Domestic News - Shanghai government launches a special action plan to boost consumption, focusing on promoting automobile consumption and implementing national vehicle scrapping and replacement subsidy policies [2] - Shanxi province announces full subsidy for hydrogen fuel truck tolls on highways from June 1, 2025, to May 31, 2027 [3] International News - Ford adjusts its electric vehicle development plan, sharing part of the production capacity of its Kentucky battery plant with Nissan due to lower-than-expected market demand [4] - Renault CEO expresses willingness to share technology with other automakers to reduce manufacturing costs and promote sustainable development in the automotive industry [5] - Tesla plans to launch autonomous taxi services in Austin, Texas, by the end of June, starting with approximately 10 vehicles [6] - Japan's exports to the U.S. decline for the first time in four months, with automobile exports dropping by 4.8% [7] - Volvo partners with Google to develop an Android-based in-car system, allowing Volvo owners to receive system updates ahead of competitors [8] Company News - XPeng Motors reports Q1 revenue of 15.81 billion yuan, a year-on-year increase of 141.5%, with a net loss of 660 million yuan [9][10] - Qualcomm and Xiaomi celebrate 15 years of collaboration and announce a new multi-year agreement to advance technology across various devices [11] - Jaguar Land Rover announces a strategic adjustment in China, ending production of several models by September 2025 and focusing solely on electric vehicles for the Jaguar brand [12] - Foton and Huawei Digital Energy sign a cooperation agreement to develop multi-scenario solutions and build a megawatt supercharging network for the electric truck industry [12] - WeRide reports Q1 2025 revenue of 72.44 million yuan with a gross margin of 35.0%, and announces a $100 million share buyback authorization [13] - MG launches the 2025 MG S5 EV in Malaysia, with prices ranging from 115,900 to 135,900 ringgit [14] - Baidu's autonomous driving service, "Luobo Kuaipao," provides over 1.4 million rides in Q1 2025, a 75% year-on-year increase [15]

图片来源：YAN MINGLEI—VCG VIA GETTY IMAGES 市场研究公司Gartner将这一阶段称为"幻灭低谷"：一项热门新技术首次未能达到其炒作效果时所处的阶 段。 宝马是最早预测电动车将经历发展阵痛的车企之一。多年来，这家德国豪华汽车制造商的高管一直警告 称，尽管特斯拉掀起了行业热潮，但购车者转向电动车的速度不会如预期般迅速。 如今，宝马向股东表态，将坚守多元化动力系统战略，持续为消费者提供包括燃油车、混合动力车型以 及2028年将首次亮相的氢燃料电池车在内的产品选择。 首席执行官奥利弗·齐普策在上周三举行的宝马年会上说："技术开放意味着紧跟市场，因为市场在演 变，但不同市场的发展步调并不一致。将电动化作为唯一技术路径只会走向死胡同。当前形势已充分表 明了这一点。" 大约五年前，包括梅赛德斯-奔驰（Mercedes-Benz）、大众（Volkswagen）和沃尔沃（Volvo）在内的许 多品牌均宣布了尽快向电动车转型的宏大目标。相比之下，宝马拒绝跟风电动车浪潮，曾招致大众前首 席执行官赫伯特·迪斯（Herbert Diess）等竞争对手批评其拖慢行业进程。 齐普策表示："即便面临巨大阻力， ...

【文/观察者网 潘昱辰 编辑/高莘】"对于事情在短时间内变成这样，我感到非常抱歉。"据《日本经济新 闻》报道，由于业绩不佳，日产汽车于5月9日宣布将放弃在日本国内建设首座动力电池工厂的计划；因 此，日产执行董事平田祯治同日前往福冈县向地方政府汇报情况时表示了歉意。 日本经济产业省曾设定一个雄心勃勃的目标：到2030年将国内电池生产能力提升至150GWh/年，并为约 30个相关项目提供补贴。经济产业省曾估计，当前承诺可确保120GWh的年产能，但日产的退出使这一 目标备受威胁。 在《日本经济新闻》看来，日本汽车制造商优先考虑短期利润而非长期投资，将使其重蹈在半导体和液 晶显示器领域的覆辙，最终在电动汽车和电池领域将市场完全让给中国。 日产汽车 路透社 特别是在新任CEO伊万·埃斯皮诺萨于4月上任后，日产开始了大刀阔斧的降本计划，目标降低5000亿日 元（约合人民币243.9亿元）的成本。 具体来看，到2027财年，日产将在全球范围内把制造工厂从17个减少至10个，年产能降至250万辆，并 备用50万辆产能的冗余及裁员2万人，而北九州磷酸铁锂工厂的暂停自然也包括其中。 业绩坍塌的后果 就在今年1月，日产才宣布将在 ...

Core Viewpoint - The joint statement from the China-U.S. Geneva trade talks indicates a significant reduction in tariffs imposed by both sides, leading to improved market sentiment and expectations for constructive negotiations to continue [1] Market Sentiment Improvement - Following the joint statement, market institutions expressed heightened interest, with Huaxia Fund noting that the tariff reductions exceeded expectations, positively impacting market reactions and injecting confidence into global markets [2] - UBS analysts highlighted the attractiveness of Chinese assets, citing a median price-to-earnings ratio of 25 times for A-shares, which remains below the central level, indicating strong investment value [2] - Morgan Stanley's research showed that U.S. hedge funds increased bullish bets on Chinese stocks due to optimism regarding trade negotiations, with China being the most underweight region in emerging market portfolios [2] Export Data Expectations - Analysts predict a notable improvement in China's export data in the near term, as the significant tax cuts may stimulate a wave of suppressed exports that were delayed in April [3] - Goldman Sachs analysts indicated that both Chinese exporters and U.S. importers would likely rush to place orders during the tariff suspension period, emphasizing the urgency in the market [4] Sector Opportunities - Multiple institutions expressed optimism regarding investment prospects in the technology sector, with Huaxia Fund suggesting that the recovery in market risk appetite could favor technology growth [5] - UBS Wealth Management identified leading internet companies driving AI development as attractive investment opportunities, with the semiconductor supply chain also presenting appealing prospects [6] - Morgan Stanley noted China's advancements in AI, humanoid robots, and electric vehicles, enhancing global investor confidence in Chinese enterprises [6] Ongoing Trade Relations Monitoring - Institutions emphasized the need to continuously monitor international trade relations, with a balanced outlook on market sentiment, neither overly pessimistic nor optimistic [7] - UBS indicated that despite reduced tariff risks, the controversial policies of the Trump administration could lead to more frequent shifts in market risk appetite, maintaining gold's appeal as a traditional safe-haven asset [7] - UBS projected strong mid-term demand for gold, supported by central bank purchases, as market uncertainties persist [8]

Core Viewpoint - The company aims to achieve annual revenue and profit growth targets while managing costs and inventory, expanding through acquisitions, and increasing its presence in high-end markets and niche products [1][2] Group 1: Operational Strategies - The company has outlined four main operational strategies for 2025, focusing on achieving annual revenue and profit goals, expanding in high-end markets, and deepening long-term customer relationships [1] - Effective cost control and inventory management are prioritized, with strategies aligned to revenue targets and flexible procurement and capacity planning to enhance inventory efficiency [1] Group 2: Market Expansion and Acquisitions - The company plans to integrate recent acquisitions in high-end temperature sensors and continue pursuing organic growth and strategic acquisitions to expand its platform scale [2] - There is a focus on expanding high-end markets and increasing the proportion of niche products, optimizing product mix and customer structure, and enhancing global strategic partnerships [2]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 欧盟放松电车贸易壁垒，海风出海弹性大 2025 年 04 月 20 日 增持（维持） [Table_Summary] 投资要点 重点推荐标的：宁德时代（动力&储能电池全球龙头、盈利能力和排产均超预期）、三花智控（热管理全 球龙头、特斯拉机器人总成空间巨大）、比亚迪（电动车销量持续向好且结构升级、全民智驾超预期）、 阳光电源（逆变器全球龙头、海外大储优势显著、估值极低）、汇川技术（通用自动化弱复苏龙头 Alpha 明显、联合动力持续超预期）、科达利（结构件全球龙头优势突出稳健增长、大力布局机器人）、亿纬锂 能（动力&储能锂电上量盈利向好并走出特色之路、消费类电池稳健）、大金重工（海风出口布局厚积薄 发、量利双升超预期）、雷赛智能（伺服控制器龙头企业、机器人关节批量优势明显）、华友钴业（锂电 资源材料一体化布局、镍钴盈利能力超预期）、富临精工（高压实铁锂领先、机器人布局深厚）、浙江荣 泰（云母龙头增长确定、微型丝杠优势明显）、璞泰来（负极龙头盈利拐点确立、隔膜涂覆持续增长）、 东方电缆（海缆壁垒高格局好，海风项目开始启动）、伟创电气（变频伺服持续增长、大 ...