Core Viewpoint - The article discusses the public announcement of the candidates for the 2026 annual energy storage system framework procurement by China General Nuclear Power Group (CGN) [3]. Group 1: Procurement Details - The procurement involves six segments, each with a capacity of 1.2 GWh, totaling 7.2 GWh [4]. - The bidding price range for the six segments is between 0.491 yuan/Wh and 0.52995 yuan/Wh [5]. - The first candidates for each segment and their respective prices are as follows: - Segment 1: Envision Energy Co., Ltd. at 0.495 yuan/Wh - Segment 2: BYD Auto Industry Co., Ltd. at 0.507 yuan/Wh - Segment 3: CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. at 0.491 yuan/Wh - Segment 4: Nanjing NARI Group at 0.52995 yuan/Wh - Segment 5: Beijing Tiancheng Tongchuang Electric Co., Ltd. at 0.52265 yuan/Wh - Segment 6: Shenzhen Kelu Electronics Technology Co., Ltd. at 0.515 yuan/Wh [5][6]. Group 2: Bidder Requirements - Bidders must participate in all six segments and cannot have different quotes for the same model and technical requirements across different segments; otherwise, their bids will be disqualified [7]. - Bidders must meet performance requirements for both grid-connected and off-grid energy storage equipment [8]. - Specific performance requirements include: - For off-grid equipment: at least 50 MWh operational performance over the last three years, with battery units having at least 500 MWh operational performance, and energy storage inverters with at least 20 MW operational performance. - For grid-connected equipment: at least 1 GWh operational performance over the last three years, with at least one project having 200 MWh operational performance, and similar battery and inverter requirements as above [9]. Group 3: Contract Validity - The framework contract is valid from January 2026 to January 2027 [10].

Group 1 - ByteDance's chip team is starting large-scale recruitment in cities like Beijing, Shanghai, and Shenzhen, focusing on chip architecture and SoC design to enhance performance and reduce computing costs [2][3] - The team has successfully completed multiple chip tape-outs and several projects have entered mass production, utilizing advanced semiconductor processes [2][3] Group 2 - GigaAI launched GigaBrain-0.5M*, a new generation model that enhances embodied intelligence capabilities, achieving stable performance in real-world tasks [3] - The model aims to redefine the capabilities of physical AI, moving from "can do" to "do well and do steadily" [3] Group 3 - The global billionaire rankings have shifted, with Nvidia's CEO Jensen Huang dropping out of the top ten, his wealth decreasing to $151 billion, a drop of over $3 billion this year [6][7] - Other tech billionaires, including Larry Ellison and Jeff Bezos, have also seen significant wealth reductions, while the Walton siblings have entered the top ten with a combined net worth of $465.8 billion [6][7] Group 4 - The car rental market has seen a surge in demand, particularly for new energy vehicles, with rental bookings increasing by 600% during the Spring Festival period [8] - The trend indicates a growing preference for smart and green vehicles among consumers [8] Group 5 - Keda Xunfei's president announced that the AI office product is expected to generate over 1 billion yuan in revenue by 2025, with significant overseas sales [8] - The company is focusing on enhancing its AI capabilities amid increasing competition in the global AI industry [8] Group 6 - OpenAI has officially retired the GPT-4o model, pushing users towards the more expensive GPT-5 model, which has led to dissatisfaction among users accustomed to the previous model's flexibility [8] - The transition aims to guide users towards more advanced capabilities while adjusting pricing strategies [8] Group 7 - Baidu's Kunlun Chip has submitted a confidential listing application to the Hong Kong Stock Exchange, with plans to prioritize existing shareholders for investment opportunities [8] - The company is expected to start investor roadshows after the Spring Festival, with a post-financing valuation of 21 billion yuan [8] Group 8 - The Chinese automotive industry reported a significant increase in new energy vehicle exports, with January 2026 exports reaching over 300,000 units, a year-on-year growth of 100% [13] - Domestic sales, however, saw a decline, indicating a shift in market dynamics [13]

Core Insights - The article emphasizes the importance of practical learning experiences in cutting-edge technology sectors, highlighting the value of direct engagement with leading companies and experts in the field [12][24][46]. Schedule Overview - The schedule for 2025 includes visits to major technology companies such as Huawei, BYD, Tencent, and others, focusing on sectors like artificial intelligence, new energy, and biotechnology [23][24][61]. - Specific events are planned, including closed-door investment research meetings and thematic explorations of emerging industries [8][9][10]. Learning Experience - Participants will engage in deep explorations of technology companies, gaining insights into the full chain of development from laboratory to industrialization [12][24]. - The program aims to provide practical empowerment through discussions on technology trends, emerging industry ecosystems, and innovative business strategies [12][24]. Participant Feedback - Feedback from participants indicates that the program significantly enhances their understanding of macroeconomic trends and investment opportunities, fostering a community of like-minded entrepreneurs [41][46][47]. - Participants express appreciation for the unique learning environment that combines theoretical knowledge with real-world applications [46][47].

然而更魔幻的是，这份名单刚提交给《联邦公报》准备公示， 短短时间内就被官方紧急撤回 ，全程没有给出 任何理由，五角大楼对此拒绝置评。 该清单虽非直接制裁，但会禁止美国国防部与名单内企业开展合作。 前脚刚拉黑，后脚就撤销 ， 动作仓促、 逻辑混乱，更像是一场 目的性极强的政治试探 。 外界普遍认为，此举是为特朗普两个月后访华提前造势施压，结果发现操作太草率，只能紧急 "撤回止损"。 2 月 14 日，美国五角大楼上演了一出让全世界哭笑不得的 光速变脸 。 美方先是突然发布新版 "中国军方企业清单"，将 阿里巴巴、比亚迪、百度、药明康德、速腾聚创 等多家中国 企业列入，同时将长江存储从名单中剔除。 (参考：thenationalnews ) ...

Group 1 - BYD and Geely are reportedly shortlisted for the acquisition of the Nissan-Mercedes-Benz factory in Mexico [1] - The factory, located in Guanajuato, Mexico, primarily produces the Mercedes GLB and Nissan Sentra models, and has established production qualifications and supply chain support [1] - The strategic location of the factory allows it to serve both North and South American markets, which is a key factor attracting Chinese automakers [1] Group 2 - The acquisition interest comes amid increased layoffs and factory shutdowns in Mexico due to U.S. tariff policies [1] - Chinese companies are actively seeking to establish manufacturing bases in Mexico as part of their expansion strategy [1]

近期事件 经济观察网 比亚迪股份（1211.HK）近期股价表现强劲，截至2026年2月13日，股价连续5个交易日上 涨，重回100港元以上，总市值约9035亿港元。资金流向方面，2月11日A股比亚迪（002594.SZ）主力 资金净流入2.47亿元，股价上涨2.04%至92.66元/股。2026年1月公司销量为21万辆，其中海外销量达10 万辆，同比增长51.5%，占总销量比重提升至48%，但国内销量承压，同比下滑30.1%。 机构观点 花旗银行于2026年2月11日发布报告，予以比亚迪"买入"评级，目标价174港元，指出未来关键变量是2 月底至3月初的新产品定价策略。长江证券在2月12日的研报中维持"买入"评级，认为随着海外扩张和高 端车型投放，公司盈利能力有望提升。深度研报分析显示，比亚迪凭借垂直整合与全球化布局，2026年 海外销量目标为160万辆，技术迭代（如e平台3.0）将巩固竞争优势。 比亚迪于2026年2月14日发布宋Ultra EV，配备710km续航与L2+智能驾驶，起售价25万元，旨在强化中 高端纯电SUV市场竞争力。行业层面，春节假期新能源车充电量创新高，单日峰值超3400万千瓦时，充 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [2] Core Insights - In January 2026, China's new energy vehicle (NEV) exports doubled year-on-year, reaching a historical high for the month, with a growth rate of 103.6%. NEVs accounted for 49.6% of total exports, an increase of 12.5 percentage points year-on-year. BYD led the exports with nearly 100,000 units, while traditional automakers like Geely, Chery, and SAIC also saw over 200% growth in NEV exports [3][25][22]. Summary by Sections New Energy Vehicle Exports - In 2025, China's NEV exports grew by 70%, with plug-in hybrid vehicles (PHEVs) being the core growth driver. The growth rate for PHEVs was 127.5%, significantly higher than the 32.5% for pure electric vehicles (EVs) [14][15]. - January 2026 saw NEV exports reach 28.6 million units, with a year-on-year increase of 103.6%. BYD's exports approached 100,000 units, while Geely, Chery, and others also reported significant growth [25][27]. Industry News - The retail market for passenger vehicles in January 2026 was 1.544 million units, a decline of 13.9% year-on-year. February is expected to see the lowest sales of the year due to the impact of the Spring Festival [31]. - The Ministry of Industry and Information Technology is seeking public opinion on five mandatory national standards related to intelligent connected vehicles and autonomous driving systems [35]. Market Performance - The automotive sector outperformed the market, with the Shanghai and Shenzhen 300 index rising by 0.36% and the automotive sector increasing by 1.74%, ranking 9th among A-share industries [5][40]. - The passenger vehicle index rose by 1.21%, while the commercial vehicle index saw a significant increase of 6.28% [5]. Investment Recommendations - For passenger vehicles, the demand for high-end domestic luxury cars is exceeding expectations, with recommendations for companies like JAC Motors and Seres. Beneficiaries include Geely [6]. - In the auto parts sector, profitability is expected to improve, with recommendations for companies such as Desay SV and Zhejiang Xiantong, while beneficiaries include Weichai Power and Fuyao Glass [6].

Core Insights - Dyson's acquisition of Sakti3 highlights the strategic importance of solid-state battery technology in the future of electric vehicles, despite initial skepticism about the relevance of a household appliance company in the battery sector [2][5][6] - The solid-state battery industry is characterized by dramatic developments and ongoing challenges, particularly in terms of cost, production, and technological breakthroughs [10][11][38] Investment and Development - Dyson invested at least £500 million in electric vehicle projects over four years, including the acquisition of Sakti3 for over $90 million and approximately £200 million for a research center [6][7] - Despite halting its car manufacturing project in 2019 due to significant losses, Dyson's solid-state battery research has continued, albeit with limited public progress [7][8] Industry Challenges - Solid-state batteries face significant hurdles, including high manufacturing costs (3-5 times that of traditional lithium batteries) and the need for specialized production environments [38][109] - The industry is currently lacking standardization, with various companies pursuing different technological routes without a unified framework [110] Technological Advantages - Solid-state batteries offer several advantages over traditional lithium batteries, including higher energy density (theoretical limits of 400-600 Wh/kg), improved safety, longer cycle life, and wider operational temperature ranges [14][25][33][105] - The transition from liquid to solid-state technology is expected to drive significant changes across the entire supply chain, creating new opportunities [90] Market Outlook - The consensus in the industry is that 2027 will be a critical year for the commercialization of solid-state batteries, with major players like BYD and CATL planning to initiate small-scale production around this time [22][69] - The solid-state battery market is projected to grow significantly, with expectations of reaching energy densities above 500 Wh/kg, alleviating concerns about range anxiety for electric vehicles [28][98] Competitive Landscape - Major companies like CATL, BYD, and Toyota are actively engaged in solid-state battery development, each with distinct strategies and timelines for production [63][64][72] - The competition among these firms is expected to shape the future of the solid-state battery market, with each company leveraging its strengths in technology and production capabilities [63][66]

Core Viewpoint - The domestic narrow passenger car market in China experienced a retail sales decline of 13.9% year-on-year in January 2026, with sales reaching 1.544 million units, attributed to the end of the 12-year new energy vehicle purchase tax exemption policy, leading to a temporary dip in demand [2][4]. Sales Data Summary Wholesale Sales Rankings (January 2026) - Geely Automobile led with 270,167 units sold, a 1.3% increase, capturing 13.7% market share - BYD Automobile followed with 205,518 units, down 30.7%, holding 10.4% market share - Chery Automobile sold 193,969 units, down 12.0%, with a 9.8% market share - Volkswagen sold 128,001 units, down 1.7%, with a 6.5% market share - SAIC Passenger Vehicle sales increased by 53.6% to 77,421 units, capturing 3.9% market share [6]. Retail Sales Rankings (January 2026) - Geely Automobile again led with 209,661 units sold, down 12.6%, holding 13.6% market share - Volkswagen sold 132,300 units, down 3.5%, with an 8.6% market share - BYD's retail sales dropped significantly by 53.0% to 94,176 units, capturing 6.1% market share - SAIC Volkswagen sold 89,600 units, down 9.3%, with a 5.8% market share - Changan Automobile's sales decreased by 33.5% to 81,074 units, holding 5.2% market share [7]. New Energy Vehicle (NEV) Wholesale Sales Rankings (January 2026) - BYD led NEV sales with 205,518 units, down 30.7%, capturing 23.8% market share - Geely followed with 124,252 units, up 2.6%, holding 14.4% market share - Tesla China sold 69,129 units, up 9.3%, with an 8.0% market share - Chery sold 46,802 units, down 14.9%, with a 5.4% market share - SAIC Passenger Vehicle saw a significant increase of 576.9% to 28,179 units, capturing 3.3% market share [9]. New Energy Vehicle (NEV) Retail Sales Rankings (January 2026) - BYD again led with 94,176 units sold, down 53.0%, holding 15.8% market share - Geely sold 92,135 units, down 21.6%, with a 15.5% market share - Hongmeng Zhixing saw a significant increase of 65.5% to 57,915 units, capturing 9.7% market share - SAIC's sales increased by 83.3% to 40,016 units, holding 6.7% market share - Xiaomi Automobile sold 39,002 units, up 70.3%, with a 6.5% market share [10].

阿里巴巴集团（Reuters） 在美国总统特朗普4月访华之前，白宫或有意避免与中国产生摩擦…… 2月13日，美国国防部宣布将中国阿里巴巴集团、百度等至少3家企业列为与中国军方相关的"中国军事 企业"，但随后又迅速撤销了该决定。在美国总统特朗普4月访华之前，白宫或有意避免与中国产生摩 擦。 美国政府的官方网站显示，美国国防部已撤销了中国军事企业的追加认定。美国国防部向日本经济新闻 表示："目前暂无任何可发布信息"。 据路透社报道，美国国防部2月13日上午曾将阿里巴巴集团、百度以及比亚迪追加列入中国军事企业名 单。 美国国防部曾于2025年1月将腾讯控股、宁德时代新能源科技（CATL）追加列为中国军事企业。 日本经济新闻（中文版：日经中文网）飞田临太郎 华盛顿报道 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 美国政府对中国通过"军民融合"将民间尖端技术运用于军事领域以推进技术开发保持警惕。意在锁定与 军方存在融合的企业，限制美企与之开展交易。 美国企业与名单上的中国企业进行交易，也不会面临法律处罚。但美国国防部仍有可能与上榜中企 ...