作者|张米 | [編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | | --- | | 行使與否而定) | | [编纂]股H股(可予重新分配) [編纂]數目 .. | | [編纂]數目 .. [编纂]股H股(可予重新分配及 | | 視乎[编纂]行使與否而定) | | 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀 | | 佣金 · 0.0027%證監會交易徵費、 | | 0.00565%聯交所交易費及0.00015% | | 曾財局交易徵費(須於申請時以港元 | | 繳足,多繳股款可予退回) | | 面值 : 每股H股人民幣[编纂]元 | | [瑞寶] : 【禮憲】 | | 聯席保薦人 ·[編纂]·[编纂]· | | [编纂]及[编纂] | | (按英文字母排序) | | 4中级國際 BOCI (X) HSBC 华泰国际 | （来源：招股书） 在港股智能驾驶赛道风起云涌的当下，市场审视标的的准绳已悄然从单纯的"技术竞速"转向"商业化落 地"与"财务健壮度"。继去年10月向港交所递交上市申请后，苏州天瞳威视电子科技股份有限公司（以 下简称"天瞳威视"）近期动作频频，先后披露了多项业务合作，引 ...

Core Viewpoint - The recent trend of private placement prices exceeding the base price in the A-share market indicates a shift towards valuing high-quality companies with strong competitive advantages and alignment with national strategies, suggesting a maturation of investment logic in the market [1][4][6]. Group 1: Recent Cases of Private Placement - Guodian Measurement announced a private placement of approximately 54.14 million shares at a price of 24.01 yuan per share, raising about 1.3 billion yuan, with a premium of 29.09% over the base price of 18.60 yuan [2]. - Wind Power Co. disclosed a private placement of about 161 million shares at 6.85 yuan per share, raising approximately 1.1 billion yuan, with a price that is 125% of the base price of 5.48 yuan [2]. - Beiqi Blue Valley reported a private placement of approximately 794 million shares at 7.56 yuan per share, raising around 6 billion yuan, with a premium of 15.77% over the base price of 6.53 yuan [3]. Group 2: Market Dynamics and Trends - The phenomenon of private placement prices exceeding base prices is attributed to a confluence of policy, industry, and capital dynamics, with a focus on high-quality projects that align with national strategies and exhibit clear growth paths [4]. - Institutional investors are shifting their focus from short-term price discounts to long-term value, indicating a transition from a system-driven market to one driven by industrial value [5]. - The trend reflects a deepening institutionalization of the A-share investor structure, with increased pricing power among professional institutions, leading to enhanced value discovery for high-quality assets [5]. Group 3: Future Outlook - It is expected that private placement prices exceeding base prices will not become a universal phenomenon but will be a structural norm for high-quality projects, driven by continued institutional investment and a mature pricing logic [6]. - Projects lacking industrial support or with weak performance capabilities will likely continue to follow traditional discount pricing logic, leading to market differentiation [6]. - The concentration of private placements with prices above base prices in sectors like electric vehicles and AI computing is seen as beneficial for accelerating the development of these industries [6].

Core Viewpoint - The recent trend of private placement prices exceeding the base price in the A-share market indicates a shift towards valuing high-quality companies with strong competitive advantages and alignment with national strategies [1][4][6]. Group 1: Recent Cases of Private Placement - Guodian Measurement announced a private placement of approximately 54.14 million shares at a price of 24.01 yuan per share, raising about 1.3 billion yuan, which represents a 29.09% premium over the base price of 18.60 yuan [2]. - Wind Power Co. disclosed a private placement of about 161 million shares at 6.85 yuan per share, raising around 1.1 billion yuan, with a price that is 125% of the base price of 5.48 yuan [2]. - Beiqi Blue Valley reported a private placement of approximately 794 million shares at 7.56 yuan per share, raising about 6 billion yuan, which is 115.77% of the base price of 6.53 yuan [3]. Group 2: Market Dynamics and Trends - The phenomenon of private placement prices exceeding base prices is attributed to a confluence of policy, industry, and capital market dynamics, with a focus on high-quality projects that align with national strategies [4][5]. - There is a growing recognition of the development potential in new production capacities, particularly in sectors like new energy vehicles and advanced manufacturing, reflecting a deep connection between capital markets and the real economy [5]. - The trend indicates a shift in investor structure towards institutionalization, with increased pricing power among professional institutions, leading to enhanced value discovery for high-quality assets [5][6]. Group 3: Future Outlook - It is expected that private placement prices exceeding base prices will not become a universal phenomenon but will be a structural norm for high-quality projects [6]. - High-quality projects that are aligned with national strategies and have solid fundamentals will continue to attract capital, leading to premium pricing as a standard outcome [6]. - Conversely, projects lacking industrial support and performance capabilities may still follow traditional discount pricing logic, leading to market differentiation [6].

（编辑 张文玲 郭之宸） 本报讯 （记者张文湘）近日，全国直营连锁租车品牌一嗨租车旗下出行研究院发布2026年春节自驾报告。数据显示，今年 春节假日期间，一嗨租车各项经营业绩均创下春节档历史新高，总订单量同比增长45%，单日最高出租率升至95%。总营收、 异地还车订单量、总出租天数、总用户数等核心指标也同步刷新春节档历史纪录。 用户结构方面，80后、90后、00后成为租车自驾的核心群体，占比分列前三位，他们更注重出行的灵活性和个性化，偏 爱"高铁/民航+落地自驾"的出行模式。值得关注的是，今年春节一嗨租车的外国人订单也创下历史新高，同比增长超过60%。 交通运输部数据显示，2026年春节假期期间，全社会跨区域人员流动量累计超28亿人次，日均3.11亿人次，同比增长 8.2%，出行规模创历史新高。其中，公路自驾出行日均规模近2.7亿人次，同比增长8.3%，占出行总量的86%。 对于此次春节档的业绩爆发，一嗨租车市场营销副总裁乔文倩表示，这既得益于行业发展的宏观红利，也离不开公司的提 前布局与精细化服务。为应对春节出行高峰，一嗨租车联合奇瑞等车企投放大量新车，优化SUV、轿车等多元品类的车队结 构；同时在全国机场 ...

2月26日，网传前荣耀品牌营销总裁、集团首席营销官（CMO）郭锐已入职智界汽车，出任CEO一职。 内部计划将于近期正式官宣该消息。对此，南都湾财社记者从接近智界汽车的知情人士处获悉，消息属 实。 此前，南都湾财社曾报道郭锐于2025年12月从荣耀离职。彼时郭锐在告别信中写道"咱们在'下一站科技 的荣耀'再会"，知情人士曾向记者透露其或将投身科技领域创业。如今加盟同属鸿蒙智行生态的智界， 是这位前华为"老将"跨界的职业选择。 公开资料显示，郭锐拥有北京大学信息科学技术学院理学博士学位。他曾在物理学顶级刊物《Physical Review》上以第一作者身份发表关于量子计算的文章，并作为青年科学家代表出席过诺贝尔奖大会。 在商业领域，他拥有华为、宝洁、中粮蒙牛等企业的复合管理经验。 在当前的新能源汽车市场，智界虽然拥有奇瑞的整车制造底盘与华为全栈智驾技术的双重赋能，但在偏 向操控乐趣的运动车型与主打自动驾驶的技术标签之间，品牌调性尚未明晰，导致其在消费者群体中的 面目相对模糊。 除了品牌年轻化，全球化出海是郭锐面临的另一项挑战。 作为智界的合作方，奇瑞已连续23年位居国产乘用车出海第一，在海外拥有成熟的本地化生产与 ...

Market Performance - During the Spring Festival, developed markets saw a general rise, with MSCI Global up by 1.1%, MSCI Developed Markets up by 1.2%, and MSCI Emerging Markets up by 0.8%[3] - The US 10Y Treasury yield increased significantly, while Japanese yields decreased the most[3] Profit Expectations - US stock earnings expectations were revised upward, with S&P 500 2026 EPS forecast increased from +12.7% to +12.9%[4] - Hong Kong's earnings expectations remained flat, with Hang Seng Index 2026 EPS forecast at +11.1%[4] - Eurozone earnings expectations were revised down from -3.1% to -3.0%[4] Economic Indicators - The Citigroup Economic Surprise Index for the US decreased, influenced by lower-than-expected Q4 GDP growth and uncertainties surrounding tariffs[5] - The European Economic Surprise Index increased, driven by significant growth in German economic output[5] Industry Insights - The lithium carbonate market is expected to tighten due to Zimbabwe's ban on lithium concentrate exports, impacting global supply significantly[13] - In 2025, China imported 1.19 million tons of lithium concentrate from Zimbabwe, translating to a production of 148,800 tons of lithium carbonate[14] Real Estate Market - In Q4 2025, only 19% of cities showed signs of bottoming out in the real estate market, with over 90% of key cities experiencing a year-on-year decline in new home transactions[17] - New home prices are expected to continue declining, with first-tier cities facing a clearing cycle exceeding 23 months[20] Banking Sector - Large banks saw a significant increase in short-term loans, while small banks experienced a slowdown in credit growth, with large banks' short-term loans increasing by 4,197 billion yuan[35] - The overall loan amount decreased by 4,893 billion yuan year-on-year, with large banks and small banks seeing declines of 2,130 billion yuan and 2,763 billion yuan, respectively[38] Company Coverage - Samsung Medical's revenue is projected to reach 14.804 billion yuan in 2025, with a growth rate of 1.4%[40] - The company is expected to maintain a target price of 32.4 yuan, reflecting a 24X PE valuation for 2026[40]

在东莞，"世界工厂"的城配场景对司机舒适性与车辆定制化适配性尤为敏感。卡文乐途以行业最低二级 踏步、MPV级气囊座椅、全平地板等细节设计，缓解用户久坐与频繁上下车的疲劳感。佛山市供应链 物流协会秘书长朱德志对此表示："物流装备的革新是关键驱动力，卡文乐途正是一款深度洞察市场需 求的智慧产品。" 用效能定义价值，用实证重塑标杆。 "生而纯电 破晓之路——福田启明星效能品鉴季"从防城港启航， 贯穿南宁、广佛、东莞，于春节后到达深圳。作为福田启明星平台产品核心成员，福田卡文乐途定制旗 舰轻卡全程深度参与，并以启明星效能品鉴之旅与"福田卡文100 行动"双线并进之势，将硬核实测与场 景定制体验深度嵌入每一站活动，用可感知的效能实证，为新能源轻卡价值锚定新坐标。 01 一地一策 以深度定制破解区域物流痛点 "一地一策、一站一测"，是启明星效能品鉴季贯穿始终的核心逻辑。福田卡文乐途针对各城市物流场景 与工况痛点，以定制化配置精准回应区域用户的核心诉求。 在防城港，面对港口高频转运与山区复合路况的双重考验，福田卡文乐途以"续航、补能、成本"三重优 势精准回应临港物流的核心诉求。依托95.7%高效驱动总成与大容量电池组，车辆 ...

1月，轻客市场表现不佳。尤其在上月4.4万辆年度最高销量映衬下，更显黯淡；而且，本月不足2.7万辆的销量表现，直接突破了2025年全年的最低值（2 月2.8万辆）；同环比双降，可谓开局不利。 | | | 2026年1月轻客Top10企业销量排名(单位:辆) | | | | | --- | --- | --- | --- | --- | --- | | 排名 | 指标名称 | 本月完成 | 市场份额% | 环比增长* | 比同期增长* | | 1 | 上汽大通 | 7002 | 25. 95 | 1.97 | 21. 77 | | 2 | 江铃汽车 | 6519 | 24. 16 | -34. 22 | 28. 45 | | 3 | 长安汽车 | 4102 | 15. 2 | -71.63 | -58. 69 | | 4 | 福田汽车 | 2926 | 10. 84 | -11. 76 | 3.54 | | 5 | 南京依维柯 | 1608 | 5.96 | 32. 56 | -26. 94 | | ნ | 江淮汽车 | 1475 | 5. 47 | 12. 25 | 34. 7 | | 7 | 厦门金龙 | ...

Core Viewpoint - Jaguar Land Rover (JLR) has announced a significant personnel change, with current China President and CEO, Pan Qing, being promoted to Global Procurement Director while retaining his role in China. Tim Howard, the current CFO of JLR China, will take over as CEO of JLR China [1][3]. Group 1: Personnel Changes - Pan Qing has been appointed as the Global Procurement Director of JLR while continuing as the President of JLR China [1]. - Tim Howard, who joined JLR in 2010 and has served as CFO of JLR China since 2020, will now serve as the CEO of JLR China [5]. - Tim Howard will report to both the Global Chief Growth Officer and the Global Chief Financial Officer in different areas of responsibility [1]. Group 2: Company Performance - JLR's sales in China have significantly declined, with projections for 2025 showing retail sales of 14,217 units for the Jaguar brand and 12,303 units for the Land Rover brand, totaling less than 30,000 units [5]. - In 2017, JLR's sales in China reached 146,000 units, accounting for nearly a quarter of global sales, indicating a substantial drop in performance [5]. - The financial performance for the third quarter of FY 2025/26 showed a revenue of £4.5 billion, a 39% decrease year-on-year, with a pre-tax loss of £310 million [9]. - The company expects significant improvement in the fourth quarter, with a projected EBIT margin for FY 2026 of 0.0% to 2.0% [12].

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院新能源客车研究小组发布的《中国新能源汽车行业市场前瞻与投 资战略规划分析报告》 新能源客车是当前我国汽车行业企业在新能源领域研发生产和竞争的重点领域之一。近年来在国家不断 出台鼓励新能源客车发展政策的情况下，国内新能源客车市场得以快速发展。目前，我国新能源客车产 业的上市公司数量较多，分布在各产业链环节。其中，涉及核心的新能源客车整车制造的上市公司主要 有宇通客车、中通客车、亚星客车、安凯客车、福田汽车、金龙汽车、比亚迪、东风汽车、长安汽车 等。 | 产业链环节 | 公司简称(股票代码) | 要点 | 关联度 | | --- | --- | --- | --- | | | 首钢股份(000959.SZ) | 具备完整的钢材生产工艺流程,高端板材产品处于国内 领先地位 | ★ | | | 包钢股份(600010.SH) | 中国重要的钢铁工业基地、世界主要的稀土工业基地 | ★ | | | 赣铬锂业(002460.SZ) | 全球第三大及中国前列的锂化合物生产商及全球前列的 | ★ | | 基础原材料 | | 程化出壁巡 | | | | 天著股份(6052 ...