2025年的最后一天，不少消费者聚集在山东济宁邹城鑫琦加油站，这家加油站在当天停业，被怀疑"跑 路"。而不少消费者此前刚刚参与其充值返现活动，加油卡中还有数千元甚至上万元费用没有使用。 一位当地居民向《中国新闻周刊》介绍，鑫琦加油站2019年开业，此后优惠活动不断，而且打着当地龙 头企业的名号，当地人比较信任。在鑫琦加油站，可以看到不少鑫琦集团的标识。 当地人口中的鑫琦集团就是山东鑫琦实业集团，是邹城后八里沟村的集体企业。不过，有媒体记者向集 团问询，该集团工作人员回应："我们没有关系，也没有投资，加油站只是租赁了我们的场地。" 不少消费者聚集在山东济宁邹城鑫琦加油站。图/视频截图 在当地，还有一家山东鑫琦石化有限公司，注册地在去年变更至后八里沟村，主营石油制品销售等，与 鑫琦集团并无股权关系，股份由两位自然人所有，这是一家民营加油站。 为了吸引客户，鑫琦加油站近年推出不少优惠活动，多为充值达到一定额度后，享受优惠油价，或是返 现。比如2021年"十一"假期期间，加油卡充值1000元以上（含），可以锁定92号汽油4.89元/升、95号汽 油5.39元/升。2021年，92号汽油经过几次调价，已经进入"7元时代 ...

2025年，造车新势力们交上了一份亮眼的答卷。 2026年1月1日，理想汽车、蔚来、零跑等11家造车新势力车企披露2025年12月及全年交付数据。 全年来看，零跑汽车以596555辆登顶新势力车企年度销量冠军，鸿蒙智行589107辆紧随其后，小鹏汽车 429445辆位列第三，赛力斯（超42万辆）、小米汽车（超41万辆）、理想汽车（约406315辆）、蔚来 （326028辆）、极氪（224133辆）、岚图汽车（150169辆）、智己汽车（81017辆）、广汽埃安昊铂BU （12月销量40066辆，全年数据未完整披露）依次跻身榜单。 从交付表现来看，年末冲刺阶段多家品牌创下月度纪录，全年新能源赛道延续高增长态势，头部阵营格 局明晰，高端化成果进一步凸显。 12月鸿蒙智行破8.9万居首 超六成品牌创月度纪录 作为汽车行业年末冲量的惯例，2025年12月造车新势力交付量迎来集中爆发，超六成品牌创月度交付纪 录，为全年销量画上圆满句号。 从单月数据看，鸿蒙智行以89611辆成为12月交付冠军，连续三个月创下历史新高，较2024年12月的 49474辆增长81%，华为生态赋能下的市场认可度持续攀升。 零跑汽车紧随其后，1 ...

2025年，造车新势力们交上了一份亮眼的答卷。 2026年1月1日，理想汽车、蔚来、零跑等11家造车新势力车企披露2025年12月及全年交付数据。 全年来看，零跑汽车以596555辆登顶新势力车企年度销量冠军，鸿蒙智行589107辆紧随其后，小鹏汽车 429445辆位列第三，赛力斯（601127）（超42万辆）、小米汽车（超41万辆）、理想汽车（约406315 辆）、蔚来（326028辆）、极氪（224133辆）、岚图汽车（150169辆）、智己汽车（81017辆）、广汽 埃安昊铂BU（12月销量40066辆，全年数据未完整披露）依次跻身榜单。 从交付表现来看，年末冲刺阶段多家品牌创下月度纪录，全年新能源赛道延续高增长态势，头部阵营格 局明晰，高端化成果进一步凸显。 12月鸿蒙智行破8.9万居首 超六成品牌创月度纪录 作为汽车行业年末冲量的惯例，2025年12月造车新势力交付量迎来集中爆发，超六成品牌创月度交付纪 录，为全年销量画上圆满句号。 从单月数据看，鸿蒙智行以89611辆成为12月交付冠军，连续三个月创下历史新高，较2024年12月的 49474辆增长81%，华为生态赋能下的市场认可度持续攀升。 零跑 ...

Group 1: Market Performance - The chemical sector continues to show strong performance, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.62% and closing up 1.5% [1][8] - Key stocks in the sector include New Zobang, which surged over 5%, and Cangge Mining and Titan Chemical, both rising over 4% [1][8] Group 2: Fund Flows - The basic chemical sector has seen significant inflows, with net inflows exceeding 3.3 billion yuan in a single day, ranking fifth among 30 major sectors [2][10] - Over the past five trading days, the sector has accumulated net inflows of 15.9 billion yuan, placing it fourth among the sectors [2][10] Group 3: Industry Outlook - The chemical industry is expected to maintain stable growth, driven by increasing demand for electric vehicles and energy storage solutions, with lithium battery shipments projected to grow significantly [4][11] - The current valuation of the chemical sector is at a historical low, indicating potential for higher dividend yields and investment opportunities [5][12] Group 4: Investment Strategy - The chemical ETF (516020) tracks the CSI sub-sector chemical industry index, providing exposure to various segments, with nearly 50% of its holdings in large-cap stocks [5][12] - Investors can consider using the chemical ETF for efficient exposure to the sector, as it encompasses leading companies across different chemical sub-industries [5][12]

2025年12月1日，多家新能源汽车品牌公布了11月的最新"成绩单"。其中，零跑汽车公布的数据显示， 11月，其交付量达到70327辆，同比增长超75%，持续刷新单月销量纪录，且已连续9个月保持增长。 "11月，我们提前45天完成了50万辆的年度销售目标。2026年，零跑将冲击100万辆的销量目标。"零跑 汽车创始人、董事长兼CEO（首席执行官）朱江明表示。 小米汽车交付再超4万辆 11月，造车新势力方面，销量上紧随零跑汽车的是小米汽车。 官方数据显示，11月，小米汽车实现交付量再超4万辆。这也是小米汽车连续第三个月实现月销超4万辆 的业绩。 12月1日，据小米汽车微博消息，小米汽车"现车选购"即将开启，现车包含全新现车、官方展车、准新 车。小米汽车方面表示，所有现车都已通过严格质检，部分车型经官方修复，都是没有登记过的车辆。 《每日经济新闻》记者了解到，其他造车新势力方面，11月，小鹏汽车交付新车36728辆，同比增长 19%；1~11月累计交付量达391937辆，同比增长156%。 据小鹏汽车方面透露，2025年1至11月，小鹏汽车海外市场交付量达39773辆，同比增长95%。目前，小 鹏汽车销售服务网络 ...

Core Viewpoint - Beijing La Banque Postale Tianxing Property Insurance Co., Ltd. has been approved to commence operations, with a focus on integrating resources from its three shareholders to explore the property insurance market, particularly in the area of new energy vehicle insurance [1][4][8]. Company Overview - La Banque Postale Tianxing Property Insurance has a registered capital of 1 billion yuan, with shareholders including: - France's Paris Insurance Group: 490 million yuan (49%) - Sichuan Yinmi Technology Co., Ltd.: 330 million yuan (33%) - Volkswagen Financial Services Overseas: 180 million yuan (18%) [4]. - Sichuan Yinmi Technology is a member of the Xiaomi Group, with its legal representative being Lin Shiwei, who is also the CFO of Xiaomi Group [4]. Business Scope - The company’s business scope includes: - Motor vehicle insurance (mandatory and commercial) - Property insurance for enterprises and households - Liability insurance - Marine and cargo insurance - Short-term health and accident insurance - Reinsurance for the aforementioned businesses - Investment of insurance funds as permitted by laws and regulations [4]. Leadership - Huang Xi serves as the chairman and has extensive experience in the insurance sector, currently holding multiple leadership roles within the Paris Insurance Group [5]. - Zhu Rindong, the general manager, has a strong background in actuarial science and risk management, having held various senior positions in Sunshine Property Insurance [6]. Industry Trends - The entry of new energy vehicle companies into the insurance sector is notable, with companies like BYD acquiring insurance licenses and establishing their own insurance firms [8]. - Analysts predict that the new energy vehicle insurance market will grow significantly, with projections indicating that by 2030, premiums could reach 500 billion yuan, accounting for 38% of the total vehicle insurance market [9].

Core Insights - The prolonged suspension of Guanghui Baoxin due to failure to disclose its 2024 annual performance has led to significant repercussions, including a sharp decline in stock price and loss of dealership authorizations from major brands like BMW [1][2][3] Group 1: Company Situation - Guanghui Baoxin has been suspended from trading since April 1, 2025, due to the inability to publish audited financial results within the required timeframe [1] - The company reported a 17.88% year-on-year decline in revenue and a staggering 119.78% drop in net profit for the first half of 2024, with a gross margin of only 0.46% [2] - The resignation of the auditing firm, RSM, has further complicated the company's efforts to resume trading, as it cited disagreements over audit fees and delays in document preparation [1][2] Group 2: Industry Context - The automotive dealership model is under significant pressure due to the rapid rise of electric vehicles, with a penetration rate exceeding 42% in 2024, leading to a decline in traditional fuel vehicle sales [2] - Over 4,419 4S stores closed in 2024, indicating a broader trend of traditional dealerships struggling to adapt to the changing market dynamics [3] - Regulatory bodies are increasing scrutiny on the automotive industry, with over 50 companies suspended for delayed financial disclosures, particularly in the real estate and automotive sectors [3] Group 3: Future Outlook - Guanghui Baoxin must meet three conditions to resume trading: complete the 2024 financial audit, appoint a new auditor, and demonstrate ongoing operational viability [4] - The termination of BMW's authorization, which accounted for over 60% of the company's revenue, poses a significant challenge to its recovery prospects [4] - The company risks following the path of its parent company, Guanghui Automotive, which was delisted from the A-share market due to continuous low stock prices [4]

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry [1][6]. Core Views - The lithium battery sector has shown strong performance, with the index rising 1.94% in October 2025, outperforming the Shanghai Composite Index, which fell by 1.46% [6][10]. - The sales of new energy vehicles (NEVs) in China exceeded 50% for the first time in October 2025, with 1.715 million units sold, marking a year-on-year increase of 19.93% [6][14]. - The report highlights a significant increase in the prices of upstream raw materials, including lithium carbonate and lithium hydroxide, which are expected to continue fluctuating upwards in the short term [6][40]. Summary by Sections 1. Market Review - In October 2025, the lithium battery index outperformed the Shanghai Composite Index, with 54 stocks rising and 50 falling within the sector [10][12]. - Key stocks such as Haike New Energy and Tianji Shares saw substantial gains, while companies like Funeng Technology experienced notable declines [10][12]. 2. New Energy Vehicle Sales and Industry Prices - NEV sales in China reached 1.715 million units in October 2025, with a market share of 51.63%, driven by supportive policies and improved vehicle cost-performance ratios [6][14]. - The report notes that the total NEV sales for 2025 are projected to continue growing, supported by favorable macroeconomic policies [14][17]. 3. Industry and Company News - The report outlines significant collaborations in the industry, including partnerships between leading companies like CATL and logistics providers to enhance supply chain efficiency [54]. - It also mentions strategic agreements aimed at advancing electric vehicle technology and expanding market reach [54]. 4. Industry Chain Prices - The report details the price trends of key materials, indicating that lithium carbonate prices have risen to 85,000 CNY/ton, a 15.65% increase from early October 2025 [6][40]. - Other materials such as cobalt and lithium hydroxide have also seen price increases, reflecting the ongoing demand and supply dynamics in the industry [6][40].

Core Viewpoint - The company, Rujing Technology, focuses on innovation-driven strategies based on power electronics and motor control technology, aiming to convert technological reserves into value in emerging application scenarios [1] Group 1: Business Strategy - The company consolidates its competitive advantage in the HVAC/R sector while expanding into the new energy vehicle thermal management and automation and robotics sectors [1] - The strategic direction is to systematically advance the transformation of technology reserves into market opportunities, fostering new growth points [1] Group 2: Market Opportunities - The new energy vehicle sector has become a new engine for the company's performance growth, driven by the continuous increase in global penetration rates of new energy vehicles [1] - The ongoing growth in this sector significantly contributes to the overall performance increase of the company, supported by an optimized product and customer structure [1]

Core Insights - China's new energy vehicle (NEV) production and sales have ranked first globally for ten consecutive years, with a projected global market share of 63.7% in 2024 and an estimated sales volume of approximately 16 million units by 2025, reflecting a compound annual growth rate (CAGR) of about 46.15% during the 14th Five-Year Plan period [1] Industry Overview - The lithium battery industry is expected to reach a scale of 1.2 trillion yuan in 2024, with growth primarily driven by power batteries and energy storage batteries [1] - China's share of the global power battery market is anticipated to increase from 38.35% in 2020 to 68.79% by 2025, while domestic energy storage lithium battery companies are projected to account for over 90% of global shipments [1] Future Outlook - During the 15th Five-Year Plan, the sales growth rate of new energy vehicles is expected to significantly exceed the overall industry growth rate, with a continuous increase in market penetration [1] - Demand for energy storage lithium batteries is forecasted to grow faster than that for power batteries, becoming the primary growth driver [1] - Accelerated technological iteration in lithium batteries and the expansion of application scenarios will contribute to the industry's shift towards a green and low-carbon direction [1] - The construction of a unified large market and the rectification of internal competition will have a profound impact on industry development during the 15th Five-Year Plan [1] Investment Index - The New Energy Vehicle ETF (159806) tracks the CS New Energy Vehicle Index (399976), which selects 50 listed companies involved in lithium batteries, charging piles, and new energy vehicles from the Shanghai and Shenzhen markets, focusing on sectors such as batteries, passenger vehicles, and energy metals to reflect the overall performance of the new energy vehicle industry chain [1]