时代浪潮奔涌，国运与产业共振催生核心资产价值。当全球供应链重构遇上新能源产业革命，掌握核心 资源、具备全球竞争力的龙头企业，早已成为格隆汇"下注中国"的关键标的。 洛阳钼业（603993.SH、3993.HK）这家从中国栾川走出的矿企，如今已成长为全球领先的铜钴生产 商，2025年股价暴涨超200%，市值突破4000亿元，正以"资源+贸易+新增长极"三驾马车，书写中国矿 业的全球化传奇。 | | 2025年前三季度营收结构 | | | --- | --- | --- | | | 营收(亿元) | 中 | | 矿产贸易 | 888.9 | 61.1% | | | 386.2 | 26.5% | | | 61.8 | 4.3% | | EF | 46.6 | 3.2% | | 磷肥 | 30.7 | 2.1% | | 25 | 24.8 | · 1.7% | | ਸ਼ਵ | 15.9 | 1.1% | 供需格局更是锦上添花。2025年伦铜价突破1.2万美元/吨，沪铜期货站上10万元/吨；钴价从年初16.9万 元/吨飙升至43万元/吨以上，涨幅超154%。供给端，铜矿长期资本开支不足导致供给刚性，刚果（金） 作为全 ...

时代浪潮奔涌，国运与产业共振催生核心资产价值。当全球供应链重构遇上新能源产业革命， 掌握核心资源、具备全球竞争力的龙头企业，早已成为格隆汇"下注中国"的关键标的。 洛阳钼业（603993.SH、3993.HK）这家从中国栾川走出的矿企，如今已成长为全球领先的 铜钴生产商，2025年股价暴涨超200%，市值突破4000亿元，正以"资源+贸易+新增长极"三 驾马车，书写中国矿业的全球化传奇。 | | 菅收（亿元） | 문다 | | --- | --- | --- | | 矿产贸易 | 888.9 | 61.1% | | | 386.2 | 26.5% | | 1 | 61.8 | 4.3% | | RE | 46.6 | 3.2% | | 磷肥 | 30.7 | 2.1% | | 三年 | 24.8 | www.gogudata.con1.7% | | F | 15.9 | 1.1% | 01 为什么是洛阳钼业？硬核逻辑梳理 洛阳钼业能从众多企业中脱颖而出，核心在于踩准了中国新能源转型的风口，更手握"需求绑 定+资源布局+业绩确定性"三大王牌。 1.铜钴高景气周期持续加码 它的核心优势，是深度绑定国内新能源产业链 ...

当元旦节日氛围正浓，中国汽车行业却迎来一场无声的战役。 各大汽车公司相继于1月初公布2025年最后一个月的销量成绩，全年终局榜单也随之揭晓。这张成绩单揭开行业现 实，传统巨头正在以前所未有的速度扩张版图，而造车新势力阵营却正在经历残酷的座次洗牌。 新能源转型的洪流中，有人乘风破浪，也有人黯然退潮。 传统巨头阵营鼎立，强者恒强 刚刚过去的2025年，传统自主品牌巨头表现堪称强势。 比亚迪毫无悬念地继续领跑，2025年全年累计销量突破460万辆，同比增长接近8%。其中纯电车型全年累计销量 225.67万辆，同比大增27.86%。由此，比亚迪继续斩获中国汽车市场车企、品牌双料销量冠军，以及全球新能源市场 销量冠军。 尤其值得注意的是，比亚迪海外市场年销量首次突破百万大关，乘用车及皮卡海外销量达104.96万辆，同比激增 145%。这意味着，中国汽车销冠正在加速成长为世界级选手。 图片来源：比亚迪汽车 紧跟比亚迪的步伐，吉利汽车在2025年上演一出追逐大戏。全年累计销量超302万辆，超额完成全年300万辆销售目 标，同比激增39%，创下历史新高。吉利强劲增长的动力来源于其新能源转型全面提速，全年新能源车销量接近169 ...

Core Viewpoint - The Chinese automotive industry is undergoing a significant transformation, with traditional giants expanding rapidly while new energy vehicle startups face intense competition and market reshuffling [1][2]. Group 1: Traditional Giants' Performance - BYD continues to lead the market with total sales exceeding 4.6 million units in 2025, marking an 8% year-on-year increase. Pure electric vehicle sales reached 2.2567 million units, up 27.86% [3]. - BYD's overseas sales surpassed 1 million units for the first time, with a remarkable 145% increase year-on-year, indicating its growth as a global player [3]. - Geely achieved over 3.02 million units in sales, exceeding its target of 3 million units with a 39% year-on-year increase. Its new energy vehicle sales approached 1.69 million units, soaring by 90% [5]. - Chery sold over 2.8 million units, a 7.8% increase, and maintained its position as the top exporter of Chinese passenger cars for 23 consecutive years, with exports exceeding 1.34 million units, up 17.4% [8]. - Great Wall Motors sold over 1.32 million units, a 7.33% increase, with new energy vehicle sales reaching 403,700 units, up 25.44% [10]. Group 2: New Energy Vehicle Startups' Performance - The new energy vehicle startups showed significant differentiation, with only Leap Motor, Xiaomi, and XPeng meeting their annual sales targets [12]. - Leap Motor emerged as a surprise leader with nearly 600,000 units sold, achieving a target completion rate of over 119% [12]. - XPeng sold 429,400 units, surpassing its target with a 125.94% year-on-year growth, while NIO sold 326,000 units, a 46.9% increase [15]. - Li Auto faced challenges, selling 406,300 units, down 18.81% year-on-year, and only achieving 58.05% of its target [15]. - Xiaomi's sales reached over 35,000 units, successfully meeting its annual target, while other brands like Deep Blue and Avita struggled to meet their goals [16]. Group 3: Market Dynamics and Future Outlook - The automotive market is expected to become more competitive as new subsidy policies are introduced in 2026, emphasizing product strength, technological capabilities, and brand value [19]. - The rapid changes in market positions among startups highlight the volatility and competitive nature of the industry, with no brand's position being secure [17].

2025年，上汽商用车持续推进资源整合，技术升级与绿色转型，不断开拓海外市场，持续突破：全年销售24.5万辆，同比大增超 18%，新能源销量同比增长85%。全年零售实现同比"八连增"，零售突破25万辆。更在新能源转型与海外增量市场两大关键领域斩 获佳绩：国内新能源热销超5.8万辆，新能源渗透率单月突破50%，领先传统商用车企。全年海外出口10.3万辆、同比增长超25%， 轻商出口量升至中国车企第二，市场版图延伸至全球100多个国家和地区。轻客国内上险市占率与出口量双登行业第一，皮卡海外出 口在中国品牌中稳居第二，跃进轻卡增长强劲，全年热销超4万辆，同比激增近128%，成为新能源轻卡行业的"黑马"。 新能源转型成果显著，全场景矩阵引领行业跃迁。2025年，上汽商用车新能源转型进入全面突破阶段，不仅国内新能源车型实现渗透 率单月突破50%、全年销量同比增长近117%，更在传统商用车企中新能源销量占比持续领先。以"鸿图""星栈"等自研架构为核心技 术支撑，并与宁德时代达成深度战略合作，上汽商用车构建起覆盖轻客、皮卡、轻卡、MPV、客车、重卡的全场景新能源产品矩阵， 正以系统性的绿色解决方案引领全球商用车行业价值跃升 ...

Core Insights - The current MPV market in China is highly competitive, with Buick GL8 leading the sales, followed by Toyota's offerings and new entrants in the electric MPV segment [1][4] - Buick's strategic focus on both fuel and electric MPVs has resulted in a significant increase in sales, with over 50% of its MPV sales being electric, marking a 152% year-on-year growth [1][4] Group 1: Market Performance - In 2025, Buick's MPV family achieved cumulative sales of 122,373 units, averaging over 10,000 units per month, securing the title of annual sales champion in the MPV market [1] - The GL8陆尚 model has become a standout in the 250,000 RMB electric MPV segment, achieving a delivery volume of over 23,000 units within just 58 days of its launch [5] - The GL8陆尊 model has successfully penetrated the competitive 300,000-400,000 RMB electric MPV market, showcasing luxury features that set it apart from competitors [5][6] Group 2: Product Strategy - Buick's MPV lineup is designed to cater to various consumer needs across different price points, ensuring that each model meets specific user demands while maintaining brand value [4][8] - The GL8至境世家 model has quickly gained popularity among high-net-worth individuals, receiving 8,297 orders within a month of its launch, with 98% of orders for the top-tier version [8] - Buick's commitment to user experience is evident in its focus on safety, quality, and long-term value, which has established a strong market presence and customer loyalty [9][10] Group 3: Competitive Landscape - The MPV market is evolving, with competition shifting from single technology or positioning to a comprehensive assessment of product experience, luxury, safety, and reliability [9][10] - Buick's MPV models have consistently demonstrated high resale value, with the fuel version GL8 leading in domestic MPV three-year resale rates and the electric version GL8 winning the one-year resale rate for plug-in hybrids [9] - The brand's long-term strategy and focus on quality have positioned it favorably against emerging competitors in the MPV market [11]

来源：晋才晋商 山西美锦能源股份有限公司（000723）发布最新公告，公司与宁波联创永浚私募基金管理有限公司等多 家机构共同发起的安徽浚安股权投资基金已完成备案并正式启动运作。这家总部位于山西的能源企业以 有限合伙人身份出资1.5亿元，参与设立了规模达10亿元的股权投资基金。 这是美锦能源在传统煤焦化业务之外，围绕新能源、先进制造等新兴产业开展的又一重要资本布局。截 至2025年12月30日收盘，美锦能源股价微跌0.21%，报收4.76元，总市值209.61亿元。 安徽浚安股权投资基金的合伙协议于2025年初签署，经过数月筹备，目前已完成工商登记注册手续并取 得《私募投资基金备案证明》。 根据公告，该基金整体规模预计为10亿元人民币，所有合伙人均以人民币现金出资。基金存续期限为七 年，其中前四年为投资期，后三年为退出期。 基金应重点投资于先进制造及新能源等马鞍山市雨山区重点发展产业，投资于这些产业的金额将不低于 基金投资额的70%。 管理费方面，基金在成立日至存续期限届满期间，将按日历年度计收管理费。 决策机制上，基金设立投资决策委员会，由执行事务合伙人及符合条件的有限合伙人委派人士组成，共 三人。 美锦能源 ...

此轮铜价的强势上行，是商品货币属性与基本面供需格局双重共振的结果。从货币属性来看，2025 年全球进入财政扩张和货币超发阶段，纸币信用出现一 定程度缺失，叠加美联储降息预期落地，以美元计价的有色金属持有成本降低，金融属性持续增强。混沌天成研究院有色组分析师周蜜儿指出，超发货币与 宽松环境推动金银价格上涨后，这一逻辑逐步延伸至铜这一宏观属性较强的品种，推动其价格中枢上移，当全球货币体系信用受挑战时，铜的货币属性甚至 压倒工业属性，成为价格主导驱动力。 基本面供需失衡则为铜价上涨提供了坚实支撑。供应端方面，2025 年全球铜矿供应超出预期减少，矿山生产事故频发、阶段性生产中断成为常态，导致铜 精矿供应紧张，全年供应端干扰率大幅攀升。一德期货分析师王伟伟表示，铜精矿供给紧张是推动铜价上行的核心原因，而美国关税政策冲击加剧了价格波 动，溢价带来的虹吸效应进一步加剧了非美地区精铜库存紧张。同时，冶炼产能限制与突发事故催化，使得供给端弹性持续缩减。 从市场影响来看，铜价上涨不仅带动有色金属产业链企业盈利改善，也为投资者提供了新的资产配置方向。对于后续走势，市场参与者普遍认为，在供需格 局未发生根本性转变、宏观宽松环境持续 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in copper prices, with LME three-month copper prices increasing over 40% and reaching a historical high of $12,960 per ton by December 29, 2025, driven by macroeconomic factors and supply-demand dynamics [1][2][5] - The surge in copper prices has positively impacted the stock market, particularly in the non-ferrous metal sector, with the industry index rising over 92% in 2025, and leading companies like Zijin Mining and Jiangxi Copper seeing stock price increases of over 125% and 153%, respectively [2][5] - Analysts predict that the upward trend in copper prices will continue into 2026, supported by a tight supply of copper concentrate and strong demand driven by AI and energy infrastructure developments [5][6] Group 2 - The analysis indicates that the copper market is experiencing a "copper rush," influenced by both the monetary attributes of commodities and fundamental supply-demand factors, with a notable increase in demand from AI data centers and global energy facility reconstruction [3][4][5] - The supply side is facing challenges, including production disruptions and a tightening of copper concentrate availability, which are expected to persist and contribute to price increases [4][6] - The outlook for 2026 suggests that copper prices could range between 83,000 yuan/ton and 130,000 yuan/ton for Shanghai copper futures, and between $10,300/ton and $16,000/ton for LME three-month copper, driven by ongoing supply constraints and robust demand [5][6]

Core Viewpoint - The recent surge in copper prices, following record highs in gold and silver, is seen as a remedy for investors who missed earlier opportunities. The London Metal Exchange (LME) three-month copper price has increased by over 40%, making it a standout in the 2025 commodity market [1][2]. Group 1: Copper Price Surge - Copper prices officially began to accelerate from late November 2025, reaching a historical high of $12,960 per ton on December 29. The Shanghai copper futures also surpassed 100,000 yuan per ton, peaking at 102,660 yuan [2]. - The performance in the futures market has positively impacted the stock market, with the non-ferrous metal sector becoming a popular investment area. The non-ferrous metal industry index rose over 92% in 2025, with leading stocks like Zijin Mining up over 125% and Jiangxi Copper up over 153% [2][3]. Group 2: Market Predictions and Influencing Factors - Analysts predict that copper prices will continue to rise in 2026, driven by macroeconomic conditions and supply-demand dynamics. The first half of 2025 was influenced by tariff expectations, while the second half shifted focus to supply risks [3][5]. - The tight supply of copper concentrate is identified as a core reason for the price increase, exacerbated by U.S. tariff policies that have led to significant price volatility [3][6]. Group 3: Demand and Supply Dynamics - The current "copper rush" is attributed to both the monetary attributes of commodities and fundamental supply-demand factors. The global macro environment remains uncertain, but trends such as de-globalization and monetary expansion are driving commodity prices higher [4][5]. - Supply-side constraints, including frequent production disruptions and accidents in copper mines, have led to a significant reduction in expected copper concentrate output. Meanwhile, demand from sectors like AI data centers and energy infrastructure is expected to offset declines in traditional sectors [4][5]. Group 4: Future Outlook - Institutions are optimistic about copper prices in 2026, anticipating that the Federal Reserve's interest rate cuts and ongoing de-dollarization will support prices. The long-term tight supply of copper concentrate, coupled with production disruptions and U.S. scrap copper export regulations, is expected to further constrain supply [5][6]. - The demand for copper is projected to grow significantly due to the energy transition and AI expansion, with expectations for a price range of 83,000 to 130,000 yuan per ton for Shanghai copper futures and $10,300 to $16,000 per ton for LME three-month copper [5][6].