2026 年 01 月 07 日 防线人行业电 看好 相关研究 《关注中升控股; 福达股份、恒勃股份更 一一周一刻钟，大事快评（W138）》 新一 2025/12/30 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 申万宏源研究微信服务号 补贴政策受益分析;小鹏、 城销量解读 周一刻钟，大事快评（W139） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 补贴政策受益分析：2026 年新能源汽车购置税补贴政策从"一刀切" 模式调整为分档 C 等比例补贴，导致单车补贴金额出现小幅下降。以 2025 年 Q4 销量结构为基准的测算显 示，政策影响呈现显结构性差异：中低端车型占比越高的企业,补贴退坡幅度越大。其 中吉利、比亚迪补贴退坡幅度较大，而小鹏、长城、零跑受影响相对较小，15-20 万以 上的高端品牌基本不受本次政策调整影响。我们认为本次补贴政策调整将显著重塑2026 年新能源汽车销量结构。此前依赖补贴支撑的 A0 级及 A00 级低端车型需求预计将显著 降低, ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《关注中升控股；福达股份、恒勃股份更 新——一周一刻钟，大事快评（W138）》 2025/12/30 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 01 月 07 日 补贴政策受益分析；小鹏、零跑、 长城销量解读 证 券 研 究 报 告 汽车 ⚫ 补贴政策受益分析：2026 年新能源汽车购置税补贴政策从"一刀切"模式调整为分档 等比例补贴，导致单车补贴金额出现小幅下降。以 2025 年 Q4 销量结构为基准的测算显 示，政策影响呈现显结构性差异：中低端车型占比越高的企业，补贴退坡幅度越大。其 中吉利、比亚迪补贴退坡幅度较大，而小鹏、长城、零跑受影响相对较小，15-20 万以 上的高端品牌基本不受本次政策调整影响。我们认为本次补贴政策调整将显著重塑2026 年新能源汽车销量结构。此前依赖补贴支撑的 A0 级及 A00 级低端车型需求预计将显著 降低，中高端新能源车型及整体 ASP 较高的企业将在 ...

Investment Rating - The report assigns a "Buy" rating for the company [7] Core Insights - The company achieved total revenue of 20.38 billion yuan in Q3 2025, a year-on-year increase of 101.8%, with net loss significantly narrowing to 0.38 billion yuan. Total deliveries reached 116,007 units, up 149.3%, marking a historical high. The comprehensive gross margin exceeded 20% for the first time, reaching 20.1%, indicating a notable improvement in profitability [1][4] - The company has launched a "dual power" strategy combining pure electric and range-extended vehicles to address user range anxiety. The first range-extended model, X9 EREV, was launched in November 2025, featuring a 63.3 kWh battery and a conversion efficiency exceeding 3.6 kWh/L, achieving a pure electric range of 452 km. Additional range-extended versions of key models are expected in Q1 2026, alongside four new models in 2026, including two SUVs based on the MONA platform [2] - The company is transitioning from "smart cars" to a "physical AI" company, showcasing its commitment and specific path at the 2025 Technology Day. The core technology, VLA 2.0, enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times. The model is set to be fully deployed in Ultra models by Q1 2026 and is expected to extend to robotics and other embodied intelligence fields [3] - The company forecasts revenues of 75.8 billion yuan, 132.1 billion yuan, and 166.3 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 85.4%, 74.3%, and 25.9%. The net profit attributable to the parent company is projected to be -1.55 billion yuan, 2.00 billion yuan, and 6.13 billion yuan for the same years [4][5]

Core Viewpoint - A class action lawsuit has been filed against DexCom, Inc. for allegedly making false and misleading statements regarding its products, particularly the G6 and G7 glucose monitoring devices, during the class period from July 26, 2024, to September 17, 2025 [2][3]. Group 1: Lawsuit Details - The lawsuit is filed in the United States District Court for the Southern District of New York on behalf of all individuals and entities who purchased DexCom securities during the specified class period [2]. - Investors have until December 26, 2025, to apply to be appointed as lead plaintiff in the lawsuit [2]. Group 2: Allegations - The complaint alleges that DexCom made unauthorized design changes to the G6 and G7 devices that were not approved by the FDA, which compromised their reliability and posed health risks to users [3]. - It is claimed that the enhancements to the G7 were overstated, and the company downplayed the severity of issues related to the devices, leading to increased regulatory scrutiny and potential legal repercussions [3]. Group 3: Next Steps for Investors - Investors who suffered losses or have information regarding the claims are encouraged to contact the law firm for further details and assistance [4].

NEW YORK, Dec. 22, 2025 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of DexCom, Inc. (NASDAQ: DXCM). Shareholders who purchased shares of DXCM during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/dexcom-inc-loss-submission-form-2/?id=180999&from=3 CLASS PERIOD: January 8, 2024 to ...

亨通光电 20251222 摘要 全球光纤需求紧张，受益于国内外市场共振，国内建设加速及海外骨干 网、城域网和接入网建设提速，国际市场涨幅显著，预计未来几年 AR 技术普及将持续推动需求增长。 国内运营商招标量虽持平，但新八纵八横项目带动超集总光纤需求，行 业整体向好。光纤供给侧，国际厂商如康宁、普瑞斯曼及国内企业均在 扩展特种光纤，影响传统 652D 光纤产能。 光纤价格上涨，国内涨幅约 10%，美国市场 652D 价格远高于国内。预 计未来供需关系变化将推动价格进一步上涨。疫情后国内中小产能出清， 头部企业如亨通关注特种光纤发展。 亨通光电常规光纤产能稳定，特种光纤投入大，如 G6,541 超低损耗光 纤、多芯空心激光等。新光纤中心预计明年一二季度释放产能，光纤产 能扩充周期约 6-12 个月。 亨通光电在多芯光纤领域领先，价格约为 G652D 的 10 倍，已获联通和 移动认证。公司今年以来满产，特种光纤中心投资及新增产能信息将在 明年 4 月公布。 Q&A 今年（2025 年）二季度以来，国内 AI 的发展对光通信行业产生了哪些影响？ 从今年（2025 年）二季度开始，国内 AI 的发展显著带动了全光 ...

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of DexCom, Inc. regarding a class action lawsuit alleging that the company made materially false and misleading statements about its glucose monitoring products, the G6 and G7, which could pose health risks to users [1]. Group 1: Allegations - The complaint alleges that DexCom made unauthorized design changes to the G6 and G7 glucose monitoring products, which rendered them less reliable than previous versions [1]. - It is claimed that these changes presented a material health risk to users who depend on these devices for accurate glucose readings [1]. - The lawsuit asserts that the enhancements to the G7, including its reliability, accuracy, and functionality, were overstated by the defendants [1]. - The defendants allegedly downplayed the severity of the issues and health risks associated with the altered G7 devices [1]. - The allegations suggest that DexCom faced increased regulatory scrutiny and potential legal, reputational, and financial harm due to these issues [1]. - As a result, the public statements made by the defendants were deemed materially false and misleading throughout the relevant period [1]. Group 2: Class Action Details - The class period for the lawsuit is defined as January 8, 2024, to September 17, 2025, and shareholders are encouraged to register for participation [1][2]. - The deadline for shareholders to seek lead plaintiff status is December 26, 2025, and there is no cost or obligation to participate in the case [2]. - Registered shareholders will be enrolled in a portfolio monitoring software to receive updates on the case's progress [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors affected by deceit, fraud, and illegal business practices [3]. - The firm aims to ensure that companies adhere to responsible business practices and engage in good corporate citizenship [3].

Core Insights - November wholesale vehicle sales reached 1.706 million units, a year-on-year increase of 18.5% and a month-on-month increase of 5.8%, with a penetration rate of 56.9%, up 1.6 percentage points from the previous month [1] - Retail sales in November totaled 1.321 million units, reflecting a year-on-year growth of 4.0% and a month-on-month growth of 3.0%, with a penetration rate of 59.4%, up 2.2 percentage points from the previous month [1] - Exports in November amounted to 284,000 units, showing a significant year-on-year increase of 255.0% and a month-on-month increase of 19.3%, with a penetration rate of 47.3%, up 3.1 percentage points from the previous month [1] Sales Data by Manufacturer - Tesla sold 86,700 units in November, including 13,600 units exported [3] - BYD's sales reached 474,900 units, with 128,100 units exported, including various models such as Qin DMI (15,700 units) and Dolphin (31,000 units) [3] - SAIC-GM-Wuling sold 107,800 units, with 12,500 units exported, including 53,600 units of Hongguang MINI [3] - NIO sold 36,300 units, with 6,000 units of ES6 [3] - Li Auto sold 33,200 units, with L9 contributing 2,200 units [3] - XPeng sold 36,700 units, with 5,100 units exported [3] - Leap Motor sold 70,300 units, with 7,200 units of C11 [3] - Chery sold 111,600 units, with 48,100 units exported [3] - GAC Aion sold 38,300 units, with 4,100 units exported [3] - Geely sold 187,800 units, with 15,600 units exported [3] - Volkswagen ID sold 4,800 units [3] - Great Wall sold 40,000 units, with 4,500 units exported [3] - SAIC Passenger Cars sold 42,000 units, with 10,800 units exported [3] - Changan sold 107,000 units, with 4,200 units exported [3] - AITO sold 51,700 units [3] - Xiaomi sold 46,200 units, with 12,500 units of Xiaomi SU7 [3]

NEW YORK, Dec. 12, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in DexCom, Inc. ("DexCom" or the "Company") (NASDAQ: DXCM) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of DexCom investors who were adversely affected by alleged securities fraud between January 8, 2024 and September 17, 2025. Follow the link below to get more information and be contacted by a member of our team: https://zlk.com/pslra-1/dexcom-inc-lawsuit-submission- ...

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of DexCom, Inc. regarding a class action lawsuit alleging that the company made misleading statements about its glucose monitoring products, the G6 and G7, which may have health risks for users [1][3]. Group 1: Allegations Against DexCom - The complaint alleges that DexCom made unauthorized design changes to the G6 and G7 glucose monitoring products, which were not approved by the U.S. Food and Drug Administration [3]. - These design changes reportedly made the G6 and G7 less reliable than previous versions, posing a material health risk to users who depend on these devices for accurate glucose readings [3]. - The enhancements claimed for the G7, including its reliability, accuracy, and functionality, were allegedly overstated by the defendants [3]. - The true scope and severity of the issues and health risks associated with the altered G7 devices were downplayed by the defendants [3]. - As a result of these actions, DexCom faced increased risks of regulatory scrutiny and potential legal, reputational, and financial harm [3]. - The public statements made by the defendants were claimed to be materially false and misleading throughout the relevant period [3]. Group 2: Class Action Details - The class period for the lawsuit is defined as January 8, 2024, to September 17, 2025 [3]. - Shareholders are encouraged to register for the class action by December 26, 2025, to be eligible for potential recovery [4]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the status of the case [4]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors affected by deceit and illegal business practices [5]. - The firm aims to ensure that companies engage in responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [5].