日产中国的颓势仍在不断扩大。 日产在中国的颓势仍在不断扩大。近日，日产中国发布2025年销售数据称，日产中国全年累计销量约 65.30万辆，同比下降了6.26%，较2018年的高点腰斩近60%。 日产中国颓势的背后，是日产汽车在全球范围内的入不敷出。该公司2025财年半年报（4月至9月）数据 显示，公司净亏损2219.21亿日元，而去年同期为盈利192.23亿日元。这家曾经的全球燃油车巨头2025年 卖掉了总部大楼、并"关工厂、减产能、大裁员"。 中国汽车市场正在经历一场残酷的淘汰赛。近三年，已有超过10家车企退出中国市场或破产重整，其中 不乏红极一时的外资或合资品牌，比如广汽三菱、广汽菲克等。GlobalData数据显示，2024年日产在华 产能利用率已经跌到40%以下。根据规划，日产在中国区的产能也将从150万辆降至100万辆。但即使日 产中国的年产能降至100万辆，相较实际的销量情况，也仍被认为产能过剩。 这是日产汽车第7个年头在中国区销量下滑了。自2019年开始，日产汽车在中国的颓势已逐渐显露，此 后，日产中国销量降幅进一步扩大，并于2023年年销量跌破百万。官方数据显示，2018年~2025年日产 ...

Core Insights - Volkswagen Group delivered over 8.98 million vehicles globally in 2025, with 983,100 of those being pure electric vehicles, marking a 32% year-on-year increase and accounting for 10.9% of total deliveries [1] - In China, the group delivered over 2.69 million vehicles, successfully achieving its annual target and maintaining its leading position among foreign car manufacturers [1] Group 1 - The company emphasized a "value first" approach amidst intense price competition in the Chinese automotive market, focusing on profitability rather than merely increasing market share [1] - In the fuel vehicle segment, Volkswagen Group plans to deliver over 2.57 million fuel vehicles in China by 2025, capturing over 22% of the Chinese fuel vehicle market [1] - The Volkswagen brand, including Jetta, leads the Chinese fuel vehicle market, with models like Passat, Lavida, and Sagitar performing strongly in their respective segments [1] Group 2 - The group is accelerating its "In China, for China" strategy, with significant advancements in electrification and intelligent transformation [2] - By 2025, the group will enter a strategic "delivery model," launching new electric intelligent models like the Audi Q6L e-tron and Audi E5 Sportback, which have received positive market feedback [2] - Volkswagen Group has invested over €3.5 billion in Hefei to establish an intelligent connected vehicle innovation center, aiming to create a comprehensive end-to-end R&D system by the end of 2025 [2] Group 3 - The company plans to launch over 20 new energy models in China by 2026, including pure electric, plug-in hybrid, and range-extended vehicles, equipped with advanced intelligent connected technology and L2++ level driving assistance [3] - By 2027, the group aims to introduce over 30 electrified models in China, with projections reaching around 50 models by 2030 [3] - Volkswagen Group officially commenced vehicle export operations in 2025, successfully exporting its first batch of vehicles to the Middle East, with plans to expand into ASEAN, Middle East, Central Asia, Latin America, and Africa [3]

证券日报网讯1月13日，电投产融（000958）在互动平台回答投资者提问时表示，公司已完成 CAP1000/CAP1400技术的消化吸收和持续优化，在关键设备国产化、系统性能提升方面取得阶段性成 果。公司自主研发的智慧核电运维系统已在部分机组投入应用，通过数字化监测与智能诊断，有助于提 升设备可靠性，降低运维成本。未来将根据试点反馈优化系统功能，逐步扩大应用范围。未来公司将聚 焦核电数字化、智能化技术迭代，按照数字化规划统筹推进相关领域的研发。 ...

Core Viewpoint - BYD's overall sales in December reached 420,000 units, showing a year-on-year decline of 18.3% and a month-on-month decline of 12.5% [1] Sales Performance - Passenger vehicle sales in December totaled 415,000 units, with a year-on-year decrease of 18.6% and a month-on-month decrease of 12.7% [1] - December's overseas sales exceeded 130,000 units, setting a new record, while total annual overseas sales surpassed 1 million units [1] Strategic Developments - The company is firmly committed to its intelligent driving transformation under its smart strategy [1] - The launch of the Super e-platform marks a significant breakthrough in pure electric technology, reinforcing its advantages in electrification [1] Product and Market Expansion - The company has a rich lineup of models including Tengshi, Yangwang, and Fangchengbao, accelerating its presence in the high-end market [1] - Continuous efforts in overseas expansion will enhance the overseas channel and model matrix [1] Future Outlook - The second half of the year is expected to boost scale effects, with profitability anticipated to improve as overseas and high-end sales ramp up [1] - The company forecasts a net profit attributable to shareholders of 35 billion yuan by 2025, corresponding to a PE ratio of 25X, maintaining a "buy" rating [1]

Investment Rating - The report assigns a positive investment rating to Guoliang New Materials, highlighting its leadership in the refractory materials industry and potential benefits from industry upgrades and increased concentration [1]. Core Insights - Guoliang New Materials has consistently focused on the refractory materials sector, emphasizing technological innovation and green development. The company has been recognized as a national-level "Little Giant" and is included in the key "Little Giant" list as of August 2025 [1][11]. - The company has a strong R&D team led by PhDs and has received multiple awards for its technological advancements. Its main revenue source is the overall contracting of refractory materials, which has seen a steady increase in revenue contribution from 85.64% in 2022 to 93.75% in 2025H1 [1][31]. - The company forecasts a revenue of 1.053 billion yuan and a net profit of 79.814 million yuan for 2025, representing year-on-year growth of 16.46% and 12.47%, respectively [1][45]. Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials and provides integrated solutions, including design, manufacturing, installation, and maintenance [11][19]. - The company has established partnerships with numerous well-known steel manufacturers, leveraging its technological advantages and extensive industry experience [12][60]. - The company operates primarily in North China, with a market share of 4.83% in the region as of 2024 [3][10]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 787 million yuan, with a year-on-year increase of 21.18%, and a net profit of 53.3532 million yuan, up 4.41% year-on-year [1][44]. - The gross profit margin for the first three quarters of 2025 was 20.39%, reflecting stable profitability [1][48]. - The company’s overall contracting revenue for refractory materials has been the main source of income, with significant contributions from steel ladles, intermediate ladles, and iron water buckets [31][38]. Industry Insights - The refractory materials industry is experiencing a shift towards green and intelligent upgrades, with increasing demand for high-end refractory materials driven by the steel industry's evolving requirements [2][3]. - The overall production of refractory materials in China has shown fluctuations from 2017 to 2024, with a projected decline in 2024 due to various market factors [2][3]. - The steel industry remains the primary application area for refractory materials, accounting for approximately 65% of total usage [2][15].

Core Viewpoint - The article highlights the evolution of "Guangdong goods" from traditional products to modern high-tech items, emphasizing the strength and global reach of Guangdong's manufacturing capabilities. Group 1: Promotion and Events - The "Guangdong Goods Going Global" spring action launch event will take place on January 15, featuring 12 promotional activities, including 10 offline and 2 online events in the first quarter of 2026 [1] - A total of 18 supporting activities will be organized as part of the spring action series [1] Group 2: Market Performance - Guangdong's cross-border e-commerce import and export scale has expanded 66 times over the past nine years, accounting for over one-third of the national total, maintaining the top position in the country [4] - For every four express deliveries generated nationwide, one originates from Guangdong [4] Group 3: Product Innovation - Guangdong's product offerings have evolved from basic necessities to a wide range of high-tech items, with one in three smartphones sold globally originating from the province [6] - DJI holds over 70% of the global consumer drone market share, while local automotive manufacturers are significantly increasing the export volume of new energy vehicles [6] Group 4: Industrial Ecosystem - Guangdong's manufacturing ecosystem is characterized by a comprehensive and efficient industrial structure, encompassing all aspects of daily life, from clothing to electronics [10] - The province boasts all 31 major manufacturing categories, with 15 of them ranking first in the country, and has developed nine trillion-yuan industrial clusters in sectors like electronics and new energy [10] Group 5: Intelligent Manufacturing - Guangdong is transitioning from traditional manufacturing to intelligent manufacturing, with significant improvements in production efficiency, such as a 200% increase in efficiency at Gree's smart factory [11] - The integration of AI and biotechnology in food production has led to enhanced quality and reduced energy consumption [13] Group 6: Future Outlook - The article emphasizes the need for Guangdong goods, highlighting their blend of practicality and creativity, and the resilience of the manufacturing sector in uncertain times [15]

作为工业自动化系统中的关键测量元件，涡轮流量计在能源、化工、水处理等流程工业中扮演着不可替代的角色。进入2026年，随着"双碳"目标推进、智能 制造政策深化以及供应链安全意识提升，国产涡轮流量计正经历一场由"能用"向"好用、智能、高可靠"跃迁的技术升级潮。本文将从行业趋势出发，结合市 场反馈与技术参数，以性价比为核心维度，对五家具有代表性的国产厂商进行横向评估，并提供实用的选型建议。 1.智能化深度集成：主流产品普遍支持RS485、Modbus、4G/5G等通信协议，部分高端型号已嵌入边缘计算模块，实现自诊断、数据预处理与远程校准。 2.国产化率显著提升：受地缘政治与成本控制双重驱动，国内用户更倾向选择具备自主知识产权、本地化服务能力强的国产品牌，尤其在市政、中小化工项 目中替代进口趋势明显。 2.关注最小雷诺数：确保实际流速高于仪表下限（通常Re > 2×10⁴）； 3.振动环境评估：强机械振动易引发误触发，需加装减振支架； 4.直管段要求：前10D后5D为佳，空间受限时可选带整流器型号； 5.输出信号匹配：优先选择支持HART或数字通讯的智能变送器，便于系统集成。 以下榜单基于公开技术资料、用户反馈及价格 ...

Core Viewpoint - The article discusses the strategic transformation of Zhijie under the leadership of Zhao Changjiang, emphasizing the integration of Huawei's technology and Chery's manufacturing capabilities to create a pioneering smart electric vehicle brand. Group 1: Strategic Transformation - Zhijie 2.0 is a strategic initiative that involves a significant investment of 10 billion yuan and the establishment of a 5,000-person R&D team to enhance brand positioning and organizational structure [1][12] - The brand aims to leverage Huawei's technological leadership and Chery's manufacturing expertise to create a unique identity in the competitive electric vehicle market [1][13] - Zhao Changjiang emphasizes the need for a complete embrace of Huawei's methodologies in management, culture, and business logic to ensure the brand's success [12][14] Group 2: Market Positioning and Product Strategy - The company plans to target high-income, highly educated consumers while emphasizing the application of cutting-edge smart technology in its products [22][24] - The 2026 product lineup includes a flagship MPV (V9) and a large SUV, with a focus on enhancing user experience through advanced AI capabilities [29][36] - The brand's differentiation lies in its commitment to creating a "pioneering" identity that resonates with consumers seeking innovative technology and design [22][23] Group 3: Operational Efficiency and Supply Chain - The integration of Huawei's digital thinking into the supply chain aims to transform production processes from passive to proactive, enhancing efficiency and quality control [5][26] - The company is restructuring its production and sales coordination to ensure a seamless flow of operations, which is critical for meeting market demands [25][31] - Zhao Changjiang highlights the importance of a collaborative culture between manufacturers and suppliers, moving away from traditional adversarial relationships [7][12] Group 4: Future Outlook and Challenges - The company anticipates that the smart vehicle market will experience significant growth, with a focus on creating user-centric products that exceed current expectations [11][36] - Zhao Changjiang acknowledges the challenges of fully implementing Huawei's capabilities within the brand, estimating current progress at 20-30% [28] - The long-term goal is to achieve annual sales of one million units by 2030, establishing Zhijie as a global leader in the smart electric vehicle sector [38]

Core Insights - The article emphasizes the increasing demand for hemodialysis machines driven by the rising global burden of kidney diseases and the integration of advanced technologies in treatment [1][2][3] Group 1: Market Demand and Growth - The global market for hemodialysis machines is projected to reach USD 2.05 billion by 2031, with a compound annual growth rate (CAGR) of 6.6% [3] - Chronic kidney disease management is becoming a significant public health issue, leading to the expansion of both public and private dialysis centers [1][2] - The demand for hemodialysis machines is supported by improvements in healthcare policies, increased accessibility to dialysis, and infrastructure development in emerging markets [1][2] Group 2: Industry Challenges - The industry faces challenges such as cost pressures, stricter regulatory requirements, and supply chain security issues [2] - Key components like pump valves, sensors, and electronic systems are experiencing significant cost fluctuations, impacting profitability [2] - The shift towards centralized procurement policies in some regions is intensifying price competition, putting pressure on smaller companies [2] Group 3: Technological Advancements - Major manufacturers are focusing on the acceleration of automation and smart technology, enhancing treatment precision and reducing operational costs [1][2] - The demand for interconnected devices and digital management systems is increasing, shifting the focus from individual machine performance to overall treatment quality and efficiency [2] Group 4: Market Structure - The top five manufacturers hold approximately 82.0% of the global market share, indicating a highly concentrated market [6] - Single-pump hemodialysis machines dominate the product type segment, accounting for about 77.7% of the market [9] - Hospitals represent the largest downstream market for hemodialysis machines, making up approximately 57.6% of the demand [12]

Group 1 - The core transformation of Jiangsu enterprises is shifting from a traditional single product export model to providing integrated solutions that combine products, technology, services, and business models in the global market [1][2] - Jiangsu Guanhai Medical Technology Co., Ltd. has achieved a significant breakthrough in 2024 by localizing the assembly of dialysis machines, thereby enhancing the accessibility of quality medical resources to more patients globally [2][6] - The export of packaging machinery from Jiangsu reached 5.08 billion yuan in the first eleven months of 2025, marking a year-on-year increase of 32.1% [3] Group 2 - The shift from "selling products" to "selling solutions" is driven by global supply chain restructuring, technological advancements, and evolving customer demands, particularly evident in Jiangsu [2][4] - Jiangsu enterprises are actively expanding into international markets, moving from simple equipment exports to high-tech, customized system solutions, showcasing strong resilience in development [3][4] - The collaboration between government and enterprises has formed a powerful synergy to overcome challenges such as cultural differences and technical barriers in the global market [4][5] Group 3 - Jiangsu enterprises are increasingly adopting a value co-creation approach in their international operations, which enhances customer loyalty and allows for higher profit margins compared to traditional product exports [7][8] - The future of solution exports is expected to exhibit three significant characteristics: intelligence, greenness, and ecological sustainability, with companies integrating advanced technologies like AI and IoT into their solutions [7][8] - Jiangsu enterprises are positioning themselves to navigate from "Made in China" to "China Solutions," contributing significantly to high-quality global economic development [8]