港股恒生指数开盘涨0.09%，报26361.44点，恒生科技指数涨0.33%，报5755.28点，国企指数跌0.03%， 报9166.25点，红筹指数跌0.22%，报4074.78点。 大型科技股中，阿里巴巴-W涨1.41%，腾讯控股涨0.16%，京东集团-SW跌0.26%，小米集团-W涨 0.79%，网易-S跌0.26%，美团-W跌0.38%，快手-W涨5.89%，哔哩哔哩-W涨0.85%。 油气设备与服务股高开，山东墨龙涨超13%；黄金股活跃，紫金黄金国际涨超1%；电力设备股低开， 金风科技跌超4%；中资券商股普跌，招商证券跌超1%。 港股三大指数上周五迎来2026年"开门红"。截至收盘，恒生指数涨2.76%，报26338.47点；科技指数涨 4%，报5736.44点；国企指数涨2.86%，报9168.99点。从行业表现看，半导体、互联网科技、家电、汽 车及商业航天相关个股成为当日领涨主力。热门中概股集体走强。纳斯达克中国金龙指数单日大涨 4.38%，创去年5月12日以来的最大单日涨幅。 中金公司分析，大涨的原因：1）应不是资金大举涌入（沪港通关闭，港股成交没有大幅放大，港币走 弱）；2）应不是政策大幅变 ...

Important Matters - Zhongwei Company plans to acquire 64.69% equity of Hangzhou Zhonggui, with stock resuming trading on January 5 [1] - Yushu Technology has not applied for any "green channel" related matters [1] - Luxshare Precision reports that its core business is progressing smoothly and there are no abnormal situations affecting normal operations [1] - Yanjing Co. intends to acquire control of high-frequency circuit board manufacturer Yongqiang Technology, with stock suspended; the latter's high-end products have been certified by Intel and Huawei [1] - Fangda Carbon has terminated its participation in the substantive merger and reorganization of Shanshan Group and its wholly-owned subsidiary [1] Investment Operations - China Nuclear Power's Unit 2 of the Fujian Zhangzhou Nuclear Power Plant is ready for commercial operation [1] - Guoxin Technology's newly developed neural network processor DPNPU has successfully passed internal testing [1] - Zhongmin Resources has commenced trial operation of its 30,000 tons per year high-purity lithium salt technical transformation project [1] - Longpan Technology plans to invest 2 billion yuan in a high-performance lithium battery cathode material project [1] - Greeenme has shipped over ton-level products of high nickel ternary cathode materials and lithium-rich manganese-based cathode materials [1] - Zhongjian Technology plans to develop a collaborative project in intelligent robotics [1] - Qinchuan Machine Tool's humanoid robot main products have been supplied in bulk [1] - Xingqi Eye Medicine's application for atropine sulfate eye drops has been approved [1] - Jincai Hulin intends to acquire 51% equity of Wuxi Sanli Robot Parts Company for 63.43 million yuan [1] - Shengyi Technology has signed a 4.5 billion yuan investment intention agreement for a high-performance copper-clad laminate project, targeting AI, cloud computing, and 6G communication fields [1] - Tianlong Co. plans to acquire 54.87% equity of Suzhou Haomibo for 232 million yuan, entering automotive intelligent driving, low-altitude flight, and robotics sectors [1] - Kexin Electromechanical is exploring potential market opportunities in commercial aerospace based on its technology accumulation in special materials welding [1] Partnerships and Collaborations - Mengwang Technology has signed a 60 million yuan cooperation agreement for the research and production of drones with Shenzhou Liuhe [2] - Shengyi Technology has signed a 4.5 billion yuan investment intention agreement for a high-performance copper-clad laminate project [2] - Tenglong Co. plans to establish a joint venture for a liquid cooling computing power center and has signed an investment intention agreement [2] Capital Operations - CATL has repurchased a total of 15.99 million A-shares, with a total transaction amount of 4.386 billion yuan [2] - Nova Star Cloud has established a participating fund and completed an investment in Blue Arrow Aerospace, holding 0.8189% of its shares [2] Performance - SAIC Group expects to sell 1.643 million new energy vehicles in 2025, a year-on-year increase of 33.1% [3] - Changan Automobile anticipates sales of 2.913 million vehicles in 2025, a year-on-year increase of 8.5% [3] - BYD projects cumulative sales of 4.6 million new energy vehicles in 2025, a year-on-year increase of 7.73% [3] - Bailong Oriental expects a year-on-year increase in net profit of 46.34%-70.73% for 2025 [3]

Core Viewpoint - The article emphasizes a favorable economic outlook for the spring of 2025, supported by improved PMI data and a lack of significant downward risks, which may lead to a sustained bullish market trend [2][5]. Economic Indicators - The December 2025 PMI showed a seasonal improvement, with production, new orders, and new export orders all significantly better than seasonal averages, attributed to the later timing of the Spring Festival in 2026 and the pre-emptive nature of export orders [2][3]. - The absence of major economic downturn risks creates a continuous window for market performance, particularly as the A-share market is expected to see a positive start to the year [5]. Market Dynamics - Economic and industrial changes are slow variables, while capital supply and demand are fast variables, which will be more pronounced in the spring market. The influx of capital from insurance and foreign investments is anticipated to support the A-share market [5][8]. - The year-end surge in the CSI A500 ETF indicates a stable influx of marginal funds, which is expected to continue into the new year, enhancing market sentiment and broadening the profit-making effect across sectors [5][8]. Investment Opportunities - The spring season is identified as a critical time for potential investment opportunities, particularly in technology sectors and cyclical industries, with themes such as AI, commercial aerospace, and robotics gaining traction [9][10]. - The article suggests that the conditions for a comprehensive bull market in 2026 are gradually being established, driven by improvements in the manufacturing sector and increased foreign investment interest [8][9]. Sector Performance - The article highlights the performance of various sectors, noting that defense, machinery, and automotive sectors are showing continued profit expansion, while sectors like consumer goods and real estate are experiencing contraction [13]. - The relative strength of the ChiNext index compared to the CSI 300 indicates a shift in market dynamics, with a focus on high-performing stocks within the growth sectors [12]. ETF Trends - The article provides insights into the performance of various ETFs, noting significant changes in share volumes and price movements, which reflect broader market trends and investor sentiment [14].

今年元旦假期，是海南自贸港全岛封关后的首个假期，海南全省接待游客217.16万人次，与2025年 同口径对比增长25.2%；旅游总花费31.36亿元，增长28.9%。同期，海口海关共监管离岛免税购物金额 7.12亿元，同比增长128.9%。某免税城市场部总监侯晓飞透露，国外游客增长幅度尤其明显。 侯晓飞：来自国外的游客量有很大增幅，像来自俄罗斯、北美、欧洲的游客，按照数据统计，有 3%至5%的数据增幅。 央广网北京1月5日消息（记者丁飞 潘嵘）据中央广播电视总台中国之声《新闻和报纸摘要》报 道，文化和旅游部4日公布：元旦假期，全国国内出游1.42亿人次，国内出游总花费847.89亿元。各地文 旅活动丰富多彩，冬季特色文旅产品供给丰富，助推岁末年初市场持续升温。 今年，中央继续安排超长期特别国债资金，各地按比例安排配套资金，支持消费品"以旧换新"政策 实施，元旦假期，更多绿色、智能产品进入百姓生活，进一步激发消费市场活力。商务部商务大数据显 示，智能健康设备、智能穿戴设备销售额分别增长20%和15%以上，一级能效家电销售额增长超10%。 商务部商务大数据显示，假期三天，餐饮消费增长2.8%，全国78个重点步行街 ...

来源：光大证券微资讯 热点聚焦 HOT 1、2026年新兴市场股票迎来多年来最强开局，升至2021年以来最高，市场看好亚洲在人工智能领域的 地位上升，推动该地区科技股大涨。MSCI发展中国家指数新年首个交易日上涨1.7%，达到自2021年2 月以来最高。1月2日，港股开年大涨，恒指收涨2.76%，恒生科技指数涨4%。"港股GPU第一股"壁仞科 技上市首日大涨超75%，公开发售阶段获逾2347倍认购。港交所披露，国家集成电路基金在中芯国际H 股的持股比例于12月29日从4.79%升至9.25%。 2、1月2日，离岸人民币兑美元升破6.97，最高升至6.9678，创2023年5月以来新高。2025年美元创下八 年来最大年度跌幅，美元即期指数全年下跌了约8%，交易员押注其将进一步走低。投资者认为，若下 一任美联储主席如预期般选择大力降息，美元将进一步贬值。 3、据央视新闻，白宫表示，美国对委内瑞拉的石油禁运仍完全有效。将让美国大型石油公司进入委内 瑞拉。此前，消息人士称，八个欧佩克+国家原则上同意在26Q1暂停石油产量增长。1月3日，WTI原油 期货跌0.17%，报57.32美元/桶，一周累涨1.04%；布油期货跌 ...

河南省政府办公厅日前印发了《河南省加快推动制造业绿色低碳发展的若干政策措施》（以下简称《措 施》），从推动传统产业加快绿色低碳转型、推动壮大绿色低碳产业发展规模、推动提升资源循环利用 能力突破等6个方面出台了21条举措，加快提升河南制造业绿色竞争优势。 在实施大规模绿色化改造方面，推动10个传统产业实施新一轮绿色化改造，到2027年，新增A级、B级 和绩效引领企业2000家左右。在强化挥发性有机物综合治理上，涉VOCs重点行业企业基本实现低 （无）VOCs含量原辅材料替代。在加快调整能源消费结构上，力争到2027年，制造业领域清洁低碳能 源占能源消费比重达25%。在推进重点行业产能治理上，力争到2027年，落后低效产能基本退出。 此外，还将培育制造业绿色融合新业态，推动数字化绿色化协同、绿色制造与现代服务业融合、绿色产 品与绿色消费供需融合，拓展制造业绿色低碳发展的新模式、新业态、新场景；推动金融赋能绿色制造 加快发展，发挥绿色信贷、绿色基金、绿色保险等金融工具作用，鼓励金融服务制造业绿色低碳发展。 当前，制造业绿色低碳发展已成为塑造新动能新优势、发展绿色生产力、助力碳达峰碳中和的重要引 擎。《措施》提出，要 ...

Group 1 - BYD aims to maintain significant R&D and financial investment to consolidate electrification and promote intelligence in the new "15th Five-Year Plan" period [3] - The company plans to integrate global resources for collaborative innovation and accelerate its global industrial layout to build a world-class Chinese brand [3] - BYD's annual sales have achieved a tenfold growth during the "14th Five-Year Plan" period, establishing it as the largest electric vehicle manufacturer globally [3] Group 2 - Oriental Fortune emphasizes the importance of empowering the real economy and serving people's needs in the financial sector during the "15th Five-Year Plan" [5] - The company aims to leverage technology to connect wealth management and financing needs effectively [5] Group 3 - Moore Threads focuses on accelerating the application of domestic GPUs across various industries to support digital transformation [7] - The company has established a complete technology stack based on a unified architecture, achieving a systematic closed loop from hardware to application [7] Group 4 - Muyuan Foods is committed to producing safe and healthy pork products, aiming for high-quality development in the pig farming industry [9] - The company plans to leverage technology to address industry challenges and contribute to the high-quality development of China's pig farming sector [9] Group 5 - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and external expansion [12] - The company emphasizes the importance of technological innovation and industry chain collaboration to enhance global competitiveness [12] Group 6 - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan" period, focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials globally [16] Group 7 - Aier Eye Hospital integrates clinical services, research innovation, and public health education into a comprehensive eye health ecosystem [18] - The company is committed to advancing AI diagnostics and expanding its eye health service network [18] Group 8 - Tianci Materials focuses on sustainable development principles, enhancing innovation capabilities in lithium-ion battery materials and specialty chemicals [20] - The company aims to embrace a new growth cycle in the lithium and energy storage industry over the next five years [20] Group 9 - JinkoSolar emphasizes technological innovation as the core driver of its development, aiming to enhance the efficiency of photovoltaic applications [22] - The company is focused on integrating advanced technologies with traditional manufacturing to foster new productive forces [22] Group 10 - Jishi Media aims to integrate cultural and technological advancements, focusing on digital transformation and innovation in the media sector [24] - The company plans to enhance its competitiveness by focusing on AI, data elements, and low-altitude economy [24] Group 11 - China National Machinery Industry Corporation aims to transform into a technology-driven engineering company while embedding its development into the national modernization blueprint [26] - The company plans to enhance its efficiency and investment value through capital market engagement and focus on green engineering and digital infrastructure [26]

Industry Insights - The geopolitical event involving the U.S. military's actions in Venezuela is expected to lead to a short-term increase in international oil prices due to heightened risk premiums, but long-term implications may include an oversupply in the oil market if the U.S. gains control over Venezuela's oil industry [1] - Shanghai aims to develop its low-altitude economy, targeting a core industry scale of approximately 80 billion yuan by 2028, with a complete industrial chain for new low-altitude aircraft [2] - The upcoming CES 2025 is anticipated to showcase significant advancements, including NVIDIA's potential entry into the AI PC market, new technologies in AI glasses, and innovations in smart home and automotive sectors [3] Company Developments - Yushu Technology has denied reports claiming that its A-share listing green channel has been halted, clarifying that it has not applied for any "green channel" related matters [4] - The domestic chip leader, SMIC, is expected to benefit from increased support from the National Fund, indicating a positive outlook for the domestic semiconductor industry as it moves towards performance realization [11]

【#比亚迪年度销量首超特斯拉##特斯拉2025年交付量下滑近9%#】当地时间1月2日，特斯拉公布其 2025年第四季度及全年汽车交付数据。数据显示，特斯拉2025年交付量为163.6万辆。同期，比亚迪的 纯电动汽车销量已达到225.67万辆。比亚迪在年度销量上首次超越特斯拉，意味着特斯拉失去长期占据 的"全球纯电动车销量冠军"宝座。 据《每日经济新闻》记者观察，特斯拉2025年四季度和全年的销量均出现大幅下滑。2025年第四季度， 特斯拉交付量较2024年同期减少约16%，产量较2024年同期下降5.5%。就2025年全年来看，特斯拉的交 付量由2024年的178.9万辆下降8.6%至163.6万辆。 虽然特斯拉此次没有发布区域销量，但数据显示，除了美国，特斯拉在欧洲的销量同样有所放缓。据欧 洲汽车制造商协会（ACEA）发布的数据，2025年前11个月，特斯拉在欧洲的注册量下降了39%，而其 竞争对手比亚迪在欧洲的注册量则增长了240%。 自2014年进入中国市场以来，特斯拉经历了从快速崛起到面临激烈竞争的完整周期。数据显示，最初三 年，特斯拉累计交付2.12万辆汽车；2017年，其单年销量即达到此前总和，此 ...

Core Viewpoint - The article discusses the current market situation of the Li Auto L8 model, highlighting customer preferences, sales performance, and competitive comparisons with other models in the same segment. Group 1: Customer Insights - In a third-tier city, the average daily foot traffic at the store is over 200, with weekends reaching 500, but only about 2 groups daily are specifically interested in the L8 model [2] - Customers who test drive the L8 have a significantly higher conversion rate, indicating the importance of the test drive experience in the purchasing decision [2] - The primary buyers of the L8 are families looking for an upgrade, particularly those needing a six-seater vehicle, with a wide age range from 30 to over 60 years old [5] Group 2: Sales Performance - Last month, the store delivered a total of 76 vehicles, with only 5 being L8 models, indicating a relatively low sales volume for this model [4] - The L8 model's sales are around 8 units per month, making it the least sold in the L series [9] Group 3: Competitive Landscape - Customers often compare the L8 with other six-seater vehicles, such as the Tengshi N8L and the Wanjie M7, indicating a competitive market [7] - The L8's appeal lies in its spaciousness and comfort, which are the primary demands of customers in this segment [7] Group 4: Customer Feedback - Common feedback includes dissatisfaction with the lighting features and the lack of charging piles provided by the company [12] - There have been reports of noise issues with the front suspension arms, which were addressed through free replacements [12] Group 5: Maintenance and Costs - The maintenance cycle for the L8 is set at 10,000 kilometers or 12 months, with the first service requiring oil and filter changes [13] - Maintenance costs are clearly outlined, with various services and their respective prices available for customer reference [14] Group 6: Pricing and Value Proposition - The L8 is currently offered with a cash discount of 40,000, presenting a competitive value proposition compared to the L9 model [15] - The financing options for the L8 include a total cost of approximately ¥231,000 with a monthly payment of ¥1,833 [11]