Group 1 - The investment rating for the automotive industry is positive, with expectations for steady demand growth driven by the implementation of the "Two New" policy in 2026 [1][12][14] - The core viewpoint emphasizes that the subsidy policy has shifted from fixed amounts to a percentage of the vehicle price, which is expected to benefit high-end vehicles while putting pressure on low-priced cars [1][14] - The report anticipates a marginal recovery in sales growth in Q1 2026, with an upward revision of the annual domestic sales growth forecast to -2% [1][14][16] Group 2 - The report highlights opportunities in themes such as smart technology and overseas expansion, with passenger car exports maintaining a growth rate of over 20% year-on-year [2][17] - Key companies to watch include BYD, Geely, and Li Auto in the automotive sector, and Horizon Robotics and Top Group in the smart technology and robotics sectors [2][22] - The report notes that the export volume of passenger cars is expected to maintain double-digit growth in 2026, driven by recovering demand in markets like Russia and the increasing penetration of fuel and new energy vehicles [2][17] Group 3 - The automotive market saw a wholesale sales volume of 1.457 million units in the last week of December 2025, with a year-on-year increase of 5%, while new energy vehicles accounted for 772,000 units, up 22% year-on-year [4][31] - In December 2025, the total wholesale sales volume was 2.759 million units, down 10% year-on-year, with new energy vehicles at 1.554 million units, showing a 3% increase [4][31] - The retail sales data for December 2025 indicated a total of 2.296 million units sold, down 13% year-on-year, while new energy vehicles saw a 7% increase in retail sales [4][31][46]

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息， 本篇 为栏目第 316 篇报道。 整理丨 Lucus 本周（ 1 月 5 日至 1 月 11 日）出海大事件包括 ： TikTok Shop 东南亚开年推出扶持政策 ； 小米国际加入速卖通 "超级品牌出海计划" ； DeepSeek V4 大模型被曝春节前后发布 ； 阿里千问模型下载量激增，累积下载量 7 亿 ； 智谱 创始人发布内部信； 云豹智能提交 IPO 备案，冲刺 DPU 第一股 ； 何小鹏： 2026 年海外布局进一步加快 ； "大空头"迈克尔・伯里披露持有甲骨文看跌期权 ； 马斯克计划建 2 纳米晶圆厂 ； 苹果拟 2028 年首发 2 亿 像素 iPhone ；日本欲打造本土版"星链"系统。 出海四小龙 TikTok Shop 东南亚开年推出扶持政策 1 月 10 日消息， TikTok Shop 东南亚官方宣布，面向东南亚跨境新商家推出扶持政策，覆盖资金投入、规模扩张、物流履约等关键环节，旨在降低新商 家进入东南亚电商市场的初期门槛，提升 " 冷启动 " ...

跳出内卷泥潭，成为头部车企的共同行动纲领。反内卷并非意 味着放弃竞争，而是将竞争的维度从单纯的成本与售价，拉升 到技术、品质、品牌与用户体验的综合价值层面。 作者：濮振宇 封图：图虫创意 针对汽车行业过去几年持续内卷的生存状态，一场集体反思正在发生。一汽集团在2026新年致辞 中旗帜鲜明地提出，要"带头反对'内卷式'竞争，自觉维护公平竞争市场秩序、促进产业健康发 展"。 反内卷并非意味着放弃竞争，而是将竞争的维度从单纯的成本与售价，拉升到技术、品质、品牌与 用户体验的综合价值层面。 安全 伴随着多起备受关注的电动汽车事故的发生，品质，特别是安全性，成为2025年汽车行业的热点 话题。在2026新年致辞中，各家车企普遍强调对安全的关注。 奇瑞集团掌门人尹同跃在2026新年致辞中提到，奇瑞"视品质为生命"，主动对标全球最严苛标 准，建立了超百项严于国标的企业标准，荣获"中国质量奖提名奖"。 过去的汽车安全，很大程度上是合规安全，也就是车企以满足国内外强制标准为基线，其逻辑 是"不犯错"。 这并非一家之言。北汽集团董事长张建勇在2026新年致辞中回首2025年时，对"卷"有着切肤的 体会：行业在卷，市场在变，对手在 ...

Group 1 - The core view is that despite short-term market fluctuations, a medium to long-term "slow bull" market is expected in 2026, driven by profit recovery, ample liquidity, and industrial trends [2][13] - The investment focus is shifting from concept expectations to fundamental verification, indicating a more balanced and refined market style in 2026 [4][15] Group 2 - In 2025, the Chinese capital market saw significant developments, with the A-share market's total market value surpassing 100 trillion yuan and trading volume reaching historical highs, reflecting deep market participation and confidence recovery [3][14] - The rise of new consumption, particularly in AI-integrated sectors, is expected to create new growth momentum, aligning with policies aimed at expanding domestic demand [3][14] Group 3 - The investment theme for 2026 is anticipated to center around AI applications, as the focus shifts from infrastructure to actual applications and commercialization, creating clear business models and profit growth points [4][15] - Key financial indicators to watch include the "computing-storage-power-manufacturing" chain and the commercialization rhythm of application endpoints, alongside sectors like energy storage and medical devices [5][16] Group 4 - The macro environment is characterized by mixed signals, with supportive factors such as anti-involution policies improving corporate profitability and a potential shift of resident asset allocation towards equity markets [7][18] - Opportunities are identified in technology, new consumption, and overseas expansion, particularly in AI-powered platforms and innovative consumer electronics [8][19]

Group 1 - The article discusses the specifications and upgrades of various electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) from different manufacturers, highlighting significant improvements in motor power and battery capacity [2][3][4]. - BYD's models, such as the Song Ultra and Dolphin, showcase competitive dimensions and motor power, with the Song Ultra featuring a motor power of 270 kW and a top speed of 210 km/h [1]. - The article notes that many models are now offering optional features like laser radar, indicating a trend towards enhanced safety and automation in the EV market [2][3]. Group 2 - The Tengshi Z9 GT EV has introduced a new single motor version with a power increase from 240 kW to 310 kW, along with a new PHEV version that includes a 63.8 kWh battery and a pure electric range of 301 km [2]. - The article mentions the increase in motor power for the Fangcheng Leopard Titanium 3 from 110 kW to 135 kW for the front motor and from 160 kW to 240 kW for the rear motor [2]. - The Haima 06 EV has upgraded its motor power from 170/180 kW to 240 kW, reflecting the industry's push for higher performance [2]. Group 3 - The article provides a comparison of various models, including the Zhijie V9 and Lantu Dreamer, with specifications such as length, wheelbase, battery capacity, and pure electric range [3]. - The Geely Automotive section highlights a model with a battery capacity of 55.1 kWh and a pure electric range of 257 km, showcasing the competitive landscape in battery technology [3]. - The article also mentions the introduction of new versions of existing models, such as the Xingyao 7 EMI and Galaxy A7 EMI, which have increased battery capacities and electric ranges [3]. Group 4 - Leap Motor's D19 model features dimensions of 5252*1995*1800 mm and a battery capacity of 80.3 kWh, with a pure electric range of 370 km [4]. - The article notes that the Leap A10 BEV has a maximum speed of 160 km/h, indicating the performance capabilities of newer models [4]. - The article also discusses the introduction of new models from various manufacturers, emphasizing the ongoing innovation in the EV sector [4]. Group 5 - The article mentions the introduction of the Xiaomi SU7, which has a maximum speed of 265 km/h, showcasing advancements in performance among electric vehicles [5]. - GAC Group's HA800 model features a 1.5T engine with a power output of 118 kW and a top speed of 185 km/h, indicating the integration of traditional and electric powertrains [5]. - The article highlights the trend of manufacturers offering laser radar options in their vehicles, reflecting a growing focus on safety and advanced driver-assistance systems [5].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][7]. Core Views - The company is positioned as a comprehensive stationery supplier and office service provider, with traditional core businesses including writing tools, student stationery, and office supplies. New businesses include the ToB retail e-commerce platform and retail stores [6][10]. - The company is expected to leverage IP and international expansion as new growth drivers, enhancing product pricing and market reach [6][10]. Summary by Sections 1. Company Overview - The company has a stable traditional core business while accelerating exploration of new business opportunities [10]. - Revenue and profit have shown steady growth, with a projected revenue of 24.2 billion yuan in 2024, reflecting a CAGR of 23% from 2014 to 2024 [14][16]. 2. Core Business - The company focuses on enhancing product value through IP, leading to continuous price increases. The sales volume of traditional core products has faced pressure, but the average price has increased due to product structure optimization and IP collaboration [26][30]. - The company has established a unique "Morning Light Partner Pyramid" marketing model, enhancing its competitive edge through extensive retail networks [32]. 3. Office Direct Sales and Retail Stores - The office direct sales segment, represented by the company’s ToB platform, has shown steady revenue growth, achieving 13.8 billion yuan in 2024, with a CAGR of 30% from 2019 to 2024 [39][45]. - The retail store segment, including brands like "Jiumu Zawushang" and "Morning Light Life Museum," has expanded significantly, with 741 stores by 2024, reflecting a 20% year-on-year increase [47][51]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 25.2 billion yuan in 2025, with a growth rate of 4% year-on-year, and 30.4 billion yuan by 2027, maintaining a similar growth trajectory [58]. - The report anticipates improvements in gross margins due to IP enhancements, projecting a gross margin of 18.5% in 2025 [59].

针对汽车行业过去几年持续内卷的生存状态，一场集体反思正在发生。一汽集团在2026新年致辞中旗帜鲜明地提出，要"带头反对'内卷式'竞争，自觉维 护公平竞争市场秩序、促进产业健康发展"。 这并非一家之言。北汽集团董事长张建勇在2026新年致辞中回首2025年时，对"卷"有着切肤的体会：行业在卷，市场在变，对手在拼——难，是这一年最 真实的底色。 2025年，汽车行业形成了一个共识，低价的无限度比拼，是一条侵蚀利润、损害创新、难以通向未来的窄路。单纯的内卷本质上是在存量市场中互相剥 夺，它让企业忙于应对短期份额的得失，却可能错过布局长期竞争力的窗口。 因此，跳出内卷泥潭，成为头部车企的共同行动纲领。吉利控股集团董事长李书福在2026新年致辞中回顾吉利发展历程时，将2007年《宁波宣言》发布视 为企业发展的一个关键转折点，核心正是"毅然告别低价竞争"。 反内卷并非意味着放弃竞争，而是将竞争的维度从单纯的成本与售价，拉升到技术、品质、品牌与用户体验的综合价值层面。 安全 伴随着多起备受关注的电动汽车事故的发生，品质，特别是安全性，成为2025年汽车行业的热点话题。在2026新年致辞中，各家车企普遍强调对安全的关 注。 ...

步入2026年的3个交易日里，A股持续走强，在半导体、有色板块集体上涨的势头中，此 前一度"沉寂"的创新药板块也再度亮眼，其中港股创新药板块更为出色；此外叠加"脑机 接口"的风潮，有公募认为此前沉寂数年的医疗器械板块或也迎来投资机遇。 展望后市，"普涨"已不再是基金经理的共识，而具备业绩验证的优质个股或将走出持续性的 独立行情；此外，因具备更好的研发和盈利前景，出海能力也成为多名基金经理筛选公司的 核心标准之一。 但像去年上半年的普涨行情或难以再现，诺安精选价值基金经理唐晨表示，2025年我们经历 了从"中国资产重估"到"创新药BD锚定"的主升浪，2026年更应把注意力放在"兑现"上。唐晨 认为，市场可能不会再现全面单边普涨，但真正的好资产会走出更高质量、更强持续性的独 立行情，这对专业投资者反而更友好。 "脑机接口"或带火医疗器械 值得注意的是，近几个交易日内"脑机接口"概念异军突起，消息面上，马斯克在社交媒体表 示，Neuralink预计在2026年开始量产，或预示着脑机接口商业化元年的到来。从新能源车 到人形机器人，再到商业航天，马斯克的商业版图给投资者带来不少的机会，脑机接口的未 来空间同样广阔。 永 ...

2026 年度策略：看好内需顺周期主线，出海关注龙头 Alpha20260107 摘要 顺周期贝塔领域优先关注需求改善的出行链行业，如航空、酒店、旅游 等，受政策催化影响大，需求改善明显，带动估值提升，航空业已体现 一定弹性。 高端消费领域重点推荐免税和高端黄金珠宝，市场对涨价预期看好，具 有估值加业绩双驱动特征，如中国中免、老铺黄金和潮宏基等。 性价比大众消费当前需求边际改善不明确，供给不稀缺，复苏较晚，依 赖收入提升或 PPI、CPI 数据改善，应寻找竞争格局改善的细分行业龙头。 逆周期行业如教育，需求刚性较强，职业教育、公考景气度稳中有升， 供给侧龙头格局清晰，AI 技术应用是效率催化剂，关注华图山鼎、中国 东方教育等。 出海方面，预计 2026 年下半年有更多机会，出口具韧性，美国实际需 求好于预期，具备阿尔法属性的龙头公司将通过业绩增长驱动，如安克 创新、巨星科技、小商品城等。 Q&A 2026 年商社板块的年度策略是什么？ 2026 年商社板块的年度策略主要分为内需和出海两部分。在内需方面，重点 关注高端消费和顺周期行业；在出海方面，关注龙头企业的表现。 内需方面有哪些重点领域？ 内需方面主要分为 ...

步入2026年的3个交易日里，A股持续走强，在半导体、有色板块集体上涨的势头中，此前一度"沉寂"的创 新药板块也再度亮眼，其中港股创新药板块更为出色；此外叠加"脑机接口"的风潮，有公募认为此前沉寂 数年的医疗器械板块或也迎来投资机遇。 展望后市，"普涨"已不再是基金经理的共识，而具备业绩验证的优质个股或将走出持续性的独立行情；此外， 因具备更好的研发和盈利前景，出海能力也成为多名基金经理筛选公司的核心标准之一。 创新药板块回暖 以ETF为例，三天内嘉实中证港股通创新药ETF、富国恒生港股通创新药及医疗保健ETF等5只基金涨幅超过 7%，华泰柏瑞恒生创新药ETF等其余13只产品涨超6%，还有多只跟踪A股的相关产品涨超5%。 拉长时间来看，2025年上半年A股和港股两地创新药板块联袂上涨，截至2025年三季度末尚有多只主动权益产 品位列"翻倍基"名单，但经历四季度的回撤后数量大减。据统计，去年四季度内，创新药主题基金集体下跌， 十余只港股创新药概念ETF回撤幅度超过20%。 "脑机接口"或带火医疗器械 值得注意的是，近几个交易日内"脑机接口"概念异军突起，消息面上，马斯克在社交媒体表示，Neuralink预计 在 ...