有色金属主力资金净流出122.51亿元。 今日（1月27日），沪深两市主力资金净流出414.34亿元，其中，沪深300成份股净流出5.05亿元，创业 板净流出50.84亿元。 6个行业获主力资金净流入，通信行业主力资金净流入金额为41.20亿元，居首；银行行业主力资金净流 入超17亿元；电子、农林牧渔行业主力资金净流入均在2亿元以上。有色金属行业资金大幅出逃，主力 资金净流出122.51亿元；电力设备行业净流出超87亿元，医药生物行业净流出超50亿元；计算机、基础 化工行业净流出金额均在40亿元以上。 主力资金出逃有色金属板块 从个股来看，今日有43股主力资金净流入超2亿元，中际旭创、天孚通信、华天科技、平潭发展净流入 金额均超10亿元。 光通信板块的CPO概念龙头股——中际旭创、天孚通信、华天科技、新易盛均获主力资金抢筹。今日 CPO板块大涨，消息面上，昨日，英伟达宣布将以每股87.20美元的价格认购CoreWeave普通股，投资金 额达20亿美元，CoreWeave计划在2030年前建成超过5吉瓦的AI数据中心。 通信板块获资金追捧，除了上述4只股票外，三维通信、中兴通讯、奥飞数据等主力资金净流入金额均 ...

Core Insights - EU car sales increased by 1.8% in 2025, reaching 10.8 million vehicles, driven by rising demand for electric vehicles (EVs) despite remaining below pre-pandemic levels [1][1][1] Electric Vehicle Market - Battery-electric vehicles accounted for nearly 1.9 million registrations in 2025, representing 17.4% of total sales, up from 13.6% in the previous year [1][1][1] - Hybrid electric cars captured 34.5% of the market, while the combined share of petrol and diesel vehicles fell to 35.5%, down from 45.2% [1][1][1] - Petrol car sales declined by 18.7%, with France experiencing the steepest drop at 32% [1][1][1] - Germany saw a 43.2% increase in electric vehicle sales, with the Netherlands, Belgium, and France also reporting double-digit growth [1][1][1] Competitive Landscape - Tesla's sales in Europe fell by 31.9% in December to 21,485 vehicles, resulting in a market share reduction to 2.2% [1][1][1] - For the full year, Tesla's sales dropped 37.9% to 150,504 units, losing ground to BYD, which saw its European sales nearly triple in December to 18,008 vehicles [1][1][1] - BYD's annual sales increased to 128,827 cars, raising its market share to 1.9% and overtaking Tesla as the world's largest electric carmaker in 2025 [1][1][1] Overall Market Performance - Across Europe, including the EU, European Free Trade Association, and the UK, car sales rose 7.6% in December to 1.2 million vehicles and increased 2.4% over the year to 13.3 million [1][1][1] - Jaguar Land Rover faced challenges, with December sales falling 25.3% to 4,332 vehicles and full-year sales declining 17% to 53,161 units, selling only one Jaguar in December as it transitioned to an all-electric future [1][1][1]

行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...

Core Viewpoint - The partnership between Haike Xinyuan and BYD marks a significant step in the electrolyte supply chain, with a total procurement volume expected to exceed 300,000 tons over three years, indicating strong growth potential for both companies in the lithium battery sector [3][4]. Group 1: Partnership Details - On January 23, Haike Xinyuan signed a long-term cooperation agreement with BYD Lithium Battery Co., Ltd., committing to supply at least 100,000 tons of electrolyte products annually through pipeline transportation [3]. - The agreement includes the procurement of four types of solvents: Dimethyl Carbonate (DMC), Ethylene Carbonate (EC), Ethyl Methyl Carbonate (EMC), and Diethyl Carbonate (DEC) [3]. - Haike Xinyuan is one of the few domestic companies capable of supplying five types of lithium battery carbonate solvents and additives, already collaborating with major players in the electrolyte supply chain [3]. Group 2: Market Context - Since the second half of 2025, Haike Xinyuan has been actively securing contracts, with total supply expected to exceed 1.36 million tons, indicating a robust demand in the electrolyte market [4]. - The lithium battery electrolyte shipments in China are projected to reach 211,000 tons in 2025, reflecting a year-on-year growth of 45.3%, with leading companies like Kunlun New Materials and Fanelite ranked third and eighth in shipment volume [4]. Group 3: BYD's Expansion - BYD is a key player in the energy storage market, and its demand for lithium materials is expected to rise as the market grows [4]. - BYD's battery production capacity is projected to reach 650 GWh, with expectations of further increases to over 800 GWh in the next 1-2 years [6]. - The collaboration with Haike Xinyuan is closely tied to BYD's electrolyte project in Yichang, Hubei, which is part of a broader strategy to enhance its industrial layout in the region [7]. Group 4: Synergy and Efficiency - The proximity of Haike Xinyuan and BYD's operations in Yichang allows for efficient collaboration, leveraging the local lithium battery industry ecosystem to reduce costs and enhance production efficiency [8]. - This partnership is expected to foster technological advancements and scale production capabilities in the lithium battery sector, benefiting both companies [8].

Core Insights - The article highlights the latest developments in energy storage projects from leading companies such as CATL, BYD, EVE Energy, Haibo Sichuang, Trina Storage, and Jinko Solar, with a total scale exceeding 2.4 GWh [2] Group 1: CATL - CATL's Sivrihisar project in Turkey, with a capacity of 49.2 MWp solar and 34.1 MWh storage, is the first hybrid asset approved under the DGES framework in Turkey [4][6] - The project utilizes CATL's EnerC series liquid-cooled battery system, enhancing safety and cycle life while maintaining stable charging and discharging efficiency in Turkey's arid climate [6] Group 2: BYD - BYD has successfully implemented a 100 MW/200 MWh energy storage station in Hezhou, marking the city's first centralized shared energy storage facility [7] - Additionally, BYD partnered with ContourGlobal to establish a 500 MWh standalone battery energy storage system in Bulgaria, which is one of the largest independent storage projects in Eastern Europe [9] - BYD has delivered over 500 energy storage projects globally, covering more than 110 countries and regions [9] Group 3: EVE Energy - EVE Energy has launched a 628 Ah energy storage battery technology at the Guangzhou Baiyun comprehensive energy storage demonstration project [10] - The 628 Ah battery, named "Mr. Big," features a capacity of 2 kWh and a cycle life exceeding 12,000 times, with a strategic collaboration with the National New Energy Storage Innovation Center [12] Group 4: Haibo Sichuang - Haibo Sichuang's 343 MWh emergency power storage project for coal mines utilizes advanced liquid-cooled storage systems designed for harsh environments [13][14] - The project aims to ensure stable operation under extreme conditions and provide emergency power to critical loads in coal mines [14] Group 5: Trina Storage - Trina Storage has successfully delivered a 1.7 GWh energy storage project in the Asia-Pacific region, which is the company's largest overseas project to date [17] - The project employs Trina's Elementa 2 storage system, featuring AI bionic liquid cooling technology for stable operation across a wide temperature range [17] Group 6: Jinko Solar - Jinko Solar has completed a 10 MWh energy storage project in Handan, Hebei, utilizing two Blue Whale SunTera G2 liquid-cooled storage systems [19][21] - The project aims to reduce operational costs through peak-valley electricity price arbitrage and improve the reliability of power supply for local merchants [21] - Despite reporting significant losses, Jinko Solar emphasizes rapid growth in its energy storage business and the effectiveness of its solar-storage synergy [21]

2025年，中国与中亚五国(哈萨克斯坦、吉尔吉斯斯坦、塔吉克斯坦、土库曼斯坦、乌兹别克斯坦)的货 物贸易首次突破1000亿美元大关，达到1063亿美元，同比增长12%。其中，进出口同向发力，增速分别 达到14%、11%。中亚成为中国外贸增速最快的区域之一，中国也已成为中亚各国第一大贸易伙伴。 亮眼数据背后，支撑动力何在？未来增长潜力又如何？近期，证券时报记者采访了多位业内专家，解答 这些问题。 证券时报：中国与中亚五国之间的贸易结构是怎样的？ 商务部国际贸易经济合作研究院研究员余稳策：2025年，中国与中亚五国贸易规模实现历史性突破。货 物贸易总额达1063亿美元，同比增长12%，中国首次跃居中亚各国第一大贸易伙伴。双方贸易结构呈现 出"向新向优"的特点。中国对中亚出口712亿美元，同比增长11%，机电和高新技术产品占主导，"新三 样"(电动汽车、锂电池、太阳能电池)出口增长强劲；中国自中亚五国进口351亿美元，同比增长14%， 进口产品中，化工、钢材、农产品等非资源类产品种类持续丰富，推动进口结构向多元化转型。 证券时报：支撑中国与中亚国家的货物贸易额创历史新高的动力在哪些方面？ 余稳策：核心动力体现在五个 ...

Investment Rating - The investment rating for the automotive industry is "Positive" and is maintained [9] Core Insights - In Q4 2025, the fund holding ratio in the automotive industry slightly increased to 4.35%, up by 0.02 percentage points from the previous quarter, indicating an overall overweight of 0.14% compared to the market capitalization of automotive stocks in A-shares [2][5] - The configuration ratio for automotive manufacturing decreased to 1.04%, down by 0.12 percentage points, while the configuration ratio for automotive parts increased to 3.31%, up by 0.14 percentage points [5] - The wholesale sales of passenger vehicles in Q4 2025 reached 8.846 million units, showing a year-on-year decrease of 0.3% but a quarter-on-quarter increase of 15.1% [5] Summary by Sections Market Performance - The A-share automotive sector increased by 2.15%, outperforming the CSI 300 index which decreased by 0.62% [28] - Among sub-sectors, commercial vehicle parts rose by 7.36%, while automotive sales and services fell by 5.74% [28] Fund Holdings - The top fifteen fund holdings in the automotive sector for Q4 2025 include Fuyao Glass, Slin Intelligent Drive, and Sailun Tire, with significant inflows into Slin Intelligent Drive and outflows from Jianghuai Automobile [6][17] Investment Recommendations - The report emphasizes three main investment themes: 1. Overseas expansion with recommendations for companies like Minth Group and BYD 2. High-end passenger vehicles and parts with a focus on companies like Geely and Ideal Automotive 3. Embracing AI technology with recommendations for companies like Top Group and Xpeng Motors [7][22][23]

3. 海关：1 月 26 日，海关总署署长孙梅君在署会见哈萨克斯坦总统办公 厅副主任扎纳索娃。双方就落实中哈两国元首战略共识，加强智慧海关合作、 跨境贸易便利化、检验检疫、口岸保通保畅等议题交换意见，达成积极意向。 （资料来源：同花顺） 4. 人力资源保障部：我国将制定《新就业形态劳动者基本权益保障办法》， 进一步明确新就业形态劳动基准和企业劳动保护责任；出台《超龄劳动者基 本权益保障暂行规定》；推动修订《职工带薪年休假条例》，促进用人单位落 实职工带薪年休假制度。（资料来源：同花顺） 5. 香港：香港和上海签订合作协议，成立香港贵金属中央结算系统有限公 司(港金结算公司)。担任主席的财经事务及库务局局长许正宇表示，有逾 10 间本地及海内外银行参与，短期内会召开董事会。为配合黄金市场发展，当 局已将商品交易人才纳入人才清单，相关海外专业人士可透过加分制度申请 来港，同时鼓励企业透过旧人带新人及专业培训，以支持市场长远发展。（资 料来源：同花顺） 6. 财政部：为整治政府采购领域"内卷式"竞争，形成优质优价、良性竞 争的市场秩序，日前，财政部印发《关于推动解决政府采购异常低价问题的 通知》（以下简称"通知"） ...

Group 1: Passenger Vehicle Market Insights - The report indicates a differentiated development trend in the Chinese automotive market, with domestic brands like Geely, BYD, and AITO leading the passenger vehicle sector due to their technological, ecological, and user reputation advantages [1] - Geely ranks first in the passenger vehicle brand influence index with a score of 810.96, achieving a market sales volume of 2.081 million units and a positive information ratio of 99.43% [2][3] - BYD follows closely in second place with a score of 802.90, selling 3.105 million units and maintaining a positive sentiment ratio of 99.18% [3] - Tesla China ranks third with a score of 798.53, with a mainstream media voice share of 0.50% [3] Group 2: Competitive Landscape - The top brands exhibit a diversified competitive landscape, with traditional brands relying on scale and system capabilities, while new entrants leverage user recognition and community engagement to establish differentiated advantages [4] - AITO's annual network voice reached 2.786 million, with a user voice share of 93.34%, supported by Huawei's technology in smart driving and cockpit systems [4] - Traditional automakers are also seeing significant growth in their new energy series, with brands like Geely and Great Wall continuously launching new products in hybrid and pure electric segments [4] Group 3: Commercial Vehicle Market Insights - In the heavy-duty truck market, China FAW leads with a score of 738.53, significantly surpassing competitors with a mainstream media voice share of 17.50% [6][7] - Dongfeng ranks second with a score of 709.85, maintaining a strong network voice and zero complaints throughout the year [6] - China National Heavy Duty Truck ranks third with a score of 699.35, achieving over 300,000 units in annual sales, with notable contributions from overseas exports [6] Group 4: Market Trends and Challenges - The report highlights that traditional joint venture brands are entering a strategic adjustment phase due to competition from domestic brands in electrification and intelligence [5] - Joint venture brands face challenges such as mismatched global model update cycles and rapid changes in Chinese market demands, necessitating accelerated local R&D for electric products [5] - The commercial vehicle sector is transitioning from policy-driven to market-driven electrification, with traditional brands and new energy brands still in a competitive phase regarding overall sales and lifecycle costs [9]

Group 1 - The core viewpoint of the article highlights that global sales of pure electric vehicles (BEVs) are projected to exceed 12.1 million units by 2025, maintaining double-digit year-on-year growth [1] - BYD is expected to surpass Tesla in global BEV sales by 2025, marking a significant shift in the global new energy vehicle landscape [1] - The growth in BYD's global sales is primarily driven by its entry-level electric models, such as Dolphin and Atto 3, indicating the acceleration of electrification in the global market for economical passenger vehicles [3] Group 2 - Tesla focuses on attracting tech-savvy high-end consumers, positioning itself as a technology-driven company, with its AI research extending into robotics and energy management [3] - IDC notes that the growth logic in the entry-level market differs from that in the early stages of market development, emphasizing the importance of cost efficiency, channel coverage, and operational capabilities [3]