Core Viewpoint - The 2026 Global Supply Chain Strategic Partnership Conference held by Shandong Heavy Industry and China National Heavy Duty Truck Group emphasizes the theme of "Technology Leading, Comprehensive Win-Win," showcasing China National Heavy Duty Truck's role as a leader in the commercial vehicle industry and outlining a new blueprint for collaborative development with global partners [1][3]. Group 1: Performance and Market Position - In 2025, China National Heavy Duty Truck is expected to achieve a total revenue exceeding 225 billion yuan, representing a 17% year-on-year growth, with vehicle sales projected to surpass 450,000 units, a 25% increase [3]. - The heavy truck production and sales volume is anticipated to exceed 300,000 units, maintaining the top position in the Chinese industry for four consecutive years and achieving the title of the world's largest heavy truck seller [3]. - The company has upgraded its product structure, marketing concepts, and business models, resulting in significant domestic market growth, with heavy truck sales expected to reach 150,000 units (up 33%), light truck sales at 120,000 units (up 29%), and a remarkable 116% increase in VAN and pickup sales [5]. Group 2: Export and Global Strategy - China National Heavy Duty Truck's heavy truck exports exceeded 150,000 units, marking an 11% year-on-year increase and maintaining its position as the leading exporter of heavy trucks in China for 21 consecutive years [5]. - The company achieved a record monthly export of over 15,000 heavy trucks in September, while also expanding its export product categories, with light truck exports increasing by 161% and aftermarket parts sales rising by 53% [5]. Group 3: Value Proposition for Partners - China National Heavy Duty Truck aims to create a "win-win chain" by transitioning from traditional supplier relationships to deep collaborative models focused on customer value co-creation [9]. - The company is committed to building an "innovation chain" by forming tighter R&D communities and breaking down technological barriers to enhance core competitiveness across the entire industry chain [10]. - A "smart chain" will be developed through digital transformation, utilizing big data and AI to improve supply chain efficiency and transparency [10]. - The establishment of a "sunshine chain" emphasizes integrity and compliance, ensuring fair and transparent cooperation with partners [12]. Group 4: Strategic Goals and Future Outlook - China National Heavy Duty Truck has set a clear strategic goal for 2030, targeting vehicle sales of 800,000 units and revenue exceeding 400 billion yuan, providing a stable growth platform for partners [13]. - The company is positioned as a reliable partner for suppliers looking to expand into international markets, leveraging its strong leadership and growth certainty in the commercial vehicle sector [13]. - The conference highlighted the recognition from various supply chain representatives of the company's development philosophy and ecosystem, viewing collaboration as a strategic choice to participate in the rise of China's high-end equipment manufacturing [15].

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 3.12% in the week from December 15 to December 19, 2025, underperforming the Shanghai Composite Index [1]. - QuantumScape (QS) signed a joint development agreement with a global top ten automotive manufacturer, marking significant progress in its commercial expansion goals for 2025 [2]. - China's photovoltaic module exports reached approximately 20.29 GW in October 2025, a year-on-year increase of 17% [3]. - The completion of the Jinshang-Hubei ±800 kV UHVDC project marks a historical high in grid construction intensity, with an investment of 33.4 billion yuan [4]. Summary by Sections 1. New Energy Vehicles - QS's partnership with a major automotive manufacturer signifies a key advancement in its business expansion for 2025, with ongoing collaborations with several top car manufacturers [14]. - The energy density of QS's solid-state battery reaches 844 Wh/L, supporting fast charging and high discharge rates [17]. - The company is focused on expanding its cooperative ecosystem and accelerating the commercialization of solid-state batteries [24]. 2. New Energy Generation - China's photovoltaic module exports in October 2025 were approximately 20.29 GW, reflecting a 17% year-on-year growth [35]. - The cumulative export volume reached 226.45 GW by the end of October, with a year-on-year increase of 11% [35]. - The European market remains the largest, but exports have declined for two consecutive months, with a 31% decrease month-on-month [36]. 3. Electric Equipment and Automation - The Jinshang-Hubei ±800 kV UHVDC project has been officially completed, with a total investment of 33.4 billion yuan, capable of transmitting approximately 40 billion kWh of clean electricity annually [54]. - The project enhances the capacity for large-scale development of hydropower and renewable energy in the upper reaches of the Jinsha River [54]. - The National Grid has completed 42 UHV projects, significantly supporting the large-scale delivery of clean energy from the western and northern regions [55]. 4. Weekly Sector Performance - The electric equipment and new energy sector saw a decline of 3.12%, ranking 30th in performance, with the new energy vehicle index showing the largest increase of 0.14% [1]. - The nuclear power index experienced the largest decline of 4.07% during the same period [1].

Group 1 - CATL has launched the world's first humanoid robot for large-scale production of energy storage battery PACK, achieving a connection success rate of over 99% [3] - Ganfeng Lithium has signed a project agreement for a 10GWh zero-carbon industry base in Jiangxi, which will include lithium battery production lines and a distributed photovoltaic power generation system [4] - Envision AESC has officially started production at its Sunderland battery plant in the UK, with an initial capacity of 15.8GWh, enough to supply batteries for over 200,000 electric vehicles annually [5] Group 2 - Guokai Energy has launched a smart manufacturing base for energy storage batteries in Anqing, Anhui, with a planned capacity of 10GWh and an expected annual output value exceeding 5 billion yuan [7] - Pylontech has commenced the second phase of its 10GWh lithium battery R&D and manufacturing base in Hefei, aiming to enhance production capacity and meet market demand [8] - Xinnengda plans to invest 2 billion yuan in a mobile energy storage vehicle production line and related projects in Jiangxi [9] Group 3 - A 27GWh battery cell production project has been signed in Feicheng, Shandong, with a total investment of 5.5 billion yuan, expected to generate an annual output value exceeding 8 billion yuan [10] - A new generation lithium battery project with a capacity of 60GWh has been established in Hunan, capable of meeting the battery needs of approximately 1 million new energy vehicles [11] - Volkswagen's PowerCo has launched its first battery cell production facility in Germany, with a target annual capacity of 20GWh to support around 250,000 electric vehicles [12] Group 4 - Dafu Technology plans to sell a 49% stake in Dasheng Graphite for a minimum price of 206 million yuan [14] - Yongtai Technology has reported a production capacity of 18,000 tons per year for solid-state lithium hexafluorophosphate [15] - Yuntai Holdings has established a complete supply chain for iron phosphate with an annual capacity of 50,000 tons [19] Group 5 - A 2,000-ton silicon-carbon anode material project has been signed in Sichuan, with a total investment of 650 million yuan, expected to achieve an annual output value of about 800 million yuan [20] - Huayou Cobalt has signed a binding memorandum to supply 79,600 tons of ternary precursor products to an international client [18] - Tesla plans to start battery production in Germany by 2027, with a production capacity of up to 8GWh [30] Group 6 - BYD has achieved a significant milestone with the production of its 15 millionth new energy vehicle [31] - CATL and Lantu Motors have signed a 10-year cooperation agreement to enhance collaboration in technology application and product supply [33] - Chery has reported a monthly sales figure of 111,577 units in December, marking a 54% year-on-year growth and positioning itself among the top three in the industry [34]

据了解，自2000年《深圳市创业资本投资高新技术产业暂行规定》发布以来，深圳创投行业从零起步、 逐步壮大，成为推动高新技术产业崛起的关键力量。25年来，深圳创投机构累计投资项目超2万个，覆 盖人工智能、生物医药、半导体、新能源等多个战略性新兴产业，培育了一批细分领域的龙头企业和上 市公司，为深圳乃至全国的科技创新和产业升级提供了有力支撑。深圳创投行业管理资本规模位居全国 第三，成为中国创投行业的"风向标"和"动力源"。（深圳特区报） ...

本报北京12月20日电 （记者潘俊强）记者从北京市人社局获悉：今年北京市新增博士后站115家，包括 7家博士后工作站和108家园区分站，设站规模稳步扩大，服务效能持续提升。新设站单位以科技创新型 企业为主，其中新能源、新材料、航空航天、人工智能、生物制造等战略性新兴产业占比超六成，科技 赋能新质生产力培育效能显著提升。 北京市人社局组织开展专题培训，解读博士后设站管理相关政策、运营核心要点等，为新设站单位提供 精准指引；同时，邀请中关村科技园区海淀园、北京市农林科学院博士后工作负责人，分享园区集群化 运营经验、博士后人才培养及成果转化实践经验等。北京市将持续优化博士后工作服务保障体系，强化 政策赋能与资源整合，激发博士后人才创新创造活力，推动产学研深度融合与成果转化。 《 人民日报 》（ 2025年12月21日 04 版） (责编：胡永秋、杨光宇) ...

（文章来源：新华财经） 此次财政拨付精准发力，发放新能源公交车补贴530.47万元、新能源公交车推广专项奖励资金300万 元，有效降低运营成本，保障公交线路稳定运行，让市民日常出行更加安心。当地助力出租车行业绿色 升级，发放巡游出租车补贴551.76万元，新能源巡游出租车购置补助103万元，减轻出租车经营者负 担，鼓励更多从业者选择新能源车型。 资金切实保障乌兰浩特市公共交通平稳有序运营，在促进新能源公共交通发展方面成效显著。未来，乌 兰浩特市财政局将持续发挥财政职能，推动公共交通向更加绿色、低碳、高效方向迈进，为城市可持续 发展贡献坚实财政力量。 新华财经呼和浩特12月20日电（记者蔡博腾）为保障公共交通高效运营，推动新能源公共交通发展，内 蒙古乌兰浩特市财政局近期发放多项补贴与奖励资金，为城市交通绿色转型注入强劲动力。 ...

近日，比亚迪成功斩获美洲市场巴西圣保罗公共交通运营商194台纯电动大巴订单。这是继 亚太新加坡210台、欧洲比利时268台两项大巴订单后，比亚迪再次获得海外客户高度认 可，为推动全球城市绿色交通低碳转型持续加码。 自2015年进入巴西，比亚迪大巴凭借领先技术与本地化深耕，已累计获得近千台订单，目 前已有超200台运营在巴西多个城市的大街小巷，以16%市占率位列当地电动大巴进口品 牌第一；并凭借其出色的稳定运营、高续航能力和良好适应性，为当地居民带来低碳、绿 色、便捷的公共出行。 这次新订单的获得，不仅体现了比亚迪大巴产品对当地市场需求的精准契合，和客户对技术 实力的再次肯定，也进一步巩固了比亚迪在拉美电动公交市场的引领地位。 巴西总统卢拉与比亚迪董事长兼总裁王传福合影 近年来，巴西多个城市积极推进公交能源转型。巴西总统卢拉曾多次在公开场合强调绿色发 展的重要性，并对比亚迪在新能源领域的创新能力与市场贡献表示高度赞赏。 比亚迪大巴在巴西圣保罗 比亚迪将持续响应巴西的清洁能源战略，以优质产品、高效服务、整体性解决方案，助力其 实现绿色减碳目标，共同推动拉美乃至全球的城市公交电动化进程！ ● 跨越拐点：华为靠什么破 ...

Group 1: Wealth Overview - In 2025, the number of billionaires worldwide surpassed 3000 for the first time, reaching 3028 individuals, with a total wealth of $16.1 trillion, exceeding the GDP of any country outside the US and China [3][9] - The wealth of the top 15 billionaires exceeds $2.4 trillion, which is greater than the combined wealth of the bottom 1500 billionaires [3] - The number of billionaires in Russia reached 140, with a total wealth of $580 billion, primarily concentrated in the energy sector [18][20] Group 2: Key Billionaires - Elon Musk, CEO of Tesla, has a net worth of $483 billion, with significant contributions from Tesla, SpaceX, and xAI [7] - Larry Page and Sergey Brin, co-founders of Google, have net worths of $262 billion and $242 billion respectively, reflecting the dominance of tech giants in wealth accumulation [7][8] - Jeff Bezos, founder of Amazon, has a net worth of $245 billion, while Mark Zuckerberg of Meta has $222 billion [8][15] Group 3: Regional Wealth Dynamics - The US leads with 902 billionaires, followed by China with 823, and India with 205 [9] - Singapore is emerging as a haven for new billionaires, attracting global capital [9] - The wealth growth in China is driven by consumer-oriented businesses, with a notable increase in self-made billionaires [20][24] Group 4: Industry Insights - Musk's business empire spans electric vehicles, aerospace, social media, and artificial intelligence, with SpaceX valued over $200 billion [12][15] - The energy sector remains central to Russian wealth, with companies like Lukoil producing over 80 million tons of oil annually [16][18] - The beverage industry in China, led by Zhong Shanshan of Nongfu Spring, highlights the success of consumer-focused businesses, with his wealth reaching $771 billion [20][22] Group 5: Future Trends - The Asia-Pacific region is becoming a new engine for wealth growth, with a significant increase in billionaires and total wealth [31] - The transfer of wealth is expected to reshape the business landscape, with an estimated $6.9 trillion to be inherited globally by 2040 [31][33] - The technology sector is projected to continue leading wealth creation, with increasing interest in Chinese tech developments [33]

以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 碳酸锂：被周期情绪压制、却正在重塑成本曲线的基础资源资产 在多数投资者的认知中，碳酸锂仍被视为一个 "强周期品种"：涨时暴利、跌时崩塌，最终难逃供需博弈的宿命。但回顾资源品投资史可以发 现，真正决定长期价值的，从来不是价格波动本身，而是其在产业链中的"不可替代性"是否发生变化。 碳酸锂，正处在这样一个被情绪极度低估、却正在发生结构性转变的阶段。 过去几年，新能源投资的主线集中在 "需求爆发"上：电动车销量高增长、储能装机放量、锂价快速上行，这一逻辑在上行周期中成立。但随着 产能集中释放、价格大幅回落，市场情绪迅速反转，碳酸锂重新被贴上"过剩""周期底部"的标签。 问题在于，当价格完成出清之后，碳酸锂在产业中的角色，是否已经发生了变化？ 从产业周期看，碳酸锂正处在长期资金更友好的位置 判断一个资源品是否具备长期配置价值，关键不在于短期供需错配，而在于其所处的产业阶段。当前碳酸锂最突出的特征是： 需求的长期确定 性已被验证，而供给的有效约束正在显现。 在需求端，电动车并非 "可选升级"，而是全球能源结构转型的必然路 ...

Investment Rating - The report maintains a rating of "Accumulate" for Hubei Yihua [1][11] Core Views - The company is raising funds through convertible bonds to invest in a high-value utilization project for phosphorus and fluorine resources, with the controlling shareholder, Yihua Group, increasing its stake in the company [2][11] - The phosphorus and fluorine resource utilization project aims to produce refined phosphoric acid, high-end flame retardants, and multifunctional compound fertilizers, while also generating by-products such as fluorosilicic acid and washing acid [11] - The project is expected to enhance the circular economy of phosphorus, fluorine, and silicon resources, leveraging the company's raw material advantages and industrial foundation to expand into new energy and new materials [11] Financial Summary - Total revenue is projected to decrease from 17,046 million in 2023 to 16,964 million in 2024, followed by an increase to 18,711 million in 2025, and reaching 20,767 million in 2026 before slightly declining to 20,671 million in 2027 [4] - Net profit attributable to the parent company is expected to recover from 452 million in 2023 to 653 million in 2024, and further increase to 1,094 million in 2025, 1,254 million in 2026, and 1,394 million in 2027 [4] - Earnings per share (EPS) is forecasted to rise from 0.42 in 2023 to 0.60 in 2024, reaching 1.01 in 2025, 1.15 in 2026, and 1.28 in 2027 [4] Market Data - The company's stock price has ranged between 10.91 and 16.27 over the past 52 weeks, with a total market capitalization of 15,420 million [5] - The company has a total share capital of 1,088 million shares, with 1,058 million shares in circulation [5] Balance Sheet Summary - Shareholder equity stands at 5,898 million, with a book value per share of 5.42 and a price-to-book ratio of 2.6 [6] - The company has a net debt ratio of 152.08% [6] Future Outlook - The report projects a target price of 16.68, down from a previous estimate of 21.28, reflecting a valuation premium based on the growth potential from the convertible bond project [11] - The company is expected to fully utilize its production capacity with new projects coming online by the end of 2025, including an additional 400,000 tons of phosphate fertilizer capacity and 200,000 tons of compound fertilizer capacity [11]