Core Viewpoint - The Chinese automotive market in 2025 is characterized by "overall growth with internal differentiation," as the transition to new energy continues and competition intensifies [1] Group 1: Sales Performance of Major Automotive Groups - Among the automotive groups that have reported 2025 sales, seven achieved positive growth, with four groups exceeding 3 million units in annual sales, solidifying the leading position [2][6] - BYD sold 4.6024 million vehicles in 2025, a year-on-year increase of 7.7%, achieving its annual target [7] - SAIC followed closely with approximately 4.507 million vehicles sold, a 12.3% increase year-on-year, also meeting its annual target [8] - Geely's total sales reached 3.0246 million units, a 39% year-on-year increase, exceeding its target and setting a historical high [9] - Changan and FAW were close to their targets, achieving 95.7% and 97.1% of their goals, respectively [10] Group 2: New Forces in the Automotive Market - The new energy vehicle segment is experiencing significant differentiation, with 400,000 units becoming a critical threshold for scale [3] - Among the new forces, Leap Motor, Seres, Xiaopeng, Xiaomi, and Li Auto crossed this threshold, creating a gap with subsequent tiers [3] - Three out of eleven new energy vehicle companies met their sales targets, with Leap Motor, Xiaopeng, and Xiaomi being the notable achievers [12] Group 3: Competitive Landscape and Future Outlook - The automotive market is entering a phase of stock competition, where the competition extends beyond product and sales to include technology iteration speed, ecosystem building, and operational efficiency [4] - The consensus for 2026 is that competition will intensify, with traditional companies focusing on high-end and intelligent vehicles while new forces seek differentiation through rapid technological advancements [5][22] - The shift in the automotive export landscape indicates that new energy vehicles have become the core growth engine, replacing traditional fuel vehicles [21] Group 4: Overseas Market Performance - The overseas market is becoming a key growth area, with Chery, SAIC, and BYD forming a "million-unit club" in overseas sales [18] - Chery led with over 1.344 million vehicles exported, while BYD achieved a 145% year-on-year increase in overseas sales, surpassing 1 million units for the first time [19][20]

2026开年，全球大宗商品市场上演了一场惊心动魄的抢货大戏，焦点全集中在中国的一种金属上。 各国采购商连夜下单、央行悄悄囤货，甚至有企业为拿到货源主动提高采购价，这场抢货狂潮比市场预 期提前了整整半年。 小李留意到，不仅欧美国家积极入局，印度、阿联酋等新兴市场国家也加入了抢货行列，一时间这种金 属成了全球最抢手的"香饽饽"。 这究竟是哪种金属，能让各国如此疯狂争抢？背后引爆抢货潮的火爆真相，又藏着怎样的全球产业密 码？ 全球抢货潮全景 这场席卷全球的抢货狂潮，早已不是秘密，在深圳水贝的贵金属批发市场，白银首饰和银锭的批发店铺 前挤满了人。 有批发商直言，近期买银锭的顾客明显增多，尤其是无工费的银锭成了投资首选，店里库存几度售罄。 企业抢货的同时，各国央行也在暗中发力，俄罗斯央行早已将这种金属与黄金、铂金并列纳入外汇储 备，截至2025年储备量已达9.2万吨，占全球总储备的14.67%，稳居全球第三。 美国率先将其纳入关键矿产清单，随后印度、阿联酋、沙特、巴西等国纷纷跟进，把它列为战略资产， 一边限制国内流出，一边在国际市场疯狂扫货。 国内市场也同步升温，水贝白银首饰销售价格涨到16.52元/克，银锭批发价也创 ...

2025年最后一天，东风本田发动机有限公司完成工商变更登记，企业名称正式变更为广汽本田发动机有 限公司。这场始于 2025 年 9 月的资产整合案，以广汽本田斥资 11.72 亿元受让东风集团所持 50% 股 权、并接纳本田技研工业（含本田中国所持 10%）以剩余 50% 股权增资的方式完成闭环。 本报（chinatimes.net.cn）记者于建平 见习记者 田野 北京报道 理解这起收购的战略价值，需回溯其特殊历史渊源。1998 年成立的东风本田发动机，实为 "一个项目、 三方持股" 模式的产物 —— 产品几乎全部供应广汽本田，却由东风集团持股 50%、本田及其中国子公 司合计持股 50%。这种布局在燃油车时代曾发挥协同效应：其年产 48 万台发动机总成、65 万套零部件 的产能，长期支撑着广汽本田燃油车矩阵的核心动力需求。但随着新能源转型加速，弊端日益凸显：供 应链响应滞后、技术迭代受限、成本控制乏力，2024 年更因燃油车市场下滑与原材料涨价，出现 95.66 亿元营收对应 2.28 亿元净利润亏损的窘境。 汽车行业分析师翟强对《华夏时报》记者表示，此次收购的核心突破在于实现 "产销一体化" 战略闭 环 ...

1月7日，广汽集团发布2025年12月产销公告。全集团12月汽车销量超18.74万辆，环比增长4.3%。数据 显示，该公司2025年全年终端销量181.35万辆，其中第四季度销量超53.78万辆，较上一季度增长 25.56%。"番禺行动"一体化改革取得多项积极进展，带动广汽销量今年以来连续三个季度实现环比正增 长。 广汽集团称，广汽丰田新能源转型已初见成效。2025年广汽丰田销售汽车75.6万辆，同比增长2.4%。其 自研的首款战略车型铂智3X，自2025年3月上市以来，累计销量达83,025辆，居合资新能源汽车首位。 ...

案例3：内蒙华电（600863.SH） 响应政策，购建并举加快向新能源转型 一、交易特色 关键词：优化国资布局、新能源/清洁能源、超长锁定期 本次交易体现了典型的国企特色，相比案例2日播时尚跨界收购来说，更加稳健： 1、国企内部资产整合，同一控制下关联交易 交易双方（内蒙华电和北方公司）最终的实际控制人都是中国华能，符合国资委提出的推动优质资产注入上市公司、提高央企控股上市公司质量的政策方 向。 2、资产评估增值率高，严苛的业绩承诺与超长锁定期 标的资产评估增值率较高（如正蓝旗风电增值106.18%），采用收益法评估，这是能源行业项目收购的常见做法。 出售资产的大股东（北方公司）对其注入资产的未来盈利做出了三年业绩承诺。通过本次交易获得的新股票，锁定期长达60个月（5年），表明控股股东 对公司长期发展充满信心。 二、时间线 2025年2月11日，停牌； 2025年2月21日，交易预案； 2025年7月10日，披露重组草案； 2025年8月4日，上交所受理；紧接着多轮审核问询及回复； 2025年12月11日，上交所并购重组委审核通过； 2025年12月31日，获得证监会批复； 2025年12月31日，资产过户完 ...

王爷说财经讯：你敢信吗？全球大宗商品市场又出大动静！ 2026年1月6日，纽约商品交易所COMEX美铜主力合约正式突破6美元/磅的关键心理关口，创下历史新高，同时也刷新了去年夏季美国关税激增以来的最 高纪录。短 短一个交易日，期铜涨幅就接近6%，从5.69美元/磅一路飙升至6.007美元/磅的峰值。 可能有人会问，铜价涨涨跌跌不是常事吗？这次突破6美元有什么特殊意义？要知道，这可是铜价首次站上这一关键点位，而且距离去年7月美国宣布对进 口铜产品加征50%关税引发的市场震荡，还不到半年时间。 更关键的是，铜被称为"工业血脉"，从家电、建筑到新能源汽车、AI数据中心，几乎所有工业领域都离不开它，它的价格变动从来都不只是简单的市场波 动，更像是全球经济的"晴雨表"。这波疯狂上涨到底是什么在推动？又会给我们的生活和投资带来哪些影响？ 先梳理下这波铜价上涨的来龙去脉。 其实从2025年11月下旬开始，铜价就已经开启了加速上涨模式。伦敦金属交易所（LME）三个月期铜在2025年累计涨幅超40%，成为当年表现最好的工业 金属品种，年底更是触及12960美元/吨的历史高位。 而进入2026年，涨势进一步升级！ 1月5日伦铜大 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] [Table_scodeMsg1] 港股研究丨公司点评丨吉利汽车（00175.HK） [Table_Title] 吉利汽车 2025 年 12 月销量点评：超额完成全 年目标，极氪 9X 月交付过万 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 吉利汽车发布 2025 年 12 月销量。公司 12 月销量 23.7 万辆，同比+12.7%，环比-23.7%。2025 年全年累计销量 302.5 万辆，同比+39.0%。新平台赋能，吉利汽车有望开启产品新时代。GEA 架构支撑新车周期，极氪、领克、银河全面向好。各品牌新能源转型顺利推进，规模效应逐步 凸显将带来盈利向上弹性。公司燃油车基盘稳固，联营企业创新出海模式持续打开海外新空间。 智能化战略即将开启，加速提升智驾能力。整车强势新周期下盈利具备较大弹性。 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 吉利汽 ...

Core Viewpoint - The upcoming IPO of Zhejiang Kema Friction Material Co., Ltd. marks a significant milestone in the company's history and indicates a solid step forward for the domestic friction material industry towards high-end and international markets [2] Group 1: Business Performance - Kema Material has demonstrated excellent growth potential, with projected revenue increasing from approximately 202 million yuan in 2022 to about 249 million yuan in 2024, reflecting a year-on-year growth of 25.16% in 2024 [3] - In the first half of 2025, the company achieved revenue of 139 million yuan, a year-on-year increase of 11.37%, with net profit reaching 45.5 million yuan, up 30.68% [5] - The company's gross margin has been consistently high, reaching 47.39% in 2024, with overseas business gross margin at 58.8%, significantly above the industry average of about 26% [6][7] Group 2: Market Position and Strategy - Kema Material has established a robust cash flow base in the aftermarket for commercial vehicles, ensuring a steady market share through deep partnerships with major domestic commercial vehicle manufacturers [8] - The company is strategically expanding into the wet paper-based friction material market, which has been dominated by foreign giants, thus opening up significant opportunities for domestic production [9] Group 3: Innovation and Future Growth - Kema Material is actively developing torque dampers for hybrid vehicles, addressing new requirements for smooth power transmission in hybrid systems [10][11] - The company has successfully integrated its torque damper friction materials into over 500,000 hybrid vehicles, including models from major manufacturers like Huawei and BYD, indicating early success in its new energy initiatives [13] - The planned fundraising of 206 million yuan will enhance the company's capabilities for high-end transformation, solidifying its leading position in the industry [14]

贵金属方面，受地缘局势催化，贵金属价格大幅上涨。隔夜现货黄金上涨2.64%，突破4400美元/盎司， COMEX黄金期货涨近3%，白银期货大涨超7%。同时，多家矿业公司发布2025年业绩预增，华友钴业 预计净利润同比增长超40%，赤峰黄金预计增幅达70%至81%，进一步强化板块业绩确定性。 工业金属方面，供需格局持续支撑价格走强。伦敦铜价突破每吨13100美元续创新高，受矿端供应偏 紧、冶炼行业协同增强及美国持续吸纳全球库存等多重因素推动。铝价亦表现强劲，沪铝价格突破 24000元/吨，创阶段性高位。 1月6日，有色矿业板块再度走强。截至10时52分，聚焦上游资源企业的有色矿业ETF招商（159690）上 涨4.28%，盘中成交额突破2100万元，呈明显放量态势。权重股方面，龙头紫金矿业总市值突破万亿， 创下历史新高。 分析指出，板块表现强势主要受多重基本面因素驱动： 分析认为，在全球通胀预期升温、地缘不确定性延续、新能源转型拉动长期需求的背景下，上游矿产资 源企业盈利与估值同步提升的逻辑依然坚实。有色矿业指数聚焦"家里有矿"的上游企业，具备较高的价 格弹性与业绩杠杆，成为投资者布局有色金属板块复苏与战略资源 ...

Group 1 - The core decision of Fangda Carbon (600516) is to terminate its participation in the restructuring of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze Trading Co., Ltd. This decision comes just over a month after the initial announcement to participate in the restructuring, attracting market attention [1][4]. - The primary reason for this termination is insufficient due diligence, which led to an inability to make a reasonable valuation of the target assets. The company conducted multiple communications with Shanshan Group's management regarding key matters but ultimately decided to withdraw to protect the interests of the listed company and its investors [4]. - Fangda Carbon stated that this termination will not adversely affect its production, operations, or financial status, nor will it harm the interests of the company and minority shareholders [4]. Group 2 - Fangda Carbon is focusing on carbon products as its core business while actively expanding into the new energy materials sector to overcome growth bottlenecks in traditional business [5]. - Prior industry expectations suggested that successful participation in Shanshan Group's restructuring could enhance Fangda Carbon's synergy in "carbon + new energy materials" through Shanshan's quality assets in negative electrode materials and polarizers. However, after the termination, the company will continue to pursue its strategic goals and seek suitable investment and cooperation opportunities to enhance performance and protect shareholder interests [6]. - According to Fangda Carbon's Q3 2025 report, the company achieved a revenue of 2.622 billion yuan, a year-on-year decrease of 16.79%, and a net profit attributable to shareholders of 113 million yuan, down 55.89%, indicating pressure on performance [6]. The company has accumulated multiple technological reserves in silicon-carbon anodes and solid-state batteries and has established a strategic partnership with CATL (300750) to co-develop lithium battery anodes and solid-state battery electrolytes. Industry insiders believe that the new energy materials business is expected to become a core growth engine in the future due to the sustained high prosperity of the new energy industry [6].