香港汽车ETF（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取涉及整车制 造、零部件及智能驾驶等新兴领域的上市公司证券作为指数样本，以反映汽车产业相关上市公司证券的 整体表现。该指数具有高研发投入和成长性特点，整车板块权重占比超过60%，展现了较强的市场弹性 和国际化特征。 此外，香港汽车ETF（520720）可通过A股账户直接交易，无需开通港股通权限，完美解决了普通投资 者缺少投资工具的痛点。 国海证券指出，2026年汽车行业结构存机会。自主品牌高端化升级、智能化加速渗透、具身智能量产落 地，汽车以及产业链仍在大的技术变革周期中。具体看好：自主高端化机会；重卡产业链盈利加速；智 能化核心硬件放量、座舱价值量提升、robotaxi加速推广；人型机器人头部厂商潜在供应链；以及个股 强阿尔法零部件。 （文章来源：每日经济新闻） ...

报告导读： 滤波电抗器（Filter Reactor）是电力系统中用于谐波治理、无功补偿及改善电能质量的关键元件。它通常与电容器组合构成LC滤波回路，通过电感的阻抗特 性抑制特定频率的谐波电流，从而改善电能质量、保护设备并提高系统稳定性。中国滤波电抗器行业作为电力系统稳定与电能质量提升的核心环节，深度绑 定国家能源转型与新型电力系统建设。2024年，中国滤波电抗器行业市场规模达124.58亿元，同比增长9.08%。竞争格局呈"双寡头主导、专业细分、长尾并 存"特征，特变电工、中国西电等头部企业通过技术突破主导高端市场。 基于此，依托智研咨询旗下滤波电抗器行业研究团队深厚的市场洞察力，并结合多年调研数据与一线实战需求，智研咨询推出《2026-2032年中国滤波电抗 器行业市场全景调研及投资机会研判报告》。本报告立足滤波电抗器新视角，聚焦行业核心议题——变化趋势（怎么变）、用户需求（要什么）、投放选择 （投向哪）、运营方法（如何投）及实践案例（看一看），期待携手行业伙伴，共谋行业发展新格局、新机遇，推动滤波电抗器行业发展。 观点抢先知： 产业链核心节点：滤波电抗器行业产业链上游主要包括硅钢片、铜线、漆包线、环氧树 ...

Core Insights - The Chinese automotive industry is projected to achieve significant growth in 2025, with production and sales reaching 34.53 million and 34.40 million units respectively, marking year-on-year increases of 10.4% and 9.4% [1] - New energy vehicles (NEVs) are expected to dominate the market, with a near 70% market share for Chinese brands and a threefold increase in export scale over five years [1] Group 1: Market Growth Drivers - The robust growth of the automotive market in 2025 is attributed to a combination of policy support, technological advancements, supply upgrades, and improved infrastructure [2] - Policies promoting new energy and technology are being reinforced, with a notable initiative from nine departments to encourage green consumption, which stabilizes market expectations and supports industry development [2] - The automotive industry's revenue has surpassed 10 trillion yuan over the past five years, laying a solid foundation for the anticipated growth in 2025 [2] Group 2: Technological and Supply Chain Developments - The integration of electrification, intelligence, and connectivity is accelerating, with L3-level autonomous driving vehicle licenses expected to be issued by December 2025, marking a shift from testing to mass production [2] - The supply side is seeing a surge in new vehicle launches across all market segments, with passenger vehicle production and sales reaching 30.27 million and 30.10 million units, reflecting year-on-year growth of 10.2% and 9.2% [2] Group 3: Infrastructure and Demand - By the end of 2025, the total number of charging facilities for NEVs in China is expected to exceed 6 million, with over 95% coverage in rural areas, alleviating consumer concerns and facilitating NEV adoption [3] Group 4: Sector-Specific Highlights - NEVs are projected to be the core growth driver, with production and sales reaching 16.63 million and 16.49 million units respectively, reflecting year-on-year increases of 29% and 28.2% [4] - The export volume of Chinese vehicles is expected to reach 7.10 million units, a year-on-year increase of 21.1%, with NEV exports doubling to 2.62 million units, accounting for 36.5% of total exports [4] Group 5: Brand Competitiveness - The market share of Chinese brand passenger vehicles is anticipated to reach 69.5% in 2025, a 4.3 percentage point increase from 2024, indicating a shift from a focus on cost-effectiveness to technological and brand advantages [5] Group 6: Future Outlook - The automotive industry is expected to maintain steady growth in 2026, supported by the smooth transition of policies and the deepening of green consumption initiatives [6] - The penetration rate of NEVs is likely to increase further, with advancements in intelligent connected technologies and continued growth in NEV exports [7]

Industry Overview - The patch panel industry is a critical component industry connecting communication, power, and automation equipment, with a market size of approximately 5.791 billion yuan in 2024, representing a year-on-year growth of 6.53% [1][6] - The growth is primarily driven by new infrastructure and digitalization trends, particularly the deployment of 5G networks, data center construction, and the advancement of the industrial internet, creating a stable market increment for patch panel products [1][6] Industry Chain - The upstream of the patch panel industry chain includes raw materials such as copper, steel, stainless steel, engineering plastics, and optical fibers, while the midstream involves the production and manufacturing of patch panels [4] - Downstream applications include data centers, equipment rooms, and floor management rooms, connecting horizontal cables (like twisted pairs and optical fibers) to network devices, facilitating quick connections and supporting fault diagnosis and line changes [4] - Rising copper prices, projected to reach 82,800 yuan per ton by November 2025, pose significant cost pressures on the patch panel industry, as key raw materials are highly dependent on copper [4][5] Market Size - The patch panel industry in China is expected to reach a market size of approximately 5.791 billion yuan in 2024, with a year-on-year growth of 6.53%, benefiting from the new infrastructure and digitalization wave [6][7] Key Companies Performance - Zhejiang Zhaolong Interconnect focuses on high-density wiring solutions, with its SG Matrix series supporting 144 cores, catering to the dynamic expansion needs of data centers. The company reported a revenue of 1.518 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.28% [7] - Shenzhen Zhishang Technology, established in 2009, offers a range of products including MTP/MPO optical fiber jumpers and has reported a revenue of 749 million yuan in the first three quarters of 2025, a year-on-year increase of 3.24% [7] Technological Trends - The industry is witnessing a shift towards intelligent patch panels that integrate high-precision sensors and IoT modules for real-time monitoring and enhanced operational efficiency [9] - The demand for high-speed and fiber-based solutions is accelerating technological iterations, with companies like Zhaolong Interconnect producing 400Gbps high-speed cable components and preparing for 800Gbps capabilities [10] - Prefabricated delivery and modular assembly are becoming mainstream, reducing on-site construction time and error rates, while environmental pressures are driving the adoption of green manufacturing practices [11]

内容概况：近年来，随着我国汽车普及率的提升以及消费升级趋势对户外娱乐市场的广泛影响，卡丁车 作为一种新兴的休闲娱乐方式，已在国内一二线城市快速兴起。卡丁车虽然结构相对简单，但具备较高 的安全性，这主要得益于其极低的底盘重心与超轻量化车身设计。由于底盘极低，驾驶者在赛道上感受 到的相对速度可比实际速度高出约三倍，使得卡丁车在确保安全的同时，兼具强烈的竞速体验与高可玩 性，加之无需驾驶执照，参与门槛较低，进一步推动了其大众化发展。从市场规模来看，2020年受疫情 影响，卡丁车俱乐部行业规模出现下滑至25.3亿元，但随着疫情防控逐步稳定及消费复苏，2021年起行 业恢复增长态势，规模逐步回升，至2024年中国卡丁车俱乐部行业市场规模已增长至44.3亿元。未来， 随着生活水平的提高和消费观念的转变，卡丁车运动将吸引更多消费者。与此同时，随着互联网、大数 据等新技术的深入应用与融合，卡丁车俱乐部行业将在运营管理、用户体验、赛事组织等方面迎来智能 化、数字化的转型升级，进一步推动行业向标准化、精细化与个性化方向发展，释放更大市场潜力。 相关上市企业：力盛体育（002858）、潍柴动力（000338）、中捷精工（30107 ...

陈士华："十四五"期间，我国汽车行业取得多方面突破，产销量连续三年保持3000万辆以上规模， 营业收入突破10万亿元，出口跻身世界第一，电动化与智能化、网联化加速融合，形成产业领先优势。 中国汽车工业协会预计，2026年我国汽车市场总销量将达到3475万辆，同比增长1%。其中，新能 源汽车销量有望达到1900万辆，同比增长15.2%。 央广网北京1月15日消息（记者李思默）据中央广播电视总台中国之声《新闻和报纸摘要》报道， 中国汽车工业协会昨天（14日）发布数据显示，2025年，我国汽车产销量均突破3400万辆，再创历史新 高。新能源汽车国内新车销量占比突破50%。 2025年，我国汽车产销分别完成3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，连续17年稳 居全球第一。新动能加快释放，新能源汽车产销分别完成1662.6万辆和1649万辆，同比分别增长29%和 28.2%，连续11年位居全球第一。中国汽车工业协会副秘书长陈士华介绍，我国汽车行业展现出强大的 发展韧性和活力，多项指标再创新高，实现"十四五"圆满收官。 ...

曾经的"豪车界印钞机"保时捷，终于不再嘴硬。 近几年，保时捷和特斯拉堪称最忙的车企，他们在国内出现最多的场景，不再是富豪的车库而是各大车企的发布会，不是在被对标就是在被对标的路上。 面对国产新能源的包围式致敬，保时捷也一直保持骄傲的姿态。 奥博穆曾公开表示，并不将小米视为直接竞争对手，小米的低价策略并不能与保时捷的"驾驶能力"相提并论。 每当国产新能源们有所成就时，保时捷作为老大哥也总是第一时间送上祝福，并欢迎挑战。 然而，尽管保时捷不承认，但事实证明保时捷引以为傲的市场地位，还是被中国新能源冲击得溃不成军。 今年1月1日，奥博穆正式卸任保时捷CEO，在《法兰克福汇报》的访谈中，他更是公开承认，停产Macan燃油版是重大战略失误。 前CEO公开认错背后，是保时捷的悲惨现状：利润暴跌99%、市值腰斩、经销商抗议…… 面对这场百年未遇的危机，不少声音将矛头指向小米、华为等国产新势力，认为是这些后来者抢走了保时捷的市场，但真相真的如此吗？ 01 说出这句话的，并非中国新势力的高管，而是曾任职于保时捷设计部门、现任理想汽车设计总监的本·鲍姆。2025年初，他在德国媒体的采访中直言，小 米SU7与保时捷Taycan设计 ...

Group 1: Investment and Development in Shenyang - German companies are increasingly investing in Shenyang, with projects becoming industry benchmarks, including Michelin, BeKaert, and BMW [2][7][11] - Michelin's Shenyang factory has an annual production capacity of 17.1 million passenger car tires and has produced a cumulative total of 100 million tires since its establishment [7] - BeKaert's Shenyang factory has implemented a full industrial chain and benefits from local vocational schools producing skilled workers, enhancing its operational efficiency [8][9] Group 2: Technological Advancements and Production Efficiency - BMW's Shenyang plant has integrated approximately 200 AI applications, significantly improving production efficiency [10] - The introduction of advanced production lines and automation in factories is a common trend among foreign enterprises in Shenyang, aligning with China's push for high-tech and sustainable manufacturing [10][12] - The establishment of a local R&D capability has allowed companies like Austrian Voestalpine to reduce procurement costs and enhance profitability [9] Group 3: Government Support and Business Environment - Shenyang has implemented positive incentive mechanisms to attract foreign investment, including measures to optimize the investment environment [9][14] - The city has established a business service system for key foreign-invested enterprises, enhancing the efficiency of administrative processes [14] - Continuous improvements in infrastructure and a stable policy environment have made Shenyang an attractive destination for foreign companies [12][13]

核心阅读 电动化技术持续进阶、前沿技术加快应用、反内卷措施先后落地……我国汽车产销量持续增长。亮 眼成绩单，折射出我国经济顶压前行、向新向优发展的强大韧性和澎湃动能。 重庆市沙坪坝区三峡广场，市民在试驾新能源汽车。孙凯芳摄（影像中国） 安徽省合肥市新桥智能电动汽车产业园，一辆新车下线。新华社记者 黄博涵摄 数据来源：中国汽车工业协会 制图：汪哲平 "方程豹钛7上市80天，累计销量突破5万台，成交均价超21万元，2025年12月销量超过3.4万 台。"方程豹汽车总经理熊甜波说。 高效的智能制造体系、强大的本土供应链能力、快速的技术迭代、密集投放的高竞争力新产品，叠 加政策组合效应下汽车内需有效释放，推动我国汽车产销量持续增长。我国汽车产销连续3年保持3000 万辆以上规模，连续17年稳居全球第一。 在外部压力加大和内部困难较多的复杂局面下，汽车产业的亮眼成绩单，折射出我国经济顶压前 行、向新向优发展的强大韧性和澎湃动能。 深耕电动化，多技术路线融合创新 2025年12月23日上午，漠河，气温零下28摄氏度。吉利汽车研究院系统控制开发工程师张鲁超打开 静置一夜的银河星舰7，开启了交通高峰期10公里测试。"今天测试 ...

近日，2026年"两新"政策发布，汽车置换更新补贴由定额补贴调整为按车价比例进行补贴，政策平稳有 序衔接。同时，商务部等9部门也于日前发布了《关于实施绿色消费推进行动的通知》。系列政策落地 实施，将加快发展方式和消费模式绿色转型，对于稳定市场预期、提振汽车消费起到积极作用。 中青报·中青网记者 贾骥业 来源：中国青年报 2026年01月15日 03版 本报北京1月14日电（中青报·中青网记者 贾骥业）中国汽车工业协会今天发布的最新数据显示，2025 年，我国汽车产销量分别达到3453.1万辆和3440万辆，同比分别增长10.4%和9.4%，再创历史新高，连 续17年稳居全球第一。 其中，新动能加快释放。2025年，我国新能源汽车产销分别完成1662.6万辆和1649万辆，同比增速分别 达到29%和28.2%，连续11年位居全球第一；新能源汽车在国内新车销量中的占比超50%，成为我国汽 车市场主导力量。在对外贸易方面，2025年，我国汽车出口超700万辆，规模再上新台阶。其中，新能 源汽车出口261.5万辆，同比增长1倍。 中国汽车工业协会副秘书长陈士华介绍，"十四五"期间，我国汽车行业取得多方面突破，产销量连 ...