摘要 高压平台 + 超快充电池已成高端 SUV 标配。 2026 年工信部新车第一弹来袭。 据第 403 批《道路机动车辆生产企业及产品公告》，开年共有 82 款新车公示，纯电车型 49 款，混动 / 增程共 33 款。其中，比亚迪系新车公示 最多，共 32 款，弗迪电池配套车型包括王朝、海洋系列，以及方程豹、领汇、腾势品牌。 宁德时代紧跟弗迪其后，拿下 28 款新车配套，三元车型共 16 款， LFP 车型 11 款，" LFP+ 三元"电池 1 款，该电池上车零跑 SUV D19 。 从零跑的官方宣传来看， D19 部分车型搭载了宁德时代 115KWh 超混电芯，能量密度提升了 18.5% ，率先满足 2026 年最新电池国标。 值得一提的是，宁德时代此前已提出 AB 电池概念，可实现" LFP+ 三元"以及" LFP+ 钠电"等组合。而最新双核电池的概念在其去年首个科技日上 着重强调，成为行业焦点。 事实上，宁德时代双核电池可视为 AB 电池的加强版。 具体来看，宁德时代"双核架构"的其中一个矩阵为，骁遥 " 三元铁/ 双三元 " 双核电池（三元+铁锂/ 三元自生成负极电池），输出功率大于 1000kW ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者 | 方璐 来源 | 野马财经 增减之间，分寸拿捏。 一石激起千层浪。12月28日，小米（1810.HK）发布公告称，公司联合创始人、执行董事、副董事长林 斌计划自2026年12月开始，每12个月出售金额不超5亿美元的本公司B类普通股，累计出售金额不超过 20亿美元（约合人民币140亿元）。 140亿是什么概念？折算成港元大概是154.71亿港元，是小米创始人雷军此前斥资1亿港元增持的154 倍。这不是林斌首次减持小米股份，2024年6月，他因减持套现1亿港元（约合人民币9049.4万元）引发 外界对其违反减持承诺的热议。针对这次最新的减持计划，小米解释称，林斌减持计划所得款主要用于 成立投资基金公司，林斌对本集团业务前景充满信心并将长期服务于本集团。 提及林斌减持对小米的影响，香颂资本执行董事沈萌认为，二级市场股价将受减持消息影响承压，且小 米的解释不能打消市场对林斌巨额减持的担忧，且无论解释的原因是什么，结果都是有更多股票进入流 通市场，造成供给增加，对价格产生压力。 中国企业资本联盟副理事长、中国区首席经济学家柏文喜同样认为， ...

Group 1 - Goldman Sachs maintains a "Buy" rating on Xiaomi Group-W (01810) with a 12-month target price of HKD 56.5, indicating an attractive risk-reward profile despite potential short-term price resistance [1] - The delivery cycle for the SU7 Pro and SU7 Max has been significantly shortened from approximately 30 weeks and 34 weeks to 6-9 weeks, while the delivery cycle for the SU7 base model remains at about 30 weeks [1] - During the Double Eleven promotional period, Xiaomi's total gross merchandise value (GMV) reached RMB 29 billion, a 9% decrease from RMB 31.9 billion in the same period last year [1] Group 2 - Long-term, Goldman Sachs believes that Xiaomi's strong balance sheet, robust ecosystem integration capabilities, and cost advantages from its scale and deep involvement in the electric vehicle supply chain will enhance its competitiveness and attractiveness in the electric vehicle sector [2] - Xiaomi is positioned to leverage its interconnected consumer devices to establish one of the largest consumer-grade smart ecosystems globally [2]

Core Viewpoint - The Audi E5 Sportsback is considered a significant product in the Chinese automotive market, reflecting current industry trends and posing a competitive threat to domestic brands [2][3][9]. Group 1: Product Significance - The Audi E5 Sportsback received over 10,000 pre-orders within 30 minutes of its launch, indicating strong market demand and product appeal [3]. - The model features a high adoption rate of the quattro all-wheel-drive system, with nearly 60% of initial orders opting for this configuration [3]. - The vehicle's color option, "Morning Purple," was chosen by 35% of buyers, showcasing its aesthetic appeal [3]. Group 2: Key Strategies - Audi's approach with the E5 Sportsback includes localizing technology, innovating brand strategy, and implementing disruptive pricing [5][8]. - A global team was formed between Audi AG and SAIC to integrate Audi's technological expertise into the E5 Sportsback, particularly highlighting the quattro system's performance [6]. - The introduction of a new "AUDI" branding, rather than the traditional four-ring logo, aims to attract a younger, tech-savvy consumer base [8]. Group 3: Market Context - The E5 Sportsback represents a shift in the luxury automotive sector, as traditional brands adapt to the growing dominance of local electric vehicle manufacturers [11]. - Audi's sales of electric vehicles in China were only 7,564 units in the first half of the year, while the penetration rate of electric vehicles in the luxury market exceeded 40% [11]. - The collaboration with Chinese tech companies like Huawei and CATL is essential for traditional luxury brands to remain competitive in the rapidly evolving market [12]. Group 4: Competitive Landscape - The E5 Sportsback's pricing strategy, ranging from 235,900 to 319,900 yuan, directly targets the price segments of emerging domestic brands [8]. - The competitive environment is intensifying as new generation products from luxury brands like BMW and Mercedes-Benz prepare to enter the Chinese market, challenging the current dominance of local new energy vehicle brands [13].

Core Viewpoint - The Audi E5 Sportsback is considered a significant product launch in the Chinese automotive market, reflecting key trends and strategies in the industry [1][5]. Group 1: Product Performance - The Audi E5 Sportsback received over 10,000 pre-orders within 30 minutes of its launch, indicating strong market demand [4]. - Approximately 60% of the initial orders were for models equipped with the quattro all-wheel-drive system, showcasing the product's appeal [4]. - The E5 Sportsback's color choice, with 35% opting for the popular "Morning Purple," highlights its attractiveness to consumers [4]. Group 2: Strategic Innovations - Audi's approach with the E5 Sportsback includes localizing technology, innovating brand strategy, and disruptive pricing [6]. - The vehicle features the renowned quattro technology, developed from decades of experience in chassis development and driving dynamics [6]. - Audi has introduced a new branding strategy by using the "AUDI" letter brand instead of the traditional four-ring logo, aiming to attract a new generation of consumers [6][8]. Group 3: Market Context - The pricing of the E5 Sportsback ranges from 235,900 to 319,900 yuan, strategically positioned to compete with major price segments of new domestic brands [8]. - The E5 Sportsback is seen as a response to the evolving demands of Chinese consumers who seek a combination of intelligence, performance, price, and brand strategy [9]. Group 4: Industry Trends - Audi's performance in the Chinese market has been challenged, with only 7,564 new energy vehicles registered in the first half of the year, while the luxury electric vehicle market penetration has surpassed 40% [11]. - Traditional luxury brands have struggled to keep pace with the electric transformation, as key technologies are dominated by Chinese companies [12]. - The shift from "overseas technology + local production" to "joint development + local innovation" is becoming essential for traditional luxury brands to thrive in China [13][16]. Group 5: Collaborative Efforts - Collaborations with Chinese companies like Huawei and Ningde Times are becoming common, as they provide essential technology and innovation for traditional luxury brands [14]. - The trend of deep integration with the Chinese automotive industry is seen as crucial for survival in the largest automotive market globally [16].

Core Insights - The insurance premiums for new energy vehicles (NEVs) are generally higher compared to traditional fuel vehicles, with the average premium for NEVs in 2023 being 4,395 yuan, which is 63% higher than that of fuel vehicles [3][5] - The new energy vehicle insurance market is currently facing challenges, including high loss ratios and difficulty in achieving profitability, with many insurers struggling to keep their comprehensive cost ratios below 100% [4][5] - There are signs of improvement in the NEV insurance sector, with a significant increase in signed premiums and a potential shift towards profitability as the market matures and data sharing improves [5][9] Insurance Premium Trends - The first-year insurance premium for the Xiaomi SU7 Max in Beijing is over 7,000 yuan, with potential reductions in the second year if no claims are made, while claims can lead to premiums exceeding 10,000 yuan [1] - Premiums for NEVs vary significantly by region due to factors such as vehicle ownership, accident risk, and repair costs, leading to higher premiums in areas with a high concentration of NEVs [2] Industry Performance - The average insurance premium for the entire auto insurance market is close to 2,000 yuan, while NEV-focused insurers report premiums exceeding 4,000 yuan [3] - The insurance industry reported a loss of 67 million yuan in 2023 from NEV insurance, highlighting the ongoing challenges in this segment [5] Cost Management Challenges - The comprehensive cost ratio for NEV insurance remains above 100% for most insurers, indicating a loss-making situation for the industry as a whole [4][5] - The complexity of insuring NEVs, particularly due to high repair costs associated with components like batteries and sensors, contributes to the elevated risk and costs for insurers [5] Regulatory and Market Developments - Recent regulatory measures aim to separate high-risk NEV insurance from individual insurers, promoting a healthier business ecosystem [6] - The establishment of platforms like "Car Insurance Good to Insure" facilitates easier access to insurance for NEVs, potentially improving market conditions [6] Future Outlook - Industry experts suggest that collaboration among regulators, insurers, and automakers is essential to lower insurance costs and improve profitability in the NEV insurance market [7][8] - The potential for scale effects and improved data utilization may help insurers manage risks better and achieve profitability as the NEV market continues to grow [9]

Group 1 - The core viewpoint of the articles highlights the challenges and dynamics of the new energy vehicle (NEV) insurance market, including high premiums, underwriting losses, and the need for industry reforms to achieve profitability [1][3][4] - The average premium for NEVs is significantly higher than that of traditional fuel vehicles, with the average premium for NEVs in 2023 reported at 4,395 yuan, which is 63% higher than that of fuel vehicles [3][4] - The insurance industry has faced substantial underwriting losses in the NEV sector, with reported losses of 67 million yuan in 2023 and 57 million yuan in 2024, indicating ongoing financial challenges [4][5] Group 2 - The pricing of NEV insurance varies significantly by region due to factors such as vehicle ownership, accident risk, and repair costs, leading to discrepancies in premiums for the same model across different areas [2][3] - The increase in NEVs used for ride-hailing services has contributed to higher insurance costs, as these vehicles often do not adhere to commercial insurance standards, resulting in increased claims and higher premiums for consumers [2][4] - The industry is seeing signs of improvement, with a reported growth rate of over 40% in NEV commercial insurance premiums in the first half of the year, outpacing the growth of claims, which suggests a potential shift towards profitability [5][7] Group 3 - The overall cost structure of NEV insurance remains challenging, with many insurers struggling to keep their comprehensive cost ratio below 100%, which is essential for profitability [3][4] - Experts suggest that to lower insurance costs and improve profitability, the industry must enhance data sharing, re-evaluate risk assessment, and innovate pricing models to better reflect the unique characteristics of NEVs [6][7] - The need for collaboration among regulators, insurers, and automakers is emphasized to create a more efficient ecosystem that can address the high costs and risks associated with NEV insurance [5][6]

Group 1 - The core point of the article highlights that Hyundai Motor Group has purchased multiple Xiaomi SU7 vehicles for technical analysis and research, indicating a strategic response to emerging competition from Chinese brands like BYD [1][2] - The procurement of Xiaomi SU7 is part of Hyundai's broader strategy to enhance its competitive positioning against new entrants in the automotive market, reflecting the company's recognition of the challenges posed by these competitors [1] - Hyundai's total investment for the year has increased to 24.3 trillion KRW, with 11.5 trillion KRW allocated for research and development, which is nearly half of the total investment, aimed at advanced technology development and in-depth analysis of core competitors like Xiaomi SU7 [1] Group 2 - Hyundai's tangible assets, including research vehicles, have grown from approximately 38.9 trillion KRW in 2023 to 44.7 trillion KRW in the first quarter of 2024, with the acquisition of Xiaomi SU7 contributing to this increase [2] - One of the key research focuses on the Xiaomi SU7 is its unique smart cockpit experience, which may provide insights for Hyundai's next-generation user experience (UX) and connected systems development [2]

Core Viewpoint - Xiaomi Group is actively addressing and refuting rumors regarding its advanced driving training program, emphasizing the importance of the training while initiating legal actions against those spreading false information [1][5][7]. Group 1: Rumors and Legal Actions - A significant number of fake accounts have been disseminating images and false narratives about accidents related to Xiaomi's driving training, leading the company to pursue legal action against the perpetrators [1][7]. - Xiaomi's public relations manager, Wang Hua, stated that the nature of these rumors is extremely malicious and misleading to the public [1][7]. - The company has completed evidence collection and has begun legal proceedings to hold the rumor spreaders accountable [1][7]. Group 2: Training Program Details - The ongoing advanced driving training program in Beijing is designed for driving enthusiasts, allowing participants to experience extreme vehicle conditions in a safe and controlled environment [9]. - The training includes various exercises such as acceleration, braking, emergency lane changes, and low-traction driving, aimed at enhancing driving skills and enjoyment [9]. - This program was launched by Xiaomi's founder, Lei Jun, during the company's 15th-anniversary strategic release and started on June 6, targeting the first 10,000 users of the SU7 vehicle, who can participate for free [9].

Core Viewpoint - The article discusses the implications of larger wheel sizes on consumer vehicles, highlighting that while larger wheels may enhance visual appeal, they can negatively impact performance, comfort, and cost-effectiveness [1][3]. Group 1: Wheel Size and Vehicle Performance - Larger wheel sizes have become more common in modern vehicles, with entry-level cars typically featuring 14 to 15-inch wheels, while higher-end models often come with 19 to 20-inch wheels [3]. - The weight of larger wheels significantly increases; for example, a 15-inch wheel weighs approximately 5.3 kg, while a 16-inch wheel weighs about 6.6 kg, marking a 25% increase [4]. - Increased unsprung mass from larger wheels can lead to reduced handling and comfort, as the suspension system must work harder to respond to road conditions [6]. Group 2: Energy Efficiency and Driving Dynamics - Larger wheels contribute to higher rolling resistance, which consumes more energy during vehicle operation. This is due to the increased contact area with the ground [7]. - The moment of inertia of larger wheels is greater, requiring more energy for acceleration and deceleration, which can burden the vehicle's powertrain and energy recovery systems [7]. - For instance, the Ideal MEGA uses 18-inch wheels to enhance range, while larger wheels on the L series negatively impact efficiency [7]. Group 3: Comfort and Cost Implications - Smaller wheels provide benefits such as lower unsprung mass and thicker sidewalls, which enhance ride comfort and improve energy efficiency [10]. - The cost of tires correlates with size; larger tires are more expensive both at purchase and during replacement, leading to higher overall maintenance costs [12]. - While larger wheels can improve braking performance and handling in certain conditions, they may undermine the energy efficiency advantages of electric vehicles [14].