受益于新能源汽车、AI等赛道的爆发，功率半导体进入黄金周期，中国市场2025年规模有望突破1800 亿元。在此风口下，国内功率器件龙头长晶科技时隔逾两年重启IPO，证监会官网显示，公司已于1月 15日向江苏证监局办理IPO辅导备案登记，辅导机构为华泰联合证券。 作为连续六年跻身行业十强的企业，公司通过并购构建全产业链体系，此次IPO既是抢抓复苏机遇、扩 产布局的战略举措，也折射出头部企业加速国产替代的趋势，成为观察行业成长潜力的重要窗口。 当前，长晶科技选择重启IPO，正值功率半导体行业显现复苏迹象之际。根据多家市场研究机构的数 据，自2022年四季度触底后，中国功率半导体行业收入增速已进入上行周期，市场供需关系逐步改善， 为相关企业创造了更有利的外部环境。 中商产业研究院发布的《2025-2030年中国功率半导体产业市场研究及发展前景投资预测分析报告》显 示，全球功率半导体市场规模从2020年的4115亿元增至2024年的5953亿元，年均复合增长率达9.67%。 中商产业研究院分析师预测，2025年全球功率半导体市场规模将达到6101亿元，其中，中国功率半导体 市场规模将超过1800亿元。 面对未来，长晶 ...

这些风格迥异的城市区域，正以各自的方式重塑中国汽车产业的未来格局，同时也折射出地方政府在产 业转型中的战略分化。 2025年，在中国汽车产业版图的激烈重构中，"第一城"之争已从单一的产量竞赛，演变为发展模式与产 业生态的全面比拼。 在成渝城市群，重庆凭借赛力斯（601127）在高端市场的突破和长安汽车的稳健增长，以全年近280万 辆的汽车产量提前锁定"中国汽车第一城"，而隔壁的成都虽然并不在第一梯队，但其通过与一汽的业务 合作，以及与重庆的产业协同，也实现了汽车产业的快速发展。 在长三角，合肥借助"以投带引"的精准招商，在新能源汽车赛道异军突起，其2025年前11月新能源汽车 产量全国第一。合肥的崛起，意味着此前上海一家独大的区域产业格局，开始走向"群雄并起"的新时 代。 在珠三角，2019年至2023年蝉联"中国汽车第一城"的广州，在产业转型浪潮中的掉队压力在2025年更为 明显。2024年刚成为"中国汽车第一城"的深圳，虽坐拥比亚迪（002594）与华为两大巨头，却并不热衷 于制造环节，而是倾向于锁定更高附加值的产业链上游…… 这些风格迥异的城市区域，正以各自的方式重塑中国汽车产业的未来格局，同时也折射出 ...

MPV从最初的工具车，到依托商务需求蓬勃发展，再到近年来宜商宜家概念盛行。但无论如何， 却很少有人将MPV与年轻人联系到一起，直到小鹏X9横空出世。 1月19日，小鹏汽车举行"小鹏X9超级增程用户画像分享交流会"，透露了一个令人"意想不到"的数 据：小鹏X9超级增程用户中，90后占比近六成；同时，在小鹏X9的用户中，首购比例高达21%。也正 因开拓出全新的细分市场，小鹏X9得以逆势增长。据乘联会数据，2025年，中国MPV市场规模下滑 2.3%，但小鹏X9在2025年12月交付量达到5,424台，同比增速289.1%。 接下来，于桐具体分析了年轻家庭首选小鹏X9的六大理由。 第一是颜值。不同于传统MPV的沉闷 "方盒子" 造型，小鹏 X9 超级增程外观造型前卫不"老登"满 足年轻用户审美需求。星舰2.0设计语言，采用1.11黄金宽高比，从根源上解决了传统 MPV 车身臃肿笨 重的核心痛点，搭配 21° 倾角的优化 A 柱与流畅溜背造型，既降低风阻提升能效表现，更塑造出兼具 优雅与动感的车身姿态，是高端家用 MPV 市场的颜值担当。 第二是操控。小鹏X9超级增程标配后轮转向，后轮双向±5°最大转角，5.3米车长 ...

Core Viewpoint - The article discusses the evolving landscape of China's automotive industry, highlighting the competition among cities and the strategic differentiation of local governments in industrial transformation [2][4]. Group 1: Chengdu-Chongqing Region - Chongqing is set to become "China's Automotive Capital" with an annual production of 2.788 million vehicles in 2025, marking a 9.7% increase, and 1.296 million of these being new energy vehicles (NEVs), which is a 36% growth [4][5]. - The success of Chongqing's automotive industry is attributed to local government support and strategic partnerships, particularly the collaboration between local company Seres and tech giant Huawei [5][6]. - Chengdu's automotive production reached 821,000 vehicles in 2025, a 26.6% increase, with NEV production soaring by 198.3% to 205,000 units [7]. Group 2: Yangtze River Delta - The Yangtze River Delta remains a stronghold for the automotive industry, contributing 28% of national production, with NEVs accounting for 34.6% of the total [11]. - Shanghai's automotive production has declined, with 1.6011 million vehicles produced in 2025, representing about 5% of national output [11]. - Hefei has emerged as a key player in NEVs, producing 1.246 million units in 2025, the highest in the country, driven by government initiatives and partnerships with major manufacturers [12][14]. Group 3: Pearl River Delta - Shenzhen has overtaken Guangzhou as "China's Automotive Capital" in 2024, with BYD producing 4.5374 million NEVs, making it the global leader in this segment [16][17]. - The shift in production statistics from "enterprise location" to "production location" has impacted Guangdong's ranking in automotive output [16]. - Guangzhou's automotive industry faces challenges in transitioning from traditional fuel vehicles to NEVs, with a significant focus on integrating advanced technologies and smart transportation systems [18][19].

宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 147260 元/吨，较前日 上涨 1060 元/吨，近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 150920 元/吨，较前日下跌 4.39%，近 10 个交易日整体呈现上升走势。 【基差分析】当前基差为 3660 点，正基差（现货升水），较前日 走弱 1070 点，近 10 个交易日基差整体走强。 【仓单情况】碳酸锂注册仓单量为 27698 手，较前日增加 240 手 （+0.87%），近 10 个交易日仓单整体增加。 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸 ...

中信研报称，全球稀土资源战略地位持续提升，稀土产业进入高质量发展新时代。供给层面，配额 管制叠加管制政策，刚性逻辑或持续加强；需求层面，新能源汽车、人形机器人和低空经济等新兴领域 有望成为需求长期高速增长的核心驱动，我们预计2026年起全球稀土供需缺口或持续扩大，稀土价格或 稳中有进，产业链盈利能力或持续提升，持续推荐稀土产业链战略配置价值。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [5][9]. Core Insights - The lithium battery sector experienced a price increase across the supply chain, with significant growth in raw material prices, particularly lithium carbonate and lithium hydroxide, which rose by 64.40% and 77.51% respectively from early December 2025 to mid-January 2026 [5][41]. - In December 2025, China's new energy vehicle (NEV) sales reached 1.71 million units, marking a year-on-year growth of 7.14% and a monthly market share of 52.26%, driven by supportive policies and improved cost-performance of new energy vehicles [5][14]. - The report highlights that the overall industry outlook remains positive, with expectations for continued growth in both the NEV and lithium battery sectors in 2026, despite a projected slowdown in sales growth due to base effects and tax incentives [5][14]. Summary by Sections Market Review - In December 2025, the lithium battery index fell by 1.04%, underperforming the CSI 300 index, which rose by 2.28% during the same period [2][9]. - The report notes that 48 stocks in the lithium battery sector rose, while 56 fell, with a median decline of 0.87% among the stocks [9]. New Energy Vehicle Sales and Industry Prices - NEV sales in December 2025 were 1.71 million units, with a year-on-year increase of 7.14% and a month-on-month decrease of 6.02% [5][14]. - The total installed capacity of power batteries in December 2025 was 98.1 GWh, reflecting a year-on-year growth of 30.11% [5][14]. - The report indicates that the prices of upstream raw materials have generally increased, with battery-grade lithium carbonate and lithium hydroxide prices significantly rising [5][41]. Industry and Company News - The report includes various industry updates, such as the launch of new battery production lines by major companies like CATL and the establishment of new manufacturing facilities in Europe [54].

图片来源：社交网络平台 1月19日，现货黄金突破4690美元/盎司，现货白银突破94美元/盎司，双双创历史新高。Wind数据显示，今年以来现货白银价格已上涨约30%。 据极目新闻，国内最大的黄金珠宝集散地深圳水贝市场，除了抢黄金和白银，近期还有不少商家试探性地推出了纯铜999.9的投资铜条；据悉，其规格有 500克和1000克，一根1000克的投资铜条报价从180元至280元不等。 据证券时报报道，一位水贝商家说，这两天问的人比较多，真正下单的人很少。多位商家表示，目前还不知道具体回收方式，"我们现在是只卖不回 收。"也有商家表示："铜条的工费可能比铜本身的价格还高，即使回收可能也就是按原材料价格回收，所以价值并不大。" 在许多网络社交平台，水贝"投资铜条"也引起了热议。智通财经查询社交平台，在小红书上，有大量关于投资铜条的售卖信息。其中有商家算了一笔账： 1万8能买17克黄金，金价涨1元盈利17元；同样1万8能买1000克白银，银价涨1元盈利1000元；1万8能买90万克铜，铜价涨1元盈利90万元。 2026年以来，铜价连创新高。1月14日，伦敦金属交易所（LME）期铜创出每吨13407美元的历史新高；国内 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the lithium battery industry [5][6]. Core Insights - The lithium battery sector has experienced a general price increase across the supply chain, with significant growth in raw material prices, particularly lithium carbonate and lithium hydroxide, which have risen by 64.40% and 77.51% respectively since early December 2025 [5][6]. - In December 2025, China's new energy vehicle (NEV) sales reached 1.71 million units, marking a year-on-year increase of 7.14% and maintaining a monthly sales share of 52.26%, driven by supportive policies and improved cost-performance of new energy vehicles [5][14]. - The report highlights that the overall industry outlook remains positive, with expectations for continued growth in both the NEV and lithium battery sectors, despite a projected slowdown in sales growth rates for 2026 due to base effects and tax incentives [5][14]. Summary by Sections Market Review - In December 2025, the lithium battery index fell by 1.04%, underperforming the CSI 300 index, which rose by 2.28% during the same period [2][9]. - The report notes that 48 stocks in the lithium battery sector rose while 56 fell, with a median decline of 0.87% among the stocks [9]. New Energy Vehicle Sales and Industry Prices - NEV sales in December 2025 totaled 1.71 million units, with a year-on-year growth of 7.14% and a month-on-month decline of 6.02% [5][14]. - The total installed capacity of power batteries in December 2025 was 98.1 GWh, reflecting a year-on-year increase of 30.11% [5][14]. - The report indicates that the prices of key raw materials, including battery-grade lithium carbonate and lithium hydroxide, have seen substantial increases, with prices reaching 157,000 CNY/ton and 150,000 CNY/ton respectively [5][14]. Industry and Company News - The report mentions significant developments in the industry, including the launch of new production lines and the expansion of battery manufacturing capacities by major companies [54]. - Notable announcements include the establishment of a new battery cell production facility by Volkswagen in Germany and the opening of a large battery manufacturing plant by Envision AESC in the UK [54].

Core Viewpoint - The new energy light truck market in China achieved significant growth in 2025, with total sales reaching 177,000 units, representing a year-on-year increase of 70% [1][30][37]. Sales Performance - In December 2025, the new energy light truck market sold 24,900 units, marking a 72% year-on-year increase and a 56% month-on-month increase [4][24]. - The overall light truck sales in December reached 59,800 units, with new energy light trucks accounting for 41.65% of the total, up from 29.56% in November [9][24]. Market Share and Leading Companies - The top companies in the new energy light truck market for 2025 included: - Yuan Cheng New Energy Commercial Vehicles: 34,700 units, 46% growth, 19.6% market share [2][31]. - Foton Motor: 29,600 units, 133% growth, 16.7% market share [2][31]. - JAC Motors and SAIC Yuejin: both at 13,600 units, with 149% and 151% growth respectively, each holding 7.7% market share [2][31]. - BYD and Weichai New Energy sold 7,941 and 7,400 units respectively, with BYD achieving a 193% increase [2][31]. Regional Insights - Guangdong province led the market with over 54,300 units sold, accounting for 30.7% of the national total [11][13]. - Other provinces such as Henan, Jiangsu, and Zhejiang also showed significant growth, with increases of 126%, 173%, and 154% respectively [13]. Fuel Type Distribution - Pure electric vehicles dominated the market, comprising 92.04% of new energy light truck sales in 2025, an increase from previous years [16][18]. - Hybrid models accounted for 6.13% of sales, while hydrogen fuel cell vehicles made up 1.83% [18]. Future Outlook - The new energy light truck market has shown a continuous growth trend, achieving a "24 consecutive increases" milestone [4][37]. - The industry anticipates whether this growth momentum will continue into 2026 [37].