Core Viewpoint - The quality of industries is becoming a longer-term competitive variable for the trillion GDP cities in the Yangtze River Delta region, shifting the focus from mere GDP scale to the quality and sustainability of development [1][4]. Economic Data Summary - In 2025, the total number of trillion GDP cities in the Yangtze River Delta will increase to 10, with Shanghai leading at 5.67 trillion yuan and new entrant Wenzhou reaching 1.02 trillion yuan [2][3]. - Expected GDP growth rates for 2025 include: Suzhou at approximately 5.4%, Hangzhou at 5.2%, Nanjing at around 5.2%, and Ningbo at 4.9% [2][3]. Industry Development Trends - The new industrial layout in the Yangtze River Delta is focusing on high-end industrial clusters and the extension of new tracks based on existing manufacturing strengths [3][10]. - Shanghai's GDP growth is supported by new momentum in industries such as integrated circuits and artificial intelligence, with respective growth rates of 15.1% and 13.6% [5]. - Hangzhou's economy is characterized by a strong service sector, contributing 73.8% to its GDP, with significant growth in the digital economy [6][12]. - Wenzhou's manufacturing sector is evolving towards technology-intensive and intelligent production, with strategic emerging industries growing by 14.4% [8][12]. Long-term Competitiveness Factors - Key variables for long-term competitiveness include the originality and resilience of the industrial ecosystem, innovation efficiency, and the ability to attract and retain talent [13]. - The focus is shifting from GDP scale to the health of industries, innovation density, and sustainable growth metrics as new evaluation criteria for urban competitiveness [10][13].

【环球网报道 记者 赵建东】据白俄罗斯通讯社报道，白俄罗斯总统卢卡申科当地时间1月27日在明斯克 主持会议讨论对华合作时表示，我们需提升中国在白俄罗斯出口总额中的份额，并重申进一步深化中白 关系的承诺。 卢卡申科说："中国是可靠且长期合作伙伴。只要我们作为独立主权国家存在，我们将始终与中国合 作。"卢卡申科还举例说，如今白俄罗斯民众对中国的看法与以往大不相同，"如今，在白俄罗斯几乎每 个社区都能看到'BelGee'牌汽车（中国吉利汽车与白俄罗斯合资成立的汽车品牌），而且这款车相当不 错。明斯克如今拥有世界级的体育设施，这是我们真正朋友给予的礼物。学习中文和到中国留学正成为 我们进步青年的标配"。 "如今，中国不仅是我们的主要合作伙伴。对于所有以发展为目标的国家的主要合作伙伴。"卢卡申科 说，"从俄罗斯、美国到非洲各国，中白合作的特殊地位得到各方认可并受到重视"。 卢卡申科说："中国做事不急于求成，这是他们的行事风格，我们已习惯了这种风格。如今，我们从中 国人那里学到了很多东西，他们拥有悠久的文明。任何不了解中国的人都应该去了解其历史"。 卢卡申科表示需设定总体目标，例如提升中国在白俄罗斯出口总额中的份额。"理 ...

【环球网报道 记者 赵建东】据白俄罗斯通讯社报道，白俄罗斯总统卢卡申科当地时间1月27日在明斯克 主持会议讨论对华合作时表示，我们需提升中国在白俄罗斯出口总额中的份额，并重申进一步深化中白 关系的承诺。 卢卡申科表示需设定总体目标，例如提升中国在白俄罗斯出口总额中的份额。"理想情况下，（我们希 望看到）两位数的增长。这将是质的飞跃"。 卢卡申科说："中国是可靠且长期合作伙伴。只要我们作为独立主权国家存在，我们将始终与中国合 作。"卢卡申科还举例说，如今白俄罗斯民众对中国的看法与以往大不相同，"如今，在白俄罗斯几乎每 个社区都能看到'BelGee'牌汽车（中国吉利汽车与白俄罗斯合资成立的汽车品牌），而且这款车相当不 错。明斯克如今拥有世界级的体育设施，这是我们真正朋友给予的礼物。学习中文和到中国留学正成为 我们进步青年的标配"。 "如今，中国不仅是我们的主要合作伙伴。对于所有以发展为目标的国家的主要合作伙伴。"卢卡申科 说，"从俄罗斯、美国到非洲各国，中白合作的特殊地位得到各方认可并受到重视"。 卢卡申科说："我确信我们可以取得更大成就。众所周知，实现这一目标的关键在于：我们拥有自己分 销网络，包括仓储和物流； ...

Core Insights - The report titled "2025 Annual China Car Retention Rate Report" indicates that the Xiaomi SU7 achieved the highest one-year retention rate among pure electric vehicles for 2025, marking its first participation in the annual retention rate rankings since its launch [1][5]. Group 1: Retention Rate Rankings - The Xiaomi SU7 has a one-year retention rate of 86.05%, placing it first in the rankings [4]. - The second position is held by the Jianjie M9 with a retention rate of 82.44% [4]. - The Li Auto MEGA ranks third with a retention rate of 78.56% [4]. - Other notable mentions include the Geely Galaxy Xingyuan at 78.01% and Tesla Model X at 76.38% [4]. - The Tesla Model 3 and XPeng MONA M03 have retention rates of 75.27% and 73.10%, respectively [4].

Group 1 - The core viewpoint of the articles highlights the significant growth in the company's 3C battery business, driven by government subsidy policies and strong partnerships with leading smartphone manufacturers like Apple, Xiaomi, and Huawei [1] - The company has successfully implemented a Cell+Pack (A+A) supply model for high-end smartwatch batteries for Samsung and has begun mass production of earphone batteries for Samsung [1] - The company has announced a 2 billion investment to expand its steel shell battery production line, expected to be completed by Q3 2026, which is anticipated to increase the shipment volume of steel shell batteries significantly by 2026 [1] Group 2 - The company has positioned its low-voltage lithium battery as a core business for differentiation and has started bulk supply to major domestic and international electric vehicle manufacturers, with expected shipments exceeding 700,000 units in H1 2025 [2] - The company has developed the first generation of sodium-ion start-stop battery products, providing stable and efficient power supply for vehicles in low-temperature scenarios [2] - The drone and electric motorcycle businesses are also experiencing growth, contributing to overall performance alongside collaborations with leading downstream companies [2] Group 3 - The company's Q3 2025 performance was strong, achieving revenue of 4.22 billion yuan, a year-on-year increase of 33.2%, and a net profit of 270 million yuan, up 62.5% year-on-year and 92.2% quarter-on-quarter [3] - For the first three quarters of 2025, the company reported revenue of 10.321 billion yuan, a 21.2% increase year-on-year, and a net profit of 387 million yuan, a 44.4% increase year-on-year [3] - The strong performance in Q3 was attributed to the peak season for 3C consumption and the successful shipment of steel shell batteries, with expectations for further profit growth as steel shell battery production increases [3] Group 4 - Revenue forecasts for the company are projected at 14.37 billion, 18.37 billion, and 22.73 billion yuan for 2025-2027, with EPS estimates of 0.55, 1.31, and 1.76 yuan respectively [4] - The current stock price corresponds to PE ratios of 37, 16, and 12 times for the respective years, with a "buy" investment rating recommended [4]

行 业 及 产 业 行 业 研 究 / 行 业 点 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 证 券 研 究 报 告 汽车 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 27 日 关注业绩支撑的白马反弹，科技与 通胀共振 看好 ——2026/1/19-2026/1/25 汽车周报 本期投资提示： 行业折扣率环比下行，终端让利减少。我们整理懂车帝报价并加权计算得，2025Q4 行业平均折扣率环比-1.33pct 至 12.28%，其中自主品牌折扣率-1.25pct 至 6.91%，合 资品牌折扣率-2.19pct 至 18.03%，豪华品牌折扣率-1.74pct 至 27.38%。 2025Q4 ...

Investment Rating - The report maintains a "Buy" investment rating for Zhuhai Guanyu (688772.SH) [1] Core Insights - The company is experiencing significant growth in its 3C battery business, with a successful expansion into steel shell batteries, which enhances energy density and space utilization [3][4] - The introduction of low-voltage lithium batteries is progressing smoothly, with substantial orders from leading electric vehicle manufacturers, indicating a strong market position [4] - The company's third-quarter performance is impressive, with a revenue of 4.22 billion yuan, a year-on-year increase of 33.2%, and a net profit of 270 million yuan, reflecting a 62.5% year-on-year growth [5] Summary by Sections Market Performance - The stock has shown a significant performance trend compared to the CSI 300 index, indicating a positive market reception [2] Business Growth - The 3C battery segment is benefiting from national subsidy policies, leading to increased shipments and collaborations with major clients like Apple, Xiaomi, and Huawei [3] - The company has invested 2 billion yuan to expand its steel shell battery production line, expected to be completed by Q3 2026, which will likely drive future sales growth [3] Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 10.32 billion yuan, a 21.2% increase year-on-year, and a net profit of 387 million yuan, up 44.4% year-on-year [5] - The forecast for revenue from 2025 to 2027 is projected to grow from 14.37 billion yuan to 22.73 billion yuan, with corresponding EPS increasing from 0.55 yuan to 1.76 yuan [6][9]

Core Viewpoint - Geely Automobile has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2] Group 1: Share Buyback Details - On January 27, Geely repurchased 2.29 million shares at a price range of HKD 16.510 to HKD 16.600, totaling HKD 37.87 million [2] - The stock closed at HKD 16.530 on the same day, reflecting a decrease of 0.54%, with a total trading volume of HKD 604 million [2] - Since January 26, the company has conducted buybacks for two consecutive days, acquiring a total of 6.69 million shares for a cumulative amount of HKD 111 million, during which the stock price fell by 2.13% [2] Group 2: Year-to-Date Buyback Summary - Year-to-date, Geely has completed 12 buybacks, acquiring a total of 35.23 million shares for a total expenditure of HKD 598 million [2] - The buyback activity reflects a consistent effort by the company to stabilize its stock price in the market [2] Group 3: Detailed Buyback Transactions - The buyback transactions from January 5 to January 27 include: - January 5: 3.42 million shares at HKD 17.900, totaling HKD 60.31 million [2] - January 6: 0.42 million shares at HKD 17.810, totaling HKD 0.75 million [2] - January 7: 0.34 million shares at HKD 17.650, totaling HKD 5.92 million [2] - January 8: 0.39 million shares at HKD 17.380, totaling HKD 6.76 million [2] - January 9: 0.15 million shares at HKD 17.250, totaling HKD 2.66 million [2] - January 12: 0.90 million shares at HKD 17.150, totaling HKD 15.13 million [2] - January 19: 0.01 million shares at HKD 17.090, totaling HKD 0.17 million [2] - January 20: 0.38 million shares at HKD 16.950, totaling HKD 6.36 million [2] - January 21: 0.24 million shares at HKD 16.810, totaling HKD 3.96 million [2] - January 22: 0.06 million shares at HKD 16.740, totaling HKD 0.95 million [2] - January 26: 0.44 million shares at HKD 16.650, totaling HKD 7.30 million [2] - January 27: 0.23 million shares at HKD 16.600, totaling HKD 3.79 million [2]

1月27日，中国汽车流通协会和精真估发布了《2025年度中国汽车保值率报告》。《报告》显示，小米 SU7在纯电动车领域取得第一名，一年保值率高达86.05%。紧随其后的是问界M9 EV、理想MEGA、吉 利星愿以及特斯拉Model X。 对此，小米创办人、董事长兼CEO雷军在微博发文称，感谢每一位用户的认可，感谢一路同行。 f流通协会 精真估 纯电动 保值率排名 | 排名 | 品牌 | 车系 | 年保值率 | | --- | --- | --- | --- | | 1 | וה | 小米SU7 | 86.05% | | 2 | 0 | 问界M9 | 82.44% | | 3 | ■ 理想 | 理想MEGA | 78.56% | | 4 | 吉利银河 | 星愿 | 78.01% | | 5 | 特斯拉 | Model X | 76.38% | | 6 | 极氪 | ZEEKR 009 | 75.49% | | 7 | 特斯拉 | Model 3 | 75.27% | | 8 | 小鹏 | 小鹏MONA M03 | 73.10% | | 9 | 特斯拉 | Model Y | 71.97% | | 10 | 小鵬 ...

Investment Rating - The investment rating for the automotive industry is "Positive" and is maintained [9] Core Insights - In Q4 2025, the fund holding ratio in the automotive industry slightly increased to 4.35%, up by 0.02 percentage points from the previous quarter, indicating an overall overweight of 0.14% compared to the market capitalization of automotive stocks in A-shares [2][5] - The configuration ratio for automotive manufacturing decreased to 1.04%, down by 0.12 percentage points, while the configuration ratio for automotive parts increased to 3.31%, up by 0.14 percentage points [5] - The wholesale sales of passenger vehicles in Q4 2025 reached 8.846 million units, showing a year-on-year decrease of 0.3% but a quarter-on-quarter increase of 15.1% [5] Summary by Sections Market Performance - The A-share automotive sector increased by 2.15%, outperforming the CSI 300 index which decreased by 0.62% [28] - Among sub-sectors, commercial vehicle parts rose by 7.36%, while automotive sales and services fell by 5.74% [28] Fund Holdings - The top fifteen fund holdings in the automotive sector for Q4 2025 include Fuyao Glass, Slin Intelligent Drive, and Sailun Tire, with significant inflows into Slin Intelligent Drive and outflows from Jianghuai Automobile [6][17] Investment Recommendations - The report emphasizes three main investment themes: 1. Overseas expansion with recommendations for companies like Minth Group and BYD 2. High-end passenger vehicles and parts with a focus on companies like Geely and Ideal Automotive 3. Embracing AI technology with recommendations for companies like Top Group and Xpeng Motors [7][22][23]