Core Insights - The ongoing changes in the international landscape highlight the risks of traditional foreign trade enterprises relying too heavily on a single market. However, these challenges also present new opportunities for growth [1]. Trade Dynamics - In the first three quarters of 2025, China's imports and exports to countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, an increase of 6.2%, accounting for 51.7% of the total trade value [1]. - Exports of electromechanical products from China reached 12.07 trillion yuan, growing by 9.6%, which constitutes 60.5% of total exports, indicating a shift from reliance on the U.S. to a more global approach [1]. Market Opportunities - Emerging markets are showing strong growth, with imports and exports to ASEAN increasing by 9.6%, Africa by 19.5%, and Central Asia by 16.7% [1]. - The AES Home Appliances and Consumer Electronics Expo aims to deepen its presence in nine key overseas markets across five continents in 2026, inviting industry peers to collaborate in the global trade wave [1][21]. Regional Focus: Southeast Asia - Vietnam's GDP growth rate reached 6.42% in the first half of 2024, with expectations to rise to 6.5% in 2025, driven by a young population and strong domestic demand [24]. - Indonesia, as Southeast Asia's largest economy, is experiencing a significant expansion of its middle class, projected to add 8 million new users by 2028, enhancing market vitality [25]. Regional Focus: Middle East - Dubai serves as a strategic hub for trade, with a high GDP per capita exceeding $40,000, and a significant expatriate population driving demand for affordable products [27]. - Saudi Arabia's e-commerce sales grew by 31.3% in the first half of 2025, with consumer electronics accounting for 23.3% of online sales, indicating robust online consumption potential [29]. Regional Focus: Latin America - Mexico's strategic location as a member of the USMCA provides tariff advantages for exports to the U.S., making it a key entry point for Chinese companies into North America [11]. - Brazil's electronic products and appliances saw a 34% increase in sales in the first half of 2024, driven by rising incomes and the expansion of offline retail channels [13]. Regional Focus: Africa - South Africa, as one of Africa's most developed economies, has a significant demand for cost-effective and quality products, with a young population driving consumption [35]. - China's exports to Africa reached approximately $97 billion in the first seven months of 2024, with electromechanical products making up 53% of this total [36]. Regional Focus: Europe - Poland's strategic location allows for efficient transportation to major European markets, with a stable demand for Chinese home appliances and consumer electronics [16]. - The EU's strict energy efficiency regulations are increasing demand for high-efficiency appliances, providing a competitive edge for Chinese manufacturers [38].

记者丨 林典驰 编辑丨孙超逸 近期，固态电池独角兽北京卫蓝新能源科技股份有限公司（简称卫蓝新能源）正式启动上市辅 导， 若此次成功登陆资本市场，卫蓝新能源有望成为"固态电池第一股" 。 卫蓝新能源专注研发、生产固态电池，是中国科学院物理研究所固态电池产学研孵化企业，由 俞会根、陈立泉、李泓共同创立。 今年6月26日，《2025全球独角兽榜》发布，卫蓝新能源以185亿元的估值位列榜单第455位。 目前，公司已在北京房山、江苏溧阳、浙江湖州布局生产基地，并计划在山东淄博、广东珠海 拓展新产能。产品线覆盖高能量密度动力电芯、储能电芯等专用电芯，目前相关产品已向多家 整车厂商、储能企业和海外客户实现交付。 在"中国锂电之父"陈立泉院士的引领下，成立不足十年的卫蓝新能源迅速崛起为固态电池赛道 的有力竞争者。 背靠中科院物理所深厚科研底蕴，并吸引蔚来、华为、小米等48家重量级股 东加持 ，这家独角兽企业正加速推动固态电池实现规模化落地。 团队由"中国锂电之父"领衔 卫蓝新能源成立至今不到10年，但公司技术背景浓厚，有着"中国锂电之父"之称的中国工程院 院士陈立泉从中发挥着重要作用，陈立泉持有公司2.81%的股份。 资料显 ...

5G通信 数十万5G与信息领域关注者的头部科技媒体 中国移动披露全年采购超5300亿元，签约供应商逾1.7万家，战略供应商10家，核心供应商14家，优秀（A级）供应 商299家。这组数字背后是什么？——蛋糕在变小。 采购规模 年采购额超5300亿元，供应商逾1.7万家。 战略供应商10家，核心供应商14家，优秀（A级）供应商299家。 CAPEX趋势 2022 H1 (920亿) -> 2025 H1 (584亿)，连续三年同比下降，整体下降幅度超过了30%。 CAPEX占比 2025年H1占三大运营商总投入的51.8%。 文 赵哲超/5G通信 刚看到中国移动这次供应链大会的数据，说实话，这个分级体系比我预想的还要"狠"。 供应商分级 2025年度中国移动核心供应商共有14家，包括海光信息、海思、飞腾公司、盛科通信、中天科技、长飞光纤、亨通 光电、创维数字、京信通信、潍柴动力、美的集团、格力电器、亚信科技、北京华弘等。 这个名单很有意思。海光信息、海思、飞腾这几家国产芯片设计公司能进入"核心"序列，说明什么？中国移动在加 快构建自主可控的供应链。特别是海光信息，这家公司的GPU在AI算力领域可是有两把刷子的。 ...

证券研究报告 | 2025年12月15日 电子行业周报 优于大市 春季躁动在即，关注 1 月业绩催化集中的 AI 算力+存力链 春季躁动在即，关注 1 月业绩催化集中的 AI 算力+存力链。过去一周上证下 跌 0.34%，电子上涨 2.63%，子行业中电子化学品上涨 6.99%。同期恒生科技、 费城半导体、台湾资讯科技下跌 0.43%、下跌 3.58%、上涨 0.79%。我们认为， 电子板块近一个月的弱势表现主要是由于国补退坡、二季度抢出口以及存储 缺货涨价所引致的三季报走弱。当下时点处于近半年的业绩空窗期，而部分 受益于海外 AI 算力需求高增长的标的临近 1 月份业绩预告催化，同时基于 2026 年 AI 手机、AI 眼镜、折叠屏等端侧创新预期所有望引致的春季躁动行 情，我们维持对于电子行业"保持乐观展望，维持配置耐心，以时间换空间" 的投资建议，继续推荐自主可控（代工+设备）、海外算力+存力产业链。 此外，近期多个硬科技主题基金快速获批，亦有望助力板块加速开启筑 底反弹。重点推荐：翱捷科技、江波龙、生益科技、德明利、蓝思科技、 立讯精密、蓝特光学、恒玄科技、澜起科技、中芯国际。 博通预计 AI 芯片收入 ...

锚定高端，走难而正确的道路。 编辑｜左茂轩 几年前，中国高端豪华车市场由外资品牌牢牢掌控，奔驰立标、宝马双肾格栅、保时捷蛙眼大灯，曾经一度是豪华车不可撼动的图腾符号。 然而，如今，何谓豪华，已然被改写。 从问界M5、问界M7到问界M9，再到问界M8，四大新豪华爆款车型，已经让"豪华"的定义融入越来越多的"中国语法"。 现象级市场热度的背后，绝非偶然的市场爆发，而是中国新能源汽车从 "量的积累" 迈向 "质的飞跃" 的一种必然结果，更是问界品牌以技术为刃，叩开豪 华车市场大门的生动注脚。 问界坚持走难而正确的道路，不断用技术创新打造领先的产品，扎实做好技术、智造、服务等，最终用价值赢得市场，历经四年发展，问界已然守得云开 见月明，成为豪华SUV的标杆。 与此同时，智能新能源时代的豪华规则，已经开始由中国品牌来定义。 12月9日，央视新闻《在一起 鸿蒙智行》直播盛典重磅启幕，华为常务董事、产品投资委员会主任、终端BG董事长余承东与赛力斯集团董事长（创始 人）张兴海等五界掌门人首次齐聚。 作为中国豪华汽车引领者，问界开创了新能源汽车企业与ICT科技企业跨界合作的行业先河。问界始终坚持跨界合作，坚持走"软件定义汽车" ...

Core Viewpoint - The liquid cooling industry is expected to experience rapid demand growth starting in 2026, while supply will lag behind, creating a highly favorable market environment for early movers in the sector [17]. Demand Side - As the power consumption of AI computing cards and cabinets increases, traditional air cooling solutions become inadequate, necessitating the adoption of liquid cooling solutions for effective heat dissipation. Specifically, cabinets with power consumption exceeding 35-40KW cannot utilize air cooling [4]. - North America faces severe electricity shortages, and liquid cooling can significantly reduce Power Usage Effectiveness (PUE), thereby saving energy costs and alleviating delays in data center projects caused by power shortages. Liquid cooling solutions can achieve a PUE of less than 1.2 [4]. - Many data centers in North America are located near economic centers or residential areas, and liquid cooling can significantly reduce noise levels compared to air cooling, accelerating project implementation and reducing financial costs [6]. Supply Side - The supply landscape for liquid cooling in North America is currently dominated by American and Taiwanese manufacturers, with limited participation from mainland Chinese firms. The primary technology used is cold plate liquid cooling, which accounts for over 98% of the market [11]. - The verification process for liquid cooling products is lengthy and complex, creating high barriers to entry for new suppliers. This process can take anywhere from six months to two years, making it challenging for many manufacturers to enter the market [11]. Company-Specific Insights - NVIDIA is projected to ship 100,000 cabinets of the GB series (primarily GB300) by 2026, with a liquid cooling value per cabinet estimated at $90,000 to $100,000, leading to a total liquid cooling value of approximately $10 billion [7]. - Google is expected to ship 2.2 to 2.3 million TPU V7 and above chips by 2026, translating to a need for around 35,000 cabinets with liquid cooling solutions, with a total liquid cooling value estimated at $2.6 billion [9]. - Meta anticipates shipping 1 million MTIA V2 chips, requiring about 14,000 cabinets, with a projected liquid cooling value of approximately $1.05 billion [10]. - Amazon's AWS Trainium3 is expected to ship 1.2 million chips, corresponding to around 16,000 cabinets, with an estimated liquid cooling value of $1.25 billion [10]. Market Opportunities for Mainland Chinese Manufacturers - North American CSP technology companies are increasingly looking to mainland Chinese liquid cooling manufacturers to ensure supply chain security, as existing production capacities in North America and Taiwan may not meet the surging demand by 2026 [13]. - Mainland Chinese manufacturers can offer liquid cooling products at a lower cost compared to their foreign counterparts, potentially enhancing project profitability for data centers [13]. - Some leading mainland Chinese manufacturers possess competitive technological advantages in liquid cooling products, which can improve the efficiency of downstream data center products [13]. Future Outlook - The liquid cooling industry is expected to see a significant increase in demand starting in 2026, with early adopters benefiting from the first wave of industry growth. The process of engaging with overseas manufacturers, obtaining samples, and securing initial orders will be crucial for companies looking to capitalize on this trend [17].

前言：通信行业智能体的发展态势 通信网络目前正经历从 4G/5G/5G-A 向 6G 的 代际演进，万物互联的崭新时代已然开启。在赋能工 业互联网、智能电网、智能交通等垂直行业，提供强 大的超高速、可靠、实时通信保障，帮助众多企业提 升生产效率与产品质量的同时，通信网络自身运营和 运维，也面临运维效率、用户体验等关键挑战，通过 AI 和智能体技术注入，实现网络自身的智能化、自动 化技术转型，走向网络高阶自治，已成为产业共识。 业务和架构层面，2025 年 6 月，TM Forum 联 合 75 家全球领先的产业伙伴，共同发布了具有里程 碑意义的自智网络白皮书 7.0，定义了以自智网络智 能体（AN Agent）为核心的自智网络 Agentic 功能 架构和智能体架构，推动智能体、数字孪生技术与通 信网络深度融合。TM Forum 同时围绕自智网络 L4 等级发布了 20 个高价值场景的目标态与智能体能力， 以 KBI/KEI 指标量化商业价值，并借助 IG150x 系列 解决方案包，为行业提供部署指南，助力运营商量化 成效、提升部署效率。3GPP、ETSI、IETF、CCSA 等专业领域标准组织则聚焦落地使能 ...

上个月，国内乘用车市场新能源渗透率逼近 60% ，自主品牌市占率也冲到 7 成关口，两项数据均创下 历史峰值，但豪华轿车市场却呈现出冷热不均的景象。 一方面，尊界 S800 连续三个月霸榜大型豪华轿车市场，上个月交付超过 2000 辆，相当于保时捷帕拉 梅拉和宝马 7 系（包括 i7 ）之和；但另一方面，放眼整个市场，能与宝马 5 系、奔驰 E 级、奥迪 A6L 正面抗衡的自主品牌新能源轿车，至今仍是一片空白。 百年汽车工业史早已证明，豪华轿车是行业 " 皇冠上的明珠 " ，更是检验品牌综合实力的终极标尺。 迈巴赫、霍希这些响当当的名字，承载的不仅是顶尖技术与制造工艺，更是几代人对 " 豪华 " 的固化 认知与价值认同。 这个市场的消费者，看重品牌积淀、庄重设计、乘坐舒适性与全维度豪华体验，是最难啃的一块硬骨 头。 正是在这一背景下，岚图汽车最近推出了全新追光 L ，这款定位 " 新时代旗舰轿车 " 的产品，直接瞄 准了 BBA 尚未被攻克的堡垒 —— 主流豪华轿车市场。 追光 L 的登场，本质是中国品牌尝试用一套新的价值体系，回应行业核心命题：新能源时代，什么样的 豪华轿车能满足高端用户的挑剔需求？ 最后一 ...

如果说 2025 年年初最火爆的 AI 话题是 DeepSeek R1，那么近日横空出世的「摩尔线程 IPO」则为 2025 年的结束锦上添花，二者共同为中国 AI 科技创新开龙摆尾，向业内乃至国际传 递了一个有力的 信号： 中国的人工智能，从底层算力到上层模型，如果有需要，是有能力摆脱对海外技术的依赖、实现全国产 自主自研的。 尽管这只是初具雏形——以 AI 芯片为例，华为、商汤等许多企业的实践都已证明，国产芯片的性能较 之英伟达等寡头虽有不足，但通过软硬协同的生态模式，也能用于 AI 大模型的训练与推理。 摩尔线程于 12 月 5 日上市，作为「国产 GPU 第一股」，其上市首日股价就暴涨超 400%，上市五天 后市值更进一步飙升至约 4500 亿元、较发行时市值增长超过 7 倍——虽然市场占有率与技术先进性 相比英伟达尤有不足，但摩尔线程 IPO 的这一亮眼成绩，恰恰表明了市场在用脚投票，看好中国科技自 主创新的未来。 不过，DeepSeek 代表的是国产 AI 在模型层的自主创新，而非从算力集群层与模型层的系统国产化创 新。早前就有媒体报道，DeepSeek-R1 内部用于模型训练与推理的算力集群主要 ...

Core Insights - The Chinese autonomous driving industry has reached a historic turning point, officially crossing the divide between "testing demonstration" and "commercial application" with the release of the first batch of L3 conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology [1][4] - The approval of L3 vehicles signifies a shift from technology demonstration to regulatory compliance and operational oversight, allowing for a clearer definition of liability in the event of accidents [1][7] - This regulatory breakthrough is expected to bring about a definitive growth outlook for the autonomous driving supply chain, shifting market focus from L2 adoption rates to the reliability of L3 technology [1][4] Regulatory Framework - The new regulatory framework establishes a "three-in-one" oversight system that includes vehicle safety technology certification, usage scenario limitations, and accident liability definitions [4][7] - The pilot program allows L3 vehicles to be used by real users on designated public roads, highlighting China's ambition to lead global development in autonomous driving through a comprehensive standard system [4] Technological Standards - L3 autonomous driving systems are designed to perform all driving tasks under specified conditions, with the driver only needing to intervene when the system requests it, contrasting with Tesla's L2 systems that require constant driver attention [7] - The new framework clarifies the compensation responsibilities of vehicle manufacturers and component suppliers in the event of system failures leading to accidents, pushing the industry to enhance technical standards from "usable" to "reliable" [7] Commercialization Trends - The commercialization of autonomous driving is accelerating, particularly in the Robotaxi sector, with two main technological routes emerging: the "disruptive route" represented by Waymo and the "incremental route" represented by Tesla [10][11] - The industry trend is leaning towards the "incremental route," where major players are advancing into the Robotaxi business using consumer-grade mass-produced vehicles, significantly reducing deployment costs and leveraging data for model optimization [11][12] Industry Developments - Several companies have announced specific timelines for commercialization, with XPeng Motors planning to launch three Robotaxi models by 2026, and Huawei aiming for large-scale L3 commercialization by 2026 and full automation by 2027 [12][14] - Supply chain companies are also making significant moves, with Horizon Robotics and Hello signing a strategic partnership to produce their first mass-produced Robotaxi by 2026, and Momenta planning to launch its own Robotaxi solution by 2025 [14] - The issuance of the first L3 permits marks a transition from a purely technical competition to a comprehensive contest involving technology, regulations, and business models in the Chinese autonomous driving sector [14]