项目投资是落实国家战略、重塑产业结构、提升发展能级的重要抓手和有力支撑。"十四五"以来，在习 近平总书记视察天津重要讲话精神指引下，在市委、市政府坚强领导下，天津市发展改革委有力统筹发 展与化债，实施项目带动战略，积极扩大有效益的投资，经验做法被国家发展改革委表扬并专刊推广， 为经济高质量发展注入强劲势能。 在优化投资结构上求实效，以高效益投资增强发展动能 坚持投资于物和投资于人紧密结合，推动投资从规模驱动转向质量效益驱动，以政府投资最大程度撬动 社会资本，投资结构持续优化，投资效益有效提升，充分发挥投资对优化供给、扩大内需的重要作用。 一是增长趋稳。抢抓"两重""两新"、进一步支持滨海新区高质量发展等重大国家政策机遇，加快布局重 大项目和重点领域能力建设，从2023年开始投资增速逐年提高；2024年全市投资同比增长3.1%，超额 完成市人代会既定目标，趋势与全国保持同步；2025年前三季度投资增长3%，高于全国3.5个百分点， 始终保持2025年以来高于全国的良好态势。二是结构趋优。结合高质量发展要求，优化调整投资方向。 扩大产业投资，渤化新材料产业园、泰达山河光学芯片等项目开工建设，工业投资占比由"十三五 ...

Core Points - SAIC Group's high-end electric brand, IM Motors, has officially launched its flagship six-seat SUV, the IM LS9, with pricing starting at 322,800 yuan for the 52 Ultra version and 352,800 yuan for the 66 Ultra version equipped with a 66 kWh battery [1] Group 1: Product Features - The IM LS9 features the Lingxi Digital Chassis 3.0 and a bi-directional 24-degree smart four-wheel steering system, achieving a turning radius of 4.95 meters, comparable to that of compact cars [3] - The vehicle is equipped with an 800V architecture and a dual-motor vector all-wheel drive system, enabling a 0-100 km/h acceleration in the 4-second range, with a CLTC pure electric range of 402 kilometers and a comprehensive range of 1,508 kilometers, while maintaining a low energy consumption of 2.81 liters per 100 kilometers [3] Group 2: Intelligent Technology - The IM LS9 is equipped with 520-line ultra-vision lidar and NVIDIA Thor chips, supporting L3-level perception capabilities for L2-level assisted driving, capable of recognizing traffic gesture commands, and includes advanced safety features such as super-sensitive AEB and AES lateral emergency avoidance [5] - The vehicle introduces an AI Agent service assistant for various scenarios, including parking payment and food ordering, along with features like "Rainy Night Mode 2.0" and a one-button privacy function to enhance safety and privacy [5] Group 3: Interior Comfort - The IM LS9 boasts an 86% high "usable area" design, featuring three zero-gravity seats that can switch between a boudoir chair and a super-sized bed mode [7] - It includes a Danish B&O sound system, 4D mechanical massage seats, and a smart heating system for exceptional audio-visual and comfort experiences, complemented by a fresh air system and outdoor luxury package to enhance outdoor living comfort [7]

资讯日报：市场对美联储 12 月降息预期降温 股票市场概览 港股市场表现 美股市场表现 2025 年 11 月 14 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日涨跌 | 居居民 | 年初至今 消费 | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒牛指数 | 27.073 | 0.56 | 3.17 | 34.96 | | 恒生科技 | 5.981 | 0.80 | 2.47 | 33.87 | | 恒生国企 | 9.599 | 0.68 | 3.58 | 31.68 | | 上证指数 | 4.030 | 0.73 | 0.80 | 20.22 | | 目经225 | 51,063 | 0.43 | 2.00 | 28.54 | | 新加坡海峡 | 4,569 | 0.15 | 1.86 | 0.00 | | 标普500 | 6.851 | (1.65) | 0.13 | 14.55 | | 纳斯达克 | 23,406 | (2.29) | (0.58) | 18.43 | | 道原町 V ...

构建更具全球竞争力的开放创新生态，提升源头创新供给能力，推动科技创新与产业创新互促双 强……"十四五"期间，广东坚持抢先一步、谋深一层，加快建设科技创新强省。 广东科创成绩单 ·"深圳—香港—广州"创新集群创新指数跃居全球第一 ·全省研发经费投入突破5100亿元，继续领跑全国 ·培育形成9个万亿级的产业集群，人工智能核心产业规模超2200亿元、约占全国1/3，数字经济规模居 全国首位 ·高价值发明专利拥有量以及高新技术企业数量均稳居全国第一 11月9日晚，熊熊燃烧的第十五届全国运动会圣火把广东奥林匹克中心的天空映照得一片辉煌。而点燃 这次全运圣火的"源火"，采自南海1522米深处，并通过引燃可燃冰的方式获取。这次深海取火、 燃"冰"成炬，既集中体现了我国深海科技实力，也是广东科技创新的生动写照。 突破可燃冰开采核心技术、研发我国首台国产商业场发射透视电镜、建成江门中微子实验大科学装 置……"十四五"规划以来，广东前沿成果绽放，创新活力涌动。广东加快建设粤港澳大湾区国际科技创 新中心，粤港澳三地创新要素加速流动。全省区域创新综合能力连续9年居全国第一，"深圳—香港—广 州"科技集群跃居全球创新指数第一位。全省研 ...

中信建投价值增长混合A（025231）成立日期2025年9月22日，最新规模7.34亿。成立以来收益4.55%。 11月14日，多氟多涨5.07%，截至发稿，报39.61元/股，成交77.07亿元，换手率18.84%，总市值471.53 亿元。多氟多股价已经连续5天上涨，区间累计涨幅29.2%。 资料显示，多氟多新材料股份有限公司位于河南省焦作市中站区焦克路，成立日期1999年12月21日，上 市日期2010年5月18日，公司主营业务涉及六氟磷酸锂及电子化学品、锂离子电池、新能源汽车、无机 氟化盐。主营业务收入构成为：新能源材料34.97%，氟基新材料30.39%，新能源电池25.30%，电子信 息材料5.55%，其他3.80%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓多氟多。中信建投价值增长混合A（025231）三季度持有股 数105.77万股，占基金净值比例为2.56%，位居第九大重仓股。根据测算，今日浮盈赚取约202.02万 元。连续5天上涨期间浮盈赚取901.16万元。 中信建投价值增长混合A（025231）基金经理为冷文鹏。 截至发稿，冷文鹏累计任职时间9年157天，现任基金资 ...

最近的市场依旧很是复杂，大盘继续创下新高。热点上一天科技、一天红利轮动。科技属性的创新药、新能源走势强劲。市场不像之前有明确的主线，各 个小热点纷至沓来。 最近，"老登股""小登股"讨论火热，前者就是传统的行业，后者是科技成长企业。从这个思路出发，以年龄为区分，找了一些"小登基金经理"和"老登基 金经理"。 首先明确一下，从主动权益基金里筛选，限定在主动权益基金：普通股票、偏股混合、灵活配置，且股票仓位>50%。多位基金经理，以第一位数据计 算。 那么下面筛选"小登基金经理"： 管理基金年限1～3年 基金成立时间>1年、基金规模>1亿 今涨幅>50%，最大回撤20%以内 剔除C类 共计筛选出26个，如下： | | | | 26位"小登"基金经理 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2017 基金名称 | 成立年限 | 基金经理 | 基金规模 | 基金经理 | 今年 | 近3年 | 最大回撤% | 股票 | 机构 | | | | | 112 | 年限 | 回报% | 回报% | (今年以来) ...

Core Viewpoint - Xpeng Motors' stock has experienced a decline of over 5%, yet it has still increased by more than 1.1 times year-to-date, indicating strong market performance despite recent volatility [1] Group 1: Stock Performance - As of the latest update, Xpeng Motors' stock price is reported at 100.5 HKD, with a trading volume of 1.66 billion HKD [1] - The stock has risen over 100% since the beginning of the year, driven by market expectations of profitability starting in Q4 [1] Group 2: Future Growth Prospects - JPMorgan's research indicates that the next major growth driver for Xpeng Motors will come from its recent AI initiatives, including Robotaxi, humanoid robots, and flying cars, all powered by the company's proprietary AI [1] - Significant revenue contributions from these new initiatives are not expected until the second half of 2026 or later, suggesting that the market has not fully estimated the company's prospects for 2027 [1] Group 3: Market Sentiment and Projections - JPMorgan forecasts potential upside for Xpeng Motors' stock under different scenarios: 85% in a pessimistic case, 120% in a base case, and 200% in an optimistic case, indicating strong future growth potential as technology visibility improves [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current inventory of lithium carbonate is continuously decreasing, and consumption has certain support. The resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine end resumes production, the inventory may change from destocking to inventory accumulation, and the market may decline at that time [4]. 3. Summary by Relevant Catalogs Market Analysis - On November 13, 2025, the main contract 2601 of lithium carbonate opened at 86,500 yuan/ton and closed at 87,840 yuan/ton, with a change of 1.39% compared to the previous day's settlement price. The trading volume was 1,106,011 lots, and the open interest was 536,514 lots. The previous day's open interest was 528,966 lots. The current basis was -3,370 yuan/ton. The lithium carbonate warehouse receipts were 27,508 lots, a change of -779 lots compared to the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 82,100 - 86,600 yuan/ton, a change of 1,050 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was 81,500 - 82,500 yuan/ton, a change of 900 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 1,050 US dollars/ton, a change of 30 US dollars/ton compared to the previous day [2]. - The overall operating rate of lithium salt plants remains high, with the operating rates of both the spodumene end and the salt lake end maintained above 60%. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change [2]. - In the demand aspect, both commercial and passenger new - energy vehicles in the power market are growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [2]. - As of November 13, 17 mainstream automobile brands have launched a purchase tax support plan [2]. - According to the latest weekly data, the weekly production increased by 11 tons to 21,545 tons. The total inventory decreased by 3,481 tons to 120,472 tons. The consumption end has strong support recently [3]. Strategy - Unilateral: Mainly adopt a wait - and - see attitude in the short term. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices [4]. - Option: Sell out - of - the - money call options [5].

文|天峰 来源|财富独角兽 2025年以来沪深股指走出强劲上行态势，市场整体呈现"慢牛"震荡攀升格局。上证指数年内涨幅超17%，一举突破4000点整数关口，创下10年来新高。深 证成指上涨近28%，创业板指和科创综指更是成为领涨先锋，累计涨幅均接近50%。 伴随股指大幅走强，权益类基金业绩迎来强势回升，赚钱效应显著回归。截至10月底，主动权益基金前10月平均净值增长率达27.48%,其中34只产品业绩 翻倍，最牛基金收益率超200%。笔者发现，平安基金旗下经理黄维的产品业绩优异，其中平安睿享文娱混合A/C,任职回报高达290.91%、263.97%。 01 技术背景赋能产业洞察 投资哲学：价值与成长的辩证统一 据天天基金网显示，黄维毕业于北京大学微电子学与固体电子学硕士,2010年加入广发证券,历任广发证券发展研究中心电子行业研究员、广发证券资产管 理(广东)有限公司TMT行业研究员、广发证券资产管理(广东)有限公司理财5号投资经理助理,2016年5月加入平安基金管理有限公司。 目前管理基金多达7只基金，累计任职时间9年又83天，现任基金资产总规模37.82亿元，在管基金最佳任期回报281.87%。也正是凭借 ...

两年前，理想汽车凭借一套增程系统开辟市场，把被业内看作"过渡技术"的增程方案转化为热销产品。L系列车型凭借着冰箱、彩电、能加油的务实组合， 迅速吸引大量家庭用户达成购车意向。理想汽车也随之成为"新势力"中首家实现年度盈利的车企。 增程技术一度成为新能源汽车市场主流趋势，纯电与增程的技术路线选择也成为业内争论焦点。 受到市场追捧，增程技术转瞬迅速成为热门赛道。问界、岚图、深蓝等近十家车企纷纷布局并推出相应产品。其中问界几款爆款车型的热卖也为增程技术的 成功增添新的案例。 情况在今年年中开始出现转变，增程车的销量走向下坡路。乘联会数据显示，2025年6月起，增程式车型的批发占比连续五个月下滑。10月批发销量12.1万 辆，同比下降1.9%，零售跌幅更大，达7.7%。 更值得注意的是，在"新势力"品牌中，纯电与增程的销量结构发生改变。从2024的49%比51%，变为如今的74%比26%。增程车正在失去它曾牢牢占据的市 场主流地位。 这一变化并非突如其来。纯电动车的续航、充电便利性和成本结构，在过去几年里迅速改善，逐步压缩了增程车的生存空间。 五年前，纯电动车的平均续航还在400公里左右徘徊，如今这一数字已突破500 ...