炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今天（12月8日）上午A股市场主要指数走高，"牛市旗手"券商板块爆发，成为上午市场主要亮点之一。 另外，概念板块方面，CPO概念大涨，相关龙头股"易中天"再大涨。 创业板大涨 "牛市旗手"爆发 今天（12月8日）A股市场主要指数悉数高开，此后总体走高。截至上午收盘，创业板指走势强劲，涨幅超过3%。深证成指、科创50指数也表现较好。 行业板块方面，被誉为"牛市旗手"的券商板块爆发，板块涨幅超过2%，兴业证券触及涨停，东北证券、华泰证券、国泰海通等跟涨。 消息面上，证监会主席吴清在中国证券业协会第八次会员大会上的致辞中表示，各证券公司要立足自身资源禀赋，发挥好比较优势，从价格竞争加快转向 价值竞争。头部机构要保持时不我待、不进则退的紧迫感，在市场竞争力、客户和投资者服务、风险管理等方面树标杆、做表率。要进一步增强资源整合 的意识和能力，用好并购重组机制和工具，实现优势互补、高效配置，力争在"十五五"时期形成若干家具有较大国际影响力的头部机构。需要强调的是， 一流投行不是头部机构的"专属"、"专利"，中小机构也要把握优势、错位发展，在细分领域 ...

Group 1 - The core viewpoint of the report is that China is expected to lead in expanding its share of global foreign direct investment (FDI) sources by 2026, as indicated by a survey of 101 FDI professionals [1] - The report highlights that companies such as ByteDance, Geely, BYD, JD.com, Haier, Huawei, Alibaba, and Tencent are actively pursuing internationalization strategies to enter new markets and promote advanced products [1] - Emerging economies like the UAE, India, and Saudi Arabia are also significant players in the FDI landscape, being mentioned 40, 31, and 29 times respectively in the survey [1] Group 2 - The report cites Robin van Puyenbroeck, Executive Director of the World Trade Center Association, stating that by 2026, the focus of global trade will decisively shift southward, with emerging hubs like Lagos, São Paulo, Mumbai, and Dubai challenging traditional Western centers [2] - This shift is expected to compel businesses and policymakers to adapt to a multi-centered order, marking a pivotal moment for emerging economies as they become the true drivers of global growth [2]

今天（12月8日）上午A股市场主要指数走高，"牛市旗手"券商板块爆发，成为上午市场主要亮点之一。 另外，概念板块方面，CPO概念大涨，相关龙头股"易中天"再大涨。 创业板大涨 "牛市旗手"爆发 今天（12月8日）A股市场主要指数悉数高开，此后总体走高。截至上午收盘，创业板指走势强劲，涨幅超过3%。深证成指、科创50指数也表现较好。 行业板块方面，被誉为"牛市旗手"的券商板块爆发，板块涨幅超过2%，兴业证券触及涨停，东北证券、华泰证券、国泰海通等跟涨。 消息面上，证监会主席吴清在中国证券业协会第八次会员大会上的致辞中表示，各证券公司要立足自身资源禀赋，发挥好比较优势，从价格竞争加快转向价值竞 争。头部机构要保持时不我待、不进则退的紧迫感，在市场竞争力、客户和投资者服务、风险管理等方面树标杆、做表率。要进一步增强资源整合的意识和能力， 用好并购重组机制和工具，实现优势互补、高效配置，力争在"十五五"时期形成若干家具有较大国际影响力的头部机构。需要强调的是，一流投行不是头部机构 的"专属"、"专利"，中小机构也要把握优势、错位发展，在细分领域、特色客群、重点区域等方面集中资源、深耕细作，努力打造"小而美"的精品投行 ...

Core Viewpoint - The Chinese automotive market is entering a phase of intensified competition, with industry leaders acknowledging that the battle for market share will become increasingly brutal in the coming year [3][6][10]. Industry Insights - Executives from major automotive companies express a shared sentiment that the competition in the Chinese car market is escalating, with no signs of stabilization until at least 2035 [3][6]. - The market is expected to be saturated with new products across various segments, leading to fierce competition among both established and emerging players [3][5]. - The transition to a "stock competition" era is evident, as the rapid growth phase of the Chinese automotive market has ended, giving way to a more challenging environment for many manufacturers [8][10]. Market Dynamics - The withdrawal of subsidies and tax incentives is anticipated to further exacerbate the market's cooling trend, making the first quarter of the next year particularly difficult for many companies [8][10]. - Companies like Li Auto and NIO are experiencing sales fluctuations, with NIO's delivery numbers showing a decline in November, reflecting broader market challenges [8][10]. - The competitive landscape is likely to lead to price wars, concentrating resources among leading manufacturers while pushing weaker players out of the market [10][12]. Strategic Responses - Companies are adopting various strategies to navigate the competitive landscape, with some focusing on increasing the frequency of new product launches to maintain market presence [12][14]. - Others, like Li Auto, advocate for a more measured approach, suggesting that fewer, well-timed product releases can be more effective than a rapid-fire strategy [14]. - The emphasis is on enhancing operational efficiency, precise market positioning, and customer-centric innovation to thrive in the evolving market [12][14].

智通财经APP获悉，交银国际发布研报称，2026年乘用车行业将步入高位整固期，预计全年乘用车零售 销量同比增0.3%至2445万辆，新能源渗透率突破60%。出口方面，预计2026年海外总销量达750-800万 辆。推荐关注具备海外产能与垂直整合优势标的，如比亚迪股份(01211)、吉利汽车(00175)，在Robotaxi 与具身智能具延展性的小鹏汽车-W(09868)。零配件则看好禾赛-W(02525)。 随着机器人售价下探，该行预计2026年C端人形机器人商业化更加顺畅。经过年底阶段性的波动后， 2026年板块有望进入整固及理性回归阶段。重点关注特斯拉(TSLA.US)Optimus量产订单与Gen3样机发 布等节点，以及国产整机厂供应链订单的落实。重卡方面，该行认为，受惠于政策红利释放及新能源渗 透加速，预计2026年内地重卡销量(含出口)同比增5%至约110万辆，看好中国重汽(03808)、潍柴动力 (02338)。锂电方面，该行表示储能需求强劲，产业链盈利改善预期增强，预计明年全球锂电池总需求 同比增约22%，建议关注有成本及技术优势，如宁德时代(03750)。 ...

Group 1 - The Hang Seng Index opened with a slight decline of 0.07%, while the Hang Seng Tech Index saw a minor increase of 0.08% [1] - Notable performers in the Hong Kong stock market included Health Road, which rose over 3%, and several companies like SMIC and AAC Technologies, which increased by more than 2% [1] - The Hong Kong Stock Connect Tech ETF (513860) experienced a 0.13% rise, with a trading volume of 13.68 million yuan and a real-time premium rate of 0.01% [1] Group 2 - A significant trend in the Hong Kong stock market has been a surge in share buybacks, with 250 companies participating and repurchasing over 7 billion shares for a total amount exceeding 162 billion HKD as of December 4 [2] - The technology and consumer discretionary sectors have been the most active in terms of buybacks, driven by factors such as reasonable blue-chip valuations and companies holding ample cash [2] - The Hong Kong Stock Exchange's upcoming revision of the "treasury stock new regulations" in June 2024 will allow companies to repurchase shares without canceling them, thus lowering operational barriers for buybacks [2] Group 3 - The Hong Kong Stock Connect Tech ETF (513860) closely tracks the CSI Hong Kong Stock Connect Tech Index, which includes 50 large-cap technology companies with high R&D investment and rapid revenue growth [3] - The top ten weighted stocks in the index include major players like Alibaba, Tencent, SMIC, Xiaomi, and BYD [3] - According to CICC, the technology sector is expected to present significant investment opportunities by 2026, particularly in new infrastructure driven by technological innovation and structural opportunities arising from domestic demand recovery and high export growth [3]

内容概要：干式离合器摩擦片作为汽车离合器中的重要组成部分之一，主要用于实现动力的传递和切断 功能。其具有良好的耐磨性和抗热衰退性等特点使得它在高速运转的汽车离合系统中发挥重要作用。随 着汽车市场的快速发展，干式离合器摩擦片行业需求不断扩大。同时，国家政策也积极推动汽车关键零 部件的发展，不仅为企业提供研发引导，还在标准制定、供应链建设等方面给予支持，而干式离合器摩 擦片作为汽车零部件之一，也将受益于相关政策的推动，行业市场规模显著增加。数据显示，2024年中 国干式离合器摩擦片行业市场规模达到16.86亿元，同比上涨5.0%。预计2026年行业市场规模增长至 18.31亿元。 相关上市企业：长春一东（600148）、金麒麟（603586）、铁流股份（603926）、一汽解放 （000800）、比亚迪（002594）、上汽集团（600104）、吉利汽车（00175）、长安汽车（000625）、 长城汽车（601633）、广汽集团（601238）等。 干式离合器摩擦片是汽车动力传递的关键组件，其材料选择和使用技巧直接关系到车辆性能和驾驶体 验。近年来，我国政府出台了一系列汽车零部件政策，这些政策的出台为干式离合器 ...

要闻提示 NEWS REMIND 1.吉利高管：有车企为博流量盲目模仿，拉低抹黑中国车设计高度 2. 任正非：华为自力更生是被逼无奈，追赶美国的速度我们还是慢的 3. 陈震宣布全面停更：团队保留，将思考公司未来发展方向！粉丝调侃：震哥，润了吧 4. 企业起薪8500元招聘员工，BOSS直聘以「薪资过高」为由限制信息发布，双方回应了 5. 俞敏洪回应"员工公开信吐槽"：写信的员工不会被整，在正常上班！ 6.科技博主自曝欠下240万债务，影石主动帮还180万！刘靖康：希望减轻创作者包袱 7.苹果高管层持续动荡，芯片核心人物传将离职 8. 预计明日！OpenAI"紧急提前"发布GPT 5.2，应对Gemini 3的火爆 国内资讯 DOMESTIC NEWS 任正非：华为自力更生是被逼无奈，追赶美国的速度我们还是慢的 12月6日消息，近日，任正非在与ICPC(国际大学生程序设计竞赛)主席、教练及获奖选手进行交流。任正 非表示，美国创造的科技文明，对世界不是有害的，是有益的，我们也要支持美国科技文明的发展，因为 美国创造的科技文明，关起来不去给别人用，那美国怎么赚钱？他赚你钱的过程中，同样促使你的产业进 步。如果没有欧 ...

Summary of the Expert Call on China Auto/EV Market Outlook Industry Overview - **Industry**: China Auto/EV - **Focus**: Local demand and exports outlook for 2026E Key Takeaways 1. **Declining Market Demand**: Market demand has been on a declining trend since late October 2025, primarily due to the expiration of national subsidies [1][2][3] 2. **Subsidy Standards**: There is a likelihood of higher standards for subsidies in 2026E to ensure healthy growth, despite anticipated impacts on demand [1][2] 3. **Export Focus**: Exports are expected to become a key focus for Chinese OEMs to mitigate the effects of a potentially muted local market [1][2][10] 4. **Battery and Technology Trends**: The trend towards larger batteries and increased intellectualization in vehicles will be significant as the industry aims for high-quality growth [1][11] Market Dynamics 1. **Order Trends**: Orders have been declining since mid-late October 2025, with a notable slump in November as customers await national subsidies [3][4] 2. **OEM Performance**: Weekly orders for major OEMs have decreased, with BYD at less than 70k units and Geely at less than 30k units for its Galaxy brand [4] 3. **EV Penetration Rate**: The discount ratio for ICE car models is decreasing, leading to a record-high monthly EV penetration rate, expected to exceed 60% in November 2025 [5] Policy Outlook 1. **Tightening Policies**: A tightening policy is anticipated for 2026, with potential continuation of trade-in/scrapping policies until the end of 2027E [6][8] 2. **Subsidy Adjustments**: Future trade-in subsidies may be based on a percentage of the average selling price (ASP) of vehicles, potentially reducing discounts for lower-end models [6][8] Competitive Landscape 1. **Impact of EV Tax Exemption**: The reduction of the EV purchase tax exemption in 2026 may slightly benefit ICE models, while upgraded hybrid cars could challenge low-end PHEV models [9] 2. **Luxury Brand Challenges**: Luxury brands are facing significant challenges, with many BMW dealerships closing and shifting focus towards NEV players [9] Export Strategies 1. **Government Support for Exports**: The Chinese government is encouraging exports, with many OEMs expanding their international presence [10] 2. **Global Market Expansion**: BYD, Chery, and Geely have established over 1,000 shops in overseas markets, while Leapmotor and XPENG are also increasing their international footprint [10] Future Trends 1. **Technological Advancements**: The focus will shift from price wars to technology and platform upgrades, with large-size batteries and advanced intelligent features becoming essential for competitiveness [11] This summary encapsulates the critical insights from the expert call regarding the future of the China auto market, highlighting both challenges and opportunities as the industry navigates through changing demand dynamics and policy landscapes.

如今最炙手可热的两个赛道是互联网和汽车，工信部数据显示，2024 年中国互联网行业整体市场规模达18.7万亿元，同比增长9.3%，高于同期GDP的名 义增长率。贝哲斯咨询数据显示2024年汽车行业规模达15.3万亿元，增速均高于同期GDP增速。 两个行业总市场规模也高达34万亿元，占同期全国GDP的25.2%。同时互联网行业从业人员约1600万，汽车行业从业人员约2500万，两者总从业人员超过 4000万，全国总就业人口为7.3亿，就业占比仅占1/20，却创造了全国1/4的GDP，可见这两个行业的重要性。 谁能想到，互联网行业和造车新势力的很多高管，竟然都和阿里巴巴、吉利存在千丝万缕关联。这些年，阿里巴巴走出了不少商界精英，有媒体梳理，从 阿里巴巴离职创业成功的十位大佬分别是：滴滴出行创始人程维、小鹏汽车创始人何小鹏、拼多多幕后推手孙彤宇、美团地推缔造者干嘉伟、同程旅游创 始人吴志祥、滴普科技创始人赵杰辉、壹网壹创董事长林振宇、大众点评COO吕广渝、满帮集团董事长张晖、影刀创始人金礼剑。 而吉利更是成为造车新势力挖角重灾区，2025年10月尾声，李书福一句"新势力全靠挖我人活着"，瞬间引爆汽车圈。这番话并非空 ...