如何看 2025 年 11 月消费数据 20251215 摘要 2025 年 11 月社会消费品零售总额增速放缓，商品零售总额增速约为 1%，餐饮收入同比增长 3.2%，环比有所回落，表明消费市场整体增长 动能减弱。 实物商品网上零售额占比达 26%，但增速较前期有所下滑，线下零售业 中便利店和超市保持相对景气，而百货、专业店和品牌专卖店增速较低， 反映线上线下零售业态发展不平衡。 必选消费品如粮油食品保持稳健增长，可选消费品中化妆品和黄金珠宝 受益于促销和金价上涨表现较好，但家电受政策和需求透支影响同比下 降，揭示不同品类消费差异。 汽车社零总额同比下滑 8.3%，但乘用车销量和出口量仍保持增长，新 能源车渗透率维持高位，预示汽车市场结构性变化和出口增长潜力。 免税行业四季度受益于黄金珠宝和手机等大单品拉动，预计海南离岛免 税至少到明年三季度将维持正增长，反映免税消费的增长潜力。 白酒行业处于主动去库存阶段，春节旺季备货启动较晚，但茅台等高端 品牌价格回落对需求形成支撑，预计春节动销有望边际改善，建议逐步 配置白酒板块。 家电行业受国补政策影响销售下滑，但预计明年政策可能延续，建议关 注需求韧性强的白电和两 ...

12月16日，港股科网股集体下跌，截至发稿，恒生科技指数跌1.83%，盘中跌破250日均线（年线）。 小鹏汽车-W、金山云跌4%，阿里巴巴跌超3%，小米集团、腾讯控股、比亚迪股份、中芯国际等跌幅居 前。 场内热门ETF方面，港股科技50ETF（159750）跌2.42%，实时成交近5900万，较前一交易日放量；行 情数据显示，盘中获资金踊跃申购。 | 净值走势 | 招商中证香港科技ETF | | 外盘 | 26.76万 内盘 | 31.20万 | | --- | --- | --- | --- | --- | --- | | 委比 | 14.77% 委差 | 11192 | 总额 | 5897.20万 振幅 | 2.03% | | 卖五 | 1.014 | 3万 | 均价 | 1.018 开盘 | 1.030 | | 卖叫 | 1.013 | 6万 | 最高 | 1.030 最低 | 1.009 | | ST V | 1.012 | 157万 | 涨停 | 1.137 跌停 | 0.931 | | 卖 | 1.011 | 127万 | IOPV | 1.0075 溢折率 | 0.15% | | 卖一 | 1. ...

横向比较的话，这款车甚至比特斯拉Model Y 2025还要长，其尺寸分别为4790/2129/1624。 一些奔驰和smart车主也对比表达了不理解，"这个车的尺寸比奔驰C级车都要大一圈，太夸张了"，"越 来越离谱，smart不就是小巧、方便吗！" smart品牌诞生于1994年，起初奔驰给其的定位是超微型紧凑式汽车，与宝马MINI一起成为精品小车市 场的双雄。 "现在的smart，连NBA前球星奥尼尔坐进去，都绰绰有余！" 在人们对smart车型大小议论纷纷之际，工信部又公布了smart首款中型轿车精灵6的申报信息，车长近5 米，也是史上最大的smart。这一长度甚至超过了特斯拉Model Y 2025。 曾经以"小巧灵动"为标签的它，虽然越做越大，但国内销量却越来越差——第三方数据显示，smart目 前国内的月销量回落至2000辆区间。专家直言，尺寸越大越与smart情怀相悖，"老粉不买账、新客不认 可"。若仍只靠"变大+情怀"，难以扭转下滑趋势 。 另外，不少老车主反馈遭遇价格和配置背刺。一些老车主的座椅通风和方向盘加热功能需要付费近3000 元开通，而新款车型直接免费，他们纷纷在线喊话smart全球 ...

从城市NOA到高速NOA，从一段式端到端到世界行为模型（WA）、视觉语言模型（VLM）、视觉语 言行动模型（VLA），从自动驾驶出租车（Robotaxi）到具身智能……2025年，汽车行业进入全民智驾 时代，人工智能（AI）技术已深度融入智能座舱、自动驾驶等核心领域，前沿技术的加持，加速了汽 车智能化技术飞速演进，"智驾平权"成为全年关键词。 "智能化将成为汽车产业变革'下半场'最重要的增量动力，也是决定未来汽车产业格局的新支点。"中国 汽车工程学会名誉理事长、华汽汽车文化基金会理事长付于武在接受《中国汽车报》记者采访时表示， 2025年是人工智能与汽车智能化深度融合赋能的新起点，"AI定义汽车"正成为汽车智能化的核心范式， 也标志着汽车产业从传统的"硬件定义"和"软件定义"阶段，迈入以AI重塑产品本质和用户体验的新阶 段。 "智驾平权"成为标尺 不可预测的'黑箱'问题是确定的。"清华大学车辆与运载学院助理研究员颜宏伟认为，VLA模型的主要 优势在于应对复杂场景的能力。VLA是多模态大模型驱动的智能体架构，其核心突破在于引入思维 链，通过语言模型实现对环境理解与决策推理的可解释性，可以通过模仿人类驾驶员的"观 ...

12月15日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | （万港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 105.10 | 63579.09 | 608.000 | 602.500 | 7367968.54 | | 01810 | 小米集团-W | 720.00 | 30166.04 | 42.000 | 41.780 | 494401.44 | | 01919 | 中远海控 | 295.00 | 4001.61 | 13.730 | 13.450 | 638240.23 | | 00175 | 吉利汽车 | 199.10 | 3474.85 | 17.750 | 17.160 | 17347.72 | | 01024 | 快手-W | 46.20 | 2993.04 | 65.350 | 64.300 | 248504.77 | | 03888 | 金山软件 | 70.28 ...

Group 1 - The core viewpoint of the news is the significant rise in the smart driving sector, driven by the recent approval of L3-level conditional autonomous driving vehicles in China, marking a transition from testing to commercial application [1] - The smart car ETF (159888) has shown a leading increase of 1% in the market, with key holdings such as Wanjie Technology, Zhejiang Sebao, and Suoling Co., Ltd. reaching their daily limit [1] - The Ministry of Industry and Information Technology announced the first batch of L3-level autonomous driving vehicle licenses, allowing two models to conduct road trials in designated areas of Beijing and Chongqing [1] Group 2 - According to China International Capital Corporation (CICC), the penetration rate of advanced autonomous driving is expected to gradually increase, with urban NOA penetration surpassing 15% and highway NOA exceeding 30% by September 2025 [1] - The smart car ETF closely tracks the CS Smart Car Index, with its constituent stocks primarily distributed across high-quality sectors such as electronics, computers, automobiles, and communications, showcasing a strong technological attribute [1] - The automotive parts ETF (562700) tracks the CSI Automotive Parts Theme Index, focusing on high-quality parts companies, with significant weight in automotive parts, automation equipment, and consumer electronics sectors [2]

Core Insights - The report highlights the rising prices of phosphate fertilizers and polyurethane, indicating a focus on the chemical industry amidst internal competition and chromium salt demand [3][5][29] - The report suggests that the ongoing tensions in Sino-Japanese relations may accelerate the domestic substitution of semiconductor materials, particularly in the context of high market share held by Japanese suppliers [4][29] - The chemical industry is expected to experience a significant transformation, with a shift from being a "cash-consuming" sector to a "cash-generating" one, driven by changes in supply dynamics and potential increases in dividend yields [5][29] Industry Summaries Phosphate and Chromium Salt - The chemical industry index shows a slight decline, with the current index at 91.63, down 0.18 from the previous week [3] - The chromium salt sector is experiencing a value reassessment due to increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [5][6] Chemical Industry Opportunities - Key opportunities identified include low-cost expansion in companies like Wanhua Chemical and Hualu Hengsheng, and sectors such as oil and coal chemicals, organic silicon, and glyphosate [6][7] - The report emphasizes the importance of high dividend yields in state-owned enterprises within the chemical sector, recommending investments in companies like China Petroleum and China National Chemical [8] New Materials Sector - The new materials sector is highlighted as a critical growth area, with a focus on electronic chemicals, aerospace materials, and biodegradable plastics, driven by rapid demand growth and policy support [35][41][46] - The establishment of a national-level platform for polysilicon capacity integration is expected to reshape the competitive landscape of the silicon material industry [42][43] Automotive Industry - The automotive sector is projected to continue its growth trajectory, with a focus on new energy vehicles and high-end models, supported by favorable policies and market conditions [49][50] - The report notes that the automotive industry index outperformed the broader market, with significant growth in electric vehicle sales [52] Bond Market Insights - The report discusses the decline in trading volume for 10-year government bonds, suggesting a shift in investor preference towards longer-duration bonds, influenced by the current low-interest-rate environment [30][31][32]

12月15日，工业和信息化部正式公布我国首批L3级自动驾驶车型准入许可，两款分别适配城市拥堵、高速路段的车型将在 北京、重庆两地指定区域开展试点。这是我国L3级自动驾驶从测试阶段迈入商业化应用的关键一步。 自动驾驶如何划分级别？ 在国际上，驾驶自动化划分了5个级别，从L1级到L5级，是怎样区分的？ L3级自动驾驶是什么体验？自动驾驶怎么分级？还有哪些自动驾驶已经进入我们的生活？自动驾驶如何守住安全底线？ 获准车型如何开展上路试点？ 记者了解到，这次公布的两款车型，来自一南一北两个汽车生产厂家。重庆这家汽车企业生产的纯电动轿车，可以实现在 交通拥堵环境下高速公路和城市快速路单车道内最高时速50公里的自动驾驶功能，目前该功能仅限在重庆市有关路段开 启。 而北京的这家汽车企业生产的这款纯电动轿车，可以实现高速公路和城市快速路单车道内最高时速80公里的自动驾驶功 能，目前该功能仅限在北京市有关路段开启。 据工业和信息化部信息，下一步，两款车型将由重庆及北京两家使用主体在上述区域内开展上路通行试点。相关部门将加 强车辆运行监测和安全保障，不断健全智能网联汽车准入管理和标准法规体系，推动我国智能网联新能源汽车产业高质量 ...

从城市NOA到高速NOA，从一段式端到端到世界行为模型（WA）、视觉语言模型（VLM）、视 觉语言行动模型（VLA），从自动驾驶出租车（Robotaxi）到具身智能……2025年，汽车行业进入全民 智驾时代，人工智能（AI）技术已深度融入智能座舱、自动驾驶等核心领域，前沿技术的加持，加速 了汽车智能化技术飞速演进，"智驾平权"成为全年关键词。 "智能化将成为汽车产业变革'下半场'最重要的增量动力，也是决定未来汽车产业格局的新支点。"中国 汽车工程学会名誉理事长、华汽汽车文化基金会理事长付于武在接受《中国汽车报》记者采访时表示， 2025年是人工智能与汽车智能化深度融合赋能的新起点，"AI定义汽车"正成为汽车智能化的核心范式， 也标志着汽车产业从传统的"硬件定义"和"软件定义"阶段，迈入以AI重塑产品本质和用户体验的新阶 段。 "智驾平权"成为标尺 2025年初，"智驾平权"呼声高涨，成为与新年曙光相伴而至的行业风景。从传统车企到造车新势力，以 及相关的智驾供应商，都竞相奔赴"智驾平权"新赛道，更有甚者，还将2025年称为"全民智驾元年"。 比亚迪2月发布了自研的"天神之眼"高阶智驾系统，逐步实现对全系车型的覆 ...

Core Insights - The article discusses the stock buyback activities of various companies, highlighting the total amounts and quantities repurchased, with Tencent Holdings leading the buyback efforts [1][2]. Group 1: Buyback Overview - Tencent Holdings (00700) repurchased 1.051 million shares for a total of 636 million, representing 0.995% of its total share capital [2]. - Xiaomi Group (01810) repurchased 7.2 million shares for 302 million, accounting for 0.430% of its total share capital [2]. - China COSCO Shipping Holdings (01919) repurchased 2.95 million shares for 40.016 million, which is 3.089% of its total share capital [2]. Group 2: Notable Buybacks - Kuaishou Technology (01024) repurchased 462,000 shares for 29.9304 million, representing 0.191% of its total share capital [2]. - Kingsoft Corporation (03888) repurchased 702,800 shares for 19.9994 million, which is 0.580% of its total share capital [2]. - Country Garden Services (06098) repurchased 3 million shares for 18.9615 million, accounting for 1.284% of its total share capital [2]. Group 3: Other Companies - Coolpad Group (02369) repurchased 3.16 million shares for 4.1717 million, representing 7.986% of its total share capital [2]. - China Petroleum & Chemical Corporation (00386) repurchased 764,000 shares for 3.306 million, which is 0.190% of its total share capital [2]. - Mengniu Dairy (02319) repurchased 200,000 shares for 2.9675 million, accounting for 0.762% of its total share capital [2].