Group 1 - The core viewpoint of Huaxi Securities highlights strong demand in the new energy vehicle (NEV) sector, with significant growth in energy storage and power battery needs, as well as a robust demand for core components in humanoid robots and solar photovoltaic applications driven by low-orbit satellite deployment [1][2] - The report emphasizes the expected acceleration in humanoid robot mass production, driven by domestic and international collaborations, and a strong domestic demand for core components such as precision transmission parts and electronic skin [2] - The outlook for NEV sales remains positive, with expectations of stable growth driven by new policies and increasing electrification rates in commercial vehicles, alongside a high demand for power batteries [3] Group 2 - The deployment of low-orbit satellite constellations is anticipated to significantly boost the demand for solar wings, which are essential for satellite energy supply, as the global competition in this area intensifies [4] - The first 30MW pure hydrogen gas turbine project has achieved breakthroughs in pure hydrogen power generation, indicating broad application potential across various energy supply scenarios [5] - The H200 supply chain is expected to restart, with domestic AI models rapidly evolving, suggesting that suppliers closely tied to major players may benefit significantly from upcoming opportunities [6]

GALAXY FUTURES 1 强势品种回调，锂价仍在高位运行 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询资格证号：Z0018401 目录 第一章 需求分析 4 第二章 供应分析 8 第三章 供需平衡及库存 11 碳酸锂后市行情展望 综合分析 行情展望及策略推荐： GALAXY FUTURES 2 产业层面：终端需求中，淡季来临，1-2月车销全年最低，但因为有国补提前发放、车企托底购置税等因素，车销季节 性可能强于预期。储能需求受限于产能保持平稳增长。锂电池4月1日后降低出口退税，一季度大概会出现抢出口的现 象，预计季节性弱于预期。前期正极因亏损减产，且原料库存不足，等待价格回调补库的机会，因此价格也难深跌。 供应端，贸易商进口精矿陆续到港，锂盐厂虽有新冶炼产能爬坡，但锂矿价格高企，锂盐厂开工也近90%，代工产能 承接力不足，叠加部分检修，1月供应可能环比持平。即使1月初开始出现累库，库存动态周期也对价格形成支撑。 期货层面：近期锂电池反内卷会议抑制产能扩张过热，但盘面表现仍然十分强势，无视铜和白银回调。周末锂电池出 口退税消息发布后，市场或将交易抢出口预期，锂价仍能延续上涨。中长期逢 ...

◇从马克思主义政治经济学的理论逻辑到中国共产党领导经济工作的实践经验，再到应对当前复杂 经济形势的战略选择，发展实体经济始终是实现国家强盛和人民幸福的关键所在 文|蔡向宇 在河南省商丘市豫商经济技术开发区一家新能源汽车企业，工人在新能源轻卡车生产线上赶制产品 订单（2025年12月12日摄） 新华社发（李恒摄） 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》 （以下简称《建议》）对我国"十五五"时期经济社会发展作出全面部署，其中把"建设现代化产业体 系，巩固壮大实体经济根基"摆在战略任务第一条，强调"坚持把发展经济的着力点放在实体经济上"。 这凸显出实体经济在我国经济发展中的基础性地位，为我国在"十五五"时期推动经济高质量发展提供了 明确的方向指引。 实体经济是一国经济的立身之本，是社会生产力的直接体现，也是国家综合国力的基础。从马克思 主义政治经济学的理论逻辑到中国共产党领导经济工作的实践经验，再到应对当前复杂经济形势的战略 选择，发展实体经济始终是实现国家强盛和人民幸福的关键所在。 当前，世界百年变局加速演进，世界变乱交织，变的一面深入发展，乱的一面更加突出，"十五 ...

Core Insights - The automotive industry is currently focused on brand competition and the definition of luxury, with a shift towards new rules that favor Chinese brands [1][14] - Aion has demonstrated strong performance with over 57,000 new car deliveries in December 2025 and an annual total exceeding 420,000, showcasing its popularity and customer satisfaction [3][16] - Aion's M9 model has achieved the highest Net Promoter Score (NPS) in the new energy SUV segment, indicating strong customer loyalty and satisfaction [3][16] Group 1: Market Performance - Aion's M9 has maintained the top position in sales for luxury SUVs priced over 500,000 yuan for 20 consecutive months [3][16] - The brand has received accolades in various categories, including NPS first place, brand development confidence index first place, and the most favored brand index for vehicles priced above 300,000 yuan [3][16] - Aion's M8 model has also performed well, ranking second in NPS and becoming the sales champion in the 400,000 yuan market segment [3][16] Group 2: Brand Strategy and Innovation - Aion is redefining luxury by integrating advanced technology and customer service, moving away from traditional luxury definitions [6][10] - The brand emphasizes continuous improvement through over-the-air updates, allowing customers to experience the latest technology without needing to purchase new models [11][25] - Aion's focus on safety and user experience is evident in its advanced driver assistance systems, which have been used extensively, preventing numerous potential accidents [11][25] Group 3: Customer Experience and Service - Aion has restructured its service model to provide high-quality, proactive customer support, including unique offerings like satellite rescue services [13][27] - The brand's commitment to customer satisfaction is reflected in its policies, such as free service for delays and lifetime paint warranties [13][27] - Aion's approach to service is designed to ensure that customer needs are met wherever they are, enhancing the overall luxury experience [13][27] Group 4: Industry Impact - Aion's success represents a significant shift in the automotive industry, as it gains influence over luxury market definitions and standards [14][28] - The brand's achievements indicate a new era for Chinese automotive brands, showcasing their ability to compete on a global scale without relying on traditional advantages [14][28] - Aion's model serves as a case study for how brands can leverage technology and customer engagement to redefine market dynamics [14][28]

Core Insights - The Chinese consumer market is experiencing a significant transformation, moving from quantity to quality, driven by various factors including government policies and changing consumer preferences [1][4][6] Group 1: Consumer Activity - During the New Year holiday, 142 million domestic trips were made in China, with total spending reaching 84.789 billion yuan, indicating strong consumer activity [1] - Hainan's duty-free sales on January 1 reached 251 million yuan, a year-on-year increase of 93.8%, showcasing the appeal of winter tourism and shopping [2] - The rise of "China Shopping" reflects a shift in purchasing trends, with consumers increasingly buying high-tech products and cultural items rather than traditional goods [2][3] Group 2: Policy Support - The Chinese government is implementing a series of policies aimed at stimulating consumption, including a more proactive fiscal policy and specific actions to boost consumer spending [4][5] - The "14th Five-Year Plan" emphasizes promoting consumption as a key driver for balanced economic growth, highlighting the importance of consumer spending in the overall economy [5][6] Group 3: Economic Resilience - China's consumer market is not only recovering but also showing signs of structural optimization and enhanced internal momentum, contributing to economic resilience [6] - Retail sales of consumer goods increased by 4% year-on-year in the first eleven months of 2025, indicating a steady expansion of market demand [6] Group 4: Global Opportunities - Global companies and investors are encouraged to adapt to the evolving Chinese market, particularly in retail and service sectors, to capitalize on the growing consumer base [7] - There is a notable shift in consumer preferences towards local products and experiences, presenting new opportunities for foreign brands to tailor their strategies to meet local demands [7]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is working to regulate competition in the power and energy storage battery industry, which is likely to improve profitability across the supply chain [1]. - Sodium batteries are anticipated to enter large-scale applications, while solid-state battery industrialization is progressing, highlighting the importance of related materials and equipment companies [1]. - The photovoltaic sector is focusing on "anti-involution" as a key investment theme, with regulatory discussions aimed at controlling upstream silicon material prices and enhancing profitability in downstream battery components [1]. - The demand for wind power is expected to continue growing, supported by government initiatives for new photovoltaic and wind power projects [1]. - The energy storage sector remains robust, with recommendations to focus on energy cell and large-scale integration manufacturers [1]. - Hydrogen energy is projected to open new demand avenues, particularly in green hydrogen applications, with a focus on equipment and operational segments [1]. - Nuclear fusion is identified as a long-term energy development direction, with recommendations to monitor core suppliers in this area [1]. Summary by Sections New Energy Vehicles - Expected sales in 2025 for new energy passenger vehicles in China are projected at 12.809 million units, a year-on-year increase of 17.6% [2]. Battery Technology - CATL announced plans for large-scale sodium battery applications in 2026, while solid-state battery prototypes are entering real vehicle testing [2]. Photovoltaic Industry - The cancellation of VAT export rebates for photovoltaic products is set to take effect from April 1, 2026, impacting market dynamics [2]. - The photovoltaic industry is experiencing price adjustments, with silicon material prices rising and a focus on maintaining profitability in the supply chain [15][19]. Wind Power - The wind power sector saw significant growth, with a 22.06% increase in stock prices for wind energy companies [10][13]. Energy Storage - The price of lithium carbonate has risen significantly, with current prices around 115,000-119,000 RMB per ton, reflecting a 19.1% increase [27]. - Energy cell prices for various models have also increased, with the average price for 100 Ah cells at 0.403 RMB per watt-hour, up from previous levels [28]. Market Trends - The overall power equipment and new energy sector saw a 5.02% increase in stock prices, outperforming the broader market indices [10][13].

Core Viewpoint - The rapid development of China's new energy vehicle (NEV) industry has positioned it as a global leader in production and sales for ten consecutive years, with Leap Motor emerging as a notable player in this sector [1]. Industry Insights - The automotive industry is characterized by long cycles, requiring companies to adopt a long-term perspective to succeed [2]. - The challenges faced by new entrants in the automotive sector include intense market competition, high capital requirements, and the need for advanced technology across various disciplines [2]. - Leap Motor's founder emphasizes the importance of mastering core technologies through self-research and development to compete effectively against established foreign automakers [7][8]. Company Strategy - Leap Motor has adopted a strategy of full self-research and development, which enhances integration, reduces costs, and improves performance [8]. - The company aims to maintain profitability by avoiding loss-making sales and focusing on quality and cost efficiency [5]. - Leap Motor's approach to product development emphasizes the importance of technical excellence and market-driven innovation [9]. Market Outlook - The Chinese NEV market is expected to continue its rapid growth, with projections indicating that sales could account for 80% to 90% of the market within the next 3 to 5 years [10]. - The transition from policy-driven growth to market-driven dynamics is anticipated to accelerate the adoption of NEVs globally, leveraging advantages in economics, user experience, and smart technology [10]. Safety and Quality - Safety remains a top priority for Leap Motor, with advancements in battery technology leading to improved safety standards comparable to traditional fuel vehicles [11]. Talent and Team Dynamics - Leap Motor maintains a high proportion of engineers within its workforce, focusing on efficiency and stability to drive innovation [12]. - The company employs an "end-to-end" management approach to streamline product development and enhance team collaboration [14]. Global Expansion - Leap Motor is pursuing globalization through partnerships with established international automakers, facilitating market entry and brand recognition in overseas markets [16]. - The company plans to achieve significant overseas sales, with a target of approximately 60,000 units by 2025, leveraging a "borrowed boat" strategy for rapid growth [17]. - Leap Motor aims to establish a strong foothold in the Chinese market while gradually expanding its presence internationally [18].

Market Overview - The market has seen a slight decrease in customer foot traffic, with about 7-8 groups visiting the store daily, and only 10% of them interested in the Lafa5 model. After the New Year holiday, foot traffic dropped by approximately one-third [2]. Sales Performance - The best-selling configuration is the 605 Pro, with a color combination of Wind Chaser Gray and Racing Gray accounting for 30% of sales. Currently, there are 13 units available in various colors, with a one-month wait time for orders. The 515 Plus configuration, priced at ¥92,800, has not received any orders due to perceived low value despite being a lower-priced option [3][5]. Financial Incentives - A cash discount of ¥5,000 is available for trade-ins, and an additional ¥3,000 for the Racing Gray interior option this month. A financing plan offers two years of interest-free payments [5][6]. Customer Demographics - Buyers of the Lafa5 are predominantly younger individuals, often purchasing it as a supplementary family vehicle. The appealing design is a significant factor in their decision-making [8][16]. Competitive Landscape - Customers often compare the Lafa5 with models such as Lynk & Co Z20, Xpeng MONA M03, and BYD Dolphin and Seal 06GT. Among these, BYD is the most frequently compared brand, with 40% of customers considering it [13][14]. Customer Feedback - Some customers appreciate the ambient lighting but have reported issues with reflections on the glass at night affecting visibility. Additionally, there are complaints about the simplicity of the engine compartment, which lacks a plastic cover [20][21]. Purchase Incentives - Existing car owners can receive a cash subsidy of ¥4,000 for trade-ins, with previous year-end promotions offering up to ¥15,000 in points. This month, the incentive is reduced to ¥5,000 in points [22].

Group 1 - The new round of automobile consumption subsidy policy will be implemented in 2026, providing significant savings for consumers purchasing new energy vehicles [1] - Consumers can receive a subsidy of up to 20,000 yuan for scrapping old cars and purchasing eligible new energy passenger vehicles, with a 12% subsidy on the new car sales price [1] - For replacing old cars, a subsidy of up to 15,000 yuan is available, with an 8% subsidy on the new car sales price [1] Group 2 - The total savings from the national subsidy and vehicle purchase tax reduction can reach up to 35,000 yuan when both are combined [1] - For a new energy vehicle priced at 100,000 yuan (excluding VAT), the total savings amount to 16,425 yuan when scrapping an old car and 12,425 yuan when replacing an old car [1] - Not all new energy vehicles are eligible for these subsidies; only those listed in the Ministry of Industry and Information Technology's directory can benefit from both the national subsidy and tax reduction [2] Group 3 - The technical standards for eligible models will change in 2026, with the pure electric range requirement for plug-in hybrid vehicles increasing from 43 kilometers to 100 kilometers [2] - The application process for the national subsidy and vehicle purchase tax reduction differs, but consumers can apply for both simultaneously [3] - The national subsidy application requires submission of materials through the national automobile circulation information management system, while the vehicle purchase tax reduction is automatically processed by the tax system upon vehicle registration [3]

"死了么"APP创始人计划以100万元出让公司10%的股份。若以此计算，该APP的估值已达到1000万元人民币。 整理 ｜何雨婷 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ "死了么"APP估值已达1000万元，创始人称开发成本仅1000多元 近日，苹果应用商店一款名为"死了么"的App受到关注，相关话题登上微博热搜榜。据介绍，该应用是为独居人群打造的轻量 化安全工具，用户需要设置紧急联系人并签到，若连续多日没在应用内签到，系统将于次日自动发送邮件告知紧急联系人。 据该APP创始人之一的郭先生介绍，项目大约在2025年年中立项，而APP的实际开发时间不到一个月，初始投入成本仅"1000多 块钱"。随着用户量激增，服务器的压力也随之而来。郭先生表示，团队正在忙于服务器扩容以承载暴涨的流量，这些都是需要 缅甸KK园区635栋非法建筑全部拆除 内存条跑赢金价，商家称100根内存条能买上海1套房 马斯克：X平台将于七天内开源其算法 OpenAI和软银对合作伙伴SB Energy投资10亿美元 全球首次，印尼暂时封禁马斯克旗下AI聊天机器人 成本的。"有想过会火，但没 ...