Macroeconomic Overview - The U.S. GDP growth for Q3 exceeded expectations, with an initial annualized rate of 4.3%, compared to a forecast of 3.3% and a previous quarter's final value of 3.8% [4] - Personal consumption expenditures rose from 2.5% in Q2 to 3.5% in Q3, surpassing the expected 2.7% [4] - Exports increased significantly by 8.8%, while imports decreased by 4.7% [4] Industry Insights Precious Metals - International gold and silver prices reached historical highs, with COMEX gold futures at $4,515 per ounce (up 1.02%) and silver at $71.61 per ounce (up 4.44%) [7] - The rise in precious metals prices is attributed to market expectations of continued interest rate cuts by the U.S. government [7] Medical Supplies - The sixth batch of high-value medical consumables procurement has been officially launched, including drug-coated balloons and urological intervention consumables, with bidding set for January 13, 2026 [8] - The introduction of anchor pricing and a multi-repetition mechanism is expected to prevent malicious competition, although significant price declines are anticipated [8] Automotive Industry - Retail data for January-November 2025 shows that major brands like BYD, Volkswagen, and Toyota dominate the market, with the top ten brands holding a combined market share of 51.7% [10] - The competitive landscape remains fragmented, with ongoing price wars likely due to the lack of a dominant market structure [10] - Demand resilience in the battery supply chain is noted, but profitability will depend on product structure and bargaining power [10] Air Conditioning Sector - The air conditioning industry experienced a significant decline in production and sales in November, with production and sales down approximately 37% and 32% year-on-year, respectively [12] - The decline is attributed to high base effects from previous government subsidy policies and abnormal weather conditions [12] - A cautious outlook is maintained for the industry, with production plans for January 2026 indicating a year-on-year increase of about 21% [12]

公开信息显示，集度汽车成立于2021年3月，致力于自动驾驶、人机交互科技的研发与普及，目标是打 造汽车机器人。成立之初，集度汽车由百度以55%持股比例和80%超级投票权主导技术方向，吉利则以 45%持股提供制造支撑，因"科技+制造"的股东组合曾被业内寄予厚望。 2024年12月，极越汽车"闪崩"，极越汽车CEO夏一平发布内部信称"进入极越创业的2.0阶段"。此后， 极越汽车出现门店关闭、员工社保未缴纳、车主权益无法兑现等状况。 图片来源：每经记者 孔泽思 摄 资料图 今年11月25日，极越汽车发布《上海集度汽车有限公司关于启动预重整程序的公告》，宣布上海集度汽 车有限公司（品牌为极越汽车）启动预重整程序，旨在引入新的战略投资人，盘活现有资产与资源，维 护资产价值，并保障用户售后权益。 近日，有消息称，阿联酋迪拜的科技企业——Robo.ai Inc.（NASDAQ: AIIO）已正式向上海集度汽车有 限公司（极越汽车公司）临时管理人提交报名材料，该公司申请参与极越汽车的预重整战略投资人的招 募与遴选程序，此举被认为是Robo.ai Inc.重组极越汽车的关键一环。 针对此消息，《每日经济新闻》记者向极越汽车临时 ...

转自：智通财经 智通财经12月24日讯（编辑 童古）以下为各家机构对港股的最新评级和目标价： 华创证券就吉利汽车(00175.HK)发布研报称，极氪私有化完成显著增厚利润并强化品牌协同，多款六座 旗舰新车密集交付，销量与ASP双升驱动盈利上行，当前估值显著低于历史中枢，具备较强修复弹性。 长江证券：维持爱康医疗买入评级 招商证券(香港)：将巨子生物评级降至中性 招商证券(香港)就巨子生物(02367.HK)发布研报称，公司正面临声誉危机与核心品牌可复美双11销售下 滑等挑战，2026年或进入战略调整期，缺乏明显反弹催化剂；品牌力修复与客户基础稳固仍存不确定 性，投资逻辑已由增长转向重塑。 中金公司：维持和誉-B跑赢行业评级 目标价20港元 中金公司就和誉-B(02256.HK)发布研报称，公司首个自研创新药匹米替尼获批上市，临床数据优异， ORR达54%（安慰剂3.2%），长期随访ORR提升至76.2%，具备同类最佳潜力；商业化落地将为公司带 来新增长动能。 中金公司：维持蜜雪集团跑赢行业评级 目标价555港元 中金公司就蜜雪集团(02097.HK)发布研报称，公司主品牌在外卖补贴退坡下仍具稳健增长韧性，幸运 ...

汽车领域，新能源转型、智能化升级、轻量化突破……山东汽车及配套企业深耕核心赛道，构建竞争优势：南山铝 业聚焦汽车轻量化、航空航天等高端领域，开发高性能铝合金材料。此外，济南、青岛吸引比亚迪、吉利、奇瑞等 头部企业布局，释放新能源乘用车产能；枣庄和泰安布局锂电产业，东营发展轮胎产业，烟台发展汽车零部件，形 成完整产业链协同发展格局。 传统产业从来不是经济转型的"包袱"，而是支撑高质量发展的"压舱石"；不是简单的产能叠加，而是孕育新质生产 力的重要阵地。加快传统产业转型升级，是建设现代化产业体系的重要支撑。同时，传统产业的绿色化转型直接关 系"双碳"目标实现，智能化改造能持续释放生产效率红利，高附加值产品研发则能提升产业在全国乃至全球价值链 中的地位。传统产业的持续升级，将为山东经济抵御市场波动、培育竞争新优势提供坚实保障，成为推动全省经济 行稳致远的核心动能。 12月23日，山东省委经济工作会议在济南召开，为全省经济高质量发展擘画新蓝图。会议提到，优化提升传统产 业，持续提升先进产能占比，深化大规模设备更新和高水平技术改造，推进制造业数字化转型。这一表述，与此前 公布的《中共山东省委关于制定山东省国民经济和社会 ...

机构：国信证券 研究员：王蔚祺/李全 事项： 根据SNE Research 数据，2025 年1-10 月公司在全球动力电池市场份额为4.7%、同比持续提升；其中10 月单月装机量超越LG 新能源、首度跻身全球前三。 国信电新观点：1）公司动力电池出货量快速提升，业务朝向全球化多元化方向发展。公司国内外客户 持续开拓，出货量及市场份额显著增长；我们估计公司2025 年动力电池出货量有望近70GWh，同比增 长有望超50%。乘用车领域，公司与小鹏、零跑、广汽、长安等客户深入合作，并陆续斩获海外领先乘 用车客户订单，全球化加速推进。商用车领域，公司已经实现对吉利、奇瑞、瑞驰等客户的覆盖，并在 海外成功交付电动大巴电池、电动重型卡车电池。公司动力电池客户逐步多元化、全球化，助力盈利能 力持续向好。 2）公司储能电池出货快速增长，携手头部客户实现国内外快速发展。作为业内最早量产314Ah 电芯的 企业之一，公司持续推动产品优化升级，相继推出314Ah 二代、392Ah、588Ah、684Ah 等多款产品， 满足客户多样性需求。客户方面，公司与阳光电源、中车株洲所等客户深入合作，市场份额稳步提升。 同时，公司加速海外布 ...

Group 1 - The core viewpoint emphasizes that listed companies in China are not only the main force behind data growth but also serve as a stabilizing factor in the industry ecosystem, focusing on long-term value and comprehensive governance [2] - In 2025, the capital market aims for steady progress and quality improvement amidst multiple risks, enhancing market resilience and risk resistance, leading to reasonable quantitative growth and effective qualitative enhancement [2] - The market's expectations for listed companies have shifted from short-term performance to long-termism and comprehensive value, including governance structure, stable returns, strategic layout in frontier fields, and deep ESG practices [2] Group 2 - The 2025 T-EDGE Global Dialogue, organized by Titanium Media Group, NextFin.AI, and Barron’s China, highlights the importance of recognizing companies that redefine industry boundaries and emphasizes the core logic of "value investment" [3] - The EDGE AWARDS annual list includes categories such as Most Socially Responsible Company, Best Board Secretary, Most Investment Value Company, and Best Investor Relations Management Company, recognizing outstanding performance in governance, investment value, social responsibility, and investor relations [3][4] Group 3 - Aier Eye Hospital is recognized as a leader in ESG practices, integrating ESG into its core business and governance structure, while actively engaging in public welfare projects to enhance national eye health [5] - Betaini Group focuses on creating a skin health ecosystem and incorporates green development into its strategy, promoting biodiversity and sustainable practices [6] - Kweichow Moutai leads the liquor industry with a brand value of 468.718 billion, actively engaging in ecological protection and social responsibility initiatives [7] - JD Group has created significant employment opportunities and is committed to improving living conditions for its delivery personnel, with plans to invest 22 billion in housing projects [8] - Quantitative Group, listed on the Hong Kong Stock Exchange, leverages AI technology to reshape online consumption and has achieved a compound annual growth rate of 44.59% in revenue from 2022 to 2024 [9] - Seres focuses on new energy vehicles and has established a robust ESG governance framework, with significant growth in revenue and sales projected for 2024 [10] - Shui Jing Fang integrates social responsibility into its corporate strategy, setting clear environmental goals and contributing to community development [11] - China Baoan actively engages in social responsibility through its subsidiaries, contributing to community welfare and healthcare improvements [13] Group 4 - The Best Board Secretary category highlights the importance of effective communication between listed companies and the public, emphasizing the role of board secretaries in enhancing corporate governance [14] - Ren Shunying from Anfu Technology is recognized for her expertise in capital operations and corporate governance, significantly contributing to the company's compliance and investor relations [15] - Xia Ping from Jiahe Intelligent is noted for her effective investor relations management and participation in strategic planning [16] - Li Liangyu from Robotech is acknowledged for his role in maintaining corporate governance and enhancing market recognition [17] - Zhang Wenyu from Tianqi Lithium is recognized for his contributions to market value management and investor relations [18] Group 5 - The Most Investment Value Company category identifies companies with clear business models and significant breakthroughs in technology or policy, indicating strong growth potential [19][20] - Orbbec, a leader in 3D vision technology, has achieved over 70% market share in key sectors and continues to lead industry advancements [20] - BYD maintains its position as a global leader in new energy, with significant growth in overseas markets and a strong investment outlook [21] - Cambrian has entered a critical profitability phase, with substantial revenue growth and a strong market position in AI chips [22] - Hanlan Environment focuses on environmental services and has achieved consistent profit growth, attracting long-term investors [23] - Geely Auto has demonstrated strong financial performance and strategic integration, positioning itself for sustained growth [24] - Kanghong Pharmaceutical emphasizes innovation in drug development and has shown robust revenue growth, indicating long-term investment value [25] - Lens Technology maintains a strong market position with solid cash flow and growth potential in the automotive and consumer electronics sectors [26]

继今年4月，面壁携手长安马自达、梧桐科技共同打造的首款端侧模型量产车型——长安马自达战略级新能源车型MAZDA EZ-60上市后，今年9月全球上 市发售的吉利AI科技大六座旗舰SUV银河M9也搭载了MiniCPM多模态模型，双方共同打造全新的人车交互体验，成为面壁在汽车智能座舱领域的又一代 表作。 2025年被业界普遍视为「端侧智能」元年。在模型技术突破与端侧算力提升的双重驱动下，端侧AI的独特优势进一步彰显，推动市场规模驶入快车道， 应用场景实现规模化渗透。作为端侧智能的「头雁」，面壁智能持续深耕模型研发与场景落地，并成功完成多轮数亿元融资，投资方阵容日趋多元化。 12月23日，面壁智能宣布已于近期完成数亿元融资。本次融资由京国瑞、国科投资、中金保时捷基金、米聚资本与和基投资共同参与，募集资金将主要用 于加大端侧高效大模型的研发投入，加速端侧AI的商业化进程。 面壁智能顺利完成本轮融资，得益于端侧智能市场空间进一步打开，更有赖于投资方对面壁的技术实力、市场地位及行业前景的充分认可。作为国内在端 侧智能领域布局最早的大模型厂商，面壁构建起完善的理论体系与模型产品谱系，MiniCPM面壁小钢炮端侧模型已在汽车、 ...

投资摘要： 申港证券近日发布汽车行业研究周报：L2到L3是辅助驾驶向自动驾驶的关键跨越。L2及以下属于驾驶 辅助，驾驶责任始终由驾驶员承担，L3及以上正式进入自动驾驶范畴，驾驶责任可能在驾驶员、制造 商和自动驾驶系统供应商等主体之间分配。 以下为研究报告摘要： 每周一谈：首批L3级车型获批上路产业链升级在即 明确安全基线：采用"附条件"和"小切口"的方式（如严格限定路段和场景），是在安全前提下支持创 新，为行业划定了清晰的安全发展基线。 驱动技术升级：L3级对系统的可靠性和安全冗余要求极高，这将倒逼感知硬件、算力平台、软件算法 等整个产业链的技术迭代与升级。 展望未来，预计试点将从当前的高速、快速路拥堵场景，逐步向更复杂的城区道路扩展；从国家到地方 的相关法律法规、技术标准随着试点经验不断健全，以支撑未来更大规模的推广；目前搭载高级别自动 驾驶功能的车辆成本较高。未来需要通过技术进步和规模化应用，使成本下降，才能最终走进普通家 庭。 总的来说，首批L3级车型上路是一个谨慎而坚实的起点，我国自动驾驶时代有序开启。 本周投资策略及重点关注： 近期，工业和信息化部附条件许可了长安牌和极狐牌两款L3级自动驾驶车型产品 ...

国内新闻 截至11月底我国电动汽车充电基础设施(枪)总数达到1932.2万个 根据国家能源局12月23日发布的11月全国电动汽车充电设施数据，截至2025年11月底，我国电动汽车充电基础设施(枪)总数 达到1932.2万个，同比增长52.0%。其中，公共充电设施(枪)462.5万个，同比增长36.0%；私人充电设施(枪)1469.7万个，同比增 长57.8%。 "粤车南下"入境香港市区正式实施 12月23日零时，"粤车南下"驶入香港市区政策正式落地实施。广东首批四个城市（广州、珠海、江门、中山）的私家车经 港珠澳大桥可直接驶入香港市区，单次停留最长可达3天。 北京发放首批L3级高速公路自动驾驶车辆专用号牌 12月23日，北京市首批L3级高速公路自动驾驶车辆专用号牌由北京市公安局交通管理局正式发放给三辆智能网联汽车，这 也是国内首批发放的L3级高速公路自动驾驶车辆专用号牌。标志着我国自动驾驶车辆已由测试示范进展到正式量产，率先开启 L3级自动驾驶时代，成为汽车智能化进程中的里程碑事件。 2026年我国将在全国高速公路服务区建设1万个以上充电枪 12月23日，交通运输部公路局局长周荣峰在国新办举行的新闻发布会上介 ...

12月24日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻 1、国家主席习近平对中央企业工作作出重要指示强调，新征程上，中央企业要聚焦主责主业，持续优化 国有经济布局，切实增强核心功能、提升核心竞争力。要立足实体经济，强化关键核心技术攻关，推动科 技创新和产业创新深度融合。要进一步深化改革，完善中国特色现代企业制度，健全公司治理结构，着力 解决制约企业发展的深层次问题，努力建设世界一流企业。 2、李强在中央企业负责人会议指出，要在推进重大基础设施建设中提供强力保障，加快传统基础设施更 新和数智化改造，适度超前开展新型基础设施建设。要在实现产业链供应链自主可控中当好担纲主力，结 合主责主业发展新兴产业和未来产业，保障能源资源供应，增强产业链韧性。 2、多家外资机构密集发布了2026年中国股票市场展望。其中，高盛、摩根大通、摩根士丹利、瑞银等知 名机构表示，展望2026年，在企业盈利改善、科技创新突破不断，以及估值吸引力推动下，中国资产具备 持续反弹基础。 3、2025年科创债发行规模突破1.7万亿元，市场生态渐趋完善，为科技创新企业拓宽融资渠道，助力资本 市场服务创新驱动发 ...