Core Insights - BYD Co., China's largest automaker, is set to launch two flagship electric vehicles, the Seal 08 Sedan and Sealion 08 SUV, in early 2026 [1][10] - These new models will be positioned above the existing Ocean Series vehicles, which include popular models like Dolphin and Seal, and are designed to cater to the growing demand for premium electric vehicles [2][10] Product Details - The Seal 08 will be a mid-to-large coupe sedan, while the Sealion 08 will be a rugged mid-to-large SUV, both featuring BYD's latest battery technology and advanced driver-assistance systems [3][4] - The design of the Seal 08 emphasizes a sporty aesthetic inspired by BYD's Ocean S concept, while the Sealion 08 is designed to be strong and spacious, offering more interior room than its predecessor [3][4] Sales Performance - Since its launch in November 2021, BYD's Ocean Series has achieved cumulative sales of 6 million units over four years, with several models surpassing 1 million units sold [5] - In 2025, BYD sold over 2.25 million all-electric vehicles, outselling Tesla by more than 600,000 vehicles, indicating strong sales momentum [7] Future Plans - In addition to the Ocean Series, BYD plans to launch two flagship models from its Dynasty lineup, the Han sedan 9 series and the Tang SUV 9 series, in the first half of 2026 [6] - The company aims to further solidify its position in the premium EV segment and extend its global lead in electric vehicles with the introduction of these new models [7]

Group 1 - The core point of the article highlights a significant increase in vehicle registrations in Sri Lanka, with a total of 360,117 vehicles registered in 2025, marking a recovery after a five-year import ban [1] - In December, the registration of motor cars rose to 5,007, up from 3,691 in November, with new car registrations increasing to 1,150 from 781 [1] - BYD led the new car registrations in December with 408 units, followed by BAIC with 283 units, and Toyota with 191 units, primarily driven by the Wigo model [1] Group 2 - The registration of high-end passenger cars increased from 145 in November to 187 in December, contributing significantly to tax revenue for the government [2] - The import of high-end vehicles, despite being at the highest tax rate, is seen as beneficial for reducing fiscal deficits, which have been a major cause of the current account deficit [2] Group 3 - Electric vehicle registrations in December reached 3,220, slightly higher than November's 3,158, indicating a potential cooling in market enthusiasm [3] - Three-wheeler registrations rose to 3,007 in December from 2,423 in November, while two-wheeler registrations increased to 30,415 from 29,961 [4]

Summary of Key Points from Conference Call Records Industry Overview - **Macro Dialogue Industry**: The acceleration of Chinese enterprises going abroad is expected to continue until mid-2027, initially focusing on infrastructure sectors such as construction machinery, logistics equipment, and power equipment, transitioning to manufacturing equipment in the second half of 2026, followed by local production and operational phases [1][3] Core Insights and Arguments - **Currency and Debt Risk Mitigation**: Chinese enterprises can reduce exchange rate and debt risks through the internationalization of the RMB and the establishment of international financial infrastructure, such as the Hong Kong Gold Exchange. For instance, investments in Egypt can now be made directly in RMB [1][4][5] - **Innovative Drug Export Stages**: The export of innovative drugs is categorized into three stages: licensing out (collaborating with top global pharmaceutical companies), independent development (self-research and international clinical trials), and global sales. Significant increases in licensing transactions are expected by 2025, with investment opportunities in bispecific antibodies, ADC drugs, and weight-loss medications anticipated for 2026 [1][8][9][10] - **Basic Chemical Industry Advantages**: The basic chemical industry ranks fourth in direct exports, leveraging its industrial chain and scale advantages to gain market share and price advantages in overseas markets, benefiting from the "East rises, West declines" trend [1][11][12] Emerging Opportunities - **Automotive Industry Export Growth**: The export of passenger vehicles is projected to reach 6.5 million units in 2026, with over 50% being new energy vehicles. Companies like BYD are expected to perform well, with a target of 1.5 million units for 2026 [2][22][23] - **Household Appliance Industry Strategies**: The household appliance sector employs strategies such as OEM, acquisitions of local brands, and independent brand expansion. Companies like Midea and Haier have established a global presence, with significant contributions from vacuum cleaner and small appliance sectors [1][17][20] Systemic Risks and Financial Innovations - **Systemic Risks in Going Abroad**: Geopolitical risks, emerging market debt risks, and exchange rate inflation have historically suppressed overseas revenue valuations. However, these risks are expected to ease starting in 2026, allowing for more stable international operations [4][6][7] - **Debt Risk Reduction for Emerging Markets**: High interest rates in emerging markets limit their ability to mitigate debt risks. China can help by issuing sovereign debt backed by commodities like gold, thereby lowering financing costs and default risks for these countries [6] Future Role of Chinese Enterprises - **Global Economic Order Evolution**: As the old order disintegrates, China's strategic push for international financial infrastructure and RMB internationalization is expected to significantly reduce systemic risks for outbound enterprises, enhancing their role in the global economy, particularly in Asia, Africa, and Latin America [7] Investment Focus Areas - **Key Investment Areas**: Attention should be directed towards the tire industry, pesticide formulations, fertilizers, and products benefiting from downstream exports, such as long filaments and spandex, which show strong growth potential [16] Conclusion - The conference call highlighted the ongoing transformation and international expansion of Chinese enterprises across various sectors, emphasizing the importance of strategic adaptation to global market dynamics and the potential for significant investment opportunities in the coming years.

证券日报网讯1月23日，强瑞技术（301128）在互动平台回答投资者提问时表示，公司主要向华为、塞 力斯、比亚迪（002594）等客户供应与智能驾驶模块相关的组装和检测治具、设备等产品。 ...

证券日报网讯 1月23日，比亚迪在互动平台回答投资者提问时表示，公司未来将持续聆听市场声音，审 慎吸纳各类有价值的建言，以赋能公司核心能力提升与高质量发展。 （文章来源：证券日报） ...

（编辑 丛可心） 证券日报网讯 1月23日，比亚迪在互动平台回答投资者提问时表示，公司始终秉承"用技术创新，满足 人们对美好生活的向往"，聚焦消费者核心需求，自2020年起先后推出"刀片电池""DM-i超级混动系 统""天神之眼技术矩阵"等核心技术成果，既为消费者打造了兼具品质与体验的优质产品，更持续引领 新能源汽车行业的技术发展与产业升级方向。公司新能源汽车销量从2020年的189689辆攀升至2025年的 4602436辆，这一跨越式增长，正是上述核心技术持续商业化转化的直接体现。技术创新与产业发展非 一日之功，既需要长期的技术沉淀与积累，更需要对市场需求的精准洞察与把握。公司持续的高研发投 入，正不断筑牢深厚的技术护城河，更是支撑公司全球化布局推进与长期高质量发展的核心基石。关于 二级市场股价表现，公司股价受行业竞争格局、资本市场整体情绪、市场资金偏好、股东交易行为等多 重因素综合影响，存在一定的市场波动性。后续公司也将基于消费者需求在合适的时机推出具有竞争力 的技术及产品。 ...

中创新航葡萄牙项目获3.5亿欧元补贴 葡萄牙政府1月20日宣布，于当日与中创新航(03931.HK)等六家公司举行投资合同签署仪式，该国总理蒙特内格罗出 席。项目总投资额为30.77亿欧元。声明提到，中创新航的锂电池工厂投资项目位于葡萄牙锡尼什，投资额20.67亿欧 元，包括工厂建设以及安装生产所需的所有设备和工艺流程，葡萄牙政府将提供3.5亿欧元补贴。该项目获得葡萄牙政 府授予的"国家利益项目"(PIN)地位，计划2028年全面投运，将直接创造1800个工作岗位。投运后，该工厂有望具备 15GWh的储能生产能力。 智通财经记者 | 高菁 锂电产业链本周大事： 比亚迪储能保加利亚项目正式投入运营 红旗全固态电池首台样车下线 1月21日，据"吉林发布"，中国一汽自主研发的红旗全固态电池首台样车近日下线。本次实现上车验证的红旗全固态电 池66Ah电芯，通过了200℃极端热滥用测试，硫化物电解质的离子电导率突破了10mS/cm的行业高水平阈值。"吉林发 布"指出，红旗全固态电池首台样车成功下线，标志着中国一汽在耐高压模组封装和系统轻量化集成等核心领域实现重 要突破，为后续规模化量产奠定了技术基础。中国一汽在2014 ...

（编辑 丛可心） 证券日报网讯 1月23日，比亚迪在互动平台回答投资者提问时表示，公司始终秉持用技术创新，满足人 们对美好生活的向往，持续深耕消费者核心需求，适时推出兼具市场竞争力与用户价值的产品及技术方 案。后续相关动态，敬请关注公司官方发布的权威信息。 ...

Investment Rating - The report provides a positive investment outlook for the automotive industry, particularly focusing on smart vehicles, new energy vehicles, commercial vehicles, and humanoid robots, indicating significant growth potential in these sectors [1][2]. Core Insights - The automotive industry is entering a transformative phase driven by policies that support the development of smart vehicles and the expansion of new energy vehicles. The report highlights the acceleration of intelligent driving technology and the increasing market penetration of new energy vehicles [3][4]. Summary by Relevant Sections Smart Vehicles - The report emphasizes that the intelligent vehicle sector is experiencing rapid advancements due to policy support, with L3 vehicle standards expected to be implemented by 2026. The adoption of advanced driving assistance systems (ADAS) is increasing, with new vehicle models showing significant growth in features like highway and urban NOA (Navigation on Autopilot) [4][68]. - The financing landscape for autonomous driving is booming, with 35 companies in the sector raising over 582 billion yuan in 2025, nearly three times the amount raised in 2023 [4][80]. New Energy Vehicles - The continuation of vehicle replacement policies is expected to bolster sales, with wholesale volumes of new energy passenger vehicles projected to reach 18.16 million units in 2026, a year-on-year increase of 18% [4][34]. - Exports of new energy vehicles have shown remarkable growth, with a 102.5% year-on-year increase in 2025, indicating strong demand in international markets [4][34]. Commercial Vehicles - The heavy truck sector is supported by ongoing vehicle replacement policies, with sales expected to reach 1.196 million units in 2026, reflecting a year-on-year growth of 4.6% [4][34]. - The report notes that the heavy truck market is benefiting from both domestic and international demand, with significant growth anticipated due to the continued penetration of new energy heavy trucks [4][34]. Humanoid Robots - The humanoid robot sector is poised for rapid growth, with applications in automotive manufacturing expected to enhance production efficiency. The report forecasts a compound annual growth rate of approximately 85% in humanoid robot shipments from 2024 to 2035 [4][34]. - The cost of humanoid robots is expected to decrease significantly, with projections indicating that the price of a standard humanoid robot could drop from $80,000-$90,000 to $15,000-$20,000 by 2030 [4][34]. Policy Environment - The report highlights a favorable policy environment that is increasingly supportive of the automotive industry's transition towards smart and electric vehicles. Key policies include the approval of L3 autonomous vehicle models and the establishment of unified standards for vehicle replacement subsidies [4][53]. Market Trends - The automotive market is witnessing a shift towards intelligent and electric vehicles, with consumer preferences evolving towards higher levels of automation and connectivity in vehicles. The report indicates that the penetration rate of intelligent driving features is expected to increase significantly in the coming years [4][68]. Capital Market Activity - The report notes a surge in investment activity within the autonomous driving sector, indicating a strong belief in the future growth of this industry. The capital market's enthusiasm is reflected in the substantial funding raised by various companies, signaling a robust outlook for the sector [4][80].

2026.01. 23 本文字数：2079，阅读时长大约4分钟 作者 | 第一财经 陈玺宇 封图 | 欧洲工商管理学院（INSEAD）院长韦洛索 全球经济不确定性上升、地缘政治风险反复显现，中国企业的出海路径也在发生新的变化——无论是 在欧洲市场快速发展的电动车，还是在东南亚、中东等地区加速布局的科技企业。 达沃斯论坛期间，第一财经记者专访了欧洲工商管理学院（INSEAD）院长弗朗西斯科·韦洛索 （Francisco Veloso）。作为长期观察全球企业战略与管理实践的学者，韦洛索在达沃斯与多位国 际工商界领袖保持密集交流，对中国企业出海的趋势变化、优势与挑战有着清晰判断。 在专访中，韦洛索从企业能力、创新与规模、人工智能（AI）以及地缘政治风险等多个维度，梳理了 中国企业出海所面临的新环境，并就不确定性上升背景下如何继续前行，分享了他的观察。 第一财经：你对今年达沃斯论坛的整体氛围有何感受？ 韦洛索： 地缘政治无疑是一个非常突出的主题，但与此同时，AI革命同样不可忽视。我担心的一点 是，不确定性可能让一些企业陷入观望，从而停滞决策。但现实是，技术变革的节奏非常快，企业无 法停下脚步，即便决策并不完美，也必须 ...