Group 1 - The Chinese government firmly opposes the EU's discriminatory actions against Chinese companies and the politicization of economic and trade issues [1][2] - The EU's new cybersecurity legislation, which aims to exclude "high-risk suppliers" from critical infrastructure, is viewed as targeting Chinese firms, raising serious concerns from China [2] - China emphasizes that its companies have operated in Europe in compliance with laws and regulations, contributing positively to the development of the European telecommunications and digital industries [2] - The Chinese government urges the EU to adhere to technical neutrality in cybersecurity and avoid excessive security concerns that hinder normal economic cooperation between China and the EU [2] Group 2 - China has implemented export controls on dual-use items to Japan, requiring additional documentation to prevent military use, which is seen as a legitimate measure to counter Japan's militarization efforts [4] - The Chinese government remains committed to maintaining global supply chain stability and will approve export applications that meet civil use conditions [4] Group 3 - During Canadian Prime Minister Carney's recent visit to China, both countries reached a consensus on deepening economic cooperation and signed the "China-Canada Economic Cooperation Roadmap" [5] - Canada will provide an annual quota of 49,000 electric vehicles from China, with a reduced Most-Favored-Nation tariff rate of 6.1%, eliminating the previous 100% additional tax, with quotas expected to increase annually [5] - China aims to resolve trade differences through dialogue and will consider Canada's reasonable requests within a regulatory framework, which is expected to enhance trade and industrial cooperation between the two nations [5]

欢迎分享给你的朋友！ 商务部1月2 2日举行例行新闻发布会，商务部新闻发言人何咏前在回答中国和加拿大就电 动汽车和油菜籽达成贸易协议的有关提问时说，根据调整安排，加方将给予中国电动汽车 每年4 . 9万辆的配额，配额内享受6.1%的最惠国关税待遇，不再征收1 0 0%附加税，配额 数量将按一定比例逐年增长。中方认为，这是加方朝着正确方向迈出的积极一步，对中国 电动汽车开拓加市场来说也是个好消息。 关于油菜籽，中方历来主张通过对话磋商解决贸易分歧，将在规则框架内充分考虑加方的 合理诉求，基于事实和证据作出最终裁决。相信这些将对深化中加相关贸易和产业合作、 增进两国民众福祉发挥积极作用。 来源：新华社 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 End ...

证券研究报告·北交所报告·北交所定期报告 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 北交所定期报告 20260121 服务器 CPU 面临提价，北证 50 上涨 0.14% 2026 年 01 月 21 日 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究： 《沪深北交易所提高融资保证金最低 比例，北证 50 上涨 0.98%》 2026-01-14 《工信部印发<推动工业互联网平台 高质量发展行动方案（2026—2028 年）>，北证 50 下跌 2.50%》 2026-01-13 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本 ...

Market Review - The Huaxia Sci-Tech AI ETF (589010) increased by 2.74%, closing at 1.610 yuan, with 20 out of 30 constituent stocks rising, led by Lanke Technology with an 11.90% gain [1] - The Robot ETF (562500) rose by 1.73%, closing at 1.116 yuan, with 46 out of 66 constituent stocks closing higher, led by Tianzhihang with a 12.38% increase [1] - The overall trading volume for the Huaxia Sci-Tech AI ETF reached 145 million yuan, with a turnover rate of 5.49%, indicating active trading participation [1] - The Robot ETF saw a trading volume of 1.47 billion yuan and a turnover rate of 5.57%, reflecting orderly capital turnover during the sector's recovery [1] Hot News - Hugging Face reported that the number of Qwen derivative models has surpassed 200,000, making it the first open-source large model to achieve this milestone, with downloads exceeding 1 billion [2] - Elon Musk stated that the initial production speed of the Cybercab autonomous taxi and Optimus humanoid robot will be "extremely slow," with mass production planned for 2026 [2] - Haon Electric (301488) is collaborating with NVIDIA on a robot domain control brain product, which is currently in development and has not yet generated revenue [2] Institutional Views - Guotou Securities believes that the AI application field is rapidly developing, showing significant breakthroughs in theoretical research and technological innovation, as well as strong vitality and broad market prospects across various industries [3] Popular ETFs - The Huaxia Sci-Tech AI ETF (589010) is positioned to capture the "singularity moment" of the AI industry, with a 20% fluctuation range and small-cap elasticity [4] - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion, offering the best liquidity and comprehensive coverage of the Chinese robotics industry chain [4] - Recent adjustments to the constituent stocks of the Robot ETF have increased the humanoid robot content to nearly 70%, successfully removing underperforming stocks and retaining strong performers [4]

世界经济论坛2026年年会正在瑞士达沃斯举行。世界经济论坛执行董事塞巴斯蒂安·巴克普在接受本报 记者专访时表示："中国通过推进能源结构转型与绿色技术创新，正在实现自身高质量发展的同时，积 极引领全球绿色转型。" 2026年是中国"十五五"规划开局之年。"全面绿色转型是中国未来发展的重要任务之一，世界经济论坛 对此十分关注。"巴克普表示，能源、生物技术与人工智能等前沿科技领域交叉融合，正催生出众多快 速发展的细分领域。中国凭借在这些领域取得的突出成就，不仅引领了全球低碳发展，还有望在由技术 驱动的新一轮经济增长中占据领先地位。 "当前，全球发展格局正经历深刻重塑。在此背景下，世界经济论坛凝聚多边合作共识、塑造对话空间 的作用正愈发凸显。"巴克普表示，中国作为世界经济论坛的重要合作伙伴，汇聚各方目光，论坛上围 绕中国议题的讨论和项目合作也与日俱增，"我们高度期待并相信，中国将继续在世界经济论坛这一关 键平台上积极传递开放合作信号，发挥关键作用。" （本报瑞士达沃斯1月21日电） 世界经济论坛近日发布的《2026年全球风险报告》指出，政治和经济风险在新的竞争时代持续加剧，地 缘经济对抗被列为今年的首要风险；在当前风 ...

Group 1 - The German government announced a new subsidy policy for electric vehicles (EVs) amounting to €3 billion, aimed at improving the climate and boosting the struggling automotive industry. The subsidies will be available to all manufacturers, including Chinese brands [1][2] - The subsidy amounts will range from €1,500 to €6,000 depending on the type of vehicle, income level, and family size, covering pure electric vehicles, range-extended electric vehicles, and plug-in hybrid vehicles [1] - The funding is expected to benefit approximately 800,000 electric vehicles over the next 3 to 4 years, with the aim of reducing dependence on gasoline and diesel, thereby protecting the climate [1] Group 2 - The inclusive nature of the subsidy plan distinguishes Germany from other European countries like France and the UK, which have excluded many Chinese vehicles from their subsidy programs [2] - Approximately 80% of newly registered electric vehicles in Germany are manufactured in Europe, indicating a strong confidence in the quality of European and German vehicles [2] - Chinese manufacturers, such as BYD, are expected to benefit significantly from this decision, as they are expanding their market share in Europe with more affordable electric vehicle options [2] Group 3 - A recent consensus between China and Europe regarding electric vehicle tariffs indicates a welcoming stance towards Chinese manufacturers, with new EU guidelines signaling openness [3] - Despite existing tariffs, sales of Chinese vehicles in Europe have been increasing, with no signs of dumping observed in the market [3] - The German automotive industry views the new EU minimum price guidelines positively, believing they will help maintain market stability amidst previous pricing chaos and consumer confidence issues [3]

Core Insights - Lemonade, an American insurance company, announced a 50% discount on premiums for Tesla owners who activate the Full Self-Driving (FSD) feature, as data suggests this feature reduces accident rates [1] - Lemonade's co-founder and president, Shai Wininger, emphasized the superiority of FSD vehicles in terms of safety and responsiveness compared to human drivers, and stated that as the safety of FSD software improves, insurance prices will decrease [1] - Elon Musk confirmed that activating Tesla's autonomous driving feature leads to a significant reduction in insurance costs due to enhanced safety [1] Company Summary - Lemonade is positioning itself as a forward-thinking insurance provider by linking premium discounts to the adoption of advanced safety features in vehicles [1] - The collaboration with Tesla highlights the growing trend of integrating technology and insurance, potentially influencing future insurance models in the automotive industry [1] Industry Summary - The announcement reflects a broader trend in the automotive and insurance industries towards leveraging technology to improve safety and reduce costs [1] - The emphasis on FSD technology indicates a shift in how insurance companies assess risk, moving towards data-driven models that account for technological advancements in vehicle safety [1]

Core Insights - China's electric vehicle (EV) charging infrastructure is projected to reach 20.092 million units by December 2025, supporting over 40 million new energy vehicles [1] - The development of charging facilities in China is characterized by rapid growth, improved efficiency, and wider coverage [1] Group 1: Charging Infrastructure Growth - The scale of charging facilities is growing rapidly, with the number of charging stations increasing from 1 million to 10 million in just five years, and from 10 million to 20 million in only 18 months [1] - The average charging power of public charging stations has reached 46.5 kW, with charging efficiency improving by 33% year-on-year [1] Group 2: Coverage and Accessibility - A total of 71,500 charging piles have been built in highway service areas, covering over 98% of service areas nationwide, with 19 provinces achieving "full coverage" of charging facilities [1] - The EU's upcoming guidelines to address anti-dumping tariffs on Chinese electric vehicles by 2026 indicate significant progress in resolving long-standing trade disputes [4] Group 3: Global Market Position - The U.S. is perceived to be lagging in the electric vehicle sector after years of competition, while more Western countries are opening their markets to Chinese high-end electric vehicles [4] - The year 2026 is anticipated to be a pivotal year for Chinese electric vehicle manufacturers in achieving key advancements in the global market [4]

人民财讯1月22日电，华泰证券研报称，德国政府1月19日宣布，联邦政府气候与转型基金拨款30亿欧 元，对新购入电动汽车的家庭提供最高6000欧元的补贴，以推动其电动汽车产业发展，这是德国在2023 年底终止原有电动汽车购车补贴政策后，再次提供类似补贴。研报认为政策意在扶持电动车产业发展， 补贴倾向纯电汽车+中低收入人群，看好锂电需求上修带来锂电产业链公司业绩增量。 ...

Economic Growth and Performance - In 2025, China's GDP reached 140 trillion RMB, marking a 5.0% increase from the previous year, demonstrating resilience amid complex domestic and international economic conditions [1] - China's economic growth rate is expected to contribute approximately 30% to global economic growth, maintaining its position as a major contributor and stabilizer in the world economy [2][3] - The ability of China to maintain stable economic performance amidst geopolitical tensions and uncertainties highlights its robust macroeconomic management and competitive industrial base [2][3] Innovation and High-Quality Development - The proportion of high-tech manufacturing value added to total industrial value added rose to 17.1%, with digital product manufacturing increasing by 9.3% [4] - China has become a global leader in renewable energy, with installed capacity for wind and solar power surpassing that of thermal power for the first time in 2025 [5] - The rapid development in high-tech manufacturing, digital economy, and green economy reflects China's commitment to high-quality development and innovation [5][6] Global Economic Impact and Opportunities - International organizations have raised their growth forecasts for China, indicating confidence in its long-term economic stability and high-quality development [7] - China's economic structure and demand for high-quality products create opportunities for regional cooperation and benefit developing countries [8] - The ongoing development of projects under the "Belt and Road" initiative is expected to further enhance China's role in global economic recovery and sustainable development [8]