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]

Core Viewpoint - Zhenqu Technology (Shanghai) Co., Ltd. has submitted its listing application, with significant revenue growth but increasing losses and soaring interest expenses [1][6][8]. Group 1: Company Overview - Zhenqu Technology is a technology-driven supplier of electric control solutions primarily targeting the new energy vehicle sector [3]. - The company ranks eighth in motor controllers, third in dual motor controllers, second in main drive power bricks, and first in dual motor controller power bricks based on installation volume as of the first three quarters of 2025 [5]. Group 2: Financial Performance - Revenue for the years 2023, 2024, and the first three quarters of 2025 was RMB 160 million, RMB 1.159 billion, and RMB 1.217 billion, respectively, while losses were RMB 237 million, RMB 335 million, and RMB 257 million [6][8]. - Revenue increased by 85% year-on-year in the first three quarters of 2025, but losses also rose by 20% during the same period [8]. Group 3: Cost Structure - The financial costs have shown a significant upward trend, with total financial costs of RMB 5.46 million, RMB 16.48 million, and RMB 37.88 million during the respective reporting periods [8][9]. - Interest expenses on bank loans surged from RMB 8.35 million to RMB 32.01 million in the first three quarters of 2025 compared to the previous year [8][9]. Group 4: Customer and Supplier Dynamics - The company derives over 90% of its revenue from its top five customers, with the largest customer contributing 63.1% of revenue in the first three quarters of 2025 [10][11]. - The company has a significant reliance on a few key suppliers, with the top five suppliers accounting for 66.2%, 59.2%, and 48.5% of total purchases in the respective reporting periods [12]. Group 5: Production and Inventory Management - A substantial portion of production relies on third-party manufacturers, which poses risks related to quality standards and delivery timelines [14]. - Inventory levels were reported at RMB 191 million, RMB 471 million, and RMB 494 million during the respective reporting periods, indicating a need for accurate demand forecasting to avoid imbalances [14].

Core Viewpoint - Xiaomi is actively addressing product-related controversies and shifting its communication strategy to enhance transparency and regain consumer trust, as demonstrated by a recent live-streamed event where company leaders directly responded to criticisms and showcased product details [2][5][10]. Group 1: Live Stream Event - The live stream, initially delayed due to the illness of CEO Lei Jun, featured key executives including Vice President of Xiaomi Auto, Li Xiaoshuai, and General Manager of Industrial Design, Li Tianyuan, who participated in a detailed disassembly of the YU7 vehicle [1][2]. - The event lasted over four hours and focused on dismantling the YU7 while addressing various criticisms surrounding Xiaomi's products, marking a strategic shift from the company's previous stance of minimal public engagement [2][4][5]. Group 2: Response to Criticism - Lei Jun acknowledged that Xiaomi had previously refrained from addressing product-related criticisms, believing that "good products speak for themselves," but decided to take a more proactive approach in response to ongoing negative sentiments [4][5]. - The company plans to systematically address various issues raised by consumers, with the YU7 disassembly being the first step in a broader communication strategy [5][10]. Group 3: Future Strategy - Xiaomi has committed to investing over 200 billion yuan in research and development over the next five years, focusing on generative AI and enhancing its product ecosystem [12]. - The company reported a 30% increase in sales for the new Xiaomi 17 series compared to the previous generation, indicating strong market performance and consumer acceptance [12].

陈永海与何小鹏的合作渊源深远。公开履历显示，2010年，陈永海加入何小鹏创立的UC公司，担任产品主管，主导UC桌面等多款核心产品的规划与设计 工作，成为早期团队的重要成员。2014年，UC被阿里巴巴收购并与高德地图重组后，陈永海短暂加入360，随后受时任UC CEO俞永福邀请加盟高德地 图，以产品运营"一号位"的身份全面负责高德地图的产品工作，在互联网产品规划与运营领域积累了深厚经验。 据最新消息，小鹏汽车产品中心副总裁陈永海已于2025年12月离职，其职务暂时由有着"车界铁娘子"之称的小鹏汽车总裁王凤英接替。这次变动距离陈永 海2022年加入小鹏汽车仅约四年。 2022年1月，陈永海正式加入小鹏汽车，初期接替离职的纪宇负责互联网中心业务。同年，小鹏G9上市失利后，公司启动产品布局重构，陈永海转而执掌 产品中心，成为小鹏产品战略落地的关键负责人。在其任职期间，产品中心完成了重大升级：不仅增设了产品线、专业产品、OTA产品、智能硬件产品、 商业分析等多个职能部门，还将团队规模从最初的几十人扩张至三四百人，逐步构建起职能全面的大产品部体系。 具体来看，陈永海主导了小鹏汽车产品平台的整合优化，将原有的E、F、D、H ...

由于测试电动汽车续驶里程的方法不适应，因此产生了一个极其有害的结果。这就是生产厂家为满 足用户需求，尽量加大电动汽车标称续驶里程，而用户在使用中多数时候达不到，让用户的使用体验很 不好。 又到冬天，电动汽车续驶里程明显小于厂家标定数值的问题又突出起来。 前几年，认为这一现象 的主要原因，是锂电池在低温下的充电和放电性能都受到影响，而现在，动力电池和整车的生产厂家都 采用了很多新技术，锂电池的冬季充放电性能有了明显改善，但这一问题依然相当突出。 对此，笔者 的看法和建议是： 1、冬季和夏季，或者说气温不温和的时候，续驶里程明显缩短，是目前电动汽车的固有特性（需 进一步改进）。 主要原因，一是 冬季需要开暖风，夏季需要开空调，这都要消耗大量的能量。使用新技术热泵空 调，可以减少传统空调消耗的能量，但也只能缓解，不能根本解决。 二是 为了提高锂离子电池在冬季 和夏季的充放电性能，需要对动力电池系统加热或降温，这也需要能量。 2、急需建立新的电动汽车续驶里程测量的工况方法。 当前测试电动汽车续驶里程的方法 主要有两种，一种是中国工况，简称CLTC，一种是世界工况， 简称WLTC。这两种方法都是基于传统燃油汽车测试排放 ...

值得一提的是，截至记者发稿，陈永海的微博名（XP-陈永海）依然包含小鹏汽车，且其认证身份仍为 小鹏汽车副总裁。 1月4日，有消息称，小鹏汽车产品中心副总裁陈永海已于2025年12月离职，其职务暂由总裁王凤英接 替。《每日经济新闻》记者了解到，该消息属实。 公开资料显示，2022年1月，陈永海加入小鹏汽车。当时小鹏汽车互联网中心副总裁纪宇提出离职，陈 永海接替其负责互联网中心。同年，小鹏汽车调整产品布局，陈永海转而负责产品中心。 ...

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。 | 2025 Q4 | Production 生产 | Deliveries 交付 | Subjec operating accoun 经营性租1 | | --- | --- | --- | --- | | Model 3/Y | 422,652 | 406,585 | 3% | | 其他车型 | 11,706 | 11,642 | 5% | | Total 总计 | 434,358 | 418,227 | 3% | | | Production | Deliveries | | - ...

| 单位 | | | | 产量(辆) | | | | | | 销量(辆) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月 | 去年 | 同比 | 本年 | 去年同期 | 同比 | 本月 | 去年 | 同比 | 本年 | 去年同期 | 同比 | | | | 同期 | 变动 | 累计 | 累计 | 变动 | | 同期 | 变动 | 累计 | 累计 | 变动 | | 北京新能源汽车 股份有限公司 | 35581 | 11521 | 208. 84% | 206284 | 90808 | 127.17% | 35205 | 16408 | 114. 56% | 209576 | 113860 | 84. 06% | | 合计 | 35581 | 11521 | 208. 84% | 206284 | 90808 | 127.17% | 35205 | 16408 | 114. 56% | 209576 | 113860 | 84. 06% | 北汽蓝谷于2025年11月24日收到中 ...

Core Viewpoint - BYD announced its production and sales figures for December 2025, indicating a year-on-year decline in production but an overall increase in cumulative production and sales for the year [1] Production Summary - In December 2025, the production of new energy vehicles (NEVs) was 419,804 units, down from 466,441 units in the same month last year [1] - The cumulative production for the year reached 4,537,356 units, compared to 4,304,073 units in the previous year, reflecting a year-on-year growth of 5.42% [1] Sales Summary - December 2025 saw NEV sales of 420,398 units, a decrease from 514,809 units in December 2024 [1] - The cumulative sales for the year totaled 4,602,436 units, up from 4,272,145 units in the previous year, marking a year-on-year increase of 7.73% [1] Export and Battery Installation Summary - In December 2025, the total exports of NEVs amounted to 133,172 units [1] - The total installed capacity of power batteries and energy storage batteries in December 2025 was approximately 27.352 GWh, with a cumulative total of about 285.634 GWh for the year [1]