New car registrations for Tesla fell sharply in several key European markets in December, underscoring the company's mounting challenges across the region even as it posted record sales in Norway, Eur... ...

Group 1 - Hong Kong stock market opened the year with a significant rise, with the Hang Seng Index up by 2.76% and the Hang Seng Tech Index up by 4%. Wallen Technology, the first GPU stock in Hong Kong, surged over 75% on its debut. The semiconductor sector saw notable gains, with Hua Hong Semiconductor rising over 9% and SMIC increasing over 5% [1] - New York silver prices increased by 5% to $74.14 per ounce, while gold prices surpassed $4,400 per ounce, rising by 1.38% [2] - The National Film Administration reported that the total box office for 2025 is projected to be 51.832 billion yuan, a year-on-year increase of 21.95%, exceeding 2024 by 9.3 billion yuan. The 2025 New Year box office exceeded 5.3 billion yuan, marking an eight-year high [2] Group 2 - The macroeconomic outlook for 2026 suggests a "K-shaped" economic recovery in the U.S., where sectors like AI investment thrive while low-income consumer spending remains weak. This uneven economic landscape will influence Federal Reserve decisions [7][8] - The expectation of 2-3 interest rate cuts by the Federal Reserve in 2026 is based on a softening job market and moderate inflation data, aimed at providing relief to an imbalanced economy [8] - The macro backdrop sets the tone for asset allocation, with U.S. stocks expected to remain supported but with increased volatility. Opportunities may shift from large tech stocks to smaller tech themes, while healthcare and financial sectors may also present value [9] Group 3 - In China, 2026 marks the beginning of the 14th Five-Year Plan, with a positive macro narrative emerging. Policies are being activated, showing unexpected economic resilience [10] - A key positive signal is the potential turnaround in the Producer Price Index (PPI), which is expected to narrow its decline and possibly turn positive, indicating a fundamental improvement in the corporate profit environment [11] - The macro policy is anticipated to maintain a supportive stance, with monetary policy having room for rate cuts and structural tools, while fiscal policy may see increased efforts [11] Group 4 - The outlook for A-shares in 2026 indicates a shift from valuation-driven to a dual-driven approach, where both valuation and earnings recovery will drive market performance [12][13] - Earnings support is expected from three main areas: new productive forces becoming growth engines, "anti-involution" policies improving competition and profit levels in midstream industries, and resilient overseas demand maintaining reasonable gross margins for export-oriented companies [14][15][16] - The path for A-shares is expected to be upward with clear verification windows around the second quarter of 2026 [17] Group 5 - Investment opportunities in 2026 are predicted to spread across various sectors rather than being concentrated in one area, with a focus on technology growth, cyclical manufacturing, and consumer recovery [18][19][20][21] - The investment style may transition from small-cap active to a balance between small and large caps, eventually leading to a return of large-cap value [22] - The macro environment is characterized by structural opportunities rather than a broad-based bull market, requiring investors to adopt a nuanced strategy [23][24]

Core Viewpoint - The article discusses three distinct AI stocks that investors should consider for long-term investment, highlighting their unique attributes and potential in the AI sector. Group 1: Alphabet (GOOGL) - Alphabet is characterized as a stable investment with a high floor due to its established position in AI and cloud computing, making it a reliable choice for investors [5][8] - The company reported a market capitalization of $3.8 trillion and generated $74.1 billion in revenue from its core digital advertising business in Q3 [7] - Alphabet's ongoing investments in autonomous vehicles and quantum computing further enhance its growth prospects, making it a dependable option for buy-and-hold investors over the next three to five years [8] Group 2: Tesla (TSLA) - Tesla represents a high-risk, high-reward investment, with CEO Elon Musk emphasizing the potential value of its humanoid robot, Tesla Optimus [9][12] - The company has a market cap of $1.5 trillion, but its core vehicle business has faced challenges in recent quarters, which could impact stock performance [10][12] - The humanoid robotics market is projected to grow into a $5 trillion total addressable market by 2050, presenting significant upside potential for Tesla [11] Group 3: International Business Machines (IBM) - IBM is positioned as a rare AI dividend stock, appealing to investors seeking income alongside growth, with a dividend yield of 2.27% [13][15] - The company has a market cap of $277 billion and has raised its dividend for 29 consecutive years, reflecting its long-term growth capabilities [14][15] - IBM is actively expanding its AI ecosystem through mergers and acquisitions, with anticipated earnings growth at a high-single-digit annualized rate over the next three to five years [16]

《七成新势力车企年度KPI翻车！ 谁是"销量倒退玩家"？》 文 | 《次世代车研所》栏目 张奥 2025年已经结束，新势力车企正陆续披露年度销量。 《次世代车研所》栏目对15家车企盘点发现： 第一，"蔚小理"中，小鹏汽车一家"过线"；蔚来汽车未达成年度目标，但销量同比增长了近五成；理想 汽车"掉队"，不仅年度目标仅完成了58%，而且销量同比下滑了18.8%，成为Top15中唯一同比下滑的车 企。 造车新势力中的"蔚小理"常年备受关注，目前蔚来和理想的销量承压。 蔚来原本预计在2025年的销量目标应实现"销量翻番"，总计约44万辆。但截至年末，蔚来仅卖出32.6万 辆汽车，虽然实际销量同比增长46.88%，但距离44万辆的宏大目标仍有着不小的差距。 第二，其他车企中，长安系和东风系表现均不佳，长安系的阿维塔和深蓝未达成目标，而东风系的岚图 和猛士销量平平。 第三，备受关注的小米汽车，全年销量约为41万辆，目标完成度为117%。 若以15家新势力车企统计计算，除了鸿蒙智行、埃安和猛士未公布年度目标外，其余12名中有8名未达 成年度目标，占比约为67%。 今日，蔚来创始人李斌的一封全员信，直截了当地说明了车企的现状 ...

Japanese automaker Nissan Motor Company reported a 4.9% year-on-year decline in global sales to 265,067 vehicles in November 2025, including Nissan and Infiniti-branded models, down from 278,763 units in the same month last year, reflecting mainly a sharp decline in domestic sales. Sales in Japan plunged by over 26% to 28,028 units during the month, while overseas sales were down by 1.5% to 237,039 units – with sales in North America weakening significantly. In the first eleven months of 2025, Nissan’s ...

Sales Performance - Toyota Motor Corporation reported a 1.9% year-on-year decline in global sales to 965,919 vehicles in November 2025, with sales in Japan rising by 1.5% to 177,130 units and overseas sales declining by 2.6% to 788,789 units [1] - In the first eleven months of 2025, Toyota Group's sales increased by 4.8% to 10,327,976 units, with sales in Japan rising over 12% to 1,922,533 units and overseas sales increasing by 3.2% to 8,405,443 units [2] - Sales of Toyota- and Lexus-branded vehicles increased by 3.8% to 9,605,105 units year-to-date, with North America sales rising by 7.2% to 2,664,715 units, while Latin America sales fell by 3.2% to 436,092 units [3] Electrified Vehicle Sales - Toyota and Lexus reported an 11% rise in global sales of electrified vehicles to 4,555,275 units in the first eleven months of the year, accounting for over 47% of total sales, with battery electric vehicles (BEVs) sales rising over 35% to 176,025 units [4] Subsidiary Performance - Daihatsu's global sales increased by almost 27% to 621,833 units year-to-date, with sales in Japan rebounding by 48% to 495,743 units, while overseas sales fell by 19% to 126,090 units [5] - Hino Motors reported an 11% decline in global sales to 101,038 units, with sales in Japan falling over 18% to 30,937 units and overseas sales declining almost 8% to 70,101 units [5]

Group 1 - BYD experienced a significant decline in December deliveries, totaling 414,784, down from 474,921 in November, indicating a challenging end to a volatile year for the company amid a price war and weak domestic demand [2] - The company has adjusted its 2025 sales target down by 16% to 4.6 million units, reflecting the impact of weakening domestic demand on its performance [2] - Despite the decline, BYD remains the market leader in electric vehicles, with total deliveries exceeding 4.54 million passenger vehicles for 2025, representing a 6.94% increase from 2024 [2] Group 2 - The competitive landscape shows Tesla's wholesale deliveries of 735,274 units from Model Y and Model 3 vehicles in China between January and November, with December figures still pending [3] - The IAA MOBILITY 2025 automobile fair highlights the struggles of German automakers to maintain market share as they face increasing competition from Chinese manufacturers like BYD [1]

Core Insights - BYD's sales growth slowed to 7.7% in 2025, marking the slowest growth rate in five years due to increased domestic competition in China's saturated car market [1] - Despite the slowdown, BYD is expected to surpass Tesla in annual battery electric vehicle (BEV) sales for the first time, selling 2.3 million BEVs in 2025, a 27.9% increase from the previous year [2] Sales Performance - BYD sold 4.6 million vehicles in 2025, up from 4.3 million in 2024, but December sales dropped by 18.3% year-on-year to approximately 420,000 cars [1] - Tesla's sales faced challenges, with estimates predicting 1.6 million BEVs sold in 2025, and projected sales of 1.8 million in 2026, 2 million in 2027, and 3 million in 2029 [3][4] Market Dynamics - The Chinese EV market is highly competitive, with manufacturers reducing prices to gain market share, leading to an oversupply of vehicles [6] - UBS forecasts that the growth rate of EV sales in China will halve in 2026 due to these competitive pressures [6] International Expansion - Domestic competition is prompting Chinese car manufacturers, including BYD, to explore overseas markets, making China the world's largest car exporter [7] - BYD has become the leading EV brand in Southeast Asia, surpassing Toyota in Singapore as the top-selling car brand of 2025 [7] - The company is also expanding into the European market with a new factory in Hungary set to produce 150,000 all-electric sedans annually starting in 2026, alongside plans for facilities in Thailand, Indonesia, and Brazil [8]

Tesla new car registrations fell by two thirds in France and Sweden in December, but surged in Norway confirming a trend of record sales in Europe's EV trailblazer while the U.S. automaker's market sh... ...

格隆汇1月2日｜瑞典出行数据显示，特斯拉12月在瑞典的新车注册量同比增长70.6%。 ...