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！ 来源：雷军 2024年7月19日晚上19：00，我的第五次年度演讲'勇气'在北京首钢冰球馆举行。 在3小时的演讲和年度新品发布中，我分享了小米造车的来龙去脉，以及过去3年跌宕起伏的故事。演讲 后的发布会环节，我为大家带来了小米MIX Fold 4、小米MIX Flip、Redmi K70至尊版、Xiaomi Buds 5、小米手环9、Xiaomi Watch S4 Sport等一系列新产品。最后，我发布了为赛道而生的巅峰性能纯电轿 车——小米SU7 Ultra 原型车。小米SU7 Ultra原型车将在今年10月，正式挑战纽博格林赛道北环赛道。 过去的3年，对小米来说是一段脱胎换骨的经历。小米SU7 成功的背后，凝聚着巨大的勇气，那不是某 一个人的勇气，而是小米集团40000多人共同的勇气。正是这样的勇气，我们拥有了无比坚定的信念， 要为米粉朋友们做辆 Dream Car，感谢勇气，也感谢所有米粉的一路支持！也祝福所有人：愿你永远拥 有披荆斩棘的勇气和勇往直前的信心！ 以下是这次公开演讲全文，与你分享。 " 大家好！今天是我的第5次年度演 ...

南方财经记者魏彤 程浩 于长洹 吴蓉 广州、佛山、东莞报道 隆冬时节，当长江流域以北城市的最低气温已跌至零摄氏度以下时，南粤大地还是一片春意盎然、花团锦簇的样子。独特的温暖气候，造就了岭南"人气 王"的优势。 跨年夜，广深地铁接连创下新高：广州地铁不仅刷新了自身客运量纪录，更登顶"全国地铁单日客流新高"，深圳地铁则首次突破1300万大关，创下单日历 史最高客流纪录。人流背后是文旅消费热：元旦期间，广东全省接待游客1787.5万人次，日均同比增长34.8%；实现旅游收入99.8亿元，日均同比增长 39.8%。 这些数据表明，广东在全国依然拥有"顶流"的人气，同时也成为广东开局即冲刺的缩影。2026年伊始，经济第一大省广东，已经呈现出一派火热的繁忙景 象。涌动的人流、生产线上轰鸣的机器、实验室中奔忙的科技人员……一幅幅热火朝天的拼经济画卷正在铺展。 天河路商圈为何能够有如此高的人气？南方财经记者一线走访了商圈部分商户。 斐乐FILA正佳广场店经理陈加升认为，假日消费的主流是外地游客以及年轻情侣、学生党，为了迎合元旦的消费高峰，店里提前上新了新年款式，还推 出了新年满减政策。 期消费火爆。 受访者供图 斐乐FILA ...

行 电力设备 2026 年 01 月 04 日 业 研 究 行 业 电力设备 产业周跟踪：首个固态电池国标征求意见稿出台， 重视商业航天能源系统投资机遇 投资要点： 锂电板块核心观点：2026 年有望成为钠电产业化元年，汽车以旧换新 补贴如期落地。1）宁德时代表态推进钠电产业化；2）固态电池走向规范 化、标准化；3）汽车以旧换新补贴细则如期落地，中高端车补贴力度延续。 定 期 报 告 光伏板块核心观点：知识产权新政落地，强化"反内卷"法治底座。 近日，12 月 31 日，国家知识产权局与工信部联合发布《关于进一步加强 光伏产业知识产权保护工作的意见》，首次将专利布局、侵权裁决、海外维 权等全链环节纳入政策框架，明确到 2027 年形成一批高价值专利组合。政 策把"尊重知识产权"列为破解"内卷式"竞争的核心抓手，标志行业自 律正式升级为"法治化+市场化"双轨护航，有望加速低端产能出清、提升 龙头技术溢价，为 2026 年供需再平衡提供制度基石。 风电板块核心观点：3 个海上风电项目共 1.85GW 实现全容量并网， 金风科技 3GW 风光制氢一体化项目取得预审批复。1）江苏、浙江 3 个海 上风电项目共 1.8 ...

2026年1月初，小鹏汽车一则高管变动的消息，在新能源圈里引起了不少讨论。 多家媒体都已核实，产品中心副总裁陈永海在2025年12月已经离职，他留下的职位，暂时由公司总裁王凤英接手。 ▲图源：微博 关键时刻，小鹏启动了产品战略调整，陈永海临危受命，转而全权负责产品中心。那时候的产品中心团队也就几十个人，职能分散，连最基础的协同机制 都没有。 而陈永海用了三年时间，把这个小团队扩建成了三四百人的专业队伍，还搭起了从产品定义、规划到落地的一整套流程。 小鹏后来产品卖得越来越好，离不开陈永海打下的基础。不管是G6定价精准踩中市场需求，还是X9在MPV市场成功突围，再到2025年好几款主力车型卖 得火，背后都有产品中心的支撑。 2025年第三季度，小鹏营收首次突破200亿元大关，综合毛利率站上20%，净亏损大幅收窄至3.8亿元，已经逼近盈亏平衡线。 对新能源车企来说，首次盈利是重要的"保命线"——现在市场竞争已经白热化，能赚钱的企业没几家，冲刺并稳住盈利，是小鹏新阶段的核心目标之一。 陈永海不是普通的职业经理人，而是何小鹏的老搭档，更是帮小鹏从产品混乱的局面，走到体系化运营的关键人物。 陈永海和何小鹏的交情，早在他加 ...

12月31日，恒大汽车发布公告称，中国恒大新能源汽车集团有限公司（下称"公司"），连同其附属公司统称（本集团）继续探索管理现金资源的方法，包 括出售其非核心资产以支持其营运活动。同时，公司若干附属公司正面临破产清算程序。于过去三个月，若干法院发布命令，为其中部分附属公司委任管 理人及/或批准破产重整计划。 公告指出，鉴于其流动性挑战，公司未调配其有限资源聘请核数师及其他相关专业顾问开展截至2024年12月31日止年度的现场及其他审核工作，导致本集 团截至2025年6月30日止六个月的中期业绩发布延迟。截至公告发布之日，公司无法合理确定香港联合交易所有限公司证券上市规则（"上市规则"）所规 定的未发布财务业绩的发布日期。公司将在合理确定未发布财务业绩的预计发布日期后，于切实可行的情况下尽快公布该日期。 由未能在限期内发布2024年度业绩，自2025年4月1日上午9时起，恒大汽车股份已暂停买卖，此后恒大汽车多次公告继续停牌，复牌时间无法确定。最早 在今年2月初，恒大汽车表示，迄今未能成功找到能够帮助缓解集团流动资金问题并推进集团适当重组的战略投资者或买家。同时指出，因资金水平较低 且不足，集团无法确保若干服务的进 ...

近日，金川集团镍都实业公司高精铜带事业部顺利通过比亚迪股份有限公司专业审核，跻身比亚迪供应商名录，在高端铜加工领域的技术实力与质量管理 水平获行业头部企业认可。 比亚迪作为全球新能源汽车与电池领域的领军企业，对供应商筛选秉持严苛标准。此次，比亚迪审核团队通过座谈交流、现场核查等规范流程，全面评估 铜带生产工艺、检测能力、供应链管理，覆盖生产现场、质量控制、环保安全、社会责任等全维度，尤其考察核心零部件材料的稳定性与先进性。 镍都实业公司高精铜带事业部深耕高端铜加工领域，成功攻克TUO新能源汽车电池用毛化冲压带、C192芯片封装半导体合金带材等特种产品的制造工 艺，毛化铜带作为新能源汽车电池负极转接片关键材料可显著提升电池成品率与安全性，填补国内相关领域空白，产品广泛应用于电子通讯、新能源汽车 等关键领域，进入头部企业供应链，完成从技术突破到市场认证的关键跨越。 金川集团镍都实业公司高精铜带事业部将以此为契机，持续践行"专、精、特、新"发展方向，深化技术创新、提升产能规模，为比亚迪等合作伙伴提供高 品质高精铜带产品，助力新能源产业供应链安全稳定。（金川集团新闻中心全媒体记者 杨冰钰） 近日，金川集团镍都实业公司 ...

Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [5][6]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.18% in the last week, underperforming compared to the Shanghai Composite Index [1]. - The report highlights significant sales achievements in the new energy vehicle sector, with multiple companies reporting record monthly deliveries in December 2025 [2][14]. - The photovoltaic industry is facing a mixed scenario with rising upstream prices but weak downstream demand, leading to a "price without market" situation [3][38]. Summary by Sections New Energy Vehicles - In December 2025, several new energy vehicle manufacturers reported record sales, including Li Auto with 44,246 units delivered, a year-on-year decrease of 24.4% [15][21]. - Leap Motor achieved a delivery of 60,423 units, up 42% year-on-year, while BYD delivered 420,398 units, reflecting a year-on-year decrease of 17.5% [2][21]. New Energy Generation - The main industry chain prices are on the rise, with silicon material prices testing above 65 yuan/kg, although actual transactions are still based on previous orders [38]. - The report notes a significant reduction in demand, with a 78% decrease in procurement for domestic centralized projects [39]. Electric Equipment and Automation - The report indicates that the sixth batch of State Grid's bidding for power transmission and transformation equipment reached 13.205 billion yuan, with a total of 495 packages awarded [54]. - The largest single package was valued at 399.66 million yuan, with various categories such as switchgear and transformers receiving substantial funding [54]. Commercial Aerospace - Domestic policies are accelerating the industrialization of the commercial aerospace sector, with the National Space Administration incorporating commercial aerospace into the national development framework [4]. Market Trends - The report emphasizes the importance of technological advancements and market dynamics in shaping the future of the electric equipment and new energy sectors, suggesting a focus on companies that can leverage these changes for competitive advantage [40][41].

Core Viewpoint - Leap Motor aims to transition from a follower to a leader in the electric vehicle industry over the next decade, leveraging its technological advancements and product maturity to achieve sales targets exceeding 4 million units annually [2][3]. Company Overview - Leap Motor was established on December 24, 2015, and is positioned as a technology-driven smart electric vehicle company, launching its first mass-produced model, the Leap S01, in November 2017 [3]. - The company has developed a competitive in-house parts system and claims to have mastered all core technologies necessary for electric vehicle production [3]. Technological Development - Leap Motor emphasizes "full-domain self-research," covering 65% of the vehicle's cost with core technologies, and maintains a high proportion of R&D personnel, which was 90% during its startup phase and remains at 80% [3][4]. - The company has achieved significant breakthroughs in sales, with a projected delivery of 596,555 vehicles in 2025, representing a 103% year-on-year growth [4]. Market Positioning - Leap Motor is transitioning from being categorized as a new force in the automotive industry to aiming for global recognition as a world-class electric vehicle manufacturer [5]. - The D series, which includes flagship models priced between 250,000 to 300,000 yuan, is designed to compete with luxury vehicles priced between 500,000 to 1,000,000 yuan, while maintaining a cost-based pricing strategy [5]. Strategic Partnerships - China FAW Group has become a strategic shareholder in Leap Motor, marking a significant recognition of the company's achievements over the past decade [6]. - The partnership with Stellantis is expected to enhance Leap Motor's international presence and operational efficiency, with the company currently covering 35 countries and regions globally [7]. Future Outlook - Leap Motor aims to achieve its goal of becoming a world-class smart electric vehicle company, supported by its technological capabilities and strategic partnerships [7].

供需双强支撑价格上涨，关注库存及需求拐点 新能源及有色金属月报 | 2026-01-04 库存端：月内库存持续降低，各环节库存均出现明显下滑。根据SMM月度库存统计，总库存64560吨，总库存降环 比变化-19674万吨，其中锂盐厂22530吨，下游库存42030吨。月底去库速度有减缓趋势，需关注库存拐点。 12 月氢氧化锂市场价格跟随碳酸锂走势大幅上涨。截止到12月31日国内电池级氢氧化锂市场均价水平在110300元 /吨，工业级氢氧化锂均价水平在103730元/吨。受上游碳酸锂期货价格强势上涨及锂辉石原料成本持续高位的双重 支撑，氢氧化锂生产成本具备刚性支持，市场底部坚实。氢氧化锂产线整体开工负荷偏低，头部锂盐厂产能被长 协订单锁定，加之柔性产线向价差更优的碳酸锂倾斜以及个别装置检修，导致现货市场流通资源持续偏紧状态， 持货商惜售挺价意愿强烈，报价维持高位区间。下游三元材料企业采购以执行长单为主，散单市场保持刚性、小 批量的生产需求支撑，对当前高价货源的接受度有限，尤其在长协谈判周期内，市场观望情绪较浓。本月内氢氧 化锂与碳酸锂价差持续存在，刺激了部分碳化需求及贸易环节的询盘积极性，为市场带来一定增量。 ...

Core Viewpoint - Xiaomi faces both challenges and opportunities in 2025, with increasing negative sentiment towards the company and its CEO Lei Jun, particularly regarding Xiaomi's automotive ventures [1] Group 1: Response to Negative Sentiment - Lei Jun and Xiaomi's new PR head Xu Jieyun publicly addressed widespread rumors about Xiaomi's cars, claiming that negative narratives are manipulated by a small group using multiple accounts to discredit the brand [3][5] - Lei Jun shared his personal experience of driving from Beijing to Shanghai, emphasizing the impressive range of Xiaomi's vehicles, and criticized the negative portrayal of the company's marketing claims [5] - Xu Jieyun acknowledged the issue of "small print marketing" as an industry norm, admitting it can mislead consumers and promising to improve communication by using clearer messaging [6] Group 2: Legal and Public Relations Strategy - Xiaomi has initiated legal actions against those spreading false information, indicating a commitment to protecting its brand reputation [3][8] - Lei Jun refuted claims of having a 7,000-member legal team, emphasizing the need for constructive criticism rather than baseless attacks [8] Group 3: Comparison with Competitors - The article compares Xiaomi's situation to Tesla, noting that while Tesla faces significant negative press, CEO Elon Musk does not attribute sales declines to external factors like "water armies," instead focusing on product adjustments [10] - The commentary suggests that Xiaomi should avoid falling into the trap of blaming external forces for its challenges and instead focus on improving product quality and public relations [10]