11月的中国汽车市场，出人意料地没有迎来年底抢购的热潮。 经历过前两个月"省补"、"国补"的"突然"暂停或者结束之后，如今市场上最大力度的补贴只剩下了新能源车免征购置税的政策。 于是当11月的汽车整体销量以前所未有的速度下滑时，另一边的新能源渗透率却站上了前所未有的新高——59.3%，距离下一个60%的里程碑只有一步之 遥。 伴随渗透率剧烈变化的，还有车企的新能源销量排名。 | | | 2025年11月新能源厂商批发销量排行榜 | | | | | 2024年全年新能源厂商批发销量排行榜 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 车 | 销量 | 同比 | 市场份额 | 排名 | 主要 | 销量 | 同比 | 市场份额 | | 1 | 比亚迪汽车 | 474921 | -5.8% | 27.8% | 1 | 比亚迪汽车 | 4250370 | 41.4% | 34.8% | | 2 | 吉利汽车 | 187798 | 53.4% | 11.0% | 2 | 特斯拉中国 | 916660 | -3.3% | ...

车企要实行全链条价格管理 汽车行业反"内卷"治理继续。12月12日18时，国家市场监督管理总局就《汽车行业价格行为合规指 南（征求意见稿）》（简称"《指南》"）公开征求意见，这一次剑指汽车虚假促销与变相降价等行为。 《指南》要求卖车必须明码标价，不得使用虚假"厂商指导价"、虚假标示"限时降价""清仓价"等。 汽车生产企业要建立以生产成本为基础、市场供求为导向的定价策略，对整车销售、金融服务等环节实 行全链条价格行为管理。 近年来汽车生产销售领域存在价格标示不规范、价格欺诈、价格串通、非理性竞争等行为，国家市 场监督管理总局指出这些严重扰乱了市场秩序，侵害了消费者和经营者的合法权益。 中国汽车工业协会（简称"中汽协"）随即发布解读指出，合法、合规是企业经营必须坚守的底线， 《指南》将极大促进汽车产品"价格透明"。比亚迪、北汽集团、小鹏汽车等车企当晚就表态响应，承诺 遵守明码标价，杜绝低于成本价倾销。 今年以来，监管部门密集释放引导车市回归理性发展的信号，加码整治汽车非理性竞争。此次《指 南》的出台正是反"内卷"的延续，继续整治汽车行业的无序"价格战"。新京报记者 王琳琳 关注1 《指南》细化汽车生产企业价格行为 ...

2025年12月11日，由《中国汽车市场》杂志社与搜狐汽车联合发起并主办，汽车与驾驶维修传媒承办的2025（第二十届）中国汽车金扳手奖评选颁奖典礼在 北京举行。 中国汽车金扳手奖评选活动创始于2006年，是深度关注并评价国内乘用车企服务体系及用户生态的专业评选。回溯2006—2025这二十载，中国车企售后服务 的发展史，本质上是一部与宏观经济同频、与产业政策共振、与消费需求赛跑的进化史。它不仅见证了中国从"汽车大国"向"汽车强国"跨越的关键进程，更 折射出社会主义市场经济体制下，服务业与制造业深度融合的底层逻辑。 金扳手奖评选始终坚持以"推动中国汽车品牌服务向上"为使命，从专业、体验、创新、品质四个维度，结合产业变革和售后服务使命变化，全面评估主流汽 车服务品牌在提升用户全生命用车周期服务过程中的创新与突破。 北京卓众出版有限公司总经理、党委副书记刘立卫代表主办方致辞 颁发2025（第二十届）中国汽车金扳手奖 2025（第二十届）中国汽车金扳手奖评选活动启动于"3·15"车企诚信服务联合声明，32家主流车企品牌携手共同发布"十大承诺"，一致推动行业诚信服务、 维护市场风气。自启动以来，2025金扳手奖评选历经 ...

《上市公司CFO薪酬白皮书（2025版）》基于港股393家、A股4246家上市公司数据，剖析了CFO薪酬现状、影响因素及未来趋势，核心呈现以下要点。 薪酬水平方面，港股与A股存在显著梯度。2024年港股CFO平均年薪160.20万元，中位数107.70万元；A股平均年薪85.76万元，中位数68.42万元，港股薪酬 约为A股的1.6-1.9倍。两地薪酬均呈"中部高台+高薪长尾"结构，港股5.34%的CFO年薪超500万元，A股近四分之一CFO年薪破百万，头部企业CFO薪酬可达 数百万元甚至千万元。 个体特征对薪酬影响明显。性别上，两地均为男性CFO占比更高，薪酬整体高于女性，但头部女性CFO具备同等竞争力；年龄上，40-55岁中生代是主力， 薪酬随年龄和资历阶梯式上升，港股60岁以上CFO平均年薪245.63万元，A股46-50岁薪酬达相对高位；学历与海外背景也显著关联，A股博士CFO平均年薪 130.04万元，有海外背景者薪酬比无海外背景者高55.6万元。 行业与公司特征是关键影响因素。港股"新经济+内需"板块（TMT、消费、医疗）薪酬领先，中位数约120万元；A股金融地产行业薪酬最高，平均122.41万 ...

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in China, with a focus on their commitment to return profits to shareholders through substantial cash distributions over the next three years. Group 1: Cash Dividend Trends - Listed companies in China have shown a significant increase in cash dividend intentions, with the total cash dividends exceeding 2.47 trillion yuan this year, surpassing the total for the entire previous year [2][4] - Major companies like BYD, Hikvision, and Zijin Mining have reported cash dividends exceeding 10 billion yuan for the first time this year, with many traditional "dividend giants" increasing their payouts [4][5] Group 2: Future Dividend Plans - Nearly 40 companies have established shareholder return plans for the next three years (2026-2028), with most committing to distribute at least 10% of their annual distributable profits in cash [7] - Specific companies have set higher targets, such as Qibin Group, which plans to distribute over 50% of its annual distributable profits in cash, and China Merchants Shekou, which aims for a minimum of 40% [7][9] Group 3: Market Performance and Institutional Interest - Companies that announced shareholder return plans have seen an average stock price increase of over 4.5%, outperforming the average increase of the CSI 300 index [10] - Notably, companies like Wangzi New Materials and Aibison have experienced stock price increases exceeding 50% since their announcements [10][12] Group 4: Institutional Research Activity - Among the 37 companies with announced return plans, 17 have received significant institutional interest, with some receiving over 350 institutional research inquiries [11][12] - Companies like Baiwei Storage and Shiji Information have also reported substantial stock price increases alongside their active engagement with institutional investors [12][13]

Group 1: Company Performance - Huayi Brothers has reported a cumulative loss of 8.2 billion yuan over the past seven years, with its current market value being less than one-tenth of its peak [3] - In Q3, Huayi Brothers achieved a revenue of 62.6 million yuan, a year-on-year decline of 31.61%, and a net loss attributable to shareholders of 39.5 million yuan [3] - Lululemon's stock price has dropped by 46.40% this year, resulting in a market value loss of approximately 25 billion USD, leading to the resignation of CEO Calvin McDonald [8] Group 2: Industry Developments - The average age of the labor force in China has reached 39.66 years, indicating a gradual maturity in the aging process of the population [2] - The global largest automotive safety testing center has been put into operation in Ningbo, Zhejiang, featuring multiple Guinness World Records [6] - The National Market Supervision Administration has issued guidelines prohibiting car manufacturers from selling vehicles at a loss, aiming to enhance price compliance in the automotive industry [4] Group 3: Strategic Moves - Kweichow Moutai has introduced a volume control policy to alleviate financial pressure on distributors, halting product distribution until January 1, 2026 [4] - SpaceX is reportedly seeking to go public with a target valuation of approximately 1.5 trillion USD, which could make Elon Musk the world's first trillionaire [2] - OpenAI has adjusted its compensation policy to prevent talent outflow by removing the "vesting cliff" for stock options [11]

Core Viewpoint - The article emphasizes the critical role of heat dissipation technology in high-power and high-density electronic devices, highlighting the emergence of diamond-copper composite materials as a key solution to overcome traditional thermal management limitations [1][3]. Group 1: Heat Dissipation Technology's Core Position - Heat dissipation systems have evolved from being performance optimization items to core constraints on product performance, driven by exponential increases in heat flow density [4][11]. - Traditional thermal management solutions, such as heat pipes, face significant limitations as heat flow density exceeds 300W/cm², necessitating breakthroughs in high-performance composite materials [4][11]. Group 2: Performance Parameters and Economic Implications - The performance of heat pipes is often overstated, with real-world applications revealing a significant gap between theoretical and practical performance, presenting opportunities for new materials [7]. - The economic implications of heat dissipation are stark, with data indicating that a 10°C increase in temperature can lead to a 50% decrease in reliability, and that 40% of energy consumption in AI centers is dedicated to heat dissipation [13]. Group 3: Diamond-Copper Composite Materials - Diamond-copper composite materials are characterized by their exceptional thermal conductivity and adaptability, achieved through microstructural design that combines the high thermal conductivity of diamond with the workability of copper [18][22]. - The thermal conductivity of diamond can reach 2200 W/m·K, significantly surpassing that of copper, and the composite can achieve thermal conductivities exceeding 1000 W/m·K [22]. Group 4: Market Size and Growth Trends - The global market for diamond-copper composites is projected to grow from approximately $1.4 billion in 2024 to over $3.85 billion by 2031, with a compound annual growth rate (CAGR) of 12.4% [37]. - The Chinese market is expected to expand from 12.8 billion yuan in 2024 to 50 billion yuan by 2031, driven by domestic substitution and the expansion of application scenarios [37][38]. Group 5: Competitive Landscape - The competitive landscape is characterized by international giants dominating high-end markets while domestic companies accelerate local substitution, with Japan's Sumitomo Electric holding a significant market share [45]. - Chinese manufacturers are making strides in the diamond-copper sector, achieving thermal conductivities of 600-800 W/(m·K) and reducing costs by 30%-40% compared to imports [45]. Group 6: Future Development Trends - Future advancements in the diamond-copper sector will likely stem from technological breakthroughs and the expansion of application scenarios, with a focus on high-performance and extreme environment stability [53]. - The industry is expected to mature through the standardization of processes and the localization of equipment, which are essential for large-scale commercialization [53].

电力设备及新能源周报 20251214 全球动力装机持续高增，光伏组件价格现企稳信号 glmszqdatemark 本周（20251208-20251212）板块行情 电力设备与新能源板块：本周上涨 1.19%，涨跌幅排名第 5，强于上证指数。本周核 电指数涨幅最大，太阳能指数跌幅最大。核电指数上涨 1.34%，工控自动化上涨 1.25%， 锂电池指数上涨 0.43%，新能源汽车指数上涨 0.22%，风力发电指数上涨 0.11%，储 能指数上涨 0.05%，太阳能指数下跌 0.59%。 新能源车：2025 年 1-10 月全球动力电池总装车量同比增长 34.7% 根据 SNE Research 最新数据，2025 年 1-10 月全球动力电池装车量达 933.5GWh， 同比增长 34.7%。从装机量来看，宁德时代以 355.2GWh 持续领先，比亚迪以 157.9GWh 保持第二，LG 新能源以 86.5GWh 位列第三。其中蜂巢能源表现亮眼，装 机量达 23.7GWh，同比增长 86.6%；亿纬锂能和国轩高科分别实现 73.3%和 80.8% 的高速增长；中创新航 10 月装机量首次超越 LG 新能源，跃 ...

Market Performance - The automotive sector in A-shares rose by 0.2% from December 8 to December 14, outperforming the CSI 300 index which fell by 0.4% [1][32] - Among sub-sectors, commercial passenger vehicles, automotive parts, motorcycles, and automotive services increased by 1.5%, 1.1%, 0.3%, and 0.3% respectively, while commercial freight vehicles and passenger vehicles decreased by 0.9% and 4.4% [1][32] Investment Recommendations - Recommended core stocks include Geely Automobile, Xpeng Motors, BYD, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunfeng Power [2][10][14] - For passenger vehicles, focus on quality autonomous brands accelerating in intelligence and globalization [5][14] - In the parts sector, recommendations include intelligent driving companies like Berteli, Horizon Robotics, and Kobot, as well as companies in the new forces supply chain [5][23] Regulatory Developments - The State Administration for Market Regulation is seeking public opinion on the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry," aimed at standardizing pricing practices and preventing unfair competition [4][11] Robotics Sector - Galaxy General, a humanoid robot unicorn, is preparing for a Hong Kong IPO, with a valuation among the top tier in the industry [3][10] - The focus remains on Tesla's production progress and technological iterations, with significant updates expected from other core manufacturers [3][10][17] Motorcycle Market - The market for large-displacement motorcycles is expanding rapidly, with sales of 250cc and above motorcycles reaching 61,000 units in October 2025, a slight decrease of 0.2% year-on-year but a significant increase of 29.7% year-to-date [24][26] - Recommended companies in this sector include Chunfeng Power and Longxin General [6][26] Truck Market - The heavy truck market saw sales of approximately 100,000 units in November 2025, a year-on-year increase of about 46% [27][28] - The expansion of the old-for-new subsidy policy is expected to stimulate demand for new trucks [27][28] Tire Industry - The tire industry is experiencing a global expansion, with strong demand and low valuations [29][30] - Recommended companies include Sailun Tire and Senqilin, as they are well-positioned to benefit from the ongoing trends in the industry [29][31]

哈喽大家好，今天小无带大家聊聊中欧谈判这出越演越上头的热闹大戏。 前阵子马克龙刚结束访华，德国外长瓦德富尔就马不停蹄赶过来，后面德国总理默茨、英国首相斯塔默 还排着队，这访华节奏跟赶庙会似的，热闹得很。 很多人以为是中欧关系回暖了，说白了，这就是欧洲产业急得跳脚了，不得不来谈。12月11日商务部发 言人何亚东一官宣，大家才确认，中欧围绕电动车加税的谈判这周已经重启。 反转开局 我寻思着，中方这波操作太有必要了。毕竟之前谈判时，欧盟就玩过小动作，绕开中国机电商会直接对 接中企，摆明了想搞事情。 现在提前把规矩立好，就是怕他们再耍小聪明，耽误谈判进度，毕竟谈的是产业分歧，不是让他们来分 化咱们的。 欧盟这边最有意思的地方，就是总把自己当"铁板一块"，结果内部早就吵成了一锅粥。 之前他们搞的加税方案就藏着小心思，不同中企税率差得离谱，比亚迪只要交17%，上汽却要交 35.3%，足足两倍还多。合着这是想拉一派打一派，用税率当筹码逼中方让步啊？ 内部漏洞 更拧巴的是，欧盟里的国家想法根本不一样。法国为了抢话语权，一个劲喊着对华强硬，支持加电动车 税；但波兰、匈牙利这些中东欧国家，巴不得多接些中国的产业转移，带动自己经济 ...