Core Viewpoint - The article highlights the contributions of Chinese technology professionals in various fields such as integrated circuits, artificial intelligence, and biomedicine, emphasizing their role in advancing China's technological independence and innovation [1][4][6]. Group 1: Integrated Circuits - The chairman of Loongson Technology, Hu Weiwu, emphasizes the importance of developing core technologies through persistent effort, stating that there are no shortcuts and that one must steadily pursue progress [4][6]. - In 2020, Loongson launched its fully autonomous LoongArch architecture, marking a significant step in building China's independent information system [6]. Group 2: Space Exploration - Aerospace designer Jia Yang shares the story of the Zhurong Mars rover, which was designed to navigate challenging terrains and extreme temperatures, showcasing innovative engineering solutions [7][9]. - Jia emphasizes the joy of exploration and the integration of personal passion with professional work, reflecting on his two-decade journey in deep space exploration [9]. Group 3: Artificial Intelligence - Wang Shaolan, president of Zhiyuan Technology, discusses the development of large AI models, stressing the importance of mastering key technologies domestically, especially after facing external restrictions [11][13]. - The team has successfully released a trillion-parameter model and made it open-source, breaking through foreign architectural barriers [13]. Group 4: Pharmaceutical Innovation - Sun Yinghui, deputy general manager of Shouyao Holdings, focuses on the challenges of making innovative drugs accessible, particularly in the field of lung cancer treatment [15]. - She highlights the responsibility of researchers in developing drugs that can significantly impact patients' lives, emphasizing the need for precision in treatment [15]. Group 5: Automotive Industry - Xiaomi engineer Fang Kan reflects on the challenges faced by the Chinese automotive industry, particularly in developing small molecule targeted drugs and electric vehicles [16][19]. - He shares the story of Xiaomi's journey in car manufacturing, illustrating the importance of perseverance and innovation in overcoming obstacles [19][21]. Group 6: Telecommunications - Sun Lixin, CEO of Baicai Technology, recounts the evolution of China's telecommunications from reliance on foreign technology to leading in 5G and 6G standards [21][23]. - He attributes this progress to the dedication and efforts of generations of telecommunications professionals, showcasing the collective capability to achieve significant advancements [23].

长三角地区名城众多，南京凭什么成为新的产业高地？ 2025年冬的南京，产业布局的热度高企。ABB砸下15亿建传动产品超级工厂，瞄准人形机器人"小脑"级 别的运动控制技术。京东百亿级研发中心在建邺区正式开工，要建设辐射华东的"战略桥头堡"。小米汽 车交付中心里人流如织，已带动20多家生态链企业在此扎根。 南京积淀多年，让企业能扎根、成长、壮大的系统性优势，迎来了收获期。 国家红利叠加，把区位优势变成发展的确定性 企业选址布局，最看重确定性。南京的确定性，来自国家战略的多重叠加，以及把区位优势转化为产业 动能的硬实力。 作为新兴倡议交汇点枢纽、长江经济带与长三角一体化的叠加区，南京在全国经济版图中的定位早已明 确。2025年南京"十五五"规划建议进一步强化这一优势，今年南京重点推进轨道交通与 根据两个年内发布的独角兽企业报告，南京分别有9家、8家企业上榜全国及全球独角兽榜单，潜在独角 兽和瞪羚企业总数稳居全省前列。 ...

格隆汇1月1日｜据一财，随着12月份结束，新势力也交出了2025年的年度成绩单，总体而言，只有零跑、小米和小鹏三个品牌完成了全年的销量 目标。零跑汽车是2025年新势力最大的"黑马"，全年销量近60万辆，跃升为新势力销冠，年目标达成率超119%。 | 排名 公司 | 全年销量 | 2025年目标 | | 目标完成度 2024年销量同比增长 | | | --- | --- | --- | --- | --- | --- | | 1 零跑 | 596. 555 | 50万辆 | 119. 31% | 293, 724 | 103. 10% | | 2 鸿蒙智行 | 589, 107 | | | | 32.00% | | 3 极氪 | 574, 628 | 71万辆 | 80. 93% | 507564 | 13.21% | | 4 小鹏 | 429, 445 | 38万辆 | 113.01% | 190, 068 | 125. 94% | | 5 理想 | 406, 343 | 70万辆 | 58. 05% | 500, 508 | -18.81% | | 6 小米 | | 350000+ 35 万辆 | 100 ...

Core Viewpoint - The article discusses the annual performance of new energy vehicle manufacturers in 2025, highlighting the successes and challenges faced by various brands in achieving their sales targets [3][5]. Group 1: Sales Performance - Li Auto sold 406,343 vehicles in 2025, achieving only 58.05% of its target of 700,000 units, marking an 18.81% decline year-on-year [4][5]. - NIO delivered 326,028 vehicles, with a completion rate of 74.10% against a target of 440,000 units, while its main brand saw a decline in sales [5][6]. - Leap Motor emerged as the top performer with nearly 600,000 units sold, exceeding its target by 19.31% [4][5]. - Xiaomi and Xpeng also met their sales targets, with Xpeng achieving 429,445 units sold, a 125.94% increase year-on-year [4][5]. Group 2: Market Dynamics - The article notes a divergence among previously leading brands, with some experiencing significant growth while others face challenges in scaling [4][5]. - The new energy vehicle market is expected to be influenced by upcoming subsidy policies, which may impact sales in 2026 [7]. Group 3: Company Developments - Deep Blue Automotive adjusted its sales target from 500,000 to 360,000 units, ultimately selling 333,117 vehicles, achieving 92.53% of its revised goal [6][7]. - Avita's sales remained low at 128,772 units, completing only 58.53% of its target, indicating challenges in scaling operations [6][7]. - The article mentions that Deep Blue Automotive has made significant moves in technology and financing, which may enhance its market position in 2026 [6][7].

2025年，造车新势力们交上了一份亮眼的答卷。 2026年1月1日，理想汽车、蔚来、零跑等11家造车新势力车企披露2025年12月及全年交付数据。 全年来看，零跑汽车以596555辆登顶新势力车企年度销量冠军，鸿蒙智行589107辆紧随其后，小鹏汽车 429445辆位列第三，赛力斯（601127）（超42万辆）、小米汽车（超41万辆）、理想汽车（约406315 辆）、蔚来（326028辆）、极氪（224133辆）、岚图汽车（150169辆）、智己汽车（81017辆）、广汽 埃安昊铂BU（12月销量40066辆，全年数据未完整披露）依次跻身榜单。 从交付表现来看，年末冲刺阶段多家品牌创下月度纪录，全年新能源赛道延续高增长态势，头部阵营格 局明晰，高端化成果进一步凸显。 12月鸿蒙智行破8.9万居首 超六成品牌创月度纪录 作为汽车行业年末冲量的惯例，2025年12月造车新势力交付量迎来集中爆发，超六成品牌创月度交付纪 录，为全年销量画上圆满句号。 从单月数据看，鸿蒙智行以89611辆成为12月交付冠军，连续三个月创下历史新高，较2024年12月的 49474辆增长81%，华为生态赋能下的市场认可度持续攀升。 零跑 ...

Core Viewpoint - The new energy vehicle market in 2025 did not experience a significant year-end surge due to policy exhaustion and consumer hesitation, but several companies achieved substantial year-on-year growth in deliveries, with Leap Motor and Xpeng Motors doubling their delivery volumes, while NIO showed a recovery in the second half of the year with a 46.88% increase [1]. Group 1: Company Performance - Leap Motor delivered 60,423 vehicles in December 2025, a year-on-year increase of 42.11%, and achieved a total of 596,555 vehicles for the year, marking a 103.1% increase [2][3]. - NIO's December deliveries reached 48,135 vehicles, a record high for the month with a 54.59% year-on-year increase, and a total of 326,028 vehicles for the year, reflecting a 46.88% growth [5]. - Li Auto delivered 44,246 vehicles in December, with a total of 406,343 vehicles for the year, representing an 18.81% decline year-on-year, but it became the first new force brand to surpass 1.54 million cumulative deliveries [7]. - Xpeng Motors achieved total deliveries of 429,445 vehicles in 2025, a 125.94% increase, although December deliveries were 37,508, falling short of the fourth-quarter guidance [9]. Group 2: Strategic Developments - Leap Motor plans to target one million deliveries in 2026, with new models from the A and D series set to launch [3]. - NIO's ES8 model became a key contributor to sales, with a significant number of orders expected to offset potential performance dips in early 2026 [5]. - Li Auto is facing challenges in its pure electric transition, with supply chain issues affecting production capacity, but it is expanding into overseas markets to alleviate domestic competition [7]. - Xpeng Motors is set to launch seven new models with advanced configurations in 2026, aiming to significantly expand its market reach [9]. Group 3: Market Insights - The absence of a year-end surge in the automotive market was confirmed by industry analysts, and new government policies aimed at stimulating consumption are expected to stabilize the market in 2026 [11][12].

随着12月份结束，新势力也交出了2025年的年度成绩单，总体而言，只有零跑、小米和小鹏三个品牌完 成了全年的销量目标。 零跑汽车是2025年新势力最大的"黑马"，全年销量近60万辆，跃升为新势力销冠，年目标达成率超 119%。 华为虽然不造车，但是凭借"五界"的合力，其销售数据近期持续攀。数据显示，鸿蒙智行2025年全年累 计交付589107辆，同比增长32%。 谁是今年最大的新势力"黑马"？ 蔚来在三品牌齐发力的基础上，全年销售32.6万辆，同比增长46.9%。和2024年相比，"蔚乐萤"的三品 牌矩阵已经成型，分别针对不同的市场。但另一个不可忽视的问题是，在两个子品牌势头向上的同时， 主品牌的战斗力在这一年有所减弱。蔚来品牌2025年交付了17.88万辆，而去年交付量为20.12万辆，比 去年下滑11.13%。整个Q4，蔚来公司共交付新车12.48万辆，占到了年度的近四成。 而小米在超4万辆的交付徘徊后，终于在12月份冲上了5万辆的交付大关，成为第三家完成年销量目标的 车企。 国央企品牌的新势力来看，长安汽车自新央企成立后，旗下的深蓝汽车和阿维塔都有加大投入的态势。 深蓝汽车方面，在将年度目标从50万下调 ...

2025年，海湾资本对中国资本市场的态度发生了结构性转变。这一年，阿联酋、沙特、卡塔尔等国的主权财富基金不再满足于通过国际指数 被动配置中国资产，而是以基石投资人、战略股东、产业合伙人的身份，直接参与中国头部企业的股权融资、定向增发与长期持股。与此同 时，中国企业在海湾的投资也从传统的工程承包转向制造、能源、物流等产业链深度嵌入。双向资本流动的规模、频率与战略性，均达到历 史新高。 海湾主权基金成为A股"新基石"，双向投资进入战略绑定期。 这是在全球资本版图重构的背景下，两个具有高度互补性的经济体系之间的战略性绑定。对于中国资本市场而言，海湾资本正在成为继北向 资金之后，又一股不可忽视的长期增量资金来源；对于海湾国家而言，中国则是其"后石油时代"转型中，技术获取、产业升级与资产多元化 配置的核心目标市场。 一、2025年海湾资本对华投资：规模跃升与结构性意义 根据对公开披露项目、主权财富基金动态以及市场机构统计的综合测算，2025年海湾合作委员会（海合会）六国对华投资总规模达到200亿— 250亿美元（六国2025年对外投资总额约2000亿美元，即对华投资约占到10%），较2024年实现显著增长。这一规模的构 ...

海湾主权基金成为A股"新基石"，双向投资进入战略绑定期。 2025年，海湾资本对中国资本市场的态度发生了结构性转变。这一年，阿联酋、沙特、卡塔尔等国的主权财富基金不再满足于通 过国际指数被动配置中国资产，而是以基石投资人、战略股东、产业合伙人的身份，直接参与中国头部企业的股权融资、定向增 发与长期持股。与此同时，中国企业在海湾的投资也从传统的工程承包转向制造、能源、物流等产业链深度嵌入。双向资本流动 的规模、频率与战略性，均达到历史新高。 这是在全球资本版图重构的背景下，两个具有高度互补性的经济体系之间的战略性绑定。对于中国资本市场而言，海湾资本正在 成为继北向资金之后，又一股不可忽视的长期增量资金来源；对于海湾国家而言，中国则是其"后石油时代"转型中，技术获取、 产业升级与资产多元化配置的核心目标市场。 一、2025年海湾资本对华投资：规模跃升与结构性意义 根据对公开披露项目、主权财富基金动态以及市场机构统计的综合测算，2025年海湾合作委员会（海合会）六国对华投资总规模 达到200亿—250亿美元（六国2025年对外投资总额约2000亿美元，即对华投资约占到10%），较2024年实现显著增长。这一 规模的 ...

Major Events - Black Sesame Intelligence (02533) plans to acquire and increase its stake to 60% in Zhuhai Yizhi Electronic Technology, aiming to establish a full-scenario ecosystem for AI chips [1] - China Biopharmaceutical (01177) has completed the enrollment of the first patient in the Phase III clinical trial of its self-developed TDI01 "ROCK2 inhibitor" for the treatment of idiopathic pulmonary fibrosis [1] - Cao Cao Travel (02643) sees a positive outlook and its controlling shareholder voluntarily extends the lock-up commitment [1] - Laike Pharmaceutical-B (02105) has completed the first dosing of the Phase I single-dose escalation study for LAE103 [1] - VALA (02051) has launched its new model, Vala Home, and is collaborating with Ruichi Automobile to enhance production capacity and delivery systems [1] Operating Performance - BYD Company (01211) expects to achieve approximately 4.6024 million units in new energy vehicle sales for 2025, representing a year-on-year increase of 7.73% [1] - Geely Automobile (00175) reported total vehicle sales of 236,800 units in December, a year-on-year increase of approximately 13% [1] - NIO Inc. (09866) delivered 48,100 vehicles in December, setting a new monthly record with a year-on-year increase of 54.6% [1] - Great Wall Motors (02333) anticipates sales of approximately 1.3237 million units for 2025, reflecting a year-on-year growth of 7.33% [1] - Xpeng Motors (09868) achieved a total delivery of 429,400 vehicles for the entire year of 2025, marking a year-on-year increase of 126% [1] - China Power (02380) reported a total consolidated electricity sales volume of 10.0997 million megawatt-hours in November, an increase of 15.38% year-on-year [1] - Li Auto (02015) delivered 44,200 new vehicles in December, a year-on-year decrease of 24.44% [1]