2025年11月26日，由《经济观察报》主办的"2024—2025年度受尊敬企业年会"在北京香格里拉大饭店举 行。本届年会以"智创未来，向新而行"为主题，汇聚了百余位知名学者、企业家及高管，共同探讨在数 字经济浪潮与新质生产力动能澎湃的当下，中国企业如何锚定国家战略，以创新破局攻坚，重塑商业文 明的价值标尺，找到穿越周期的长青之力。 年会现场致敬了"2024—2025年度受尊敬企业"及"受尊敬领航企业"。这些企业是基于对数千家企业和数 十个关键行业的深度调研，从优质运营、创新突破、公众信赖、社会贡献、年度影响等五大维度挑选出 的过去一年对中国经济、社会有重要影响的企业。我们认为包括安踏、比亚迪（002594）、华为、京 东、美团、青岛啤酒（600600）、中国平安、中国飞鹤等企业配得上被称为"2024—2025年度受尊敬企 业"。同时，在各自领域有着特别贡献的海尔智家（600690）、天齐锂业（002466）、普洛斯中国等企 业是值得"受尊敬领航企业"。 这些受人尊敬的企业涵盖了从消费到制造、从科技到金融的多个领域，特别是其中以高端制造和硬科技 为核心的产业梯队，已成为驱动增长的中坚力量，构成了中国高质量发展 ...

Core Insights - The 2025 Guangzhou International Auto Show, known as a barometer for the automotive industry, commenced on November 21, 2023, with a theme of "New Technology, New Life" [1] - The exhibition covers an area of 220,000 square meters, featuring 1,085 vehicles, including 93 global debuts and 629 new energy vehicles, accounting for nearly 58% of the total [1] - The trends of "differentiated competition" and "ecological integration" are prominent, with domestic brands showcasing their strength through dedicated exhibition spaces [1][3] Domestic Brands - BYD showcased its flagship models, including the Han L and Tang L, with prices starting at 194,800 yuan after subsidies, and the global debut of the Yangwang U9 Xtreme [3] - GAC Group highlighted its achievements over the past year, unveiling the A800, a flagship sedan developed in collaboration with Huawei, featuring advanced driving and cockpit systems [3][4] - Chery presented 34 models, focusing on new energy vehicles, with the Wind Cloud T9L set to launch in Q2 2026 [4] Joint Ventures and Foreign Brands - Joint ventures are intensifying their focus on local market demands, with brands like Mercedes-Benz and Volkswagen introducing new plug-in hybrid models [5][6] - Mercedes-Benz showcased 29 models, including the AMG GT XX concept and new electric vehicles, while Volkswagen plans to launch 21 new energy models by 2027 [6] - GAC Toyota aims to return to a production and sales scale of one million vehicles by 2028, with a target of over 800,000 units in 2026 [6] Industry Trends - The collaboration between automotive companies and technology firms is becoming a trend, with Huawei independently exhibiting its smart automotive solutions [2][8] - The automotive industry is shifting towards a model where vehicles are seen as intelligent mobile spaces, emphasizing the integration of chips, software, and ecosystems [9] - The next three years are expected to see diverse development trends in the domestic car market, with a focus on large family SUVs and personalized vehicles [9]

Core Viewpoint - The company, Huitong Co., has established deep collaborations with several well-known clients and brands, including BYD, Seres, Changan, SAIC Volkswagen, and FAW Volkswagen [2] Group 1 - Huitong Co. is actively engaging with major automotive brands, indicating a strong position in the industry [2] - The partnerships with these renowned clients suggest potential growth opportunities for Huitong Co. in the automotive sector [2]

Group 1 - The Hang Seng Index has risen by 1.15%, with the Hang Seng Tech sector leading the gains, followed by healthcare, internet, and consumer sectors, while banks are relatively weak [1] - The consumer sector opened high and has maintained a strong position, currently up by 1.88%. Notable stocks include Xiaomi Group up by 5.33%, Baidu Group up by 3.94%, and Kuaishou up by 3.5%, with several others like Alibaba, SMIC, and BYD also showing gains around 2% [3] - The healthcare sector has also seen significant gains, currently up by 1.95%. Key performers include Kangfang Biotech up by 4.98%, CSPC Pharmaceutical up by 4.37%, and China Biologic Products up by 3.79% [3] Group 2 - The banking sector experienced a sharp decline at the open but has since rebounded slightly, currently up by 0.42%. Notable increases include Citic Bank up by 2.34%, with nearly ten other banks like Qingdao Bank and Agricultural Bank also rising over 1% [3] - Some banks, such as Zhengzhou Bank and Everbright Bank, are experiencing slight declines despite the overall sector rebound [3]

本报记者 殷高峰 近日，《证券日报》记者从隆基绿能科技股份有限公司（以下简称"隆基绿能"）获悉，该公司联合苏州大学、西安交通大 学等研究团队在硅基叠层电池研究方向有了重要进展，其研发的商业尺寸硅片级柔性晶硅—钙钛矿叠层电池效率达29.8%。该 电池效率获德国弗劳恩霍夫太阳能研究所认证，成为全球首个获权威认证的该类型电池效率世界纪录。这一成果近日在线发表 在权威学术期刊《Nature》上。 据《证券日报》记者了解，车企也在积极推动车载光伏的发展。比亚迪股份有限公司（以下简称"比亚迪"）推出的智能太 阳能车顶技术已经应用在2025款汉DM-i与秦PLUS DM-i车型上。该项技术的核心是比亚迪自研的异质结电池（HJT）方案，通 过纳米级蚀刻工艺，将光电转换效率提升至23.18%，在理想光照条件下，车辆静置八小时即可补能50公里至70公里。 为此，研究团队创新构建了"疏松加致密"的双层缓冲层结构，其中疏松层能像弹簧床垫一样吸收机械应力，致密层则确保 高效的电荷传输。这一设计有效化解了应力缓冲与高效传输的矛盾。 基于该技术，研究团队研制出厚度仅60微米的超薄全硅片柔性叠层器件。该器件不仅实现了近30%的转换效率，还可 ...

Core Insights - BYD is actively participating in COP30, showcasing its electric vehicles as symbols of low-carbon transportation and contributing to the global dialogue on climate change [1][2]. Group 1: Technological Innovations - BYD emphasizes the importance of electric vehicle adoption as a key pathway for carbon reduction in the transportation sector, leveraging its fifth-generation DM super hybrid technology and megawatt fast charging to facilitate the transition from traditional fuel vehicles [2]. - The fifth-generation DM super hybrid technology has achieved a fuel consumption rate of 2.6L/100km, significantly reducing carbon emissions [2]. - The megawatt fast charging technology allows for a rapid charge of 5 minutes to enable a travel range of 400 kilometers, enhancing the accessibility of electric vehicles [2]. Group 2: Market Performance in Brazil - BYD has achieved a cumulative sales figure of over 87,000 vehicles in Brazil from January to October 2025, with an 80% market share in pure electric models and 25% in hybrid models [3]. - In less than three years, BYD's total sales in Brazil have surpassed 180,000 vehicles, setting an industry record [3]. - A recent report indicates that BYD has become the most satisfying automotive brand for Brazilian consumers, surpassing major brands like Fiat, Honda, and Volkswagen [3]. Group 3: Global Expansion and Recognition - BYD's global footprint extends to 117 countries and regions, with overseas sales of passenger cars and pickups exceeding 785,000 units from January to October 2025, marking a historical high [4]. - The company has established an 8-vessel roll-on/roll-off fleet to support its global strategy for efficient product distribution [4]. - BYD has been recognized in the Kantar BrandZ Top 10 Global Automotive Brands for three consecutive years and ranked 91st in the Fortune Global 500 [4].

这里是巴西北部的雨林门户，交通网络原本并不发达，但在大会期间，130台比亚迪新能源车组成接驳车队，穿梭 于场馆与酒店之间，稳健地接送着各国元首和与会代表。 它们驶过之处，不排放一丝尾气，以实际行动向世界诠释着"低碳出行"的真实含义。 贝伦街头的比亚迪新能源汽车。新京报贝壳财经记者陶野摄 在亚马孙雨林的门户城市——贝伦，街头行驶的是一辆辆中国新能源汽车比亚迪。它们车身印着COP30（联合国 气候变化框架公约第三十次缔约方大会），正成为这场气候大会最活跃的移动名片。 深耕巴西，绿色足迹赢得市场认可 比亚迪在巴西市场以卓越产品力与服务赢得广泛信赖。2025年1-10月，比亚迪在巴西累计销量突破8.7万辆，纯电 车型市占率高达80%，混动车型占比25%。不到三年时间，比亚迪在巴西销量已突破18万辆，创下行业纪录。 根据巴西专业研究消费者习惯的权威机构Decoupling的最新报告，比亚迪在2025年第一季度超越了包括菲亚特、 本田、现代、大众、福特等在内的11大主流汽车品牌，成为巴西消费者满意度最高的汽车品牌。这项基于上万条 真实评价的严谨分析显示，比亚迪不仅综合评分高居榜首，更在17个评分项中的10项进入前三。 作 ...

Group 1 - The core viewpoint of the news is that Anhui Yuanzheng Transmission Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange after completing the counseling filing with the Anhui Securities Regulatory Bureau [2] - The company was established in 2011 with a registered capital of 53 million yuan, focusing on the research, production, and sales of high-performance special cables and cable components [2] - The actual controller of the company is Chairman and General Manager Wu Benxi, who directly holds 83.97% of the shares and indirectly holds 3.21% through an employee stock ownership platform, totaling 87.18% [2] Group 2 - In terms of performance, the company's revenue for 2023 and 2024 is projected to be 384 million yuan and 594 million yuan, respectively, while the net profit attributable to shareholders is expected to be 45.77 million yuan and 37.38 million yuan [2] - The company is experiencing a situation of increasing revenue but decreasing profit in 2024 [2] - The revenue from BYD Co., Ltd. accounted for 82.59% and 88.36% of the company's total revenue in the respective periods, indicating a high customer concentration [3]

Core Insights - BYD Company Limited, a significant player in the electric vehicle and battery manufacturing industry, is headquartered in China and is expanding globally, competing with major manufacturers like Tesla and NIO [1][2] Financial Performance - On November 26, 2025, BYD reported earnings per share of $0.11, below the estimated $0.19, with revenue at approximately $27.41 billion, falling short of the expected $38.52 billion due to price wars in the Chinese market and export challenges [2][6] - The company's financial metrics indicate a price-to-earnings (P/E) ratio of approximately 36.33, a price-to-sales ratio of about 0.92, and an enterprise value to sales ratio of around 0.83, reflecting its market valuation relative to sales [4] - The enterprise value to operating cash flow ratio is approximately 22.05, with an earnings yield of about 2.75%, and a debt-to-equity ratio of approximately 0.13, indicating a relatively low level of debt compared to equity [5] Future Outlook - There is optimism for 2026, with expectations of improved margins and cash flow driven by increased exports and new overseas manufacturing operations, alongside advancements in autonomous vehicle technology and ventures into robotaxi services and humanoid robots [3][6]

2025年车市收官在即，全球车企的三季报把"东升西降"的剧本演得明明白白。 外资巨头集体"掉链子"，中国车企却逆势狂冲，差距正在肉眼可见地缩小。 外资阵营，奔驰、本田、通用、特斯拉销量纷纷下滑；利润方面，奔驰、大众、本田降超五成，连 赚钱能手丰田都跌了16%。 反观中国阵营，比亚迪、奇瑞、上汽们销量两位数暴涨，尤其是比亚迪326万辆的成绩距全球第四 仅一步之遥，净利润双双破百亿。 | | | 2025年前三季度全球主流车企销量及营收情况 | | | | --- | --- | --- | --- | --- | | 企业名称 | 销量(万辆) | 同比增减 | 营业收入 | 同比增减 | | 丰田汽车 | 835.8 | 6% | 16723.8 | 8% | | 大众集团 | 660.4 | 1% | 19551.3 | 1% | | 斯特兰蒂斯 | 402.4 | -2% | 9131.2 | -6% | | 福特 | 331.2 | 1% | 10024.3 | 3% | | 现代汽车 | 310.5 | 13% | 6754.3 | 8% | | 道用 | 286.2 | -4% | 9907.7 | ...