Core Viewpoint - The article discusses the phenomenon in the Chinese automotive market where bankrupt car companies may find new life through virtual currency, highlighting the case of Jiayue Automobile and its interactions with Robo.ai, a technology company involved in digital finance and virtual currency [2][31]. Group 1: Jiayue Automobile's Situation - Jiayue Automobile has been attempting to restructure since its bankruptcy, with a pre-restructuring application submitted to the Shanghai court on November 21, 2025 [4][33]. - The company faced significant challenges, including allegations of asset misappropriation and a lack of substantial progress in its restructuring efforts [5][34]. - Jiayue's total sales since its launch were only 14,000 units, with a monthly average of about 1,200 units, leading to severe investment return delays and a debt of approximately 7 billion yuan [57][58]. Group 2: Robo.ai's Involvement - Robo.ai, formerly known as NWTN Inc., has shown interest in Jiayue's restructuring and submitted materials to participate as a strategic investor [7][36]. - The company has rapidly expanded its business into virtual currency and digital finance, including partnerships for stablecoin payment systems and asset tokenization [16][46]. - Despite its aggressive expansion, Robo.ai has not successfully launched any tangible products in the market, raising questions about its operational viability [20][49]. Group 3: The Broader Industry Context - Many struggling electric vehicle companies have attracted interest from Middle Eastern virtual currency firms, indicating a trend where failing automotive businesses seek salvation through digital finance [21][50]. - The unique characteristics of automobiles, such as their heavy asset nature and unique identification codes (VIN), make them appealing for tokenization, potentially creating new economic models [55][57]. - The relationship between automotive companies and virtual currency markets is driven by the need for capital, even as these companies face significant operational and financial challenges [58].

1. Report's Industry Investment Rating - The provided content does not mention the industry investment rating [1][2][3] 2. Core Viewpoints of the Report - In 2026, without the disturbance of Indonesia's nickel ore quota, the nickel surplus is expected to slightly narrow to 245,000 tons, but the refined nickel surplus will increase by another 30,000 tons, intensifying inventory pressure [5][13][98]. - The surplus is concentrating on low - cost deliverable products, which may force nickel prices down to seek support from the cost of the wet - process production line [5][13][98]. - There are potential upward risks in stages. If the macro and industrial sectors resonate in the first half of the year and are accompanied by capital inflows, the upward trend at the end of 2025 may continue. However, if the nickel ore quota increases or the inventory becomes explicit, there may be opportunities for high - altitude short - selling in the second half of the year [5][98] - The recommended trading strategies are a unilateral strategy of rising first and then falling with a rising bottom, and a bull spread strategy for options [6] 3. Summary by Directory 3.1 Market Review - In 2025, the nickel price shock center shifted down after the trade war, hitting a five - year low in December and then rebounding due to Indonesia's policy. The volatility significantly narrowed compared to the previous year. The annual high - low difference was about 20% [4][9]. - Stainless steel prices followed nickel prices but were more rigidly supported by the cost of Indonesian nickel iron. The terminal demand was weak, showing a narrow - range shock trend with a high - low difference of about 12% throughout the year [4][10] 3.2 Excess Concentration on Low - Cost Deliverable Products, Beware of Indonesia's Policy Risks - **Supply - Side Growth Concentrates on Wet - Process Production Lines, with Fire - Process Production Almost Stagnant** - In 2026, the growth rate of refined nickel is expected to increase to 6.8%, becoming the highest - growth category. China and Indonesia will have new production capacity, while some European and American enterprises will also expand production [18][19]. - The expansion of MHP production capacity conforms to the new - energy orientation, helping to expand production and reduce costs for refined nickel and nickel sulfate. It is conservatively estimated that Indonesia's MHP output will increase by 28% to 570,000 tons in 2026 [27]. - The growth of nickel pig iron (NPI) is almost stagnant. Affected by Indonesia's policy and low profits, the growth rate of Indonesian NPI in 2026 is only expected to be 2.4% [18][34][36]. - **Indonesia's Nickel Ore Quota Policy Risks Still Need Attention** - The supply forecast for 2026 is based on the assumption of sufficient nickel ore. In 2026, the quota may be set at 250 million tons, which is lower than the demand. However, there is still flexibility in the later stage [46][49]. - If the quota remains at 250 million tons, Indonesia needs to import 70 million tons of nickel ore from the Philippines, which will increase the cost of nickel products and may support the bottom of nickel prices [49][52] 3.3 Demand Hard to Find Drivers, with Potential Bright Spots - **Economic Growth Slows, Interest Rate Cuts Benefit the Non - Ferrous Metals Sector** - In 2026, the global economic growth will further slow down. The growth rate of developed economies is expected to be around 1.5%, and that of emerging markets and developing economies is slightly higher than 4% [59]. - China's economy is still at the bottom, and it is expected that fiscal policy tools will play a role in the "15th Five - Year Plan" [59]. - **Stainless Steel Supply and Demand in Tight Balance, Cost Expected to Increase** - In terms of demand, China's stainless steel demand is expected to grow by 4% in 2026. Domestic consumption may be supported by subsidies, while exports may decline [64][65]. - In terms of supply, new production capacity is limited. In 2026, nickel and chromium raw materials may rise, increasing the cost of stainless steel. If demand improves, the price center may move up; otherwise, it may suppress production capacity utilization [68][71] - **The Proportion of Ternary Batteries Stabilizes, and New Productivity Provides Potential Growth Points** - The growth rate of the new - energy vehicle market slows down. In China, due to subsidy withdrawal, the growth rate of new - energy passenger vehicle sales is expected to be 16%. In the overseas market, the US market is weak, while the European market is expected to maintain growth [78][79][83]. - The proportion of ternary batteries has fallen below 20%. Although it faces challenges, it may become a potential growth point from 2027 - 2030 [88][91][93] 3.4 Supply - Demand Balance and Trading Strategy - In 2025, the estimated surplus of primary nickel is 277,000 tons. In 2026, without the impact of Indonesia's nickel ore quota, the surplus is expected to narrow to 245,000 tons, but the refined nickel surplus will increase by 30,000 tons [98][99]. - The trading logic is to consider the continuation of the upward trend at the end of 2025 in the first half of 2026 if the macro and industry resonate. In the second half, consider high - altitude short - selling if the nickel ore quota increases or the inventory becomes explicit [5][98]

Core Insights - The article discusses the evolving landscape of globalization in 2025, highlighting the rise of trade protectionism and the emphasis on national economic policies, which create uncertainties for Chinese enterprises in their global expansion efforts [2][4]. Group 1: Globalization Trends - The global trade environment is increasingly characterized by protectionism, with countries favoring regional trade agreements over multilateral cooperation, leading to a fragmented trade landscape [6]. - Major economies are tightening foreign economic policies under the guise of national security, particularly the U.S. and EU, which are implementing measures aimed at reducing reliance on Chinese technology and supply chains [6][7]. - The EU is establishing new compliance barriers through regulations that impose environmental and labor standards, creating additional challenges for Chinese products entering the European market [7][11]. Group 2: Market-Specific Challenges - In the U.S. market, Chinese companies face stringent export controls and investment scrutiny, particularly in high-tech sectors, which complicates their operational landscape [9][10]. - The EU has introduced a unified foreign direct investment review mechanism, increasing barriers for Chinese investments in critical sectors, alongside new environmental regulations that impose additional costs on Chinese exports [11][12]. - India has adopted a cautious approach towards Chinese enterprises, implementing strict market entry barriers and local compliance requirements, which complicates the operational environment for Chinese firms [14][15]. Group 3: Regional Dynamics - The RCEP agreement offers both opportunities and challenges for Chinese companies, facilitating trade with ASEAN nations while also intensifying competition from regional players [17][18]. - In Latin America, political changes and regional trade agreements introduce uncertainties for Chinese investments, necessitating a flexible approach to navigate the evolving landscape [19][20]. - The Middle East presents a mixed opportunity for Chinese enterprises, with potential for collaboration in infrastructure and technology, but also challenges related to geopolitical tensions and compliance with local regulations [21][22]. Group 4: Case Studies - DHgate has successfully navigated the U.S. market by leveraging a flexible supply chain and innovative marketing strategies, despite facing significant regulatory challenges [28][29]. - Xiaohongshu has capitalized on the migration of users from TikTok, rapidly expanding its user base internationally, but must address content regulation and data security concerns [34][35]. - BYD has adopted a localization strategy in Europe to mitigate the impact of anti-subsidy investigations, while facing significant barriers in the U.S. market due to high tariffs and restrictive policies [39][40][42].

豪华的质感，源于全链路的极致把控。此次岚图邀请用户到访云峰工厂，以"明厨亮灶"的形式，向用户 展现高品质产品的诞生过程，进一步展现了岚图泰山的品质自信。 12月29日，岚图泰山第5000辆交付仪式于岚图云峰工厂举行，包括国民村长李锐等50名车主共同见证， 以"新年开泰，一路开泰"的美好寓意，为华系豪华写下里程碑式的注脚。这场始于智造源头的交付盛 典，不仅向用户全景呈现从匠心制造到品质交付的全链路，更以26天实现5000辆交付的"岚图速度"，站 稳9系旗舰SUV市场地位。 开放"后厨"，见证中国豪华的品质自信 交付序曲，始于一场深度沉浸的工厂探访。用户亲临总装车间，见证岚图泰山在高度自动化、数据化的 生产线上精准成型，直观感受世界级智造工厂的硬核实力。每一辆岚图泰山的下线，都承载着不变的匠 心与严苛的品控标准，是对"稳如泰山"品质理念的最佳诠释。 "5000辆交付，是岚图泰山的新起点。作为以用户为中心的企业，岚图不会辜负大家的信任。我们将继 续深耕技术、聆听需求，一步一个脚印，造好车、做好服务，给到用户极致的用车体验。"岚图汽车科 技股份有限公司董事长、党委书记卢放表示。 岚图云峰工厂以全球领先的智能制造体系， ...

Core Insights - The year 2025 witnessed significant transformations in the business landscape, with AI technology moving from experimental phases to large-scale applications, and cross-industry competition becoming the norm [2] - The experiences of various business leaders reflect the dynamic nature of the commercial world, emphasizing the importance of adapting to changes and maintaining ethical standards [2] Group 1: Key Business Figures - Liang Wenfeng led DeepSeek to disrupt the AI industry by releasing the R1 model, which achieved top performance with a low cost of approximately 2.08 million yuan, challenging the dominance of Western AI firms [4] - Liu Qiangdong initiated a fierce competition in the food delivery sector with a "0 commission" policy, investing heavily in subsidies while also expanding into smart robotics and automotive sectors [7][8] - Lei Jun faced significant challenges in the automotive sector, with safety concerns leading to a recall of 116,000 vehicles and a market value loss exceeding 120 billion yuan for Xiaomi [9] - Zhang Yiming maintained a low profile while achieving significant growth for ByteDance, with Douyin's e-commerce GMV reaching 4.3 trillion yuan, marking a 32% increase [14] - Huang Renxun's Nvidia became the first company to surpass a market value of 5 trillion yuan, holding over 80% of the global AI computing power market [15] Group 2: Industry Challenges and Trends - The rise of open-source models poses a challenge to Nvidia's dominance, highlighting the potential for industry disruption and the need for adaptability [16] - The tragic passing of Wang Linpeng, founder of Juran Home, underscores the pressures faced by traditional industry leaders amid market transformations [17][18] - The public backlash against traditional businesses, as seen with Jia Guolong of Xibei, illustrates the increasing demand for transparency and accountability in the food industry [12][13] - The downfall of Zhang Xuefeng, a prominent education influencer, serves as a cautionary tale about the risks of prioritizing commercial success over ethical standards [21]

Group 1: Company Developments - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream event, which has been postponed to January 3 due to illness, with a promise to give away 15 Xiaomi 17 Ultra phones as compensation [2] - Huawei's rotating chairman Meng Wanzhou reported that over 36 million devices are running HarmonyOS 5.0 and highlighted the company's contributions to 5G-A networks, serving 60 million users [4] - Kuaishou's Vice President Zhou Guorui is rumored to be leaving the company, with no official response from Kuaishou as of the report [5] Group 2: Industry Milestones - Tesla announced the production of its 9 millionth electric vehicle at its Shanghai Gigafactory [6] - CATL plans to build 1,325 battery swap stations by 2025, exceeding its targets, with plans for over 3,000 stations by 2026 [7] - SoftBank has fully completed its $40 billion investment commitment to OpenAI, indicating a strong focus on the AI sector [8] Group 3: Market Activities - Didi expects over 80 million ride requests on December 31, driven by various travel demands, and has introduced incentives for drivers during the holiday period [9] - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for China's largest DRAM manufacturer [12] - MiniMax has started its Hong Kong IPO process, with a total subscription amount of approximately 2.723 billion HKD from 14 cornerstone investors [13] Group 4: Technological Innovations - Micron's wireless charging chips have been successfully integrated into AI smartphones developed in collaboration with ByteDance and ZTE [11] - Tencent has launched and open-sourced its translation model 1.5, supporting 33 languages and 5 dialects, available for edge deployment [16] - Non-invasive brain-computer interface technology was applied for the first time in a national sports event, showcasing advancements in assistive technology [17]

Group 1: Company Developments - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream event, which has been postponed to January 3 due to illness, with a promise to give away 15 Xiaomi 17 Ultra phones as compensation [2] - Huawei's rotating chairman Meng Wanzhou reported that over 36 million devices are running HarmonyOS 5.0 and highlighted the company's contributions to 5G-A networks, serving 60 million users [4] - Kuaishou's Vice President Zhou Guorui is rumored to be leaving the company, with no official response from Kuaishou as of the report [5] - Tesla announced that its 9 millionth electric vehicle rolled off the production line at its Shanghai Gigafactory [6] - CATL plans to build 1,325 battery swap stations by 2025, exceeding its targets, and aims to establish over 3,000 stations by 2026 [7] - SoftBank has fully completed its $40 billion investment commitment to OpenAI, indicating a strong focus on the AI sector [8] - Didi expects over 80 million ride requests on December 31, driven by various travel demands, and has introduced incentives for drivers during the holiday period [9] - Samsung has reportedly received U.S. approval to ship chip manufacturing equipment to its factories in China starting in 2026 [10] - Micron's wireless charging chips have been successfully integrated into AI phones developed in collaboration with ByteDance and ZTE [11] - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for China's largest DRAM manufacturer [12] - MiniMax has begun its Hong Kong IPO process, with a total subscription amount of approximately 2.723 billion HKD from 14 cornerstone investors [13] - Cao Cao Mobility announced the acquisition of 100% stakes in Yao Mobility and Geely Business Travel for a total cash consideration of approximately 225 million yuan [14] Group 2: Product and Technology Innovations - Qingtian Rental launched a "1 yuan instant rental" service, aimed at making robotic applications more accessible for businesses [15] - Tencent released and open-sourced its translation model 1.5, supporting 33 languages and 5 dialects, with options for edge deployment [16] - Non-invasive brain-computer interface technology was applied for the first time in a national sports event, showcasing its potential in competitive settings [17]

来源：美通社 在马凯硕看来，深圳45年的发展历程，也是一段深港关系演变的历史——从单向溢出，走向相互赋能。 凭借年轻的人口结构和高度集聚的创新生态，深圳持续吸引包括新能源汽车、增强现实在内的新兴产 业。在全球经济增长放缓的背景下，马凯硕认为，深圳为发展问题提供了另一种思路。 马凯硕表示："深圳所取得的成就，能够真正启发各国思考，在如此短的时间内究竟可以实现多大的发 展跨越。" 在他看来，这种启示源于深圳的产业转型。站在俯瞰深圳湾的摩天大楼上，马凯硕回忆起数十年前从香 港眺望这里的情景："当时这里什么都没有，只有稻田；而今天，这里的天际线已可与世界主要城市比 肩。" 在深圳本土电动汽车制造商比亚迪，马凯硕试驾了多款新车型，并观摩了刀片电池技术的安全演示。 成立于三十年前的比亚迪，如今业务遍及全球116个国家和地区。在马凯硕看来，比亚迪的崛起正是深 圳从传统制造迈向高端科技产业转型的缩影。 今年是深圳经济特区建立45周年。45年来，深圳已发展成为中国内地规模最大的城市经济体之一，并被 广泛视为中国发展政策的重要试验田。 马凯硕指出，深圳的优势不仅体现在产业层面，也体现在制度层面。在前海深港青年创业梦工场，他与 多 ...

种种迹象显示，结合2025年前三季度国内生产总值（GDP）同比增长5.2%，以及前11个月经济运行情况，2025年全年经济社会发展主要目标顺利完成基 本无虞。 然而，发展之路从非坦途。回望很不平凡的2025年，国际环境变乱交织，我国发展经历转型调整的挑战，经济稳定运行压力有所上升。 "要坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中向好势头。"中央经济工作会议作出重大判断。 锚定经济社会发展目标，有效应对各种冲击挑战，以习近平同志为核心的党中央引领中国经济巨轮不惧风雨、破浪前行，绘就了一幅中国经济高质量发展 的崭新图景。 01 经济实力跃上新台阶 ——以习近平同志为核心的党中央引领2025年高质量发展 ■ 中国经济时报记者 周子勋 时至岁尾，万象更新。站在"十四五"收官与"十五五"启新的历史交汇点，2025年，中国经济巨轮在风浪中笃行、于变革处破局，交出了一份质量高、成色 足的经济答卷。 2025年处于"十四五"与"十五五"两个五年规划承前启后的关键节点，实现全年经济社会发展目标，事关经济发展和社会稳定大局，事关"十四五"规划顺利 收官，事关中国式现代化建设全局。 "坚决实现全年经济社会发展目标。"党的二 ...

Market Overview - A-shares opened higher with the Shanghai Composite Index up 0.09% and the ChiNext Index up 0.15% [1] - The Hong Kong market opened lower, with the Hang Seng Index down 0.21% and the Hang Seng Tech Index down 0.22% [1][8] - Domestic commodity futures mostly rose, with nickel up 3.05% and lithium carbonate up 2.02% [1][9] Sector Performance - The advanced packaging, memory, consumer electronics, commercial aerospace, and photovoltaic sectors showed strength, while stablecoins and energy metals concepts weakened [1] - The non-ferrous metals sector saw significant gains, with Jiangxi Copper hitting the daily limit and other companies like Yunnan Copper and Zijin Mining rising over 5% [1][2] - The commercial aerospace concept strengthened again, with companies like Tailong Technology and Aerospace Development seeing notable increases [2][3] Stock Highlights - Jiangxi Copper's stock price rose to 55.03, up 9.51% [2] - Tailong Technology experienced a five-day consecutive rise, indicating strong market interest [2] - New stock N Hengdongguang listed with a surge of over 1000%, reaching a price of 350 yuan [4] Bond Market - Government bond futures opened with slight increases across various maturities, with the 30-year contract up 0.04% and the 10-year contract up 0.05% [1][4]