一支新能源车队从瑞典哥德堡出发，沿着高纬度海岸线一路向北，跨过北极圈，最终抵达挪威特罗姆瑟。 超1000公里路段不设任何补能点，这可能实现 吗？ 这些光看描述就难以达成的挑战，却是吉利银河刚刚完成的一次覆盖全动力形式的冬测验证。 1月下旬起，吉利银河启动了2026全球冬测征程。这是汽车行业首次有单一品牌以"全品类车型、全动力形式"进入北极圈进行系统性冬测。测试对象并非单 一车型，而是涵盖轿车、SUV、MPV等多种车身形态，动力系统覆盖纯电、插混、增程与醇氢。测试内容非常全面——低温能耗、续航稳定性、低温充放 电、整车可靠性；且测试环境让这些测试项目的要求变得更为严苛。 此次冬测挑战的意义并不在于"能扛住零下多少度"，而在于回答一个更现实的问题：中国新能源车，是否已经具备在全球最苛刻环境下稳定交付的工程能 力？ 吉利银河为何非啃"硬骨头"？ 远征北欧冬测， 吉利银河证明了什么？ 冬测（高寒测试）和夏测（高温测试）是汽车开发验证的核心部分。但过去几年，汽车行业的资源更多被投入到前台技术叙事之中，验证、耐久、标定 等"后台工程能力"被不断压缩。部分厂商为压缩车型研发周期，用实验室仿真直接替代实地测试，一些必要的测试 ...

传媒板块大涨，数字王国大涨29%，阅文集团涨逾15%，大麦娱乐涨超6%。 | 名称 | 涨跌幅 ▼ | 现价 | | --- | --- | --- | | 数字于国 | 29.31% | 0.375c | | 毛记葵涌 | 21.92% | 0.890c | | 万咖膏联 | 20.00% | 1.560c | | 中国国家文化产业 | 18.18% | 0.780c | | 阅文集团 | 15.41% | 43.580c | | 环球数码创意 | 9.09% | 0.072c | | 普乐师集团控股 | 8.76% | 5.710c | | 橙天嘉禾 | 7.81% | 0.069c | | 大麦娱乐 | 6.12% | 1.040c | | 新传企划 | 5.71% | 0.370c | | 中国儒意 | 5.63% | 2.250c | | 柠萌影视 | 5.42% | 3.500c | | 乐思集团 | 4.81% | 1.090c | | 丰德丽控股 | 4.17% | 0.050c | | 稻草熊娱乐 | 3.75% | 0.415c | | 大象未来集团 | 3.72% | 2.230c | ...

Group 1 - The European Commission has imposed additional duties on imported electric vehicles from China starting in 2024, but allows carmakers to negotiate tariff exemptions for specific models [1] - Volkswagen's Cupra brand received approval for its Tavascan SUV coupe to be exempt from import tariffs in exchange for a minimum price and annual quota model [1][8] - Chinese automakers are seeking similar tariff exemption deals for their electric vehicle models intended for the European market [2] Group 2 - The EU has reduced proposed final tariffs on China-made Tesla cars and slightly adjusted rates for other manufacturers following submissions during its anti-subsidy investigation [2] - The additional tariffs are in addition to the EU's standard 10% import duty on cars [2] - Specific countervailing duties have been set for various Chinese automakers, with rates such as 18.8% for Geely Group and 17% for BYD Auto [3][4]

（文章来源：证券日报） 证券日报网2月11日讯 ，众捷汽车在接受调研者提问时表示，公司主要客户为马勒、摩丁、翰昂、马瑞 利、康迪泰克等知名的大型跨国一级汽车零部件供应商，产品覆盖奔驰、宝马、奥迪、保时捷、大众、 斯柯达、法拉利、玛莎拉蒂、菲亚特、特斯拉、里维安、Canoo、福特、通用、克莱斯勒、道奇、雷 诺、雪铁龙、沃尔沃、捷豹、路虎、丰田、斯巴鲁、本田、日产、马自达、铃木、现代、起亚、依维柯 等国际品牌。同时，公司积极拓展国内新能源整车市场，公司已经与全球新能源汽车龙头比亚迪、长城 汽车、上汽集团等建立了直接的业务合作关系。 ...

Core Viewpoint - Leap Motor aims to achieve a historic sales target of 1 million vehicles in 2023, with a long-term goal of 1.05 million vehicles by 2026, reflecting a 75.9% increase from 2025's target of 597,000 vehicles [2][18]. Sales Target Breakdown - The 1 million sales target for 2023 is divided into 900,000 units for the domestic market and 100,000 units for overseas markets [4][19]. - In 2025, Leap Motor's existing models are expected to achieve a total sales volume of 418,000 units, while new models launched in 2025 are projected to contribute an additional 178,000 units [5][21]. Model Performance Expectations - The existing models C10, C11, C16, T03, and C01 are anticipated to face challenges in increasing sales from the previous year's 418,000 units, with cautious estimates suggesting a total of 400,000 units and optimistic estimates reaching 450,000 to 500,000 units for these models in 2023 [7][24]. - The new models B10 and B01, launching in April and July 2025 respectively, are expected to achieve cautious sales of 150,000 units and optimistic sales of 200,000 units [7][24]. New Model Contributions - The Lafa5 model, launched in late 2025, is projected to provide significant sales growth, with cautious estimates of 60,000 units and optimistic estimates of 100,000 units for 2023 [8][25]. - The A10 model, a compact electric SUV, is expected to face competition from BYD's Yuan UP, with cautious sales estimates of 60,000 units and optimistic estimates of 100,000 units for 2023 [10][26]. Market Competition and Challenges - The D19 and D99 models, positioned in the competitive large SUV and MPV markets, respectively, are expected to face significant challenges in achieving sales targets due to intense competition [12][28]. - The overall sales target of 1 million units in 2023 is contingent upon overcoming challenges such as production capacity, supply chain issues, and the impact of reduced tax incentives for electric vehicles [34].

Market Overview - The Hong Kong stock market showed positive movement with the Hang Seng Index rising by 0.31% to close at 27,266.38 points, while the Hang Seng Tech Index increased by 0.90% to 5,499.99 points, and the Hang Seng China Enterprises Index rose by 0.28% to 9,268.18 points [2] - The total market turnover was HKD 217.22 billion, a decrease from the previous trading day's turnover of HKD 234.04 billion [2] Stock Performance - Among the constituents of the Hang Seng Index, 62 stocks rose while 23 fell. Notable gainers included: - Techtronic Industries, up 4.90% with a turnover of HKD 2.105 billion and a year-to-date increase of 33.37% [3][4] - Xiaomi Group, up 4.27% with a turnover of HKD 8.259 billion and a year-to-date decrease of 5.60% [4] - Link REIT, up 3.83% with a turnover of HKD 1.136 billion and a year-to-date increase of 6.16% [4] - On the downside, Pop Mart fell by 5.49%, China Life by 3.94%, and Shenzhou International by 2.22% [3] Regulatory Alert - The Hong Kong Securities and Futures Commission (SFC) issued a warning about fraudulent stock analysts impersonating reputable figures to promote high-return investment schemes, leading to potential scams [5][6] - The SFC has reported cases where fraudsters use social media to lure victims into "pump and dump" schemes, where they artificially inflate stock prices before selling off their shares [6][7] - The SFC has filed a report with the police and is collaborating with law enforcement to combat investment fraud [7] Company Financials - NetEase reported a total revenue of RMB 112.6 billion for the year, with Q4 revenue of RMB 27.5 billion. The company achieved an operating profit of RMB 35.8 billion for the year, a 21% increase year-on-year [10] - The gaming and related services revenue reached RMB 92.1 billion, with online gaming net revenue of RMB 89.6 billion, marking an 11% year-on-year growth [10] - Semiconductor manufacturer SMIC reported a net profit increase of 60.7% year-on-year, despite a stock price decline of over 2% following the earnings announcement [10][13]

Export Trends - China's export amount as a share of global exports peaked at 14.9% in 2021 but has been below this level from 2022 to 2025[5] - The share of China's export quantity in global exports is expected to increase from 13.2% in 2019 to 17.0% by the third quarter of 2025[12] - The decline in China's export amount share is attributed to low export prices and currency depreciation, with a cumulative price drop of 10.1% from 2023 to 2025[15] Factors Supporting Export Growth - China's export quantity share is projected to continue rising due to accelerated industrial upgrading and a shift towards high-value-added products[12] - The "Belt and Road" initiative has diversified China's export markets, increasing shares in emerging economies like ASEAN and Africa[17] - Trade friction risks are expected to limit further price declines, with potential for stabilization or slight increases in export prices due to policy adjustments[39] Currency and Economic Outlook - The Chinese yuan is expected to appreciate gradually, supported by a resilient export sector and a target for GDP growth of 4.5%-5.0% in 2026[61] - The yuan's effective exchange rate has declined by 16.12% since March 2022, but a recovery is anticipated as trade surpluses continue[56] - By 2025, the yuan is projected to appreciate by 4.4% against the dollar, with increased usage in international trade financing and payments[70]

宁夏德福比亚迪王朝网金三角汽车城店展厅经理刘海龙告诉记者，随着今年"国补"新政落地，政策红利将进一步提振行业信心、稳定市场预 期，并带动全链条汽车消费扩容升级。 市井烟火里，藏着最鲜活的经济答案。年关岁末，新华社记者走进实体门店，于细微处捕捉市场脉搏，感受中国经济的真实温度。 2026年新一轮消费品以旧换新政策，已于1月1日起正式启动。今年和去年的政策有什么不同？对提振消费的作用到底是否明显？一起到实地 探访一下。 在宁夏银川市金凤万达家电销售门店，记者看到一些品牌门店的导购正热情向顾客介绍产品。银川市苏宁易购相关负责人告诉记者，在"国 补"助力下，相关门店与卖场的销售有望提升。 记者了解到，2025年，我国汽车以旧换新超1150万辆，新能源汽车占比近60%。在宁夏最大的综合性汽车商品物流市场，不少汽车销售人员 表示，进入2026年，"国补"政策红利叠加春节前刚性购车需求集中释放，到店咨询量较前几个月有大幅增长。 记者在采访中也留意到，在"国补"加持下，不少门店和卖场促销优惠活动也接二连三出炉，激活了春节消费市场的"一池春水"。 策划：张宋红 记者：马丽娟、任玮、唐紫宸、张泽钰 技术：于卓 新华社音视频部制作 ...

Core Viewpoint - The Hang Seng Index rose by 0.31%, while the Hang Seng Tech Index increased by 0.9% [1] Group 1: Company Performance - Bilibili saw an increase of over 5% in its stock price [1] - Tencent Music, Xiaomi Group, and Kingdee International each rose by over 4% [1] - BYD Company, WuXi Biologics, and New Oriental Education experienced gains of over 3% [1] Group 2: Company Declines - Pop Mart International fell by over 5% [1] - China Life Insurance declined by nearly 4% [1]

继Stellantis暴雷后，又一全球车企出现大幅亏损。当地时间2月10日，福特汽车发布2025年第四季度财 报和2025年财报。财报显示，2025年，福特汽车出现"增收减利"的情况。当年，福特营收达1873亿美 元，同比增长1.23%，创历史新高；但利润却由盈利转亏损，从2024年盈利58.79亿美元，跌至2025年净 亏损81.82亿美元，同比暴跌239.17%，创下近5年历史新低。 在销量上，福特汽车2025年在全球市场同比下降约2%，至439.5万辆，首次落后于中国车企比亚迪，排 在全球汽车销量排行榜第七。 横向对比福特2025年各季度盈利情况，四季度成为拉垮该公司全年盈利的关键。该季度，福特汽车营收 达459亿美元，同比下降5%；净亏损达111亿美元，这是福特汽车自2008年金融危机以来最大的季度亏 损。 造成福特4季度严重亏损的主因是电动汽车的亏损与减值、火灾事故和关税。首先，福特汽车在2025年 12月宣布将大幅缩减电动汽车计划，并计提了约195亿美元的特殊项目费用，且大部分计入了2025年第4 季度，其中约55亿美元为现金影响。 同时，福特电动车和软件部门自成立后累计亏损超过100亿美元，20 ...