广汽集团，辟谣 【导读】广汽集团（601238）回应"华望汽车（GH项目）将收购恒大汽车南沙工厂"传言 3月26日晚间，广汽集团发布澄清声明称，广汽集团及旗下华望汽车技术（广州）有限公司（以下简称华望汽车，系GH项目公司），从未与恒大汽车 或其他主体就南沙工厂收购事宜进行过任何形式的接洽。 公开资料显示，恒大汽车南沙工厂于2020年基本完成主体建设，但至今未获整车生产资质，也未投产经营，负责南沙工厂的主体公司为恒大新能源汽 车（广东）有限公司、恒大智能汽车（广东）有限公司。 上述传言引发市场关注，主要是因为华望汽车是广汽集团与华为合作的重要载体。 3月19日晚间，广汽集团发文称，华望汽车是广汽集团在智能汽车生态及高端品牌方面的进一步布局，也是GH项目公司的最新进展。 1月10日，广汽集团董事会审议通过议案，同意公司投资设立GH项目公司（暂定名），并计划以GH项目公司为载体，与华为合作打造全新的汽车品 牌。 3月26日，市场传言"华望汽车将收购恒大汽车南沙工厂"引发外界关注。 3月26日下午尾盘，恒大汽车在港股一度涨超200%。当日收盘，恒大汽车股价报0.208港元/股，涨幅达74.79%，总市值为22.56亿 ...

赛力斯，大消息！超80亿元 【导读】赛力斯收购龙盛新能源100%股权完成过户手续 3月25日晚间，赛力斯公告称，公司以81.64亿元的价格收购重庆两江新区龙盛新能源科技有限责任公司（以下简称龙盛新能源）100%股权，已办理 完过户手续。 此前，赛力斯租赁龙盛新能源旗下超级工厂生产问界系列车型。完成上述过户手续后，赛力斯正式从超级工厂的"租户"转变为"业主"。 上述交易历时11个月。期间，上海证券交易所并购重组审核委员会要求赛力斯说明，其对龙盛新能源的超级工厂从租赁模式改为持有模式，存在哪些 商业合理性。 公告显示，赛力斯此前长期租借龙盛新能源旗下超级工厂，用于生产问界M9等新能源汽车产品。 | 具体工厂 | 使用模式 | 主要生产汽车类型 | 主要生产车型系列 | 工厂设计产能 (辆/年) | | --- | --- | --- | --- | --- | | 两江工厂 | 自持 | 新能源汽车 | 问界 M5 系列 | 50,000 | | 凤凰工厂 | 自持 | 新能源汽车 | 问界 M7 系列 | 100,000 | | 超级工厂 | 租賃 | 新能源汽车 | 问界 M9 系列 | 150,000 | ...

Investment Rating - The report maintains a "Buy" rating for BYD, indicating a positive outlook on market share and profit realization prospects [3][5]. Core Insights - BYD's total revenue for 2024 is projected to grow by 29.0% year-on-year to CNY 777.1 billion, with net profit increasing by 34.0% to CNY 40.3 billion [1]. - The company is expected to sell 4.25 million new energy passenger vehicles in 2024, a year-on-year increase of 41.1%, with pure electric vehicle sales rising by 12.1% and plug-in hybrid sales increasing by 72.8% [2]. - BYD's export sales are anticipated to grow by 71.9% to 417,000 units in 2024, driven by new model launches and enhanced cooperation with overseas dealers [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: CNY 777.1 billion - 2024 Net Profit: CNY 40.3 billion - 2025E Net Profit: CNY 54.4 billion - 2026E Net Profit: CNY 68.5 billion - 2027E Net Profit: CNY 82.0 billion [4][10]. - **Growth Rates**: - Revenue Growth Rate (2024): 29.0% - Net Profit Growth Rate (2024): 34.0% [4][10]. - **Earnings Per Share (EPS)**: - 2024 EPS: CNY 13.84 - 2025E EPS: CNY 17.89 [4][12]. Valuation Metrics - The target price for A-shares is set at CNY 449.38, corresponding to a 25x PE for 2025E, while the target price for H-shares is HKD 491.49 [3][5]. - The report projects a P/E ratio of 27 for A-shares in 2025E [12]. Market Position and Strategy - BYD is leveraging its strong innovation capabilities with technologies like the "Super e Platform 3.0" and DM5.0 to enhance its electric vehicle offerings and accelerate its smart transformation [2]. - The company is entering a new model cycle with multiple brands, aiming to capture high-end market segments [2].

Market Overview - The central bank conducted a reverse repurchase operation of 377.9 billion yuan with a fixed interest rate of 1.50%, resulting in a net injection of 104.6 billion yuan after accounting for 273.3 billion yuan maturing on the same day [1][2] - The interbank market showed a balanced liquidity environment, but the weighted average rate for deposit institutions' repos slightly increased, while non-bank institutions faced higher overnight borrowing costs above 1.80% [2] - The latest overnight financing rate in the US is reported at 4.3% [3] Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.91%, showing a slight decline from the previous day [7] Bond Yields - Most yields on major interbank bonds have increased, with specific rates for government bonds and policy bank bonds showing upward trends across various maturities [9][10] Government Bond Futures - All government bond futures closed higher, with the 30-year main contract rising by 0.49%, the 10-year by 0.13%, the 5-year by 0.07%, and the 2-year by 0.02% [16] Key News - The Asian Development Bank estimates that China's climate financing needs will reach $14 trillion by 2030, the highest among Asian countries, while India's needs are projected at $2.5 trillion [15] - The National Health Commission is initiating a study on high-quality population development, focusing on improving support measures related to childbirth and family services [15] Bond Market Events - The Ministry of Finance plans to increase the fiscal deficit ratio and arrange for a larger scale of government bonds in 2025 [20] - Nezha Automobile has reached a debt-to-equity swap agreement worth over 2 billion yuan with 134 core suppliers [20] - Suzhou Bank has received approval from the People's Bank of China to issue financial bonds [20] - Kaisa Group's offshore debt restructuring plan has reportedly been approved by the Hong Kong court [20]

Macro Dynamics - The Ministry of Commerce is guiding local departments to expedite the formulation of pilot work plans for automotive circulation consumption reform [1] - The Ministry of Foreign Affairs calls on the U.S. to stop interfering in Venezuela's internal affairs and to lift unilateral sanctions [2] Automotive Industry - In February 2025, sales of Chinese brand passenger cars reached 1.282 million units, a month-on-month decrease of 12.1% but a year-on-year increase of 62%, accounting for 70.6% of total passenger car sales [3] Economic Data - In Guangdong, the industrial added value above designated size grew by 2.8% year-on-year in January-February 2025, with the manufacturing sector increasing by 3.5% [4] - New energy vehicles saw a production increase of 50.9%, while industrial robots and service robots grew by 31.1% and 26.0%, respectively [4] Financial Institutions - China Merchants Bank reported a revenue of 337.488 billion yuan for 2024, a year-on-year decrease of 0.48%, while net profit increased by 1.22% to 148.391 billion yuan [6] - Xinda Securities reported a net profit of 1.365 billion yuan for 2024, a year-on-year decrease of 6.95% [8] Company Developments - China Life became the first insurance member of the Shanghai Gold Exchange and completed its first gold inquiry transaction [7] - Heng Rui Pharmaceutical signed a licensing agreement with Merck for the HRS-5346 project, potentially earning up to 1.77 billion USD in milestone payments [14] - XPeng Motors is planning five range-extended models, including sedans and SUVs, with the first model expected to be produced in the second half of this year [15] - Kuaishou reported a total revenue of 126.9 billion yuan for 2024, an increase of 11.8% year-on-year [16] - Nezha Auto announced a debt-to-equity swap agreement with 134 core suppliers totaling over 2 billion yuan [17] - Rio Tinto's CEO stated that global lithium demand could increase to 4-5 million tons annually in the future [18]

以下文章来源于秦朔朋友圈 ，作者秦朔 秦朔朋友圈 . 秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公 众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经 商业热点、企业家精神、创新与发明创造、商业文明探索等。 来源丨秦朔朋友圈（ID：qspyq2015） 作者丨秦朔 图源丨Midjourney 在20世纪，尤其是第二次世界大战后，美国在全世界都享有很大的"灯塔效应"。美国也是战后世界秩序 的主要制定者。 20世纪70年代末，中国改革开放，中美建交，迄今已近半个世纪。在此过程中，美国一直是我们推进现 代化的教材之一，即使是"9.11事件"和次贷危机，也没有从根本上磨掉这本教材的光泽，只是不再那么闪 亮。 但如今，美国之于世界、之于中国的形象，正在发生一些根本性变化，即越来越从正面走向反面。 冲击 1月20日特朗普入主白宫两个多月来，对国际秩序、盟友体系的冲击是罕见的，甚至是颠覆性的。 美国的诸多盟友都对特朗普"朋友变流氓"之举感到震惊和困惑。他对关税时而加征，时而暂停；对乌克 兰时而逼迫，时而支持，时而中断援助；对联邦开支时而砍 ...

Foreign Investment - In January-February 2025, 7,574 new foreign-invested enterprises were established, a year-on-year increase of 5.8%, while the actual use of foreign capital amounted to 171.21 billion RMB, a year-on-year decrease of 20.4% [2] - The manufacturing sector attracted 47.82 billion RMB in foreign investment, while the service sector attracted 120.49 billion RMB. High-tech industries received 52.49 billion RMB, with significant growth in e-commerce services (33.5%), biopharmaceutical manufacturing (22.9%), and smart consumer equipment manufacturing (40.7%) [2] Retail Sales - The total retail sales of consumer goods reached 837.31 billion RMB in January-February, with a year-on-year growth of 4.0%. Excluding automobiles, retail sales amounted to 768.38 billion RMB, growing by 4.8% [3] - Urban retail sales were 724.62 billion RMB, up 3.8%, while rural retail sales reached 112.69 billion RMB, growing by 4.6% [3] - Online retail sales totaled 227.63 billion RMB, with a year-on-year increase of 7.3%. Physical goods online retail sales were 186.33 billion RMB, growing by 5.0%, accounting for 22.3% of total retail sales [3] Industrial Production - The industrial added value for large-scale enterprises grew by 5.9% year-on-year in January-February, with a month-on-month increase of 0.51% in February [4] - The mining industry saw a 4.3% increase, manufacturing grew by 6.9%, and the electricity, heat, gas, and water production and supply industry increased by 1.1% [4] - Among 41 major industries, 36 experienced year-on-year growth, with notable increases in coal mining (5.4%), food processing (8.3%), and automotive manufacturing (12.0%) [5] Fixed Asset Investment - Fixed asset investment (excluding rural households) reached 526.19 billion RMB in January-February, with a year-on-year growth of 4.1%, accelerating by 0.9 percentage points compared to the full year of 2024 [7] - Investment in the primary industry grew by 12.2%, the secondary industry by 11.4%, and the tertiary industry by 0.7% [7] - In the secondary industry, industrial investment increased by 11.5%, with manufacturing investment rising by 9.0% and electricity, heat, gas, and water production and supply investment growing by 25.4% [8]

Core Viewpoint - Chongqing is accelerating the layout of key projects around its advantageous industrial chains, particularly in the automotive sector, to promote high-quality economic development and strengthen technological and industrial innovation [1][4]. Group 1: Automotive Industry Development - Chongqing is a significant automotive manufacturing base in China, focusing on the collaborative efforts of government and enterprises to cultivate a new ecosystem for the automotive industry, particularly in the high-end new energy smart vehicle segment [4]. - The production of new energy vehicles in Chongqing is projected to reach 953,200 units in 2024, representing a year-on-year increase of 90.5% [5]. - Chongqing aims to achieve a new energy vehicle production target of 1.3 million units by 2025, with local companies enhancing product intelligence and functionality [6]. Group 2: Industrial Innovation and Technology - The automotive industry is a cornerstone of Chongqing's industrial economy, with numerous enterprises increasing investment and expanding production to enhance industrial cluster effects [7]. - The Dajiang Science and Technology City project is expected to achieve an annual production capacity of 300,000 vehicles, generating an output value of 25 billion yuan upon reaching full capacity [7]. - Chongqing is focusing on high-end equipment, new materials, and biomedicine to build strategic emerging industry clusters, with plans to develop six future industries including satellite internet and biomanufacturing [10][13]. Group 3: Circular Economy and Aftermarket - The automotive recycling business is experiencing strong growth, with companies leveraging big data and AI to transition from waste selling to remanufacturing [8][9]. - The automotive aftermarket is expanding due to the increasing number of new energy vehicles, with a focus on battery recycling, storage, and parts repair [7][9]. Group 4: Government Support and Policy Measures - Chongqing has introduced 35 policy measures to support manufacturing growth and transformation, aiming to create a conducive environment for industrial innovation [14][16]. - The city is enhancing its service to enterprises, establishing systems to proactively support business development in energy use, labor, and logistics [16][17].

Group 1 - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy and the possibility of reducing reserve requirements and interest rates based on economic conditions [2] - The expansion of the cross-border currency pool business pilot for multinational companies aims to facilitate the centralized use of cross-border funds [3] - The State Council will hold a press conference to discuss measures to boost consumption, involving multiple government departments [4] Group 2 - The Ministry of Commerce indicates ongoing communication with the U.S. regarding trade issues, advocating for dialogue and cooperation [5] - The Financial Regulatory Bureau stresses the importance of enhancing the urban real estate financing coordination mechanism and ensuring housing delivery [6] Group 3 - China has submitted a supplementary document to the WTO for consultations with Canada regarding additional tariffs on key products [7] - Various companies report on their operational status, with some indicating that new projects will not significantly impact performance [9][10][11][12][13][14][15][16][17][18] Group 4 - Financial performance updates reveal significant profit growth for some companies, such as Hongmian Co. with a projected net profit increase of 568%-608% [22] - Other companies report varying performance metrics, with some experiencing declines in sales or profits [24][25][26]

作者 | Weebler Finance 编译 | 华尔街大事件 特斯拉公司( NASDAQ: TSLA ) 是一家市值 8440 亿美元的电动汽车和清洁能源公司，在更广 泛的电动汽车行业中占据着先锋地位。 该公司的市值一度超过一万亿美元，但似乎正在经历股 价暴跌。这是因为它的市盈率与其实际基本面严重脱节，市场可能很快就会迅速缩小这一差 距。 在过去两个月中，特斯拉股价下跌了约 36%，从 411 美元跌至近 263 美元。 尽管股价明显暴 跌，但该股的估值似乎仍然超出合理范围。 | TSLA Valuation Grade | D- | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | Sector Relative Grade | TSLA | Sector Median | % Diff. to Sector | TSLA 5Y Avg. | % Diff. to 5Y Avg. | | P/E Non-GAAP (TTM) | F | 108.86 | 14.56 | 647.94% | 138.44 | -21.36% | | P/E ...