Core Insights - The ninth Shenzhen Business Convention and the China-Europe Economic Cooperation Forum focused on "Investing in Shenzhen, Going to Europe," discussing strategic emerging industries such as new energy, fintech, life health, cultural tourism, and digital economy [1] Group 1: Trade and Economic Cooperation - China and Europe have a strong economic symbiosis, with a trade volume of $749.34 billion in the first 11 months of 2025, marking a 4.6% year-on-year increase [2] - Shenzhen's exports to Europe reached 42.09 billion yuan in the first 11 months of 2025, a 3.4% increase, with nearly 80% of exports being electromechanical products [4] Group 2: Industry Collaboration - The cooperation between China and Europe has evolved from simple trade to technology exchange and industrial chain collaboration, creating significant economic growth opportunities [4] - New energy, fintech, and cultural tourism are identified as key areas for potential collaboration, with specific emphasis on the synergy between China's manufacturing strengths and Europe's green transition needs [8][10] Group 3: Compliance and Localization - Compliance has become a critical capability for companies entering the European market, with complex legal frameworks such as GDPR and CBAM posing significant challenges [11] - Localized data management and carbon emission tracking are highlighted as essential yet often overlooked requirements for successful market entry [11]

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

据了解，本届盛典以"破局·创新·共生"为核心，集结全球政商学界顶尖资源，参与嘉宾包括福耀集团创 始人曹德旺、招商银行原行长马蔚华、小鹏汽车董事长、CEO何小鹏、北京大学国发院教授周其仁等知 名企业家与思想领袖。 李东生在主旨演讲回顾了深商会与中国企业家俱乐部20年来，在弘扬商业正道所做的不懈努力与显著成 效。站在新开局、新起点，他表示，过去二十年，中国企业从全球产业链的追赶者，成长为在新型战略 产业领域开疆拓土的先锋，同时也成为中国经济全球化的探路者。"中国企业的出海之路已从最初的产 品出口，升级为商业模式、工业能力、供应链的系统化出海。" 来源：环球网 【环球网科技综合报道】1月11日，第九届深商盛典暨中国企业家俱乐部20年系列活动在深圳开幕。深 商会理事会主席、中国企业家俱乐部理事长，TCL创始人、董事长李东生出席大会并在1月12日大会主 论坛发表《二十而励 向新而行》的主旨演讲。李东生表示："当前，全球宏观经济复杂多变，中国经济 正处于战略机遇和风险挑战并存的关键阶段，'十五五'规划提出要构建现代化产业体系，中国企业要在 其中发挥更为重要的作用。" 面对"十五五"规划新征程，李东生表示："本次大会是'敢 ...

| | 值增长率% 净值元 元 | | --- | --- | | 名称 易方达消费行业股票 | 复权单位净 累计单位 规模 亿 基金经理 -4.17 3.4790 169.49 2010-08-20 萧楠 | 该基金2025年三季度前十大重仓股为贵州茅台、山西汾酒、五粮液、福耀玻璃、美的集团、古井贡酒、 长城汽车、东鹏饮料、泸州老窖、赛轮轮胎。基金经理萧楠现任易方达基金管理有限公司投资三部总经 理、基金经理。曾任易方达基金管理有限公司行业研究员、投资经理、基金经理助理、研究部副总经 理。 中国经济网北京1月12日讯据同花顺数据显示，在刚过去的2025年，易方达消费行业股票以全年下跌 4.17%收官。截至2025年三季度末规模为169.49亿元。 ...

中国经济网北京1月12日讯 据同花顺数据显示，在刚过去的2025年，易方达消费行业股票以全年下 跌4.17%收官。截至2025年三季度末规模为169.49亿元。 该基金2025年三季度前十大重仓股为贵州茅台、山西汾酒、五粮液、福耀玻璃、美的集团、古井贡 酒、长城汽车、东鹏饮料、泸州老窖、赛轮轮胎。基金经理萧楠现任易方达基金管理有限公司投资三部 总经理、基金经理。曾任易方达基金管理有限公司行业研究员、投资经理、基金经理助理、研究部副总 经理。 | 名称 | 复权单位净 累计单位 规模 亿 基金经理 | | --- | --- | | | 值增长率% 净值元 元 | | 易方达消费行业股票 | -4.17 3.4790 169.49 2010-08-20 萧楠 | | 1.1 ---- | | (责任编辑：徐自立) ...

Core Insights - The forum emphasized that international industrial cooperation transcends mere commercial interests, focusing on cultural exchange, talent cultivation, and future collaboration [1] Group 1: International Cooperation and Market Integration - The forum gathered top political, business, and academic leaders from China and Europe, focusing on new opportunities for cross-border cooperation in the China-Europe market [3] - The founder of Fuyao Glass, Cao Dewang, highlighted the importance of deeply integrating into local societies for true internationalization, advocating for proactive engagement rather than passive waiting for favorable conditions [4] Group 2: Fuyao Glass's Global Strategy - Fuyao Glass has established production bases and R&D centers in 13 countries, with its glass being used in one out of every three cars globally, showcasing its successful international expansion [4] - Cao Dewang stressed that genuine internationalization involves creating value for local communities and respecting local cultures, rather than just setting up factories abroad [4] Group 3: Talent Development and Education - The shortage of high-end application-oriented talent in the manufacturing sector is a critical bottleneck for international cooperation, as highlighted by Cao Dewang's recruitment challenges [5] - In response to the talent gap, Cao Dewang has committed over 100 billion yuan to establish Fuyao Technology University, aimed at cultivating practical problem-solving talents through collaboration with leading enterprises [5] - The university will focus on core engineering disciplines and aims to bridge the gap between academia and industry, fulfilling the social responsibility of nurturing future talent for the industry and the nation [5]

两场圆桌会议成为论坛亮点。在"欧洲市场与中国市场合作前景"对话中，欧洲法律专家、企业高管围绕合规 风险、本地化策略等议题展开热议，为深圳企业出海提供实操建议。"深瑞合作论坛"上，嘉宾们聚焦金融科 技、文旅产业等可持续发展等领域，探讨深圳速度与瑞士精准的融合之道，为双方深度合作绘制蓝图。 据了解，深圳以其高浓度的创新生态，成为企业走向欧洲的"练兵场"与"出发港"。2025年1-11月，深圳对欧 盟进出口总值5893.5亿元，同比增长4.7%，其中锂电池、电动车、光伏产品"新三样"出口激增31.2%。南山区 作为深圳的经济引擎与创新高地，率先打造了体系化的企业出海支持平台。南山区全球服务中心（Go Global）总经理李效冶在推介中介绍，该中心秉持"政府引导、企业联动、平台服务"原则，构建涵盖商务、 法务、财务、税务、事务的"五务"服务体系，已汇聚324家以上核心服务商，成立半年服务227家企业。 ▲曹德旺在论坛上发言。主办方供图 深圳晚报讯 （深圳报业集团记者 王新根 李果 唐鼎峻 韩玲） 1月11日，第九届深商盛典暨中国企业家俱乐部 20年系列活动之"中欧经济合作论坛"在前海国际会议中心举行。此次论坛聚焦中欧 ...

Group 1 - The forum focused on "Investing in Shenzhen, Going to Europe," discussing bilateral investment and cooperation in emerging industries such as new energy, fintech, life health, cultural tourism, and digital economy [1] - In the first 11 months of 2025, the total trade volume between China and Europe reached $749.34 billion, a year-on-year increase of 4.6%, indicating a deep symbiotic relationship with trade occurring at nearly $1.5 million per minute [1] - Shenzhen has become a key hub for China-Europe cooperation, with 202 export trains operating in 2025, a 49.6% increase year-on-year, carrying goods worth 6.87 billion yuan, and reaching 47 countries and regions [1] Group 2 - Shenzhen's import and export value with the EU in the first 11 months of 2025 was 589.35 billion yuan, up 4.7%, with exports of lithium batteries, electric vehicles, and photovoltaic products increasing by 31.2% [1] - Nanshan District has established a systematic support platform for enterprises going abroad, providing 24-hour full-process responses and transforming overseas ventures into collaborative efforts [2] - The forum highlighted that the EU's investment in China is increasingly focused on R&D centers and regional headquarters, with such projects surpassing 35% for the first time historically [3]

Group 1 - The core viewpoint of the news is the launch of a new round of national subsidies for consumer goods, with a total of 62.5 billion yuan allocated to support the "trade-in" policy, aimed at boosting consumption during peak seasons like New Year's and Spring Festival [1] - The 2026 national subsidy program has optimized the range and standards of subsidies compared to 2025, adding smart glasses to the digital product category and focusing on "high-efficiency" appliances in the home appliance category [1] - The "trade-in" policy from 2024 to 2025 led to a significant increase in consumer goods sales, reaching 3.92 trillion yuan and benefiting 494 million consumers [1] Group 2 - The optional consumer ETF (562580.SH) is expected to benefit significantly from the continuation of the national subsidy policy, with a focus on sectors such as automobiles (46%) and home appliances (34%) [2] - The top ten weighted stocks in the optional consumer ETF include major companies like Midea Group, BYD, Gree Electric, and Haier Smart Home, indicating strong potential for growth in these sectors [2] - The index valuation PE-TTM stands at 23.47 times, which is in the 38.04% percentile over the past decade, suggesting a relatively attractive investment opportunity [2]

Core Insights - The forum focused on "Investing in Shenzhen, Going to Europe," discussing bilateral investment and cooperation in emerging industries such as new energy, fintech, life health, cultural tourism, and digital economy [1][3] Trade and Economic Data - In the first 11 months of 2025, the total trade volume between China and Europe reached $749.34 billion, marking a 4.6% year-on-year increase [1] - Shenzhen's exports to the EU totaled 589.35 billion yuan, a 4.7% increase year-on-year, with significant growth in lithium batteries, electric vehicles, and photovoltaic products, which saw a 31.2% increase [3][5] - The Shenzhen-Europe freight train service operated 202 export trains in 2025, a 49.6% increase, with a total cargo value of 6.87 billion yuan, covering 47 countries and regions [1] Strategic Initiatives - Shenzhen has become a key hub for China-Europe cooperation, facilitating technology exchange and industrial chain collaboration [3] - Nanshan District has established a comprehensive support platform for enterprises going abroad, providing 24-hour full-process responses and fostering collaborative ventures [3][5] Industry Perspectives - The forum highlighted the importance of integrating technology and local culture in global manufacturing, emphasizing corporate social responsibility [5] - The EU's investment in China has seen a historical shift, with R&D centers and regional headquarters now accounting for over 35% of projects [5]