以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 1-6月日程安排 · 2月27日 北京 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) ...

New Car Launches - Geely Galaxy V900 launched with a price range of 309,800 to 369,800 yuan, offering three models [1][3] - Leado L90 "Ma Dao Cheng Gong" version launched with a price range of 296,800 to 316,800 yuan, with rental options starting at 210,800 yuan [10][12] - New BMW i3 launched with a price range of 278,000 to 338,000 yuan, featuring significant configuration upgrades and a price reduction of 75,900 yuan [15][19] Company Dynamics - Renault Group aims for over 2.336 million vehicle sales in 2025, a year-on-year increase of 3.2% [26][27] - Toyota targets 1.7804 million vehicle sales in China for 2025, marking a 0.2% year-on-year growth, ending a four-year decline [30][31] - Hongqi has initiated vehicle testing for its solid-state battery technology, marking a significant step in battery innovation [34][35] Domestic News - China's electric vehicle charging infrastructure has surpassed 20 million units, with 4.717 million public and 15.375 million private charging facilities [55][57] International News - Germany has reintroduced electric vehicle purchase subsidies, ranging from 1,500 to 6,000 euros, applicable to both domestic and Chinese brands [58][60]

文 ： 华创证券首席经济学家 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 往期重点内容 1月13日《地方两会的"信息点"》 1月15日《浙江率先开局》 · 1月25日，76泉台十人代云，主此七月浙江、北京网吧台计。 · 下周（1月26日-1月31日）将有20省市召开人代会，是重要观察窗口 期。其中16省市集中在1月26日-27日（周一和周二），河南、广东、 天津、河北4省在周一，山东、湖北、福建等12省在周二，这16省市 2024年GDP合计占比50%。 · 江苏、四川两个经济大省召开时间略晚，安排在2月3日。 > 北京 "十五五"时期GDP目标: 年均增速4.5%-5%、努力争取更好结果。 "十四五"时期未设置GDP年均目标。 > 北京今年GDP目标制定：今年为5%左右，去年为5%左右、努力争取更 好结果。从历史经验看，2017年至2025年，北京GDP目标持平或低于当 年全国目标，其中2024-2025年与全国目标数值一致。 > 重大项目情况： 六个经济大省中，目前已有江苏、浙江、四川三省公布 今年重大项目安排，三省合计同比增速 ...

Core Viewpoint - The construction of the Chengdu-Chongqing economic circle is progressing well, with 181 major projects completing a total investment of 296.144 billion yuan, achieving an annual investment completion rate of 114.96% [2] Group 1: Infrastructure Network - Modern infrastructure projects completed an investment of 136.586 billion yuan, with an annual investment completion rate of 104.77% [3] - Key transportation projects include the successful completion of the Yuwan High-speed Railway tunnel and the opening of the highway from Hechuan to Bicheng to Jiangjin, significantly improving travel efficiency [3] - Energy and water resource projects have also advanced, including the completion of the Hami-Chongqing ±800 kV UHVDC project and the full water supply of the Western Water Resource Allocation Project, benefiting nearly ten million people [3] Group 2: Modern Industrial System - Modern industrial projects achieved an investment of 62.624 billion yuan, with an annual investment completion rate of 143.68% [4] - Significant advancements in advanced manufacturing include the trial operation of a 6-inch IGBT power semiconductor production line and the completion of the main plant for the fiberglass and high-performance composite materials base [4] - The new energy sector is thriving, with the completion of a lightweight chassis for smart connected vehicles and the acceleration of lithium battery separator production, filling a regional capacity gap [4] Group 3: Technological Innovation and Open Cooperation - Investment in technology innovation and open projects reached 17.271 billion yuan, with an annual investment completion rate of 125.43% [5] - The construction of innovation platforms is progressing, including the establishment of the Zhangjiang Laboratory in Chongqing and advancements in neutron technology for scientific applications [5] - The Western Land-Sea New Corridor is being developed, with key logistics nodes like the Chongqing South Comprehensive Logistics Park taking shape [5] Group 4: Ecology, Consumption, and Livelihood - Projects focused on ecology, consumption, and livelihood completed an investment of 79.663 billion yuan, with an annual investment completion rate of 114.01% [6] - Ecological restoration projects, such as the Longxi River ecological restoration, have achieved stable water quality standards [7] - The transformation of the Jiefangbei-Chaotianmen area has enhanced its appeal as an international consumption destination, while healthcare facilities are being improved to better serve the community [7]

Group 1: Non-ferrous Metals - The weakening of the US dollar has boosted the metal market, with gold and silver reaching historical highs. Spot silver rose over 7% to approximately $103 per ounce, while spot gold increased by 1% to about $4988 per ounce. London copper rose by 3.4% to $13187.50 per ton, nearing its historical high earlier this month. London tin increased by 9.5%, and London nickel rose by 4.2% [1] - Southwest Securities' metal research team suggests focusing on four main lines: 1) Expansion of the denominator, with a long-term bullish outlook on gold, emphasizing the importance of trading rhythm and monitoring Fed rate cut expectations and trade marginal changes. 2) Improvement on the numerator side, with a significant profit improvement in electrolytic aluminum due to a drop in alumina prices by 2025, although short-term demand weakness may lead to price declines for copper and aluminum. 3) Key advantageous minerals like rare earths, antimony, and tungsten may perform better. 4) Supply-side disruptions from anti-involution trends may present opportunities in the lithium carbonate sector [1]. Group 2: Commercial Aerospace - The third Beijing Commercial Aerospace Industry High-Quality Development Promotion Conference was held, focusing on "New Quality in Aerospace." The Beijing Municipal Science and Technology Commission awarded seven key laboratories, including those for low-orbit satellite communication and new power system satellite applications. The Beijing Economic and Information Bureau released measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030 [2]. - China Galaxy Securities believes the commercial aerospace industry is entering a golden era of dual-sided demand and supply growth, with rapid development in private rocket companies and a shift from national to commercial aerospace. Attention is drawn to structural component suppliers, with a focus on satellite manufacturing in the short term [2]. Group 3: Wind Power - The Secretary-General of the Wind Energy Professional Committee of the China Renewable Energy Society predicts that China's new wind power installed capacity will reach approximately 120 GW by 2026. The integration of computing power and green electricity is seen as a trend, with significant electricity demand from data centers expected to exceed 3,800 billion kWh in the next five years, necessitating 175 GW of wind power generation [3]. - Guosheng Securities anticipates sustained high growth in wind power demand from 2026 to 2027, with wind power's contribution to new energy installations expected to rise from 25% to 50% during the 14th Five-Year Plan [3]. Group 4: NAND Flash Memory - Samsung Electronics raised NAND flash memory supply prices by over 100% in the first quarter, significantly exceeding market expectations and highlighting severe supply-demand imbalances in the semiconductor market. This follows a nearly 70% increase in DRAM memory prices [4]. - TrendForce data indicates that NAND prices are expected to rise by approximately 33% to 38% in Q4 2025, with actual supply prices surpassing initial forecasts due to increased demand from AI infrastructure investments and limited supply growth over the past year [4]. Group 5: Diamond Detectors - Xi'an University of Electronic Science and Technology and the National Space Science Center have developed a high-performance single-crystal diamond radiation detector, enhancing reliability and stability for deep space exploration missions. This technology is expected to support future lunar, Mars, and Jupiter exploration tasks [5]. - The successful development of this detector signifies a breakthrough in key components for deep space exploration and demonstrates China's enhanced capabilities in high-end materials and devices [5]. Group 6: Logistics - The Ministry of Transport and eight other departments issued an action plan to cultivate leading logistics enterprises, aiming to enhance service capabilities and integrate with supply chains. By 2030, the goal is to establish around 100 comprehensive logistics integrators, including over 10 with global influence and competitiveness [6]. - The logistics industry is transitioning from "scale expansion" to "efficiency improvement," with a modernized system expected to exceed 10 trillion yuan, deeply integrating intelligence and sustainability [6]. Group 7: Robotics - Magic Atom has become the strategic partner for intelligent robots for the 2026 Spring Festival Gala, showcasing its various robot models, including the Magic Bot and Magic Dog series, which are designed for complex tasks and extreme environments [7].

今日看点 ▼聚焦一：思林杰：终止发行股份及支付现金购买资产并募集配套资金事项 公司原拟通过发行股份及支付现金的方式购买科凯电子的股权同时配套募集资金，本次交易预计构成重大资产重组且构成 关联交易，不构成重组上市。由于本次交易规模较大、涉及相关方较多，使得重大资产重组方案论证历时较长。现公司综 合考虑市场环境较本次交易筹划初期已发生一定变化，经公司与交易各相关方友好协商、认真研究和充分论证，基于审慎 性考虑，决定终止本次交易事项并向上海证券交易所申请撤回本次交易事项的相关申请文件。 | 条 开 | 公司 | 主要内容 | | --- | --- | --- | | | 五矿新能 | 2025年度预盈2.1亿至2.5亿元 同比扭亏 | | | 招金黄金 | 2025年度预盈1.22亿至1.82亿元 同比扭亏 | | | 优博讯 | 2025年度预盈7200万元至1.07亿元 同比扭亏 | | | 厦门信达 | 2025年度预盈1500万元 同比扭亏 | | | 新强联 | 2025年净利润同比预增1093.07%-1307.21% | | | 永创智能 | 2025年净利润同比预增721.57%-894.86% ...

Core Viewpoint - The global automotive industry has reached a stage where "dialogue and co-construction" are essential for sustainable development and collaboration [1][2]. Group 1: Globalization and Industry Trends - The automotive industry is undergoing a deep restructuring of global supply chains, influenced by geopolitical factors, technological barriers, and market fragmentation [1]. - The transition from unilateralism and zero-sum games to mutual respect and dialogue is crucial for long-term development and cross-border cooperation [1]. - The Chinese new energy vehicle (NEV) industry has experienced rapid development over the past five years, shifting its competitive logic from electrification to intelligence, system capabilities, and user experience [2]. Group 2: Company Strategy and Achievements - The company has focused on embedding itself deeply into the global industrial system, enhancing collaboration with world-class suppliers, technology partners, and users [2]. - The brand "Wenjie" has achieved significant market validation, with cumulative deliveries exceeding 1 million units, and the Wenjie M9 leading the luxury car market in its price segment for 21 consecutive months [3]. - The company aims to continue its focus on globalization, brand premiumization, and AI integration, while expanding its high-end brand presence overseas and fostering innovation through collaboration with global partners [3].

Core Viewpoint - The article discusses the implementation of a national-level guideline for the construction of zero-carbon factories in China, marking a significant step towards industrial green and low-carbon development, shifting focus from regional "parks" to individual "factories" [1][3]. Group 1: Zero-Carbon Factory Construction - The Ministry of Industry and Information Technology (MIIT), along with other governmental bodies, has issued guidelines to create a clear roadmap for the transition of factories to zero-carbon operations [1][3]. - Zero-carbon factories are seen as essential units that support the construction of zero-carbon parks and promote regional green and low-carbon development [3][5]. - The construction of zero-carbon factories is defined as a process that involves continuous reduction of CO2 emissions through technological innovation, structural adjustments, and management optimization [3][4]. Group 2: Implementation Strategy - The guidelines propose a phased approach to zero-carbon factory construction, prioritizing industries with urgent decarbonization needs and lower difficulty in achieving carbon reduction [7]. - By 2026, a selection of zero-carbon factories will be identified as benchmarks, with a goal to cultivate a number of such factories in sectors like automotive, lithium batteries, and photovoltaics by 2027 [7]. - The strategy emphasizes a gradual expansion to traditional high-energy industries such as steel and cement by 2030, exploring new decarbonization pathways [7]. Group 3: Comprehensive Carbon Reduction System - The construction of zero-carbon factories is viewed as a systemic transformation of manufacturing models, aiming to enhance efficiency and drive green transitions across the industry [9]. - The guidelines outline six key pathways for zero-carbon factory construction, including improving carbon accounting systems, enhancing energy efficiency, and promoting the use of renewable energy [9][10]. - A focus on energy use is highlighted, with an emphasis on increasing the share of renewable energy and optimizing production processes to achieve significant reductions in carbon emissions [11]. Group 4: Policy and Standards - The construction of zero-carbon factories is a complex system project that requires integrated innovation across energy supply, production processes, and policy standards [13]. - The guidelines stress the importance of policy guidance, standard provision, and market-driven approaches to create a collaborative ecosystem for carbon reduction [12][13]. - There is a need for a unified national standard system for zero-carbon factories to ensure consistency and reliability in implementation, with ongoing efforts to develop comprehensive standards and guidelines [14][15].

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating towards mass production, driven by cost reduction demands and domestic suppliers' advantages in key components like precision transmission parts and electronic skin [15][16] - The sodium battery released by CATL showcases cost and performance advantages, with significant price increases in lithium carbonate impacting lithium battery costs, while sodium batteries are expected to achieve scale applications [19][20] - Domestic energy storage installations are experiencing substantial growth, with a diverse revenue structure and economic viability, benefiting leading companies in system integration and inverters [23] - The photovoltaic industry is poised for growth due to dual applications in ground and space, with HJT technology becoming a key direction for overseas expansion, enhancing global market potential [26][31] - China's wind power equipment exports are surging, with significant opportunities for leading companies in both domestic and overseas markets, supported by technological parity and cost advantages [27][40] - The electric equipment sector is entering a super boom cycle, driven by overseas demand and advancements in AI and smart grid technologies, with companies that possess strong channel resources and technical capabilities expected to benefit [42][43] Summary by Sections Humanoid Robots - The humanoid robot industry is seeing rapid industrialization, with major tech companies entering the market and expected mass production of Tesla's Optimus robot by the end of next year [15][16] - Key components suppliers in the T-chain are likely to benefit from the anticipated production ramp-up [16][17] Electric Vehicles - CATL's sodium battery demonstrates significant advantages in cost and performance, with the price of lithium carbonate impacting battery costs, while sodium batteries are expected to see widespread adoption [19][20] Renewable Energy - Domestic energy storage installations are on a growth trajectory, with leading companies in system integration and inverters set to benefit from the expanding market [23] - The photovoltaic sector is expected to grow due to advancements in HJT technology and increased global demand for solar installations [26][31] Wind Power - China's wind power equipment exports are increasing, with leading companies poised to capitalize on both domestic and international opportunities [27][40] Electric Equipment & AIDC - The electric equipment sector is entering a favorable cycle, with companies that have strong technical capabilities and market presence expected to benefit from increased overseas demand [42][43]

中新网北京1月25日电 (记者 杜燕 徐婧)"十四五"时期，北京经济增长保持了稳中向好的发展态势，经济 总量跨越了两个万亿元台阶，在"十四五"收官的2025年突破5万亿元，比2024年增长5.4%，实现"十四 五"圆满收官。"十五五"时期，北京经济增长目标设置为4.5%-5%，努力争取更好结果。 北京市第十六届人民代表大会第四次会议25日开幕。当天，划定北京今后五年发展目标的《北京市国民 经济和社会发展第十五个五年规划纲要(草案)》(以下简称《纲要草案》)提请大会审查。 《纲要草案》从创新、协调、绿色、开放、共享、安全6个维度设置了29项主要指标，包括：地区生产 总值年均增速4.5%-5%，努力争取更好结果，全员劳动生产率达58万元/人左右，全社会研发投入占比 6%以上，城市副中心和平原新城地区生产总值年均增长5%以上，服务贸易年均增速5%左右，城镇调查 失业率控制在5%以内，等等。 "十四五"时期，北京经济总量跨越了两个万亿元台阶，第一个是在"十四五"开局的2021年，北京GDP突 破4万亿元，第二个是在"十四五"收官的2025年，北京GDP突破5万亿元，比2024年增长5.4%，实现"十 四五"圆满收官。 ...