2月10日晚，小米创办人、董事长兼CEO雷军在直播中透露，最后一辆初代小米SU7量产下线，正在运 送途中，将安排车主提车。这意味着初代小米SU7正式停产。据雷军介绍，初代SU7交付量接近37万 辆。 雷军：小米汽车工厂有六七百台机器人，做到了百分之百自动组装和检测 乘联分会崔东树：预计2026年乘用车市场将实现前低后高的走势 2月10日，乘联分会秘书长崔东树发文表示，根据测算，2026年报废更新车型的补贴均值较2025年降 21%，2026年置换更新车型的补贴均值较2025年降30%。以旧换新固定补贴改分档补贴的效果很突出， 尤其是财政效率提升明显，确保资金更好的全年保障支撑。在同预算下，满额门槛筛选出更高单价的换 购群体，拉动单车成交额与总消费额，减少低价车"躺赚"补贴的浪费；上限控制避免豪华车挤占过多资 金。预计2026年全年受益于消费升级和政策支持，乘用车市场将实现前低后高的走势。 雷军宣布初代小米SU7正式停产 江淮汽车2月10日晚间公告，2026年1月销量为3.48万辆，同比下降2.14%。其中，新能源乘用车1月销量 为3151辆，同比增长183.11%。 北京汽车：预期2025年归属于公司权益持有 ...

Group 1 - VinFast Auto Ltd. projects global electric vehicle deliveries of 300,000 units for 2026, building on a better-than-expected performance in 2025 [1] - The company attributes its positive outlook to strong momentum in key Asian markets, including Vietnam, Indonesia, India, and the Philippines, driven by new model rollouts and expanded distribution [2] - VinFast plans aggressive growth in its electric two-wheeler segment, expecting deliveries to reach at least 2.5 times the level recorded in 2025, targeting mass-market mobility in emerging Asian economies [3] Group 2 - VinFast will release its fourth-quarter and full-year 2025 financial results on March 16, 2026, with a live webcast to discuss operating performance and strategic priorities [4] - The company is recalibrating its global ambitions, focusing on Asia as a near-term growth engine due to rising EV penetration and price-sensitive consumers [5] - Southeast Asia is becoming a competitive EV market, with government incentives and infrastructure development supporting electrification, while VinFast's home-market advantage in Vietnam positions it well despite intense competition from Chinese automakers [6] Group 3 - Vehicle deliveries are only one measure of performance and do not directly correlate with financial results, which are influenced by pricing, costs, and market conditions; investors are keenly awaiting updates on margins and funding needs [7] - VinFast, a subsidiary of Vingroup JSC, produces electric SUVs, buses, e-scooters, and e-bikes, with manufacturing based in Vietnam and exports to Asia, North America, and Europe [8]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Viewpoints - The company, Hongyuan Co., specializes in the research and production of electromagnetic wires, achieving a compound annual growth rate (CAGR) of 25.7% in revenue over the past three years. It is recognized as a national "manufacturing single champion enterprise" in the field of electromagnetic wires for ultra/high voltage transformers [3][14]. - The company has a strong market position, holding significant shares in high-voltage transformer projects, with a 24.43% share in direct current converter transformers and a 29.63% share in alternating current transformers in recent bids [5][19]. - The company is actively expanding into the new energy vehicle sector, focusing on high-power drive motors, and has secured orders from domestic and international clients, including VinFast, a Vietnamese electric vehicle manufacturer [5][19]. Company Overview - Hongyuan Co. has a total market capitalization of 42.24 billion yuan and a circulating market value of 14.67 billion yuan, with a current stock price of 33.17 yuan. The company has a total share capital of 1.27 billion shares, with a circulating share capital of 0.44 billion shares [3]. - The company has achieved a revenue of 1.952 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 30.97%, with a net profit attributable to shareholders of 73.84 million yuan, up 4.93% year-on-year [3][6]. Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 2.724 billion yuan in 2025, 3.417 billion yuan in 2026, and 4.438 billion yuan in 2027, with corresponding net profits of 114 million yuan, 148 million yuan, and 196 million yuan respectively [6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.89 yuan, 1.16 yuan, and 1.54 yuan, with price-to-earnings (P/E) ratios of 35.3, 27.2, and 20.5 respectively [6]. Industry Overview - The electromagnetic cable industry in China had a market revenue of 45.18 billion USD in 2022, with an expected CAGR of 7.43%, projected to reach 96.66 billion USD by 2032. The investment in electric power resources in China has increased significantly, from 328.3 billion yuan in 2019 to 1,168.7 billion yuan in 2024, reflecting a CAGR of 28.91% [4]. - The global market for electric wires and cables is expected to reach 267.8 billion USD in 2024, with a CAGR of 7.3% from 2025 to 2034 [4]. Competitive Position - The company has established a strong competitive position in the high-voltage transformer electromagnetic wire market, with a significant number of patents (80 in total) and a history of successful bids in major ultra/high voltage projects [5][24]. - The company has a well-developed production system and a stable customer base, including major domestic and international clients, ensuring a reliable supply chain and long-term partnerships [18][19].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company, Hongyuan Co., specializes in the research and production of electromagnetic wires, achieving a compound annual growth rate (CAGR) of 25.7% in revenue over the past three years. It is recognized as a national "Manufacturing Single Champion" in the field of electromagnetic wires for ultra/high voltage transformers [3][14]. - The company has a strong market position, with a significant share in the ultra/high voltage transformer market, and is actively expanding into the new energy vehicle sector, particularly in high-power drive motors [5][19]. - Revenue projections for 2025-2027 indicate a steady increase in net profit, with expected figures of 114 million, 148 million, and 196 million yuan, respectively, alongside corresponding earnings per share (EPS) of 0.89, 1.16, and 1.54 yuan [3][6]. Company Overview - Hongyuan Co. has established itself as a leading manufacturer of electromagnetic wires for high voltage transformers, with a diverse product range including paper-wrapped wires, enameled wires, and combination wires [14][19]. - The company has been awarded 80 patents, including 16 invention patents, and has made significant technological advancements in the field, particularly in the application of electromagnetic wires in ultra/high voltage projects [5][24]. Industry Analysis - The electromagnetic cable industry in China is experiencing robust growth, with a market revenue of $45.18 billion in 2022 and an expected CAGR of 7.43%, reaching $96.66 billion by 2032 [4]. - Investment in electrical resources in China has surged from 328.3 billion yuan in 2019 to an anticipated 1,168.7 billion yuan in 2024, reflecting a CAGR of 28.91% [4]. - The global market for electrical cables is projected to reach $267.8 billion in 2024, with a CAGR of 7.3% from 2025 to 2034 [4].

Group 1 - VinFast Auto delivered 196,919 vehicles globally in 2025, marking a 102% increase from 97,399 units in 2024 [1] - The company also delivered 406,498 e-scooters and e-bikes in 2025, representing a 473% increase over 2024 [1] - Local sales in Vietnam nearly doubled to 175,099 units in 2025, accounting for about one-third of total vehicle sales in the country, with the total market exceeding 550,000 units [2] Group 2 - VinFast sold 21,820 vehicles overseas in 2025, having established local production in India and Indonesia while expanding in other Asian markets, Europe, and the US [3] - Indonesia was the largest overseas market with 10,890 deliveries, primarily from imports before the local assembly plant began operations in December 2025 [4] - The company introduced the Limo Green battery-powered MPV in August 2025, which became the best-selling model in Vietnam, while the compact VF3 remained the top seller with 44,585 deliveries [5]

Group 1 - VinFast plans to deliver 86,557 electric vehicles globally by Q4 2025 [1] - The company aims to expand its market presence and compete in the global electric vehicle sector [1] - VinFast's strategy includes increasing production capacity and enhancing its product lineup [1] Group 2 - The electric vehicle market is experiencing significant growth, with increasing consumer demand and government incentives [1] - VinFast's entry into the global market aligns with the industry's shift towards sustainable transportation solutions [1] - The company is positioning itself to capitalize on the growing trend of electrification in the automotive industry [1]

Group 1 - Tesla's third-generation humanoid robot is set to be unveiled, with an expected annual production capacity of 1 million units by the end of 2026, as the Fremont factory's Model S/X production line will be converted for this purpose [2] - Rokid is collaborating with a leading domestic large model company to develop a new generation of AI glasses driven by generative AI and AI agents, with current daily sales of approximately 1,200 units [2] - Samsung SDI reported a continued loss in Q4 2025, with a net profit of 207.8 billion KRW (approximately 142.4 million USD) for Q4 2024, and an operating loss of 299.2 billion KRW, which is an increase from the previous year's loss [2][3] Group 2 - VinFast plans to accelerate its expansion into Southeast Asia, targeting markets such as the Philippines, Indonesia, India, Thailand, and Malaysia, with plans to establish hundreds of retail outlets by 2027 [2]

Group 1: Major Companies - Tesla has achieved large-scale production of dry electrode batteries, which is a significant breakthrough in lithium battery manufacturing technology, reducing costs, energy consumption, and factory complexity while significantly improving scalability [1] - Zhiyuan Robotics is preparing for the world's first large-scale robot gala, "Robot Wonderful Night," featuring hundreds of robots performing various acts, which will be live-streamed soon [1] - Tokyo Electric Power Company has initiated a restructuring effort to improve its financial situation and is seeking potential alliance partners, with a goal to cut costs by approximately 31 trillion yen (200 billion) over the next decade [1] Group 2: Investment and Financing - "Fengshi Technology" has secured 30 million in strategic investment, which will be used for high-value utilization of Antarctic krill and the development of krill phospholipid pharmaceuticals, as well as expanding intelligent production lines to support global market development [5] - "Linghou Robotics" has completed over 100 million in Pre-B round financing, led by NIO Capital, with participation from several other investment institutions [6] Group 3: Industry Trends - The Data×AI Super Company Annual Conference gathered over 80 decision-makers from major companies to discuss the implementation of AI, highlighting that in the AI era, a company's advancement is marked by token consumption and productivity is measured by the proportion of AI employees [2] - Ant Group has launched the "AI Credit" incentive program to promote comprehensive AI integration within the organization, offering additional rewards for teams and individuals making significant contributions to AI [3] - VinFast plans to accelerate its global expansion of electric motorcycles, targeting markets in the Philippines, Indonesia, India, Thailand, and Malaysia, with multiple models set to be launched [4]

（原标题：越南汽车制造商将与中国比亚迪合作，投资1.3亿美元建设电动汽车电池工厂） 据曼谷邮报1月28日报道，越南汽车制造商金龙汽车周二宣布，其与中国的比亚迪合作，将在越南中部投 资1.3亿美元建立工厂，用于生产商用电动汽车的电池。根据协议，金龙汽车将承担该设施的建设费用，而比亚 迪则提供全面的技术支持。金龙电机在声明中称，该电池工厂将建在面积为4.4公顷的土地上，其年发电量可达 3吉瓦时。在该项目的第二阶段，设施规模将扩大至10公顷，生产能力也将提升一倍，达到每年6吉瓦时的发电 量。此次扩建还包括引入用于生产电动客车的电池的生产线。该工厂将生产用于商用车辆的电池，包括公交 车、卡车及小型面包车。越南的电动汽车市场正在迅速发展，这一趋势主要由该领域的领先企业越南VinFast推 动。 ...

伴随着中国企业出海的进一步提速，中国企业家当下正面临越来越复杂的"全球化生存"挑战。 万得数据显示，2024年共有3667家A股上市公司披露境外业务收入，占A股公司总数的68%；合计实现 境外总收入9.52万亿元，较2020年增长56.58%。立讯精密、比亚迪2024年境外业务收入已超2000亿元， 其背后的消费电子和汽车行业上市公司2024年境外营业收入较2020年分别增长87.95%和130.19%。 2025年，跨境并购再度升温。安永发布的《2025年上半年中国海外投资概览》指出：中企2025年上半年 宣布的海外并购交易数量达到200宗，总金额已达196亿美元，同比猛增79%。 从绿地投资到跨境并购，从跨境电商到品牌与渠道出海扎根当地市场，从传统欧美市场到"一带一路"新 兴市场——来自千行百业的中国公司加速出海步伐，在地域上越走越"宽"，在跨国经营的生态链条上越 走越"深"。 中国企业家这个群体，当下也面临前所未有的"全球化生存"挑战：一方面随着企业加速全球化布局，作 为操盘手和掌舵人，他们在工作上会面对从企业全球化运营到法律、跨境金融运作等领域的全方位挑 战；另一方面，作为个体，他们在个人与家庭层面上 ...