证券研究报告·海外公司点评·汽车(HS) 奇瑞汽车（09973.HK） 2025 年报点评：Q4 业绩符合预期，多品牌协 同拓展增长边界 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 269,897 | 300,287 | 335,500 | 388,800 | 428,250 | | 同比(%) | 65.37 | 11.26 | 11.73 | 15.89 | 10.15 | | 归母净利润（百万元） | 14,135 | 19,019 | 21,234 | 25,346 | 30,063 | | 同比(%) | 18.25 | 34.55 | 11.64 | 19.37 | 18.61 | | EPS-最新摊薄（元/股） | 2.43 | 3.27 | 3.66 | 4.36 | 5.18 | | P/E（现价&最新摊薄） | 10.00 | 7.43 | 6.65 | 5.57 | 4.70 | [Ta ...

证券研究报告·海外公司点评·汽车(HS) 奇瑞汽车（09973.HK） 2025 年报点评：Q4 业绩符合预期，多品牌协 同拓展增长边界 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 269,897 | 300,287 | 335,500 | 388,800 | 428,250 | | 同比(%) | 65.37 | 11.26 | 11.73 | 15.89 | 10.15 | | 归母净利润（百万元） | 14,135 | 19,019 | 21,234 | 25,346 | 30,063 | | 同比(%) | 18.25 | 34.55 | 11.64 | 19.37 | 18.61 | | EPS-最新摊薄（元/股） | 2.43 | 3.27 | 3.66 | 4.36 | 5.18 | | P/E（现价&最新摊薄） | 10.00 | 7.43 | 6.65 | 5.57 | 4.70 | [Ta ...

公众号记得加星标⭐️，第一时间看推送不会错过。 英特尔已经连续三年收入下降，并且仅在2024年就录得187.6亿美元的亏损——而美国政府已经向其 提供了数百亿美元试图解决问题。政府的资金并没有解决真正的问题，这个问题并不是技术性的，而 是文化性的。英特尔变得迟缓、充满政治性、且规避风险——那种公司里，做出一个决策要花很长时 间，而且在会议中没有人愿意承担出错的风险。与此同时，苹果依赖来制造其iPhone芯片的公司台积 电，却在不断变得更好，因为它以类似军事行动的方式运营其工厂。这种差距才是问题所在。而且可 能只有一个人能够弥合这种差距。 埃隆·马斯克。在你翻白眼之前，先听完这个观点。 福特、通用和丰田输给马斯克，并不是因为他们缺乏工程师、资本或几十年的制造经验。他们失败， 是因为他们的组织已经僵化。决策需要共识。问题被掩盖。生产一线实际发生的事情与管理层认为正 在发生的事情之间的差距不断扩大，直到变得无法弥合。听起来熟悉吗？应该如此。SemiAnalysis的 Dylan Patel以严谨的分析记录了英特尔中发生的同样过程——在Andy Grove领导下，这家公司依靠 他所谓的"建设性对抗"运作：基于数据的决 ...

Monetary Policy - The People's Bank of China has kept the one-year Loan Prime Rate (LPR) at 3% and the five-year LPR at 3.5% for ten consecutive months, indicating a stable monetary policy stance amid economic fluctuations [2][3] - The average corporate loan interest rate is approximately 3.2%, down 2.4 percentage points from the peak in late 2018, reflecting a low financing cost environment [2] Oil Prices - Domestic gasoline prices are expected to rise to the "9 yuan era" due to an increase in international oil prices, with a projected increase of about 2000 yuan per ton [4] - The rise in oil prices could lead to higher costs for various industrial products, potentially causing widespread inflation [5] Memory Prices - The price of 32GB memory modules has surged from 800 yuan to 3800 yuan due to increased demand from AI applications, impacting the prices of storage devices and leading to higher costs for consumer electronics [6][7] - The memory price increase is driven by a significant demand from AI data centers, with supply constraints expected to persist in the short term [7] Tesla's Procurement - Tesla plans to procure approximately 29 billion USD (around 200 billion yuan) worth of photovoltaic manufacturing equipment from Chinese suppliers to support its goal of adding 100GW of solar manufacturing capacity in the U.S. [8][9] - This procurement highlights the competitive advantage of China's photovoltaic supply chain and its ability to meet large-scale demands efficiently [8] Alibaba's Financial Performance - Alibaba reported a 2% year-on-year revenue growth in Q4, with total revenue reaching 284.84 billion yuan, while net profit fell by 67% to 16.32 billion yuan [10][11] - The growth in revenue was primarily driven by Alibaba Cloud, which saw a 36% increase in revenue, and AI-related products that have maintained triple-digit growth for ten consecutive quarters [10][11] Pig Farming Industry - The average price of live pigs has dropped below 10 yuan per kilogram, indicating a significant decline in profitability for pig farmers, with many facing losses [14][15] - The industry is experiencing overproduction despite regulatory efforts to control pig production capacity, leading to a challenging market environment for pig farming [14][15] Stock Market Trends - The Shanghai Composite Index fell below the 4000-point mark, reflecting a weak market sentiment with significant declines in small and mid-cap stocks [16][17] - The market has shown low trading enthusiasm, with most sectors experiencing adjustments, while the energy sector, particularly related to Tesla's procurement, showed some resilience [16][17]

周五（3月20日），受中东战事影响，美股低开低走，三大指数集体收跌，其中纳指跌超2%。 截至收盘，标普500指数跌1.51%，报6506.48点；纳斯达克综合指数跌2.01%，报21647.61点，双双收于2025年9月以来的最低水平。道琼斯 指数跌0.96%，报45577.47点，为去年10月以来最低收盘价。 | 名称 | | EST P | 开元棋牌 | 游戏唱 | | --- | --- | --- | --- | --- | | 道現斯指數 | | 45577.47 | -443.96 | -0.96% | | 标普500指数 | | 6506.48 | -100.01 | -1.51% | | 纳斯达最高台指数 | 0 | 21647.61 | -443.08 | -2.01% | 周线上看，道指本周累跌2.11%，标普累跌1.9%，纳指累跌2.07%，三大指数均连跌四周，其中标普创下自2025年3月以来最长的周线连跌纪 录，道指也创2023年2月以来最长连跌纪录。 盘中，道指和纳指一度进入"回调区间"——较历史高点低了10%。当时，新华社援引美国媒体报道称，美国军方正向中东地区增派3艘军舰 和约2 ...

记者｜黎雨桐 见习记者林芊蔚 编辑｜张楠 北京时间3月21日，美股三大指数集体收跌。道指跌0.96%，本周累跌2.11%，连续四周下跌， 创下自2023年2月以来最长的周线连跌纪录；纳指跌2.01%；标普500指数跌1.51%。 欧洲主要股指收盘普跌。德国DAX 30指数跌2%，法国CAC40指数跌1.82%；意大利MIB指数 跌1.97%；英国富时100指数跌1.44%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 45577.47 | 21647.61 | 6506.48 | | -443.96 -0.96% -443.08 -2.01% -100.01 -1.51% | | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 59068.36 | 3623.68 | 6742.84 | | -1226.84 -2.03% -92.11 -2.48% -202.55 -2.92% | | | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 46110 | 24217.25 | 6588.50 | | -231 -0.50% ...

每经记者｜杜波 每经编辑｜段炼 记者|杜波 编辑|段炼 易启江 校对|张益铭 当地时间3月20日，美股全线低开，截至发稿，道指跌1.13%，纳指跌0.53%，标普500指数跌0.8%。全市超4100股下跌。 科技股普跌，英伟达跌1.64%，特斯拉跌2.1%，谷歌跌1.69%，苹果跌0.69%，超微电脑跌27.87%。存储股也跳水，闪迪跌超5%，美光科技跌2.56%。 中概股普跌，纳斯达克中国金龙指数跌超1.6%。小鹏汽车、蔚来跌超5%，搜狐、哔哩哔哩跌超2%，金山云跌超10%。 国际金银价格再次跳水，截至发稿，现货黄金再次跌破4600美元，日内跌超1.5%。现货白银再次跌破70美元大关，日内跌超4.5%。 根据花旗集团可追溯至1996年的数据，当地时间3月20日，将有大约5.7万亿美元名义价值、与美国个股、指数和交易所交易基金挂钩的期权到期，这也将 是历年来规模最庞大的3月到期价值，这一季度性事件长期以来被交易员们称为"四巫日"。 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） 封面图片：视觉中国（图文无关） | 1 | | 英伟达 | 175.635 | -1.64 ...

以下文章来源于笔记财经晨会 ，作者笔记小助手 笔记财经晨会 . 有观点的财经晨会 欧洲天然气期货价格因卡塔尔液化天然气工厂受损而飙升27% 美国表示不再攻击伊朗的能源设施，网友：还是喜欢你桀骜不驯的样子。 点击上方 蓝字"笔记财经晨会" 关注我们 1、因为美联储不降息并可能加息的预期，黄金白银狂跌，大a盘中也跌破了4000点，进入了4000点保卫战，市场都在担心流 动性危机。 高市最近在访美，应该是去纳贡去了，特朗普政府要求日本兑现 5500 亿美元对美投资承诺，否则可能加征关税。 日本推出 10 万亿日元（约 640 亿美元）第二批对美投融资，覆盖能源、矿产、基建等领域。用真金白银安抚美方，换取美 国在关税、汇率、贸易规则上的让步，缓解日本出口压力。 伊朗议会正在推动一项法案，根据该法案，如果霍尔木兹海峡被用作船舶交通、能源和粮食运输的安全通道，相关国家有义 务向伊朗支付通行费和税款。 伊朗这是抓住了美国经济的命门就猛攻啊。 2、据报道，阿联酋无视战争影响，坚持1.4万亿美元对美投资承诺。还是坚定站位，阿联酋本身就是伊朗重点反击对象，后 续估计还是伊朗的重点照顾对象。 前几天高市响应特朗普进行石油储备释放， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q4 performance of the company met expectations, with a strong product cycle. The company achieved a total revenue of 21.03 billion yuan in Q4, representing a year-on-year increase of 56.3% and a quarter-on-quarter increase of 8.1%. The net profit attributable to shareholders for Q4 was 360 million yuan, with a quarter-on-quarter increase of 136.9% [8] - The company has launched new models, including the Leaping LAFA5, which contributed to a total delivery of 180,000 vehicles by the end of 2025. The overall average selling price (ASP) for Q4 was 105,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [8] - The gross margin for Q4 was 15.0%, reflecting a year-on-year improvement due to economies of scale and effective cost control [8] - The company has expanded its sales and service network to cover 295 cities with 950 locations by the end of 2025, and has established over 900 international sales and service points [8] Financial Summary - Total revenue projections for the company are as follows: 2024A: 32,164 million yuan, 2025A: 64,732 million yuan, 2026E: 109,932 million yuan, 2027E: 130,556 million yuan, and 2028E: 139,122 million yuan, with respective year-on-year growth rates of 92.06%, 101.25%, 69.83%, 18.76%, and 6.56% [1] - The net profit attributable to shareholders is projected to be (2,820.80) million yuan in 2024A, 538.39 million yuan in 2025A, 2,618.62 million yuan in 2026E, 4,504.42 million yuan in 2027E, and 6,938.15 million yuan in 2028E, with year-on-year growth rates of 33.10%, 119.09%, 386.38%, 72.01%, and 54.03% respectively [1] - The earnings per share (EPS) are forecasted to be (1.98) yuan in 2024A, 0.38 yuan in 2025A, 1.84 yuan in 2026E, 3.17 yuan in 2027E, and 4.88 yuan in 2028E [1] - The price-to-earnings (P/E) ratio is expected to be (19.78) in 2024A, 103.64 in 2025A, 21.31 in 2026E, 12.39 in 2027E, and 8.04 in 2028E [1]

2026年2月市场回顾 受春节超长假期影响，2026年2月乘用车市场呈显著季节性回落。中国汽车流通协会乘用车市场信息联席 分会数据显示， 2月狭义乘用车零售达103.4万辆，同比下降25.4%，环比下降33.1%，新能源乘用车零售46.4万 辆，同比下降32.0%，渗透率44.9%。 2026年3月车市展望 2026年春节时间较晚，受此影响，3月上半月仍处于节后消费修复期，市场热度恢复相对缓慢。随着各地 以旧换新补贴发力、春季新车陆续上市，终端热度逐步提升，预计下旬起市场将开启季节性回暖，消费者观望 情绪有望减弱。 点 击 蓝 字 关 注 我 们 本文全文共 1070 字，阅读全文约需 4 分钟 | 单位: 万辆 | 主要厂商 | 主要厂商 | 主要厂商 | 主要厂商 | 零售市场 | | --- | --- | --- | --- | --- | --- | | | 第一周 | 第二周 | 第三周预计 | 第五周预计 | 全月预计 | | 3 月主要厂商日均零售 | 3.1 | 4.5 | 4.7 | 9.3 | 170.0 | | 环比 2026年2月 | -24.6% | 42.0% | 49.1% | ...