上海年末迎来多场新展。浦东美术馆双展齐开：在"非常毕加索"中，邂逅毕加索的创意世界；于"图案 的奇迹"里，一览卢浮宫珍藏的东方艺术瑰宝。 上海博物馆人民广场馆以"海派旗袍"勾勒百年摩登风韵；世博会博物馆呈现清代外销珍品，见证中西文 化交融；上海朵云轩艺术中心则展出了第八届中国书坛中青年"百强榜"所有作品。 第十三届上海美术大展即将于2026年1月4日在上海美术馆（中华艺术宫）落幕；而"百年守护——从紫 禁城到故宫博物院"特展也将于12月30日在故宫博物院结束。 另外，香港故宫文化博物馆正在举行"莫卧儿王朝瑰宝"展，聚焦16至17世纪南亚艺术，展现中西文化交 流。 上海 非常毕加索：保罗·史密斯的新视角 展期：2025年12月22日至2026年5月3日 地点：上海浦东美术馆 展览以来自巴黎毕加索博物馆80件毕加索跨越70余年的作品，通过展览艺术总监、英国设计师保罗·史 密斯独特的设计，让观众以全新的方式感受这位二十世纪艺术巨匠的创意世界。 图案的奇迹: 卢浮宫印度、伊朗与奥斯曼的艺术杰作 展期：2025年12月13日 - 2026年5月6日 地点：上海浦东美术馆 约300件卢浮宫馆藏珍品，为卢浮宫在华最大展览。 ...

Core Insights - Berkshire Hathaway, led by Warren Buffett, has completely exited its investment in BYD, confirming the sale of all shares [2] - BYD's public relations manager acknowledged the gradual reduction of Berkshire's stake since August 2022, emphasizing the normalcy of buying and selling in stock investments [2] - Buffett's initial investment in BYD was heavily influenced by his friend Charlie Munger, who strongly recommended the investment [4][5] Investment History - Berkshire Hathaway acquired 225 million shares of BYD at HKD 8 per share in 2008, totaling approximately HKD 1.8 billion, which represented about 10% of BYD's shares post-placement [5] - Over the 14 years of holding, BYD's stock price increased by approximately 3890%, yielding substantial returns for Berkshire Hathaway [5] Company Overview - BYD, founded in 1995 and headquartered in Shenzhen, is a leading player in the global electric vehicle (EV) market, with a market share of 31.7% in China's EV sector as of 2022 [7][8] - The company is recognized for its comprehensive capabilities in battery, motor, and electronic control technologies, providing a full range of solutions from energy acquisition to application [9] Recent Performance - In the first seven months of 2025, BYD's global vehicle sales reached 2.49 million units, a year-on-year increase of 27.4%, with overseas sales of passenger cars and pickups exceeding 550,000 units, up over 130% [9] - BYD's new car registrations in Europe surged by 225% in July 2025, capturing a 1.2% market share and surpassing Tesla [9] Competitive Advantages - BYD's cost structure is significantly lower than that of competitors, with production costs at 55% of those of Volkswagen's electric vehicles, even after accounting for taxes [10] - The company's "Di Chain" payment model enhances liquidity in the supply chain, allowing suppliers to receive payments faster and reducing their financing costs, which in turn lowers component procurement costs for BYD [9]

Core Insights - Tesla and BYD are accelerating their expansion into the Japanese electric vehicle (EV) market, potentially leading the country's EV transformation [2] - Tesla plans to increase its store count in Japan from 23 to 50 by the end of 2026, with the possibility of expanding to 100 stores [2] - In the first half of 2025, Tesla's sales in Japan are expected to grow by 70% year-on-year to approximately 4,600 vehicles, showcasing strong growth momentum [2] - In contrast, Japan's domestic automakers are lagging behind, with the country's EV penetration rate being low compared to other developed nations [2] - Japan's EV sales in the first half of 2025 were only 27,321 units, a 7% year-on-year decline, marking two consecutive years of negative growth [2] - Japanese consumers have primarily favored hybrid vehicles, resulting in the lowest penetration rate for pure electric vehicles among developed countries [2] - The global EV market is increasingly dominated by a few key players, with Tesla leading through technological innovation and global presence, while BYD excels in the Chinese market and commercial vehicle sector [2] Company Profiles - **Tesla**: A globally recognized electric vehicle manufacturer based in the U.S., led by Elon Musk, focusing on clean energy and electric transportation. Tesla produces high-performance electric vehicles, including Model S, Model 3, Model X, and Model Y, and is involved in energy storage and solar power [2] - **BYD**: A leading Chinese electric vehicle manufacturer established in 1995, headquartered in Shenzhen. BYD produces a wide range of electric vehicles, including passenger cars and commercial vehicles, and has introduced the world's first electric bus [2] - **NIO**: A high-end electric vehicle manufacturer from China, focusing on luxury electric SUVs and innovative battery-swapping technology to address charging time concerns [2] - **Volkswagen Group**: The largest automotive manufacturer globally, headquartered in Germany, committed to electric vehicle production through its ID series, including ID.3, ID.4, and ID. BUZZ [2] - **Mercedes-Benz**: A high-end automotive brand under Daimler AG, known for its EQ series of electric vehicles, including EQC, EQA, EQB, and EQS, covering various market segments [2] Market Overview - The global electric vehicle market is characterized by a "dual-core" driving pattern led by China and the U.S. In 2022, global sales exceeded 10.52 million units, with China holding a 24.4% market share, followed by Europe at 17.3%. Japan and India have penetration rates below 5% [2]