凤凰网科技讯 北京时间1月14日，据《商业内幕》报道，随着美国联邦电动汽车补贴在去年第三季度终 止，美国汽车制造商需要依靠自身竞争力求生存。在这种背景下，特斯拉在美国电动汽车市场的份额大 增，因为对手更挣扎。 汽车研究公司Cox Automotive周二发布了美国第四季度电动汽车销售预估数据，这些数字显示了在没有 政府帮助的情况下，哪些公司表现强劲，哪些公司面临困难。 Cox的数据显示，特斯拉在美国电动汽车市场再次占据主导地位，其市场份额在第四季度飙升至59%， 较上一季度的41%大幅增长。其中一个主要原因是，美国电动汽车公司现在必须在没有政府补贴的情况 下实现盈利。而在这个过程中，销量规模至关重要。 尽管近期销量有所下滑，特斯拉第四季度在美国仍售出了13.8万辆电动汽车。这种规模效应使得该公司 能够在保持相对低价的同时维持盈利。 特斯拉美国市场份额走势 不过，特斯拉电动皮卡Cybertruck的销量依旧惨淡，去年在美国共售出20,237辆，几乎只有2024年销量 的一半。去年第四季度，Cybertruck的销量更是同比下降了68%。特斯拉CEO埃隆·马斯克(Elon Musk)此 前一度预计，Cybertr ...

当中国ETF市场的规模以惊人的速度连续跨越4万亿、5万亿，站在6万亿的宏大关口之上，我们见证的不仅是数字的跃升，更是一个大资管时代从"高速增 长"向"高质量发展"的华丽转身。 站在2026年的起跑线上，在这个全球第二大ETF市场中，一场静水流深的基础性变革正在发生。 作为公募行业的领军者华夏基金率先行动。1月12日，旗下38只ETF集体更名！ 此次调整中，38只ETF扩位简称统一采用了"投资标的核心要素+ETF+华夏"的标准化命名结构，基金代码及其他名称简称保持不变。这一改变，旨在助力投 资者在海量产品中"一眼识别华夏ETF"。 | 产品类别 | 产品代码 | 原产品简称 | | | --- | --- | --- | --- | | 竞 | 588820 | 科创200ETF基金 | | | | 517170 | 消耗教室 IF | ABA | | | 512990 | MSCIARGETF | IMI | | 港股 | 159902 159627 | 中小100ETF A100ETF | 다 | | | 513230 | 港股消费ETF | | | (完年版) | 159711 | 港股市F | | | ...

Core Insights - The leading scientific journal "Science" recognized "global renewable energy growth" as the top scientific breakthrough of the year, attributing this transformation primarily to China [1][21] Group 1: Renewable Energy Production - China produces 80% of the world's solar panels, 70% of wind turbines, and 70% of lithium batteries, indicating a significant dominance in renewable energy manufacturing [2][11] - Since 2016, China has been the largest producer of renewable energy, surpassing the U.S., and has increased its renewable energy generation capacity from 40% to 60% as part of its 14th Five-Year Plan [5][11] Group 2: Investment and Economic Impact - In 2024, China's investment in clean energy technology manufacturing is projected to be nearly $680 billion, surpassing the combined investments of the U.S. and the EU [11] - The contribution of green technology to China's economic growth is expected to exceed 10% in 2024, indicating that renewable energy is becoming a significant economic driver rather than just a superficial initiative [11][13] Group 3: Technological Leadership and Global Influence - China is not only manufacturing products but is also exporting standards and solutions in renewable energy technology, positioning itself as a global leader [14][18] - The advancements in technology, such as rapid electric vehicle charging solutions, showcase China's capability to address global energy challenges effectively [16][18] Group 4: Geopolitical Implications - The shift in renewable energy leadership from the U.S. to China signifies a change in global power dynamics, where countries with advanced renewable technologies will hold significant geopolitical leverage [18][21] - The ability to meet global climate goals, such as those outlined in the Paris Agreement, is increasingly dependent on China's technological advancements in renewable energy [18][19]

本报记者 刘钊 自主车企"稳健" 2026年开年，多家车企密集披露2026年年度销量目标。 以零跑汽车、蔚来汽车、小米汽车等为代表的新势力车企普遍把"规模跃升"摆在更靠前的位置；而吉利汽车、奇瑞集团、 东风汽车、长城汽车等传统自主车企则更强调"稳中求进"，目标增速相对克制。多家机构与行业组织对2026年中国车市给出的 关键词是"承压""去库存""竞争加剧"，也进一步解释了车企目标制定逻辑的差异化走向。 新势力"乐观" 从已披露的数据看，新势力车企对2026年的销量目标设定更具进攻性。其中，零跑汽车将2026年销量目标定为100万辆， 对应同比增长约67.6%；蔚来汽车给出的区间销量目标为45.64万辆至48.9万辆，对应同比增长约40%至50%；小米汽车销量目标 55万辆，对应同比增长约34%。鸿蒙智行更是将2026年销量目标定在100万辆至130万辆，意味着按上限计算需实现约120%的同 比增长。在新势力阵营中，"做大规模、抢占份额"仍是高频词，其背后既有对规模效应的现实诉求，也有对渠道与补能体系投 入回报周期的倒逼。 以零跑汽车为例，海外布局与产能安排被视为其冲击100万辆销量目标的重要支撑，包括通过合作 ...

Core Viewpoint - Defu Technology announced the termination of its planned acquisition of Circuit Foil Luxembourg due to the lack of unconditional approval from foreign authorities, reflecting the challenges faced by Chinese companies in global expansion and strategic adjustments [1][2][3] Group 1: Acquisition Details - The original plan was to acquire 100% of Circuit Foil Luxembourg for €174 million (approximately RMB 1.413 billion), but the deal was called off after six months, resulting in the return of a €17.4 million deposit [1][3] - Concurrently, Defu Technology revealed a new acquisition plan to obtain at least 51% of Huiru Technology, a manufacturer of electrolytic copper foil, which will become a subsidiary upon completion [1][2] Group 2: Financial Performance and Capacity - Defu Technology's current capacity utilization is nearing saturation, with revenue of RMB 8.5 billion and a net profit of RMB 66.59 million for the first three quarters of 2025, indicating potential performance constraints due to capacity bottlenecks [4][5] - The acquisition of Huiru Technology is expected to increase Defu Technology's total capacity to 195,000 tons per year, reinforcing its position as the largest electrolytic copper foil producer globally [2][5] Group 3: Market Reaction and Strategic Shift - Following the announcement of the terminated acquisition, Defu Technology's stock price opened at RMB 31.44 per share, a decrease of 11.41% from the previous closing price, indicating negative market sentiment [2][5] - The case of Defu Technology highlights the difficulties of cross-border acquisitions in high-tech sectors, suggesting that domestic industry consolidation and organic growth may be more prudent strategies [2][5]

浙商证券（601878）发布研报称，维持西锐(02507)"买入"评级，公司作为活塞式私人飞机龙头，凭借 产品安全性与定制化优势持续提升份额，且服务业务开始贡献盈利弹性。预计2026年新品发布将进一步 驱动订单与交付量超预期增长，叠加规模效应释放，业绩有望在2亿美元基础上实现更高增长。催化剂 包括2026年3月可能的回购、新品发布及行业交付数据披露。 浙商证券主要观点如下： 行业β 私人飞机行业平稳增长，高端机型(喷气机)增速更快。公共卫生事件后高净值人群对私密性出行方式偏 好提升，关税波动导致竞对份额下降。供给端持续推出有竞争力的新机型，驱动订单增长。 公司α 西锐依托优质的产品力+C端服务属性快速提升份额。公司当前为活塞式私人飞机行业龙一，且份额仍 在持续提升。产品安全性+定制化构筑核心竞争壁垒，服务差异化、系统性布局，且长期的C端布局已 构筑深入的品牌效应。25年SR系列G7+推出后订单快速增长，预计公司有望于26年推出新机型，在新 品催化下，26年订单有望延续超预期释放，奠定业绩高增兑现基础。 主要预期差 后续新品储备丰富，26年新产品有望推出，伴随产品力进一步提速，预计能够带动订单进一步超预期增 长 ...

Core Viewpoint - The Chinese automotive market is entering a critical phase in 2025, with domestic brands collectively capturing nearly 70% of the passenger car market share, driven by the rise of new energy vehicles and international expansion [2][4]. Group 1: Market Dynamics - The "self-owned five strong" brands, including BYD, Geely, Chery, Changan, and Great Wall, have established a stable market presence, with total sales of 14.67 million units, accounting for over half of the overall passenger car market [2][4]. - BYD leads the global new energy vehicle sales with 4.6024 million units sold in 2025, marking a 7.73% year-on-year increase, while its pure electric vehicle sales reached approximately 2.257 million units, surpassing Tesla [4][5]. - Geely's total sales exceeded 3.02 million units in 2025, a 39% increase, with new energy vehicle sales reaching 1.6878 million units, reflecting a 90% growth [5][6]. Group 2: Strategic Developments - Geely has initiated a significant restructuring by merging with Zeekr Technology to enhance operational efficiency and resource integration, aiming to save billions in R&D costs annually [9][10]. - Chery has restructured its brand architecture to improve domestic market efficiency, establishing a new business group to streamline operations and enhance competitiveness [9][10]. - Changan has launched a 6 billion yuan capital increase plan to support the development of new energy vehicles and global R&D centers, reinforcing its strategic alignment with major shareholders [10][11]. Group 3: Technological Advancements - The competition among Chinese automakers has evolved from individual technological breakthroughs to a more systemic confrontation, with companies like BYD and Geely focusing on comprehensive technology integration and smart driving solutions [11][12]. - Great Wall has introduced a next-generation intelligent super platform that supports various powertrains, emphasizing its advancements in smart cockpit and driving technologies [12].

Core Viewpoint - Yulong Technology is making a second attempt to go public on the ChiNext board after previously withdrawing its IPO application in June 2023. The company has shown significant profit growth, surpassing the listing requirements for net profit [1][11]. Financial Performance - The net profits of Yulong Technology from 2022 to the first half of 2025 were reported as 66.84 million, 75.72 million, 120.60 million, and 70.33 million respectively, indicating a substantial increase in profitability [1][11]. - The revenue from the "smart control card" business increased from 457 million to 725 million, a nearly 60% growth, while the gross profit only rose from 124 million to 138 million, showing a modest increase of 14.78 million [12][13]. - The "precision functional device" business saw its gross profit margin rise significantly from 11.93% in 2022 to 29.77% in 2025, with gross profit increasing from 34.39 million to 87.91 million, contributing 70% of the total gross profit increase over two years [14][16]. Business Segments - The "smart control card" business is crucial for converting image data signals into display signals, acting as the "brain" of semiconductor display panels [2][12]. - The "precision functional device" business includes components with various functionalities such as electromagnetic shielding and thermal conductivity, which have shown a significant increase in gross profit margins compared to peers [4][16]. Market Comparison - Yulong Technology's gross profit margin for precision functional devices is higher than the average of comparable companies, which experienced a decline in their margins during the same period [6][16]. - The company has implemented process improvements and increased automation, leading to reduced unit costs and improved gross margins, while also facing fluctuations in customer demand [17][20]. Future Outlook - The company aims to clarify the details of its key business segments and their contributions to profitability in future inquiries, as understanding these aspects will be critical for assessing Yulong Technology's performance and growth potential [21].

Group 1: Product Development and Applications - The company successfully developed M40J and M55J grade carbon fibers in 2014 and 2018, respectively, with M55J being a key product under the national 863 project, achieving domestic substitution and mass production by 2021 [1] - M40J grade carbon fiber has a wide range of applications, including aerospace, 3C electronics, and fishing rods, while M55J is primarily used in satellite structures and solar panels [2][3] - The company is a core supplier of carbon fiber for China's aerospace satellites and received the Ministry of Industry and Information Technology's manufacturing champion title in December 2025 [1] Group 2: Production Capacity and Costs - Current production capacity for high-strength and high-modulus fibers is 80 tons, with one production line each for M40J and M55J grades; capacity expansion will be considered based on market demand [4] - The production cost of equipment-grade fibers is significantly higher than that of civilian fibers due to lower production efficiency and stringent quality requirements [6] - The company’s T700S and T800S grade fibers generated revenue of 212 million yuan in 2024, with the hydrogen bottle application contributing 120 million yuan [14] Group 3: Market Trends and Challenges - The impact of Toray's price increase on the domestic market requires further observation, primarily depending on supply and demand dynamics [7] - The company is working on the certification of GW300 grade fibers for large aircraft, with expected approval in 2024; however, the delivery of large aircraft may not be significantly affected by carbon fiber materials [8] - The T300 grade fiber business is expected to see a decline in long-term demand, but stable demand is anticipated in the near term [9] Group 4: Future Prospects and Strategic Directions - The company is exploring the wind power carbon beam business, which is expected to grow due to favorable material costs, primarily serving overseas clients [13] - The company has established a complete product system for low-altitude equipment, providing a full supply chain from carbon fiber to composite parts [14] - The company is involved in supplying materials for the AV500 drone, completing the entire process from carbon fiber to assembly [14]

Core Viewpoint - The company is steadily and orderly releasing production capacity for its products in response to market demand and customer development progress, which is expected to enhance its competitive edge in the specialty isocyanates and amines market [1] Group 1: Company Developments - The company's subsidiary in Henan is ramping up production capacity in line with market orders and customer development [1] - The specialty isocyanates and amines produced by the company utilize advanced international processes, resulting in high technical added value and superior performance [1] - The new production capacity is anticipated to stabilize the supply of specialty monomer materials, contributing to significant economies of scale and reinforcing cost advantages [1] Group 2: Industry Impact - Large-scale industrial production is expected to provide better quality and more economical raw material solutions for downstream applications [1] - The company's efforts aim to enable more customers to access high-performance specialty monomer materials, thereby promoting industry development [1]