Core Viewpoint - The sales performance of new energy vehicle (NEV) brands, including NIO, Tesla, and Zeekr, remains strong despite upcoming policy changes regarding purchase tax and subsidies in 2026 [3][4][5] Group 1: Sales Performance - NIO's store in Shanghai experienced high customer traffic and demand for test drives during the New Year holiday, indicating robust consumer interest [1] - Other new energy vehicle brands, such as Tesla and Zeekr, also reported increased customer flow during the same period, suggesting a general trend across the industry [3] Group 2: Policy Changes - In 2026, two significant policy changes will affect the NEV market: the reduction of the vehicle purchase tax from full exemption to a 5% rate, and a shift in subsidy structure from fixed amounts to percentage-based subsidies [3] - Despite these changes, sales data from the New Year period indicate that the impact on market sales has been limited, as many new energy vehicles fall within the price range that still qualifies for full subsidies [3] Group 3: Manufacturer Responses - NIO has introduced a subsidy of 2,000 yuan to offset the increased purchase tax for its models, such as the Firefly priced at 119,800 yuan [4] - Zeekr has implemented a direct price reduction strategy to counteract the tax increase, offering significant discounts on tax payments [4] - Xiaomi Auto is focusing on attractive financing options, particularly for SUV models, to mitigate the impact of the new tax policy [4] Group 4: Market Coverage - Over 20 car manufacturers, including major players like Li Auto, NIO, and Zeekr, have adopted purchase tax "safety net" policies to support consumers [5] - Tesla, while a leading player in the NEV market, has not introduced any such measures, yet its sales performance remains unaffected during the holiday period [5]

智通财经1月5日讯（记者 梁柯志）开业不久的兴业银行金融资产投资公司（简称兴银投资）披露最新 经营数据。 智通财经记者获悉，作为全国首家获批筹建并获批开业的股份制银行系AIC，自2025年11月16日揭牌运 营至12月31日，兴银投资开业45天累计投放规模已超过60亿元。此前，2025年11月21日开业的招银金融 资产投资有限公司（简称招银投资）亦在开业一个月内落地首单直投项目，参与长安汽车旗下深蓝汽车 增资扩股，单笔投资5亿。 从已披露的项目情况看，股份制银行AIC在业务启动节奏、投向行业及项目形态上，呈现出与国有大行 AIC不同的特征。 1月5日，北京某大型券商银行业分析师对智通财经表示，大行AIC此前以战略传统领域和重资产行业为 主，目前兴业和招商的投向明显以科技领域，投早投小为主，看来股份行AIC已经主动选择与大行的差 异化定位。 股份行AIC"狼性"初现，开业即抢占新产业项目 根据兴业银行披露的信息，兴银投资围绕传统产业"智改数转"和新兴产业"聚链成群"开展市场化债转股 业务。截至2025年12月31日，资金主要投向半导体、光伏、锂矿、工程塑料等新能源、新材料相关产 业， 对于下一步发展，兴银投资公 ...

Core Viewpoint - The article discusses the impact of new policies on the electric vehicle (EV) market in China, highlighting that despite changes in tax incentives and subsidies, consumer demand remains strong, as evidenced by high foot traffic in EV showrooms during the New Year holiday [5][6]. Group 1: Market Demand - NIO's showroom in Shanghai experienced high customer traffic and test drive requests during the New Year holiday, indicating robust consumer interest in EVs [3][5]. - Other new energy vehicle brands, including Tesla and Zeekr, also reported increased customer flow, suggesting a general trend of strong demand across the sector [5]. Group 2: Policy Changes - In 2026, two significant policy changes were introduced: the reduction of the new energy vehicle purchase tax from full exemption to a 5% rate, and a shift in subsidy structure from fixed amounts to a percentage of vehicle price [5][6]. - Despite these changes, many new energy vehicle sales representatives indicated that the impact on sales was limited, as many vehicles priced above 16.67 million yuan still qualify for full subsidies [5][6]. Group 3: Manufacturer Responses - NIO has implemented a 2,000 yuan subsidy to offset the increased purchase tax for consumers, demonstrating proactive measures to maintain sales [6]. - Zeekr has introduced direct price reductions to counteract the tax changes, while other brands like Xiaomi are offering attractive financing options to enhance vehicle affordability [7]. - Over 20 manufacturers, including NIO, Li Auto, and Changan, have adopted purchase tax "safety net" policies to mitigate the impact of the new tax regulations [7]. Group 4: Tesla's Position - Tesla, despite being a leading player in the EV market, has not introduced any "safety net" policies in response to the new tax regulations, yet its sales performance remains strong, with no decline in customer traffic reported during the holiday period [7].

（文章来源：每日经济新闻） 2026年1月5日，2026年首个交易日上证指数重回4000点。创业板新能源ETF华夏（159368）早盘涨幅扩 大至1.64%。盘面上，罗博特科大涨15.73%，道氏技术上涨10.54%，新强联、英搏尔等涨超4%；截至 发文，创业板新能源ETF华夏（159368）成交额达2711万元，居同类基金首位。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）高弹性，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至2025 年12月30日，规模达6.76亿元；成交额最大，近一月日均成交7075万元。其储能+固态电池占比近 90%，契合当下市场热点。 消息面上，据2025年12月30日互动消息，罗博特科旗下德国子公司ficonTEC与台积电、英伟达共同开发 的全球首个300mm双面晶圆测试平台已完成可靠性测试，测试效率提升60%，适配台积电3nmMRM工 艺，助力英伟达GB200服务器CPO良率提升。同时fi ...

展望后市，国金证券指出，重点看好"太空光伏"作为未来一段时间、乃至贯穿2026年的最强电新主 线之一！太空光伏底层投资逻辑坚实而紧迫：1）唯一性：光伏是当前及可见未来所有航天器长期在轨 运行唯一可行、可靠的供电解决方案，技术路径无可替代；2）紧迫性：国际电信联盟（ITU）确立的 近地轨道与频谱资源"先占先得"规则，使得卫星发射数量与部署速度直接关乎国家空间战略优势与商业 主动权，驱动卫星市场对高性价比、轻量化空间太阳能系统的迫切需求。 2026年1月5日，A股三大指数高开，创业板新能源ETF华夏（159368）盘初拉升，最大涨幅为 1.24。盘面上，道氏技术上涨10.45%，罗博特科上涨10.02%，英搏尔上涨4.27%，新强联上涨3.75%。 截至发文，创业板新能源ETF华夏（159368）成交额达2077万元，居同类基金首位。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新 能源指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）高弹性，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最 ...

赴美上市｜证监会备案｜上市监管｜中企赴美｜专业赴美上市服务机构 近期，龙电华鑫新能源科技集团的获批，为停滞8个月的境内企业赴美上市备案通道带来突破，也印证了近一年中国证监会监管对境外上市企业质地的要求 不断提高。 截至2025年12月19日，证监会公开信息显示，已累计接收境内企业境外首次公开发行（含全流通）备案申请888家，其中412家已取得备案通知书。 在赴美上市方面，共有150家企业选择纳斯达克交易所。细分来看，当前正处于申请阶段的企业共54家，较上一轮统计减少1家。 | | | | 境内企业赴美发行证券和上市备案情况表(首次公开发行及全流通) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (截至2025年12月19日) | | | | | | 序号 | 亚斯名秘 | 申报类型 | 甲报主体 | 拟上市证券交易所 | 接收日期 | 备案状态 | 道注 | | 1 | GoodFaith Technology Inc. | 间接境外上市 | 办州承信信息科技有限公司 | 纳斯达克交易所 | 2023年6月28日 | 补 ...

Core Viewpoint - The Nanyang Municipal Party Committee has proposed a comprehensive plan for the 15th Five-Year Plan, focusing on economic and social development, emphasizing the importance of direct financing, technological innovation, and the integration of traditional Chinese medicine into modern industries [1][2]. Group 1: Economic Development Strategies - The plan includes actions like "Inviting Capital to Nanyang" and "Insurance Capital into Nanyang," aiming to accelerate the development of technology, green finance, and digital finance [1][3]. - A significant goal is to enhance the direct financing environment and promote corporate listings to attract long-term and patient capital [1][3]. - The "Wan Medicine Revitalization" initiative aims to develop modern Chinese medicine enterprises and expand the industry to a scale of 100 billion [1][3]. Group 2: Infrastructure and Innovation - The establishment of key laboratories and research institutions is prioritized to focus on major industrial chains and significant projects [1][3]. - The plan emphasizes the need for a modernized industrial system, with a focus on advanced manufacturing, green food, and new materials [15][16]. - The integration of digital technology into traditional industries is highlighted, promoting the development of a digital economy [18][19]. Group 3: Social and Environmental Goals - The plan aims to improve the quality of life for residents by enhancing public services and ensuring equitable access to resources [13][14]. - Environmental sustainability is a key focus, with initiatives to improve ecological quality and achieve carbon peak goals [12][14]. - The development of a modern agricultural system is emphasized, aiming to enhance food security and promote rural revitalization [33][34]. Group 4: Governance and Market Reforms - The plan outlines the need for comprehensive reforms to enhance market efficiency and reduce competition that leads to inefficiencies [24][25]. - It stresses the importance of a unified market and the removal of barriers to facilitate smoother resource allocation [24][25]. - The governance framework aims to enhance administrative efficiency and public trust in government [11][12].

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Views - The lithium battery prices are rapidly linked, and there is significant long-term potential in space photovoltaic technology [1] - The energy storage sector is expected to see substantial growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][7] - The electric vehicle market is anticipated to grow by 15% in 2026, supported by continued subsidies and a strong export contribution [26] Industry Trends - The electric power equipment sector experienced a decline of 2.18%, underperforming the market, with specific segments like wind power and new energy vehicles showing slight increases [3] - The report highlights the release of independent energy storage capacity compensation in Hubei Province at 165 RMB/kW·year, indicating government support for energy storage development [3] - The report notes that the global energy storage market is expected to grow significantly, with the U.S. projected to see a 60% increase in energy storage installations in 2025 [7] Market Prices and Changes - Lithium carbonate prices are reported at 112,500 RMB/ton, showing a slight decrease of 0.9% [3] - The average price of polysilicon is reported at 53.00 RMB/kg, with no change, while N-type silicon wafers have seen a price increase of 20% [3] - The report indicates that the average bidding price for onshore wind power is 1,800 RMB/kW, reflecting a competitive market environment [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong performance, with Ningde Times expected to see a net profit of 11-16 billion RMB in 2025, representing a year-on-year increase of 127%-230% [3] - Tianqi Lithium and Ganfeng Lithium are noted for their strategic partnerships and production capacity expansions, positioning them well in the lithium supply chain [3] - The report emphasizes the strong growth potential for companies involved in energy storage and lithium battery production, recommending investments in leading firms such as Ningde Times and Yiwei Lithium Energy [3][6]

A股三大指数集体高开，沪指涨0.46%，报3986.97点，深成指涨0.8%，报13633.63点，创业板指涨 0.84%，报3229.93点，科创50指数涨1.24%，报1360.9点。沪深两市合计成交额280.83亿元，全市场超 3100只个股上涨。 热门中概股集体走强。纳斯达克中国金龙指数单日大涨4.38%，创去年5月12日以来的最大单日涨幅。 其中，刚宣布分拆芯片业务IPO的百度收涨15.03%、阿里巴巴涨6.25%、腾讯ADR涨5.23%、网易涨 7.22%、台积电涨5.17%、富途控股涨8.68%、哔哩哔哩涨7.24%、万国数据涨9.86%、小马智行涨 10.83%。 港股三大指数上周五迎来2026年"开门红"。截至收盘，恒生指数涨2.76%，报26338.47点；科技指数涨 4%，报5736.44点；国企指数涨2.86%，报9168.99点。 从行业表现看，半导体、互联网科技、家电、汽车及商业航天相关个股成为当日领涨主力。 【假期重要资讯】 1、韩国总统李在明访华，四大龙头集团掌门随行 4日下午，韩国总统李在明乘机抵达北京首都国际机场，开启为期4天的访华行程。此次出访最核心的看 点，无疑是那支规 ...

港股恒生指数开盘涨0.09%，报26361.44点，恒生科技指数涨0.33%，报5755.28点，国企指数跌0.03%， 报9166.25点，红筹指数跌0.22%，报4074.78点。 大型科技股中，阿里巴巴-W涨1.41%，腾讯控股涨0.16%，京东集团-SW跌0.26%，小米集团-W涨 0.79%，网易-S跌0.26%，美团-W跌0.38%，快手-W涨5.89%，哔哩哔哩-W涨0.85%。 油气设备与服务股高开，山东墨龙涨超13%；黄金股活跃，紫金黄金国际涨超1%；电力设备股低开， 金风科技跌超4%；中资券商股普跌，招商证券跌超1%。 港股三大指数上周五迎来2026年"开门红"。截至收盘，恒生指数涨2.76%，报26338.47点；科技指数涨 4%，报5736.44点；国企指数涨2.86%，报9168.99点。从行业表现看，半导体、互联网科技、家电、汽 车及商业航天相关个股成为当日领涨主力。热门中概股集体走强。纳斯达克中国金龙指数单日大涨 4.38%，创去年5月12日以来的最大单日涨幅。 中金公司分析，大涨的原因：1）应不是资金大举涌入（沪港通关闭，港股成交没有大幅放大，港币走 弱）；2）应不是政策大幅变 ...