufacturing industry will come from the field of artificial intelligence [1] - Representatives from various manufacturing companies addressed topics such as "AI + manufacturing," supply chain collaboration, and international expansion during the event [1] Group 2 - The event was organized by the China Journalists Association and featured discussions with key figures from the manufacturing industry [1] - Following the discussion, attendees visited the "Building a Strong Country Road - Achievements of China's Manufacturing during the 14th Five-Year Plan" exhibition at the National Museum of China [1]

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]

证券日报网1月20日讯，博俊科技（300926）在接受调研者提问时表示，公司一体化压铸主要客户有理 想汽车、吉利汽车、极氪、赛力斯（601127）、比亚迪（002594）、零跑、北汽新能源(享界)等主机 厂。 ...

国海证券研报指出，受益问界新车交付放量，赛力斯2025年12月单月销量突破6万辆，2025年全年销售 43.0万辆，同比+10.5%。2026年全新SUVM6有望延续爆款趋势，带动公司销量创新高。2025年12月9 日，鸿蒙智行"在一起"活动中，公布赛力斯2026年将推出全新SUVM6。结合公司打造M8/M7爆款的能 力，预计M6有望延续爆款趋势，继续提振公司2026年销量及营收。同时，公司其他车型也有望进行改 款，带动销量和利润提升。公司旗下问界高端化车型精准定位高净值客户人群，成功打造M9、M8等高 端车型。鉴于公司2026年新车及改款车型有望复刻其爆款逻辑，上调至"买入"评级。 ...

Group 1: BYD / Passenger Vehicles - BYD reported a total sales volume of 4.6024 million vehicles in 2025, representing a year-on-year increase of 7.73% despite a monthly sales decline of 18.3% in December 2025 [3][4] - The sales of the high-end model "Fangchengbao" surged by 345.5% year-on-year in December 2025, with annual sales reaching 235,000 units, indicating a strong performance in the high-end market segment [4] - BYD's overseas sales reached 1.0496 million units in 2025, a year-on-year increase of 145%, solidifying its position as the global leader in the new energy vehicle market [4][5] Group 2: Kangnuo Ya-B / Biopharmaceuticals - Kangnuo Ya's innovative biological agent, Kangyueda, has been included in the national medical insurance reimbursement list, enhancing patient accessibility and reducing financial burdens [6][7] - The drug shows significant efficacy in treating moderate to severe atopic dermatitis, with response rates of 92.5% and 77.1% for EASI-75 and EASI-90, respectively [7] - Revenue projections for Kangnuo Ya are estimated at 741 million yuan for 2025, increasing to 1.9 billion yuan by 2027, with a "buy" rating assigned based on the growth potential of its innovative product pipeline [8] Group 3: Lithium Carbonate and Glyphosate Industry - The lithium carbonate price increased by 14.69% week-on-week, reaching 140,500 yuan per ton, driven by strong demand in the energy storage sector [17] - Glyphosate prices rose by 4.78% week-on-week, reflecting a recovery in demand and a tightening supply situation in the market [17][12] - The chemical industry is expected to experience a revaluation due to supply-side changes and a potential shift towards higher dividend yields as capacity expansion slows [12][13] Group 4: Shenli Environment / General Equipment - Shenli Environment is focusing on expanding production capacity and overseas markets, with a significant increase in orders for high-efficiency liquid cooling equipment [36][38] - The company aims to enhance its product delivery capabilities through the establishment of new intelligent production lines, ensuring timely and high-quality order fulfillment [38] - The data service segment is projected to become a core growth driver, with substantial order growth expected in the coming years [40][41] Group 5: Textile and Apparel Industry - The textile manufacturing sector is expected to improve as tariff impacts wane, with a focus on leading manufacturers benefiting from stable operations and improved order flows [43][44] - The domestic sports footwear and apparel market is showing signs of recovery, particularly among high-end brands, with expectations for accelerated growth in 2026 [44] - The luxury goods market in China is gradually recovering, driven by wealth effects and improved retail performance, with a projected growth of approximately 4% in 2026 [45]