首先，企业需要精准理解规则细节，规避潜在风险。指导文件对最低价的确定有严格要求，企业需避免 定价过高丧失竞争力或定价过低不符合审查标准；销售渠道越复杂越易引发交叉补贴(即用其他流程或 其他产品的利润补偿另一流程或产品)质疑，相关交易需额外提供费用与利润证明，这些细节都需重点 把控。 上述"软着陆"成果的取得实属不易。回顾争端历程，欧盟自2023年10月启动对中国电动汽车的反补贴调 查，2024年10月30日起，欧盟正式对中国产电动汽车加征为期5年的反补贴关税，这给中国电动汽车出 口蒙上阴影。中国始终坚持通过对话协商解决贸易分歧，企业积极配合调查、主动沟通诉求，双方历经 多轮磋商，耗时超过1年才达成上述成果。 2025年12月，欧盟启动审查大众中国子公司进口配额和价格承诺的方案，作为首个实操案例，其审查标 准、定价逻辑等将为后续企业提供重要参考。中企应跟踪案例进展，加强行业沟通，借鉴合规经验，避 免走弯路。 中国电动汽车企业应倍加珍惜这一成果，在新规则范围内主动适应、积极作为。 指导文件的出台，为电动汽车行业发展创造了宝贵的机会，但这并非终点而是新的起点。面对规则约束 与市场竞争的双重考验，中国电动汽车企业当主 ...

Core Viewpoint - The EU has made significant progress in negotiations with China regarding electric vehicle anti-subsidy tariffs, replacing high tariffs with a "price commitment" mechanism, which is seen as a positive signal for both parties to manage trade frictions [1][2]. Group 1: Negotiation Outcomes - The "price commitment" mechanism is a pragmatic breakthrough that preserves access for Chinese electric vehicles to the EU market while avoiding the impact of high tariffs [2]. - The EU's previous proposed tariffs could have reached nearly 45%, posing a significant threat to Chinese electric vehicle exports and potentially forcing some companies out of the EU market [3]. - The agreement allows Chinese exporters to submit price commitments that will replace anti-subsidy tariffs, thus stabilizing market access and industry expectations [4][6]. Group 2: Price Commitment Mechanism - The "price commitment" requires that the selling price of Chinese electric vehicles in the EU must not be lower than that of similar local models, aimed at protecting the EU automotive industry [5]. - The mechanism allows for a single company or a group of companies to submit price commitments, with a preference for single submissions to simplify evaluations [5]. - This approach is expected to lead to higher vehicle prices, which may impact sales but ultimately allows companies to retain profits that would otherwise go to tariffs [6]. Group 3: Industry Implications - The agreement is anticipated to encourage Chinese automakers to shift from a "low-price volume" strategy to a focus on high-end products and local production in Europe [7][8]. - The established legal standards and evaluation processes are expected to regulate pricing behavior and reduce trade friction risks, promoting technological investment and high-value products [8]. - The collaboration between China and the EU is projected to result in an annual growth rate of approximately 20% for Chinese electric vehicles in the EU market, setting a precedent for resolving global trade disputes [8]. Group 4: Industry Associations' Responses - Various industry associations have expressed strong support for the resolution of the EU's anti-subsidy case against Chinese electric vehicles, highlighting its importance for stable economic and trade relations [9][10]. - The consensus reached is viewed as a significant example of resolving differences through dialogue within the framework of WTO rules, benefiting both the automotive industry and broader economic cooperation [9].

研究团队构建了一个面向实车应用的"在线续航估算与优化分析一体化框架"。不同于传统直接给出结果 的"黑盒"预测，该框架利用随机森林算法，创造性地实现了"先能耗、后续航"的分步估算策略：首先综 合考虑驾驶行为、环境温度、电池健康状态等多源因素，建立单位里程能耗率模型；进而基于能耗率精 准推算剩余续航。这种分步建模方式不仅提高了精度，更显著增强了模型的可解释性。它能定量回 答"究竟是什么因素、在多大程度上吃掉了续航"等问题，让算法不再是冰冷的数字。 为了验证这套框架在真实世界中的表现，研究团队基于来自不同城市的乘用车与公交车，收集了长达3 年、总行驶里程超过30万公里的实车运行数据。系统验证结果显示，该方法预测的剩余续航里程与车辆 实际可行驶里程之间的平均相对误差低于5.5%。这一性能显著优于传统预测方法，充分证明了其在复 杂工程场景中的可靠性与稳健性。进一步分析表明，整段行程的平均电流与平均车速是影响能耗的关键 变量。数据表明，仅通过优化驾驶行为，乘用车的续航能力有望提升30%以上，公交车可提升10%以 上。 据介绍，该研究成果不仅回答了用户关心的"还能跑多远"的问题，更为"如何跑得更远"提供了量化依 据。这一框 ...

Core Viewpoint - Cathie Wood, known as "Wood Sister," has made a strong comeback in 2025, with her ARKK fund achieving a 35.5% increase over the past year, nearly double the S&P 500 index's performance [4]. Group 1: Investment Strategy - Wood continues her strategy of "selling phase results and buying future seeds," actively reallocating her investments towards high-growth potential companies, particularly in the gene editing and genomics sectors [5]. - The focus of her investments has shifted from broad AI concepts to specific data-layer application platforms and next-generation computing platforms, emphasizing the commercialization of AI [6]. - Wood's aggressive investment style, which often appears to be at odds with the broader market, is likely to attract more investors adopting similar or even more aggressive strategies, especially in the context of a booming tech sector in both A-shares and U.S. markets [7]. Group 2: Tesla's Role - Tesla remains Wood's largest holding, which she has referred to as "the largest AI project on Earth," highlighting her early recognition of Tesla's potential to revolutionize the automotive industry [8][10]. - Tesla's stock saw a remarkable increase of 743% in 2020, marking a pivotal year for both the company and Wood's investment strategy [11]. - The successful launch of Tesla's Shanghai Gigafactory and its first annual profit of $721 million significantly boosted market confidence in electric vehicles [12]. - Wood has strategically reduced her Tesla holdings at high price points, adapting her investment logic from automotive sales to future mobility services, predicting that by 2030, autonomous taxi networks will account for 90% of Tesla's valuation [12][13]. Group 3: Disruptive Innovations - Wood believes that humanity is at the beginning of a massive wave of technological disruption driven by five interconnected platforms: AI, robotics, energy storage, blockchain technology, and multi-omics sequencing [15][16]. - She asserts that the impact of these innovations could surpass the simultaneous emergence of the telephone, electricity, and internal combustion engines, potentially raising global GDP growth rates to historic highs of 7% [16]. - Wood predicts that humanoid robots will represent the largest segment of embodied AI opportunities, with a market size potentially reaching $26 trillion by 2030-2040 [16]. - The integration of these technologies is expected to create new economic paradigms, with blockchain providing a foundation for secure data flow and collaboration in the digital economy [16]. Group 4: Market Dynamics - The current bull market has seen a significant shift away from traditional investment rules, with sectors like commercial aerospace and next-generation AI experiencing dramatic price increases, often disregarding valuation and profitability [22]. - The recent IPO of AI chip company Mohr Thread, which surged 468% on its first day, has ignited a fervor for "hard tech" in both primary and secondary markets [23]. - The valuation framework for future tech stocks has detached from traditional income and profit metrics, focusing instead on the potential to define future industry standards [25]. - Investors with assets over 500,000 yuan have shown a significantly higher probability of profit compared to smaller accounts, indicating a disparity in market participation during this tech-driven bull market [25].

不过，值得注意的是，虽然市场对于特斯拉估值与基本面前景的展望已经全面转向基于特斯拉独家AI 超算体系打造的FSD全自动驾驶、Robotaxi(完全无人自动驾驶出租车)，以及名为"擎天柱"的特斯拉AI 人形机器人，特斯拉电动车销量与汽车业务基本面并未被削弱到无足轻重，它仍是当前现金流与资产负 债表的支柱，也是FSD数据闭环与车队规模的基础(Robotaxi最终也要落到可规模化的车辆产能与运 营)。 此举将取消FSD高达约8000美元的一次性买断费用，大幅降低用户体验该技术的初始门槛。尽管命名 为"全自动驾驶"，该技术目前仍需驾驶员持续监控并随时准备接管。 在面临销售增长乏力的背景下，特斯拉正将其战略重心转向以科技为核心的增长点，如FSD、无人驾驶 出租车和机器人业务。去年，特斯拉已将全球最大电动汽车制造商的头衔让位于中国的比亚迪 （002594）。 特斯拉公司(TSLA.US)宣布将彻底改变其高级驾驶辅助系统"全自动驾驶"(FSD)的销售模式，全面转向 月度订阅服务。首席执行官埃隆·马斯克在社交媒体平台X上公布了这一转变，计划于2月14日后生效。 马斯克未具体说明决策原因，该服务目前月度费用为99美元。 ...

Core Insights - Tesla's Model Y became the best-selling electric vehicle in the U.S. with sales exceeding 92,460 units in Q4 and a total of 357,528 units for the year, despite a 4% decline compared to 2024 [1][3][4] Sales Performance - Model 3 sales in Q4 were 37,260 units, a year-over-year decline of 35.7%, while total annual sales reached 192,440 units, showing a slight increase of 1.3% [2][4] - Tesla's overall market share in the U.S. electric vehicle sector rose to 58.9% in Q4, with total sales reaching 589,000 units, attributed to traditional automakers reducing electric vehicle production [2][4] Market Outlook - The total U.S. electric vehicle sales for 2025 are projected to be 1,275,714 units, a minor decrease of 2% from 2024's 1,301,441 units [2][4] - General Motors, another key player in the electric vehicle market, sold over 150,000 electric vehicles in 2025, marking a 48% year-over-year increase, capturing 13% of the total U.S. electric vehicle sales [2][4] Specific Model Performance - Tesla's Cybertruck sales in Q4 were over 4,140 units, a significant decline of 68.1% from the previous year, with total annual sales at 20,237 units, down 48.1% from 2024's 38,965 units [2][4]

Core Insights - The export scale of "new three items" products is expected to reach nearly 1.3 trillion yuan in 2025, representing a growth of 3.5 times compared to 2020 [1] Group 1: Trade Growth - China's goods trade continues to optimize and upgrade, with the "newness" and "greenness" of foreign trade increasing [1] - High-tech product imports and exports have an average annual growth rate of 7.9% over the past five years, with a further acceleration to 11.4% in 2025 [1] - The contribution rate of high-tech products to overall foreign trade growth is close to 60% [1] Group 2: E-commerce Development - The cross-border e-commerce import and export volume is projected to reach 2.75 trillion yuan in 2025, marking a growth of 69.7% compared to 2020 [1]

今日，据九派财经消息，近日，有媒体报道称，沃尔沃汽车因电池制造商欣旺达供应的电池存在安全隐 患，已在全球多个国家和地区启动召回沃尔沃EX30车型。对此，欣旺达董事长王威回应，相关网络传 言并不属实。 今日，据九派财经消息，近日，有媒体报道称，沃尔沃汽车因电池制造商欣旺达供应的电池存在安全隐 患，已在全球多个国家和地区启动召回沃尔沃EX30车型。对此，欣旺达董事长王威回应，相关网络传 言并不属实。 王威表示，涉事的电池组本身并不是由欣旺达供货——相关产品是由沃尔沃系统内工厂提供的。电芯也 是由吉利和欣旺达的合资公司生产（即山东吉利欣旺达有限公司），其中欣旺达占股很少，只有30%。 欣旺达官方也表示，上述交易与欣旺达动力无关。本次媒体所传沃尔沃拟召回的EX30电动汽车电池 包，系由山东吉利欣旺达有限公司生产电芯，供应给沃尔沃的电池系统供应商。电池系统公司组装成电 池包后销售给沃尔沃。 据知情人士透露，该事件中电池包、BMS（电池管理系统）、热管理及结构件均是由吉利旗下的威睿 电动汽车技术（宁波）有限公司（以下简称"吉利威睿"）设计制造。企查查显示，该公司由极氪汽车持 股51%，吉利汽车集团持股49%。 电车界此前 ...

Core Viewpoint - China's foreign trade is continuously optimizing and upgrading, with increasing "new" and "green" content in exports and imports [1] Group 1: Trade Growth - The average annual growth rate of high-tech product imports and exports over the past five years is 7.9%, with a further acceleration to 11.4% in 2025 [1] - The contribution rate of high-tech products to overall foreign trade growth is close to 60% [1] Group 2: Key Product Exports - The export scale of "new three items" including electric vehicles, photovoltaic products, and lithium batteries is expected to reach approximately 1.3 trillion yuan in 2025, representing a 3.5 times increase compared to 2020 [1] Group 3: E-commerce Growth - Preliminary statistics indicate that China's cross-border e-commerce imports and exports will reach 2.75 trillion yuan in 2025, marking a 69.7% increase from 2020 [1]

Group 1 - The core viewpoint is that the application of artificial intelligence (AI) in mainland China is accelerating, benefiting sectors such as technology, healthcare, and non-ferrous metals, with continuous upward adjustments in profit expectations for the technology sector [1] - The semiconductor industry is also expected to benefit from AI-driven investments and domestic substitution demand [1] - Geopolitical risks are easing, and liquidity injections are favorable for the stock markets in mainland China and Hong Kong, maintaining a neutral outlook for the Hong Kong stock market over the next 12 months [1] Group 2 - In the ESG (low-carbon) investment sector, governments reached a consensus at the 30th United Nations Climate Change Conference to significantly increase investments in clean energy and low-carbon economies [1] - The International Energy Agency (IEA) predicts that total global investment in energy transition will amount to several trillion dollars, greatly promoting the development of renewable energy, energy storage technologies, and electric vehicles [1] - Low-carbon strategies are providing higher downside protection and relatively better returns compared to traditional stock strategies amid increasing volatility in the investment environment [1] Group 3 - The CEO of the company believes that the investment boom in artificial intelligence is not over and is not in a bubble phase, as the related industrial chain is benefiting from positive spillover effects [1] Group 4 - Looking ahead, the impact of tariffs on the global economy will continue to be a focal point for the market, with expectations of volatility due to market sensitivity to related news [2] - The company maintains a neutral outlook on global equities over the next 12 months, given that economic resilience exceeds previous expectations, while remaining cautious about sudden market news related to trade negotiations and geopolitical events [2]