1月22日中午，@比亚迪法务部发布了比亚迪起诉汽车博主姚*强（抖音账号"大秦军陕团"）一案的一审判决结 果： 据此前报道，姚*强在其抖音账号"大秦军陕团"发布测试视频，自称以正常驾驶方式测试比亚迪旗下方程豹汽 车"豹5"的百公里油耗，并最终得出该车型百公里油耗达到18升的结论。 这与方程豹官方宣传数据相差甚远，官方数据显示，"豹5"的百公里油耗为7.8升。 近期，就比亚迪起诉汽车博主姚*强（抖音账号"大秦军陕团"）一案，我司收到法院一审判决，判决认定被告编 造并传播了方程豹汽车的虚假信息，损害了比亚迪及方程豹品牌的商业信誉及商品声誉，构成商业诋毁。判令被 告向比亚迪公司赔偿201万元。 据悉，被告汽车博主姚*强的抖音账号为"大秦军陕团"，约有140万粉丝。目前，在其账号上，前述与方程豹"豹 5"相关的测试视频已下架。 视频发出后引发广泛讨论，有网友分析，"百公里油耗18升"是"大秦军陕团"在极限工况下进行测试的结果。网友 指出，"大秦军陕团"车速开到180km/h左右，有严重超速嫌疑。为此，有不少网友调侃称："这是在用命测评方程 豹。" 对此，"大秦军陕团"多次在视频中强调称，为了验证"豹5"真实油耗，其除了 ...

每经编辑｜许绍航 近期，就比亚迪起诉汽车博主姚*强（抖音账号"大秦军陕团"）一案，我司收到法院一审判决，判决认定被告编造并传播了方程豹汽车的虚假信息，损害 了比亚迪及方程豹品牌的商业信誉及商品声誉，构成商业诋毁。判令被告向比亚迪公司赔偿201万元。据悉，被告汽车博主姚*强的抖音账号为"大秦军陕 团"，约有140万粉丝。目前，在其账号上，前述与方程豹"豹5"相关的测试视频已下架。 1月22日中午，@比亚迪法务部发布了比亚迪起诉汽车博主姚*强（抖音账号"大秦军陕团"）一案的一审判决结果： 据此前报道，姚*强在其抖音账号"大秦军陕团"发布测试视频，自称以正常驾驶方式测试比亚迪旗下方程豹汽车"豹5"的百公里油耗，并最终得出该车型百 公里油耗达到18升的结论。 这与方程豹官方宣传数据相差甚远，官方数据显示，"豹5"的百公里油耗为7.8升。 视频发出后引发广泛讨论，有网友分析，"百公里油耗18升"是"大秦军陕团"在极限工况下进行测试的结果。网友指出，"大秦军陕团"车速开到180km/h左 右，有严重超速嫌疑。为此，有不少网友调侃称："这是在用命测评方程豹。" 对此，"大秦军陕团"多次在视频中强调称，为了验证"豹5"真实油 ...

资本市场折射了中国储能市场出海的另一个维度，港股成为企业全球产能布局的前哨站。 2025年，宁德时代、果下科技、中伟新材（300919）、正力新能、双登股份等储能企业成功登陆港交 所，阳光电源、海辰储能、亿纬锂能（300014）等企业也正在排队等待中。多家储能企业将赴港上市定 位为给全球化布局补充粮草的关键之举，并将赴港上市所募集的多数资金规划用于海外产能与渠道的建 设。 新京报贝壳财经讯"从总体规模来看，2025年是中国储能出海真正的爆发年。"1月22日，中关村储能产 业技术联盟理事长、中国科学院工程热物理研究所所长/研究员陈海生在CNESA DataLink2025年度储能 数据发布暨储能国际峰会暨展览会2026新闻发布会上表示。 据陈海生介绍，根据CNESA DataLink全球储能数据库的不完全统计，2025年中国储能企业新增海外订 单规模366GWh(吉瓦时)，同比增长144%，特别是2025年下半年订单迎来集中爆发；从订单辐射区域来 看，中国储能企业的订单覆盖了全球超过60个国家和地区，中东、南美、东南亚等新兴市场迎来潜力释 放。 从出海企业类型来看，出海的中国储能企业已超过70家，产业链全面出海 ...

就比亚迪起诉姚*强（抖音账号"大秦军陕团"）一案，比亚迪坚持依托法律维护自身合法权益，并于近期公告案件胜诉。1月22日比亚迪法务部发布公告披 露，法院判决认定被告编造并传播了方程豹汽车的虚假信息，损害了比亚迪及方程豹品牌的商业信誉及商品声誉，构成商业诋毁。判令被告姚*强向比亚 迪公司赔偿201万元。随后，比亚迪集团品牌及公关处总经理李云飞转发该公告并表示："一直以来，我们都是黑公关黑水军的最大受害者！我们接受媒 体的批评和监督，但对于编造虚假信息、恶意造谣、诋毁攻击的黑公关和黑媒体，我们绝不容忍，一追到底，绝不姑息！" 此前在公开活动中，李云飞也曾明确立场："比亚迪到了现在的位置和体量，如果有媒体就客观事实进行报道批评，都没问题！有些媒体不了解情况，有 些误解性的发布，我们也能接受！但对于黑公关、黑媒体，为了黑而黑，长期针对比亚迪，诋毁比亚迪，我们绝不容忍！" 2023年12月，方程豹豹5上市之际，姚*强通过抖音账号"大秦军陕团"发布视频，声称以正常驾驶方式测试方程豹旗下车型豹5，得出百公里油耗18升的结 论，在网络上引起了大范围的关注及讨论。之后应警方调查取证需要，比亚迪调取数据显示：测试当日车辆存在大量异 ...

就比亚迪起诉姚*强（抖音账号"大秦军陕团"）一案，比亚迪坚持依托法律维护自身合法权益，并于近期公告案件胜诉。1月22日比亚迪法务部发布公告披 露，法院判决认定被告编造并传播了方程豹汽车的虚假信息，损害了比亚迪及方程豹品牌的商业信誉及商品声誉，构成商业诋毁。判令被告姚*强向比亚 迪公司赔偿201万元。随后，比亚迪集团品牌及公关处总经理李云飞转发该公告并表示："一直以来，我们都是黑公关黑水军的最大受害者！我们接受媒 体的批评和监督，但对于编造虚假信息、恶意造谣、诋毁攻击的黑公关和黑媒体，我们绝不容忍，一追到底，绝不姑息！" 此前在公开活动中，李云飞也曾明确立场："比亚迪到了现在的位置和体量，如果有媒体就客观事实进行报道批评，都没问题！有些媒体不了解情况，有 些误解性的发布，我们也能接受！但对于黑公关、黑媒体，为了黑而黑，长期针对比亚迪，诋毁比亚迪，我们绝不容忍！" 2023年12月，方程豹豹5上市之际，姚*强通过抖音账号"大秦军陕团"发布视频，声称以正常驾驶方式测试方程豹旗下车型豹5，得出百公里油耗18升的结 论，在网络上引起了大范围的关注及讨论。之后应警方调查取证需要，比亚迪调取数据显示：测试当日车辆存在大量异 ...

Core Insights - In 2025, Hunan's foreign trade demonstrated resilience, achieving a total import and export value of 541.41 billion yuan, maintaining stability above 500 billion yuan for five consecutive years, and contributing significantly to the province's economic goals during the 14th Five-Year Plan [2] Group 1: Trade Performance - Hunan's foreign trade showed steady growth, with a quarter-on-quarter increase of 7.7% in Q4 and a year-on-year increase of 5.7% in December, marking a strong finish for the year [3] - The automotive export value reached 33.84 billion yuan, a 26.8% increase year-on-year, with electric vehicle exports exceeding 100,000 units, a staggering increase of 128.2% [3] - The number of enterprises engaged in import and export activities surpassed 9,000 for the first time, reaching 9,113, with export enterprises increasing by 9.6% and import enterprises by 10.4% [3] Group 2: Key Contributions from Changsha - Changsha accounted for 287.54 billion yuan in import and export value, representing 53.1% of the province's total, and contributed significantly to high-tech product exports and machinery imports [4] - The city played a crucial role in stabilizing Hunan's foreign trade landscape, contributing over three-quarters of the province's high-tech product exports and machinery imports [4] Group 3: Trade Expansion and New Markets - Hunan's trade network expanded to cover 118 countries and regions, with imports and exports to Belt and Road countries reaching 320.08 billion yuan, accounting for 59.1% of the province's total [5] - Exports to Africa reached a record high of 58 billion yuan, growing by 5.8% year-on-year, with significant increases in engineering machinery and "new three samples" products [5] - The province benefited from zero-tariff policies for least developed countries in Africa, leading to increased imports of African specialty products [5] Group 4: Export Structure Optimization - Hunan's exports totaled 320.76 billion yuan, with traditional industries maintaining stability and emerging industries showing strong growth, particularly in high-tech products [6] - High-tech product exports grew by 28.4%, with industrial robots and electric locomotives seeing significant increases of 82.1% and 102.2%, respectively [6] - The customs department implemented measures to support high-tech enterprises, significantly improving the efficiency of material flow for companies requiring timely imports [6] Group 5: Logistics Improvements - The construction of international logistics channels has strengthened Hunan's foreign trade, with new international air routes and increased container throughput at ports [8] - The "Xiangyuefei" rail-sea intermodal transport reduced logistics costs by nearly 30% for enterprises [8] - Future plans include optimizing regulatory services and expanding innovative logistics models to further enhance Hunan's position in high-quality foreign trade development [8]

Core Insights - BYD has transformed advanced driver assistance systems (ADAS) from an optional feature to a must-have for consumers, achieving a cumulative ownership of over 2.56 million vehicles by December 2025, leading the Chinese automotive industry in this segment [1][3]. Group 1: Data and Technology - The success of BYD's ADAS is supported by a robust data foundation, with the "Tian Shen Zhi Yan" system generating over 160 million kilometers of driving data daily, which facilitates continuous system evolution and widespread adoption [4]. - The activation rates for the system are impressive, with 94.13% for general ADAS features and 85.97% for intelligent parking, indicating strong user trust and reliance on the technology [4]. - Frequent over-the-air (OTA) updates planned for 2025 will enhance features ranging from active safety to cabin experience, ensuring that the technology remains current and user-friendly [4]. Group 2: Safety and User Assurance - Safety is a core principle of BYD's intelligent driving technology, evidenced by 9.33 million instances of Automatic Emergency Braking (AEB) activation throughout the year, showcasing the system's proactive safety capabilities [4]. - BYD has made a notable commitment to cover all safety and loss scenarios related to parking assistance, eliminating the need for insurance claims and providing unlimited compensation, which reflects the company's confidence in its technology [4]. Group 3: Market Performance - The popularity of models equipped with the "Tian Shen Zhi Yan B" version, such as the Fangcheng Leopard Titanium 7 and Tengshi N8L, has led to significant sales, with December alone seeing 191,041 units sold across various models [5]. - The sales breakdown includes 47,576 units from Fangcheng Leopard, 13,621 from Tengshi, 903 from Yangwang, and a remarkable 128,941 units from the Dynasty and Ocean series, indicating strong market recognition of the technology [5]. Group 4: Consumer Focus - BYD emphasizes user needs by promoting ADAS from being a luxury feature to a widely accessible option, aiming to make intelligent driving a standard expectation for all consumers [7]. - The company's approach not only leads the direction of automotive intelligence in China but also ensures that every user can benefit from the safety and convenience brought by technology [7].

Core Insights - The automotive industry is witnessing a significant shift towards robotics, with at least 17 major car manufacturers globally entering the robot sector by 2025, including both international and domestic companies [1][3] - Tesla's Elon Musk claims that 80% of the company's future value will come from robotics, indicating a strong belief in the potential of humanoid robots [3] - The automotive sector is transitioning from being a cost center to a profit center through the development of robots, which can enhance efficiency and reduce costs in manufacturing [4] Group 1: Industry Trends - The automotive industry has the highest density of industrial robots, with 29.3 robots per million working hours, indicating a strong integration of robotics in manufacturing processes [5] - Companies like Tesla and Xpeng are planning to produce humanoid robots at scale, with Tesla aiming for a production line of one million units by the end of 2026 [5][7] - The consensus in the industry is that humanoid robots will follow a three-step path: factory, commercial, and home applications [8] Group 2: Strategic Approaches - Companies like Chery are focusing on providing intelligent solutions rather than just hardware, which has helped them gain market share in key overseas markets [7] - BYD is strategically investing in over 20 robotics companies to enhance technological collaboration without heavy self-research costs [7] - SAIC Group is leveraging supply chain advantages by investing in core component companies to ensure cost-effective supplies for its robotics initiatives [7] Group 3: Cost Advantages - The cost of developing humanoid robots for automotive companies is estimated to be one-third lower than that of traditional robotics firms, thanks to established supply chains [18][20] - The automotive industry's scale in manufacturing is reshaping the cost structure of the robotics sector, with significant reductions in component costs, such as LiDAR [20] - The dual empowerment between robotics and automotive sectors is creating a feedback loop that enhances both industries [20] Group 4: Challenges and Future Outlook - Despite the enthusiasm for humanoid robots, significant technical challenges remain, particularly in achieving dexterity, stability, and efficient AI processing [22][24][26] - The current global stock of humanoid robots is under 5,000 units, with fewer than 1,000 achieving commercial viability, highlighting a gap between industry excitement and market reality [34] - The automotive industry is expected to play a crucial role in the evolution of humanoid robots, potentially transforming from "car manufacturing" to "intelligent entity manufacturing" [34]

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry relative to the CSI 300 index [2]. Core Insights - The new energy storage market is experiencing significant growth, with global new energy storage installations expected to reach 74.1 GW/177.8 GWh by the end of 2024, representing year-on-year growth of 62.5% and 61.9% respectively. In China, the new energy storage capacity is projected to increase by 103% and 136% to 43.7 GW/109.8 GWh [10][17]. - Lithium batteries are expected to dominate the energy storage technology landscape, with shipments in China reaching 430 GWh in the first three quarters of 2025, marking a year-on-year increase of 99.07% [10][24]. - The report highlights the supportive policy environment for the energy storage industry, with multiple initiatives launched by the Chinese government to promote the development of new energy storage technologies [10][35]. Summary by Sections 1. Energy Storage Industry Overview - The global energy system is undergoing significant changes to meet carbon neutrality commitments, with a focus on increasing the share of renewable energy [15][16]. - Energy storage technologies are categorized into mechanical and electrochemical storage, with pumped storage being the most mature technology [16][22]. 2. Energy Storage Policies - Since 2021, the Chinese government has introduced a series of policies to support the development of energy storage, including the "New Energy Storage Manufacturing High-Quality Development Action Plan" [35][36]. - The goal is to achieve over 100 million kW of new energy storage capacity by 2027, with significant investments expected [36][37]. 3. Electrochemical Energy Storage - Lithium-ion batteries are highlighted as the most mature and widely used technology in energy storage, with a market share of 97.5% in new energy storage technologies [24][29]. - The report discusses the advantages of lithium batteries, including high energy density and long lifespan, while also noting safety risks [22][24]. 4. Mechanical Energy Storage - Pumped storage remains a significant part of the energy storage landscape, accounting for 54.3% of total storage capacity as of the end of 2024 [24][29]. - Other mechanical storage technologies, such as compressed air and flywheel storage, are also discussed, highlighting their respective advantages and limitations [22][24]. 5. Henan Province Energy Storage Overview - Henan Province has implemented policies to accelerate the development of new energy storage technologies, aiming for a scale of over 15 million kW by 2030 [10][36]. - Key companies in the Henan energy storage sector include multiple firms specializing in lithium, sodium, and flow batteries [10][36].

Core Viewpoint - The medium truck market in China experienced a "4 consecutive increases" in December 2025, with a total sales volume of 13,400 units, marking a year-on-year growth of 15%. However, the overall annual sales for 2025 saw a decline of 2% compared to 2024, failing to end the year on a growth note [3][19]. Group 1: December Performance - In December 2025, the total sales of the truck market (including chassis and tractors) reached 361,000 units, representing a month-on-month increase of 7% and a year-on-year increase of 17% [3]. - The medium truck market sold 13,400 units in December, with a month-on-month growth of 40% and a year-on-year growth of 15%, achieving a "4 consecutive increases" [3][9]. - The medium truck market's sales in December 2025 ranked second in the last five years, with a net increase of approximately 1,700 units compared to December 2024 [5]. Group 2: Annual Performance - The cumulative sales for the medium truck market in 2025 totaled 125,100 units, ranking third in the last five years, with a year-on-year decline of 2% [5][14]. - In 2025, the average monthly sales for the medium truck market were approximately 10,300 units, with seven months exceeding 10,000 units [7]. - The cumulative sales decline of 2% in 2025 was an improvement from a 5% decline noted after November [7][14]. Group 3: Company Performance - BYD led the medium truck market in December 2025 with sales of 2,806 units, capturing a market share of 20.9%, and achieved a year-on-year growth of 493% [10][12]. - Other top performers included FAW Jiefang and Dongfeng, with sales of 2,334 and 2,323 units respectively, while Hubei Sanyuan saw a remarkable year-on-year growth of 1,601% [10][12]. - In 2025, four companies, including BYD and Sanyuan, achieved sales growth of over 100%, while two companies experienced a decline of over 10% [16]. Group 4: Market Share - The top ten companies in the medium truck market accounted for 98.9% of the total market share in December 2025, with the top five companies holding 83.3% [12]. - The cumulative market share for the top five companies in 2025 was 77.3%, with FAW Jiefang leading at 31.4% [17]. - Compared to 2024, several companies, including FAW Jiefang and BYD, saw significant increases in market share, with FAW Jiefang's share rising by 6.3 percentage points [17].