本报讯 近日，2025第四届中国新能源重卡生态大会暨中国新能源商用车年度颁奖盛典在郑州举行。贵 州长江汽车有限公司生产的"贵州"牌重卡以其突出表现，荣获"2025绿色重卡年度用户推荐品牌 奖"及"2025绿色重卡年度山地重卡车型奖"两个重要奖项。 据悉，此次颁奖盛典汇聚了全国百余家产业链核心企业及400余名行业代表，共同探讨新能源重卡产业 的发展趋势与机遇。当前，新能源重卡市场渗透率持续提升，竞争日益激烈。"贵州"牌重卡立足贵州、 面向西南，专注于山地复杂运输场景的需求。产品针对不同工况采用差异化驱动技术，其峰值功率与最 大爬坡度均优于行业平均水平，有效解决了传统车辆在动力中断、坡道后溜等方面的安全隐患。同时， 通过"一场景一调校"的精准策略进行速比优化，实现了在特定场景下电耗降低约25%的节能效果。 转自：贵州日报 依托贵州省新能源汽车产业基础及省内规模领先的新能源商用车研发试验室，贵州长江汽车有限公司已 构建覆盖研发、生产到服务的全链条制造能力。其产品凭借放电效率高、单公里运营成本低等优势，较 传统柴油车可实现约60%的成本节约，在多个运营场景中积累了良好的用户口碑。 未来，贵州长江汽车有限公司将继续围绕 ...

近日，由智通财经主办的第八届投资年会暨科大硅谷硬科技投资生态大会在安徽合肥隆重召开。大会现 场正式揭晓了"2025智通财经资本市场最具价值影响力企业榜单"，DeepWay深向凭借在人工智能与智能 新能源重卡领域的持续技术突破与商业化实践，成功入选"新势力人工智能企业"。作为国内具有广泛影 响力的资本市场与产业投资盛会，此次入选代表了资本市场对DeepWay深向在人工智能技术创新能力、 产业落地能力及长期成长潜力方面的高度认可。 作为全球领先的新能源重卡及智能公路货运解决方案科技公司，DeepWay深向专注于以电动化与智能化 技术，推动全球公路货运行业向零碳、高效、安全的新阶段演进。公司先后推出"天玑·随行"、"天玑·雁 行"、"天玑·独行"以及"深向·天枢"等多套智能驾驶系统，形成从辅助驾驶到高阶自动驾驶的渐进式技术 路线，为行业提供更具落地可行性的智能化解决方案。 自2025年5月起，DeepWay深向新一代车型已实现全系标配智能辅助驾驶系统"天玑·随行"，累计搭载车 辆超2,000台，为高阶自动驾驶技术的持续迭代与规模化应用积累了大量真实运营数据与应用场景。在 此基础上，DeepWay深向正依托大规模L2 ...

文章来源：AASTOCKS 在新能源业务布局上，2025年以来，公司先后签署大同新能源一体化整车合同，拿下电池银行重点区域 订单，完成屯留补能站合同签署及设备采购，逐步构筑起「销售+补能+运营」的新能源服务闭环。公 司通过资源互补，在新能源重卡补能、销售合作及供应链协同方面深化布局，显著降低物流成本，提升 市场竞争力。随着「国补」资金向中长途运输场景倾斜，以及超充、换电技术的突破，德银天下的新能 源服务网络将进一步完善，有望在行业转型中抢占先机。 值得关注的是，德银天下积极拓展海外市场，为长期增长打开新空间。2025年10月，公司与永青集团 （青山控股旗下企业）订立战略合作协议，将为其印尼莫罗瓦利（Morowali）工业园区提供数智化运力 管理解决方案，涵盖整体运力资源整合与调度管理、运输服务综合管理、仓储与生产协同管理等服务。 同时，双方将在IMIP园区运力一体化管理、智慧物流解决方案、定制化车辆与后市场服务等领域开展 深度合作；此外，双方将探索新海外园区基建合作与股权合作可能。此次合作不仅为德银天下带来海外 订单，更使其车联网技术与智慧物流方案实现国际化输出，为国际化布局奠定基础。 综合来看，德银天下受益 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On Monday, the major stock indices in the two markets rose collectively, with growth - style indices led by the ChiNext Index performing strongly, and the semiconductor equipment sector leading the gains. The total turnover of the two markets reached 1.86 trillion yuan, showing a mild increase in volume [1]. - As of December 19, the total scale of all - market listed ETFs reached 5.83 trillion yuan, a year - to - date increase of 2.09 trillion yuan, a significant increase of 56%. ETFs have become an important channel for attracting household wealth [1][2]. - Global funds are re - increasing their positions in the Chinese stock market. The Chinese technology sector is becoming a new battlefield for global funds to deploy in AI due to its valuation advantages, complete industrial ecosystem, and large - scale manufacturing capabilities [2][3]. - In 2026, the risk of a sharp rise in the Chinese stock market is much higher than that of a sharp decline, with multiple positive factors such as the acceleration of AI applications and the re - allocation of domestic liquidity from deposits to the stock market [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Monday, the major indices of the two markets rose. The CSI 300 Index closed at 4,611 points, up 43 points or 0.95%; the SSE 50 Index closed at 3,020 points, up 15 points or 0.53%; the CSI 500 Index closed at 7,255 points, up 86 points or 1.20%; and the CSI 1000 Index closed at 7,408 points, up 78 points or 1.07% [1]. - Among industry and thematic ETFs, semiconductor equipment ETFs, communication ETFs, etc. led the gains, while film and television ETFs, bank ETFs, etc. led the losses. Among the sector indices of the two markets, Hainan Free Trade, communication equipment, etc. led the gains, while forestry, film and television theaters, etc. led the losses. The CSI 500 Index futures saw a net inflow of 1.9 billion yuan in settled funds [1]. 3.2 Important Information - The People's Bank of China will implement a one - time credit repair policy. For individual overdue information with a single amount not exceeding 10,000 yuan from 2020 to 2025, if the individual fully repays the overdue debt by March 31, 2026 (inclusive), the financial credit information database will not display it [1]. - Precious metals soared. Spot gold reached over 4,400, silver hit a new record high, and platinum broke through the $2,000 mark for the first time in 16 years, driven by the Fed's interest - rate cut expectations and geopolitical risks [1]. - In November, the domestic new - energy heavy - truck market sold 28,000 vehicles, a year - on - year increase of 178%, and the sales volume in the first three quarters increased by 184% year - on - year. New - energy heavy trucks have a significant cost advantage in short - and medium - distance freight [1]. - Wall Street expects high volatility in the U.S. stock market in 2026. Some institutions suggest a hedging strategy of going long on the Nasdaq 100 Index volatility and shorting the S&P 500 Index volatility [2]. - The expected shipment of NVIDIA's GB300 AI server cabinets in 2026 is 55,000 units, a year - on - year increase of 129%, driven by tech giants like Microsoft and Meta [2]. - OpenAI's "computing profit margin" soared from about 35% to 70% in less than two years, indicating significant progress in controlling AI model operating costs [2]. - The U.S. is promoting the largest - scale space militarization deployment since the Cold War, with the Pentagon awarding military satellite orders worth $3.5 billion [2]. - Elon Musk's personal net worth soared to $749 billion, becoming the first person in human history to exceed $700 billion, due to a court decision restoring Tesla stock options [2]. - The so - called "stable returns" promised by Wall Street to retail investors are collapsing, with BDC stocks of top institutions like KKR and BlackRock plummeting and non - performing loan rates rising [2]. 3.3 Market Logic - The growth of the Chinese stock market and the expansion of ETF scale are attracting global investors. China's technological breakthroughs in AI and its resilience in the face of external pressure are restoring global investors' confidence in China's long - term growth [2]. - In 2025, the stock market had a net inflow of 2.26 trillion yuan. In 2026, insurance, wealth management, and pensions are expected to be the three major sources of incremental funds, with institutional incremental funds reaching 3.1 trillion yuan, and the scale of public fixed - income + products is expected to at least double [2]. 3.4 Market Outlook - It is expected that the market will remain in a sideways - oscillating state. Global funds are re - increasing their positions in the Chinese stock market, with the Chinese technology sector becoming an important target for AI investment. Geopolitical risks need to be closely monitored, and investors should gradually start spring - market layout [3]. 3.5 Trading Strategies - For stock - index futures directional trading, observe the market and gradually start spring - market layout, while closely monitoring the impact of geopolitical risks [3]. - For stock - index option trading, do not participate in stock - index call options for the time being as the market is expected to be in a sideways - oscillating state [3].

截至发稿，铭利达市值为72亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 每经AI快讯，铭利达（SZ 301268，收盘价：18.06元）12月22日晚间发布公告称，截至本公告日，达磊 投资累计质押股数约为5549万股，占其所持股份36.29%。 2024年1至12月份，铭利达的营业收入构成为：汽车占比56.06%，光伏占比29.22%，安防占比11.53%， 消费电子占比1.78%，其他业务占比0.96%。 （记者 张明双） ...

在"十四五"收官与"十五五"规划谋篇布局的关键衔接期，中国新能源重卡赛道迎来一位引人注目的新选手——光梭未来。12月6日，光梭未来1.0纯电重 卡发布活动在苏州举行。这不仅是一款新车的亮相，更是一家新兴科技企业向庞大而传统的行业递出的"变革宣言书"。 精准锚定行业痛点重新定义重卡行业 在新能源浪潮席卷商用车领域、行业渗透率实现翻倍增长的当下，光梭未来的登场引发行业广泛关注。 作为一家专注于智能电动重卡研发与制造的企业，光梭未来以"重新定义重卡"为使命，致力于通过"电智融合"技术，为物流行业提供高效、低碳、可持 续的运输解决方案，与行业伙伴共赴绿色、智能、全球化的发展未来。本次1.0纯电重卡的发布，正式开启了光梭未来深耕智能电动运输领域的全新征程。 "不止于车，我们要打造的是一个集电动、智能和补能为一体的绿色物流生态解决方案。"光梭未来创始人兼CEO成胜惠所的表述，揭示了企业的核心战 略定位。与许多跨界造车新势力不同，光梭未来展现出"务实中求突破"的发展特质。尽管公司于2024年正式组建团队，但核心成员均深耕商用车领域多年， 凭借对复杂货运场景的深刻理解和技术积累，为企业快速发展奠定了坚实基础。 更令人瞩目的是 ...

瑞财经 吴文婷近日，深向科技股份有限公司（以下简称"深向科技"）在港交所递交招股书，联席保荐 人为中金公司、招银国际。 深向科技是新能源重卡及智能公路货运解决方案科技公司，专注于以电动化与智能化技术，推动全球公 路货运行业向零碳、高效、安全的物流新阶段跃迁。公司成立于2020年7月。 根据灼识谘询的资料，按2024年销量计，公司在全球正向定义新能源重卡市场排名第一。 据招股书，2023年-2024年，深向科技实现收入分别为4.26亿元、19.69亿元；2022年-2024年的年内亏损 分别为2.66亿元、3.89亿元、6.75亿元。 2025上半年，公司实现收入为15.06亿元，同比增长97.53%；期内亏损为3.71亿元，而上年同期亏损为 3.06亿元。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審計) | | | 收入 | | 425,640 ...

6 证券研究报告 点评报告 2025 年 12 月 5 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 根据路透社新闻，AMD 首席执行官苏姿丰表示，该公司已获得向中国出口部分 MI 308 芯片的许可，如果出口这些芯片，公司准备向美国政府缴纳 15%的税款。这基 本符合美国总统特朗普 8 月表示其政府已与英伟达和 AMD 达成协议的说法。目前 美国国会正在讨论对中国的芯片出口管制问题，英伟达的 CEO 也在近日表示中国 不需要"阉割"的芯片，从上述动态看，后续特朗普放松 AI 芯片对华出口的概率 在持续上升，配合国内算力芯片的进展，我们认为这都有利于国内 AI 应用的探索 和发展，降低市场对当前 AI 投资泡沫化的忧虑。 世界黄金协会(WGC)周四发布的报告预计，2026 年黄金价格有望再上涨 15%至 30%。 WGC 指出，美债收益率下行、地缘政治风险高企以及显著增强的避险需求叠加， 将为黄金提供极为强劲的顺风。结合近期银、铜、锡、钨、铜铝等有色小品种和 大宗有色金属都有创出新高的价格，我们继续看好有色金属行业高景气度的持续。 风险提示： 对上述事件发展趋势 ...

Core Viewpoint - The article discusses the competitive landscape of the new energy heavy truck market, highlighting the emergence of new brands and their unique strengths and strategies in a rapidly growing sector [1][43]. Group 1: Types of New Energy Heavy Truck Brands - The new energy heavy truck industry is categorized into several types based on technology routes, business models, and strategic focuses, including: - **Technological Disruption Type**: Companies like DeepWay and Zero One focus on full-stack self-research and aim to create next-generation products that outperform traditional models [1][2]. - **Giant Incubation Type**: Brands like Cavin and Proton benefit from strong parent company support, allowing for quicker market entry and product development [16][17]. - **Full-Category Exploration Type**: Companies like Zaihe Truck explore multiple technology routes and product categories, offering a diverse product line [25][26]. - **Overseas Expansion Type**: Brands such as Weidu and Guangshuo Future target international markets to avoid domestic competition and leverage global opportunities [29][30]. - **Scene Deep-Dive Type**: Companies like Xijing Technology focus on specific use cases, such as autonomous driving in ports and mines, rather than general applications [38][39]. Group 2: Key Players and Their Strategies - **DeepWay**: Founded in 2020, it has delivered over 6,400 new energy heavy trucks domestically and is expanding into international markets, aiming for a 50:50 order ratio between domestic and overseas within 3-5 years [3][5]. - **Zero One**: Established in 2022, it focuses on full-stack self-research and has delivered over 1,000 units, with plans for overseas expansion through a wholly-owned subsidiary [6][9]. - **Speed Leopard Technology**: Founded in 2022, it emphasizes full-stack self-research and has launched its first electric heavy truck, with a clear global strategy for growth [10][12]. - **Haipote**: Established in 2021, it focuses on hydrogen fuel cell solutions and has begun small-scale deliveries, with plans for international collaboration [13][15]. - **Cavin Automotive**: A subsidiary of Beiqi Foton, it leverages over 20 years of experience in commercial vehicles and has raised significant funding for its dual technology route [18][21]. - **Proton Automotive**: Launched in 2022, it has achieved substantial order growth and international recognition for its hydrogen fuel cell and electric heavy trucks [22][24]. - **Zaihe Truck**: This brand explores both electric and hydrogen routes and has launched products for various logistics scenarios, with significant funding backing [25][28]. - **Weidu Technology**: Founded in 2022, it has rapidly raised funds and is considering an IPO to support its dual technology strategy [31][34]. - **Guangshuo Future**: The newest entrant, established in 2025, has quickly secured funding and is focusing on a phased product strategy with plans for international market expansion [35][37]. Group 3: Market Trends and Future Outlook - The new energy heavy truck market is characterized by intense competition, with successful brands likely to possess strong self-research capabilities, robust financing, and effective commercialization strategies [43].

中国经济网编者按：据经济参考报11月25日报道《三年半亏损17亿 深向科技冲刺港股IPO》，近 日，深向科技股份有限公司（简称"深向科技"）向港交所递交招股说明书，联席保荐人为中金公司和招 银国际。 具体来看，深向科技重度依赖两款量产车型的销售收入，但收入与销售成本基本持平，无法带来盈 利，亏损主要在研发开支、行政开支、销售和市场开支三部分。2023年、2024年及2025上半年，公司合 计研发支出为8.96亿元、行政开支为2.6亿元、销售开支为2.25亿元，均呈逐年递增趋势。 常年亏损致使深向科技出现流动性危机，甚至资不抵债。截至2025年6月30日，公司流动负债净额 为20.92亿元，负债净额为16.19亿元。其中流动性负债主要有以按公允价值计入损益的金融负债21.91亿 元，银行借款7.42亿元和贸易及其他应付款项23.8亿元，且结合未审计的2025年9月底数据来看仍处于上 涨趋势。公司截至2025年6月底现金及现金等价物余额仅为5.93亿元，受限制银行结余为8.48亿元。 除研发投入耗费大量资金外，资金流动紧张还可能与深向科技供应商和客户双双较为集中有关系。 公司供应商主要包括卡车定制合作伙伴以及电芯 ...