Core Insights - BYD's new car registrations in the European market reached 187,657 units in 2025, representing a year-on-year growth of 268.6% [1] - In the EU, BYD's new car registrations grew by 227.8% year-on-year, with market share increasing from 0.4% in 2024 to 1.2% in 2025 [1] Electric Vehicle Market Trends - The market share of pure electric vehicles in the EU reached 17.4% in 2025, up from 13.6% the previous year [1] - Hybrid vehicles accounted for 34.5% of the market share, remaining the preferred choice among EU consumers [1] - The combined market share of gasoline and diesel vehicles decreased from 45.2% in 2024 to 35.5% in 2025 [1] December Market Performance - In December, the market share of new pure electric vehicle registrations in the EU reached 22.6%, surpassing gasoline vehicles at 22.5% for the first time [1]

新华社布鲁塞尔1月27日电（记者丁英华 康逸）欧洲汽车制造商协会27日公布的统计数据显示，2025年 比亚迪在欧洲市场的新车注册量达187657辆，同比增长268.6%，中国汽车制造商凭借丰富的产品组合 和高性价比赢得越来越多欧洲消费者青睐。 欧盟电动汽车市场12月继续向好，纯电动汽车新车注册量在欧盟市场份额中占比22.6%，首次超过汽油 车22.5%的市场份额。 数据还显示，2025年，纯电动汽车在欧盟市场份额中占比17.4%，较前一年的13.6%有所增长。混合动 力汽车的市场份额占比达到34.5%，仍然是欧盟消费者首选。与此同时，汽油和柴油汽车的合计市场份 额从2024年的45.2%降至35.5%。 这一行业协会的统计数据涵盖欧盟以及英国、冰岛、挪威、瑞士和列支敦士登。在欧盟范围内，2025年 比亚迪新车注册量同比增长227.8%，市场份额从2024年的0.4%增至1.2%。 ...

● 本报记者葛瑶 国际资本对中国市场的关注度显著回升。去年境外投资者对中国市场的低配幅度从约2.5%收窄至约 1.3%，减少了约1.2个百分点的低配。瑞银全球金融市场交易部主管贺立言(Neil Hosie)日前在接受中国 证券报记者专访时表示："如果外资进一步降低低配幅度，将意味着可观的潜在资金流入。" 贺立言表示，外资情绪正从此前的观望态度转向"谨慎乐观"。在他看来，中国市场估值优势凸显、企业 治理持续改善、科技创新动能不断增强，叠加全球投资者分散化配置需求上升，配置型资金的入场窗口 有望逐渐打开。瑞银预计中国股市2026年全年涨幅约18%，盈利增速约10%，机器人、人工智能、新能 源汽车、生物科技等科技创新赛道最受关注。 外资谨慎乐观 "谨慎但乐观"，贺立言用这一表述来概括当前外资的情绪基调。他观察到，与一年前同期相比，境外投 资者的心态已发生明显转变。"今年投资者正在做大量工作来深入了解中国公司，这和去年年初相比已 经有了很大不同。"他认为，这一变化在一定程度上受2025年A股市场表现带动：上证指数全年涨幅达 18.41%，沪深300指数涨幅超17%，强劲的市场表现开始吸引全球投资者关注。 交易型资金活 ...

Core Viewpoint - The comparison between Volkswagen AG Unsponsored ADR (VWAGY) and Byd Co., Ltd. (BYDDY) indicates that VWAGY currently presents a better value opportunity for investors based on various financial metrics and rankings [1][3][7]. Group 1: Zacks Rank and Earnings Outlook - Volkswagen AG Unsponsored ADR has a Zacks Rank of 2 (Buy), while Byd Co., Ltd. has a Zacks Rank of 4 (Sell), suggesting a more favorable earnings outlook for VWAGY [3]. - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, indicating that VWAGY is likely experiencing an improvement in its earnings outlook [3][7]. Group 2: Valuation Metrics - VWAGY has a forward P/E ratio of 5.38, significantly lower than BYDDY's forward P/E of 17.64, indicating that VWAGY may be undervalued [5]. - The PEG ratio for VWAGY is 1.06, while BYDDY's PEG ratio is 2.39, further suggesting that VWAGY offers better value relative to its expected earnings growth [5]. - VWAGY's P/B ratio stands at 0.27, compared to BYDDY's P/B of 3.34, reinforcing the notion that VWAGY is undervalued [6]. - Based on these metrics, VWAGY has earned a Value grade of A, while BYDDY has a Value grade of C, indicating a stronger valuation profile for VWAGY [6].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其 準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Jiangxi Tongbo Technology Co., Ltd. 江西銅博科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處 長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充 ...

Core Insights - Electric vehicles (EVs) have outsold petrol cars in Europe for the first time, with 217,900 EVs sold compared to 216,500 petrol cars in December [1][2] - EV sales increased by 51% year-on-year, while petrol car sales decreased by 19.2% [2] - Despite this milestone, EVs accounted for only 17.4% of total sales in 2025, compared to 26.6% for petrol cars [3] Market Dynamics - Chinese brands, particularly BYD, are gaining significant market share in Europe, with BYD's December sales more than doubling to 18,000 units [3] - The overall car sales volume, including hybrids and diesel, remains below pre-pandemic levels, with a slight increase of 1.8% to 10.8 million in 2025 [4] - The automotive industry is facing challenges from tariffs imposed by the US on imported cars and competition from Chinese manufacturers [3] Regulatory Environment - Recent regulatory changes in the EU have diluted emissions rules that would have mandated higher EV sales in the 2030s, raising concerns about the impact on domestic manufacturers [2][5] - Industry experts emphasize the need for stability in regulations to maintain consumer confidence and support the transition to electric vehicles [5] Future Outlook - Analysts predict it will take around five more years for pure electric cars to genuinely overtake combustion-engine models in Europe [6] - The automotive sector employs nearly 14 million people in the EU, representing 8% of all manufacturing jobs across the 27-member bloc [7]

Investment Rating - The report suggests focusing on companies with performance certainty, particularly those in the index, such as Yutong Bus, Minth Group, Jifeng, and Fuda Group [1] Core Insights - The report highlights a potential recovery in wholesale sales due to relaxed tariff policies for vehicle exports to the EU and Canada, benefiting companies like BYD, SAIC, and Xpeng [1] - The expectation for Tesla's Optimus V3 continues to strengthen, indicating valuation elasticity in the robotics industry chain, with a focus on Hengbo, Yinlun, Top, and Sanhua [1] - Domestic cost pressures are significant, leading to a cautious outlook on annual profit forecasts, while overseas export opportunities are promising for companies like BYD and Geely [1] Industry Situation Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the second week of January were 50,000 units, a year-on-year decrease of 22% and a month-on-month decrease of 31% [1] - The traditional raw material price index and the new energy raw material price index both increased recently, with traditional vehicle raw material prices rising by 1.1% month-on-month and 5.4% year-on-year, while new energy vehicle raw material prices increased by 3.2% month-on-month and 19.5% year-on-year [1] Market Situation Update - The total transaction amount in the automotive industry this week was 767.057 billion, with a week-on-week decrease of 8.37%. The automotive industry index closed at 8425.62 points, up 2.51% for the week [1][4] - The automotive industry index's weekly increase was higher than that of the CSI 300 index, which decreased by 0.62% [4] - A total of 219 stocks in the industry rose, while 50 fell, with the largest gainers being New Coordinates, Tieliu, and Weichai Heavy Industry, which rose by 36.3%, 33.0%, and 28.0% respectively [8] Investment Analysis Opinion - The report emphasizes the importance of AI spillover, anti-involution, and demand recovery as key themes. It suggests focusing on intelligent and high-end directions in the vehicle sector, particularly new force car companies like Xpeng, NIO, and Li Auto [1] - Companies with overseas business support for profit totals, such as BYD, Geely, and Leap Motor, are also highlighted [1] - The report notes that the reform of state-owned enterprises may bring breakthrough changes, with attention on SAIC and Dongfeng [1]

星标 ★ IPO日报 精彩文章第一时间推送 1月28日，北交所上市委计划召开审议会议，对浙江恒道科技股份有限公司（下称"恒道科技"）的IPO申请进行审核。 大约两年前，公司曾剑指创业板。然而，经历市场环境更迭和战略调整，恒道科技选择转战北交所。本次IPO，公司计划募集资金4.03亿元。 张力制图 比亚迪供应商 近年来，公司先后被浙江省经济和信息化厅评为"浙江省拟重点支持的'专精特新'中小企业"和"浙江省'隐形冠军'企业"，公司研发中心被认定为"浙江省省级企业研究开发中心"。截至招股说明书签署日，公司已经形成了12项发明专利、 24项实用新型专利、8项软件著作权，持续积极参与行业内的标准起草和修订工作，先后参与制定1项国家标准、3项团体标准。 经过多年市场耕耘与考验，恒道科技积累了丰厚的客户资源，先后成为国内外知名的汽车主机厂、汽车零部件厂和注塑模具厂的配套供应商。公司与比亚迪(002594.SZ)、安瑞光电(三安光电(600703.SH)之全资子公司)、嘉利股份 (874616.NQ)、星宇股份(601799.SH)、海泰科(301022.SZ)、格力电器(000651.SZ)等知名企业建立了长期稳定的合作关 ...

Market Overview - The Hang Seng Index rose by 0.1%, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 0.2% and 1.2%, respectively[1] - International oil and gold prices surged, driven by geopolitical tensions and supply concerns, leading to gains in leading oil and gold stocks[1] - The latest CCL index reported at 145.54, a weekly increase of 0.63%, indicating a recovery in Hong Kong residential prices[1] Economic Indicators - The U.S. durable goods orders for November increased by 5.3%, surpassing Bloomberg's forecast of 3.1% and the previous value of -2.1%[3] - In China, the transaction volume of new homes in 30 major cities reached 1.19 million square meters, a year-on-year decline of 32.3%[3] Sector Performance - The pharmaceutical sector saw most stocks decline, while Junshi Biosciences (1877 HK) rose due to concerns over Nipah virus infections in India[4] - The automotive sector experienced a decline, with January retail sales expected to be around 1.8 million units, a month-on-month decrease of 20.4%[5] - Gold prices reached a new high, surpassing $5,000 per ounce, boosting demand for gold products and leading to gains in related stocks[5]

Group 1 - The core viewpoint of the article is that Bohai Automobile (600960) has identified key clients for its lightweight components, which include major automotive manufacturers [1] Group 2 - The main clients for Bohai Automobile's lightweight parts are Chery, BYD (002594), Beijing Benz, BAIC New Energy, and BAIC Powertrain [1]