1.【丰田宣布将在北美首发新款纯电动汽车】5月15日，丰田汽车公司宣布，为扩大在北美的纯电动汽车（BEV）产品线，其将于5月19日至21日在丰田汽 车北美公司（TMNA）的新车发布会上首发新款bZ Woodland电动汽车。丰田称，新款bZ Woodland计划于2026年初在北美上市其日本国产车型bZ4X Touring预计将于2026年春季左右在日本推出。（界面新闻） 2.【汽车新规来了，AEBS将强制安装】备受关注的强制性国家标准《轻型汽车自动紧急制动系统技术要求及试验方法》完成起草，进入公开征求意见阶 段，该标准将替代现行国标GB/T 39901-2021，征求意见截止日期为2025年6月30日。对比现行标准，该标准由推荐性转为强制性，且适用范围有所扩 大，标准要求"M1和N1类汽车应装备自动紧急制动系统"。同时，该标准还增加了对行人目标、自行车目标、踏板式两轮摩托车目标等弱势交通参与者的识 别能力考核，并新增仿真测试项目。这意味着，未来所有的乘用车必须安装自动紧急制动系统（简称"AEBS"）。（中华网） 3.【重庆首个海外新能源整车生产基地投产】当地时间5月16日，长安汽车罗勇工厂内，长安汽车全球第 ...

期货研究 商 品 研 究 2025年05月16日 | 国泰君安期货商品研究晨报 | | --- | 观点与策略 | 黄金：下破支撑位 | 3 | | --- | --- | | 白银：震荡回落 | 3 | | 铜：缺乏明确驱动，价格震荡 | 5 | | 铝：区间震荡 | 7 | | 氧化铝：继续反弹 | 7 | | 锌：价格下调 | 9 | | 铅：区间调整 | 10 | | 锡：窄幅震荡 | 11 | | 镍：消息面扰动情绪，基本面变化有限 | 13 | | 不锈钢：库存高位小幅去化，短线修复或难以过高 | 13 | | 碳酸锂：累库格局难反转，偏弱走势或延续 | 15 | | 工业硅：弱势基本面依旧，盘面具备下行驱动 | 17 | | 多晶硅：下游继续跌价，盘面弱势 | 17 | | 铁矿石：短期利多兑现，上涨驱动放缓 | 19 | | 螺纹钢：宽幅震荡 | 20 | | 热轧卷板：宽幅震荡 | 20 | | 硅铁：主产区减产集中，硅铁宽幅震荡 | 22 | | 锰硅：原料价格继续探涨，锰硅宽幅震荡 | 22 | | 焦炭：铁水下行，宽幅震荡 | 24 | | 焦煤：铁水下行，宽幅震荡 | 24 | | ...

5月15日，特许公认会计师公会（ACCA）全球行政总裁白容（Helen Brand）接受了记者的专访。她表 示，中国在经济领域成为世界的引领者，中国过去是、现在是并且将持续成为全球经济中极为重要的组 成部分，是全球经济体系中不可或缺的一环。中国在技术领域的创新为世界带来了巨大机遇，ACCA将 找到合适机制来培育并促进创新发展。 当日，由市委金融办牵头搭建的服务北京全球高端专业服务机构平台正式启动，平台汇聚了金融、财 会、法律、知识产权、人力资源、咨询、地产服务、评级评估和可持续发展国际合作等十大领域的近70 家成员单位，将为在京金融机构及其企业客户精准对接专业服务资源，ACCA在平台财务领域成员小组 中担任牵头单位。 记者：潘福达 白容介绍，平台将借鉴国际先进经验，整合全球顶级专业服务资源，在北京产业发展和吸引投资方面发 挥重要作用，ACCA计划开展人才培养项目等专业服务，更好满足北京对于高端财会专业人才的需求。 具体来说，ACCA持续完善专业资格认证，与各大高校的合作伙伴紧密协作，在北京与北京国家会计学 院展开合作，专注于培养北京地区的高端人才。 "人工智能在教育与培训方面的潜力尚未得到充分挖掘，因此，我们 ...

2025 年 5 月 16 日 碳酸锂：累库格局难反转，偏弱走势或延续 | | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | | | | liuhongru@gtht.com | | | | 【基本面跟踪】 | | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | | | 2507合约（收盘价） | 64,120 | -1,080 | -160 | -2,840 | -6,760 | -13,680 | | | | 2507合约（成交量） | 230,077 | -147,448 | -79,207 | 84,342 | 190,991 | 225,382 | | | | 2507合约（持仓量） | 289,360 | 12,404 ...

所长 早读 国泰君安期货 2025-05-16 期 请务必阅读正文之后的免责条款部分 1 期货研究 当地时间周四，鲍威尔在美联储托马斯·劳巴赫(Thomas Laubach)研究会议上表示，美 联储正在调整其货币政策框架，以应对 2020 年疫情后通胀和利率前景的重大变化。 他表示， 2020 年制定的政策框架是基于当时持续低利率和低通胀的环境，但当下经济条件已发生显著 变化。 美联储目前的政策框架是在五年前采纳的，并于今年开始对该框架进行审查。此次审 查预计不会影响美联储当前的利率决策。鲍威尔此前曾表示，可能在 8 月或 9 月完成该审查 过程，并公布结果。 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | 原油 | ★★★★ | 原油：多单、正套轻仓持有昨日，市场传言美伊达成和谈，油价大幅回吐地缘溢价，在经历 五一节以来的持续反弹后大幅回调。其中，内盘 SC 几乎回吐两周以来大部分涨幅，近端月差 抹平。我们认为原油市场的单边的反弹空间在美伊和谈预期下被削弱，但反弹本身可能没有 完全结束。即便不考虑伊朗原油问题，OPEC+增产不及预期、页岩油产量下滑、季节性旺季、 中美贸易关系缓和 ...

图片来源：视觉中国 小米汽车给出的解决方案是：对于未交付的订单，公司将提供限时改配服务，可以改回铝制前舱盖（碳 纤维双风道前舱盖选装价格为4.2万元）。而已提车和在本次限时改配结束前选配碳纤维双风道前舱盖 的锁单用户，公司将赠送2万积分（价值约2000元）。 这一方案并未成功安抚消费者的不满情绪。数百名小米SU7 Ultra车主发起维权，要求退车。有车主喊 话称"希望雷军能保持真诚"。据《上海证券报》报道，已有要求退车的车主收到官方客服回复，可申请 取消购车流程，但定金无法退回。 这已不是小米第一次调整宣传表述。小米SU7高速爆燃事件后，舆论质疑小米夸大了对智驾功能的宣 传。5月4日，小米对SU7新车定购页面中的措辞做出调整，将"小米智驾Pro"更名为"小米辅助驾驶 Pro"，将"小米智驾Max"更名为"小米端到端辅助驾驶"。 官方层面此前也发布了相关规定。4月16日，工业和信息化部装备工业一司在工信部官网发布公告要 求，车企需充分开展组合驾驶辅助测试验证，明确系统功能边界和安全相应措施，不得进行夸大和虚假 宣传，严格履行告知义务，切实承担生产一致性和质量安全主体责任，提升智能网联汽车产品安全水 平。 自3月 ...

Core Insights - The International Energy Agency (IEA) report indicates a continuous growth in global electric vehicle (EV) sales, with China leading both production and sales in the global EV market [1][2] - In 2024, global EV sales are projected to increase by approximately 25%, surpassing 20% of the total global automotive market for the first time [1] - Emerging markets in Asia and South America are becoming key growth centers for EV sales, with total sales expected to grow over 60% year-on-year in 2024 [1] - Despite stagnation in European EV sales, the region maintains a market share of around 20% [1] - The report highlights that declining battery costs are making EVs more affordable, contributing to their growing popularity among consumers [1] - The operational cost of EVs is generally lower than that of gasoline vehicles, with EVs in Europe costing about half as much to operate compared to their gasoline counterparts [1] Market Projections - Global EV sales are expected to exceed 20 million units by 2025, accounting for over 25% of total global automotive sales [2] - By 2030, global EV sales are anticipated to surpass 40% of new car sales worldwide [2]

碳酸锂产业日报 2025/5/15 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 助理研究员: 陈思嘉 期货从业资格号F03118799 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | 期货市场 | 主力合约收盘价（日，元/吨） | 64,120.00 | -1080.00↓ 前20名净持仓（日，手） | -40,116 ...

Financial Data and Key Metrics Changes - For Q1 2025, revenue was $5.9 million, down from $11.5 million in Q4 2024 and $13.2 million in Q1 2024, with 29 units recognized compared to 51 units and 62 units in the previous quarters [24][25] - Cost of goods sold decreased to $4.7 million from $15.2 million in Q4 2024 and $10.4 million in Q1 2024 [24] - GAAP gross margin was a profit of $1.2 million or 20.6%, compared to a loss of $3.7 million in Q4 2024 and a profit of $2.8 million in Q1 2024 [25] - Non-GAAP gross margin was approximately $900,000 or 15%, down from $2.7 million in Q4 2024 but up from $1.7 million in Q1 2024 [25][26] - Operating expenses were $10.5 million, down from $10.9 million in Q4 2024 and $13 million in Q1 2024 [26] - Operating loss for Q1 2025 was $9.3 million, improved from a loss of $14.6 million in Q4 2024 and $10.2 million in Q1 2024 [27] - Cash and cash equivalents totaled $4.8 million, with free cash flow negative at $4.8 million [28][29] Business Line Data and Key Metrics Changes - The company shipped a total of 60 units in Q1 2025, including 31 additional strip chassis for UPS, but only recognized revenue for 29 units due to GAAP standards [24][7] - The MD XT, a new medium-duty chassis cab, was launched, targeting a total addressable market of up to 100,000 units per year in the U.S. [12][15] Market Data and Key Metrics Changes - Customer demand remains consistent, with growing interest from national fleets, while smaller regional operators are leveraging state incentive programs [8] - The market for conventional chassis cab products like the MD XT can sell up to 100,000 units per year, significantly larger than the strip chassis market [39] Company Strategy and Development Direction - The company aims to focus on growth, protecting margins, and managing liquidity with discipline [6][18] - Plans to reduce exposure to tariffs through reshoring and resourcing strategies [10] - The MD XT is positioned as a more affordable and reliable option compared to legacy players, which are pricing their electric chassis cabs over $300,000 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges such as new emissions rules, tariffs, and interest rates, emphasizing customer trust and reliable truck performance [7] - The company reaffirmed its full-year 2025 guidance for revenue between $50.2 million and $65.8 million, with unit deliveries between 320 and 420 units [29] Other Important Information - The company has made significant progress in collecting receivables, totaling $10.2 million in Q1 2025 [29] - The MD XT is still undergoing safety certifications and is targeted for production ramp-up by Q3 2026 [17] Q&A Session Summary Question: Can you speak about the parts commonality between your step vans and the MD XT? - The MD XT shares over 90% of the same commodity components with the step van, reducing costs and training requirements [35][36] Question: What are potential customers saying about the MD XT? - The market for the MD XT is larger, with several sizable fleets already interested, and it is expected to take time to ramp up orders [40] Question: How should we think about revenue recognition for the UPS units? - The margin profile for large national customers is lower, but this will be offset by other products in the portfolio, with a concentration of deliveries expected in Q2 and Q3 [42][43] Question: Can you provide an update on the ChargeHub? - There is significant interest in the ChargeHub, with orders coming from outside the truck customer base, and the company is exploring additional features for future versions [46][47]

IEA：今年电动汽车销量可能占全球汽车销量的四分之一 金十数据5月14日讯，国际能源署周三表示，尽管贸易和政策存在问题，但电动汽车预计今年将达到全 球汽车销量的四分之一。去年电动汽车取代了大约130万桶/日的原油产量，而目前的全球原油日产量约 为1亿桶。根据各国现行政策，这一数字预计将在2030年达到500万桶/日，这是IEA最保守的预测。该机 构目前预计，到2030年，电动汽车将占轻型汽车市场（轿车、货车、SUV和皮卡）的20%，不到国际能 源署（IEA）去年分析预测的一半。 ...