（编辑 楚丽君） 证券日报网讯 12月9日，爱玛科技在互动平台回答投资者提问时表示，公司电动三轮车产品涵盖休闲电 动三轮车、篷车电动三轮车、货运电动三轮车。公司一直以来致力于为广大消费者提供高品质的产品和 服务，根据市场需求、行业趋势、自身发展规划等研发、生产、销售产品，以更好地满足消费者。 ...

证券日报网讯12月9日，爱玛科技（603529）在互动平台回答投资者提问时表示，公司在欧美等区域推 进分销代理体系建设，推动产品适配与销售网络协同发展，稳步推进国际化布局。 ...

过去二百年，每次工业化升级都重塑全球格局：英国靠蒸汽机开启第一次工业革命，美国靠电力与石油主导第二次工业革命，硅谷数字化引领第三次科技浪 潮。 今天，中国通过全面电气化战略，正在开启第四次能源文明跃迁。 普通人如何抓住这场红利，掌握未来十年的命运，你准备好了吗？ 中国的电气化国家战略并非口号，而是全面铺开、深入落地的国家行动。 从能源生产到技术应用，从产业链建设到智能管理，中国正在建立全球首个完整的电气化工业体系。 全球八成太阳能组件也在中国制造，过去十年太阳能组件价格下降超过80%，这一切都源自中国工业体系的规模优势和技术迭代能力。 中国不仅拥有产能，更拥有从原材料采集、加工、装备制造、系统工程、储能建设、智能电网管理到市场运营的完整链条，这使得中国不仅能够生产能源装 备，更能将能源系统智能化、数字化和自动化。 人工智能与电气化的结合，使得新能源不仅仅是能量来源，更是智能化调度和高效利用的工具。 中国在AI专利、人才储备和工业化应用方面占据全球领先地位，人工智能赋能下的智能电网能够实时调节能源供需，实现能源的高效分配和极低损耗。 这种系统性能力让中国在全球能源体系中，拥有前所未有的主动权。 相比之下，美国虽 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4920 期 2025 年 12 月 9 日 星期二 研究观点 【公司研究】 网易（NTES.US/9999.HK，买入）：Q3 递延收入同比增长 25%，未来游戏产品储备丰富 【公司评论】 特斯拉（TSLA）：周报 奈飞（NFLX）：奈飞+华纳，下一个时代的媒体巨头 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 网易（美元） | NTES | 买入 买入 165.00 | 160.00 | 3% | 8.300 | 8.600 | -3% | 8.800 | 9.100 | -3% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400- ...

12月9日，白银长期的供需缺口正在发酵成结构性价格驱动力，Mhmarkets迈汇认为，2025 年以来的实 物短缺并非偶发，而是多年供应萎缩与需求扩张叠加的结果。当投资需求猛增，原本就偏紧的市场更易 被放大，从而形成价格突破的重要背景。 白银在初夏突破 35 美元，被视为市场情绪反转的关键点。过去十年矿供给减少约 8000 万盎司，总供应 规模仅约 10 亿盎司，在贵金属中显得十分紧凑。Mhmarkets迈汇表示，持续减少的矿供给意味着行业 未能发现或投产足够的新矿，大型银矿稀缺的结构在未来几年难以改善。与此同时，电子制造、光伏发 电、电动车、AI 数据中心等行业的渗透率不断提升，使工业需求形成长期拉力。需求不断扩展，而供 应跟不上，成为白银基本面的核心矛盾。 另一方面，行业内部的资源错配也加剧了未来的供应压力。过去几年，部分矿企在白银低价期调整重 心，转向更易盈利的金矿项目，使得白银资产布局被弱化。今年出现的几起并购动作说明行业正试图重 新夺回白银资源，但优质矿产的稀缺性决定了其恢复速度较慢。审批、融资与建设周期基本都在 5–10 年区间，这意味着供给无法快速响应价格上升。 库存端同样难言宽松。伦敦、纽约以 ...

（文章来源：证券日报） 证券日报网讯 12月9日，爱玛科技在互动平台回答投资者提问时表示，截至2025年9月30日公司股东总 数（户）为31722户。 ...

（编辑 袁冠琳） 证券日报网讯 12月9日，爱玛科技在互动平台回答投资者提问时表示，公司持续以技术创新为核心驱动 力，围绕动力系统核心部件自主研发与智能化生态体系建设，推进整车性能与用户体验的全面升级。智 能化布局方面，公司聚焦智能控制、交互体验与骑行安全三大方向，持续推进"人-车-机-盔-云"多端协 同的智能生态体系建设，升级优化核心技术模块，提升用户使用的便捷性、互动性与安全性。 ...

案例二：广西贵港市某车业科技有限公司生产、销售不符合保障人体健康和人身、财产安全的标准和要求的工业产品案。自治区市场监 督管理局委托广西壮族自治区产品质量检验研究院对当事人生产的电动自行车进行监督抽查。经检验，当事人生产、销售的电动自行车 判定结果为不合格。当事人生产、销售不符合国家标准电动自行车的行为，违反了《中华人民共和国产品质量法》第十三条的规定，覃 塘区市场监督管理局依据《中华人民共和国产品质量法》第四十九条的规定对当事人作出行政处罚。 案例三：平南县中能贸易有限公司销售伪造厂名厂址的电线电缆案。通过广西市场监管投诉举报平台接到群众投诉，反映在京 东平台"中 能专营店"购买的两单电线电缆（生产商分别为"合肥宇量电线电缆厂"和"中兴达电线电缆有限公司"）均无法在国家企业信用信息公示系 统查询到注册信息。经执法人员在国家企业信用信息公示系统查实，中兴达电线电缆有限公司与合肥宇量电线电缆厂在该系统均未查询 到相关信息，均显示查询到0条信息。当事人销售伪造厂名厂址的电线电缆的行为，违反了《广西产品质量监督管理条例》第二十三条第 （四）项的规定，平南县市场监管局依据《广西产品质量监督管理条例》第二十七条第四款的 ...

Group 1 - The China-Vietnam QR code interoperability project has officially launched in Vietnam, allowing Chinese tourists to make payments using various mobile payment apps [1] - The project aims to enhance financial connectivity between China and Vietnam, promoting trade and tourism between the two countries [1] Group 2 - India is projected to attract $4.1 trillion in green investments by 2047, with an annual market potential of $1.1 trillion [2] - This significant investment is expected to contribute to India's sustainable development goals over the next two decades [2] Group 3 - Thailand's cabinet has approved a policy to promote residential solar rooftop installations, allowing tax deductions for related expenses [3] - The initiative aims to encourage the use of clean energy and reduce household electricity costs while transforming the national energy structure [3] Group 4 - Thailand's electric vehicle production exceeded 50,000 units in the first ten months of 2025, marking a 530% year-on-year increase [4] - Despite a slight decline in overall vehicle production, the domestic market remains stable, with electric vehicle sales growing by 60.1% [4] Group 5 - Chinese citizens can now travel to Russia visa-free until September 14, 2026, for tourism and business purposes, with a stay of up to 30 days [5] Group 6 - Amazon has launched its first global smart hub warehouse in Shenzhen, China, set to open in March 2026, as part of its supply chain solutions [6] - The new global smart hub warehouse will facilitate seamless logistics and inventory management for sellers [6] Group 7 - Amazon's Haul program has expanded to 26 countries, with user visits tripling since June [7] - Chinese sellers on Amazon's emerging sites saw sales increase by over 30% from January to October 2025 [8] Group 8 - TikTok Shop's gross merchandise volume (GMV) in the U.S. surpassed $500 million during Black Friday, reflecting a nearly 50% year-on-year growth [9] - The platform's live streaming sales saw significant increases, with participating sellers' sales up by 84% [9] Group 9 - Lazada has upgraded its collection services in mainland China, adding 18 cities and allowing for single-item pickups [10] - The new regulations will be fully implemented by January 2026, with performance assessments for sellers starting then [10] Group 10 - Ozon has launched a premium brand selection platform, "Ozon Select," focusing on high-end products, with over 130,000 SKUs listed [11] - The platform is expected to see a 1.5x increase in orders for fashion items by Q1 2025 [11] Group 11 - Walmart reported a 57% increase in orders on Black Friday compared to the previous year, driven by strong consumer demand for electronics and home goods [12] Group 12 - The global market for robotic vacuum cleaners saw an 18.7% year-on-year increase in shipments in the first three quarters of 2025, with Europe and the Middle East leading growth [13] Group 13 - In November 2025, 33 Chinese companies made it to the global mobile game revenue top 100, collectively earning $1.95 billion [14] - Tencent remains the top mobile game publisher globally, with significant contributions from its flagship products [14] Group 14 - U.S. online sales on Black Friday reached a record $11.8 billion, marking a 5.8% increase from the previous year [15] - Mobile shopping accounted for over 60% of total sales, indicating a shift in consumer purchasing behavior [15] Group 15 - JD Logistics reported a doubling of order volume in its overseas warehouses during the Black Friday sales period [16] - Significant growth was observed in North America, Europe, and the Asia-Pacific regions [16] Group 16 - Ant Group's WorldFirst reported processing nearly $200 billion in transactions in 2025, with a 100% year-on-year growth [17] - The service has expanded to over 220 countries, supporting multiple currencies for transactions [17] Group 17 - WeChat Pay has launched in Qatar, with QNB becoming the first bank in the Gulf Cooperation Council to support the service [18] - This development provides new digital payment options for retailers in Qatar to connect with Chinese consumers [18] Group 18 - Malaysia is drafting regulations to restrict social media access for individuals under 16 years old, focusing on online safety for children [19] Group 19 - Japan plans to impose consumption tax on cross-border e-commerce platforms with annual sales exceeding 5 billion yen, affecting companies like Temu and SHEIN [20] - The new tax regulations aim to reduce tax evasion and support local retail businesses [20]

Group 1 - The core viewpoint of the news highlights a significant breakthrough in clean energy technology, specifically in the development of commercial perovskite photovoltaic modules by a research team from Nanjing University, which achieves world-leading efficiency and reliability [1] - The China Energy Storage Association (CESA) reported that from January to September 2025, domestic energy storage installations reached 31.77 GW/85.11 GWh, maintaining a high growth rate of 19.3% (power) and 28.41% (capacity) year-on-year, indicating that annual domestic demand is expected to exceed expectations [1] - In November 2025, domestic wholesale estimates for electric passenger vehicles reached 1.72 million units, reflecting a month-on-month increase of 20% and a year-on-year growth of 29% [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the CSI New Energy Index include Yangguang Electric, CATL, Longi Green Energy, TBEA, Huayou Cobalt, Yiwei Lithium Energy, China National Nuclear Power, Ganfeng Lithium, Tongwei Co., and Three Gorges Energy, collectively accounting for 45.35% of the index [1] - The New Energy ETF (159875) closely tracks the CSI New Energy Index, serving as a convenient tool for investors to gain exposure to leading companies in the energy sector [2]