本报（chinatimes.net.cn）记者刘凯 广州报道 11月21日，第二十三届广州国际汽车展览会如期而至。 自2003年创办以来，这场年度汽车盛会已走过二十余载，本届展会规模达22万平方米，共迎来全球首发 新车93辆，展车总数1085辆。其中，新能源汽车数量高达629辆，车展新能源渗透率逼近六成，直观印 证了中国汽车市场结构性变革的深度。 与去年此时新能源渗透率"仍不过半数"相比，短短一年间，赛道风向已彻底转向电动化与智能化。2024 年，中国汽车产销量双双突破3000万辆，新能源汽车产销量首次跨越1000万辆大关；2025年上半年，国 内新能源渗透率已攀升至50.2%，而在刚过去的10月，新能源汽车月度销量占比历史性突破51.6%，标 志着市场进入新能源主导的全新阶段。 展台冷热折射行业分化，华为"朋友圈"人气夺魁 作为国内四大A级车展之一，广州车展始终被视为行业发展的风向标。然而，与往年人声鼎沸、价格战 硝烟弥漫的景象不同，今年展馆内的氛围似乎多了一丝理性与分化。没有往年的"价格乱斗"，也很少见 到车企高管大秀。但在这表面"冷静"之下，实则暗流涌动：一边是比亚迪、华为等巨头展台人潮如织， 声势夺人 ...

很多人质疑"人均亏损2.1万"是不是自媒体炒作，其实这是沪深交易所2025年11月联合发布的真实数 据，计算方式很透明：用1-8月A股散户总亏损额，除以参与交易的个人投资者总数（约1.2亿人），得 出人均亏损约2.1万元 。 这里要澄清两个误区：一是亏损率不是网传的98.7%，那是方正证券研报的错误数据，官方确认散户亏 损率是81.1%，还有18.9%的人实现了盈利；二是亏损和资金量强相关，深交所数据显示，1万元以下账 户亏损率近99.9%，10万元以下账户亏损率较高，但100万以上账户盈利比例达90%，500万以上账户更 是高达99% ，说白了就是"小散易亏，大户易赚"。 中国结算2025年10月末数据显示，A股投资者总数已突破2.45亿，其中个人投资者占比超99%。而沪深 交易所2025年11月权威披露，1-8月A股散户盈利比例仅18.9%，81.1%的人都在亏损，人均亏损约2.1万 元。更让人纳闷的是，同期A股总市值较去年底增加超22万亿元，突破108万亿元 ，一边是股民大面积 亏损，一边是市场总市值暴涨，这巨额资金到底流去了哪里？ 一、先核实：2.1万亏损数据靠谱吗？官方给出明确答案 二、资金去向一： ...

中经记者 罗辑 北京报道 随着A股持续向上，近一段时期，私募基金持续扩容。 私募排排网数据显示，截至2025年10月31日，百亿私募数量一举突破至113家，与9月底的96家相比，一 个月净增17家。这一扩容速度在私募行业发展历程中较为少见。 事实上，不仅私募行业正在活跃，近期公募基金规模也连创新高。远东资信高级研究员梁蕴兮就当前公 募、私募规模的持续增长展望称，这是我国权益市场活力提升的一个重要信号。 多位业内人士表示，国内百亿级私募机构数量出现显著增长是受多重因素推动。除了行业资源进一步向 头部集中的"马太效应"之外，股票市场整体表现强劲、私募行业整体业绩表现亮眼、行业监管环境不断 规范均推升了私募"百亿俱乐部"的扩容。从影响来看，今年以来不仅私募市场活跃度攀升，公募基金资 产净值、年度新发基金数量也创下新高。这背后有投资者信心的持续回暖，资金借私募、公募渠道持续 流入股市，从而进一步推动资本市场迈入长期持续的稳健发展。 市场活跃、监管有效施策推动头部私募崛起 具体来看，私募排排网数据显示，10月末百亿私募阵营合计较9月末净增17家，其中有18家私募机构在 10月踏入百亿阵营，1家从百亿规模中掉落。截至10 ...

Core Insights - The net profit of the property insurance industry in Q3 2025 has surpassed 700 billion, marking a significant increase driven by both investment income and underwriting profits [7][9][11] - The "Big Three" insurance companies continue to dominate, with notable profits from PICC exceeding 300 billion and Ping An exceeding 150 billion [26][28] - Insurers with a scale of around 300 billion have doubled their profits, with China Life exceeding 34 billion and others like ZhongAn and Sunshine surpassing 10 billion [31][33] - A total of 16 insurance companies turned losses into profits, with BYD Insurance achieving profitability largely due to a zero commission rate [34][38] Profit Performance - In Q3 2025, 86 property insurance companies reported a total net profit of 778 billion, an increase of approximately 271 billion or over 53% year-on-year [8][11][19] - The average investment return rate for these companies rose to 3.03%, up from 2.05% in the previous year [11][14] - The overall cost ratio for the industry has improved, with over 60% of companies reporting a decrease in their comprehensive cost ratio [14][28] Company Rankings - The top three companies, known as the "Big Three," accounted for 74% of the industry's net profit, with PICC contributing 115 billion alone [19][26] - The profit rankings show that PICC leads with 336.29 billion, followed by Ping An with 155.55 billion, and Taiping with 87.67 billion [21][22][26] - Companies with profits exceeding 10 billion include China Life, ZhongAn, Sunshine, and Dadi, reflecting a strong recovery in the industry [31][33] Losses and Challenges - Despite the overall positive performance, 8 companies reported losses, with Qianhai United being the most significant at -0.64 billion [40][41] - The losses are primarily concentrated in smaller insurance companies, which struggle with high cost ratios and insufficient premium income [44][45] - Companies like Longjiang and Rongsheng have faced continuous losses due to high comprehensive cost ratios, making it difficult to offset losses with investment income [44][45]

在需求侧，蔡昉提到，伴随人口的负增长、老龄化程度加剧，消费需求成为越来越大的制约因素。劳动 年龄人口因承担养老保险缴费、家庭养老责任和预防性储蓄三重负担，消费能力受到抑制。而老年人群 体则因收入有限，消费能力和消费意愿都偏低。人工智能应致力于提升各年龄段人口的消费能力与消费 意愿。 "通过人工智能赋能基本养老保险制度和银发经济，既可提高赡养生产率，扩大养老资源，又可提高分 享水平，让科技成果惠及老年人。"蔡昉提到。 编辑：冯樱子 蔡昉引用亚马逊创始人贝佐斯的观点，这轮投资热潮存在着泡沫。将泡沫区分为产业泡沫与金融泡沫。 前者虽然伴随过热，但最终能沉淀下技术、提升生产率、增加社会财富；后者则注定破裂并带来冲击。 "中国的优势是人工智能的应用，有庞大的应用市场、丰富的应用场景。在应用中，AI的双刃剑属性会 充分显现。"蔡昉表示，"智能向善"绝非局限于技术研发或开发环节的单一"对齐"，而需贯穿人工智能 应用的全流程，联动所有参与主体共同对标，其方向选择将直接决定人工智能的整体发展路径。 在人工智能"对齐"方面，蔡昉提到，如何让人工智能系统与人类价值观、道德标准保持一致，并引入人 工智能投资应如何对标高质量发展目标？ ...

不过，蔡昉也提醒，任何技术都有"双刃剑"性质，人工智能也不例外。人工智能是一个创造性的破坏， 是创新就有创造性的破坏，既有创造性也必然有破坏性。 他说，有研究显示，历史上所有的颠覆性技术周期都伴随着投资热，乃至巨大的投资泡沫，只要有科技 革命就有泡沫存在，而且泡沫难以避免。亚马逊创始人贝佐斯称，有"好的"（产业）和"坏的"（金融） 泡沫；诺贝尔经济学奖获得者阿西莫格鲁称，有正确（增强能力）的和错误（替代就业）的人工智能。 对于如何选择，蔡昉提出了"对标"理念，即智能向善，这可能决定了人工智能的发展方向。 2025年11月13日，十三届全国人大常委，中国社会科学院学部委员、原副院长蔡昉在太湖世界文化论坛 ·钱塘对话上分享了他对人工智能发展的一些思考。 当前，全球形成了一股人工智能投资热，引发了热议：究竟是一场革命，还是一场泡沫？蔡昉认为，不 管是革命还是泡沫，这一轮AI投资热都"浇不冷"，原因有四方面：一是东亚国家面临生育率降低、劳动 力开始短缺和老龄化加速趋势等挑战，而人工智能可以提高劳动生产率，是一种真实而紧迫需求的技术 解决方案；二是在地缘政治形势激化的情况下，人工智能的实力决定了一个国家处在什么样的制高 ...

（文/孙梅欣 编辑/张广凯） 已经交出今年前三季度业绩的上市家居企业，正在呈现出龙头领跑、分化加剧的趋势，行业马太效应更 加显著。 数十家家居上市企业，在今年10月末都陆续交出了成绩单。其中，东方雨虹以前三季度合计营收206亿 元的收入，位居行列第一。同样身处建材行业的北新建材，则以199.05亿元的营收，位居第二。 头部企业营收下滑走势尚未逆转，出海"破局"成趋势 虽然上市家居头部企业的前三季度营收仍能跻身百亿规模，但和相同样本往年同期业绩比较来看，行业 整体下滑趋势仍未改变。 根据各家上市企业公布的数据统计显示，营收位居前十的企业，包括206亿元的东方雨虹、199.05亿元 的北新建材、150.1亿元的顾家家居、132.1亿元的欧派家居、93.92亿元的三棵树、91.59亿元的居然智 家、84.88亿元的恒林股份、70.08亿元的索菲亚、67.56亿元的梦百合，以及63.19亿的兔宝宝。 上述进入前十排名的企业，和去年同期入围名单基本一致，只是在排名上略有差异，由此计算，今年前 三季度营收排名前十的上市家居企业，合计金额为1158.47亿元，而去年同期数据则是1164.25亿元，整 体同比下滑约0.5%。 ...

Core Viewpoint - The recent acquisition of Jinzhou Bank by Industrial and Commercial Bank of China (ICBC) has triggered a significant shift in the fund distribution landscape, leading to the termination of distribution agreements by approximately ten fund companies and affecting over 1,600 funds, highlighting the ongoing consolidation and risk management in the banking sector [2][3][4]. Fund Distribution Changes - ICBC's acquisition of Jinzhou Bank has resulted in multiple fund companies, including GF Fund, Huaxia Fund, and others, announcing the termination of their distribution partnerships with Jinzhou Bank, effective from November 17 [3][4]. - Jinzhou Bank, which had been a high-risk financial institution, was fully acquired by ICBC, marking a significant event in the restructuring of China's banking sector [3][6]. Fund Transition Process - The funds previously distributed by Jinzhou Bank will be transitioned in two ways: those that are also distributed by ICBC will be automatically transferred to ICBC, while those not distributed by ICBC will be moved to direct sales channels managed by the respective fund companies [5][6]. - Fund companies have communicated the need for investors to manage their holdings by specific deadlines to ensure a smooth transition of their fund shares [5][6]. Industry Consolidation and Effects - The consolidation of banking channels is expected to intensify the "Matthew Effect" in fund distribution, concentrating resources among leading channels and increasing competition among fund companies [7][8]. - Despite banks still being the primary sales channels for funds, their market share has declined from over 50% to around 40%, with independent fund sales institutions and brokers gaining ground [7][8]. Future Market Dynamics - The competitive landscape for fund sales is shifting from a focus on scale to a more comprehensive competition based on customer service, advisory capabilities, and digital proficiency [8].

Core Insights - The lithium iron phosphate (LFP) market is experiencing significant growth driven by strong demand in the electric vehicle and energy storage sectors, alongside factors such as resource scarcity, technological upgrades, and policy support [2][5] Industry Overview - The LFP industry is witnessing a surge in demand, particularly in the energy storage battery market, with expected shipments reaching 165 GWh by Q3 2025, a 65% year-on-year increase [2] - The total shipment volume for the year is projected to reach 580 GWh, reflecting a growth rate exceeding 75% [2] - In the first three quarters of this year, China's power battery installation volume reached 493.9 GWh, a 42.5% increase year-on-year, with LFP batteries accounting for 402.6 GWh, representing an 81.5% share and a 62.7% increase [2] Company Performance - Hunan Youneng reported Q3 revenue of 8.868 billion yuan, a 73.97% increase year-on-year, with net profit soaring by 235.31% [3] - Guizhou Anda Technology achieved Q3 revenue of 736 million yuan, up 79.63% year-on-year, and a total revenue of 2.273 billion yuan for the first three quarters, marking a 109.02% increase [3] Market Dynamics - A "lock-in order" trend is emerging among downstream manufacturers, who are demanding stable supply and quality from material suppliers [3] - The LFP industry is characterized by a strong innovation momentum, particularly in energy density, fast charging capabilities, and compaction density, leading to structural prosperity in the market [7] Expansion and Investment - Major LFP manufacturers are initiating new rounds of capacity expansion, with companies like Fulin Precision Engineering planning to invest 4 billion yuan in a new high-density LFP project [8] - Hunan Youneng is also expanding its overseas production bases in Spain and Malaysia, with projects in the pipeline [9] - The competitive landscape is shifting as leading companies leverage resource integration and scale advantages, while smaller firms face potential elimination [9]

奥派经济学家告诉我们：人的行为是有目的的。那么有共同目的和相同价值取向的人就会抱团，而且通 过信息传播的网络效应，成几何级数增加，就是说抱团是马太效应的具体形式。 如果没有抱团，市场就不会有波澜。如果市场是单个个体纯粹的随机布朗运动，那么就请看看一碗水的 平静：水分子无时不刻地在激烈运动，但没有丝毫波动。没有波动，股市就必定陷入死寂，就毫无意 义。 股票市场主要有三种抱团：以安全边际为核心理念的企业经营现金流和股息溢出抱团，以成长和反转增 量为核心理念的企业经营利润和股票估值溢出抱团，以强者恒强价格博傻为核心理念的情绪和交易资金 溢出抱团。 之所以会形成这三种风格迥异的抱团模式，是因为辨识度是认识事物必要的属性，在股票众多的特点 中，这三种最容易被辨识和接受。这三种抱团，谁也不用笑话谁，本质都是一样的，多数时候它们各自 分离，有时候也会糅合在一起。 为什么有些人如此憎恨机构抱团，其实根源上憎恨的并不是抱团，而是憎恨没有去抱他持仓的那个团。 众人拾柴火焰高，这么浅显的道理应该没有人不懂，不抱团，怎么可能涨价呢？ 所以，人有取利欲望和价值倾向，就一定会产生抱团行为，而正是因为抱团行为才可能掀起洪波巨澜， 使股市精 ...