比亚迪去年在销量上超越特斯拉，但在利润率承压、海外市场风险上升，以及在一套具有争议的融资模式之下，市场开始质疑，比亚 迪是否仍能持续为股东创造价值 ▶ 比亚迪全球销量大幅攀升，却未能同步带动获利成长。在内地 电动车价格战持续及利润下滑的情况下，公司整体盈利空间受压 ▶ 随着比亚迪逐步收缩其供应商融资安排，加上海外经营环境挑 战增加，可能推高负债比率，并削弱其扩张动能 Image Key takeaways: 比亚迪 （1211.HK；002594.SZ）或许刚刚实现了一个宏大愿望，那就是在电动车销量上超越马斯克的 特斯拉 （TSLA.US），成为全 球最大电动车销售商。然而，实现这个梦想所付出的代价，就是在激进扩张之下，比亚迪的获利能力正落入一条充满风险的下行轨 道。 这家总部位于深圳的企业本月初站上全球聚光灯下——公布2025年全球售出226万辆电动车，海外市场销量同比暴增145%，成为主要 推动力。相比之下，特斯拉去年纯电动车交付量下跌8.6%，降至160万辆，创下历来最大年度跌幅。 这场角色互换，比亚迪似乎赢得一场全面胜利。在中国市场，这个本土品牌早已占据主导地位，特斯拉销量首次下滑超过5%，降至约 6 ...

Core Viewpoint - The article reports on the quality inspection results of various products conducted by the Yongjia County Market Supervision Administration in 2025, highlighting compliance and non-compliance rates in the automotive and construction sectors [2]. Group 1: Automotive Products - The inspection included automotive brake pads and engine oils, with several samples meeting the required standards [2][3]. - Specific products such as the automotive brake pads from various manufacturers were tested, with compliance noted for most samples [2][3]. - A total of 6 electric bicycles were inspected, with one sample failing to meet safety standards [2][3]. Group 2: Construction Materials - The inspection also covered construction materials like cement and steel, with most samples passing the quality checks [3][4]. - Notably, two types of cement and hot-rolled ribbed steel bars were found compliant with the required specifications [3][4]. - The results indicate a focus on ensuring product safety and quality in the construction industry [3]. Group 3: Agricultural Products - The inspection included agricultural materials, with several fertilizers passing the quality checks [4]. - Specific fertilizers such as the platinum compound fertilizer were confirmed to meet the required standards [4].

A股从3000点冲4000点的狂欢里，谁还在为爱玛科技emo？马年快到了，别人在牛市策马奔腾，我在爱 玛练习马上掉头，从去年高点至今，股价直接跌去三分之一，精准躲开每一波上涨行情！ 最让人拧巴的是，公司三季报数据明明亮眼得很，营收、利润双双大涨20%以上。马年本来还想抱上爱 玛这匹"马股"沾点喜气，结果它倒好，直接把冲高端、闯海外的先锋队全砍了。 这到底是释放啥信号，是打算彻底躺平，安心守着低端电动车市场"吃老本"？这波操作，到底是壮士断 腕，还是战略撤退，当初画的国际化和智能化大饼还实现吗？ 这操作离谱到什么程度？前几天年会上老板还站激情澎湃喊着冲向世界智造未来的豪言壮语，后脚把负 责冲的国际事业部、搞智造的高端品牌团队送上裁员名单，直接砍半。更离谱的是裁员手法：工厂搬迁 不给补贴、逼签外包合同，主打一个逼员工主动走，省下赔偿金。这波操作，堪比立志登珠峰，转头就 把向导和氧气瓶全卖了。 咱小散扒扒数据，才发现这饼画得有多空气。喊得震天响的国际化，2025 年上半年只贡献了 0.7%的营 收，对比九号公司近40%的海外收入占比，爱玛这哪是扬帆出海，分明是岸边划船。 比起股价逆势摆烂，更让人看不懂的是它年底这波 ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...

Core Viewpoint - Aima Technology (603529.SH) is undergoing layoffs across multiple departments, including its international and high-end brand divisions, despite reporting strong revenue growth in recent quarters [1][2]. Group 1: Layoffs and Company Response - Aima has initiated layoffs affecting various departments, with reports indicating that the international and high-end brand divisions have seen reductions exceeding 50% [1]. - Aima's investor hotline stated that personnel adjustments are normal during corporate development, denying any significant workforce reduction and asserting that the international and high-end departments are still operational [1]. Group 2: Financial Performance - In the first three quarters of 2025, Aima achieved a revenue of 21.09 billion yuan, a year-on-year increase of 20.78%, and a net profit of 1.907 billion yuan, up 22.78%, marking the best performance in its history for this period [2]. - Despite stable growth, Aima faces increasing competition from industry leaders like Yadea and emerging players, which are growing at a faster pace [2][3]. Group 3: Competitive Landscape - Yadea reported a revenue of 19.19 billion yuan in the first half of 2025, with a year-on-year growth of 33.11%, while its net profit increased by 59.50% [3]. - New entrants like Ninebot have shown even more rapid growth, with a revenue of 18.39 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 68.63% [3]. Group 4: International Expansion and Challenges - Aima has been pursuing international expansion since 2015, with significant investments in Southeast Asia, including operational factories in Vietnam and Indonesia [4][5]. - However, Aima's international business remains underwhelming, with revenue from international operations accounting for only 0.69% of total revenue in the first half of 2025, down from around 1% previously [4][5]. Group 5: High-End Market Strategy - Aima launched a new high-end electric motorcycle brand, Zeroji, targeting urban youth, with plans to open experience centers in major cities by mid-2026 [6]. - The company faces challenges in penetrating the high-end market, requiring significant investment in understanding consumer preferences and developing new technologies [6]. Group 6: Regulatory Pressures - Aima must comply with new national standards for electric bicycles effective December 1, 2025, which impose stricter requirements on speed limits, materials, and safety features, necessitating investment in production line upgrades [7].

2025年那场关税战，美国终于低头认错了——不是税率定得太高，而是从一开始就想错了。 他们以为中国会先扛不住，会先坐到谈判桌前求和。 结果呢？ 中国不仅没低头，反而把这场博弈变成了自己的主场。 特朗普团队当时的想法其实挺直白：中国出口那么多东西到美国，离了美国市场，日子肯定不好过。 只要关税够狠，压力够大，北京自然会服软。 这逻辑听起来好像也没毛病，但问题就出在——他们把中国当成一个被动挨打的角色，而不是一个早有准备的对手。 4月2日，美国对中国商品加征34%的"对等关税"，加上之前层层叠加的税率，整体水平已经拉得很高。 可他们忘了，中国也在算账，而且算得更早、更深、更远。 第二天，4月3日，中国直接回敬34%的对等关税，范围广、力度足、一点余地都不留。 美方原本还指望有个"缓冲期"，让企业慢慢调整，结果这个幻想当场就被打碎。 这不是临时起意的反击，而是一套早就备好的预案。 中国根本没打算被动接招，而是把这次冲突看作长期战略博弈中的一环——你出拳，我接住；你加码，我翻倍。 真正让美国感到不对劲的，还不是关税本身，而是紧随其后的组合拳。 关税刚落地，中国就暂停了部分美国产品的进口审批。 表面看只是常规操作，但细 ...

1.1月9日(周五)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨004%，标普500指数期货涨0.11%，纳指期货涨0.20%。 | ■ US 30 | 49,283.30 | 49,354.80 | 49,215.70 | +17.60 | +0.04% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,929.00 | 6,932.30 | 6,913.00 | +7.60 | +0.11% | | ■ US Tech 100 | 25,559.30 | 25,585.70 | 25,446.70 | +52.20 | +0.20% | 市场消息 非农+关税裁决"双核爆点"!华尔街迎接今年以来最危险的一天。2026年开年美股强劲但估值已达历史高位(市盈率超22倍)，正面临关键转 折点。北京时间周五晚，市场将迎来美国12月非农报告及最高法院对特朗普关税政策合法性裁决的双重考验，投资者警惕高估值下的市 场波动风险。最高法院官网显示，周五为"判决日"，意味着法官们在美东时间上午10点开庭后，可能会宣布裁决结果。 降息预期已然"锚定"!高盛：非农 ...

Core Insights - The article highlights the growth of the global electric vehicle (EV) market, particularly in the third quarter of 2025, where the installation volume of traction inverters reached 8.35 million units, marking a 22% year-on-year increase. Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) are the main contributors to this growth, with installation growth rates of 36% and 13.6% respectively [2][6]. Group 1: Electric Vehicle Market Growth - The global installation volume of traction inverters in Q3 2025 reached 8.35 million units, a 22% increase year-on-year [2]. - The growth rates for BEVs and PHEVs were 36% and 13.6% respectively, indicating strong demand in the EV sector [2]. - The integration of electric drive systems in vehicle chassis is increasing, with over 70% of inverter installations featuring a "3 in 1" or higher integration type [2]. Group 2: SiC Power Semiconductors - SiC power semiconductors are becoming key components in electric drive systems due to their compact size and higher voltage tolerance [5]. - In Q3 2025, the global installation volume of SiC inverters surpassed 1.5 million units, achieving a historical high [5]. - The penetration rate of SiC inverters in electric vehicles increased from 14% in 2024 to 18% in 2025, and reached 22% specifically for new energy vehicles [5]. Group 3: Market Dynamics and Challenges - 84% of SiC inverter installations were contributed by BEVs, with the remaining from PHEVs and Range-Extended Electric Vehicles (REEVs) [6]. - The Chinese market remains the largest for SiC inverters, accounting for approximately 75% of the installation volume, while demand in Europe and the US is showing signs of weakness [6]. - Despite the growth in inverter installation volumes, the overall market value in Q3 2025 decreased by 10% compared to the same period in 2024, reflecting pricing pressures from automakers [6].

Core Viewpoint - The core viewpoint of the article emphasizes that the future of mobility will be defined by intelligence rather than traditional mechanical or energy forms, highlighting the strategic direction of Xiaopeng Motors over the past decade [2][3]. Group 1: Company Evolution and Strategy - Xiaopeng Motors was founded by a diverse team of engineers with a vision that diverges from traditional automotive definitions, focusing on "AI-defined" mobility [3]. - The company shifted from a technology-driven approach to a consumer-centric model, recognizing the importance of understanding user needs [3]. - Global expansion has been a priority, with Xiaopeng establishing a presence in over 50 countries, differentiating itself from competitors focused solely on the domestic market [4]. Group 2: Competitive Landscape - The Chinese electric vehicle (EV) market is characterized by intense competition, which drives innovation and keeps companies competitive [5]. - Chinese consumers are more receptive to new technologies, which accelerates innovation cycles compared to Western markets [5]. - The robust supply chain in China, built over years of industrial accumulation, is a critical factor enabling Chinese EVs to stand out globally [5]. Group 3: Addressing Over-Competition - Competition is viewed as healthy and necessary for industry development, but there are concerns about extreme competitive practices leading to "involution" [6]. - Companies must focus on differentiation through innovation and strong branding to avoid being consumed by over-competition [6]. - Xiaopeng aims to establish a unique brand identity and leverage global expansion to mitigate the risks of excessive competition [6]. Group 4: Brand Differentiation - Xiaopeng focuses on aspects that are hard to replicate, such as advanced smart driving technologies, to build its brand [7]. - The company has been a pioneer in introducing features like highway autonomous driving and has positioned itself as a technology-centric brand for future mobility [7]. Group 5: Globalization Efforts - Xiaopeng began its global journey early, starting with markets in Northern Europe, and has learned to adapt its business models to different markets [8]. - The company has successfully established itself as a leader in the high-end Chinese EV segment in Europe, with a focus on long-term brand building and local partnerships [9]. Group 6: Future Outlook and Technological Expansion - The company believes that the future of mobility extends beyond vehicles to include diverse solutions like robotics and AI, which could be larger markets than the current automotive sector [13]. - Xiaopeng's capabilities in AI and autonomous driving naturally lead to opportunities in the robotics field, leveraging existing technologies [13]. Group 7: Entrepreneurial Spirit and Leadership - The entrepreneurial spirit and ambition of Chinese leaders are seen as key advantages in navigating the rapidly evolving landscape of the EV industry [15]. - Successful entrepreneurs in the EV sector often have prior experience in other industries, which provides them with confidence and resources to tackle complex challenges [15].

26 年锂电需求展望：超预期之详细拆解 2026 年欧洲电车 需求 20260108 摘要 2025 年全球电动车销量同比增长 33%至 2,907.6 万辆，渗透率达 30%，下半年增速超 30%，欧洲九国销量占比超 70%，同比增长约 30%-33%。 欧洲各国积极推动电动车普及，英国、法国、德国和西班牙均推出或扩 大补贴政策，覆盖欧洲 70%以上销量的大国，有力推动市场发展。 预计 2027 年全球电动车销量增长 13%-15%，单车带电量增长约 17%。欧洲商用车增速保守估计为 25%，乘用车增速预计为 29%，对 应 70GWh 增长，乐观情况下可能接近 100GWh。 2027 年宝马、大众、Stellantis 等将推出新平台和车型，如宝马新时代 车型、奔驰 MMA 平台等，预计贡献额外 5.5%的销售增量，比亚迪匈牙 利工厂投产也将推动增长。 预计 2027 年欧洲锂电产业链增长超 29%，宝马、奔驰采用 800V 高压 架构并增加铁锂电池用量，匈牙利工厂投产，乘用车和商用车领域均有 显著增量。 Q&A 当前市场对锂电及材料板块的需求非常强劲，尤其是在储能领域。储能需求大 约在 900 至 1 ...