Core Viewpoint - The motorcycle industry is experiencing growth, with significant increases in sales for various displacement categories, indicating a positive trend in consumer demand and market dynamics [1][2][3]. Sales Data Summary - For motorcycles with displacement above 250cc, November sales reached 61,000 units, a year-on-year increase of 11.3% and a month-on-month increase of 0.2%. Cumulative sales from January to November totaled 883,000 units, reflecting a year-on-year growth of 28.3% [1]. - In the 250ml to 400ml displacement category, November sales were 35,000 units, up 12.6% year-on-year but down 2.5% month-on-month. Cumulative sales for the year reached 480,000 units, a year-on-year increase of 25.6% [2]. - For the 400ml to 500ml category, November sales were 12,000 units, down 16.8% year-on-year but up 13.8% month-on-month. Cumulative sales were 208,000 units, showing a year-on-year decline of 3.1% [2]. - In the 500ml to 800ml category, November sales were 13,000 units, a significant year-on-year increase of 55.7% and a month-on-month increase of 1.5%. Cumulative sales reached 174,000 units, reflecting a year-on-year growth of 121.1% [2]. - For motorcycles over 800cc, November sales were 1,000 units, a year-on-year increase of 6.5% but a month-on-month decrease of 37.1%. Cumulative sales for the year were 21,000 units, up 65.4% year-on-year [2]. Market Share Insights - Chuanfeng Power achieved November sales of 12,000 units in the 250cc+ category, with a market share of 20.3%, reflecting a 1.5 percentage point increase month-on-month. The cumulative market share for the year was 20.2%, up 0.4 percentage points compared to the full year of 2024 [3]. - Longxin General also reported November sales of 12,000 units in the 250cc+ category, with a market share of 19.6%, increasing by 1.4 percentage points month-on-month. The cumulative market share for the year was 14.8%, up 0.6 percentage points compared to 2024 [3]. - Qianjiang Motorcycle's November sales in the 250cc+ category were 4,000 units, down 39.7% year-on-year, with a market share of 6.8%, increasing by 0.1 percentage points month-on-month. The cumulative market share for the year was 12.4%, down 4.4 percentage points compared to 2024 [3]. Industry Outlook - The current industry perspective suggests a focus on key companies such as Geely Automobile, Xpeng Motors, BYD, Chuanfeng Power, and others, indicating a strategic interest in firms that are positioned for growth and innovation in the automotive sector [3].

12月20日，中国汽车产业年度贡献奖——第十三届轩辕年度盛典暨2025-2026轩辕同学跨年演讲启幕， 来自汽车主机厂、行业机构，媒体平台及轩辕同学的百余位嘉宾出席活动。 "中国年度最佳设计"则花落猛士M817、全新小鹏P7、firefly萤火虫三款车型。 XUAN YUAN AWARDS 2026 Car of Car of the year 极氪9X 年度十佳车型 TOP 10 Cars 极氪9X 全新小鹏P7 尊界S800 全新MG4 问界M8 吉利银河M9 魏牌全新高山 理想i6 猛土M817 蔚来全新ES8 年度最佳设计 Good Design of the year 全新小鹏P7 猛士M817 本届轩辕奖"中国年度汽车"大奖由极氪9X斩获，"中国年度十佳汽车" 榜单同步揭晓：问界M8、猛士 M817、全新小鹏P7、理想i6、尊界S800、全新MG4、吉利银河M9、魏牌全新高山、蔚来全新ES8以及 荣获中国年度汽车的极氪9X。 "中国年度最佳设计师"由小鹏汽车造型中心总经理王谭摘得。 除了上述奖项之外，第十三届轩辕奖还同时评选出了六款"中国年度合资车型"以及十四款"中国年度提 名汽车"。 中国年度合 ...

【导读】车企在激烈厮杀中告别2025，未来竞争更残酷 中国基金报记者 邱德坤 "我觉得每一家车企都是战战兢兢的。"近日，小鹏汽车董事长兼CEO何小鹏向中国基金报等媒体表示， 中国汽车市场变化太快，一年前很难想到现在的情况，如今也很难想象一年后的局面。 对比2024年，2025年车企竞争格局再次骤变：造车新势力"一哥"从理想汽车变为零跑汽车，而国内车 企"一哥"比亚迪正遭遇上汽集团、吉利汽车等车企快速追赶。 车企竞争格局变化的背后，是国内汽车市场的竞争逻辑出现显著变化。2025年以"限时一口价"为代表的 价格战，从上半年愈演愈烈到下半年戛然而止。随后车企集体表态"反内卷"，要求开启"价值战"。 国内新能源汽车购置税补贴退坡将成为车企竞争更为残酷的新因素。岚图汽车董事长、党委书记卢放表 示："一旦走到这个时刻，燃油车和新能源汽车在某种程度上会迎来终极对决。" 车企"一哥"轮流坐庄？ 每个领域的"一哥"都会受到各方关注，但国内车企"一哥"的宝座在2025年难言稳固。 2025年上半年，比亚迪险守国内车企"一哥"宝座，汽车业务营业收入仅比上汽集团多81.70亿元。此 前，上汽集团常年稳坐国内车企"一哥"宝座，但202 ...

【导读】 车企在激烈厮杀中告别2025，未来竞争更残酷 中国基金报记者 邱德坤 "我觉得每一家车企都是战战兢兢的。"近日，小鹏汽车董事长兼CEO何小鹏向中国基金报等媒体表示，中国汽车市场变化太快，一年前很 难想到现在的情况，如今也很难想象一年后的局面。 对比2024年，2025年车企竞争格局再次骤变：造车新势力"一哥"从理想汽车变为零跑汽车，而国内车企"一哥"比亚迪正遭遇上汽集团、 吉利汽车等车企快速追赶。 车企竞争格局变化的背后，是国内汽车市场的竞争逻辑出现显著变化。2025年以"限时一口价"为代表的价格战，从上半年愈演愈烈到下半 年戛然而止。随后车企集体表态"反内卷"，要求开启"价值战"。 国内新能源汽车购置税补贴退坡将成为车企竞争更为残酷的新因素。岚图汽车董事长、党委书记卢放表示："一旦走到这个时刻，燃油车和 新能源汽车在某种程度上会迎来终极对决。" 车企"一哥"轮流坐庄？ 每个领域的"一哥"都会受到各方关注，但国内车企"一哥"的宝座在2025年难言稳固。 2025年上半年，比亚迪险守国内车企"一哥"宝座，汽车业务营业收入仅比上汽集团多81.70亿元。此前，上汽集团常年稳坐国内车企"一 哥"宝座，但20 ...

Investment Rating - The report suggests a focus on themes of intelligentization and overseas expansion, indicating a positive outlook for companies like BYD and Geely Auto in the export sector, and Li Auto, Xpeng Motors, and others in the intelligentization and robotics sectors [1][18]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year in November, while exports are expected to be a long-term theme with significant growth potential [1][12]. - The intelligentization and robotics sectors are accelerating, with advancements in autonomous driving and smart cockpit technologies becoming mainstream [15][16]. - The report highlights the importance of focusing on companies with strong export growth and those benefiting from intelligentization trends [1][18]. Summary by Sections Weekly Perspective - Domestic demand is currently weak, with November retail sales of passenger vehicles down 15.8% year-on-year. However, exports have shown strong growth, with a 50% increase in November compared to the previous year [1][11][12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.28%, while the automotive index increased by 0.10%. Notable stock performances included Zhejiang Shibao (+44.1%) and Haon Automotive (+28.4%) [2][19]. - In November, wholesale passenger vehicle sales reached 2.991 million units, a year-on-year increase of 1.7%, while new energy vehicle (NEV) sales rose by 17.6% [4][34]. Industry Dynamics - The report notes significant developments in the intelligentization of vehicles, with over 60% penetration of L2 and above autonomous driving systems in the market. The trend towards smart cockpits is also highlighted [15][16]. - Robotics technology is advancing rapidly, with new products being launched by domestic manufacturers and increased governmental focus on robotics technology in the U.S. [16][18].

Investment Rating - The report suggests a "Buy" rating for the "Space Photovoltaics" sector, emphasizing its high potential due to the unique energy supply needs in commercial space endeavors [1][5]. Core Insights - The report highlights the increasing importance of "Space Photovoltaics" as a critical energy source for various space applications, including low Earth orbit satellites and future lunar bases, driven by the urgency of U.S.-China competition and limited orbital resources [1][5]. - The report also expresses optimism for the wind power sector, particularly following Poland's successful auction for 3.4GW of offshore wind projects, which is expected to accelerate order releases in the coming years [2][10]. - The hydrogen and fuel cell sector is gaining traction, with significant contracts for green ammonia as a marine fuel, indicating a growing market for sustainable energy solutions [12][13]. Summary by Sections Space Photovoltaics - The report emphasizes the necessity of solar energy in space applications, likening its importance to electricity supply for AI computing [1][5]. - The potential for rapid fundamental catalysts in this sector is noted, suggesting it may outpace other emerging industries like nuclear fusion and robotics [1][5]. Wind Power - Poland's recent auction for 3.4GW of offshore wind capacity is expected to enhance visibility for long-term European offshore wind demand, with annual grid connection capacities projected to exceed 14GW by 2031-2032 [2][9]. - The report anticipates accelerated releases of orders for components such as piles and subsea cables due to this growing demand [2][10]. Hydrogen and Fuel Cells - A major shipping company has secured a long-term contract for 15.8 million tons of green ammonia, validating its use as a marine fuel and highlighting the commercial viability of green hydrogen solutions [12][13]. - The report notes the comprehensive capabilities of Chinese companies in the green ammonia supply chain, from production to certification and logistics [13]. Lithium Battery Sector - Ford has terminated a significant battery supply agreement with LG Energy, reflecting shifts in electric vehicle demand expectations and policy adjustments [17][18]. - The report indicates a strong upward trend in lithium carbonate prices, with futures contracts surpassing 110,000 yuan/ton, driven by supply constraints and limited inventories [17][41]. AIDC and Liquid Cooling - The report highlights a surge in sentiment within the AIDC sector, driven by significant partnerships and the increasing demand for liquid cooling solutions in data centers [20][21]. - It emphasizes the importance of domestic companies in enhancing their positions in the global liquid cooling market, suggesting a favorable outlook for investment opportunities [20][21]. Electrical Equipment and Grid - The report discusses the planned H-share issuance by a key electrical equipment company, aimed at enhancing R&D and international expansion, which is seen as a critical milestone for the company's growth strategy [22][23]. - It highlights the expected growth in demand for electrical transformers and high-voltage direct current (HVDC) systems, driven by ongoing upgrades in the global power grid [22][23].

Investment Rating - The report maintains a "Buy" recommendation for the automotive sector, suggesting that the sector is expected to bottom out and presents a good opportunity for early investment in the upcoming year [3]. Core Insights - Traditional vehicle stocks continue to show weak performance, which is anticipated as the market awaits clarity on 1Q policies and retail trends. The report suggests that the current moment is a favorable time for positioning [3]. - The report highlights significant interest in the intelligent driving sector, particularly with L3 level autonomous driving vehicles, which are expected to gain traction in 2026 due to potential policy and standard implementations [3]. - The report emphasizes the importance of monitoring the automotive sector's recovery, particularly focusing on companies like Geely and JAC, which are expected to benefit from high-end product strategies and international expansion [5]. Data Tracking - In early December, the discount rate for vehicles decreased slightly, with an average discount amount of 22,156 yuan, down 1,238 yuan from the previous month. The discount rate was reported at 9.7%, a decrease of 0.4 percentage points month-on-month [5]. - In October, wholesale vehicle sales reached 2.96 million units, a year-on-year increase of 7.5% and a month-on-month increase of 3.6%. However, retail sales fell to 2.09 million units, down 9.2% year-on-year and 6.4% month-on-month [5]. - In November, BYD's delivery volume was 480,186 units, showing a significant month-on-month increase of 8.7%, while traditional automaker Geely's sales reached 310,000 units, up 24.0% year-on-year [6][26]. Industry News - On December 15, the Ministry of Industry and Information Technology approved two L3 level autonomous driving vehicle models from Changan Automobile and BAIC Blue Valley [9][32]. - The report notes that the automotive sector's performance index increased by 0.09% this week, ranking 9th out of 29 sectors [10]. - The report mentions that the retail market for narrow passenger vehicles is expected to reach approximately 2.3 million units in December, reflecting a month-on-month growth of 3.4% but a year-on-year decline of 12.7% [34].

12月19日，"2025年福州购房季"活动在温泉公园拉开大幕。活动将持续3天。 本次活动得到了房地产行业的热烈响应，建总地产、榕发地产、福厝地产、福州新榕、新投三江、左海置地、地铁置业、保利发展、厦门建发、首开股份、 国贸地产、绿城集团、麦田、贝壳等知名品牌房企和中介企业参展，现场展示、推介品质楼盘项目，许多参展的新楼盘项目已响应"好房子"新国标，在层 高、空间密度、隔音等方面下足了功夫。 本次活动由福州市住房和城乡建设局与福州日报社联合主办，活动场地融入城市公园绿色空间，面积约3000平方米，50多家房地产上下游企业齐聚，开 创"房地产+新能源+文旅"的沉浸式多元消费新场景。 今年以来，"好房子"成为住房领域的热词。从提出建设安全、舒适、智慧、绿色的"好房子"，到统筹推进好房子、好小区、好社区、好城区的"四好"建设， 房地产发展新模式加快构建。刚刚结束的中央经济工作会议对房地产领域作出了"着力稳定房地产市场"的明确部署，提出因城施策控增量、去库存、优供 给，鼓励收购存量商品房重点用于保障性住房等，为推动房地产市场高质量发展把舵定向。 为响应住建部推进"四好"建设的号召，本次活动开幕式现场为一批行业优秀企业及 ...

近日，极星汽车宣布与中国吉利控股集团签订了一份最高达6亿美元(约合人民币42.24元)的贷款协议， 以解决资金短缺问题。这是继5个月前获得PSD Investment Limited2亿美元股权注资后，极星再次获得的 资金支持。 ...

加入轩辕同学 ， 成就新汽车人! 设计 | 张 萌 作者 | 杜 咏 芳 编辑 | 黄 大 路 2025 年 10 月 15 日，第十三届轩辕奖正式启动。 历经十三载淬炼，穿越市场浮沉，轩辕奖的大幕再次落下。 iCAR 超级V23 以 下 是 2 0 2 6 第 十 三 届 轩 辕 奖 获奖 名 单 这一次， 轩辕奖 依然坚守着那句不变的承诺： " 独立于商业，独立于权力，独立于关系 " 。 当价格战硝烟弥漫行业，当营销声量掩盖产品本质，轩辕奖坚持用最专业的眼光、最严谨的测试、最独立的判断，寻找那些真正 的国民好车 。 在襄阳达安检测中心，每一款提名车型都经历了静态感知、智能座舱、辅助驾驶、驾控检验等全方位严苛测试；在评审会议中，每一次讨论都基 于数据、专业与共识。 市场的共识很清晰： 消费者不缺购买力 ，但是可能缺乏能够真正打动他们的产品；行业也不需要很多花里胡哨的奖项，而是需要一个 敢于说真话 的标尺。 2025年12月20日，除了中国年度 十佳汽车以外，第十三届 轩辕奖 还同时评选出了十四款中国年度提名汽车。 这些 脱颖而出的 车型不仅代表了当前 中国汽车工业在 特定维度的 创新 突破 ，更指向了未来出 ...