根据TrendForce集邦咨询表示，存储器步入强劲上行周期，导致整机成本上扬，并将迫使终端定价上 调，进而冲击消费市场。该机构下修2026年全球智能手机及笔记本电脑的生产出货预测，从原先的年增 0.1%及1.7%，分别调降至年减2%及2.4%。此外，若存储器供需失衡加剧，或终端售价上调幅度超出预 期，生产出货预测仍有进一步下修风险。 消息面上，2025年下半年以来，全球存储芯片行业迎来了一场罕见的普涨行情。近日，有媒体报道称， 多家手机厂商已经暂缓了本季度的存储芯片采购。OPPO、vivo等厂商库存普遍低于两个月，部分厂商 DRAM库存低于三周，在犹豫是否接受原厂接近50%的涨幅报价。 手机产业链全线走低，截至发稿，丘钛科技(01478)跌7.12%，报9.91港元；高伟电子(01415)跌4.8%，报 27.36港元；鸿腾精密(06088)跌4.64%，报4.93港元；比亚迪（002594）电子(00285)跌3.24%，报32.9港 元。 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [8]. Core Insights - The report emphasizes that intelligence will be a key theme in the market for 2026, with investment opportunities extending beyond smart driving to areas like Robotaxi. A data closed loop is identified as the core starting point for achieving full-stack self-research, which differs fundamentally from mere data collection [1][3]. - The establishment of a data closed loop is crucial for filtering effective information from massive data, enabling machines to understand data, feedback to correct models, and perform OTA updates for secondary verification. This requires not only data ownership but also the ability to identify data gaps and utilize data to enhance models [1][3]. - The report suggests that the scale of the data closed loop team (e.g., whether it reaches a hundred members) and related investments should be key indicators for assessing a company's commitment and capability for self-research [1][3]. Summary by Sections Data Closed Loop - The report highlights that when algorithm models are truly driven by PB-level data, it will create a competitive barrier that is difficult to replicate. Even if competitors acquire model architectures or poach key personnel, lacking a substantial underlying data accumulation will hinder their ability to replicate similar algorithm capabilities in the short term [2][4]. - Building a solid data closed loop is expected to provide companies with a certainty of competitive advantage for six months to a year. Companies like Xiaopeng, Li Auto, and Huawei are noted to have established a leading advantage in the smart driving sector, with a high degree of technical moat [2][4]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies that represent the trend of intelligence like Huawei's HarmonyOS. Attention is also drawn to companies like JAC Motors and Seres, with specific recommendations for Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2]. - For state-owned enterprise integration, the report suggests monitoring SAIC Motor, Dongfeng Motor Group, and Changan Automobile. Additionally, it highlights component companies with strong performance growth and capabilities for overseas expansion, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [2].

Core Viewpoint - BYD's stock price has shown a decline recently, with a notable drop in trading volume and net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Financial Performance - As of September 30, 2025, BYD reported a revenue of 566.27 billion yuan, representing a year-on-year growth of 12.75%. However, the net profit attributable to shareholders decreased by 7.55% to 23.33 billion yuan [3]. - The company has cumulatively distributed dividends of 27.86 billion yuan since its A-share listing, with 24.41 billion yuan distributed in the last three years [4]. Stock Market Activity - BYD's stock price has increased by 3.45% year-to-date, but it has experienced declines of 2.64% over the past five trading days, 8.27% over the past 20 days, and 11.32% over the past 60 days [2]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buying amount of 4.07 billion yuan on February 6 [2]. Shareholder Information - As of September 30, 2025, BYD had 642,600 shareholders, an increase of 98.37% from the previous period, with an average of 5,427 circulating shares per shareholder, up by 51.21% [3][4]. - The fourth-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 265 million shares, an increase of 137 million shares from the previous period [4].

【文/观察者网 阮佳琪】 2019年，秘鲁绿色能源企业家路易斯·兹维巴赫（Luis Zwiebach）想买一辆电动汽车，专程飞往4000英 里外的美国加利福尼亚州，试驾美国电动汽车品牌特斯拉的Model 3。但当时，特斯拉在秘鲁没有官方 进口商，他也无法绕开秘鲁复杂的汽车进口流程。 最终好不容易从一名私人进口商手中买下了车，兹维巴赫又遭遇了棘手的充电难题。"因为没有接地装 置，车充不了电，" 他说，"我们找了一把叉子插进土里做接地，这才充上电。" 如今，在秘鲁入手电动汽车已不再困难。据路透社17日报道，随着首都利马北部由中国建造的钱凯港启 用，跨太平洋运输时间被缩短一半，比亚迪、吉利、长城汽车等中国品牌车型大量涌入，销量持续攀 升。 其中，集电动汽车、插电式混合动力汽车和燃油车生产于一体的比亚迪，计划年底前在利马开设第四家 经销商；奇瑞和吉利在秘鲁的经销商总数则已超过12家。而特斯拉仍然缺席，迄今仍未在当地开设展 厅。 "电动汽车在这儿卖得很好，每天能卖出两辆以上，"兹维巴赫在利马告诉路透社。需求增长也帮助他扩 大了可再生能源业务，除了太阳能电池板和再生电梯，他现在还为利马、阿雷基帕的房地产开发商、大 学、购 ...

【文/观察者网 阮佳琪】 2019年，秘鲁绿色能源企业家路易斯·兹维巴赫（Luis Zwiebach）想买一辆电动汽车，专程飞往4000英 里外的美国加利福尼亚州，试驾美国电动汽车品牌特斯拉的Model 3。但当时，特斯拉在秘鲁没有官方 进口商，他也无法绕开秘鲁复杂的汽车进口流程。 南美洲大量采购中国汽车，阿根廷、巴西、智利、秘鲁、乌拉圭、玻利维亚、哥伦比亚、厄瓜多尔。路 透社制图 最终好不容易从一名私人进口商手中买下了车，兹维巴赫又遭遇了棘手的充电难题。"因为没有接地装 置，车充不了电，" 他说，"我们找了一把叉子插进土里做接地，这才充上电。" 如今，在秘鲁入手电动汽车已不再困难。据路透社17日报道，随着首都利马北部由中国建造的钱凯港启 用，跨太平洋运输时间被缩短一半，比亚迪、吉利、长城汽车等中国品牌车型大量涌入，销量持续攀 升。 其中，集电动汽车、插电式混合动力汽车和燃油车生产于一体的比亚迪，计划年底前在利马开设第四家 经销商；奇瑞和吉利在秘鲁的经销商总数则已超过12家。而特斯拉仍然缺席，迄今仍未在当地开设展 厅。 "电动汽车在这儿卖得很好，每天能卖出两辆以上，"兹维巴赫在利马告诉路透社。需求增长也帮助他 ...

业内人士表示，中国的汽车制造商会重点考虑消费者使用便捷性，围绕软件来打造硬件。这与传统的做 法截然不同。 中国的汽车制造商还擅长以低于西方或日本品牌的价格提供高端配置，使更多消费者能够享受到豪华和 高科技的驾乘体验。例如配备先进的驾驶辅助系统、多屏幕的智能驾驶舱设计、面部识别和手势控制， 以及触感柔软、结构坚固的高档内饰材料。 印度马恒达公司汽车部门首席执行官戈拉贡塔说，中国汽车制造商在提供实惠的豪华产品及基于前沿技 术形成更具吸引力的成本方案方面取得了显著成绩。 印度《铸币报》网站11月17日文章，原题：在印度的汽车研发部门，中国车型成为新标杆 走进任何一 家印度主要汽车制造商的车辆研发中心，你都会看到数十款竞争对手的汽车被拆解得只剩下框架，工程 师们仔细检查着每一个电路、螺母和电线。这种"对标"方式有助于企业了解某些车型成功的原因，追踪 技术趋势，并规划自身的产品发展路线图。 如今接受这种显微镜式细查的汽车越来越多来自中国，而非欧洲、日本或美国。曾经那些感觉遥不可及 的车型，如小米SU7、比亚迪海豹、蔚来ET（系列）、极氪7X，如今在拆解区占据主导地位。 在一次私下交流中，一家印度汽车公司的高层管理人员向 ...

Core Viewpoint - The article discusses the brands expected to experience the fastest sales growth in the coming year, focusing on year-on-year comparisons rather than overall sales volume [2]. Group 1: Brand Performance Predictions - BYD is highlighted for its impressive overseas market expansion and the successful launch of its popular model, the Titanium 7, with new technologies expected to enhance market performance next year [4]. - Geely is noted for its stable performance in the fuel vehicle market and successful low-price strategies, particularly with the Galaxy model, which has become a bestseller [4]. - Xiaomi's automotive division is recognized for its strong sales in October and a robust order pool, with expectations for increased sales driven by capacity improvements and new model releases [5]. Group 2: Growth Rate Estimates - Xiaomi is projected to have a significant growth rate, with Goldman Sachs predicting sales of 655,000 units by 2026, representing an approximate growth rate of 87% from a 2025 estimate of 350,000 units [6]. - Other brands like NIO and Li Auto are also expected to rebound quickly, with predictions of substantial growth based on low initial sales bases [8]. - The article mentions that new entrants like Leap Motor could see explosive growth, with estimates suggesting a potential increase of over 2000% in sales [10]. Group 3: Market Dynamics - The article emphasizes that the competitive landscape is shifting, with brands like Xiaomi and Geely employing various strategies to capture market share from established players like BYD [7]. - The rise of A0-level electric vehicles is noted as a significant trend, indicating a complete replacement of fuel vehicles in certain segments [10]. - The importance of product definition and marketing capabilities is highlighted, particularly for Xiaomi, which is expected to leverage its strong brand presence to drive sales growth [10].

近年来，山东港口烟台港开通多条拉美航线，实现了山东省与圭亚那、厄瓜多尔、古巴、苏里南等国家 和地区的海运直达，运输货种高度契合拉美国家基建和民生需求，成为中拉经贸合作的桥梁与纽带。图 为在烟台港蓬莱港区，装载着国产工程车辆的货轮起航驶往拉美。 唐 克摄（人民图片） 在巴西马瑙斯，格力巴西工厂的工人在生产线上焊接冷凝器。 新华社记者 周永穗摄 近日，中国—拉美经贸合作智库论坛在上海举办、第十八届中国—拉美企业家高峰会在河南郑州举办、 2025年中国"智利周"活动（重庆站）在渝启幕、"2025阿根廷企业与沪商面对面"交流活动在上海举 办……近年来，中国与拉美和加勒比国家关系进入平等、互利、创新、开放、惠民的新阶段，交流合作 越加频繁。中拉合作目前呈现怎样的新特点？又面临怎样的挑战？未来发展前景如何？ 量质同步快速增长，呈现多元化特征 中拉经贸合作向更多领域、更高层次扩展，传统领域合作基础牢固，金融、高科技、新能源等领域合作 不断取得新突破 "近年来，中拉贸易量质同步快速增长，而且呈现多元化特征。"中国国际问题研究院拉美和加勒比研究 所所长宋均营说，"中拉贸易曾经集中在能源资源等大宗商品领域，现在开始向先进制造业、 ...

When it comes to getting electric vehicles (EV) exposure, the most recognized name within domestic borders is certainly Tesla. However, BYD Company is a name that more investors should be familiar with, and one of the top ETFs with exposure to BYD is the Amplify Lithium & Battery Technology ETF (BATT). With the fund up over 50% year-to-date, BYD is one of the names that could drive further gains for BATT. BATT currently has just over a 5% allocation to BYD, which is higher versus a comparative ETF like the ...

China's biggest automaker BYD is planning to double it sales network in Europe by the end of next year, a senior executive said on Monday, as part of an aggressive push to penetrate the continent. ...