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 ...

Core Viewpoint - The 15th National Games torch relay took place simultaneously in Hong Kong, Macau, Guangzhou, and Shenzhen, marking the first time the torch was passed in Hong Kong and Macau, highlighting the innovative "three regions, four cities" model and focusing on the synergy of the Guangdong-Hong Kong-Macau Greater Bay Area [10][11]. Group 1: Technological Integration in Sports - The torch was ignited from "source fire" collected from the deep sea, utilizing solar energy to ignite combustible ice, showcasing the integration of technology and sports [11]. - The event featured advanced technologies such as humanoid robots, unmanned vehicles, and low-altitude flying devices, demonstrating the development of the Greater Bay Area's low-altitude economy and intelligent control technology [11]. - The relay route in Guangzhou spanned 11.6 kilometers, with 4.8 kilometers run by torchbearers and 6.8 kilometers transported by unmanned vehicles, emphasizing the role of technology in the event [12]. Group 2: Cultural and Community Engagement - The torch relay included various activities that highlighted local culture and engaged the community, creating a festive atmosphere for the National Games [13]. - In Macau, traditional dragon and lion dances marked the beginning of the relay, while in Shenzhen, a youth choir performed to celebrate the city and its future [14]. - The relay connected iconic landmarks across the four cities, symbolizing the integration of history and modernity, and the collective aspiration for a world-class city cluster [14]. Group 3: Spirit of Collaboration and Achievement - The torchbearers represented diverse sectors, creating a collective image of perseverance and community spirit, with participants expressing pride in their contributions to the Greater Bay Area's development [15]. - The event was seen as a motivational experience for athletes and ordinary citizens alike, with participants sharing their aspirations for future achievements [15]. - The relay culminated in a unified message of collaboration among the three regions, aiming to write a new chapter for the National Games [16].

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]

Core Insights - BYD has strategically invested in Harmony Auto's overseas electric vehicle platform, iCar Group, acquiring a 10% stake for $40 million, which strengthens their partnership and aims to enhance market competitiveness in overseas markets [1][2][11] - Harmony Auto has been expanding its presence in the electric vehicle sector since 2015 and is now focusing on international markets, particularly in Asia and Europe, to create a second growth curve [2][8] - The investment from BYD reflects a deeper capital connection and aims to leverage BYD's technology and brand influence to solidify Harmony Auto's position in the overseas electric vehicle market [2][12] Investment and Financial Strategy - Prior to BYD's investment, Harmony Auto had already sold 45% of its stake in iCar Group to Epower Global Limited for 330 million yuan, which helped alleviate financial risks by offsetting debts [3][5] - Harmony Auto's stock price surged after announcing the strategic investment, indicating positive market sentiment towards the transaction [3] - The overseas operations of iCar Group have been rapidly expanding, with 40 4S centers and 36 showrooms established across various regions, contributing significantly to Harmony Auto's revenue growth [3][8] Performance Metrics - In the first half of 2025, Harmony Auto reported a 29.1% increase in revenue, with new car sales growing by 36.7%, and a significant improvement in gross profit and net profit margins [6][7] - The overseas market has become a primary revenue source for Harmony Auto, with sales from international markets accounting for 51.3% of total sales [6][8] - Despite the growth, iCar Group has not yet turned a profit, with reported revenues of 0.16 billion yuan and 19.35 billion yuan for 2023 and 2024, respectively, alongside net losses [9][10] Market Dynamics - The partnership between BYD and Harmony Auto is seen as a strategic move to navigate the challenges of the competitive automotive market, particularly in the context of price wars and declining margins in key markets [5][15] - The shift towards an agency model in the automotive industry is noted, where manufacturers retain more control over sales channels, potentially impacting the profitability of traditional dealership models [15] - Analysts predict that BYD's export sales could reach 1 million units by 2025, with iCar Group expected to contribute 7-8% of that volume, indicating a positive outlook for future growth [9][10]

Core Viewpoint - Zhao Changjiang, General Manager of BYD's Tengshi Equation Leopard Direct Sales Division, announced his temporary departure from BYD for personal adjustments, reflecting on his 16-year journey with the company from traditional fuel vehicles to the rise of new energy vehicles and the success of the Tengshi brand in the MPV market [1] Company Performance - In September, Tengshi Automobile sold 12,407 units, maintaining its position as the top luxury MPV in the market [1] - From January to September, Tengshi Automobile's cumulative sales reached 115,605 units, marking a year-on-year growth of 28.2% [1] Leadership Background - Zhao Changjiang joined BYD in 2009, starting from a frontline sales position and gradually advancing to management due to his outstanding performance [1]

Core Viewpoint - BYD is actively expanding its global presence and high-end brand offerings, with a focus on emerging technologies such as embodied intelligent robots [1][5][6]. Financial Performance - In the first half of the year, BYD achieved revenue of 371.28 billion yuan, a year-on-year increase of 23.30%, surpassing Tesla for the first time in revenue scale during the same period [2]. - The net profit attributable to shareholders was 15.51 billion yuan, up 13.79% year-on-year [2]. - Revenue from automotive and related products reached approximately 302.51 billion yuan, growing by 32.49% year-on-year [2]. - BYD's market share reached 13.7%, an increase of 2.2% year-on-year [2]. International Expansion - From January to August, BYD sold over 630,000 passenger cars and pickups overseas, ranking among the top-selling electric vehicle brands in multiple countries [2]. - Overseas revenue for the first half of the year was 135.4 billion yuan, a 50.49% increase year-on-year, accounting for 36% of total revenue [2]. - New energy vehicle factories in Thailand and Brazil are beginning production [2][4]. Strategic Initiatives - BYD plans to expand its product line and enhance overseas production capacity and sales networks by the second half of 2025 [5]. - The high-end brand strategy is a crucial part of BYD's international strategy, with brands like Tengshi and Yangwang set to launch in various overseas markets [5]. Research and Development - BYD invested 30.9 billion yuan in R&D in the first half of the year, a 53% increase, with total R&D investment exceeding 210 billion yuan [7]. - The company has introduced several innovative strategies and technologies, including the Tian Shen Eye intelligent strategy and the Ling Yuan drone [7]. Supply Chain Management - BYD is enhancing collaboration across its supply chain, optimizing payment terms and channel management to create a win-win situation with suppliers and dealers [7].

Core Viewpoint - BYD is committed to enhancing its competitive edge in the automotive industry through strategic development, technological independence, and a multi-brand approach while addressing both domestic and international market opportunities [1] Group 1: Investor Relations Activity - The investor relations activity was a targeted research event held on September 14, 2025, at the BYD Zhengzhou Circuit, attended by 28 invited investors [1] - Key representatives from BYD included Li Qian, Secretary of the Board and General Manager of the Investment Department, and Long Mei, Deputy General Manager of Tengshi Automotive Sales Division [1] Group 2: Competitive Strategy - In response to intense competition in the Chinese automotive market, BYD is focusing on strengthening core technologies, enhancing product competitiveness, and promoting a multi-brand matrix [1] - The company aims to fulfill social responsibilities, maintain market integrity, and protect consumer interests through technological upgrades and high-end, intelligent, and global development [1] Group 3: Overseas Market Opportunities - The overseas automotive market presents significant opportunities, with BYD accelerating its global passenger vehicle business this year [1] - From January to August, BYD sold over 630,000 overseas passenger vehicles and pickups, with plans to expand product lines and sales networks in the second half of 2025 [1] Group 4: High-End Brand Development - BYD is developing high-end brands centered around disruptive technologies, optimizing product matrices, sales channels, and marketing strategies based on market demand [1] - The Tengshi brand is positioned as a new luxury offering focused on technology and safety, covering multiple vehicle models [1] Group 5: R&D Investment - In the first half of 2025, BYD's R&D expenditure reached 30.88 billion yuan, with ongoing investments in smart technology strategies to meet consumer needs and promote global sustainable development [1] Group 6: Market Value Management - BYD is implementing measures to enhance its core business, improve operational standards, and provide returns to investors through cash dividends and share buybacks [1] - Specific actions include a 2025 employee stock ownership plan and recent stock purchases by executives and core personnel [1] Group 7: Robotics Sector Engagement - BYD is exploring the humanoid robotics sector, leveraging its advantages in the new energy industry and technology innovation through collaborations with leading companies [1]

Group 1: Competitive Strategy - BYD is committed to strengthening core technology and enhancing product competitiveness to respond to intensified competition in the automotive industry [2] - The company emphasizes consumer demand and continues to develop a multi-brand matrix [2] - BYD actively collaborates with upstream and downstream partners to promote sustainable development in the automotive industry [3] Group 2: International Market Expansion - BYD's overseas sales of passenger cars and pickups exceeded 630,000 units from January to August 2025, positioning the company among the top sellers of new energy vehicles in multiple countries [4] - The company is expanding its product line and enhancing its global supply chain to capitalize on international market opportunities [4] - High-end brands "Denza" and "Yangwang" are being introduced to various overseas markets as part of BYD's globalization strategy [4] Group 3: Brand Development and Innovation - BYD focuses on innovative technologies to build a high-end brand core, aiming to meet diverse consumer needs for safety, intelligence, and environmental sustainability [5] - The "Denza" brand is positioned as a luxury new energy vehicle brand, covering multiple vehicle types and emphasizing user-centered design [6] Group 4: Research and Development Investment - In the first half of 2025, BYD's R&D expenses reached 30.88 billion RMB, focusing on core technology innovations and sustainable development [6] - The company plans to continue increasing R&D investments to meet the diverse needs of consumers [6] Group 5: Market Value Management - BYD implements cash dividends and stock repurchase strategies to enhance shareholder value, with a planned cash dividend of 39.74 RMB per 10 shares for the 2024 fiscal year [7] - The company has completed a stock purchase plan for employees, acquiring 10.71 million shares, representing 0.3526% of total shares [7] - Senior management and key personnel have increased their holdings in the company, demonstrating confidence in BYD's future [7] Group 6: Future Industry Layout - BYD is actively exploring the field of embodied intelligent robotics, leveraging its strong technology and industry chain to foster new business models [7]

Core Viewpoint - HARMONY AUTO (03836) shares have risen over 12%, currently trading at 1.89 HKD, with a transaction volume of 13.1585 million HKD, following strategic investment news from BYD (002594) [1] Group 1: Strategic Investment - On September 10, HARMONY AUTO announced that BYD has completed the strategic investment in HARMONY AUTO's overseas new energy ICAR company, marking a shift from business collaboration to capital collaboration [1] - BYD has invested 40 million USD to acquire approximately 10% of HARMONY AUTO's overseas new energy ICAR company, becoming a significant strategic shareholder [1] Group 2: International Operations - Since the strategic cooperation began in October 2023, HARMONY ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across the Asia-Pacific and Europe, demonstrating exceptional international operational capabilities [1] Group 3: Market Expansion - On September 8, the first day of the 2025 Munich Auto Show, HARMONY AUTO opened a flagship store for BYD and DENZA brands in Munich, marking the first DENZA flagship store in Europe [1] - The opening of this store signifies DENZA's official entry into the high-end market in Germany and adds a crucial support point for BYD's channel layout in Europe [1] - HARMONY AUTO plans to deepen cooperation with BYD to expand more dealership outlets in Germany and other European countries [1]