有色日报20251229

Recession and ReinventionRecession and ReinventionRecession and Reinvention Et. t/A,lEt. t/A,lEt. t/A,l act'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesreport.refer to the Disclosure Section, located at the end of thisin 2Q far potential alpha generation against meaningfully reduced expectatipns. For+= Anshysts cmpl:ycc by nmru.S. aflistes ar: nr rcgistem:act'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesreport.refer to the Disclosure Section, located at the end of thisin 2Q far potential alpha generation against meaningfully reduced expectatipns. For+= Anshysts cmpl:ycc by nmru.S. aflistes ar: nr rcgistem:act'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesreport.refer to the Disclosure Section, located at the end of thisin 2Q far potential alpha generation against meaningfully reduced expectatipns. For+= Anshysts cmpl:ycc by nmru.S. aflistes ar: nr rcgistem: preferred stocks, We prefer Zhongsheng (881.HK) among dralers in view pf its profitpreferred stocks, We prefer Zhongsheng (881.HK) among dralers in view pf its profitpreferred stocks, We prefer Zhongsheng (881.HK) among dralers in view pf its profit KeyForecastsataGlanceKeyForecastsataGlanceKeyForecastsataGlance Orderof PreferenceOrderof PreferenceOrderof Preference SOE CEMs Order of PrefersnceSOE CEMs Order of PrefersnceSOE CEMs Order of Prefersnce Rrihgs UeyPaTe:Rrihgs UeyPaTe:Rrihgs UeyPaTe: Car2.asct:Car2.asct:Car2.asct: MajorBuildingBlocksto2026OutlookMajorBuildingBlocksto2026OutlookMajorBuildingBlocksto2026Outlook Policy Bad news could be good newsPolicy Bad news could be good newsPolicy Bad news could be good news Exhibit 5:Subsidy per car (Rmb)Exhibit 5:Subsidy per car (Rmb)Exhibit 5:Subsidy per car (Rmb) Exhibit 7:we expect >Rmb150k PVs to be better positiored given likely milderles .sd uncut Aorsqns ul sefiutuoExhibit 7:we expect >Rmb150k PVs to be better positiored given likely milderles .sd uncut Aorsqns ul sefiutuoExhibit 7:we expect >Rmb150k PVs to be better positiored given likely milderles .sd uncut Aorsqns ul sefiutuo Volume mix of >Rmb150k passenger vehiclesVolume mix of >Rmb150k passenger vehiclesVolume mix of >Rmb150k passenger vehicles Exhibit 8:we expect Cnina Pv wnolesales to fall 3% to 29. 4mm urits in 226PV wholesale volume (mn units)Exhibit 8:we expect Cnina Pv wnolesales to fall 3% to 29. 4mm urits in 226PV wholesale volume (mn units)Exhibit 8:we expect Cnina Pv wnolesales to fall 3% to 29. 4mm urits in 226PV wholesale volume (mn units) 353535 Forecast change %0%0%1%3%Yw CAh KnsnS-ane, F*w (F el mstaForecast change %0%0%1%3%Yw CAh KnsnS-ane, F*w (F el mstaForecast change %0%0%1%3%Yw CAh KnsnS-ane, F*w (F el msta Exhibit 10: 11.2m new cars sold in 2025 (as of November 30) were eligible for eitnerthe national cash-for-clunker or lccal trade-in subsidies, acccunting fcr -40% of PVExhibit 10: 11.2m new cars sold in 2025 (as of November 30) were eligible for eitnerthe national cash-for-clunker or lccal trade-in subsidies, acccunting fcr -40% of PVExhibit 10: 11.2m new cars sold in 2025 (as of November 30) were eligible for eitnerthe national cash-for-clunker or lccal trade-in subsidies, acccunting fcr -40% of PV Nv-25J;n 25Ju-25Aug 25 Sep 25Cc1 25pupepuecsang=soned=5=. (=r Miorsn.3snley resyrhNv-25J;n 25Ju-25Aug 25 Sep 25Cc1 25pupepuecsang=soned=5=. (=r Miorsn.3snley resyrhNv-25J;n 25Ju-25Aug 25 Sep 25Cc1 25pupepuecsang=soned=5=. (=r Miorsn.3snley resyrh