点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文（文末附有PPT，亦可跳过前面文本） 【导言：站在材料革命的潮头】 在人类材料科学的演进史中，工程塑料的每一次突破都预示着下游产业的颠覆性变革。如果说钢铁支撑了工业革命的骨架，那么高性能特种工程塑料则构 成了信息时代与绿色能源时代的"神经与外壳"。 聚苯醚（Polyphenylene Oxide，简称PPO）， 作为世界五大通用工程塑料之一，曾长期因其极高的生产壁垒和严苛的聚合工艺而被冠以"塑料皇冠上的明 珠"之称。在过去半个世纪里，全球PPO市场几乎被美、日巨头垄断。然而，随着人工智能（AI）席卷全球带来的算力硬件革命，以及新能源汽车对高压 电气安全的极致追求，PPO正从一种"通用型"材料加速向"战略级"特种材料转变。 本报告旨在通过深度剖析，全方位拆解PPO的产业逻辑。我们将从其独特的分子结构出发，跨越复杂的氧化偶联聚合工艺，纵览全球巨头的博弈格局，深 挖AI服务器高频高速覆铜板（CCL）带来的爆发性增量，并最终聚焦于资本市场最关心的国产替代逻辑与市场投资风向。 第一章：概要——高性能工程塑料的"皇冠" ...

Core Viewpoint - The article discusses the significant decline in sales for traditional luxury car brands (BBA: BMW, Benz, Audi) in China in 2025, highlighting their reliance on marketing language to mask underlying issues [4][7]. Sales Performance - In 2025, the sales figures for BBA in China were as follows: BMW (including MINI) sold 625,500 units, down 12.5%; Audi (including FAW and SAIC) sold approximately 617,000 units, down 5%; and Mercedes-Benz (including commercial vehicles) sold 575,000 units, down 19% [5][7]. - All three brands saw their annual sales drop below 700,000 units, ending a five-year period of stable high sales [4]. Market Dynamics - The decline in BBA sales is attributed to a structural loss in the face of the rising tide of new energy vehicles (NEVs), with NEV penetration in China approaching 60% and domestic brands capturing 65% of the market share [8]. - The retail sales of fuel vehicles dropped by 30% year-on-year, indicating a significant shift in consumer preferences [8]. Consumer Sentiment - BBA's customer loyalty has fallen below 18%, meaning that out of 100 previous BBA customers, fewer than 18 intend to repurchase from the same brand [14]. - In contrast, new energy brands like AITO, Li Auto, Tesla, and Xiaomi have a high percentage of potential customers coming from BBA, with figures of 36.81%, 27.22%, 24.21%, and 19.15% respectively [14]. Strategic Responses - Audi plans to launch new models like the A6L e-tron and E7X in 2026 to address its technological shortcomings [15]. - Mercedes-Benz aims to introduce 15 new models in 2026, including a locally produced GLC, to enhance its market position [15]. - BMW's new generation iX3 is set to launch in late 2026, featuring advanced technology and local AI capabilities, with pricing being a critical factor for its success in the NEV market [16].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 业绩预告的具体适用情形：净利润为负值 ● 经财务部门初步测算，预计南京泉峰汽车精密技术股份有限公司（以下简称"公司"）2025年度实现归 属于母公司所有者的净利润-34,000万元到-29,000万元。 ● 预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润-35,000万元到-30,000万元。 一、本期业绩预告情况 （一）利润总额：-56,999.40万元。归属于母公司所有者的净利润：-51,674.51万元。归属于母公司所有 者的扣除非经常性损益的净利润：-52,162.02万元。 （二）基本每股收益：-1.9745元。 三、本期业绩变动的主要原因 2025年，得益于新能源汽车行业渗透率持续提升及客户定点车型放量，公司销售收入同比保持增长。安 徽马鞍山生产基地产能逐步释放，预计全年实现产值超11亿元；匈牙利生产基地除为北美客户批量供货 外，亦积极为新项目进行前期开发、样件生产等批量生产前的准备工作。 （一）业绩预告期间 2025年1月1日 ...

Core Viewpoint - The competition for the title of "Automobile Capital" in China is intensifying, with Chongqing set to achieve a record automotive production of 2.788 million vehicles in 2025, marking a 9.7% increase, and a significant rise in new energy vehicle (NEV) production to 1.296 million units, up 36% [6][8]. Group 1: Historical Context and Challenges - Chongqing aimed to become "China's Detroit" in 2013, reaching a peak production of 3.156 million vehicles in 2016, but faced a decline starting in 2017, with production dropping to 1.383 million vehicles by 2019 [8][9]. - The decline was attributed to a mismatch between Chongqing's focus on mid-to-low-end vehicles and the market's shift towards mid-to-high-end preferences, alongside production capacity issues [8][9]. - The rise of NEVs began to disrupt the traditional automotive landscape, with national sales surpassing 100,000 units within three years after first exceeding 10,000 units in 2015 [9]. Group 2: Strategic Shifts and Collaborations - Changan Automobile, a leading player in Chongqing, announced a plan in 2017 to phase out traditional fuel vehicles by 2025, but initially struggled to keep pace with national NEV growth [9][10]. - A turning point occurred in 2021 when Changan partnered with Huawei and CATL to launch new high-end NEV brands, resulting in a significant increase in sales, with total vehicle sales reaching 2.913 million units and NEV sales up 51.1% to 1.11 million units [10][14]. - The collaboration with Huawei has been pivotal for both Changan and Seres, with Seres becoming the first company to benefit from Huawei's "Smart Selection" model, leading to increased competitiveness in the NEV market [13][14]. Group 3: Future Prospects and Competitive Landscape - The automotive industry is entering a new competitive phase, with Chongqing positioned to lead in NEVs and smart driving technologies, especially after receiving approval for L3-level autonomous driving vehicles [17][19]. - Chongqing's strategic focus on becoming a "Smart Connected New Energy Vehicle Capital" by 2024 aims to leverage its unique geographical features for testing smart vehicles [19][20]. - However, challenges remain, including a lack of competitiveness in AI technology and talent shortages, which could hinder Chongqing's ability to maintain its leading position in the next industrial competition [21][22].

动力方面，星光560提供燃油、插混、纯电三种选择，覆盖多元使用场景：燃油版搭载6万元级最强的1.5T发动机，至高扭矩达290N·m，可应对满载爬坡场 景；插混版具备同级唯一的1100km综合续航，亏电油耗仅5.3L/100km，满足长途出行；纯电版拥有500km超长续航（CLTC），电耗低至13.1kWh/100km， 支持2C快充，兼顾营运与家用。 2025年，五菱总产值再次突破1000亿元，同比增长24%；新能源汽车销量第一次突破100万辆大关，同比增长31.9%。 在上汽通用五菱产品线中，星光家族属于五菱银标旗下产品家族，其在2025年市场表现突出。其中，宏光MINIEV家族连续65个月蝉联A00级新能源汽车销 量第一，累计销量突破185万辆，为中国品牌纯电市场销量最高的单一车型；缤果S获得"2025全国十佳车身"评价，且是史上唯一入选的A0级车型；星光家 族面向家庭用车市场，率先上市的星光730上市49天销量突破2万辆，连续两个月蝉联15万内MPV销量第一。 在稳定的业绩与销量的基础上，星光560登场，为上汽通用五菱注入新的增长动力。面向2026年，上汽通用五菱将持续推出新产品：五菱银标旗下还会有星 ...

Core Insights - Volkswagen Group's global vehicle deliveries in 2025 exceeded 8.98 million, with pure electric vehicle deliveries reaching 983,100, a year-on-year increase of 32%, accounting for 10.9% of total global sales, up 2.7 percentage points from the previous year [2] Group 1: Sales Performance - In China, Volkswagen delivered over 2.69 million vehicles in 2025, with over 2.57 million being fuel vehicles and approximately 120,000 being new energy vehicles [2] - Volkswagen's sales in China declined by 8% compared to the previous year (2.93 million), with its share of global sales dropping from 32% to between 29.9% and 30% [3] - The market share of fuel vehicles in China increased to over 22%, marking a ten-year high since 2005, despite an overall decline in fuel vehicle sales [3] Group 2: New Energy Vehicle Strategy - New energy vehicle sales in China fell to 120,000 in 2025, a 40% decrease from 200,000 in 2024, representing only 4.5% of total sales, significantly lower than the global average [4] - Volkswagen's strategy focuses on profitability over market share, emphasizing the importance of fuel vehicle sales while preparing for the launch of new energy models [5] - The decline in new energy vehicle sales is attributed to both competitive pressures and a strategic shift towards fuel vehicles [5] Group 3: Future Plans and Developments - Volkswagen plans to launch over 20 new electric and hybrid models in 2026, including models based on new platforms and advanced technologies [7] - The company aims to enhance its new energy vehicle matrix to increase their share in overall sales, with a target of over 30 electric models by 2027 and around 50 by 2030 [8] - Volkswagen's export strategy from China has commenced, with the first vehicles successfully exported to the Middle East, aiming to expand into other potential markets [8]

Core Viewpoint - The polymer-based thermal interface materials (TIM) industry is experiencing steady growth driven by advancements in AI, 5G, and electric vehicles, with the Chinese market expanding at a faster rate than the global market. The demand for high-end thermal management solutions in sectors like data centers and ADAS is expected to significantly increase, with the ADAS TIM market projected to reach $600 million by 2033 [1][6]. Industry Overview - Polymer-based TIMs are essential for electronic thermal management, designed to fill microscopic gaps between heat-generating devices and heat sinks, thereby reducing thermal resistance and ensuring efficient operation [1][3]. - TIMs are categorized into TIM1, which is used between chips and packaging, and TIM2, which is used between packaging and heat sinks, with TIM1 requiring higher performance standards [3][4]. Industry Policies - The polymer-based TIM industry is part of the new materials sector, which is a strategic focus for national development. Various policies have been implemented to support technological research, industrial application, and market promotion, facilitating breakthroughs in high-end technology and accelerating domestic substitution [5][6]. Industry Chain - The upstream of the TIM industry includes polymer matrices and high thermal conductivity fillers, while the midstream focuses on material formulation and composite process innovation. The downstream applications span consumer electronics, electric vehicles, 5G communication, and data centers, with electric vehicles and data centers being key growth drivers [5][6]. Market Size and Growth - The global TIM market is projected to grow from $2.012 billion in 2024 to $4.148 billion by 2031, with a compound annual growth rate (CAGR) of 10.74%. The Chinese TIM market is expected to grow from $1.027 billion in 2024 to $2.164 billion by 2031, with a CAGR of 11.09%, indicating strong growth potential [6][7]. Competitive Landscape - The competitive landscape shows a dynamic balance where international giants dominate the high-end market while local companies like Huitian New Materials and Feirongda are making significant advancements. These local firms are transitioning from cost advantages to competing directly in high-end supply chains through technological breakthroughs [7][8]. Development Trends - The industry is expected to evolve around three core directions: technological upgrades focusing on high thermal conductivity and multifunctional integration, deepening industry chain collaboration for domestic substitution, and expanding application scenarios that drive customized solutions [8][9][10]. - Future innovations will emphasize high-performance materials with integrated functionalities, while collaboration between upstream and downstream players will enhance the self-sufficiency of the supply chain [10][11].

Core Viewpoint - Recent surges in copper prices may face significant declines in the future, with Goldman Sachs analysts predicting LME copper prices could drop to $11,000 per ton by December 2026 due to easing market fundamentals [1]. Group 1: Price Movements - Copper prices have recently retreated from historical highs, with a 0.6% decline noted on January 15, following a record rebound in physical demand [2]. - On January 14, LME copper prices reached an all-time high of $13,407 per ton, while domestic futures also surged past the 100,000 yuan per ton mark [2]. Group 2: Supply and Demand Dynamics - The rapid increase in copper prices is attributed to a structural imbalance in supply and demand, alongside market sentiment and speculative trading [2]. - South American countries control 40% of global copper reserves, but energy constraints have limited the release of copper mining capacity [2]. - Emerging sectors such as AI data centers, electric vehicles, and industrial robots are significantly increasing copper demand, supporting high copper price levels [2].

Core Viewpoint - The article highlights the significant growth of the new energy vehicle (NEV) market in China, with domestic brands capturing a dominant market share while foreign brands lag behind in electrification efforts [4][6]. Group 1: NEV Sales Growth - NEV sales reached 16.49 million units, growing by 28.2%, accounting for 47.9% of total vehicle sales, an increase of 7 percentage points [4][6]. - Pure electric vehicles (EVs) saw a growth of 37.6%, reaching 10.62 million units, while plug-in hybrid vehicles (PHVs) grew by 14%, totaling 5.86 million units [4][6]. Group 2: Market Share Dynamics - Domestic brands now hold 69.5% of the passenger car market share, up by 4.3 percentage points from 2024, while foreign brands have seen declines, with German brands at 12.1% (down 2.5 points) and Japanese brands at 9.7% (down 1.5 points) [6][9]. - Notable declines in sales were observed for Honda, with a 20% drop in annual sales, indicating challenges for Japanese brands [6]. Group 3: Emerging Players and Competition - New entrants like Leap Motor and Xiaomi have shown remarkable growth, with Leap Motor's sales doubling to 590,000 units, and Xiaomi delivering 410,000 vehicles since its entry into the market in March 2024 [6][8]. - The competition is intensifying, with established players like BYD experiencing a slowdown, projecting only an 8% growth in 2025, while state-owned enterprises like Guangzhou Automobile Group face declining sales [7][8]. Group 4: Future Outlook - The China Association of Automobile Manufacturers predicts that new car sales (including exports) will reach 34.75 million units in 2026, a modest increase of 1% from 2025 [8]. - Domestic sales growth is expected to slow to 0.2%, reaching 27.35 million units, with challenges arising from reduced tax incentives for NEV purchases [9]. - The competitive landscape is characterized by aggressive pricing strategies, which may lead to industry consolidation and the exit of weaker players [9].

Core Viewpoint - Volkswagen's global new car sales are projected to slightly decrease in 2025, primarily due to a significant decline in the Chinese market, where sales are expected to drop by 8% [2][7]. Group 1: Global Sales Performance - Volkswagen's global new car sales are expected to reach 8,983,900 units in 2025, a slight decrease from 2024 [2]. - The company's electric vehicle (EV) sales globally increased by 32% to 983,100 units, with the proportion of EVs in new car sales rising from 8.2% in 2024 to 10.9% in 2025 [4]. - In Europe, EV sales rebounded significantly, growing by 66% to 742,800 units, driven by an expanded product line at competitive prices [4]. Group 2: Performance in China - Volkswagen's new car sales in China fell by 8% to 2,693,800 units, resulting in a market share of 10.9%, which is lower than BYD's 14.7% and Geely's 11% [2][7]. - The decline in EV sales in China was stark, with only 115,500 units sold, a 44% decrease, attributed to intense price competition and a strategic focus on maintaining profit margins over volume [6]. - Volkswagen plans to introduce new EV models in China starting in 2026, emphasizing a strategy that prioritizes high-margin engine vehicles [6].