美国政府持续滥用出口管制机制，在芯片等高科技产品的对华出口中加强审核限制。据《日经亚洲》6 日报道，为防止美国收紧出口限制、阻碍本土自动驾驶和其他技术的发展，中国汽车制造商和芯片公司 正加紧行动，研发并采用国产产品或解决方案，以替换英伟达等外国芯片巨头的车载半导体。 最近的例子就有小鹏和蔚来。这两家原本主要由英伟达供应芯片的中国车企，都在最新推出的车型中搭 载了其自研芯片。 日媒报道提到，中国目前至少有10家新兴及老牌芯片企业，将汽车市场列为核心发展赛道。地平线、华 为海思、黑芝麻智能、芯驰科技、芯擎科技等中国芯片企业正快速崛起，不断拓展国内车企客户。 这一趋势也让中国头部芯片代工企业受益：行业龙头中芯国际目前的汽车及工业应用芯片制造占营收的 10%，而3年前这一比例尚不足3%；排名第二的华虹半导体同样在无锡扩建工厂，专攻车规级芯片生 产。 与此同时，比亚迪、广汽、一汽、长城、吉利等越来越多的中国车企，正积极投资于芯片研发、制造和 封装领域。 报道认为，这将给英伟达带来新的冲击。该公司已疲于应对美国反复无常的限制措施，近期更因"后 门"问题被中方相关部门约谈，被要求就对华销售的H20算力芯片存在的漏洞后门安全 ...

Group 1 - The report highlights ten investment themes focusing on advanced manufacturing, emerging technologies, and structural improvements, indicating a favorable environment for thematic investments in the second half of 2025 [1][4][10] - The report emphasizes the shift in investor perception towards a "transformation bull market" in China's stock market, driven by declining discount rates and a reduction in opportunity costs for equity investments [10][11] - The low-altitude economy is entering a "manned era," with the first operational certificates for manned civil unmanned aerial vehicles issued, indicating significant growth potential in this sector [2][34] Group 2 - The low-altitude economy market is projected to exceed 1 trillion yuan by 2026, with a growth rate of 33.8% year-on-year in 2023, driven by the manufacturing of low-altitude aircraft and operational services [36][40] - The commercial aerospace sector is expected to see a significant increase in satellite launch demand, with multiple satellite constellations entering a dense networking phase, highlighting a substantial gap in launch capacity [41][49] - The deep-sea technology sector is being prioritized under the "Marine Power" strategy, with a focus on developing key technologies and equipment, aiming to enhance China's capabilities in deep-sea resource exploration and utilization [55][64] Group 3 - The semiconductor industry is identified as a critical battleground in the technology competition, with a focus on domestic advancements in lithography technology and the promotion of mergers and acquisitions to strengthen the supply chain [3][64] - The report recommends investing in leading semiconductor equipment and materials companies, as well as domestic computing power industry chains, to capitalize on the growing demand for advanced semiconductor technologies [3][64] - The intelligent driving sector is experiencing accelerated penetration, with the report suggesting investments in key components such as intelligent driving chips, cameras, and lidar systems, as well as smart transportation software and hardware companies [3][64]

Economic Growth - Shenzhen's GDP reached 895.05 billion yuan in Q1, with a year-on-year growth of 5.2% [1] - The city's industrial output value above designated size grew by 4.2% year-on-year, accelerating by 1.6 percentage points compared to January-February [2] Industrial Performance - High-tech product output showed significant growth, with civil drone production increasing by 48.2% and industrial robot production rising by 40.1% [3] - The smart connected vehicle industry cluster grew by 38.8% year-on-year, while the robot industry cluster saw a growth of 38.0%, with industrial robot manufacturing increasing by 56.2% [4] Real Estate Market - The sales area of commercial housing increased by 17.0% year-on-year, outperforming the national average and ranking first among first-tier cities [5] - In Q1, over 26,000 new and second-hand residential units were sold, marking a 67.7% increase compared to the previous year [5] Investment Trends - Fixed asset investment in Shenzhen decreased by 2.1% year-on-year, but the decline narrowed by 1.1 percentage points compared to earlier months, indicating a potential recovery [5] - Industrial investment grew by 1.4% year-on-year, with technological transformation investment surging by 61.8% [6] Consumer Market - The total retail sales of social consumer goods increased by 3.1% year-on-year, with a 1.4 percentage point acceleration compared to January-February [9] - Government subsidies for replacing old products significantly boosted consumer spending, with home appliances and smart home devices seeing sales increases of 59.3% and 53.1%, respectively [13] Logistics and Tourism - Port container throughput reached 8.40 million TEUs, growing by 17.1% year-on-year, while airport passenger throughput exceeded 16.55 million, marking a 6.3% increase [14] - Overnight tourist numbers reached 8.75 million, with inbound overnight visitors increasing by 10.6% [14]

Economic Growth - Shenzhen's GDP reached 895.05 billion yuan in Q1, with a year-on-year growth of 5.2% [1] - The city's industrial output value increased by 4.2% year-on-year, accelerating by 1.6 percentage points compared to January-February [2] Industrial Performance - High-tech product output showed significant growth, with charging piles up 11.5%, civil drone production up 48.2%, industrial robots up 40.1%, and service robots up 18.1% [3] - The smart connected vehicle industry cluster grew by 38.8% year-on-year, while the robot industry cluster increased by 38.0%, with industrial robot manufacturing and service robot manufacturing growing by 56.2% and 35.0%, respectively [4] Real Estate Market - The sales area of commercial housing increased by 17.0% year-on-year, outperforming the national average and ranking first among first-tier cities [5] - In Q1, over 26,000 new and second-hand residential units were sold, marking a 67.7% year-on-year increase [5] Investment Trends - Fixed asset investment in Shenzhen decreased by 2.1% year-on-year, but the decline narrowed by 1.1 percentage points compared to earlier months, indicating a potential recovery [5] - Industrial investment grew by 1.4% year-on-year, with technological transformation investment surging by 61.8% [6] Consumer Market - The total retail sales of social consumer goods increased by 3.1% year-on-year, with an acceleration of 1.4 percentage points compared to January-February [9] - Government subsidies for replacing old products significantly boosted consumer spending, with home appliances and smart home devices seeing sales increases of 59.3% and 53.1%, respectively [13] Transportation and Tourism - Port container throughput reached 8.40 million TEUs, a year-on-year increase of 17.1%, while airport passenger throughput exceeded 16.55 million, growing by 6.3% [14] - Overnight tourist numbers reached 8.75 million, with inbound overnight visitors increasing by 10.6% [15]

点击蓝字，关注我们 比亚迪股份有限公司（01211.HK）是全球领先的新能源汽车和智能设备制造商，业务涵盖电动汽车、电池及其相关组件的设计、研发、生产和销售。 汽车领域专注于新能源汽车的生产，涵盖乘用车、商用车及零部件；比亚迪电子主要从事电子零部件的生产和组装，特别是在手机及其他消费电子产品 领域；而电池领域，旗下弗迪公司则专注于动力电池的研发与生产，尤其是在新能源汽车领域的应用。 财务回顾 24年比亚迪营业总收入人民币7,771.02亿元，同比增长29.02%，历史首次超过特斯拉 。其中，汽车及相关产品收入为人民币6,173.82亿元，占总营收的 79.45%，同比增长27.70%；手机部件及组装业务实现收入人民币1,596.09亿元，占比20.54%，同比增长34.60%。尽管非汽车业务增长迅猛，但汽车业务 依然是公司的营收核心支柱。2024年，比亚迪售出约427万辆新能源汽车，比第二名特斯拉的两倍还多，市占率提升至33.2%。 公司24年归属于母公司股东的净利润为人民币402.54亿元，同比增长34.00%，扣非净利润为369.83亿元，同比增长29.94%，基本每股收益达到人民币 13.84元。 截至 ...

核心观点 月度产销： 乘联会初步统计1月全国乘用车厂商零售销量185.3万辆，同比下降9%，环比下降30%。据乘联会，12月全 国狭义乘用车零售263.5万辆，同比增长12.0%，环比增长8.7%；2024年以来累计零售2,289.4万辆，同比增长5.5%。12 月全国乘用车厂商批发307.5万辆，同比增长12.3%，环比增长4.5%，2024年以来累计批发2,719.1万辆，同比增长 6.3%。 本月行情： 1月CS汽车板块上涨0.72%，其中CS乘用车下跌3.61%，CS商用车上涨2.76%，CS汽车零部件上涨3.35%， CS汽车销售与服务下跌1.19%，CS摩托车及其它上涨5.76%，同期沪深300指数下跌2.99%，上证综合指数下跌3.02%， CS汽车板块跑赢沪深300指数3.71pct，跑赢上证综合指数3.73pct；汽车板块自2023年初至今上涨18.45%，沪深300上涨 11.25%，上证综合指数上涨9.27%，CS汽车板块跑赢沪深300指数7.2pct，跑赢上证综合指数9.18pct。 成本跟踪： 截至2025年1月20日，浮法平板玻璃、铝锭类、锌锭类价格分别同比去年同期-31.9%/+ ...