2025年底，《纽约时报》用"第二次中国冲击"这个词，精准概括了当前全球经济格局的深刻变化。 与二十年前中国加入WTO后那波以服装、玩具为主的第一次冲击不同，这次的主角变成了电动车、太阳能板、锂电池和高端芯片。 那时的产业链转移很大程度上是美国企业自己主导的，为了追求更低成本，他们将生产线迁往中国。中国在这个过程中积累了原始资本和技术，但主要停留 在低端制造环节。 美国虽然失去了制造业岗位，但跨国公司和消费者都从低成本商品中获益，核心科技和金融优势依然牢牢掌握在手中。 2025年的情况截然不同。中国在人工智能、航空、电信、微处理器、机器人、核聚变、量子计算、生物技术和太阳能电池等关键技术上取得了显著进展。 最让美国感到无力的是，这次冲击的主战场已经不在美国本土，而是转移到了东南亚、非洲和拉美，中国企业正在用"绕道而行"的方式，让美国的关税大棒 挥了个空。 数据显示，2025年前11个月，中国贸易顺差已经突破1.08万亿美元，全年预计逼近1.2万亿美元大关。 这个数字背后，是中国出口结构的根本性转变：机电产品占比超过六成，而曾经的代表性商品如T恤和拖鞋，已经让位给了高科技产品。 回顾第一次冲击（1999-200 ...

花旗认为，待第二季新款YU7/SU7车型发布后，订单/积压订单将再次回升。认为小米在年初重新设定 预期是件好事。等待更多关于新款电动车发布及电动车业务战略更新的可见性。 花旗发布研报称，小米集团-W(01810)董事长雷军在1月3日晚间的新年直播中透露，2026年电动车交付 目标为55万辆(同比增长34%以上)。花旗认为此目标设定保守，因为根据2025年12月单月交付超过5万辆 的运行速率，其产能很可能足以支撑超过60万辆的交付。该行相信，小米实际积压订单已低于20万辆， 且年底的月度新订单已稳定在约2万辆，予小米"买入"评级，目标价50港元。 ...

Group 1 - The core viewpoint of the article is that Xiaomi Group's chairman Lei Jun announced a conservative electric vehicle delivery target of 550,000 units for 2026, which is a year-on-year increase of over 34%, but lower than investor expectations of 600,000 to 700,000 units and below Citigroup's estimate of 700,000 units [1] - Citigroup believes that Xiaomi's 2026 electric vehicle delivery target is conservative, as the company's production capacity can support deliveries exceeding 600,000 units based on a monthly delivery rate of over 50,000 units in December 2025 [1] - Citigroup's scenario analysis indicates that a 21% reduction in electric vehicle shipments could impact electric vehicle operating profit by 5.4 billion RMB, equivalent to an 11% adjustment in the bank's net profit forecast for Xiaomi in 2026 [1] Group 2 - Xiaomi's actual backlog of orders is reported to be below 200,000 units, with monthly new orders stabilizing at around 20,000 units by the end of the year [1]

本文源自：金融界AI电报 法国巴黎资产管理亚洲/新兴市场及大中华股票投资分析专员宋喆表示，去年MSCI中国指数升近三成， 相信估值修复因素已大致完成，今年会期待企业盈利有更佳回报，现时中资股估值仍相对欧美市场便 宜，加上美联储政策偏鸽，美元走势持续回落，资金分散投资有机会令中资股受惠。他偏好与创新相关 的产业，当中对电动车和电池行业看高一线，预期电动车企出海的趋势会持续，将有更多纯电动车打入 海外市场，整个产业链尚有不少成长动力。此外，他认为，随着Deepseek在去年12月推出新模型，中美 在AI范畴上差距已显著收窄，数据中心的资本开支也较过去几年加大不少。在相关行业中，会较看好 医疗及药品研发板块。 ...

Core Insights - The Spanish electric vehicle market is witnessing a significant shift, with BYD surpassing Tesla in December sales for the first time, indicating a potential change in market leadership by 2026 [2][6]. Group 1: Sales Performance - Tesla's new car sales in Spain dropped by 44.2% year-on-year in December, totaling 1,794 units [2]. - BYD achieved impressive sales in December, selling 2,143 units, thus overtaking Tesla [2]. - The Tesla Model 3 and Model Y remained the top-selling electric vehicles in Spain, with sales of 963 and 830 units respectively, although the Model 3 saw a significant decline of 60.5% year-on-year [2]. Group 2: Yearly Trends - For the entire year of 2025, Tesla's Model 3 sales decreased by 9.6%, while Model Y sales increased by 9.4% [3]. - Overall, Spain's pure electric vehicle sales surged by 77% year-on-year, exceeding 100,000 units for the first time, reaching 104,262 units [5]. Group 3: Market Dynamics - More cost-effective electric vehicles are emerging in the Spanish market, with models like BYD Dolphin Surf and Atto 2 gaining traction [4]. - Chinese automakers, particularly BYD, are becoming key players in the Spanish electric vehicle market, with Tesla and BYD's market shares being very close at 14.3% and 14.2% respectively [6]. - The competition is intensifying with other manufacturers like Volkswagen, Toyota, and Xpeng preparing to enter the electric vehicle market, which is expected to benefit Spanish consumers through improved pricing and range options [6].

例如，中国正推动与东盟建立绿色贸易协定，类似的合作模式有望不断涌现。欧盟与巴西在可持续农业 领域的贸易合作，以及印度与刚果在关键资源方面的潜在合作，都是在 COP 框架下具备可操作性和落 地前景的实践案例。 专题：第30届联合国气候变化大会（COP30） 气候债券倡议组织（Climate Bonds Initiative， CBI）首席执行官肖恩·基德尼指出，COP30为全球应对气 候变化和推进气候融资提供了未来路线图。然而，与其期待全球迅速达成高度一致，更现实的发展路径 是通过加强区域联通与"自愿联盟"（coalition of the willing），推动更多双边和多边合作协议落地，从 而持续推进气候行动进程。 同时，COP 框架中也包含可立即推进的具体机制。例如，《巴黎协定》第六条允许已建立碳市场的国 家（如日本）与拥有重要森林资源的国家（如印度尼西亚）开展减排量转移。目前，相关合作和制度建 设正在同步推进。 在 COP30 贝伦气候大会的相关讨论中，转型与韧性成为两大核心议题 为高碳行业低碳转型融资正逐步成为日本、新加坡、中国及其他亚洲国家和地区的共识性概念。中国部 分企业和金融机构已开始系统性地制 ...

Core Insights - The COP30 conference is pivotal for global climate governance and financing, emphasizing the need for actionable climate cooperation beyond mere consensus [2][4] - The dialogue initiated by Sina Finance and GF60 aims to enhance climate ambition and facilitate the implementation of climate actions [1][7] Climate Financing and Cooperation - Strengthening regional connectivity and forming "coalitions of the willing" is seen as a more realistic approach to advancing climate action, with examples including China's green trade agreements with ASEAN and EU-Brazil cooperation in sustainable agriculture [2][8] - The COP framework includes mechanisms for immediate action, such as Article 6 of the Paris Agreement, which allows for emissions reduction transfers between countries with established carbon markets [2][8] Transition and Resilience - Financing for low-carbon transitions in high-carbon industries is becoming a consensus among Asian countries, with China leading in developing systematic transition plans and local financial guidelines [3][10] - Climate resilience is equally important, as the frequency of extreme weather events increases, necessitating enhanced resilience in social and economic systems to mitigate risks [3][10] Role of Capital Markets - Capital markets are crucial in driving global climate action, with private capital needed to complement public funding, as highlighted by a ten-year-old report from the People's Bank of China [4][11] - The annual funding requirement for climate mitigation, transition, and resilience is estimated at $10 to $15 trillion, necessitating the mobilization of approximately $150 trillion in long-term savings [4][11] China's Green Finance Initiatives - Over the past decade, China has made significant strides in enhancing its financial policy framework and developing green finance products, providing a model for global green transitions [5][12] - Current global green, climate, and sustainable bond stock is approximately $6 trillion, with a long-term goal of reaching about $60 trillion, emphasizing the need for collaborative efforts to bridge this gap [5][12]

2026年的第一个交易日，虽然三大股指的收盘波动看上去颇为平静，但诸多科技题材股新年首个交易日 就迎来资金热情涌入。同时，受到港股开年大涨的提振，美股市场的中概股迎来意气风发的集体大涨。 截至收盘，标准普尔500指数涨0.19%，报6858.47点；纳斯达克综合指数跌0.03%，报23235.63点；道琼 斯工业平均指数涨0.66%，报48382.39点。 美股"存储四巨头"美光科技周五涨10.51%、西部数据涨8.96%，齐创收盘历史新高，闪迪涨15.95%、希 捷科技也上涨4.41%。周五早些时候，韩国"存储双雄"SK海力士和三星电子均飙升并创出历史新高。 AI能源、储能概念股Bloom Energy涨13.58%；核电初创公司NuScale Power涨15.17%、Oklo涨8.42%、铀 能源概念股Energy Fuels涨14.86%；激光雷达概念股Innoviz涨13.01%；稀土概念股USA Rare Earth涨 18.91%；加密货币概念股Riot Platforms涨11.76%、嘉楠科技涨11.59%；光伏概念股Solaredge、晶科能 源均涨超8%。 作为市场焦点，纳斯达克中国金龙 ...

"围绕主导产业延链补链强链，2025年县里已成功引进了雅途电动休闲三轮车、华地驰骏电动三轮篷 车、远景车辆部件三家配套企业，助力主导产业实现'身强力壮'。"汝南县先进制造业开发区管委会主 任刘广介绍。 在河南立马电动车科技有限公司生产厂区，吊臂将车架、外壳等零部件精确运送到每个工位。"不到40 秒就可以下线一台成品车。"该公司两轮总装生产部、电机车间部长谢记超说，"目前正值需求旺季，现 在3条生产线马力全开，每天下线2500辆电动车，预计全年可生产50万辆，实现产值近10亿元。" 在围绕主导产业延链补链强链的同时，汝南还坚持科技赋能助力企业腾飞。伏特新能源成长为国家级专 精特新"小巨人"企业，东威车业、奥牛车业两家企业获评省级专精特新企业；环宇昌电子科技、盛鑫五 金制品获评省级优秀智能应用场景企业，环宇昌电子科技"纳维斯缓冲垫车间"入选省级优秀智能车间。 河南立马电动车科技有限公司焊接车间正在积极筹建"黑灯工厂"，项目建成后可实现全部由机器人操 作，大大降低劳动力成本；绿佳车业正在强力推进生产线更新换代，力争年生产能力突破50万辆。 县计县策 汝南县坚定不移走工业强县之路，围绕主导产业延链补链强链，加快构建以 ...

相比之下，比亚迪在第四季度和全年电池电动车销量均实现增长，全年交付接近226万辆电动车，而特斯拉为164万辆。 比亚迪在去年进一步拉开了与特斯拉的差距。此前在2024年，比亚迪在整体表现上仅略逊于特斯拉。虽然比亚迪在当年第四季度交付的纯电动车数量已超 过特斯拉，但特斯拉在全年总量上仍保持着微弱领先。此外，比亚迪在过去两年中，每年插电式混合动力车的销量都超过200万辆。 华尔街对特斯拉2026年销量前景的质疑不断加深。两年前的这个时候，分析师还预测特斯拉的交付量将超过300万辆，而如今的平均预测已大幅下调至约 180万辆。 鉴于美国这一特斯拉最大市场的电动车需求前景，2026年成功推进这些业务将至关重要。特朗普政府已停止支持插电式汽车购买的联邦激励措施，并削弱 了燃油经济性和排放相关法规，而这些法规此前曾为特斯拉带来数十亿美元收入。 特斯拉去年的汽车销量下降了8.6%，使其在全球电动车制造商排名中明显落后于中国的比亚迪（BYD）。这意味着马斯克领导的特斯拉在过去十年中凭 借普及插电式电动车所建立起来的领先优势消退。 特斯拉在周五发布的声明中表示，第四季度交付量同比下降16%，至418,227辆，预估为44090 ...