2025年上半年，港股通资金流量创历史新高，南向资金主导市场。港股通累计成交金额为4.8万亿港元， 同比增长50 %，占港股市场总成交额的19%，影响力持续提升。此外，外资回流共振显著。外资通过ETF 等渠道重返港股，iShares MSCI Hong Kong ETF年内净流入超7亿美元，与南向资金形成合力。 | 指标 | 2025H1 | 2024H1 | 同比变化 | | --- | --- | --- | --- | | 累计成交金额(万亿港元) | 4.8 | 3.2 | +50% | | 净流入规模(亿港元) | 7,300 | 1,420 | +414% | | 日均成交额(亿港元) | 2,402 | 1,882 | +27.6% | | 占港股总成交比例 | 19% | 15% | +4pct | 从成交活跃度来看，上半年港股通日均成交金额为2402亿港元，创历史新高，远超2021年牛市水平（1882 亿港元），符合历史"全面牛市"特征。此外，与2021年的市场环境相比，2025年已发生根本性变化——当 前港股估值处于历史低位，而2021年则处于估值高位。这种差异使得当前资金流入更具可持续性 ...

文 | 陈婧 来源 | 银河投研黑色与有色 编辑 | 杨兰 审核 | 浦电路交易员 第一部分 调研背景 一、调研目的 碳酸锂价格年内跌破6万元/吨，市场悲观心态较强。锂电产业链各环节均面临着诸多挑战， 上游生产商遭遇成本倒挂困境，下游正极厂承受着电池厂压价和同行内卷的双重压力，贸易 商则因期限结构走平而利润空间受限。 为全面、深入地了解长三角地区锂电产业链企业的实际运营状况、行业发展的瓶颈以及未来 趋势，银河期货与七禾网组织了本次调研。通过与长三角地区多家锂电相关企业的深入交 流，既为企业提供定制化的金融服务，也为企业制定发展规划和决策提供有价值的参考。 二、调研时间 2025年7月7日-7月11日 调研地点 江、浙、沪、皖 调研对象 碳酸锂消费、贸易、回收等企业 三、调研总结 本次调研围绕长三角地区锂电产业链展开，主题涵盖该地区锂电池回收企业、正负极材料生 产企业以及锂矿锂盐贸易商等不同类型企业的发展现状、业务布局、面临的问题与挑战、对 市场价格的判断、未来发展规划等方面，同时关注整个锂电产业链的技术路线、回收行业前 景、企业降本手段、产业链延伸及锂价走向等关键内容。 调研发现上游生产商普遍面临成本倒挂的问 ...

Group 1 - The urgency of fusion research is emphasized as a critical solution for developing zero-carbon sustainable energy to combat climate change [2][3] - Current renewable energy solutions are fundamentally limited and cannot significantly reduce existing carbon dioxide levels in the atmosphere [2][4] - Fusion energy is proposed as a necessary advancement to meet the growing energy demands of civilization while achieving carbon reduction goals [4][5] Group 2 - Fusion energy could lead to a transformative change in energy costs, potentially reducing electricity prices to mere cents per kilowatt-hour, which would revolutionize water resource management and agriculture [3][5] - The commercial viability of fusion energy is seen as a key factor in addressing environmental challenges and supporting sustainable development [3][6] - The focus of the New Energy Research Institute is on developing compact fusion technology to achieve low-cost electricity generation, aiming to surpass wind and solar energy in competitiveness [6]

补贴助推新能源车高速发展 有骗补企业被取消资质 时针拨回至2009年，财政部发布《关于开展节能和新能源汽车示范推广试点工作的通知》，明确对 试点城市公共服务领域购置新能源汽车给予补助，由此拉开了新能源汽车补贴时代的序幕；4年后，全 国统一的新能源车补贴标准出台，当时购买一辆纯电动乘用车最高可获得6万元财政补贴。 新能源汽车补贴政策出台，起到了立竿见影的效果。2014年，我国新能源汽车销量超过7.47万辆， 同比增长3.2倍。同时，催生了部分造车新势力，包括小鹏、蔚来、奇点，以及合众新能源等均成立于 2014年，由此这一也被称之为"造车新势力元年"。 当然，针对新能源汽车补贴，也有部分企业动起了歪心思，玩起左手倒右手的把戏，把新车卖给关 联租赁公司，拿完补贴后在停车场"吃灰"。以苏州吉姆西客车为例，通过虚构新能源汽车生产销售业 务，虚假申报2015年销售新能源汽车1131辆，涉及财政补助资金26156万元。最终该公司被追回全部财 政补助资金，并取消整车生产资质。 进入2016年初，财政部等四部门建立联合检查机制，重点核查车辆实际使用状态和数据真实性。随 后，补贴政策逐步要求车辆接入国家监管平台，实时上传行驶数据 ...

近几年来，极氪的"重研发"战略一直是其亏损的核心原因，近四年时间，极氪的研发累计投入227亿元， 2024年更是接近100亿元，SEA浩瀚架构、电池、芯片等供应链成本居高不下，也使得极氪已经累计亏损 262.23亿元。 与吉利的进一步整合，有助于集团企业借助品牌经验，实现进一步升维。 " 靴子落地，极氪向上 。 " 作者丨马广宇 编辑丨田哲 雷峰网消息，7月15日晚，吉利控股集团宣布，其旗下的吉利汽车控股有限公司与极氪智能科技有限公司 正式签署合并协议，吉利汽车将收购其尚未持有的全部极氪股份，极氪股东可选择以现金或置换吉利汽车 股份作为对价。 此前，吉利汽车控股有限公司曾宣布，计划收购极氪智能科技有限公司已发行全部股份，如今这一份声 明，也是对此事的最终交代。 据公告透露，吉利合并极氪旨在强化吉利汽车在智能新能源汽车领域的全球竞争力和成长性。利用极氪在 豪华新能源领域的优势，合并后的吉利汽车将实现对燃油、纯电、插电混动、醇氢电动等多种动力形式的 全面覆盖，并完成对主流、中高端及豪华汽车市场的全方位布局。 值得一提的是，在这份公告中，吉利提到集团将会坚定不移地推进内部资源深度整合和高效融合，杜绝重 复投入，进一 ...

以下文章来源于阿尔法工场Green ，作者红海 阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 导 语 ： 需求增长迅速的伊拉克，被储能业界视为"下一个南非"，成为头部厂商争夺战 的桥头堡。 伊拉克"战场" 一位 接近传音控股（688036.SH）的人士透露，"非洲手机之王"传音杀入了伊拉克储能市场，与更早进入伊拉克的光储龙头德业股 份（605117.SH），形成短兵相接之势。 传音将以自有品牌itel Energy 和itel Power等，由经销商代理运营。目前 ，传音已与伊拉克最大的光储经销商之一ZMC Solar Energy达成合作。 作为老牌光储企业，ZMC业务覆盖8个国家，在中东拥有强大的分销网络，尤其深耕伊拉克中南部和阿联酋两大市场。 图源：facebook 手机业务在"大本营"非洲遭遇增长瓶颈后，传音亟需第二条增长曲线。 近年来，小米 (01810.HK) 、OPPO、 荣耀等中国品牌纷纷加大非洲市场投入、并复制传音在非洲的模式。2025年第一季度，传音 手机出货量同比下滑5%，营收与利润更是双双下滑，其中净利润暴跌近70%。 或早有预感， ...

Core Viewpoint - The overarching objective of China-EU energy cooperation is to expedite the global transition to clean energy while ensuring energy security to address global climate change challenges [6][7]. Group 1 - The 12th meeting of the China-EU Energy Dialogue was held on July 14, 2025, in Beijing, co-hosted by Wang Hongzhi and Dan Jørgensen [5][6]. - Both sides agreed to sustain cooperation on various aspects of the clean energy transition, including accelerating the transition, ensuring energy security, enabling benefits of the transition, and energy market design [6][7]. - The EU-China Energy Cooperation Platform (ECECP) and the China-Europe Energy Innovation Cooperation Platform (CEEI) participated in the dialogue meeting [2][7].

Investment Rating - The automotive industry is rated as "Neutral" for the next six months, indicating expected performance in line with the market [53]. Core Insights - In June, retail sales of passenger vehicles increased by 18.1% year-on-year, with new energy vehicles seeing a growth of 30% [4][44]. - The automotive sector experienced a decline of 0.41% from July 7 to July 11, 2025, underperforming the CSI 300 index by 1.23 percentage points [10][44]. - The overall PE-TTM for the automotive industry as of July 11 is 25.83, down by 0.12 from the previous week [11][44]. Summary by Sections Market Overview - The automotive sector's performance from July 7 to July 11 showed a decline across various segments, with the passenger vehicle segment down by 1.43% and commercial vehicles down by 0.99% [10][44]. - The automotive services sector, however, increased by 3.13%, outperforming the CSI 300 index [10][44]. Valuation Levels - As of July 11, the PE-TTM for passenger vehicles is 25.11, for commercial vehicles is 36.01, and for automotive parts is 24.33 [11][44]. - The passenger vehicle segment saw a decrease of 0.37% in valuation, while the automotive parts segment increased slightly by 0.02% [11][44]. New Models and Industry News - 尚界汽车 has released a teaser for its first SUV model, which is expected to launch in the fall of 2025 [3][44]. - A total of 29 new and updated vehicle models were launched during the week of July 7 to July 11 [40][41]. Sales Performance - In June, the total retail sales of passenger vehicles reached 2.084 million units, marking an 18.1% increase year-on-year [7][44]. - Cumulative retail sales for the first half of the year reached 10.901 million units, up 10.8% compared to the same period last year [7][44].

文 | 中汽新能 7月1 4日，"焕新启航、科创引领，打造央企一流电池产业平台"行动大会在天津市中汽新 能公司召开。会上中汽新能与40余家合作伙伴完成产学研用生态链合签约，多方将携手构 建产业链协同生态。 天津市委常委、滨海新区区委书记连茂君， 天津市副市长翟立新，国务院国资委党委委 员肖宗辉，中国科学院院士陈军，中国工程院院士王成山，北京理工大学党委常委、副校 长王博，中国一汽党委副书记、总经理刘亦功，党委副书记梁贵友出席大会。梁贵友主持 会议。 会上， 翟立新、肖宗辉、刘亦功 分别致辞。连茂君与刘亦功共同为中汽新能总部及创新 研发院揭牌。 刘亦功向关心和支持中汽新能整合转型、焕新发展的国家部委、地方政府以及产业链、行 业协会、高校院所、金融机构表示感谢。他表示，中国一汽将抢抓时代机遇，加快打造央 企战新产业发展的新标杆；强化创新驱动，加快攻克引领行业发展的新技术；深化企地合 作，加快培育产业融通发展的新生态。中汽新能要以科技为底色，加快产出一批战略性、 原创性、引领性成果；以改革为动力，着力打造央企专业化整合新样板；以人才为支撑， 积极构建动力电池产业人才高地；以市场为导向，创新走出一条"弯道超车+换道超 ...

Core Viewpoint - Romania's energy regulatory authority has exempted energy storage resources from certain grid charging fees, aiming to eliminate double charging for stored energy, which has been a significant barrier to the development of storage technology [1][2]. Group 1: Regulatory Changes - The National Energy Regulatory Authority (ANRE) announced that energy storage resources will be exempt from transmission fees and green certificate fees when charging from the grid and discharging back [1]. - This exemption applies only to energy that is charged from the grid and then discharged back; self-consumed energy, including technical losses, will still incur grid-related fees [1]. - The regulation aims to send a clear signal to investors that Romania views energy storage not just as a technological option but as a pillar of energy transition [2]. Group 2: Importance of Storage Technology - Energy storage technology plays a crucial role in balancing energy systems and integrating renewable energy sources [1]. - The regulation addresses the long-standing issue of double charging, which has hindered the growth of storage technologies [1]. - The round-trip efficiency (RTE) of storage systems, such as lithium-ion batteries, which typically exceeds 90%, will become increasingly important for operators due to the remaining costs associated with self-consumed energy [1].