来源：光大证券微资讯 热点聚焦 HOT 1、2026年新兴市场股票迎来多年来最强开局，升至2021年以来最高，市场看好亚洲在人工智能领域的 地位上升，推动该地区科技股大涨。MSCI发展中国家指数新年首个交易日上涨1.7%，达到自2021年2 月以来最高。1月2日，港股开年大涨，恒指收涨2.76%，恒生科技指数涨4%。"港股GPU第一股"壁仞科 技上市首日大涨超75%，公开发售阶段获逾2347倍认购。港交所披露，国家集成电路基金在中芯国际H 股的持股比例于12月29日从4.79%升至9.25%。 2、1月2日，离岸人民币兑美元升破6.97，最高升至6.9678，创2023年5月以来新高。2025年美元创下八 年来最大年度跌幅，美元即期指数全年下跌了约8%，交易员押注其将进一步走低。投资者认为，若下 一任美联储主席如预期般选择大力降息，美元将进一步贬值。 3、据央视新闻，白宫表示，美国对委内瑞拉的石油禁运仍完全有效。将让美国大型石油公司进入委内 瑞拉。此前，消息人士称，八个欧佩克+国家原则上同意在26Q1暂停石油产量增长。1月3日，WTI原油 期货跌0.17%，报57.32美元/桶，一周累涨1.04%；布油期货跌 ...

Group 1 - BYD aims to maintain significant R&D and financial investment to consolidate electrification and promote intelligence in the new "15th Five-Year Plan" period [3] - The company plans to integrate global resources for collaborative innovation and accelerate its global industrial layout to build a world-class Chinese brand [3] - BYD's annual sales have achieved a tenfold growth during the "14th Five-Year Plan" period, establishing it as the largest electric vehicle manufacturer globally [3] Group 2 - Oriental Fortune emphasizes the importance of empowering the real economy and serving people's needs in the financial sector during the "15th Five-Year Plan" [5] - The company aims to leverage technology to connect wealth management and financing needs effectively [5] Group 3 - Moore Threads focuses on accelerating the application of domestic GPUs across various industries to support digital transformation [7] - The company has established a complete technology stack based on a unified architecture, achieving a systematic closed loop from hardware to application [7] Group 4 - Muyuan Foods is committed to producing safe and healthy pork products, aiming for high-quality development in the pig farming industry [9] - The company plans to leverage technology to address industry challenges and contribute to the high-quality development of China's pig farming sector [9] Group 5 - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and external expansion [12] - The company emphasizes the importance of technological innovation and industry chain collaboration to enhance global competitiveness [12] Group 6 - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan" period, focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials globally [16] Group 7 - Aier Eye Hospital integrates clinical services, research innovation, and public health education into a comprehensive eye health ecosystem [18] - The company is committed to advancing AI diagnostics and expanding its eye health service network [18] Group 8 - Tianci Materials focuses on sustainable development principles, enhancing innovation capabilities in lithium-ion battery materials and specialty chemicals [20] - The company aims to embrace a new growth cycle in the lithium and energy storage industry over the next five years [20] Group 9 - JinkoSolar emphasizes technological innovation as the core driver of its development, aiming to enhance the efficiency of photovoltaic applications [22] - The company is focused on integrating advanced technologies with traditional manufacturing to foster new productive forces [22] Group 10 - Jishi Media aims to integrate cultural and technological advancements, focusing on digital transformation and innovation in the media sector [24] - The company plans to enhance its competitiveness by focusing on AI, data elements, and low-altitude economy [24] Group 11 - China National Machinery Industry Corporation aims to transform into a technology-driven engineering company while embedding its development into the national modernization blueprint [26] - The company plans to enhance its efficiency and investment value through capital market engagement and focus on green engineering and digital infrastructure [26]

【#比亚迪年度销量首超特斯拉##特斯拉2025年交付量下滑近9%#】当地时间1月2日，特斯拉公布其 2025年第四季度及全年汽车交付数据。数据显示，特斯拉2025年交付量为163.6万辆。同期，比亚迪的 纯电动汽车销量已达到225.67万辆。比亚迪在年度销量上首次超越特斯拉，意味着特斯拉失去长期占据 的"全球纯电动车销量冠军"宝座。 据《每日经济新闻》记者观察，特斯拉2025年四季度和全年的销量均出现大幅下滑。2025年第四季度， 特斯拉交付量较2024年同期减少约16%，产量较2024年同期下降5.5%。就2025年全年来看，特斯拉的交 付量由2024年的178.9万辆下降8.6%至163.6万辆。 虽然特斯拉此次没有发布区域销量，但数据显示，除了美国，特斯拉在欧洲的销量同样有所放缓。据欧 洲汽车制造商协会（ACEA）发布的数据，2025年前11个月，特斯拉在欧洲的注册量下降了39%，而其 竞争对手比亚迪在欧洲的注册量则增长了240%。 自2014年进入中国市场以来，特斯拉经历了从快速崛起到面临激烈竞争的完整周期。数据显示，最初三 年，特斯拉累计交付2.12万辆汽车；2017年，其单年销量即达到此前总和，此 ...

Core Viewpoint - The article emphasizes the strategic plans and aspirations of various companies as they embark on the "15th Five-Year Plan" period, highlighting their commitment to innovation, technology, and global competitiveness. Group 1: BYD - BYD aims to maintain significant R&D and financial investment to solidify its position in electrification and promote smart technology, leveraging global resources for innovation [4] - The company has achieved a tenfold increase in annual sales during the "14th Five-Year Plan" and seeks to capitalize on the global expansion of Chinese brands [4] Group 2: Oriental Fortune - Oriental Fortune expresses confidence in the resilience of the Chinese economy and emphasizes the importance of financial technology in connecting wealth management with real economy financing [6] - The company aims to serve diverse stakeholders and enhance its role in the financial transformation landscape [6] Group 3: Moore Threads - Moore Threads focuses on accelerating the application of domestic GPUs across various industries, contributing to the digital transformation [8] - The company has established a comprehensive technology stack and aims to maintain high R&D investment to strengthen its competitive edge [8] Group 4: Muyuan Foods - Muyuan Foods is committed to producing safe and healthy pork products, responding to consumer demand while advancing the pig farming industry towards high-quality development [10] - The company plans to leverage technology to address industry challenges and enhance overall quality [10] Group 5: Zhongwei Company - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and expansion over the next five to ten years [12] - The company emphasizes collaboration within the industry to enhance global competitiveness [12] Group 6: AVIC Shenyang Aircraft - AVIC Shenyang Aircraft is focused on achieving significant milestones in the "15th Five-Year Plan" by enhancing core functions and competitiveness [14] - The company aims to contribute to the construction of a strong aviation nation through strategic initiatives [14] Group 7: Huayou Cobalt - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan," focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials [16] Group 8: Aier Eye Hospital - Aier Eye Hospital integrates its development with national strategies, focusing on innovation in eye health services and technology [18] - The company aims to enhance its service network and collaborate with partners to improve public health outcomes [18] Group 9: Tinci Materials - Tinci Materials is committed to sustainable development through innovation in lithium-ion battery materials and specialty chemicals [21] - The company anticipates a new growth cycle in the lithium and energy storage industries over the next five years [21] Group 10: JinkoSolar - JinkoSolar emphasizes technology innovation as a core driver for its development, focusing on high-efficiency solar cell technologies [23] - The company aims to integrate advanced technologies with traditional manufacturing to foster new productive capabilities [23] Group 11: Jishi Media - Jishi Media aims to integrate cultural and technological advancements, focusing on becoming a leading cultural technology enterprise [25] - The company plans to leverage AI and digital transformation to enhance its service offerings [25] Group 12: China National Machinery Industry Corporation - China National Machinery Industry Corporation is focused on deepening its role in China's modernization efforts while enhancing its international competitiveness [27] - The company aims to foster new productive capabilities in emerging sectors such as green engineering and digital infrastructure [27]

怀揣着万亿元薪酬方案，特斯拉（NASDAQ：TSLA）首席执行官埃隆·马斯克要为公司销量加把劲了。 1月2日，特斯拉公布的数据显示，该公司2025年全球交付汽车163.6万辆，同比下降约8.6%。 值得一提的是，比亚迪（002594）2025年全球纯电动汽车销量达226万辆，同比增长28%。这意味着， 特斯拉纯电动汽车年销量首次被中国汽车制造商比亚迪超越。 2025年前11个月，特斯拉在中国市场的挂牌销量达53.19万辆，较上年同期57.42万辆下降7.37%，低于 其2025年全球销量降幅。中国依然是其全球最大单一市场。 近期，特斯拉为马斯克制定了薪酬激励方案，该方案最高价值可达1万亿美元，但完成目标难度极高。 其中，特斯拉未来10年累计交付2000万辆，平均每年交付量要达到200万辆。 汽车观察员肖红向长江商报记者表示，随着越来越多的车企进入电动汽车市场，特斯拉面临来自全球各 地的竞争压力。 全球交付量降8.6% 1月2日，特斯拉公布的数据显示，该公司2025年全球交付汽车163.6万辆，同比下降约8.6%。 就在前一天，1月1日，比亚迪表示，2025年其全球纯电动汽车销量达226万辆，同比增长28%。其 ...

新年伊始，我谨代表比亚迪公司，向大家致以诚挚的新年祝福！起航"十五五"，比亚迪满怀希望、充满 期待，将与所有上市公司一起，永葆创新创业的激情和艰苦奋斗的精神，共同谱写新的华章！ "十四 五"时期，我国新能源汽车站上世界舞台的中央。比亚迪成长为全球最大的新能源汽车企业，年销量实 现了十倍的跨越发展。 进入"十五五"，我国新能源汽车将进入技术迭代、智电融合和全球化发展的新 阶段。站在新的起点，比亚迪在技术上，将继续保持大量研发和资金投入，巩固电动化、推进智能化， 用技术带来新的增长曲线；在产业协作上，将站在全球产业链的肩膀上，整合全球资源合作创新；在全 球化上，抢抓中国品牌出海机遇乘势而上，加快推进全球化产业布局，打造世界级中国品牌。 新岁已 至，未来可期。面向"十五五"，比亚迪将牢记上市公司主体责任，持续发展壮大新质生产力，为汽车强 国梦贡献更大力量！新的一年，祝朋友们心想事成、幸福相伴！ ...

Market Overview - Major US stock indices showed mixed performance, with the S&P 500 rising by 0.19% and the Dow Jones increasing by 0.66%, while the Nasdaq fell by 0.03% [1] - Tesla shares dropped by 2.6%, influenced by software stocks offsetting gains in chip stocks, while Salesforce fell over 4% and Nvidia rose over 1% [1] - The White House's decision to delay tariffs on certain household goods led to an 8% increase in shares of RH [1] Semiconductor Sector - SanDisk surged nearly 16%, Micron Technology rose over 10%, ASML increased by over 8%, and TSMC hit a historical high with a rise of over 5% [2] - The semiconductor sector is expected to benefit from increased capital expenditure in 2026, with analysts projecting a tightening market for memory chips, leading to significant price increases [11] Chinese Tech Stocks - The China concept index rose over 4%, with Baidu increasing by 15% and Alibaba by over 6% [3] - Baidu announced plans to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange, resulting in a 9% rise in its stock [10] Economic Policies and Initiatives - The State Council approved the draft of the Water Supply Regulations and the revised Drug Administration Law Implementation Regulations [4] - Shanghai's measures to accelerate the construction of low-altitude economic advanced manufacturing clusters include support for eVTOL and industrial-grade drones, with funding up to 50 million yuan [5] - The State Council issued a solid waste comprehensive governance action plan aiming for a 45 billion-ton annual comprehensive utilization of major solid waste by 2030 [5] IPO and Corporate Actions - Blue Arrow Aerospace's IPO application was accepted, aiming to raise 7.5 billion yuan for reusable rocket technology upgrades and capacity enhancement [12] - Multiple companies announced acquisitions, including Zhongwei Company planning to acquire a 64.69% stake in Hangzhou Zhonggui, and Meike Home proposing to buy 100% of Wande Technology [15][16] Lithium and Battery Materials - Tianqi Lithium forecasted a net profit of 1.1 to 1.6 billion yuan for 2025, driven by strong demand in the new energy vehicle and energy storage markets [29] - The lithium hexafluorophosphate market is expected to remain tight, with significant price increases anticipated due to strong demand and cautious supply expansion [13] Consumer Market Trends - Hainan's duty-free market saw a significant increase during the New Year holiday, with sales reaching 712 million yuan, a year-on-year growth of 128.9% [10][14]

Group 1: Pharmaceutical Industry - The fourth batch of encouraged generic drug list includes 21 varieties and 47 specifications, covering medications for oncology, nervous system, assisted reproduction, and radioactive diagnosis [3][3] - The solid waste comprehensive governance action plan aims for significant results by 2030, with a target of 4.5 billion tons of annual comprehensive utilization of major solid waste and 510 million tons of annual recycling of major renewable resources [3][3] Group 2: Automotive Industry - BYD and SAIC Motor are projected to exceed cumulative automobile sales of 4.5 million units by 2025, with BYD's sales expected to grow by 7.73% to 4,602,436 units and SAIC's by 12.32% to 4,507,518 units [3][3][5] - Changan Automobile anticipates a cumulative sales increase of 8.54% by 2025 [5] Group 3: Investment and Financial Activities - Shengyi Technology plans to invest approximately 4.5 billion yuan in a high-performance copper-clad laminate project [5] - Longpan Technology intends to invest no more than 2 billion yuan in a high-performance lithium battery cathode material project [5] - Century Huatong plans to repurchase shares worth 300 million to 600 million yuan at a price not exceeding 25.97 yuan per share [5]

Group 1: Pharmaceutical Industry - The fourth batch of encouraged generic drug list includes 21 varieties and 47 specifications, covering areas such as anti-tumor, nervous system, assisted reproduction, and radioactive diagnosis [2] Group 2: Automotive Industry - BYD and SAIC Motor are projected to exceed cumulative automobile sales of 4.5 million units by 2025, with BYD's sales expected to grow by 7.73% to 4,602,436 units and SAIC's sales expected to grow by 12.32% to 4,507,518 units [2][5] Group 3: Environmental and Waste Management - The State Council issued a solid waste comprehensive management action plan aiming for significant results by 2030, including a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of major recycled resources annually [2] Group 4: Technology and Innovation - Beijing plans to enhance its pilot service capabilities to promote the integration of technological and industrial innovation, offering subsidies of up to 100 million yuan for new pilot platforms in key industries [2] Group 5: Energy Sector - OPEC announced it will maintain its production plan set in November 2025 and continue to suspend production increases in February and March 2026, citing stable global economic expectations and a robust oil market [3]

Group 1 - The core viewpoint of the article highlights the intensifying competition in the global energy storage market, particularly driven by Chinese companies, which have signed overseas orders totaling approximately 280.35 GWh, significantly surpassing the new installed capacity of 81.5 GWh in 2024 [2][3] - The article discusses the impact of Western countries, led by the US and Europe, implementing trade policies aimed at increasing the costs of "Made in China" products to curb the competitiveness of Chinese energy storage solutions [2] - The historical context of the energy storage industry is provided, noting that it has undergone multiple economic and policy cycles, leading to both the rise and fall of numerous companies [3] Group 2 - The analysis from 24潮产业研究院 (TTIR) suggests that only companies with global layouts, strong market expansion capabilities, financial health, and significant brand influence will thrive in the future [3] - Major technology companies like Tesla, Huawei, BYD, and CRRC are increasingly penetrating the energy storage sector, which is expected to have a profound impact on the future landscape and development trends of the industry [3][4] - Starting in 2025, TTIR plans to release a "Top 10 Most Competitive Global Energy Storage Companies" ranking, evaluating companies based on five primary dimensions and various sub-dimensions to provide insights into their competitive strengths [4][6] Group 3 - The ranking will focus on key players in the energy storage industry, assessing their global influence, sustainability, technological innovation, operational management, and capital control [4][6] - The article includes a detailed breakdown of the evaluation criteria, with global industry influence accounting for 42%, sustainability for 22%, technological innovation for 12%, operational management for 12%, and capital control for 12% [6][7] - The preliminary rankings for the most competitive companies in the energy storage sector include Huawei, Tesla, BYD, and CATL, with Huawei leading at a score of 85.36 [9][19]