Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. is making a second attempt to list on the Hong Kong Stock Exchange, having submitted an updated prospectus that includes financial data for the first half of 2025, showing revenue of 403 million yuan, a 20% year-on-year increase, but a net loss of 64 million yuan, which is a 16% increase in losses compared to the previous year [1][12]. Group 1: Company Background and Financials - Huada Beidou originated from the navigation chip design business of China Electronics Corporation (CEC) and has attracted significant investment from major industry players such as BYD and Bosch [1][12]. - The company reported net losses of 93 million yuan in 2022, 289 million yuan in 2023, 141 million yuan in 2024, and 64 million yuan in the first half of 2025, totaling a cumulative net loss of 588 million yuan over the past three and a half years [6][17]. - Research and development costs have exceeded 330 million yuan over the past three years, accounting for more than 14% of revenue, contributing to the company's financial losses [6][17]. Group 2: Market Position and Product Applications - Huada Beidou's GNSS chips hold over 60% of the Chinese shared bicycle market, covering major platforms like Meituan and Qingju [2][5][17]. - The company is the sixth largest GNSS space positioning service provider globally, with a market share of 4.8%, and ranks second among domestic companies [5][16]. - The company has begun applying GNSS chips to electric bicycles, which are expected to become a major revenue source in the coming years due to supportive government policies [6][14]. Group 3: Future Strategies and Market Trends - Huada Beidou is focusing on two key areas for future growth: smart driving and low-altitude economy, with the latter projected to have a compound annual growth rate of 34.5% from 2024 to 2029 [4][20]. - The company is in early discussions with leading drone manufacturers to explore potential applications of GNSS chips in consumer-grade drone products [20][21]. - Collaborations with major automotive companies like BYD and SAIC have been established to support smart driving functionalities through high-precision navigation solutions [21][22]. Group 4: Competitive Landscape and Challenges - The company faces significant competition in the smart driving and low-altitude economy sectors, with established players like Beidou Star and Huace Navigation already holding substantial market shares [10][22]. - To maintain product competitiveness, Huada Beidou has reduced the average selling price of its standard precision chips from 7.4 yuan to 4.8 yuan between 2022 and 2024, while increasing sales and marketing expenses by 27.7% [11][22]. - As of June 2025, the company's cash and cash equivalents were only 244 million yuan, below its projected R&D expenditures for 2024, indicating potential financial strain [23].

Core Viewpoint - The Beijing Stock Exchange (BSE) will review Shenzhen Peicheng Electronic Technology Co., Ltd. for listing on December 30, 2025, after the company shifted its listing plan from the Shanghai Stock Exchange due to industry cycle fluctuations and tightened regulations [1][3]. Financial Performance - Peicheng's revenue declined from 850 million yuan in 2022 to 733 million yuan in 2024, while net profit remained relatively stable, fluctuating between 92 million yuan and 93 million yuan during the same period [1][3]. - In the first three quarters of 2025, Peicheng experienced a significant turnaround, with revenue increasing by 76.49% year-on-year to 886 million yuan and net profit doubling to 129 million yuan [1][3]. Customer Dynamics - The sales proportion to BYD decreased from 10.62% in 2022 to 5.19% in 2024, and BYD's ranking among Peicheng's top five customers fell from first to fourth place [2][4]. - By the first half of 2025, BYD was no longer among Peicheng's top five customers [2][4]. Listing Conditions and Advantages - The BSE's listing standards, which require a minimum market value of 200 million yuan, net profits of at least 15 million yuan in the last two years, and an average return on equity of no less than 8%, align better with Peicheng's current scale [2][4]. - The average listing time on the BSE was 339 days in 2024, the shortest among major exchanges, providing Peicheng with a potential opportunity to capitalize on market conditions [2][5]. Future Outlook - As 2026 approaches, the ability of Peicheng, described as a "small giant" in the lithium battery sector, to convert its technological advantages into sustainable profitability will be a key factor for market evaluation [2][5].

一个简单的事实足以说明剧变的剧烈程度：2025年全年，比亚迪卖出了近226万辆纯电动车，而特斯拉 的交付量停留在164万辆。 这不是一次偶然的超车。特斯拉交付量连续两年下滑，同比减少8.6%；比亚迪却保持着近28%的高速增 长。更重要的是，比亚迪的超越发生在特斯拉曾经占据绝对优势的欧美市场。 文 | 财能圈 当特斯拉2025年四季度的交付量同比下滑16%时，全球电动车行业的一个时代正式落幕。曾经不可一世 的领跑者，被中国对手比亚迪从销量榜首的位置拉了下来。 从产品老化到政策红利消退，从品牌争议到战略转向，特斯拉正面临前所未有的复杂挑战。而比亚迪凭 借全产业链优势和精准的市场策略，正在改写全球电动车市场的游戏规则。 特斯拉踩下刹车， 神话光环褪色 特斯拉四季度的成绩单，让很多投资者感到寒意。41.8万辆的交付量，同比下滑16%，不仅远低于华尔 街的预期，也未能达到公司自己设定的目标。 全年164万辆的交付数据，意味着特斯拉连续第二年销量下滑。官方的解释集中在"全球工厂升级"和"资 源向高附加值业务倾斜"上。但市场看到的是更直接的现实：主力车型Model 3和Model Y已经老了，而 市场期待的新车型还没大规模 ...

Core Viewpoint - Tesla's global vehicle deliveries for 2025 are projected to be 1.636 million, representing an approximate 8.6% year-over-year decline, marking the first time that Tesla's annual electric vehicle sales have been surpassed by Chinese manufacturer BYD, which expects to deliver 2.26 million electric vehicles in the same year [2][4][14]. Group 1: Sales Performance - In the first 11 months of 2025, Tesla's vehicle registrations in China reached 531,900, down 7.37% from 574,200 in the same period last year, although China remains Tesla's largest single market [2][12]. - Tesla's production for 2025 is estimated at 1.655 million electric vehicles, with deliveries of 1.636 million, both lower than the previous year's figures of 1.773 million and 1.789 million respectively [5]. - In the fourth quarter of 2025, Tesla produced approximately 434,000 vehicles and delivered about 418,000, which is a year-over-year decline of around 16% compared to the same quarter in 2024 [5]. Group 2: Market Competition - BYD's electric vehicle sales are increasingly coming from markets outside of China, including Asia, Europe, and Latin America, contributing to its growth of 28% year-over-year [4]. - Analysts indicate that Tesla faces growing competition from various global automakers entering the electric vehicle market, with companies like BYD and Geely targeting both mid-range and high-end segments [14]. - The overall electric vehicle market in the U.S. is experiencing a slowdown, with a reported drop of over 40% in sales across all brands in 2025 [6][8]. Group 3: Executive Compensation - Tesla has established a compensation incentive plan for CEO Elon Musk, potentially worth up to $1 trillion, contingent on achieving ambitious targets such as delivering 20 million vehicles over the next decade [2][13]. - The plan includes performance metrics tied to Tesla's market capitalization and operational goals, with Musk's stock holdings potentially increasing significantly if the targets are met [13]. Group 4: Market Trends - In the European market, Tesla's new car registrations in November 2025 fell by 11.8% year-over-year, with a cumulative decline of 28% for the first 11 months [6][7]. - The market share for Tesla in the EU has decreased to 1.3%, while the overall market for electric vehicles in the EU has seen a growth of 44.1% in new registrations [7].

经济观察网据智通财经，2025年中国车市收官战报落地，A股及H股上市的六大车企——比亚迪 （002594）、上汽集团（600104）、吉利汽车、奇瑞汽车、长安汽车、长城汽车（601633）都先后披露 了2025年的销量表现。 销量第二的上汽集团(600104.SH)与比亚迪的差距仅10万辆。值得一提的是，上汽的年销量增速达到 12.3%，位居排行榜第二。 其中，比亚迪(002594.SZ；01211.HK)以460.24万辆的全年销量稳居榜首，同比增长7.73%。比亚迪纯电 动汽车销量达226万辆，首次超越特斯拉登顶全球纯电销冠。 ...

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 ...

【#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 ...

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！ ...

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！ （文章来源：证券时报） 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。 ...