证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-07 周观：如何看待 2026 年 1 月的流动性情况？（2025 年第 50 期） 固收点评 20260103：绿色债券周度数据跟踪（20251229-20251231） 一级市场发行情况：本周（20251229-20251231）银行间市场及交易所市 场共新发行绿色债券 13 只，合计发行规模约 133.98 亿元，较上周减少 93.63 亿元。二级市场成交情况：本周（20251229-20251231）绿色债券周 成交额合计 490 亿元，较上周减少 155 亿元。 固收周报 20251228：周观：如何看待 2026 年 1 月的流动性情况？（2025 年第 50 期） [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20260106：每周宏观经济和资产配置研判—20260106 2026 一季度经济开门红的可能性略有提升 固收金工 [Table_FixedGain] 固收周报 20260104：公募基金销售新规正式稿落地，债市修复可期 2025 年末最后一周债券市场维持震荡偏弱，主要受年末机构行 ...

（来源：华商报） 郑州保时捷中心"跑路"尘埃未定，贵州又有一家保时捷中心"跑路"。股权穿透显示，这两家保时捷中心隶属同一家集团。 郑州、贵州两家保时捷相继"空楼" 24日，社交媒体上有大量用户发文称郑州中原保时捷中心"跑路"，一夜之间展厅被搬空，导致已支付定金的消费者无法提车，部分客户购买的保养套餐等 服务也无法兑现。郑州中原保时捷中心位于郑州市中原区大中原国际汽车城D区20号，占地面积12000平米，是河南地区规模最大的保时捷授权4S旗舰 店，隶属于河南东安控股集团。 郑州市中原区商务局工作人员进一步回应媒体称："此事并非该门店单独或保时捷品牌方面的问题，而是门店上游的集团内部出现状况，进而引发此次事 件。目前相关情况仍在进一步调查与协调中。"股权穿透显示，郑州中原保时捷中心隶属于东安控股集团有限公司，集团总部位于河南新乡。 25日，针对"郑州中原保时捷中心疑闭店'跑路'"一事，保时捷中国回应称，对于此次事件给各位车主及消费者带来的困扰与担忧致以最诚挚的歉意，将积 极推动事件妥善处理，将消费者合法权益放在首位。"我们高度关注保时捷授权经销商郑州中原保时捷中心出现经营异常情况，目前与警方和相关部门正 在现场核 ...

Group 1 - The core point of the article highlights BYD's strong sales performance for its Fangchengbao model, with November sales reaching 37,405 units, representing a month-on-month increase of 20.5% and a year-on-year increase of 339% [1] - The cumulative sales of the Fangchengbao brand have exceeded 240,000 units, with an average transaction price close to 240,000 yuan [1] - The Fangchengbao Titanium 711 model sold 24,019 units in November, with an average transaction price exceeding 210,000 yuan [1]

Core Viewpoint - BYD has taken legal action against online defamation, successfully winning a court ruling that requires the defendant to apologize and pay compensation of 313,800 yuan for damaging the reputation of its brand [2][4][5]. Legal Actions Against Defamation - BYD's legal victory against the self-media account "Wang Wukong Says Car" highlights the company's ongoing battle against online defamation, which has been a significant issue since 2021 [2][7]. - The court found that "Wang Wukong Says Car" published defamatory statements about BYD's Fangchengbao brand, constituting an infringement of BYD's reputation [4][8]. - BYD has initiated multiple lawsuits against various accounts, with a total of nearly 20 lawsuits filed in the past two years [7][9]. Industry Response to Black Public Relations - The automotive industry is witnessing a collective effort to combat black public relations, with several companies, including NIO and Deep Blue Auto, launching initiatives to gather evidence against malicious attacks [9][10]. - The National Development and Reform Commission has emphasized the need to address the chaotic state of the automotive industry, which includes issues like malicious smear campaigns and false advertising [9][10]. Financial Performance and Challenges - In the first three quarters of the year, BYD's net profit attributable to shareholders decreased by 7.55%, with a significant drop of 32.6% in the third quarter [3][17]. - Despite facing challenges from black public relations, BYD's Fangchengbao brand has shown strong market performance, achieving sales of 208,464 units, making it one of the fastest-growing new force brands [14][15]. - The company reported a revenue of 566.27 billion yuan for the first three quarters, a year-on-year increase of 12.75%, but faced a decline in third-quarter revenue for the first time since 2022 [16][17]. R&D Investment and Market Expansion - BYD has significantly increased its R&D investment, with expenditures reaching 43.75 billion yuan in the first three quarters, a 31.3% increase year-on-year [17]. - The company has achieved a cumulative global sales figure of 3.7019 million vehicles in the first ten months, marking a 13.88% year-on-year growth, with overseas sales contributing significantly to this growth [17].

Group 1 - The core point of the article is that BYD's subsidiary, Fangcheng Leopard Automobile, reported significant sales growth for October 2025, with a total of 31,052 vehicles sold, representing a month-on-month increase of 28.7% and a year-on-year increase of 415.3% [1] Group 2 - The sales of the Ti7 model reached 20,024 units in its first full month after launch, with an average transaction price exceeding 210,000 yuan [1]

Group 1 - BYD's subsidiary, Fangchengbao Automobile, sold 31,052 vehicles in October, representing a month-on-month increase of 28.7% and a year-on-year increase of 415.3%, ranking among the top three in growth among new force brands [1] - The average transaction price of the brand is nearly 240,000 yuan [1] - The sales of the Ti7 model exceeded 20,000 units in its first complete month [1]

Core Insights - BYD reported October sales of 441,706 vehicles, with 436,856 being passenger cars, and overseas sales of passenger cars and pickups reaching 83,524, marking a year-on-year increase of 155.5% [2] Sales Performance - In the month of October, the Dynasty and Ocean series combined sales totaled 395,015 vehicles, while the Fangchengbao sold 31,052 units, Tengshi sold 10,135 units, and Yangwang sold 654 units [2] - Cumulatively, from January to October, BYD sold 3,701,852 vehicles, with overseas sales of passenger cars and pickups reaching 785,103 units [2] New Energy Vehicle Sales - As of the end of October, BYD's cumulative sales of new energy vehicles exceeded 1.42 million units [2] Financial Performance - For the third quarter, BYD reported revenue of 194.985 billion yuan, a decrease of 3.05% year-on-year; net profit attributable to shareholders was 7.823 billion yuan, down 32.60% year-on-year; and net profit excluding non-recurring items was 6.891 billion yuan, a decline of 36.65% year-on-year [2] - For the first three quarters, BYD achieved revenue of 566.266 billion yuan, an increase of 12.75% year-on-year; net profit attributable to shareholders was 23.333 billion yuan, down 7.55% year-on-year; and net profit excluding non-recurring items was 20.49 billion yuan, a decrease of 11.65% year-on-year [2]

比亚迪：方程豹汽车20万台销量达成，品牌平均成交价23.88万。 ...

Core Insights - The automotive market in Cangzhou has seen a significant reduction in promotional discounts during the National Day and Mid-Autumn Festival compared to previous years, indicating the effectiveness of measures against "involution" competition [2][5] - There is a notable increase in demand for new energy vehicles (NEVs) in Cangzhou, with sales of specific models like the Haobo HL and Geely Xingyuan rising during the holiday period [5][6] Promotional Strategies - Several automotive brands, including Li Auto and Xpeng, announced special promotional policies for the National Day, offering cash subsidies and trade-in incentives, but actual consumer savings were only around 2,000 to 3,000 yuan [5][6] - Sales personnel have shifted their focus from price discounts to emphasizing policy changes, such as the expiration of tax exemptions and adjustments in national subsidies, encouraging consumers to purchase vehicles before these changes take effect [6][7] New Energy Vehicle Demand - The demand for NEVs has surged in Cangzhou, with sales personnel reporting increased interest and sales without significant discounts, relying instead on manufacturer policies like free charging and maintenance [5][6] - The sales strategy has adapted to highlight the urgency of purchasing NEVs before the potential increase in costs due to policy changes, such as the end of full exemption from vehicle purchase tax [6][7] Policy Changes and Consumer Behavior - The vehicle purchase tax exemption for NEVs is set to continue until the end of 2027, with specific conditions for tax reductions in subsequent years [7] - Consumers are encouraged to act quickly to secure government subsidies through a "first come, first served" model, with limited availability of qualification vouchers for trade-ins [10][11] - Recent changes in the application process for vehicle scrapping and trade-in subsidies have been implemented, requiring consumers to obtain qualifications before applying for subsidies [12]

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy tools and consumption recovery [8] - Key risks include potential declines in exports, consumer spending pressures, and slowdowns in real estate and infrastructure investments [8] - The upcoming U.S. economic data releases are anticipated to show increased volatility, with a higher likelihood of significant deviations from expectations [8] Fixed Income Analysis - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown and the current accommodative monetary policy [2][12] - The analysis highlights that the banking sector's capital adequacy ratios and non-performing loan ratios are above regulatory standards, providing a buffer against credit risks [12] - The report suggests that while some smaller banks may consider balance sheet reductions, the overall probability for the entire industry is low [12] Company-Specific Insights 越疆 (02432.HK) - The company reported a revenue of RMB 1.53 billion for H1 2025, a 27.1% year-on-year increase, driven by significant growth in six-axis collaborative robot sales [17] - The gross margin improved to 47.0%, with a notable reduction in net losses due to operational efficiencies [17] - The company has signed a strategic partnership with Yaoshi Bang to explore applications of intelligent robotics in the pharmaceutical sector [17] 伟仕佳杰 (00856.HK) - The company is a leading ICT solutions provider in the Asia-Pacific region, with a focus on cloud computing and AI, expecting revenue growth of 15% to 14% from 2025 to 2027 [18][19] - The Southeast Asian market is a key growth area, with revenue from this region projected to increase significantly [19] - The company has established partnerships with major tech firms, enhancing its service offerings across various sectors [19] 亿纬锂能 (300014) - The company is set to launch its solid-state battery production facility, with an expected annual capacity of nearly 500,000 cells [20] - It anticipates a significant increase in shipments, projecting a 60% year-on-year growth in 2025 [20] - The company is focusing on differentiated products, with plans to expand its production capacity significantly by 2027 [20] 比亚迪 (002594) - The company expects net profits of RMB 450 billion, RMB 589 billion, and RMB 710 billion for 2025 to 2027, maintaining a growth trajectory [20] - The focus on high-end products and international expansion is expected to drive future growth [20] 科士达 (002518) - The company forecasts net profits of RMB 5.8 billion, RMB 8.2 billion, and RMB 11.7 billion for 2025 to 2027, benefiting from the growth in data centers and energy storage [20] - The company is well-positioned to capitalize on the rapid development of the charging and storage industries [20]