作者 | 李威（北京） 泛化是吴晓波给到2025年人工智能行业的关键词。他觉得原来讲AI的还是科技媒体，关注这些的也都是互联网、科技圈的人士，但在2025年这一切都在 快速发生变化，从年初到年末，AI已经涉及到工厂，涉及到每个人，涉及到写作。 AI正在开启一个新的发展周期。拉长时间来看，2025年可能是AI发展历程中的一个承前启后的重要节点。企业和个人经历了2025年的洗礼之后，都会将 AI纳入到自身的发展规划中。企业需要在AI革命创造的第四次浪潮中抓住新的机遇；个人即将迎来第六个创业窗口期，也可能获得成为超级个体的机 会。 这也是为什么，这次「优酷人文跨年——AI闪耀中国·2025吴晓波科技人文秀」会让人觉得不止是面向行业的一次思想碰撞，更是面向最大众人群的一场 AI科普。站在这个时代节点上，各行各业的人都在关心AI跟自己有什么关系，都需要对未来的风向有体感认知。 但不是所有人都有机会去到世界人工智能大会的现场。吴晓波和优酷人文就利用跨年演讲为大众打造了一个线上的AI展厅，由吴晓波担当讲解员，从AI 技术的源起和进化，一步步讲到产业格局、核心突破，以及AI如何改变制造业、电商、服务业，赋能个体。 这些变化的 ...

A股公司为何争相奔赴港股市场？深圳市双玺科创产业发展有限公司总经理高中青对记者表示："主要 是为企业出海筹集资金，同时方便海外布局。" （上接1版） 科技公司领军"南下" 2026年开年这一波冲刺H股的A股公司，大多为科技企业。例如：聚辰股份是一家全球化的芯片设计高 新技术企业；景旺电子是全球领先的印制电路板及高端电子材料企业；鹏辉能源以科技创新驱动发展， 聚焦于电池产品及储能系统领域；德赛西威则是国际领先的移动出行科技公司之一，致力于实现智慧出 行的全球共享。 生物医药行业A股公司赴港上市意愿也颇为强烈。益方生物聚焦于肿瘤、自身免疫性疾病及代谢类疾病 等重大疾病领域，所有产品均为自主研发。资料显示，公司已成功推动两款创新药获批上市，并有三个 候选药物处于临床试验阶段。 毕马威中国香港资本市场组主管合伙人刘大昌认为，越来越多高科技及生物科技企业选择来港上市，随 着政策持续推动创新及新经济领域的发展，2026年将是高科技上市的关键一年。 实际上，2026年开年"南下"潮是2025年"A+H"上市热度的延续。据德勤中国资本市场服务部发布的报 告，2025年港股活跃上市申请个案较2024年全年的86宗增长近4倍，其 ...

Core Viewpoint - The trend of A-share companies "going south" to list on H-shares is gaining momentum in early 2026, driven by a combination of policy support, financing needs, and internationalization strategies [1][2][3] Group 1: Companies Going Public - Six A-share companies, including Jucheng Co., Penghui Energy, and Zhengtai Electric, have announced plans for H-share listings from January 1 to January 8, 2026 [1] - Four additional companies, including Jingwang Electronics and Yifang Bio, have submitted prospectuses to the Hong Kong Stock Exchange [1] - The trend is primarily led by technology companies, with a focus on sectors such as semiconductor design, energy storage, and smart mobility [1] Group 2: Market Dynamics - The 2026 "southbound" trend is a continuation of the 2025 A+H listing boom, with a significant increase in active listing applications in Hong Kong [2] - In 2025, 19 A-share companies listed on the Hong Kong market, raising a total of approximately 139.99 billion HKD, nearly half of the total IPO amount for the year [2] - The average time for A+H listings in 2025 was reported to be 4 to 6 months, with the fastest taking only about 3 months [2] Group 3: Strategic Motivations - A-share companies are pursuing H-share listings to raise funds for global expansion and enhance their competitive position in international markets [3][4] - Companies like Jucheng Co. and Penghui Energy emphasize that listing in Hong Kong will help them build a diversified capital operation platform and support overseas business development [3] - The need for substantial foreign currency funding for overseas production and supply chain establishment is a key driver for these companies [4] Group 4: Regulatory Environment - The favorable regulatory environment, including cooperation measures between mainland and Hong Kong regulatory bodies, has made cross-border listings more feasible [4] - The Chinese Securities Regulatory Commission has expressed support for leading mainland companies to list in Hong Kong, facilitating a quicker approval process for qualified firms [4] - The current valuation of Hong Kong stocks is perceived to be lower than that of A-shares, prompting some companies to accept lower valuations to secure international funding and prepare for stricter overseas disclosure standards [4] Group 5: Market Expectations - The IPO market in Hong Kong is expected to perform well in 2026, with projections of over 300 billion HKD in IPO scale and 150 to 200 projects [4] - The growth in the MSCI China Index's earnings is anticipated to reach 14% or higher, driven by sectors such as high-end manufacturing and companies with global expansion capabilities [4]

以下文章来源于DT先进电池 ，作者神秘李 DT先进电池 . 固态电池、钠电池、液流电池、水系电池.......最新科技进展和产业动态 2026未来产业新材料博览会 （FINE），围绕机器人、汽车、无人机、数据中心、航空航天、AI、新能源等未 来产业共性需求特设6大展区， N3 先进电池与能源材料展区 聚焦 固态 电池 、钠电池、eVTOL电池、机器人电池 等 2025年终于在依依不舍中结束了，虽然刚过去的2026第一周热点眼花缭乱，应接不暇，但持续了一年的固态电池仍然还能有自己的声音，可见他仍是产 业和资本的最爱。 在过去的一年，虽然上车的依然声音大雨点小，但是国内产业确实推出了一系列产品，不管好与坏，终于不是PPT，也是进步，离行 业预测的2027或2030越来越近了。 小编特梳理了2025年发布的50种新品，市场未到，硝烟先起， 固态电池"突围赛"开打！ 1、长安汽车： 2月， 长安发布"金钟罩"全固态电池 ，具备400Wh/kg能量密度， 满电续航超1500公里， 并引入AI远程诊断技术，预计2026年实现 固态电池装车验证，2027年推进全固态电池逐步量产 。 2、天能电池 ：3月， 天能重磅发布了备 ...

Core Viewpoint - Tesla's ambitious plans for the 4680 battery have faced significant setbacks, leading to a drastic reduction in supply contracts and raising concerns about the viability of its electric vehicle models, particularly the Cybertruck [5][6][10]. Group 1: Tesla's 4680 Battery Challenges - The contract value between Tesla and L&F for high-nickel cathode materials plummeted from $2.9 billion to $7386, indicating a severe reduction in expected orders and signaling potential project failure [5]. - The 4680 battery, initially aimed at improving energy density and reducing costs, has not met performance expectations, particularly in the first generation, leading to production issues with the Model Y [9][13]. - The second generation of the 4680 battery has made some progress, but challenges remain in achieving the desired silicon content in the anode and the implementation of dry electrode technology [22][23]. Group 2: Cybertruck's Market Performance - The Cybertruck has not met sales expectations, with total deliveries hovering around 50,000 units, far from Elon Musk's target of 250,000 units annually [10][12]. - The pricing and range discrepancies between the promised and actual specifications of the Cybertruck have contributed to its commercial failure [10][12]. - Internal transactions, such as SpaceX purchasing unsold Cybertrucks, highlight the struggles Tesla faces in moving this model off the lot [10]. Group 3: Broader Implications for Tesla - Tesla's overall vehicle sales declined by 8.6% in 2025, marking a stagnation in its automotive business amid rising competition and market changes [23]. - The focus of Elon Musk appears to be shifting away from automotive to other ventures, such as AI and robotics, raising questions about the future importance of the 4680 battery project [23][28].

Group 1 - The company TianNeng Co., Ltd. announced on January 8 that it will hold the sixth meeting of the third board of directors on January 8, 2026 [2] - The board approved a proposal to use part of its temporarily idle self-owned funds for entrusted wealth management, with a maximum amount not exceeding 12 billion RMB [2] - The investment will focus on low to medium risk financial products that are safe, have good liquidity, and relatively high returns, ensuring that the main business operations are not affected and that fund safety is maintained [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][14]. Core Insights - The company has successfully completed the design and mass production of consumer-grade steel shell batteries, which offer higher flexibility and efficiency compared to traditional polymer soft-pack batteries. This innovation is expected to enhance applications in consumer electronics such as smartphones and smartwatches [3]. - The company is expanding its market reach into emerging consumer electronics, including smart wearables and drones, and has achieved significant growth in these sectors. Notably, it will supply high-end smartwatch batteries to Samsung using a Cell+Pack supply model by 2025 [4]. - The company is focusing on advanced technologies, including the development of silicon anode batteries and sodium-ion batteries, which are expected to enhance its competitive edge in the battery market. The silicon anode batteries have achieved a high energy density of 900Wh/L, while sodium-ion batteries are being developed for stable power supply in low-temperature scenarios [5]. Financial Projections - Revenue projections for the company are as follows: 2025 at 144 billion yuan, 2026 at 200 billion yuan, and 2027 at 239 billion yuan. Corresponding net profits are expected to be 6.4 billion yuan, 16 billion yuan, and 21 billion yuan respectively [6][10]. - The company is projected to achieve a revenue growth rate of 24.38% in 2025, 38.98% in 2026, and 19.66% in 2027, with net profit growth rates of 48.98%, 154.73%, and 29.01% for the same years [10][11]. - The earnings per share (EPS) are forecasted to be 0.57 yuan in 2025, 1.44 yuan in 2026, and 1.86 yuan in 2027, with a decreasing price-to-earnings (P/E) ratio from 56.82 in 2024 to 11.61 in 2027 [10][11]. Company Overview - The latest closing price of the company's stock is 21.60 yuan, with a total market capitalization of 245 billion yuan. The company has a debt-to-asset ratio of 65.3% and a current P/E ratio of 56.84 [2]. - The largest shareholder is Zhuhai Prida Investment Co., Ltd., which indicates a significant backing for the company's operations and growth strategies [2].

智通财经APP获悉，香港联交所最新数据显示，1月2日，摩根大通增持宁德时代(03750)79.3478万股， 每股作价514.7572港元，总金额约为4.08亿港元。增持后最新持股数目约为1108万股，持股比例为 7.1%。 ...

Core Viewpoint - LG Energy Solution is facing significant challenges in its North American operations, with production halts and strategic shifts among major automotive partners impacting its growth prospects [3][4][6]. Group 1: Production Capacity and Economic Impact - LG Energy Solution has a global production capacity primarily located in China, South Korea, and North America, with over 350 GWh planned in North America alone [3]. - The company has suspended production at two joint venture battery plants with General Motors in Ohio and Tennessee for six months, resulting in an estimated economic loss of 1 trillion KRW [3][4]. - The third joint venture plant in Michigan has delayed its production timeline from 2024 to the second half of 2026, following the end of the joint venture agreement with GM [3][4]. Group 2: Market Dynamics and Strategic Adjustments - The slowdown in the North American electric vehicle market is attributed to the expiration of a $7,500 EV subsidy by the U.S. government, leading to decreased demand for electric vehicles from major manufacturers like Tesla, Ford, and GM [4][6]. - Ford has shifted its focus from pure electric vehicles to hybrid models, halting the development and production of related electric vehicle projects [6]. - General Motors plans to take a $1.6 billion impairment charge related to its electric vehicle business, with a significant portion allocated to capacity adjustments [6]. Group 3: Supplier Relationships and Financial Strategies - Ford has canceled a battery agreement worth 9.6 trillion KRW with LG Energy Solution and exited a joint venture with SK On for battery production in the U.S. [7]. - Stellantis is repurposing some battery production lines for energy storage systems and has delayed the launch of its electric pickup truck [7]. - LG Energy Solution is considering selling its joint venture battery plant with Honda in Ohio to alleviate financial pressures [8]. Group 4: Competitive Landscape and Market Shifts - The competitive landscape for global power batteries has shifted dramatically, with Chinese companies capturing 69.4% of the market share among the top 10 battery manufacturers by installed capacity in 2025 [10]. - In contrast, South Korean companies hold only 15.8% of the market share, which is less than that of BYD alone at 16.7% [10]. - Chinese battery manufacturers are rapidly expanding their production capacity in Europe, with significant projects underway to meet the growing demand in the region [9].

Core Viewpoint - The meeting held by multiple government agencies aims to regulate the competitive order in the power and energy storage battery industry, addressing irrational behaviors that disrupt market order and hinder sustainable development [2][3]. Group 1: Meeting Overview - The meeting was attended by 16 key enterprises, including 13 power and energy storage battery companies and 3 system integrators, to discuss industry regulation [3]. - The meeting emphasized the rapid development of China's power and energy storage battery industry, which has gained a competitive advantage globally, but faces challenges such as blind construction and price competition [2][3]. Group 2: Demand Forecast - A significant decline in domestic demand for new energy lithium batteries is expected in early 2026, with a projected decrease of at least 30% in sales of new energy passenger vehicles due to changes in tax policies [4]. - Factors contributing to the demand drop include adjustments in the new energy vehicle purchase tax, the end of subsidy rush for commercial vehicles, limited impact from exports, and weak domestic energy storage market demand [4]. Group 3: Industry Impact - The decline in demand may lead to overcapacity issues for battery manufacturers, affecting revenue and profits [5]. - The overall development pace of the industry may be disrupted, impacting both upstream and downstream enterprises [5]. - Investors may see negative effects on the stock performance of related battery production companies due to the anticipated demand decline [5].