记者丨 张旭 编辑丨周上祺 近日，31个省份2025年外贸数据陆续公布。 2025年，全国进出口总值达45.47万亿元， 增长3.8%，外贸总值突破万亿元的省份增至 9个。 图/21世纪经济报道 从总值来看， 广东凭借9万亿元的成绩继续领跑全部省份。 江苏、浙江、上海、山东、北京分列第二至第六位，外贸总值在3万亿元 至6万亿元之间。 安徽以10135.57亿元的成绩，成为中部首个、全国第九个外贸总值破万亿元省份。 从同比增速来看， 共有17个省份跑赢3.8%的"全国线" ，21个省份实现同比正增长，新疆增长19.9%排名全国第一。而在外贸大省 中，安徽以17.3%增速领跑。曾经的"中部外贸第一省"河南，则以14.1%的增速，位居十大外贸省份第二。2025年，河南进出口总值 达9356.73亿元，有望在2026年突破万亿元大关。 对于广东外贸成绩单，广东外语外贸大学广东国际战略研究院执行院长、教授韩永辉向21世纪经济报道记者表示，广东拥有全国最 完备的制造业体系和产业链配套能力，这是其外贸长期领跑的根本支撑。民营经济活跃且外贸主体持续扩容，形成强大的市场韧 性。 此外，广东在跨境电商、海外仓、保税物流等新型贸易 ...

Core Viewpoint - The automotive industry is experiencing a competitive race in steel strength, with companies promoting increasingly high values for steel used in vehicles, raising questions about the actual safety implications of these numbers [1][3]. Group 1: Steel Strength Competition - Chery Automobile and Hebei Steel Group have introduced ultra-high-strength 2400MPa hot-formed steel, while a new player has reportedly launched 2420MPa steel, which is claimed to be twice as strong as tank armor [1][3]. - The debate centers on whether the reported steel strength refers to yield strength or tensile strength, and whether higher numbers genuinely enhance vehicle safety [1][3]. Group 2: Consumer Perception and Marketing - Many automotive companies emphasize higher steel strength values in marketing to suggest enhanced safety, exploiting consumer knowledge gaps [5][6]. - Consumers often misunderstand the difference between yield strength and tensile strength, leading to confusion in vehicle safety assessments [5][6]. Group 3: Technical Definitions - Yield strength is the stress at which a material begins to deform plastically, while tensile strength is the maximum stress a material can withstand before failure [6][7]. - Generally, tensile strength values are higher than yield strength, but the industry has shifted towards using tensile strength for marketing purposes, which can mislead consumers [7][8]. Group 4: Industry Standards and Practices - There are very few models with yield strengths exceeding 2000MPa, while many models boast tensile strengths above this threshold [8][9]. - Companies often create marketing terms like "super high-strength steel" without standardized definitions, leading to potential consumer deception [8][9]. Group 5: Comprehensive Safety Considerations - Automotive safety is a complex system that involves more than just steel strength; factors like body structure, welding processes, and material durability are equally important [9][10]. - The use of high-strength steel can lead to issues like hydrogen embrittlement, which may cause delayed fractures, emphasizing the need for a holistic approach to vehicle safety [10][11]. Group 6: Cost and Production Implications - The cost of using high-strength steel is significantly higher, with production costs increasing by approximately 60% compared to regular steel [11]. - The proportion of high-strength steel used in vehicles directly affects production costs and safety ratings, necessitating careful consideration by manufacturers [10][11].

21世纪经济报道 记者张旭 北京报道 近日，31个省份2025年外贸数据陆续公布。2025年，全国进出口总值达45.47万亿元，增长3.8%，外贸总值突破万亿元的省份增 至9个。 从总值来看，广东凭借9万亿元的成绩继续领跑全部省份。江苏、浙江、上海、山东、北京分列第二至第六位，外贸总值在3万 亿元至6万亿元之间。安徽以10135.57亿元的成绩，成为中部首个、全国第九个外贸总值破万亿元省份。 从同比增速来看，共有17个省份跑赢3.8%的"全国线"，21个省份实现同比正增长，新疆增长19.9%排名全国第一。而在外贸大 省中，安徽以17.3%增速领跑。曾经的"中部外贸第一省"河南，则以14.1%的增速，位居十大外贸省份第二。2025年，河南进出 口总值达9356.73亿元，有望在2026年突破万亿元大关。 对于广东外贸成绩单，广东外语外贸大学广东国际战略研究院执行院长、教授韩永辉向21世纪经济报道记者表示，广东拥有全 国最完备的制造业体系和产业链配套能力，这是其外贸长期领跑的根本支撑。民营经济活跃且外贸主体持续扩容，形成强大的 市场韧性。 此外，广东在跨境电商、海外仓、保税物流等新型贸易方式上领先全国，同时依托粤 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 57.70 CNY per share [2]. Core Insights - The company is positioned as a leader in the line-controlled chassis sector and is expected to play a significant role in the future of humanoid robotics. It has established a comprehensive product layout in braking systems, steering, suspension, control, and structural components, transitioning from traditional mechanical systems to intelligent electric control systems [8][9]. - The company is benefiting from the ongoing trends of electrification and automation in the automotive industry, with a strong focus on global expansion and technological innovation [12][16]. Summary by Sections 1. Line-Controlled Chassis Leadership - The company has developed a robust capability in intelligent chassis systems, with a complete product layout in braking, steering, suspension, and control systems. It has established partnerships with major automotive brands, including both domestic and international clients [21][29]. - The company has made significant advancements in electric control systems, becoming a leader in the domestic market for electronic parking brakes (EPB) and expanding into active suspension systems [24][35]. 2. Technical Capability Building - The company has a strong focus on R&D, with continuous investment leading to a significant increase in its technical capabilities. It has established multiple R&D centers globally, enhancing its innovation capacity [61][66]. - The company has developed a comprehensive product matrix, including lightweight components, electric control systems, and line-controlled chassis, which positions it well for future growth [70]. 3. Transition from Automotive to Robotics - The company is leveraging its extensive experience in the automotive sector to expand into the humanoid robotics market. It has already established subsidiaries focused on key components such as motors and actuators, which are essential for robotics [13][18]. - The global market for humanoid robots is expected to grow significantly, with the company poised to become a key player in this emerging field due to its technological expertise and established supply chain [12][18]. 4. Financial Performance and Forecast - The company is projected to achieve revenues of 12.88 billion CNY in 2025, with a compound annual growth rate (CAGR) of 29.6% from 2024 to 2027. Net profit is expected to reach 1.51 billion CNY in 2025, reflecting a strong growth trajectory [2][52]. - The financial metrics indicate a healthy growth outlook, with improvements in gross margins expected as new products scale up and operational efficiencies are realized [55][58].

点 击 蓝 字 关 注 我 们 本文全文共 2312 字，阅读全文约需 7 分钟 乘 势向上聚庐州， 联 合向新话未来。 日前，中国汽车流通协会乘用车市场信息联席分会2026年汽车市场研讨年会在合肥顺利召开。来自全国 汽车整车企业代表踊跃参会。 秘书处崔东树秘书长做了乘联分会2025年工作总结。在流通协会及会长单位的支持下，乘联分会作为行 业信息交流平台，围绕行业发展大局，以提升服务质量为核心，以推动行业创新为动力，不忘初心深耕会员服 务。乘联分会注重提升数据质量，积极为企业发声，拓展办会思路，提高会员满意度，并持续推进合规工作。 中国人民大学经济学院副院长于泽先生做了《"十五五"开局中宏观经济新机遇》的报告，他认为我国处 在新旧动能转换的过渡期，经济发展正在呈现诸多新机遇。2026年以内需为主导，建设强大国内市场作为首要 任务，汽车消费是国内消费的压舱石，预计全年经济增速在5%左右。 国家信息中心正高级经济师徐长明先生做了《汽车市场分析与合资自主关系研判》的报告，他认为由于 政策的促进作用，2025年汽车市场内需销量实现超过正常趋势值的增长，但行业整体效益不尽理想。下半年加 大治理内卷的力度，价格竞争所有好 ...

Domestic News - The total number of motor vehicles in China reached 469 million, with 43.97 million being new energy vehicles [2] - Beijing's new energy vehicle ownership exceeded 1.3 million, with over 80% of vehicles meeting the "National V" emission standard [3] - FAW-Volkswagen plans to launch 13 new models in 2026, including 6 fuel vehicles and 7 new energy vehicles [4] - Ledao Auto aims to complete the investment of over 8,000 new battery packs within January, achieving a progress rate of 91.36% as of January 24 [5] - BAIC Blue Valley is investing 1.991 billion yuan to upgrade its Xiangjie Super Factory, with construction expected to start in March 2026 [6] - Chery has signed a strategic cooperation agreement with Yihaichuxing, delivering 5,000 new vehicles [7] - GAC Aion and Didi have partnered to deliver the Robotaxi R2, marking a significant step in autonomous vehicle commercialization [8] - CATL and Minyun Group have deepened their strategic cooperation to promote the electrification of public transportation [9] Foreign News - India and the EU have reached an agreement to significantly reduce automotive import tariffs, with tariffs on cars priced over €15,000 dropping from 110% to 40% immediately, and eventually to 10% [10] - The Philippines is projected to reach 491,395 vehicle sales in 2025, a 3.7% increase from 2024 [11] - The UAE is accelerating the commercialization of autonomous driving, with Abu Dhabi launching public autonomous operations and Dubai issuing its first autonomous driving test license [12] - Tesla has initiated a fully autonomous taxi service in Austin, Texas, without a safety driver present [13] Commercial Vehicles - Dongfeng Commercial Vehicle has launched the world's largest medium and heavy-duty commercial vehicle smart factory in Shiyan, Hubei [14] - CATL has released the first mass-produced sodium-ion battery for light commercial vehicles [15] - Yuchai has introduced the world's first flywheel range extender technology brand, marking a significant innovation in commercial power systems [16] - Henan Province has implemented 21 measures to support truck drivers, enhancing service quality and operational efficiency [17]

车圈"卷"入新的数值营销游戏 2026年开年，车圈开启了新一轮钢板强度的数值竞争。前脚，奇瑞汽车联合河钢集团发布了汽车用超高 强韧2400mpa热成形钢，后脚，市场消息传出某家新势力车企已经下线了2420MPa超强钢。 在社交平台上，有网友称："2420MPa的车用钢板强度差不多是坦克硬度的两倍。"一时间，汽车钢板强 度的争议层出不穷。争议点主要聚焦在两个方面：一是，各家车企公布的钢板强度是屈服强度，还是抗 拉强度？二是，车企"卷"钢板强度的数值，是否能提升整车安全？ 近日，理想材料负责人吉超发文表示："前年，不少车企在宣传时称使用了多少处或多少米的2000Mpa 热成形钢；去年，市场上出现了量产2200MPa热成形钢；最近，新闻又有2400MPa热成形钢面世…不马 后炮地说，这个情况很容易预料，我也清楚一些其中的节奏。这个技术虽然'键盘值'看似很高，但材料 真实的断裂韧性、抗延迟开裂性能、焊接加工性能……所以，这个材料开发的初心和目的是什么，我确 实不清楚。" 近年来，车企对高强度钢板上车越发重视，且尤为强调钢板强度的数值。多名车企研发人士告诉第一财 经，车企宣传时，钢板强度的数值越大，更能凸显汽车安全性。 ...

中国汽车产业向绿而行，正为全球汽车产业绿色转型注入关键动能。2025年，新能源汽车在中国国内新 车销量中占比超过50%，全球一半以上的新能源汽车行驶在中国。与此同时，中国新能源汽车全年出口 261.5万辆，同比增长一倍。中国汽车全产业链加速技术降本、规模降本，让绿色交通在各国特别是广 大发展中国家成为更加可及的发展选项。全球新能源汽车产业发展，不仅需要优质产品和技术供给，更 需要可落地的系统性解决方案。从中国实践看，绿色出行蔚然成风，离不开"里程焦虑"的逐步解 决。"十四五"时期，中国已建成全球最大电动汽车充电网络，可支撑超4000万辆新能源汽车充电需求。 日渐成熟的解决方案，为各国转型提供了借鉴。 筋骨强健的中国汽车产业正加速"走出去"，为各国发展直接赋能。从"产品出口"到"生态出海"，中国车 企坚持开放合作，被视为"开放战胜保护主义的生动案例"。近年来，中国车企在海外加快实施本土化战 略，建立海外工厂、完善本地供应链，让更多当地民众因产业升级而受益。比亚迪、长城等中国汽车品 牌在泰国东部经济走廊建厂，推动泰国汽车产业转型升级；江淮汽车在阿尔及利亚建立组装工厂，并为 当地员工提供专业技能培训；奇瑞与西班牙埃 ...

今天分享的是：投中嘉川：2025年IPO数据报告 报告共计：27页 2025年IPO市场中，百亿级项目再现，多地上市成为趋势，募资金额TOP10企业中有6家实现两地上市，首日破发 率17.35%，北交所企业首日表现尤为亮眼。整体来看，市场结构持续优化，科技创新、先进制造等领域成为IPO 核心驱动力。 以下为报告节选内容 凯置ill 2025年中国企业IPO市场数据报告总结 2025年中国企业IPO市场呈现止跌回升态势，全球范围内共有294家中国企业完成IPO，募资金额达3725亿元，数 量和金额同比分别上涨29.52%和1.52倍，下半年募资金额显著高于上半年。 从市场分布来看，港交所主板表现突出，IPO数量111家、募资金额2359.50亿元，均居各交易板块首位，且同比 涨幅分别达67.16%和228.69%；A股市场116家企业IPO，募资1287亿元，同比分别上涨16%和93.83%，年末发行 加速，12月上市数量与募资金额均创年内新高；美股市场IPO数量66家，同比上涨10%，但募资78亿元同比下降 20.41%，香港企业占美股中企IPO数量的50%，中企赴美上市进程受新规影响受阻。 行业方面，电子信 ...

Market Overview - The Hang Seng Index (HSI) faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's recent rate reduction of 0.25% [1] - The market anticipates increased monetary policy support from mainland China in early 2026, focusing on expanding domestic demand and achieving technological self-reliance [1] - Recent adjustments in financing margin ratios by the Shanghai and Shenzhen stock exchanges may lead to short-term market corrections, affecting the inflow of foreign capital into Hong Kong stocks [1] Sector Focus - The macroeconomic outlook indicates that China is reportedly considering tightening IPO standards for mainland companies seeking to list in Hong Kong, although this has been denied by local media [2][6] - Companies such as BYD have set ambitious overseas sales targets, aiming for 1.3 million vehicles this year, while China’s beverage manufacturer Dongpeng is looking to raise up to 10.1 billion RMB through its IPO [2] - The banking sector shows a slight profit increase for China Merchants Bank, reporting a 1.21% rise in net profit to 150.181 billion RMB [2] Economic Indicators - The U.S. Federal Reserve has adjusted its GDP growth forecast for 2026 to 2.3%, while inflation expectations have been slightly lowered to 2.4% [2] - The Chinese Ministry of Commerce reported a 20.5% increase in online retail sales of mobile phones and an 18% increase for smart robots in 2025 [6] - Foreign Direct Investment (FDI) in mainland China fell by 9.5% year-on-year in 2025, marking the lowest level since 2014, despite a 19.1% increase in the number of newly established foreign-invested enterprises [6] Company Performance - The insurance sector in Hong Kong saw a significant increase in gross premiums, totaling 637 billion HKD, a rise of 32.5% in the first three quarters of 2025 [7] - The performance of major tech companies like Tencent and Alibaba has shown mixed results, with Alibaba's stock price declining by 2.23% [3][4] - The recent price adjustments for Apple’s iPhone Air in mainland China indicate a significant discount of approximately 30% within three months of its launch [6] Global Market Trends - The U.S. stock market showed mixed results, with the Dow Jones falling by 0.6% while the S&P 500 and Nasdaq experienced slight gains [4] - The Japanese economy is projected to continue its moderate recovery, with the Bank of Japan maintaining its interest rate at 0.75% while adjusting growth and inflation forecasts [8] - The European Union has extended the suspension of retaliatory trade measures against the U.S. for an additional six months, reflecting ongoing trade negotiations [8]