2025年的中国资本市场，一面是科技浪潮下的新贵崛起，一面是传统行业的深度调整。有人凭技术突围 登顶资本之巅，有人在转型阵痛中步履维艰，有人于权力博弈中寻求破局。他们的沉浮轨迹，既是个人 命运的转折，更是行业周期、资本逻辑与时代浪潮的生注脚。 不过，这些年度人物的经历共同指向一个清晰的趋势：资本逻辑正从规模扩张转向价值回归，从概念炒 作转向硬核实力。2026年，无论是行业老将的转型自救，还是新生代的持续突围，唯有敬畏风险、坚守 本质、拥抱创新，才能在资本市场的变局中站稳脚跟。 老将承压，光环褪去后的考验与拷问 祝九胜 万科前CEO祝九胜的退场堪称地产行业的标志性事件。13年间，他见证并推动万科从千亿营收膨胀至创 纪录的5038亿元。但这份"辉煌成绩单"在2025年遭遇最严厉的审视。祝九胜以"身体原因"辞职后，财务 操作争议接踵而至，最终被传采取刑事强制措施，而万科2025年超360亿公开债务到期、现金流捉襟见 肘的困境，更暴露了地产行业高杠杆模式的脆弱性。祝九胜的结局与万科的危机，印证了行业下行周期 中，"优等生"的光环终究抵不过风险的累积。 雷军 同样面临转型考验的还有雷军。2024年小米汽车的高光延续至2 ...

汽车产业深度变革背景下，全球车企市值排名的更新既是中国、外资车企行业地位与竞争格局的直观体现，亦为市场对汽车企业全产业链价值的综 合判断。 "一家企业的市值表现与很多因素有关，如盈利与现金流能力、成长潜力与战略布局以及企业抗风险能力等。"有业内人士分析称，小米的市 值排在比亚迪之前，本质是估值逻辑的胜利，两家企业在资本眼中的定位差异十分明显。"尽管小米在过去一年经历了诸多风波，但其'生态 溢价'能力依旧十分可观，尤其是相对于偏向传统制造的比亚迪而言。" 与华为深度绑定的赛力斯，是除小米、比亚迪外排名第三的中国车企，反超上汽集团的同时整体排名上升一位，至第18位。业界普遍认为， 爆款车型终端热度不减、登陆港股两地上市等因素，是其被市场认可的主要原因。 | | | | 2025年中国上市车企市值排名(截至2025年12月31日) | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025排名 | 较2024排名 | 公司 | 2025年市值 | 2024年市值 | 市值变化 | 色注 | | | | | (亿美元) | (亿美元) | (亿,美元) | | ...

1月1日，比亚迪发布2025年12月以及2025年全年销量数据。数据显示，2025年12月，比亚迪新能源汽车销量为42.04万辆。其中，乘用车销量为41.48万 辆，纯电动车销量为19.07万辆；插电混动车销量为22.41万辆。截至12月底，2025年全年比亚迪新能源汽车累计销量为460.24万辆，同比增长7.73%。其 中，乘用车销量为454.54万辆，同比增长6.94%；纯电动车销量为225.67万辆，同比增长27.86%；插电混动车销量为228.87万辆，同比下滑7.91%。 | | | 産量 | 銷量 | | | --- | --- | --- | --- | --- | | 項目類別 | | 本月 去年同期 本年累計 去年累計 累計同比 本月 | 去年同期 本年累計 去年累計 累計同比 | | | 新能源汽車 | 419.804 | 466,441 4,537,356 4,304,073 | 5.42% 420.398 514,809 4,602,436 4,272,145 | 7.73% | | 一乘用車 | 414.553 | 460,719 4,479,392 4,281,084 | 4.63 ...

2025年末，一场足球盛宴在摩洛哥点燃激情。与赛场内的速度与力量相呼应的，是场外一支由723 辆中国宇通客车组成的绿色车队。它们穿行于城市之间，以"零排放"的姿态，保障着赛事的每一次高效 接驳。这不仅是服务非洲杯的最大规模客车品牌，更创下了中国客车出口非洲的单笔订单纪录。 视线转回郑州，另一幅关于规模与速度的图景同样震撼：在比亚迪超级工厂内，机械臂精准舞动， 平均每50秒便有一台新能源整车下线。自投产至2025年，这里已驶出超100万辆汽车，贡献产值突破 1700亿元。 这一外一内，生动勾勒出郑州新能源汽车产业的双重维度：在国际市场，它以高品质解决方案赢得 尊重；在国内，则以集群速度重塑制造版图。最新数据显示，2025年前三季度，郑州汽车制造业增加值 同比增幅为19.2%，与电子信息产业共同成为驱动增长的"双引擎"。一个立足全国、链通全球的战略性 产业集群，正在崛起。 从"产品输出"到"价值输出" 宇通服务非洲杯，远非简单商品出口。为适配摩洛哥复杂路况与长运营需求，723辆客车均为深度 定制，设计寿命达20年或200万公里。赛事结束后，车队将无缝融入当地公交系统，实现从"赛时保 障"到"赛后运营"的可持续价值 ...

Core Viewpoint - The mechanical industry is a foundational and strategic sector for national economic development, achieving significant progress in scale, foreign trade, and innovation capabilities during the "14th Five-Year Plan" period, laying a solid foundation for new industrialization [1] Group 1: Achievements and Developments - The first commercial supercritical carbon dioxide power generation unit has successfully commenced operation, achieving over 85% efficiency improvement compared to existing technologies [2] - The mechanical industry has shown steady growth during the "14th Five-Year Plan," with enhanced resilience in supply chains and significant improvements in the supply capacity of major technical equipment [2] - By the end of 2024, the number of large-scale enterprises in the mechanical industry is expected to increase from 92,000 to 132,000, with the industry's share of national industrial output rising from 24.1% to 25.8% [3] Group 2: Global Expansion - The launch of the "BYD Changsha" roll-on/roll-off cargo ship marks a new phase for the export of electric vehicles from China to Europe, indicating deepening global integration of the mechanical industry [4] - The mechanical industry has achieved a historic leap in foreign trade, with exports and imports exceeding $1 trillion for four consecutive years, projected to reach $1.17 trillion in 2024 [4] Group 3: Digital and Intelligent Transformation - The launch of the first open robot leasing platform in Shanghai signifies a shift towards ecological and convenient rental models in the robotics industry, reflecting the digital and intelligent transformation of the mechanical sector [7] - By 2024, over 90% of the mechanical industry is expected to adopt digital design tools, with more than 80 companies recognized as top-level smart factories [7] Group 4: Strategic Directions - The mechanical industry is encouraged to enhance its digital capabilities and accelerate the transition towards high-end, intelligent, green, and integrated development [8] - The integration of artificial intelligence into the industrialization process is seen as a key driver for innovation and optimization of the industrial structure [9]

机械工业是国民经济发展的基础性、战略性和支柱性产业，是工业经济"压舱石"。"十四五"时期，我国 机械工业在产业规模、对外贸易、创新能力等方面取得显著成就，为推进新型工业化奠定了坚实基础。 "十五五"规划建议提出，坚持把发展经济的着力点放在实体经济上，坚持智能化、绿色化、融合化方 向，并强调构建以先进制造业为骨干的现代化产业体系。 中国机械工业联合会会长徐念沙表示，站在新的历史起点，机械工业正着力提升产业链供应链韧性和安 全水平，加快培育发展新质生产力，为建设现代化产业体系夯实根基。 发展根基愈加坚实 12月20日，全球首台商用超临界二氧化碳发电机组在贵州六盘水首钢水钢集团成功商运，这也是超临界 二氧化碳余热发电技术"超碳一号"的全球示范工程，实现了从实验室到商业落地的跨越。相较现役烧结 余热蒸汽发电技术，"超碳一号"发电效率提升85%以上，净发电量提升50%以上，同时系统简化、设备 减少、运维便利，场地需求减少50%。 "十四五"时期，在复杂严峻的形势下，机械工业仍实现了稳步发展，产业链供应链韧性持续增强，重大 技术装备供给能力显著提高。三代核电"华龙一号"具备整机设备100%国产化能力，万米钻机制造步入 世 ...

11月，比亚迪在巴西、土耳其、意大利、西班牙、匈牙利、克罗地亚等国拿下了新能源汽车销量第一，在新加坡等国家获得全品牌销冠。1-11月累计表现同 样不俗，在巴西、土耳其、西班牙、意大利等国，比亚迪位列新能源汽车品牌销量榜首；在新加坡、中国香港等地区市场荣膺全品牌销量第一，备受消费者 认可。 2025年1-11月，比亚迪在英国、德国、意大利、西班牙、奥地利、爱尔兰、马来西亚、土耳其、新加坡、泰国、中国等11个汽车核心国家市场，销量已经全 面超越特斯拉。凭借多元化产品矩阵，比亚迪精准契合了全球不同市场消费者的差异化需求。同时，通过推进自建滚装船、本地化生产、构建完善的服务体 系等一系列协同举措，为其海外拓展提供了坚实支撑。在这些出海策略的有力推动下，比亚迪出海狂飙全球领跑。 截至目前，比亚迪新能源汽车出海足迹累计已遍布119个国家和地区。在刚刚过去的12月18日，比亚迪举行了第1500万辆新能源汽车下线仪式，成为首家达 成这一里程碑的车企，标志着中国汽车工业正式迈入全球引领新阶段。以比亚迪为代表的中国汽车品牌不再是跟随者，而是推动新秩序建立的引领者。在这 场关乎全球未来出行变革的历史画卷中，中国汽车品牌正落笔生辉。 ...

Group 1 - The article discusses the impact of AI on the workplace, highlighting both the potential benefits and the challenges faced by employees as AI technologies evolve [2][3] - It notes that many companies are still hesitant to invest in employer branding, focusing instead on product performance and financial results, which diminishes the importance of employee relations [3] - The trend of seeking "versatile talents" in job descriptions is increasing, while the concept of "one-person companies" emerges as a response to workforce reductions, raising questions about the value of teamwork [3] Group 2 - The article reflects on the struggles of an AI startup team, emphasizing the challenges of navigating the AI landscape and the impact of rising price sensitivity among consumers [3][4] - It mentions the organization of various events, including AI talent salons and recruitment fairs, aimed at fostering community and industry engagement [4] - The publication aims to maintain high content standards and neutrality while exploring monetization strategies through paid content, indicating a shift in the media landscape [4] Group 3 - The article presents a list of the top 50 employers in the workplace bonus category, showcasing companies that have excelled in employer branding and employee engagement [8][15] - It highlights the importance of adapting to changing market demands and the emergence of new job roles in sectors like IP management and overseas market promotion due to the globalization of brands [11] - The narrative emphasizes the need for companies to innovate and adapt to the evolving economic landscape, particularly in the context of AI and automation [11]

Core Insights - BYD is emerging as a disruptor in the global government vehicle market, traditionally dominated by local and established German and Japanese brands [2][3][5] - The company is increasingly chosen for police and government vehicles across multiple countries, including Mexico, Austria, Hungary, Uzbekistan, and Brazil [5][7] Group 1: Market Dynamics - The overseas government vehicle market is known for its high standards and barriers to entry, which have historically favored local brands and traditional automakers [3] - BYD is breaking this long-standing dominance by offering innovative electric and hybrid vehicles that meet the evolving needs of government agencies [2][3] Group 2: Environmental Trends - Environmental considerations have become a core standard in government vehicle procurement, with many countries setting targets for the electrification of their fleets [7] - BYD is positioned as a strategic partner for governments aiming to achieve low-carbon goals, providing solutions that address both low emissions and charging infrastructure challenges [7] Group 3: Technological Advantages - BYD's technological strengths include its blade battery known for high safety and longevity, DM-i super hybrid technology for ultra-low fuel consumption, and the Yun Nian intelligent vehicle control system for enhanced stability and comfort [9] - These innovations cater to diverse needs, from daily commuting to emergency response, solidifying BYD's reputation as a global brand [9] Group 4: Sales Performance - In the period from January to November 2025, BYD's overseas sales reached 917,000 units, significantly surpassing the total overseas sales for 2024 [9] - BYD's electric vehicle products are now available in 117 countries and regions, reflecting the success of its global strategy and the growing recognition of Chinese electric vehicle brands [9]

Core Viewpoint - The 30th Conference of the Parties (COP30) in Belém, Brazil, emphasizes the need for global cooperation to address climate change, accelerate emission reductions, and promote an inclusive and just transition [6][9]. Group 1: Climate Agreements and Actions - The Paris Agreement, reached 10 years ago, has successfully reduced the projected global temperature rise from over 4°C to between 2.1°C and 2.8°C by the end of the century [6]. - China has consistently advocated for multilateralism and has made significant contributions to the implementation of the Paris Agreement, showcasing its commitment to global climate governance [7][17]. - China has set ambitious national contributions, including a target for carbon intensity reduction by 2020 and a commitment to achieve peak carbon emissions before 2030, followed by a goal for carbon neutrality by 2060 [10][11]. Group 2: International Cooperation and Support - China has mobilized over 177 billion RMB for climate change South-South cooperation projects, supporting more than 120 developing countries through training and capacity-building initiatives [14][16]. - The "African Light Belt" project exemplifies China's efforts to provide clean energy solutions to developing nations, significantly improving energy access in countries like São Tomé and Príncipe [14]. - China plays a crucial role in facilitating climate funding negotiations, addressing the funding obligations of developed countries under the Paris Agreement, and providing financial support to developing nations [16]. Group 3: Technological Innovation and Green Transition - China aims to achieve a 19.8% share of non-fossil energy in primary energy consumption by 2024, ahead of its 2030 targets, and has become a leader in renewable energy production and electric vehicle sales [11]. - The establishment of a national carbon trading market covering over 60% of carbon emissions demonstrates China's commitment to innovative solutions for reducing emissions [11]. Group 4: Leadership in Climate Negotiations - China has been instrumental in coordinating negotiations at climate conferences, often serving as a bridge between different parties to facilitate consensus [15][16]. - The country has taken on leadership roles in various negotiation topics, including climate finance and technology transfer, reinforcing its position as a key player in global climate governance [16].