Core Viewpoint - The Hong Kong stock market in 2025 is experiencing a resurgence in capital activities driven by a dual engine of "IPO recovery and refinancing revival," positioning it back at the forefront of global capital markets [1][11]. IPO Market - The total amount raised through IPOs in Hong Kong reached 285.6 billion HKD in 2025, making it the largest IPO fundraising exchange globally [1][11]. - Major contributors to the IPO market include established companies such as CATL, which raised 41 billion HKD through an A to H share offering, and Zijin Mining, which raised 28.7 billion HKD through a spin-off listing [3][13]. Refinancing Market - The total amount raised through refinancing (including convertible bonds) surged to 273.5 billion HKD, a 417% increase from 53.3 billion HKD in 2024, bringing the combined total for IPOs and refinancing to 559.1 billion HKD, nearly quadrupling from 1.414 billion HKD in 2024 [1][11]. - The consumer discretionary sector dominated the refinancing market with 98.9 billion HKD, accounting for 36% of the total, supported by significant projects like BYD's 43.5 billion HKD issuance [3][13]. Major Refinancing Projects - The top refinancing projects in 2025 included: - BYD: 43.5 billion HKD - Xiaomi: 42.6 billion HKD - NIO: 13.1 billion HKD from two issuances [4][14]. Market Dynamics - A total of 63 companies completed two or more refinancing rounds in 2025, indicating a trend of "on-demand financing" to support business expansion and R&D [5][15]. - Overnight bookbuilding became the predominant method for refinancing, accounting for over 95% of the total refinancing scale, with all top ten refinancing projects executed through this method [6][16]. Quarterly Trends - The refinancing peaks occurred in the first and third quarters, with amounts reaching 106.5 billion HKD and 93.4 billion HKD, respectively, aligning with the performance cycles of the Hang Seng Index [7][18]. - The first and third quarters coincided with phases of rising market sentiment, allowing companies to capitalize on high stock prices for optimal fundraising [8][18].

Core Viewpoint - The article provides an overview of new vehicle models set to launch in January 2026, detailing specifications, pricing, and market segments for various manufacturers, highlighting the competitive landscape in the automotive industry. Group 1: New Vehicle Launches - BYD's Song Pro DM-i is scheduled for release on January 10, 2026, positioned as an A SUV with a price range of 12.28 to 13.08 million yuan, featuring a 1.5L plug-in hybrid engine and a pure electric range of 220 km [9]. - Chery's QQ Ice Cream will also launch on January 10, 2026, classified as an A00 HB, with a price range of 4.39 to 4.99 million yuan, powered by a pure electric engine and offering a range of 220 km [17]. - The Chery Little Ant is set to debut on the same day, with a price range of 5.49 to 6.09 million yuan and a pure electric range of 271 km [25]. - Dongfeng Nissan's Qichen D V DD-i will launch on January 13, 2026, as an A SUV, priced between 12.99 and 14.99 million yuan, featuring a 1.5T plug-in hybrid engine [33]. - BAIC's ARCFOX Kaola S will also be released on January 13, 2026, as an A SUV, with prices ranging from 9.98 to 11.98 million yuan and a pure electric range of 520 km [41]. Group 2: Specifications and Features - The Song Pro DM-i has dimensions of 4,735 mm in length, 1,860 mm in width, and 1,690 mm in height, with a wheelbase of 2,712 mm [9]. - The QQ Ice Cream measures 3,030 mm in length, 1,496 mm in width, and 1,637 mm in height, with a wheelbase of 1,960 mm [17]. - The Little Ant has dimensions of 3,242 mm in length, 1,670 mm in width, and 1,550 mm in height, with a wheelbase of 2,150 mm [25]. - The Qichen D V DD-i features dimensions of 4,620 mm in length, 1,917 mm in width, and 1,629 mm in height, with a wheelbase of 2,700 mm [33]. - The ARCFOX Kaola S has dimensions of 4,500 mm in length, 1,870 mm in width, and 1,675 mm in height, with a wheelbase of 2,820 mm [41]. Group 3: Market Positioning - The Song Pro DM-i targets the A SUV segment, indicating a focus on the growing demand for hybrid vehicles in the SUV market [9]. - The QQ Ice Cream and Little Ant are positioned in the A00 HB segment, appealing to budget-conscious consumers seeking electric vehicles [17][25]. - The Qichen D V DD-i and ARCFOX Kaola S are also targeting the A SUV segment, reflecting the competitive nature of this market with multiple new entrants [33][41].

根据中国汽车工业协会（下称"中汽协"）在1月14日披露的数据，2025年，中国汽车产销分别 完成3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，连续17年位居全球第一。 中汽协副秘书长陈士华指出，过去五年，中国汽车产销规模已从约2500万辆跃升至超3400万 辆，行业营业收入突破10万亿元。 结构性增长最显著的体现是新能源车的引领。 2025年，新能源汽车国内销量达1387.5万辆， 同比增长19.8%，增速远超行业整体。其中新能源乘用车渗透率高达54%，意味着每卖出两辆 乘用车，至少有一辆是新能源车。 中国品牌成为增长的另一核心引擎。 2025年中国品牌乘用车销量达2093.6万辆，同比增长 16.5%，市占率升至69.5%，较2024年同期提升4.3个百分点。这一份额创下自2018年以来的 历史新高。 这一成绩的取得，并非依靠过往激烈的"价格战"。乘联分会秘书长崔东树曾发文表示，2025年 乘用车行业促销与降价行为均回归理性，市场秩序明显改善。数据显示，2025年前十个月上市 新车中仅156款降价，规模相对温和。 增长主要来自政策引导与需求释放。崔东树分析，"以旧换新"等国家促消费政策发 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 ICC 鑫椤资讯年终盘点： 2025年储能电池市场盘点： 据 ICC 鑫椤资讯统计， 2025 年全球储能系统出货 498GWh ，同比 增长 99% 。其中国内系统厂 家出货 404GWh ，同比增长 138.7% ； 海外系统厂家出货 94GWh ， 同比 增长 16% ，特斯拉一 枝独秀。 数据来源： ICC 鑫椤资讯、 LIRA 莱睿咨询 数据来源： ICC 鑫椤资讯、 LIRA 莱睿咨询 展望 2026 年， 6.25MWh 、 6.9MWh 、 7MW 、 8MWh 等大容量储能系统市场需求将会加速释 放，预计储能市场依然会维持较快增速， 储能系统出货有望达到 900GWh ，同比 增长 81% 。 本文作者：龙先生/17601223168（微信同） 鑫椤报告预售： 2025-2029年全球储能市场运行趋势及竞争策略研究报告 ▼ 2025年碳酸锂市场盘点： 2025年电解液市场盘点： 2025年铜箔市场盘点： 2025年钴酸锂市场盘点： 2025年三元材料市场盘点： 2025年磷酸铁锂市 ...

12月，我国动力和储能电池合计出口32.6GWh，环比增长1.3%，同比增长49.2%，占当月销量16.4%。其中，动力电池出口量为19.0GWh，占总出口量 58.4%，环比减少10.4%，同比增长47.1%；储能电池出口量为13.6GWh，占总出口量41.6%，环比增长23.9%，同比增长52.2%。 智通财经APP获悉，1月16日，中国汽车动力电池产业创新联盟发布2025年12月动力电池月度信息。数据显示，12月，我国动力和储能电池合计产量为 201.7GWh，环比增长14.4%，同比增长62.1%。1-12月，我国动力和储能电池累计产量为1755.6GWh，累计同比增长60.1%。 销量方面： 12月，我国动力和储能电池销量为199.3GWh，环比增长11.1%，同比增长57.5%。其中，动力电池销量为143.8GWh，占总销量72.1%，环比增长7.3%，同 比增长49.2%；储能电池销量为55.6GWh，占总销量27.9%，环比增长22.4%，同比增长84.0%。 1-12月，我国动力和储能电池累计销量为1700.5GWh，累计同比增长63.6%。其中，动力电池累计销量为1200.9GWh，占总销 ...

格隆汇1月16日丨海伦哲(300201.SZ)在投资者互动平台表示，比亚迪目前不是及安盾消防的客户。 ...

格隆汇1月16日丨达威股份(300535.SZ)在互动平台表示，其一，ZDHC认证是一个由全球多家知名品牌 和零售商共同发起的环保倡议，公司现有400多种皮革化学品通过了ZDHC认证；其二，行业各公司在 产品工艺、客户结构、区域布局上各有优缺点，难以简单得出谁优谁劣；其三，公司是汽车企业的间接 供应商，公司下游客户为国际国内知名车企提供皮革制品和汽车内饰材料，公司没有直接和比亚迪建立 供应链或项目合作。 ...

Core Viewpoint - The automotive industry in Shaanxi has significantly transformed, moving from 16th to 7th in national production rankings, with a strong focus on electric vehicles, which now account for over 63% of total production [2][15]. Industry Transformation - Shaanxi's automotive production increased from 342,000 units in 2015 to 1,576,000 units by November 2025, with a total industrial output value growth of 14.4% [14][20]. - The shift towards electric vehicles represents a strategic pivot, as traditional fuel vehicles were not competitive for Shaanxi [5][7]. Strategic Focus - Shaanxi's strategy involved deep partnerships with key players like BYD and Shaanxi Automobile, focusing on enhancing the entire supply chain rather than merely investing capital [9][11]. - The local government provided substantial support to these core enterprises, creating a robust industrial ecosystem [10][13]. Supply Chain Development - The local supply chain has reached a 57% self-sufficiency rate, indicating a strong foundation for sustainable growth in the electric vehicle sector [17][25]. - The strategy emphasizes the importance of local component manufacturing, which has led to a comprehensive industrial cluster around electric vehicles [18][20]. Export Growth - In 2024, Shaanxi's automotive exports reached 240,000 units, marking a 215% increase, with significant market share in Central Asia for heavy-duty trucks [23]. - The combination of electric vehicles, commercial vehicles, and the Belt and Road Initiative has created a unique competitive advantage for Shaanxi in international markets [23][24]. Long-term Vision - Shaanxi's approach to the electric vehicle industry is characterized by a long-term perspective, focusing on building a complete industrial system rather than just competing for immediate gains [24][26]. - The region's historical strengths in coal chemical, new materials, and power equipment provide a solid foundation for the upstream segments of the electric vehicle supply chain [25][26].

转自：微动秦汉 文 | 李天祥 2025年10月，XAB工厂西咸园区首线电芯，在陕西西咸新区·秦汉自动驾驶产业园低调下线。这是西咸新区比亚迪新能源汽车动力电池项目签约落地10个月 后的第一批"作品"，也是秦汉新城在"二次创业"开局之年交出的亮眼答卷。 以先进制造为核心驱动，在工业经济领域多维发力，产业集群崛起的背后，秦汉新城做对了什么？工业驱动，将如何牵引其发展逻辑重塑和城市能级跃升？ 战略升级："二次创业"如何重塑发展逻辑？ 城市发展，正经历从"外延扩张"向"内涵增长"的深层逻辑转变。站在秦汉新城的发展坐标上，如果说过去这些年是在拉开骨架、"做大"基数，那么当前的核 心任务便是夯实根基、"做强"产业。于此背景下，秦汉新城在2025年全面开启"二次创业"，锚定"工业新城、文化名城"定位，集中力量招引战略性、引领性 重大产业项目，推动发展动能、思维、结构、模式系统性重塑。 围绕智能网联汽车、新材料新能源、大健康、文化旅游4大主导产业，秦汉新城的发展思路在这一年更加清晰：聚焦正阳现代服务片区、大秦文明园文旅体 融合产业片区、大健康先进制造产业片区、周陵先进制造产业片区，打造4大城市样板区。其核心要义，是将产业发展 ...

（资料图） 在1月14日在美国底特律开幕的车展上，纯电动汽车消失，很多美国企业让非电动汽车成为主角，但在 车展上热门话题不是特朗普，而是"中国厂商何时登陆美国"。考虑进入美国市场的中国车企正在摸索三 种方式…… 在1月14日在美国中西部密歇根州底特律开幕的车展上。美国总统特朗普也在车展前亲临现场，强调其 成果称，"我前所未有地一直支持美国的汽车工人"。 总部设在底特律的通用汽车（GM）等"底特律概念股"并没有欢迎的氛围。截至上周，宣布由于特朗普 政策的影响，纯电动汽车 (EV) 的损失扩大，这一消息产生明显影响，从特朗普访问前至15日的股价来 看，通用汽车下跌3%，福特汽车下跌4%，斯特兰蒂斯下跌11%。 在车展的会场，热门话题不是特朗普，而是"中国厂商何时登陆美国"。 契机是车展前一周在美国拉斯维加斯举行的科技博览会"CES"上发生的事情。 生产自动驾驶传感器的中国速腾聚创（RoboSense）北美市场总裁赵培培表示，考虑进入美国市场的中 国车企正在摸索三种方式，一是提高质量，赢得美国客户的青睐，二是利用与美国企业的合作，三是作 为与中国完全分离的企业进入。 尽管进入美国市场的时间无法确定，但"实惠的价格" ...