福田汽车1月9日公告，2025年12月份汽车产品销量为58172辆，产量为58014辆。2025年1-12月，公司累 计销售汽车产品650053辆，较去年同期增长5.85%；累计生产汽车产品659455辆，较去年同期增长 7.95%。其中，新能源汽车累计销量101200辆，同比增长87.21%。 ...

图为2025年10月，游客在江苏盐城中韩文化客厅韩国生活馆内选购商品。新华社记者 李 博摄 近日，中韩自贸协定生效十周年纪念研讨会在韩国首尔举办。中韩自贸协定（FTA）是中国和经济合作 与发展组织（OECD）成员国中首个签署并实施的自由贸易协定。近年来，在贸易保护主义抬头与地区 不稳定因素背景下，中韩通过自贸协定深化合作、维护供应链稳定的实践，为东亚区域经济一体化提供 了关键支撑。 中韩FTA生效10年来，给两国经贸合作带来了哪些实打实的变化？在《区域全面经济伙伴关系协定》 （RCEP）等更广范围的区域协定生效后，这份中韩双边协议有何独特价值？面向未来，中韩经贸合作 又将如何实现新一轮升级？本报邀请辽宁大学国际经济政治学院副教授李家成、南开大学亚太经济合作 组织研究中心副研究员张靖佳解读。 这10年，FTA给中韩经贸合作带来哪些实打实的变化？ 韩国产业通商资源部数据显示，2015至2024年韩中双边贸易额增幅约20%。出口实现半导体、汽车、生 物、钢铁、化妆品等领域多元化，进口也因中国商品的丰富供给提升了消费者福利。 图为2025年10月16日，执行"青岛—济州"首航航次的"SMC RIZHAO"轮靠泊在青岛 ...

Group 1 - The core viewpoint of the news is that Haima Automobile's stock has experienced a decline in recent trading sessions, with a notable drop of 6.25% year-to-date and 10.74% over the last five trading days [1] - As of January 7, Haima Automobile's stock price was reported at 7.65 yuan per share, with a total market capitalization of 12.581 billion yuan [1] - The company has a primary business focus on the research, manufacturing, sales, and service of automobiles and powertrains, with automotive products accounting for 93.47% of its revenue [1] Group 2 - As of December 31, the number of shareholders for Haima Automobile was 237,900, a decrease of 3.18% from the previous period, while the average circulating shares per person increased by 3.29% to 6,903 shares [2] - For the period from January to September 2025, Haima Automobile reported a revenue of 1.254 billion yuan, reflecting a year-on-year growth of 19.84%, but the net profit attributable to shareholders was a loss of 74.437 million yuan, a decrease of 232.68% compared to the previous year [2] - The company has cumulatively distributed 153 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

Core Viewpoint - The State Administration for Market Regulation has released a draft guideline for compliance with pricing behavior in the automotive industry, aiming to unify regulatory rules and clarify legal boundaries for automotive production and sales enterprises [1][2] Group 1: Pricing Behavior of Automotive Manufacturers - The guideline specifies compliance requirements for pricing behavior from vehicle production to parts manufacturing, including pricing strategies and sales practices [1] - It mandates a comprehensive pricing management system covering the entire sales chain, including vehicle sales and financial services [1] - The guideline emphasizes the need for clear and contractual rebate policies, respecting the pricing autonomy of dealers [1] - It outlines various forms of unfair pricing behavior to be legally addressed [1] - The guideline prohibits price discrimination among operators under the same trading conditions and collusion between producers and parts manufacturers [1] - It requires transparency in "pay-to-unlock" features, ensuring consumers are informed about free periods and charging standards [1] Group 2: Pricing Behavior of Automotive Sales Enterprises - The guideline details requirements for pricing behavior of automotive sales enterprises, including clear pricing rules that accurately represent product and service information [2] - It mandates the clear distinction between vehicle product prices and service prices, prohibiting additional charges outside of the stated prices [2] - The guideline regulates promotional activities, requiring clear public disclosure of promotional rules, durations, and conditions, as well as accurate information on gifts [2] - It defines forms of price fraud, prohibiting misleading pricing, false price comparisons, and failure to honor price commitments [2] - A risk warning mechanism is encouraged for platforms to alert consumers about significant low-price behaviors [2] - The guideline prohibits practices such as charging without providing services, duplicate charges, and transferring charges to consumers [2]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 聚焦汽车新车销售环节，着力规范未按规定明码标价、虚假促销等突出问题。一是细化明码标价规则， 要求经营场所及网络平台真实、准确标示商品和服务信息，严格区分汽车产品价格与销售服务价格，严 禁价外加价。二是规范促销行为，要求显著公示促销规则、期限及限制条件，如实标明赠品信息。三是 细化价格欺诈形式，明确禁止误导性标价、虚假比较价格、不履行价格承诺等行为。四是建立风险提示 机制，鼓励平台对显著低价行为进行经营风险和消费风险双向提示。五是规范服务收费，严禁只收费不 服务、重复收费、转嫁收费等行为。 风险提示及免责条款 ...

Group 1: Economic Relations - The 13th Morocco-Spain High-Level Meeting is scheduled for December 4, indicating a deepening strategic partnership between the two countries [1] - Bilateral trade is projected to reach a record high of €22.7 billion in 2024, with Morocco exporting €9.83 billion primarily in agricultural products, textiles, and automotive products, while Spain's exports to Morocco are valued at €12.87 billion, focusing on machinery, industrial equipment, chemicals, and electronic components [1] - Morocco has become Spain's main trading partner in Africa, as highlighted by EU statistics [1] Group 2: Foreign Investment - Morocco attracted a total of $69.3 billion in foreign direct investment stock by 2023, with Spain consistently ranking among the top five foreign investors [1] - Approved investment projects in Morocco for 2024 amount to nearly €18.5 billion, with significant contributions from European companies, particularly from Spain, France, and Germany [1] - Spanish investments are primarily concentrated in the industrial sector, aligning with Morocco's industrial acceleration plan, green strategy, and decarbonization initiatives [1] Group 3: Future Investment Goals - Over 1,300 Spanish companies operate in Morocco across various sectors, including construction, finance, agriculture, higher education, engineering, and emerging technologies [2] - The Moroccan Business Confederation (CGEM) and the Spanish Employers' Organization (CEOE) aim to achieve €5 billion in cross-investment by 2028, focusing on energy transition, logistics, sports infrastructure, and cultural industries [2] - The upcoming high-level meeting in Madrid is expected to explore new growth areas such as green hydrogen, cybersecurity, and industrial innovation to enhance bilateral cooperation [2]

Core Viewpoint - Despite facing challenges such as macroeconomic downturns and uncertainties in global trade tariffs, the company reported stable financial performance with a 3% year-on-year increase in profit attributable to shareholders and maintained its interim dividend at 17 Hong Kong cents per share, consistent with the previous year [2] Financial Performance - For the first half of the fiscal year 2025/26 (ending September 30, 2025), the company's total revenue was $1.8335 billion, a slight decrease of 1% from $1.8542 billion in the same period last year; excluding foreign exchange effects, revenue fell by 2% [2][4] - Gross profit reached $440.7 million, with a gross margin increase from 23.6% to 24.0%, primarily due to lower direct labor costs, tighter raw material prices, and favorable foreign exchange movements, which offset pressures from price reductions and rising wages [2][4] - Net profit attributable to shareholders increased by 3% to $133.3 million, with fully diluted earnings per share at 14.21 cents; adjusted EBITDA was $158.7 million, accounting for 8.7% of revenue [2][4] Cash Flow and Financial Position - The company reported strong operating free cash flow, rising from $144.4 million to $174.5 million, mainly due to a decrease in working capital [2][4] - As of September 30, 2025, cash reserves stood at $932.5 million, with a total debt-to-capital ratio of 11%, down 1 percentage point from the end of the previous year; net cash was $572.8 million, and interest coverage improved to 21.3 times [3][4] Business Segments - The automotive products segment, which is the core business, accounted for 84% of total revenue, experiencing a 3% decline in fixed exchange rates; the Asia-Pacific region saw a 6% drop, primarily due to market share loss among joint ventures in China [5] - The industrial products segment represented 16% of total revenue, remaining stable year-on-year in fixed exchange rates, with varied regional performance: a 7% increase in Europe, the Middle East, and Africa, while Asia-Pacific and the Americas saw declines of 5% and 3%, respectively [5] Strategic Initiatives - The company is adjusting its business by integrating production processes, focusing on highly automated assembly lines and digital processes, and shifting new business development towards rapidly expanding Chinese manufacturers [6] - The company is actively pursuing new opportunities in the context of the global automotive industry's electrification transition and trade policy changes, including a joint venture with Shanghai Mechanical & Electrical Co., Ltd. to focus on high-performance humanoid robot components [6]

分红方面，时代新材A股上市后累计派现11.71亿元。近三年，累计派现5.07亿元。 机构持仓方面，截止2025年9月30日，时代新材十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股867.37万股，为新进股东。 责任编辑：小浪快报 资料显示，株洲时代新材料科技股份有限公司位于湖南省株洲市天元区黑龙江路639号，成立日期1994 年5月24日，上市日期2002年12月19日，公司主营业务涉及高分子材料的研究及工程化推广应用为核心, 致力于从事轨道交通、风力发电、汽车、高性能高分子材料等产业领域系列产品的研制、生产与销售。 主营业务收入构成为：风电产品分部42.25%，汽车产品分部37.16%，轨道交通分部11.92%，工业与工 程分部9.14%，未分配项目3.62%。 时代新材所属申万行业为：机械设备-轨交设备Ⅱ-轨交设备Ⅲ。所属概念板块包括：高铁、汽车零部 件、低空经济、铁路基建、轨道交通等。 截至9月30日，时代新材股东户数4.18万，较上期增加33.69%；人均流通股19353股，较上期减少 25.14%。2025年1月-9月，时代新材实现营业收入149.49亿元，同比增长14.42%；归母 ...

Core Viewpoint - The stock of Times New Material has shown fluctuations in recent trading days, with a current market capitalization of 12.198 billion yuan and a year-to-date price increase of 4.60% [1] Company Overview - Times New Material, established on May 24, 1994, and listed on December 19, 2002, is located in Zhuzhou, Hunan Province. The company focuses on the research and engineering application of polymer materials, serving industries such as rail transit, wind power generation, automotive, and high-performance polymer materials [1] - The company's revenue composition includes: wind power products (42.25%), automotive products (37.16%), rail transit (11.92%), industrial and engineering (9.14%), and unallocated projects (3.62%) [1] Financial Performance - For the period from January to September 2025, Times New Material achieved operating revenue of 14.949 billion yuan, representing a year-on-year growth of 14.42%. The net profit attributable to the parent company was 428 million yuan, with a year-on-year increase of 40.52% [2] - The company has distributed a total of 1.171 billion yuan in dividends since its A-share listing, with 507 million yuan distributed in the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders of Times New Material reached 41,800, an increase of 33.69% from the previous period. The average circulating shares per person decreased by 25.14% to 19,353 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 8.6737 million shares as a new shareholder [3]

Core Viewpoint - Dechang Motor Holdings (00179) experienced a decline of over 5%, closing at HKD 29.36 with a trading volume of HKD 48.88 million, as analysts express concerns over the company's limited disclosure on new business plans and the potential for a significant revaluation based on future updates [1][1][1] Financial Performance - The mid-term results for Dechang Motor Holdings, ending September, met expectations according to Morgan Stanley [1] - Citigroup noted that management anticipates moderate revenue growth for the second half of the fiscal year ending March 2026, with both Automotive Products (APG) and Industrial Products (IPG) segments expected to show growth [1][1] Business Outlook - The company has provided limited details regarding the progress of its new business initiatives, particularly in AIDC and robotics, which is likely to maintain a subdued market sentiment [1] - Citigroup believes that significant growth momentum may not be observed until the fiscal year 2027, with new businesses (AI liquid cooling pumps and humanoid robot joints) projected to account for only 3% of total sales in that year, insufficient to justify a substantial revaluation this year [1][1] Stock Performance - The company's stock price has increased approximately 2.8 times this year, attributed to the long-term growth potential of the two new business segments, although Citigroup argues that the stock is currently overvalued compared to its fundamentals [1][1][1]