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]

新华社北京1月1日电 题：以实干成就伟业 以创新赢得未来—— 习近平总书记 在全国政协新年茶话 会上的重要讲话激励广大干部群众勠力同心昂扬奋进 新华社记者 岁序更替，华章日新，我们迎来崭新的2026年。 2025年12月31日， 习近平总书记 在全国政协新年茶话会上发表重要讲话，回顾过去取得的成就， 擘画未来发展蓝图，令社会各界深受鼓舞。 广大干部群众表示，要认真学习领会 习近平总书记 重要讲话精神，进一步坚定发展信心、凝聚发 展共识，勠力同心、实干笃行，向着"十五五"发展目标昂扬奋进，为强国建设、民族复兴伟业作出新的 更大贡献。 成就非凡 振奋人心 2025年12月31日，全国政协礼堂灯光璀璨、气氛热烈。 "2025年是很不平凡的一年。我们迎难而上、奋力拼搏，顺利完成经济社会发展主要目标。"现场聆 听 习近平总书记 重要讲话，全国政协常委张连起心潮澎湃。他表示，回望过去5年，在以 习近平 同志 为核心的党中央坚强领导下，我国经济、科技、国防等硬实力和文化、制度、外交等软实力明显提升， 高质量发展成色更足，中国式现代化步履坚实。我为国家发展成就感到振奋，也为人民政协在其中发挥 的作用感到自豪。 2025年，我 ...

Group 1 - DeepSeek released a new paper on New Year's Day proposing a new architecture called mHC (Manifold-Constrained Hyperconnection) aimed at addressing instability issues in traditional hyperconnections during large-scale model training while maintaining significant performance gains [1] - The paper's first authors include Zhenda Xie, Yixuan Wei, and Huanqi Cao, with DeepSeek's founder and CEO Liang Wenfeng also listed as an author [1] Group 2 - The EU's Carbon Border Adjustment Mechanism (CBAM) will officially implement on January 1, 2026, with recent legislative proposals and implementation details released by the EU [2] - China expressed concerns over the EU's high default carbon emission intensity values for Chinese products, which are deemed unfair and discriminatory, and plans to gradually increase these values over the next three years [2] - The EU plans to expand the CBAM scope to include approximately 180 steel and aluminum-intensive downstream products by 2028, which China views as unilateral and protectionist [2] Group 3 - Multiple electric vehicle manufacturers have reported their delivery data for December 2025 and the entire year, with Li Auto delivering 44,246 vehicles in December and a total of 1,540,215 vehicles since inception [6][16] - NIO delivered 48,135 vehicles in December, marking a 54.6% year-on-year increase, and a total of 326,028 vehicles for the year, a 46.9% increase [6][16] - Xpeng Motors reported 37,508 vehicles delivered in December, with a total of 429,445 vehicles for the year, reflecting a 126% year-on-year growth [6][16] Group 4 - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025 [7][18]

Summary of Key Points Core Viewpoint The domestic major new energy vehicle (NEV) companies have reported their sales figures for December 2025 and the entire year, showcasing significant growth in the sector despite some companies experiencing a decline in monthly sales. Group 1: BYD - In December 2025, BYD sold 420,398 NEVs, a year-on-year decline of approximately 18.2% [1] - The total sales for the year reached 4,602,436 units, representing a year-on-year growth of 7.73% [1] - Pure electric vehicle sales in December were 190,712 units, with annual sales of 2,256,714 units, marking a substantial increase of 27.86% [1] - BYD exported a total of 133,000 NEVs in December [1] Group 2: Geely - Geely's total vehicle sales for 2025 exceeded 3.02 million units, surpassing its annual sales target [2] - The company achieved a record high in NEV sales, totaling 1.69 million units [2] - Geely aims to reach a sales target of 3.45 million units in 2026, with NEV sales projected at 2.22 million units [2] Group 3: Hongmeng Zhixing - Hongmeng Zhixing delivered 89,611 vehicles in December, setting a new historical high [3] - The total deliveries for 2025 reached 589,107 units, reflecting a year-on-year growth of 32% [3] Group 4: Leap Motor - Leap Motor's total deliveries in December reached 60,423 units, a year-on-year increase of 42% [4] - The cumulative deliveries for 2025 amounted to 596,555 units, representing a remarkable growth of 103% [4] Group 5: Xiaomi Auto - Xiaomi Auto reported over 50,000 deliveries in December 2025 [5] - The Xiaomi YU7 model has delivered over 150,000 units in six months, which is 2.3 times the delivery of the SU7 in the same period [6] Group 6: NIO - NIO delivered 48,135 vehicles in December, achieving a historical high with a year-on-year growth of 54.6% [7] - The total deliveries for 2025 reached 326,028 units, marking a year-on-year increase of 46.9% [7] - NIO's brand deliveries included 31,897 units, with the Leida brand delivering 91,54 units and the Firefly brand delivering 7,084 units [7] Group 7: Li Auto - Li Auto delivered 44,246 vehicles in December 2025 [8] - The total deliveries for the fourth quarter reached 109,194 units, with a cumulative historical delivery of 1,540,215 units by the end of December 2025 [8] Group 8: Aion - Aion's sales in December reached 40,066 units, setting a new record [9] Group 9: XPeng Motors - XPeng Motors delivered 37,508 vehicles in December, reflecting a year-on-year growth of 2% [11] - The total annual deliveries for 2025 reached 429,445 units, a significant increase of 126% compared to the previous year [11] - The XPeng X9 model achieved a record monthly delivery of 5,424 units in December, with a month-on-month increase of 68% and a year-on-year increase of 289% [11] Group 10: Zeekr - Zeekr reported 30,267 deliveries in December, achieving a historical high with a year-on-year growth of 11.3% [12] - The total annual sales exceeded 224,000 units [12] Group 11: Lantu - Lantu's total deliveries for 2025 surpassed 150,169 units, achieving a year-on-year growth of 87% [13] Group 12: IM Motors - IM Motors reported total sales of 81,017 units for 2025, setting a new annual sales record [14]

Group 1: Policy Announcements - The National Development and Reform Commission and the Ministry of Finance issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies in 2026, specifying support areas, subsidy standards, and work requirements [1] - The policy for replacing consumer goods continues to include subsidies for scrapping and replacing cars, as well as for old appliances, focusing on six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [2] - The Ministry of Finance and the State Taxation Administration announced a new policy on the value-added tax for individuals selling residential properties, effective January 1, 2026, with a 3% tax rate for properties sold within two years and exemption for properties sold after two years [3] Group 2: Housing and Loan Adjustments - For housing provident fund loans issued before May 8, 2025, the interest rate will be reduced by 0.25 percentage points starting January 1, 2026, with new rates set at 2.1% for loans of five years or less and 2.6% for loans over five years for first-time homebuyers [5] - The interest rates for second home loans will also be adjusted, with rates not lower than 2.525% for loans of five years or less and 3.075% for loans over five years [5] Group 3: Education and Childcare Policies - A joint notice from the National Development and Reform Commission, the Ministry of Education, and the Ministry of Finance outlines the fee structure for kindergartens, effective January 1, 2026, including government-guided pricing for non-profit kindergartens and market-regulated pricing for for-profit kindergartens [7] Group 4: New Energy Vehicle Policies - The Ministry of Finance and the State Taxation Administration announced a continuation and optimization of the vehicle purchase tax exemption policy for new energy vehicles, with a 50% tax reduction for purchases made between January 1, 2026, and December 31, 2027, and a maximum tax reduction of 15,000 yuan per vehicle [8] - New technical requirements for electric and hybrid vehicles will be implemented starting January 1, 2026, including a minimum all-electric range for plug-in hybrid vehicles [8]

Core Viewpoint - BYD announced its production and sales figures for electric vehicles, indicating a steady growth trajectory in the new energy vehicle sector for 2025 [1] Group 1: Production and Sales - In December 2025, the company produced approximately 419,800 electric vehicles and sold about 420,400 units [1] - For the entire year of 2025, the total production of electric vehicles reached approximately 4.5374 million units, representing a year-on-year growth of 5.42% [1] - The total sales for 2025 were around 4.6024 million units, showing a year-on-year increase of 7.73% [1] Group 2: Exports and Battery Installation - In December 2025, the company exported a total of 133,172 electric vehicles [1] - The total installed capacity of electric vehicle power batteries and energy storage batteries in December 2025 was approximately 27.352 GWh [1] - Cumulatively, the installed capacity for the year 2025 reached about 285.634 GWh [1]