上年的销量受召回（回收、免费维修）影响而下滑的大型SUV"Grand Highlander"和"TX"的销量反弹， 另外，关于12月全面改良后上市的SUV"RAV4"，改良前的旧款车型也全年表现出色。高档车品牌"雷克 萨斯"方面，因TX等车型增长，该品牌销量增长7.1％，达到37万260辆，创下年度新高。 另一方面，丰田以外的日本车企普遍在美国市场陷入苦战。本田的销量增长0.5％，为143万577辆。 虽然上半年"CR-V"等主力HV表现出色，但自10月底起，中国资本旗下的荷兰安世半导体（Nexperia） 生产的半导体供应短缺，本田被迫减产和调整生产，对销量造成了影响。 日本经济新闻（中文版：日经中文网）川上梓 纽约 丰田在美国市场销售的大型SUV"Grand Highlander" 在6家日本车企中，丰田、本田、日产3家在美国市场实现正增长。其中，丰田同比增长8％…… 日本6家汽车厂商1月5日公布的2025年（1～12月）美国新车销量同比增长2.4％，达到602万3492辆。美 国特朗普政府在2025年9月底取消了纯电动汽车（EV）购车税额抵免政策，导致EV需求下降，在这样 的背景下，在美国增加了混合动力 ...

奇瑞汽车将在越南增加经销店 奇瑞2024年才进军越南，时间较晚。但与很多中国车企与本土的VinFast展开竞争有所不同，奇瑞选择 避免正面抗衡，并且在探索合作的可能性。继中国车企在泰国迅速扩大势力之后，日本车企有可能也被 迫在越南调整业务体制…… 中国大型车企开始在越南新车市场发起攻势。奇瑞汽车（CHERY）最早将于2026年中投产中国车企在 越南的首座工厂，比亚迪（BYD）和吉利汽车也在大力扩大销售。在越南，本土纯电动汽车企业 VinFast迅速发展起来，占据着约3成的市场份额，但预计未来与中国车企的竞争无法避免。 奇瑞汽车将与越南综合企业Geleximco合作，在越南北部兴安省（原太平省）新建工厂。总投资额达到 约8亿美元。将生产主力品牌"Omoda（欧萌达）"等车型。初期的年产能为3万至6万辆，预计到2030年 将提高至20万辆。 奇瑞还将在越南加强销售业务，提出了2026年销量超过1万辆的目标，计划将经销店数量从目前的约40 家增至75家。目前销售的车型是插电式混合动力车（PHV）和汽油车，预计还将于2026年推出纯电动汽 车和混合动力车（HV）。 合资公司副总裁Nguyen Dang Quang强调 ...

Equity Market - The market experienced a slight increase on December 26, with the Shanghai Composite Index rising by 0.1%, marking an eight-day consecutive gain [4] - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 235.7 billion yuan compared to the previous trading day [4] - Over 3,400 stocks in the market declined, indicating rapid rotation of market hotspots [4] Domestic Policies - Jiangsu Province's Finance Department introduced measures to optimize the management of enterprise-related financial funds, aiming to address issues of "dispersed, inefficient, and redundant" fund management [6] - The Ministry of Ecology and Environment announced the fourth batch of excellent cases and lists for beautiful bays, with four locations in Jiangsu selected [6] - The National Development and Reform Commission launched three regional venture capital guidance funds to support entrepreneurship [7] Corporate Developments - Peter Schiff, a Wall Street economist, highlighted the risk of investor confidence in U.S. fiscal and monetary stability for 2026, predicting silver prices could reach $100 per ounce [8] - The Japan Semiconductor Equipment Association reported that sales of chip manufacturing equipment in November 2025 reached 420.67 billion yen, a 3.7% increase year-on-year, marking the 23rd consecutive month of growth [8] - LG Electronics announced the launch of a new gaming monitor with built-in AI technology capable of enhancing content resolution to 5K [8] - Toyota plans to set its global production target for 2026 at over 10 million vehicles, responding to strong demand for hybrid vehicles in North America [8] - Tesla's full self-driving system is expected to launch in the UAE next month, featuring advanced driver assistance capabilities [8]

·国家创业投资引导基金启动聚焦人工智能、6G等前沿领域预计撬动万亿级社会资本 ·人民银行：着力健全有利于"长钱长投"的制度政策环境显著提高各类中长期资金实际投资A股的规模和 比例 ·白银"挤兑"愈演愈烈 COMEX白银主力合约涨11.15% ·12月26日，国家创业投资引导基金启动，京津冀创业投资引导基金、长三角创业投资引导基金、粤港 澳大湾区创业投资引导基金三只区域基金设立运行。财政部相关负责人表示，国家创业投资引导基金具 备以下新的特点：一是财政力度更大；二是投资定位更精准，基金以"投早、投小、投长期、投硬科 技"为鲜明导向，聚焦人工智能、生物制药、量子科技、6G等前沿领域，以长达15年—20年的存续周期 匹配硬科技、长周期的研发需求；三是资金放大效果好，基金采取引导基金、区域基金、子基金三层架 构，在区域基金及子基金层面，积极面向地方政府、金融机构、国有企业、民营企业等，通过千亿级财 政资金，预计将撬动万亿级的社会资本。（新华财经） ·中国人民银行发布《中国金融稳定报告（2025）》，其中指出，中国证监会、财政部、人力资源社会 保障部、中国人民银行、金融监管总局等相关部门将立足大局，加强协作，形成合力， ...

Group 1 - Dow futures fell by 0.08%, S&P 500 futures decreased by 0.04%, and Nasdaq futures dropped by 0.05% [1] - Biohaven Pharmaceuticals experienced a pre-market decline of nearly 14% after announcing that its experimental depression drug did not meet the primary goals of its mid-stage trial [1] - Mining stocks surged in pre-market trading, with silver prices rising 5% to $75.39 per ounce, marking a record high, and gold reaching a peak of $4,530 [1] Group 2 - Toyota plans to exceed a global production of 10 million vehicles by 2026, responding to strong demand for hybrid vehicles in North America [2] - Xpeng Motors officially entered the Mauritian market after establishing a strategic partnership, following its launch in Qatar [2] - Bitcoin experienced a sudden drop of over 70% on Binance, falling from $87,600 to $24,100, before quickly rebounding to around $87,000 [2] Group 3 - Apple is expected to launch the second-generation iPhone Air in the fall of 2026, while the iPhone 17e is set to enter mass production for a spring release [3] - Bank of America analysts predict that global semiconductor sales will exceed $1 trillion next year, driven by a 30% year-over-year growth [3] - Tesla's Full Self-Driving (FSD) system is expected to launch in the UAE next month, allowing vehicles to assist with daily driving tasks under driver supervision [3]

格隆汇12月26日｜丰田敲定了使2026年全球产量（包括雷克萨斯）超过1000万辆的计划。此举意在应对 以美国为中心混合动力车（HV）需求的不断高涨。产量将连续两年站上1000万辆大关，其中，日本国 内产量预计将超过300万辆。 ...

Group 1 - Toyota's annual production is expected to reach 10 million units for two consecutive years, driven by strong demand for hybrid vehicles, particularly in the U.S. market [2][5] - The company plans to exceed 10 million units globally by 2026, including Lexus, with domestic production in Japan projected to surpass 3 million units [2][4] - Toyota has communicated its production plans to major parts suppliers, aiming to maintain Japan's manufacturing technology and employment levels, with a target to exceed the 3 million units mark for four consecutive years [4] Group 2 - As of January to November 2025, Toyota's global cumulative production reached 9.17 million units, reflecting a year-on-year increase of 5%, indicating a potential annual production of around 10 million units if the current pace continues [5] - Exports from Japan to the U.S. increased to 560,000 units from January to November, marking a 17% year-on-year growth [2][5] - For the fiscal year 2025, Toyota anticipates a tariff cost of 1.45 trillion yen, including burdens on parts suppliers, while remaining cautious about making significant short-term adjustments to production systems [5]

丰田11月的海外销量为76万9789辆，同比下降3%。其中，美国销量增长3%，达到21万 2772辆，以混合动力车（HV）为主的销售表现持续良好。从日本出口至美国的数量增长 17%，达到5万6992辆。丰田预计在截至2026年3月的财年中，包括零部件企业承担部分在 内，将产生约1.45万亿日元的关税成本。 中国市场销量下降12%，为15万4645辆。丰田此前配合中国政府补贴推出促销措施，在 2025年2月至8月期间销量保持高于上年水平，但随着政策缩减，销售开始放缓。新款 SUV"RAV4"上市在即，消费者推迟购车的动向似乎也有所增加。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 政府补贴政策缩减以及主力车型"RAV4"换代被认为产生了影响…… 丰田汽车12月25日公布的11月全球销量（含雷克萨斯）为90万11辆，同比下降2%，为11个 月来首次转为下降。中国市场因政府补贴政策缩减以及主力车型换代等因素，销量下降 12%，成为主要拖累因素之一。美国市场则维持稳健销售。 ...

Core Viewpoint - The impact of U.S. tariffs on Japanese automakers has significantly affected their financial performance, with a total estimated loss of approximately 1.5 trillion yen due to tariffs and a further 700 billion yen from currency exchange rates, leading to a net profit decline of about 30% year-on-year for the period from April to September [2][4]. Group 1: Financial Impact - The combined net profit of seven major Japanese automakers for the April to September period was close to 2.1 trillion yen, marking a year-on-year decrease of approximately 30%, continuing a trend of decline for two consecutive years [2][4]. - The estimated impact of tariffs on operating profit for the seven automakers is around 1.5 trillion yen, with projections indicating that the tariff impact could reach approximately 2.5 trillion yen by the fiscal year ending March 2026 [4]. - Mazda's sales in the U.S. account for about 30% of its global sales, and the tariffs resulted in a profit decline of 97.1 billion yen during the April to September period, leading to a return to net losses for the first time in four years [5]. Group 2: Company-Specific Performance - Subaru, which derives 80% of its sales from the U.S., faced significant challenges, with 154.4 billion yen in tariff impacts offsetting profits despite increased sales from new model launches [7]. - Toyota stands out among the seven automakers, experiencing a 5% year-on-year increase in global sales, achieving a record high, despite a tariff impact of 900 billion yen. Its final profit decline was limited to 7%, the least affected among the group [7]. - Honda has adjusted its annual net profit forecast downward due to semiconductor shortages, estimating a 150 billion yen impact on operating profit from the supply chain disruptions [8]. Group 3: Market Outlook - The expected exchange rate for the year is projected to be between 140 to 147 yen per U.S. dollar, while the current rate is around 154 yen, indicating a depreciation of the yen, which could benefit Japanese automakers [8]. - Analysts express uncertainty regarding the ongoing impact of tariffs, noting that companies differ in how they account for supplier tariff burdens, leading to unpredictable performance outcomes [8].

Core Insights - Toyota announced a plan to invest up to $10 billion in the U.S. over the next five years, marking the largest investment by a Japanese automaker since the second Trump administration began [2][6] - The investment aims to expand the production system for hybrid vehicles (HV) and core components in response to strong market demand [2][3] - Despite recent losses in North America, Toyota is committed to increasing local production to improve its integrated production system [3][4] Investment Plans - The $10 billion investment will be used to enhance existing factories, although specific projects and factories have not yet been disclosed [2] - In April, Toyota announced an additional investment of $88 million in a West Virginia plant for HV-specific components [4] Market Performance - Toyota's sales in the U.S. reached 2.07 million units from January to October 2025, an 8% increase year-on-year [3] - The company holds over 50% market share in the U.S. HV market, including its luxury brand Lexus [3] Production Strategy - Toyota is increasing the local production ratio of vehicles and core components that were previously exported from Japan to the U.S. [3] - The CFO of Toyota expressed strong demand from customers for increased HV production, indicating a clear intention to strengthen production capabilities [3] Contextual Factors - The investment announcement coincides with the opening of Toyota's first battery factory in Greensboro, North Carolina, a key swing state in the U.S. elections [6] - The Trump administration's termination of tax incentives for electric vehicles (EV) has created a favorable environment for Toyota's HV offerings [3]