2025 年，中国车市新能源渗透率正式突破 50% ，印证了新能源发展持续向好。而市场繁荣背后同时暗藏变局："价格战"势头衰减，购置 税补贴退坡直接导致 2026 年初车市开局遇冷，部分依赖补贴的新能源车型销量应声下滑，以旧换新等政策引导消费向高价值、低能耗车型 倾斜。这一切都意味着行业竞争中心向"价值战""信任战"偏移，已经成为新一轮竞争逻辑。 对于长期依赖燃油车优势的合资品牌而言，这既是转型阵痛，更是重新站位的关键机遇。在多数合资品牌普遍承压，陷入增长困境时，广汽 丰田未雨绸缪，早在 2024 年已经开启深化改革，以油电双强"破局"，成为合资阵营中少数实现同比正增长的企业，展现出少有的发展韧 性。 中国汽车行业快速发展，速度与痛点并存。为了快速获得销量，部分品牌依赖短期价格炒作、概念堆砌的流量玩法逐渐失效，低质低价产品 在国家淘汰落后产能政策下加速出局。同时，购置税补贴退坡倒逼市场回归理性，用户购车决策也开始从"追逐低价"转向"价值优先"，对产 品品质、技术可靠性、服务质量的需求愈发强烈。这场由政策引导、市场选择、用户觉醒共同推动的变革，改变了行业竞争的底层逻 辑，"价值战"成为2026年行业竞争主调。 ...

1月22日，一场关乎中国皮卡产业未来走向的深度对话在北京进行。由中国皮卡网主办的"2026皮卡行业趋势 预测暨第七届皮卡年度车型发布会"吸引了来自行业协会、主流车企、供应链代表等百余人齐聚一堂。没有浮华的 舞台，只有密集的数据图表、犀利的趋势分析和坦诚的观点交锋，现场弥漫着一种"产业深水区"特有的冷静与务 实氛围。 01 中国皮卡产业正处于关键期 "中国皮卡产业正处于战略机遇期与转型关键期，新能源与智能化将持续驱动变革，全球化竞争也呼唤我们加 快品牌建设与技术输出。"中国汽车报总编辑桂俊松在开幕致辞中定下基调。 正如其所言，2025年的中国皮卡产业，在连续多年的高速增长后，呈现出前所未有的复杂图景：国内存量市 场竞争白热化，海外出口引擎轰鸣，新能源浪潮以超预期的速度重塑产品与用户认知。 "我们看到，国内皮卡市场在消费结构升级过程中，需求场景更加多元；同时令人振奋的是，中国皮卡在国际 市场上进一步加速拓展，出口已占据国产皮卡总量的一半以上，成为中国皮卡行业增长的关键动力，这标志着中 国皮卡正稳步登上全球竞争的广阔舞台。"桂俊松说。 02"转型、出海与新能源化"是主旋律 如果说过去的皮卡市场是单一旋律，那么今天的 ...

因此，作为投资者，我们看待永辉的"胖改"，需要超越简单的"模仿成功者"叙事，进行更冷峻的财务与 战略审视。我的观点是，这并非一条错误的道路，但它是一场异常艰险的"豪赌"。 首先，我们必须认清这场转型的"不可能三角"。在有限的时间和资金约束下，企业很难同时、同质、同 速地完成"用户体验提升"、"成本结构优化"和"财务指标改善"。永辉目前显然将宝押在了"用户体 验"上，短期财报的惨烈就成了必然代价。 其次，要关注其"止血"与"造血"能力的平衡。关闭381家门店是壮士断腕的止血，但止血之后，剩余门 店能否通过"胖改"真正提升坪效、吸引顾客回流，形成可持续的造血能力，这才是决定生死的关键。目 前看，这场大手术还在进行中，远未到评价疗效的时候。 朋友们，不知道你最近有没有走进过 永辉超市 ？可能你会发现，一些货架变得更整洁了，服务台多了 些笑脸，但也可能，你家门口的那家永辉已经悄然关门。就在最近，这家曾经的中国超市龙头，发布了 2025年的业绩预告——预亏21.4亿元。这已经是它连续第五年亏损。而更引人关注的是，它把巨亏的一 个重要原因，归结为正在进行的、学习"胖东来"的"胖改"战略，光这项调改的成本和损失就超过12亿 ...

Core Viewpoint - The article emphasizes the importance of "transformation" in various contexts, from national to personal levels, highlighting the need for continuous adaptation and learning in the investment landscape [2]. Group 1: Investment Philosophy - Wang Huadong, a partner at Jingwei Venture Capital, exemplifies a seamless transition across different industries and sectors, showcasing a clear logic of technological and industrial evolution rather than mere shifts between investment tracks [3][4]. - His approach to investment is characterized by a "scientific investment perspective," focusing on precise layouts derived from extensive cross-disciplinary knowledge [7]. - Wang's commitment to self-discipline is evident in his daily routine, which includes waking up at 5:30 AM and maintaining a high reading volume of over 30 books annually, viewing reading as a process of cognitive enhancement and pattern recognition [5][6]. Group 2: Insights from Literature - The article presents a curated reading list by Wang, which includes titles that explore the historical context of technology and investment, such as "Engines That Move Markets," which analyzes the cyclical nature of technological advancements and market speculation [13][15]. - Other recommended readings focus on the significance of sleep and its impact on productivity, emphasizing the need for quality rest as a foundation for efficiency and long-term happiness [18][20]. - The list also features works that delve into human evolution and the implications of AI on societal structures, highlighting the necessity for deeper contemplation on humanity's future in the face of technological advancements [29][31]. Group 3: Personal Development - Wang's reading selections include autobiographies and insights from influential figures in the tech and investment sectors, such as "The Man Who Solved the Market," which reveals how quantitative investment strategies can outperform traditional methods [37][39]. - The inclusion of works by Yuval Noah Harari underscores the importance of understanding historical narratives to navigate future challenges posed by technological changes [29][31]. - Wang's personal reflections on running and its philosophical implications suggest a holistic approach to personal development, integrating physical activity with mental resilience [23][27].

【大河财立方 记者 程帅星 陈诗昂 文 朱哲 李博 冉衡 摄影】12月17日上午，2025债券市场高质量发展大会资产证券化专场会议在郑州举行。 在"做优增量、盘活存量"的政策导向下，如何通过资源资产化、资产证券化，把沉睡的资产转化为流动的资产，将资产转化成流动性强的金融产品成为当下 的关键命题。 在资产证券化专场会议"圆桌对话"环节，与会嘉宾重点聚焦企业如何通过资产证券化高效盘活存量资产，展开了深入交流与讨论。 对于资产证券化的战略意义，广西旅游发展集团财务管理部总经理林宝胜分享说，集团主要业务包括旅游、大健康、城建、科技、实业等，持有景区、酒 店、商业物业等重资产。对于集团来说，资产证券化绝非简单的融资工具，而是一场深刻的"资产革命"和战略转型的助推器。 林宝胜 林宝胜介绍，面对种类繁多的资产，要在内部进行系统性梳理，"摸底体检"并建立清晰的资产台账。总体来说，我们会将资产分为能产生稳定现金流的实物 资产、未来的收益权、应收账款等债权资产等五大类，并为每一类设计最具可行性的证券化路径。 安融信用评级有限公司副总裁曾颖锋在分享中，主要从评级机构视角，讲述在资产证券化产品中评级关注的重点以及什么样的基础资产算优 ...

Group 1: Key Insights from the World Economic Forum - The core theme for China's economy in 2025 is technology and capability, with significant advancements in robotics and AI applications in manufacturing processes [3][7] - Over 40% of the global lighthouse network members are located in China, highlighting the country's leadership in advanced manufacturing and productivity enhancement [5][7] - Nearly 50% of best practices in artificial intelligence are being implemented in China, showcasing the country's competitive edge in various industries [7] Group 2: Key Insights from the Asian Development Bank - The keywords for China's economy in 2025 are resilience, adaptability, and foresight, particularly in trade relations with ASEAN and global markets [8][10] - China's third-quarter economic growth was 4.8%, with a year-to-date growth rate of 5.2%, indicating strong export performance and resilience against external uncertainties [12] - The adaptability of enterprises and supply chains is crucial, with a diversification of export destinations and an increase in high-quality product exports [14] Group 3: Key Insights from the OECD - The OECD has raised its economic growth forecast for China in 2025 to 5%, attributing this to the country's resilience, transformation, and vitality [15][17] - Significant technological innovations are driving transformative changes across various industries, with emerging fields like low-altitude economy showing promising developments [19] - China remains a key contributor to global economic growth, actively engaging in global economic integration and contributing to technological advancements in green transformation [25]

Core Insights - The automotive marketing industry is facing intense competition with a slight market growth and a significant increase in the penetration of new energy vehicles, which has surpassed 50% [4] - The concept of "intelligence" is becoming central to product definitions and user decision-making, with AI-generated content influencing consumer perceptions [5][7] - Companies are adapting to new marketing paradigms, focusing on brand strategy, sales growth, and user communication amidst a complex market environment [4][5] Group 1: Industry Trends - The automotive industry is undergoing profound changes driven by the integration of AI and smart technologies, creating both challenges and opportunities for companies [10] - The rise of "smart" as a key marketing and product development focus is evident, with companies needing to embrace new paradigms and multi-modal strategies [7][10] - The market for pure electric large three-row SUVs is growing, with significant sales increases indicating a shift away from hybrid and fuel models [24] Group 2: Company Strategies - One company emphasizes "oil-electric intelligence" as a brand strategy, showcasing a commitment to smart upgrades across its product line [10] - Another company highlights its focus on "deep cultivation of circles and ecological empowerment," positioning vehicles as intelligent hubs and energy platforms [13] - A brand is transitioning to a dual technology strategy, launching new hybrid models to meet diverse market demands [17] Group 3: Marketing Approaches - The concept of "listening to advice" is highlighted as essential for responding to both expressed and unexpressed consumer needs [37] - Companies are encouraged to return to the essence of communication and user engagement, emphasizing sincerity and genuine interaction [30] - The importance of global insights and respect for diverse markets is underscored as a strategy for successful international expansion [34]

Core Insights - Major oil companies are increasingly entering the electricity sales market as part of their strategic transformation in response to the impact of electric vehicles on oil consumption [2][6] - The establishment of China National Petroleum Corporation Electric Power Co., Ltd. (中油电能) marks a significant move by China National Petroleum to position itself as a clean energy service provider [2][4] - The oil companies are leveraging their existing infrastructure, such as gas stations, to integrate electric vehicle charging solutions, thereby enhancing their service offerings [6][10] Company Developments - 中油电能 was re-established from Daqing Oilfield Electricity Sales Co., which was founded in September 2016, and has become the largest enterprise power company in the CNPC system [3][4] - China National Petroleum's unified electricity purchase and sales platform has facilitated over 68 billion kilowatt-hours of electricity transactions by August 2025 [4] - China Petroleum and Chemical Corporation (Sinopec) has also entered the electricity sales market by establishing a new company focused on gas and electricity integration [5] Market Trends - The oil sector is facing declining profits due to falling oil prices, prompting companies to diversify into non-oil businesses and accelerate their green and low-carbon transformation [8][9] - The average price of Brent crude oil fell by 14.3% year-on-year, impacting the revenues of major oil companies [9] - The 2023 policy framework encourages oil and gas companies to develop renewable energy projects and participate in electricity market transactions [7] Strategic Initiatives - The "Three Barrel Oil" companies are focusing on expanding their non-oil business segments, including natural gas, hydrogen, and electricity services [10] - China National Petroleum is committed to building integrated energy stations that combine oil, gas, hydrogen, and electricity [11] - China National Offshore Oil Corporation (CNOOC) is advancing its green transition by developing offshore wind power and carbon capture technologies [11]

Group 1: Mergers and Acquisitions - The company has identified mergers and acquisitions as a key focus for the year, with ongoing efforts to pursue suitable targets in high-end precision processing, new materials, or the new energy vehicle sectors [2][3] - The 2025 external acquisition plan is still in progress, with updates to be provided through company announcements [3][4] Group 2: Product Development - In the first half of 2025, the company developed 88 new projects, marking a 20% increase compared to the same period last year, including 44 projects related to new energy vehicles [3] - The company is actively expanding its product offerings, with specific details to be shared in regular reports [3][4] Group 3: Performance Improvement Measures - The company is implementing various strategies to improve declining operational performance, including new product development, market expansion, and internal efficiency management [3] - The second and third growth curve strategies are being actively pursued, with suitable acquisition targets being sought to support growth [3][4] Group 4: Investor Communication - The company emphasizes the importance of communication with investors and is open to suggestions for enhancing engagement [4] - The investor relations activity adhered to regulations ensuring accurate and timely information disclosure, with no undisclosed significant information involved [4]

Core Insights - The financial leasing industry in China is undergoing a transformation, shifting from scale-driven growth to quality-driven development, with a focus on "transformation" as a core objective [2][5] - The industry has seen significant growth in total assets and leasing assets, with a reported total asset of 4.58 trillion yuan and leasing assets of 4.38 trillion yuan by the end of 2024, reflecting year-on-year growth of 9.65% and 10.24% respectively [3] - Green leasing assets have also shown robust growth, reaching 1.07 trillion yuan, which is a year-on-year increase of 19.87% [3] Group 1: Industry Developments - The financial leasing sector has achieved several milestones, including the first SPV satellite leasing business and the first green financial bond certification [1] - Companies like交银金租 have made breakthroughs in green finance, completing the first transformation financial ship leasing business in the industry [1] - The industry is increasingly focusing on new production capacities, such as computing power and low-carbon transitions in sectors like steel [1][2] Group 2: Strategic Focus - Financial leasing companies are aligning their strategies with national goals, emphasizing high-quality development and industry empowerment [2][5] - The industry is expanding its reach into various sectors, including aerospace, new materials, and renewable energy, indicating a broadening of business scope [2][3] - Companies are adopting a "financing + asset" model to create a collaborative ecosystem, enhancing sensitivity to emerging industries [2] Group 3: Regulatory Environment - The regulatory framework is evolving, with policies in finance, taxation, and customs supporting the leasing industry, particularly in regions like Tianjin [4][5] - The industry anticipates a stricter and more unified regulatory environment in the upcoming "十五五" period, which is expected to support structural adjustments [5][6] Group 4: Future Outlook - The keywords for the financial leasing industry in the "十五五" period are expected to be green development, technological innovation, and high-end manufacturing [6] - Companies are encouraged to innovate their product and service models to better serve the real economy, focusing on high-end, intelligent, and green transformations [6] - Strategic directions include aligning with national strategies, expanding global markets, ensuring compliance, and leveraging technology for growth [6]