人民日报记者 邓建胜 徐红梅 白光迪 "外销增速在30%左右。我们拼的不是价格，而是质量。"扬杰电子科技股份有限公司副董事长梁瑶 介绍，目前公司在越南启动了二期工厂建设，还计划在马来西亚、泰国投资晶圆工厂。 常熟市的小微外贸商户，则借助制度创新打开了新天地。 服饰商行经营者陈跃，在"市采通"（常熟市中小微企业跨境贸易综合服务）平台上传了交易单，一 批服装产品正准备发往国外。"以前做外贸，要跑海关、找第三方代办，既麻烦又有风险。现在，一个 平台就搞定了。"陈跃说。 作为全国市场采购贸易试点的创新之举，常熟"市采通"平台为中小微企业打造了一个集商户注册、 商品采购、组货拼箱、通关申报、收汇结汇、免税申报及供应链金融于一体的"一站式"出口服务解决方 案。自2020年以来，该平台年出口额从10亿美元增长至150多亿美元。 冬日午后，汽笛长鸣。一列满载汽车零部件的中吉乌班列，从江苏省连云港市上合组织国际物流园 驶出。车厢里，整齐排列的货物将运抵中亚市场。 目光南移，长江入海口的太仓港岸桥起落，数千辆国产汽车驶上远洋巨轮，准备发往欧洲、东南 亚。 一北一南，一车一船，江苏外贸在这个冬天里热气腾腾。 "江苏产业体系比较完备 ...

Core Viewpoint - Elon Musk proposes a revolutionary vision of deploying AI computing centers in space, driven by the need for sustainable energy and cooling solutions for large-scale AI data centers on Earth [1][2]. Group 1: Vision and Rationale - Musk believes that operating large-scale AI systems in orbit will be more cost-effective than on Earth within the next four to five years, primarily due to "free" solar energy and easier cooling technologies [2]. - He estimates that achieving a continuous computing capacity of 200 to 300 gigawatts (GW) would require building large and expensive power plants, which is impractical given the current energy infrastructure [2][4]. - Musk's plan involves deploying 100 GW of solar-powered AI satellites annually, which could potentially exceed the total electricity consumption of the U.S. [4][6]. Group 2: Technical Challenges - The construction of large AI data centers in space faces significant challenges, including the need for massive heat dissipation structures and the high costs associated with launching thousands of spacecraft [7][8]. - Current technology for high-performance AI accelerators may not withstand the radiation in geostationary orbit (GEO) without substantial modifications, which could hinder the feasibility of building AI data centers in space [7][8]. - The proposed project requires advancements in high-bandwidth connections to Earth, autonomous maintenance, and debris avoidance technologies, which are still in their infancy [8].

开源证券近日发布欧洲电动车销量月报：10月欧洲9国新能源车维持高增长，其中法国社会租赁计划落 地后BEV销量同比明显提速。2025年10月欧洲9国新能源车销量25.7万辆，同比+38.7%，新能源渗透率 31.5%，同比+7.7pcts。其中，BEV销量16.5万辆，同比+36.4%；PHEV销量9.2万辆，同比+42.9%。 （2）英国：2025年10月英国BEV销量3.7万辆，同比+23.6%；PHEV销量1.8万辆，同比+27.2%。英国已 重启电车补贴，且面临ZEV考核目标的压力，未来几个月电车销量有望持续提升。 以下为研究报告摘要： 2025年10月欧洲9国新能源车销量25.7万辆，同比+39% 10月欧洲9国新能源车维持高增长，其中法国社会租赁计划落地后BEV销量同比明显提速。2025年10月 欧洲9国新能源车销量25.7万辆，同比+38.7%，新能源渗透率31.5%，同比+7.7pcts。其中，BEV销量 16.5万辆，同比+36.4%；PHEV销量9.2万辆，同比+42.9%。 （1）德国：2025年以来德国电车渗透率整体呈逐月提升态势。2025年10月德国BEV销量5.2万辆，同比 +47. ...

Core Viewpoint - Jiangsu's foreign trade demonstrates strong resilience despite uncertainties in the external trade environment, with a total import and export value of 4.88 trillion yuan from January to October, accounting for 13.1% of the national total and contributing over 20% to the national export growth [2] Group 1: Market Expansion - Jiangsu is focusing on opening new markets and promoting industries and enterprises to go global, with companies like Yangjie Electronics producing around 30 million power semiconductor chips daily for overseas markets, achieving a 30% growth in export [3] - The "Shicaitong" platform in Changshu has facilitated small and micro foreign trade businesses, increasing its export value from 1 billion USD in 2020 to over 15 billion USD, streamlining the export process for local merchants [4] - Jiangsu's imports and exports to countries involved in the Belt and Road Initiative reached 2.44 trillion yuan, a year-on-year increase of 11.7%, while trade with ASEAN countries grew by 22.1% [4] Group 2: New Business Models - The cross-border e-commerce sector in Suzhou's Shengze Town has seen a significant increase, with a 225.4% year-on-year growth in import and export value, reaching 3.635 billion yuan from January to September [5] - Companies are leveraging digital channels and innovative business models, such as overseas warehouses and data-driven marketing, to enhance their international sales, with Jiangsu's cross-border e-commerce platforms experiencing over 60% growth in imports and exports [5] Group 3: Competitive Advantages - Jiangsu companies are enhancing their competitive edge through innovation and quality control, with firms like Borui Electric holding over 700 patents and participating in the formulation of international standards, while Yadea focuses on quality and adapts products for Southeast Asian markets [6] - The region's effective invention patent count remains among the highest in the country, with advanced manufacturing clusters contributing over 60% of these patents, indicating a strong foundation for high-quality development [7]

Core Insights - Lei Jun, the founder and CEO of Xiaomi Group, invested over 100 million HKD to purchase 2.6 million shares of the company, increasing his ownership stake to 23.26% [1] - The share purchase occurred during a period of stock price decline for Xiaomi, attributed to rising costs in core businesses due to global storage chip shortages and negative market sentiment [3] Financial Performance - Xiaomi Group reported a total revenue of 113.1 billion CNY for Q3, representing a year-on-year growth of 22.3%, with adjusted net profit reaching 11.3 billion CNY, up 80.9% year-on-year [4] Market Sentiment and Challenges - Hedge fund feedback indicates that Xiaomi is viewed as a "consensus short/sell" due to a lack of catalysts and accumulating negative sentiment from factory delays and low acceptance in the electric vehicle market [3] - Xiaomi's stock has become one of the worst-performing Chinese tech stocks this year, erasing much of its gains [3] Technological Developments - Xiaomi announced the open-sourcing of its MiMo-Embodied model, integrating autonomous driving and embodied intelligence, with approximately 473,000 active users and a total of 300 million kilometers driven using its enhanced autonomous driving system [3][4] - Goldman Sachs maintains a "buy" rating for Xiaomi, setting a target price of 53.5 HKD, citing attractive risk-reward levels and expected advancements in AI technology and applications within Xiaomi's ecosystem [4]

Group 1 - Lei Jun, the founder and CEO of Xiaomi, invested over 100 million HKD to purchase 2.6 million shares of Xiaomi stock at an average price of approximately 38.58 HKD per share, increasing his shareholding to 23.26% [2] - The timing of Lei Jun's purchase coincides with a decline in Xiaomi's stock price, attributed to rising costs in core businesses due to global storage chip shortages and negative sentiment from hedge fund feedback regarding a lack of catalysts for the stock [4] - Xiaomi's third-quarter financial report showed total revenue of 113.1 billion CNY, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion CNY, reflecting an 80.9% year-on-year growth [6] Group 2 - Goldman Sachs reported that Xiaomi announced the open-sourcing of its MiMo-Embodied model, which integrates autonomous driving and embodied intelligence technologies, with approximately 473,000 active users of its enhanced autonomous driving system [6] - The upgrade of the HAD system indicates ongoing advancements in Xiaomi's autonomous driving technology, with plans to invest over 7 billion CNY in AI research and development by 2025 [6] - Goldman Sachs maintains a "Buy" rating for Xiaomi with a target price of 53.5 HKD, citing attractive risk-reward levels despite current market challenges [6]

Tesla Valuation and Market Perception - An analyst with a physics background and M&A experience at Goldman Sachs predicts Tesla's stock will reach $600 within 12 months and $1,000 within 24 months, based on a 3,000-line Excel model [1] - The analysis suggests Tesla has a unique trading range, with a median forward PE of 184x after Trump's election and Musk's rise, indicating an "Elon premium" [1] - The report advises against adjusting the multiple, as it is market-driven, and suggests that the political environment and Robotaxi narrative support this high valuation [1] Q4 Earnings and Future Catalysts - The model anticipates a potential 25% quarter-over-quarter demand decrease in the US market for Q4 due to changing electric vehicle tax credit policies [1] - The analysis highlights strong search interest in China for Tesla and Xiaomi electric vehicles, with Model Y generating nearly $4 billion in revenue and Xiaomi SU7 following with $19 billion in the past three months [1] - The report forecasts Q4 EPS to reach $053, exceeding the Wall Street consensus of $044, driven by a purchase surge due to expiring tax incentives and Tesla's 5-year 0% interest policy in China [1] - The core catalyst for future stock price growth is anticipated to be the qualitative change in FSD, specifically the "Nap Feature," which will drive utility and consumer adoption [1] Tesla Semi Analysis - The analysis estimates the 500-mile range Tesla Semi's actual price to be around $340,000 in 2026, after factoring in the $40,000 commercial clean vehicle tax credit [2] - The report suggests Tesla may have already secured agreements with major clients like PepsiCo and Ryder before the potential elimination of electric vehicle subsidies [2] - Windrose, a Chinese-backed startup, is identified as a potential competitor with its R700 truck offering a 418-mile range at $250,000 [2] Total Cost of Ownership and Future Potential - The analysis estimates Tesla Semi can save $200,000 in energy costs over 1 million miles compared to diesel trucks, with electricity costs of $340,000 versus diesel fuel costs of $543,000 [2] - Maintenance costs for Tesla Semi are estimated at $7,500 per year, saving $90,000 over the vehicle's lifecycle compared to diesel trucks with $15,000 annual maintenance costs [2] - The potential for FSD to eliminate driver costs of $70,000-$100,000 per year is highlighted as a game-changer for the trucking industry [2]

Investment Rating - The report indicates a positive investment outlook for sectors aligned with the "14th Five-Year Plan," highlighting a focus on emerging industries with significant policy support [1][5][6]. Core Insights - The report emphasizes that active investment strategies outperform passive ones, with the past decade's performance of the Chinese Embassy Index at an annualized return of only 2.2%, significantly lower than GDP growth [1][3]. - Emerging industries supported by the Five-Year Plan have yielded an average return of 40% over the past five years, surpassing the CSI 300 Index, which remained flat during the same period [3][5]. - The report identifies 35 sub-industries with a total market capitalization of $13 trillion as investment targets under the "14th Five-Year Plan," based on a detailed analysis of 400 policy-related statements [5][6]. Summary by Sections Investment Strategy - A flagship investment portfolio has been constructed, consisting of 50 stocks across 21 sectors, including artificial intelligence, advanced manufacturing, and clean energy, with a growth of 36% over the past year, outperforming the MSCI China Index by 13 percentage points [1][6][8]. - The selection criteria for stocks include growth expectations of over 20% in sales or earnings within two years, a PEG ratio below 2.5, and a focus on high-quality companies [6][7]. Market Opportunities - The report highlights that the Asian market is more susceptible to policy support, with a focus on small to medium-sized tech hardware and semiconductor companies in the onshore market, while offshore markets are directed towards large internet companies and undervalued firms [7][8]. - Domestic consumption is a key priority in the Five-Year Plan, with significant potential in sectors like tourism, entertainment, and new consumption themes, which are expected to benefit from policy backing [9][10]. Policy Impact - The inclusion of anti-pollution measures in the Five-Year Plan is projected to enhance corporate earnings by approximately 1.5% over the next five years, particularly benefiting heavily impacted sectors such as chemicals and metals [11][12]. - The report suggests that the next significant policy clarity will emerge during the March meetings, which will be crucial for adjusting investment strategies [12].

证券分析师 曾朵红 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 储能锂电需求旺盛、明年盈利修复可期 2025 年 11 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 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 相关研究 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 2024-11-25 2025-3-25 2025-7-23 2025-11-20 电力设备 沪深300 《锂电需求旺盛涨价诉求强、AIDC 潜 力可观》 2025-10-19 《动储产销两旺，量利双升，继续强 推》 2025-10-12 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 9617 下跌 10.54%，表现弱于大盘。核电跌 7.06%，新能源汽车跌 7.34%，风电跌 7.41%，发电设 备跌 8.09%，电 ...

关于割草机器人在北美的布局，公司表示，渠道拓展方面，北美线上已覆盖亚马逊、沃尔玛、Lowe's、 Home Depot，明年将会进驻连锁零售渠道线下门店。产品准备方面，公司明年进一步丰富割草机器人 的SKU，发布多款产品，新品预计会在2026年1月的CES展会亮相。 宇瞳光学、容百科技、蓝思科技等个股也均获得逾百家机构调研。 容百科技(688005)近期发布重大利好公告，公司与宁德时代签署《合作协议》，成为其钠电正极粉料的 第一供应商。根据本协议约定，在公司钠电正极材料的技术、质量、成本、交付及服务等方面满足客户 要求的前提下，宁德时代承诺向公司每年采购不低于其总采购量的60%，当年采购量达到50万吨及以 上，公司将通过降本给予对方更优惠的价格。 公司在调研中表示，已构建独特的钠电商业画布，钠电产品全面布局，技术储备充分领先;自主设计适 配钠电的专用产线，通过新工艺新设备的应用，降低加工成本;钠电材料再生窗口宽、无贵金属，再生 循环解决方案具备显著经济与环境效益;公司在钠电拥有领先且完善的核心知识产权布局。 近一周获得调研的个股有520多只，九号公司-WD调研机构数最多。 九号公司-WD有179家机构调研，其 ...