2026 年的第一个月，一份"冰火两重天"的财报摆在了马斯克面前： 1.汽车业务不顺：2025年交付汽车163.6万辆，同比下降8.6%，自2018年以来首次被比亚迪超越，净利润也同比下降12%。 2025年前三季度，储能业务营收累计约86.45 亿美元，毛利稳定在30%以上，显著高于汽车业务16%的平均水平。 储能营收占总营收提升至12.0%，比去年同期提升3个百分点。 根据官方财报整理的特斯拉储能部署量 虽然在整个储能市场，特斯拉仍然占据第一宝座，但市场上仍担心特斯拉能否守住领先地位，但大型储能上阳光电源比亚迪已经在多个榜单反超。 2.储能业务暴涨：全年装机量达46.7GWh，同比大增48.7%。 | | 制作 | 交付 | | --- | --- | --- | | Model 3/Y | 1,600,767 | 1,585,279 | | 真他车型 | 53,900 | 50,850 | | 总计 | 1,654,667 | 1,636,129 | 面对对手的来势汹汹，马斯克打出了三张牌"守擂" ： 1.亲身入局AIDC储能业务 2.重点渗透新兴市场 3."长袖善舞"的供应链管理 其中AIDC储能布局 ...

摘要 作为钠电池的定义者和产业拓荒者，中国企业或将改写世界能源体系。 几乎在同一个月内，海辰储能、亿纬锂能（维权）、宁德时代三大锂电巨头在十四五收官之际，相继落 笔了钠电商业化蓝图与野心。 现阶段，锂电巨头们给出的较为清晰的路径分别为AIDC与动力市场。 具体来看，海辰储能与亿纬锂能都公布了钠电在AIDC场景的应用方案，并着手建设相关产能；宁德时 代则选择在换电、乘用车、商用车等动力领域布局，并率先发布了钠离子商用车启停与乘用车动力产 品。 巨头们纷纷涌入，不仅是对钠电技术与市场的重塑与定义，更是将钠电抬上了叙事更宏大、需求更广阔 的新能源大舞台。 钠电产业化"守夜"三年，巨头们此轮更加实质性的布局，是否将敲响拂晓之钟？这个答案，可能藏在钠 电会在哪个应用场景更快实现规模化商业落地。 其背后，与未来庞大的电力市场与全场景电动化对多元材料、多元形态电池需求有关。而钠电池在差异 化性能、远期成本、原材料供应稳定等优势上，不仅成为锂电池的有效补充，并逐步打开了独立市场。 一是，锂电池主材集体涨价，并以碳酸锂涨价为主要焦点，但走势并稳定。其12月26日的期货价格突破 13万元/吨，又在29日跌破12万元/吨。 而面对 ...

Group 1 - The core viewpoint of the news is that the global AIDC (Artificial Intelligence Data Center) energy storage market is expected to experience explosive growth, with lithium battery shipments projected to exceed 300 GWh by 2030, which is 20 times the 15 GWh expected in 2025 [1] - The report from GGII indicates a significant shift in the growth drivers of the global energy storage industry, moving from a focus on single renewable energy consumption to a tripartite driving force of "AI computing infrastructure + energy transition demand + grid congestion" [1] - The supply-demand relationship in the industry is improving, transitioning from a destocking phase to a replenishment boom period, with certain segments of the industrial chain expected to see simultaneous increases in both volume and price [1] Group 2 - The Chuangye Board New Energy ETF Huaxia (159368) is the largest ETF fund tracking the Chuangye Board New Energy Index, which covers multiple sub-sectors including batteries and photovoltaics [2] - As of November 30, 2025, the fund's scale reached 732 million yuan, and it has the highest trading volume, with an average daily transaction of 72.75 million yuan over the past month [2] - The fund has a high elasticity with a potential increase of up to 20%, and it has the lowest fee rate, with a combined management and custody fee of only 0.2% [2]

插播： 1月8日，中车株洲所、阳光电源、弘正储能、海辰储能、海尔新能源、融和元储、华储电气、天合光能、星星充电、星纪云能、汇能科技等超30 家企业出席【行家说储能开盛年会】，报名欢迎联系行家说储能 辛迪Cindy：15989092696 （微信同号） 站在2025年的最后一天往回望，行家说储能真切感受这是储能行业经历震荡的一年。 至此， 储能正式迈入 "以价值定规模"的高质量发展新阶段。 基于行业的不断探索， 在电力现货、辅助服务等市场中，通过调峰、调频、容量备用等场景， 储能价值实现路径正不断拓宽。2026年，随着电力市场建设逐步成熟，"价值驱动"将成为储能行业更深刻的烙印。 ▋ 计划突破1.8亿千瓦：三年实施路径确立 9月12日，国家发改委、国家能源局联合发布《新型储能规模化建设专项行动方案（2025-2027年）》，作为我国首个系统性推动新型储能规模化发展的顶 层设计文件，它明确2027年全国新型储能装机规模需突破1.8亿千瓦，确立了未来三年的核心目标与实施路径，明确通过强化规划引导、推动技术进步、完 善市场机制等关键举措，预计 带动直接投资约 2500 亿元， 是2025年行业最重磅的确定性信号。 ☆ ...

【导读】海辰储能发布三大创新成果，高管预判行业竞争将更侧重价值维度 "储能的经济性推动储能全面市场化，才是新能源发展的未来。"在近日召开的第三届海辰储能生态日 上，海辰储能创始人、董事长吴祖钰表示，公司将持续通过技术创新实现极致降本。 对此，海辰储能计划在未来5年，推动储能度电存储成本（LCOS）进入"1毛钱时代"。 对此，海辰储能在此次生态日上发布了三大创新成果。公开资料显示，海辰储能是一家提供以储能电池 和系统为核心、覆盖全场景储能解决方案的独角兽企业，2024年在锂离子储能电池的出货量排名全球第 三。 吴祖钰表示，储能行业不仅要实现"与风光同寿"，更要实现"与风光同价"，新能源替代传统能源的进程 才会全面加速，行业才能真正走出内卷，迈向可持续的价值竞争新阶段。 海辰储能将围绕四大领域持续攻坚，分别是高安全、长寿命、高能效的超大尺寸电芯；打造高安全、高 集成、高效率的储能系统；推进极限智能制造；落地一体化解决方案。 以打造高安全、高集成、高效率的储能系统为例，海辰储能在此次生态日上发布全球首个原生8小时长 时储能解决方案∞Power8 6.9MW/55.2MWh。该方案以原生8小时储能系统实现新能源发电波 ...

Trade and Economic Data - In the first 11 months of this year, China's total goods trade value reached 41.21 trillion yuan, reflecting a year-on-year growth of 3.6% [1] - Exports amounted to 24.46 trillion yuan, increasing by 6.2%, while imports were 16.75 trillion yuan, showing a slight growth of 0.2% [1] - Trade with countries involved in the Belt and Road Initiative reached 21.33 trillion yuan, marking a 6% increase and accounting for 51.8% of China's total foreign trade [1] - Private enterprises in China recorded a total import and export value of 23.52 trillion yuan, which is a year-on-year increase of 7.1% [1] AIDC Energy Storage Market - The global AIDC (Artificial Intelligence Data Center) energy storage market is expected to experience explosive growth, with lithium battery shipments projected to exceed 300 GWh by 2030, which is 20 times the 15 GWh expected in 2025 [2] E-commerce and Taxation - Japan's government proposed a tax reform that requires e-commerce platforms with annual sales exceeding 5 billion yen to collect consumption tax on behalf of cross-border sellers, effective from 2026 [3] Mobile Gaming Revenue - In November, 33 Chinese companies ranked among the top 100 global mobile game publishers, collectively generating revenue of 19.5 billion USD, which accounts for 35.8% of the total revenue of the top 100 publishers [4] Cross-border E-commerce Developments - The well-known video blogger team "Yingshi Pifeng" has joined Alibaba's international platform, utilizing AI to expand overseas markets and has received cooperation intentions from over 30 countries [5] - The cross-border marketing service provider Miduo Duo has submitted its prospectus for a mainboard listing on the Hong Kong Stock Exchange, showing steady revenue growth from 65.17 million USD in 2022 to 71.13 million USD in 2024 [6] - Amazon is reportedly considering ending its long-term contract with the USPS, which has generated over 6 billion USD in annual revenue for USPS [7] Financing and Growth - AirCloud has completed a Series G financing round, raising 330 million USD, with a valuation of 8 billion USD, marking a nearly 30% increase from its previous funding round [8] - JD Logistics reported a doubling of order volume from its global overseas warehouses during the Black Friday sales event [10] - TEMU signed a memorandum of understanding with bpost to enhance cross-border e-commerce supply chain capabilities [11] - FundPark announced a partnership with HSBC Express Finance to provide embedded financial services to local sellers in Hong Kong [12] Performance of Chinese Goods in Russia - Russian e-commerce platform OZON reported a fivefold increase in order volume for Chinese goods during the Black Friday sales, indicating a growing demand and market penetration for Chinese products in Russia [13]

Group 1: Cross-Border Payment Insights - The report "Cross-Border Payment: Cost Questions Unanswered" emphasizes the importance of establishing a systematic cost recognition framework for cross-border merchants to achieve effective cost management [2] - It addresses the fluctuating payment rates and the value of local acquiring, urging merchants to explore various factors that influence profits beyond just rates [2] Group 2: Company Developments - The video blogger team "Film Hurricane" has joined Alibaba International Station, utilizing AI Agents to expand their overseas business, receiving cooperation intentions from clients in over 30 countries [3] - Out of the Door has launched the world's first 4G AI recording headset, TicNote Pods, which operates independently of mobile phones and is suitable for various dialogue scenarios [3] - Intelligent Dynamics has successfully entered key markets like Vietnam and India, establishing strong partnerships and making overseas business a vital part of its operations [4] - Temu has signed a memorandum of understanding with bpost group to enhance cross-border e-commerce supply chain capabilities in Europe and North America [4] - Riyadh Airlines and Huawei have signed a memorandum to create a new generation of digital aviation ecosystems, focusing on enhancing digital capabilities for seamless travel experiences [4] - GAC AION and HYPTEC have officially entered the Saudi market, showcasing multiple new energy vehicle models at the Riyadh International Motor Show [5] - QCraft plans to expand into the Saudi and Middle Eastern markets, focusing on commercializing L4 autonomous driving solutions [5] - MINISO LAND has won the "Best New Store Concept Award" at the MAPIC Awards, highlighting its innovative store formats [6] - Xinfengming plans to invest $280 million in a 360,000-ton/year functional fiber project in Egypt, enhancing local textile industry capabilities [6] Group 3: Investment and Financing - Airwallex has completed a $330 million Series G financing round, raising its valuation to $8 billion, with plans to expand in the U.S. and globally [7] - Zhishi Robotics has completed a multi-million A+ round financing, focusing on warehouse robot development and expanding its overseas business [7] - Kuaizhao Technology has raised several hundred million RMB in Series B financing, setting a record for crowdfunding in the 3D printing industry [8] - Beidou Zhihui has completed a multi-million B round strategic financing to accelerate its "Automotive Intelligence + Beidou Navigation" strategy [8] - Juewu Technology has completed over 100 million RMB in Pre-A round financing, planning to launch its agricultural robots globally by 2026 [9] Group 4: Policy and Market Trends - Mexico will implement new tax regulations in 2026, requiring e-commerce platforms to withhold up to 36% in taxes from sellers, impacting cross-border sellers [10] - The 2025 International Robot Exhibition showcased a significant presence of Chinese humanoid robots, highlighting advancements in the robotics industry [10] - The AIDC energy storage market is projected to experience explosive growth, with expected lithium battery shipments reaching 300 GWh by 2030 [10]

摘要 AIDC储能与Robotaxi：下一轮高溢价电池市场，轮得到谁来做主？ 如果把 "AI 时代的新基建 " 拆开来看，最硬的那几块其实很朴素：电力、能源、芯片、冷却系统 等等一切围绕算力运转的基础设施。 短期内，以 所谓 "MAG7"为代表的 美国 AI 企业，无论在资本、技术还是场景主导权上，都握着 难以撼动的优势。 围绕这些企业展开的电力与储能投资，也将代替传统的能源转型叙事，在深水区重塑全球电池产业 的增量格局。 最近，两条看似普通的业务新闻，在这个背景下显得意味深长： LG 能源解决方案将全球储能电池产能目标从 30GWh 上调至 50GWh ，其中约八成都计划在北 美生产和销售； BNEF 最新的储能展望则把 2026 年新增装机规模上调至约 123GW 、 360GWh ，对应的是在 2024 、 2025 基础上的持续两年 30% 以上增速。 中国和美国被明确写为到 2035 年前全球最大的两个储能市场。 从电力系统视角看，高盛的能源团队在 10 月更新的报告中预估，到 2030 年数据中心用电可能 比 2023 年增长约 175% ，其中 AI 负载是主要推手，迫使电力系统在七到十年的建设 ...

12月12日（星期五），今日报刊头条主要内容精华如下： 专题：四大证券报精华 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中国证券报 外资巨头发声！看好中国科技股 日前，瑞银财富管理举行2026年度投资展望会，瑞银财富管理大中华区投资总监及亚太区宏观经济主管 胡一帆分享了对2026年全球经济形势及资本市场的展望。胡一帆认为，2026年人工智能（AI）行业资 本支出保持强劲增长，AI有望继续引领全球市场上涨。其中，中国市场蕴含结构性机遇，科技板块尤 其值得关注。在投资策略上，建议采取多元化配置，保持适当流动性，构建跨资产、跨区域的投资组 合，并通过黄金等大宗商品及另类资产对冲风险，以在市场波动中寻求稳健回报。 重大资产重组！"小巨人"拟收购"小巨人" 12月11日晚，北交所上市公司创远信科发布重大资产重组报告书草案，拟以发行股份及支付现金的方 式，收购上海微宇天导技术有限责任公司100%股权，交易总价为8.86亿元。本次收购是"并购六条"相关 政策发布以来，北交所市场第二单重大资产并购重组案例，符合鼓励上市企业通过资本市场进行并购重 组以促进资源整合优化的政策导向，标志着北交所并购 ...

约三成公募基金公司今年迎来新舵手 近期，多家公募基金公司出现董事长、总经理变更。类似变更在今年并不少见。Wind数据显示，截至12月10日，今年以来已有超过50家公募基金公司（不 含券商资管）出现董事长或总经理级别的高管变更，约占公募基金公司总数的三成。（智通财经） 超长债大幅调整 机构称债市震荡无碍银行营收稳增预期 近日，以30年期国债为代表的超长债大幅调整，利率显著攀升。多家券商研究机构认为，超长债单独调整系总量缺口与结构性压力共同作用，从银行的角度 看，债市震荡无碍营收稳增预期。数据显示，12月8日，30年期"25超长特别国债06"收益率攀升至2.26%，该券收益率12月以来已经上行8个基点。受现券收 益率上行拖累，国债期货市场承压。12月8日，30年期国债期货主力合约跌0.29%，报112.24元。（经济参考报） 美联储今年第三次降息25个基点 特朗普：幅度可以更大 当地时间10日，美国联邦储备委员会结束为期两天的货币政策会议，宣布将联邦基金利率目标区间下调25个基点到3.50%至3.75%之间。这是美联储继今年 第三次降息，也是自2024年9月以来第六次降息。经济前景不确定性较高，就业下行风险增加。 ...