● 本报记者 马爽 "错过了上车金银的机会，或许买铜是一种补救方式。"近期，一则投资者的发帖在市场中引发共鸣。在 金银价格迭创历史新高之际，铜市已然接棒，开启"狂飙"模式，伦敦金属交易所（LME）三个月期铜累 计涨超40%，成为2025年大宗商品市场耀眼的明星之一。 这轮铜价的强势上行，不仅带动期货市场价格屡创新高，更传导至股市相关板块，带动产业链个股走 强，全球范围内的"抢铜狂潮"就此拉开序幕。展望2026年，多位业内人士认为，宏观环境、供需格局等 因素有望支撑铜价进一步上行。 股期标的同步飙升 从2025年11月下旬开始，铜价正式开启加速上涨模式，价格迭创历史新高。Wind数据显示，12月29 日，LME三个月期铜价格盘中一度触及12960美元/吨的历史新高。与此同时，近期，沪铜期货主力合约 价格在突破10万元/吨的关键关口后进一步攀升，最高触及102660元/吨。 期货市场的亮眼表现同步传导至股市，有色金属板块成为年度热门赛道之一。Wind数据显示，截至12 月30日收盘，申万一级有色金属行业指数2025年累计涨超92%；成分股方面，紫金矿业累计涨超 125%，洛阳钼业累计涨超202%，江西铜业累计涨超 ...

Group 1 - The commercial vehicle market in China is experiencing moderate growth, with production and sales reaching 3.843 million and 3.87 million units respectively from January to November, representing year-on-year increases of 11.6% and 10.4% [3][5] - Heavy-duty and light-duty trucks are the main contributors to growth, with heavy-duty truck sales increasing by 27.5% year-on-year to 1.042 million units, while light-duty trucks saw a 5.8% increase to 1.824 million units [3][5] - The bus market also shows strong recovery, with production and sales reaching 508,000 and 510,000 units respectively, marking year-on-year growth of 12.8% and 13.2% [4][5] Group 2 - The sales of new energy commercial vehicles reached 750,000 units from January to November, a year-on-year increase of 62.4%, accounting for 25.7% of total commercial vehicle sales [7][27] - The heavy-duty new energy truck segment is growing rapidly, with sales in November reaching approximately 28,000 units, a significant year-on-year increase of 178% [7][27] - The market penetration rate for new energy heavy-duty trucks has surpassed 30%, indicating a shift towards market-driven growth [7][27] Group 3 - The trend towards intelligent technology in commercial vehicles is accelerating, with advancements in smart driving assistance, smart cockpits, and high-level autonomous driving [10][30] - Domestic high-end commercial vehicles are now equipped with smart maintenance features, significantly reducing repair time and operational costs [11][30] - The integration of intelligent technology into operational scenarios is becoming a key competitive advantage for companies in the commercial vehicle sector [12][30] Group 4 - The export of commercial vehicles from China reached 947,000 units from January to November, reflecting a year-on-year increase of 14.6% [14][34] - New energy vehicle exports have shown remarkable growth, with 77,000 units exported, representing a year-on-year increase of 120% [14][34] - Chinese commercial vehicle companies are shifting from simple product exports to a more integrated global strategy, focusing on local production and service networks [15][35] Group 5 - The commercial vehicle industry in China is transitioning from high-speed growth to a phase characterized by stable fluctuations and a focus on quality improvement and structural optimization [17][37] - The competitive landscape is shifting from scale expansion to value competition, emphasizing core technology development, brand value, and service quality [17][37] - Companies are increasingly focusing on the entire lifecycle value of transportation tools and ecosystem integration capabilities [17][37]

来源 | 华尔街见闻 白银价格突破45年纪录并预计将翻倍上涨，创造了大宗商品市场的罕见景象： 一盎司现货白银和期货白银的价格均超过了一桶原油。 贵金 属在避险需求与结构性供应紧张推动下持续走强，而原油市场则在供需格局再平衡过程中承压。 12月29日，截至17时20分，COMEX白银价格为74.79美元/盎司，现货白银价格为74.81美元/盎司，WTI原油为57.68美元/桶。 自1983 年WTI原油期货交易启动以来，白银价格持续高于原油的情形极为罕见，仅在2020年疫情期间短暂出现过两次。 白银价格的强劲上涨，主要得益于投资者和工业需求的双重驱动。 在工业应用方面，从太阳能电池板到电动汽车等清洁能源领域，对白银的 消耗量持续攀升，为其提供了坚实的长期需求支撑。 与此同时，全球原油市场面临供给过剩与需求结构转型的双重压力，2025年以来国际油价累计下跌21%，已回落至疫情复苏后的低位水平。 当前机构对白银未来走势的判断仍存分歧，但普遍认为原油价格短期内难有起色。 价格因素亦在重塑投资行为。在黄金价格突破每盎司4500美元后， 部分投资者转向白银这一更为便宜的"贵金属替代选项"。 印度近期白银 进口激增便是一例 ...

Core Insights - FAW Audi has achieved a historic milestone by reaching 10 million users, becoming the first joint venture luxury car brand in the Chinese market to do so, reflecting its deep integration into the Chinese automotive landscape over nearly 38 years [1][10][15] Group 1: Historical Context and Development - The partnership between FAW and Audi began in 1988, marking the start of luxury brand localization in China, which has since evolved into a model of successful Sino-German cooperation [3][4] - FAW Audi has consistently adapted to key historical moments in China, such as the reform and opening-up, WTO accession, and the shift towards electric vehicles, demonstrating a commitment to local innovation [4][10] Group 2: Product Innovation and Market Adaptation - FAW Audi pioneered the "local adaptation" concept, developing models like the fifth-generation Audi A6 (C5) with extended wheelbases to meet Chinese consumer preferences [6][8] - The introduction of the Audi A6L in 2005, with its extended design, captured significant market share in the high-end business vehicle segment, influencing competitors to adopt similar strategies [8][11] Group 3: Technological Advancements and Sustainability - FAW Audi has embraced electric and intelligent vehicle technologies, launching the Audi e-tron series in 2018 and establishing a dual-platform strategy for hybrid and electric vehicles [10][12] - The collaboration with Huawei to introduce the world's first luxury fuel vehicle equipped with Huawei's advanced driving technology exemplifies FAW Audi's commitment to innovation [12][18] Group 4: Economic and Social Contributions - FAW Audi's success has contributed significantly to the Chinese automotive industry's value chain, creating nearly 500,000 jobs and generating over 740 billion yuan in taxes by the end of 2025 [16][18] - The brand has played a vital role in enhancing the perception of luxury vehicles in China, driving competition and improving service levels across the industry [14][15]

为持续引导投资者树立股东意识，积极行使股东权利，提升上市公司投资者关系管理水平，营造理性投资、价值投资、长期投资的市场氛围，9月17日，东 方证券联合上海证券交易所、上海市证券同业公会联合开展"我是股东"——走进沪市上市公司招商轮船（601872）活动顺利举行。东方证券投资者教育基地 组织高净值个人及机构投资者等30余位，实地参观了轮船招商总局，并与公司高管进行了深度交流。 "我是股东"走进上市公司活动自2013年启动以来，已陪伴投资者走过十余年历程，累计组织投资者走进沪市上市公司超过2000家次，仅2024年就达到450家 次，成为资本市场促进投资者与上市公司双向沟通、增强投资者获得感的重要品牌。 在投资者交流会现场，招商轮船董事会秘书孔康，董事会办公室总经理李漫、董事会办公室副总经理刘宇丰、ESG总监蔡晓华等出席活动。招商轮船董秘孔 康先生在致辞中向投资者重点介绍了公司近期在航运主业和ESG工作中取得的亮眼成绩，并强调公司始终将投资者回报和持股体验放在公司价值创造的核心 位置，让广大股东切实分享公司发展的成果。 据了解，招商轮船作为招商局旗下重点发展远洋运输的航运企业，经营和管理着大中华地区历史最悠久、最 ...

Group 1 - The core point of the article is the launch of the Fengxing brand's first pure electric SUV, the Xinghai T5, which is positioned to compete in the mainstream market against rivals like BYD Song PLUS and Leap Motor C11, marking a significant step in Dongfeng Fengxing's new energy transformation strategy [2][3] - The Xinghai T5 is priced at 153,900 to 161,900 yuan and aims to serve as a reliable family travel partner, targeting the popular 150,000 yuan compact electric SUV segment [3] - Dongfeng Fengxing has committed to a substantial investment of 20 billion yuan by 2030 to build core technological competitiveness, supported by a dedicated team of over 1,000 personnel [2] Group 2 - The Xinghai T5 features a 64.4 kWh lithium iron phosphate battery, offering a CLTC comprehensive range of 530 kilometers and an energy consumption of 13.8 kWh per 100 kilometers, which is competitive within its class [3] - The vehicle boasts a wheelbase of 2730 mm, providing ample interior space, and can achieve a flat storage space of 1214 liters with the rear seats folded down, enhancing its multifunctional attributes [3] - Despite facing intense competition in the MPV and mid-size sedan markets, Dongfeng Fengxing has reported a 67% year-on-year increase in total sales across its models, indicating positive market feedback for its product strategy [4]

外观设计上，东风日产NX8以"家庭未来美学"为核心，打造出极具电感的"最美家庭中大型 SUV"。 前脸宽阔，大气自信。东风日产NX8沿袭日产家族V-motion设计语言全新进化，拥有行业最长2.4米贯穿式星环灯，加上平面化发光logo，与下方矩阵式灯 组相互映衬，构建宽阔舒展视觉张力，彰显沉稳大方气质。 当家庭新能源SUV迈入"技术决胜"阶段，东风日产交出关键答卷。日前，东风日产天演架构下全新中大型家庭SUV NX8正式发布公告图！作为合资品牌 首发搭载800V高压平台+宁德时代5C超充技术的新能源SUV，承袭22年央企合资的深厚底蕴，既夯实了「最家」新能源产品阵营的差异化优势，更以技术 破局姿态，为中国主流家庭用户重塑超舒适、高效率的品质出行新范式。 美学与实用双优：为中国家庭定制的大空间座驾 对于家庭用户而言，"好看、好坐"是绕不开的核心诉求，NX8显然精准踩中了这一痛点。4870×1920×1680mm车身尺寸，轴距2917mm，拥有最主流、最 适合家庭的中大型SUV尺寸。新车凭借为中国家庭量身定制的长轴距、大座舱优势，不仅塑造出昂扬挺拔的自信车姿，更营造优越的内部空间，确保每位 乘员都能享有舒适座位， ...

Core Viewpoint - The year 2025 is a critical year for China's commercial vehicle industry, marking the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," with a focus on transformation and upgrading of the industry [1] Group 1: Industry Trends - The commercial vehicle market in China has shown a stable operation with structural adjustment opportunities becoming increasingly prominent [1] - The competition logic in the industry is shifting from a focus on scale to a value-driven approach [1] - From January to November 2025, the cumulative production and sales of commercial vehicles reached 3.843 million and 3.87 million units, respectively, representing year-on-year growth of 11.6% and 10.4% [4] Group 2: Company Performance - Chery Commercial Vehicles achieved a remarkable year-on-year growth rate of 67%, indicating strong growth momentum driven by precise understanding of industry trends and user value creation [4][6] - The company aims to position itself among the top global brands in the new energy commercial vehicle sector, demonstrating a commitment to high-quality development in the industry [3] Group 3: Strategic Initiatives - Chery Commercial Vehicles has adopted three core strategies to enhance its competitive advantage: focusing on customer needs, leading with technological innovation, and maintaining strict quality control [6] - The company plans to launch the "Future Super Commercial Vehicle Plan" in 2026, focusing on zero emissions and AI integration, while also enhancing existing product competitiveness [10][11] - The company will deepen its quality-first strategy and enhance brand influence through superior product quality and service [11] Group 4: Market Outlook - The domestic commercial vehicle market is expected to remain stable with structural replacement demand driven by policy and market factors, particularly in the new energy sector [7] - By 2028-2029, the penetration rate of new energy commercial vehicles is anticipated to exceed 50%, supported by improved market recognition and charging infrastructure [8] - The growth of new energy commercial vehicles is characterized by a shift from policy-driven to market-driven dynamics, with significant increases in market penetration rates [7]

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 ，看我们就够啦～ 今年东风汽车自主品牌协同发力，岚图品牌累计销量突破30万台，连续10个月销量实现增长；猛士品牌销量同比增长近3倍，其中猛士M817上市4 个月下线达到10000台；奕派和纳米合并后的奕派科技前11个月销量同比增长31%。 东风汽车新能源年销突破100万辆； 电车能耗新标准明年实施； 东风汽车今年高端化品牌定位明确，猛士和岚图持续冲高，并推出更完整的产品线，奕派科技坚持平民性价比路线，最终助力东风汽车成功实现新 能源转型。期待东风汽车能够拿出更加优异的全年财报。 电车能耗新标准明年实施 2026年1月1日起，全球首个针对电动汽车的强制性电耗限值标准——《电动汽车能量消耗量限值 第1部分：乘用车》（GB 36980.1—2025）将正 式实施，对电车能耗做出强制性要求。 今日新闻要点： 1、 东风汽车新能源年销突破100万辆 12月26日， 东风汽车新能源年销量突破100万辆，正式跻身新能源"百万俱乐部"。 通过车重对电车能耗进行分级，将倒逼车 ...

在全球新能源转型与工业复苏的双重驱动下，铜作为"工业金属之王"的战略地位愈发凸显。 杰富瑞最新发布的行业研究报告显示，铜市正迎来供应受限与需求增长的共振，中长期上涨逻辑逐步清晰。基于供需紧平衡的核心逻辑，杰富瑞建议投资 者配置一篮子铜矿企业股票，其中，中国市场的核心标的是洛阳钼业（603993）与紫金矿业（601899）。 01 三季度铜产量"亮红灯" 2025年三季度全球铜开采行业迎来阶段性下滑。杰富瑞跟踪了覆盖全球70%铜矿供应的核心企业，数据显示：三季度铜产量环比下降2.1%，同比下降 3.6%，创下近期季度产量新低。 背后主要原因是三大核心矿山的运营挑战：伊万霍伊矿业的卡莫阿-卡库拉矿、自由港迈克墨伦的格拉斯伯格矿，以及智利国家铜业的埃尔特尼恩特矿， 均因设备检修、产能调整等问题导致产量不及预期。 更关键的是，占全球铜供应约3%的格拉斯伯格矿计划在四季度全面停产，这意味着2025年全年铜供应下降幅度将进一步扩大，供应端的刚性约束正在加 剧。 02 根据杰富瑞的模型预测： 2025年全球铜市赤字将达30万吨 2026年赤字规模将飙升至86.6万吨 即便在全球GDP仅增长2%的温和场景下，未来一年铜市仍将 ...