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"web_segment_id": 0, "global_sentence_id": 97, "edu_l1_label": "IOS"}, {"txt": "尽管近期有前期堵窑口产线陆续恢复产出，但考虑到这部分供给增量弹性有限，且截至目前尚无新窑炉点火（甚至3 月1 日还有一条唐山金信650t/d窑炉停产冷修），我们预计3-4 月玻璃库存将呈现持续下行趋势，同时考虑到组件价格上涨后对成本端涨价接受能力提升，预计后续玻璃价格仍有进一步上行空间。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3000000, "bbox": [[0.649, 0.573, 0.949, 0.585], [0.09, 0.587, 0.95, 0.6], [0.09, 0.601, 0.95, 0.614], [0.09, 0.616, 0.496, 0.628]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 98, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3100000, "bbox": [[0.053, 0.642, 0.064, 0.651]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 20, "global_sentence_id": 99, "edu_l1_label": "EDU_O"}, {"txt": "三、投资建议：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.09, 0.639, 0.212, 0.651]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 13, "global_sentence_id": 100, "edu_l1_label": "IOS"}, {"txt": "当前光储板块仍是业绩、情绪、关注度的三重底部，重申年度策略提出的“玻璃、电池片、新技术、大储”四大核心推荐方向，短期重点关注有望受组件排产拉升驱动而实现盈利改善弹性最显著的：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.212, 0.639, 0.948, 0.651], [0.09, 0.653, 0.881, 0.666]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 13, "global_sentence_id": 101, "edu_l1_label": "IOS"}, {"txt": "玻璃、电池片、胶膜环节。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3200000, "bbox": [[0.881, 0.653, 0.949, 0.666], [0.09, 0.667, 0.231, 0.68]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 13, "global_sentence_id": 102, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3300000, "bbox": [[0.051, 0.692, 0.068, 0.704]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 19, "global_sentence_id": 103, "edu_l1_label": "EDU_O"}, {"txt": "我们此前反复强调，低库存+严控产+终端需求复苏，将驱动春节后产业链量价修复，甚至因触发需求端“买涨不买跌”情绪而形成阶段性正循环，并建议大家在情绪低位布局。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3300000, "bbox": [[0.09, 0.691, 0.95, 0.703], [0.09, 0.705, 0.579, 0.717]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 104, "edu_l1_label": "IOS"}, {"txt": "近期分布式及新能源入市政策节点的设置则一步放大了这种效果，产业链表现出的量价右侧强度超预期。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3300000, "bbox": [[0.579, 0.705, 0.949, 0.717], [0.09, 0.719, 0.531, 0.732]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 105, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.051, 0.745, 0.069, 0.757]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 18, "global_sentence_id": 106, "edu_l1_label": "EDU_O"}, {"txt": "在几乎全行业亏损的背景下，光伏产业链（尤其是玻璃、电池片等供需偏紧、格局良好、年内供给恢复弹性弱的环节）将具备较强的涨价及盈利修复动力及持续性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.09, 0.743, 0.948, 0.756], [0.09, 0.757, 0.491, 0.77]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 107, "edu_l1_label": "IOS"}, {"txt": "重申推荐，首选α突出的光伏玻璃：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.491, 0.757, 0.763, 0.77]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 108, "edu_l1_label": "IOS"}, {"txt": "信义光能、福莱特玻璃、福莱特 等，电池片：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.763, 0.757, 0.948, 0.77], [0.09, 0.772, 0.257, 0.784]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 109, "edu_l1_label": "IOS"}, {"txt": "钧达股份、爱旭股份，胶膜：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.257, 0.772, 0.487, 0.784]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 110, "edu_l1_label": "IOS"}, {"txt": "福斯特 等，其次是新技术（非银金属化）及主链龙头。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3400000, "bbox": [[0.487, 0.772, 0.919, 0.784]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 111, "edu_l1_label": "IOS"}, {"txt": "■风电：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3500000, "bbox": [[0.0, 0.0, 0.0, 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0.847]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 17, "global_sentence_id": 115, "edu_l1_label": "EDU_O"}, {"txt": "海上风电首次纳入政府工作报告，行业景气度持续向上。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.088, 0.833, 0.527, 0.846]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 116, "edu_l1_label": "IOS"}, {"txt": " 3 月5 日，国务院总理李强代表国务院，向十四届全国人大三次会议作政府工作报告，报告提到 “加快建设‘沙戈荒’新能源基地，发展海上风电，统筹就地消纳和外送通道建设”，发展海上风电首次纳入政府工作报告。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.527, 0.833, 0.951, 0.846], [0.088, 0.847, 0.948, 0.86], [0.088, 0.862, 0.501, 0.874]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 117, "edu_l1_label": "IOS"}, {"txt": "3 月6 日，中国电力报刊发国家能源局新能源和可再生能源司司长李创军署名文章《推动新能源和可再生能源发展再上新台阶》，提出“大力推动海上风电发展走向深水远岸”，深远海风电渐行渐近。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3600000, "bbox": [[0.501, 0.862, 0.951, 0.874], [0.088, 0.876, 0.949, 0.888], [0.088, 0.89, 0.309, 0.903]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 118, "edu_l1_label": "IOS"}, {"txt": " 本周多个海风项目取得良好进展：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.053, 0.913, 0.353, 0.926]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 119, "edu_l1_label": "IOS"}, {"txt": "1）华能发布启东H4#、射阳南区H6#海风项目可研及勘察设计招标公告，江苏新一轮竞配项目前期开标工作陆续启动；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.353, 0.913, 0.949, 0.926], [0.088, 0.928, 0.406, 0.94]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 120, "edu_l1_label": "IOS"}, {"txt": "2）华能山东半岛北L 海风项目500kV 送出工程EPC 项目预中标公示；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.406, 0.928, 0.948, 0.94]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 121, "edu_l1_label": "IOS"}, {"txt": "3）山海关海风一期海缆中标公示，起帆中标220kV 海缆、66kV 海缆采购；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.088, 0.942, 0.668, 0.954]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 122, "edu_l1_label": "IOS"}, {"txt": "4），南网阳江三山岛海上风电柔直输", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3700000, "bbox": [[0.668, 0.942, 0.951, 0.954]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 123, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": 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{"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.704, 0.185, 0.949, 0.198], [0.088, 0.2, 0.252, 0.212]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 299, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9600000, "bbox": [[0.051, 0.225, 0.064, 0.237]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 28, "global_sentence_id": 300, "edu_l1_label": "EDU_O"}, {"txt": "2）新车部分：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9700000, "bbox": [[0.088, 0.224, 0.203, 0.236]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 301, "edu_l1_label": "IOS"}, {"txt": "银河E8，新车配备23 扬声器flyme sound，后排行政座椅探索版（16.38 万）以上“限时”免费赠送，续航575-700km，“限时”指导价14.98-19.88 万元。", "language": "chinese", "position": {"pdf_position": 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1275], "position_id": 9900000, "bbox": [[0.327, 0.284, 0.609, 0.297]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 305, "edu_l1_label": "IOS"}, {"txt": "但我们不看配置划分看实际成效的话，高速NOA 的上车依旧公司新车的市场竞争力。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9900000, "bbox": [[0.609, 0.284, 0.949, 0.297], [0.088, 0.298, 0.402, 0.311]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 306, "edu_l1_label": "IOS"}, {"txt": "在2 月9 日比亚迪发布智驾版发布会之后，目前吉利最需要的就是上高速NOA 来追平对比亚迪的性价比劣势，从而重新在市场中占据上风。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9900000, "bbox": [[0.402, 0.298, 0.951, 0.311], [0.088, 0.313, 0.618, 0.325]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 307, "edu_l1_label": "IOS"}, {"txt": "在公司本次高速NOA 上车后，新车目前与比亚迪的天神之眼C 技术上差距不大，但是在后续的普及上仍有数月的时间差，整体符合预期。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9900000, "bbox": [[0.618, 0.313, 0.951, 0.325], [0.088, 0.327, 0.813, 0.339]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 308, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10000000, "bbox": [[0.053, 0.354, 0.064, 0.364]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 27, "global_sentence_id": 309, "edu_l1_label": "EDU_O"}, {"txt": "而版本看，我们可以粗略将H1/H3 视作同一个版本，采用多个供应商的策略；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10100000, "bbox": [[0.088, 0.351, 0.69, 0.364]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 310, "edu_l1_label": "IOS"}, {"txt": "H7/H9 视作同一个版本，统一采用极氪高阶智驾；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10100000, "bbox": [[0.69, 0.351, 0.951, 0.364], [0.088, 0.365, 0.212, 0.378]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 311, "edu_l1_label": "IOS"}, {"txt": "H5 则介于二者之间。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10100000, "bbox": [[0.212, 0.365, 0.373, 0.378]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 312, "edu_l1_label": "IOS"}, {"txt": "自此之后，吉利汽车的高阶智驾方案彻底统一为极氪方案，过去每个品牌都有不同的方案，方案实际上是大幅精简了的。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10100000, "bbox": [[0.373, 0.365, 0.949, 0.378], [0.088, 0.38, 0.44, 0.392]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 313, "edu_l1_label": "IOS"}, {"txt": "市场目前忧虑版本划分问题，是公司战术上的失误，但战略上目标已达成。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10100000, "bbox": [[0.44, 0.38, 0.949, 0.392], [0.088, 0.394, 0.159, 0.406]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 314, "edu_l1_label": "IOS"}, {"txt": "2、新车亦符合预期，关注后续新车周期。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.088, 0.417, 0.412, 0.429]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 315, "edu_l1_label": "IOS"}, {"txt": "银河E8 改款后其后排空间差，内饰过于个性化的问题被解决。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.412, 0.417, 0.897, 0.429]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 316, "edu_l1_label": "IOS"}, {"txt": "但相对比亚迪的产品看，劣势在于其品牌力、渠道力双角度都比较弱势，且产品外观仍有争议；", "language": "chinese", "position": {"pdf_position": 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"position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10300000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.088, 0.484, 0.247, 0.496]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 320, "edu_l1_label": "IOS"}, {"txt": "星耀8 已经亮相，后续公司银河4 款、领克2 款、极氪3 款新车在路上，若能维持一贯的定价策略，结合本次智驾上车，公司产品仍有竞争力，后续新车周期值得关注。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10300000, "bbox": [[0.247, 0.484, 0.951, 0.496], [0.088, 0.498, 0.689, 0.511]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 321, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10400000, "bbox": [[0.05, 0.521, 0.067, 0.536]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 26, "global_sentence_id": 322, "edu_l1_label": "EDU_O"}, {"txt": "投资建议：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10500000, "bbox": [[0.088, 0.521, 0.177, 0.534]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 323, "edu_l1_label": "IOS"}, {"txt": "吉利汽车成本低、爆款强、智能化发力，新车周期销量有望向上，持续关注。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10500000, "bbox": [[0.177, 0.521, 0.777, 0.534]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 324, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.05, 0.545, 0.071, 0.559]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 25, "global_sentence_id": 325, "edu_l1_label": "EDU_O"}, {"txt": "问界M8 正式开启预售：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.088, 0.544, 0.279, 0.557]]}]}, "tags": ["title"], "label": "title2", "web_segment_id": 17, "global_sentence_id": 326, "edu_l1_label": "IOS"}, {"txt": "预售价36.8 万起略超预期，持续关注华为系边际机会", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.279, 0.544, 0.695, 0.557]]}]}, "tags": ["title"], "label": "title2", "web_segment_id": 17, "global_sentence_id": 327, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.05, 0.57, 0.061, 0.582]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 24, "global_sentence_id": 328, "edu_l1_label": "EDU_O"}, {"txt": "事件：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10900000, "bbox": [[0.088, 0.569, 0.141, 0.581]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 9, "global_sentence_id": 329, "edu_l1_label": "IOS"}, {"txt": "3 月6 日上午，问界M8 正式开启预售，新车定位家庭智慧旗舰SUV，仅提供增程动力；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10900000, "bbox": [[0.141, 0.569, 0.838, 0.581]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 9, "global_sentence_id": 330, "edu_l1_label": "IOS"}, {"txt": "新车车身尺寸5190/1999/1795mm，轴距 3105mm，提供 5 座和 6 座布局；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10900000, "bbox": [[0.838, 0.569, 0.948, 0.581], [0.088, 0.583, 0.555, 0.595]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 9, "global_sentence_id": 331, "edu_l1_label": "IOS"}, {"txt": "新车预售价36.8 万元起，略超预期，预计正式上市有望进一步降低。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10900000, "bbox": [[0.555, 0.583, 0.949, 0.595], [0.088, 0.597, 0.23, 0.609]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 9, "global_sentence_id": 332, "edu_l1_label": "IOS"}, {"txt": "■点评：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11000000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.088, 0.62, 0.141, 0.633]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 16, "global_sentence_id": 333, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11100000, "bbox": [[0.05, 0.646, 0.062, 0.658]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 22, "global_sentence_id": 334, "edu_l1_label": "EDU_O"}, {"txt": "1、如何看待新车销量：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.088, 0.644, 0.274, 0.657]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 335, "edu_l1_label": "IOS"}, {"txt": "定价略超预期爆款预定。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.274, 0.644, 0.468, 0.657]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 336, "edu_l1_label": "IOS"}, {"txt": "1）相对竞品：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.468, 0.644, 0.583, 0.657]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 337, "edu_l1_label": "IOS"}, {"txt": "M8 具有明显的错位效应。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.583, 0.644, 0.783, 0.657]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 338, "edu_l1_label": "IOS"}, {"txt": "M8 目前已上市车型的竞品主要是理想L8，未上市产品中包括领克900、腾势N9 等。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.783, 0.644, 0.948, 0.657], [0.088, 0.659, 0.576, 0.671]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 339, "edu_l1_label": "IOS"}, {"txt": "相比理想L8，M8 虽然价格更贵（低配贵4 万元正式上市预计贵2-3 万），但是尺寸更大，且华为品牌号召力更强；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.576, 0.659, 0.94, 0.671], [0.088, 0.673, 0.608, 0.685]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 340, "edu_l1_label": "IOS"}, {"txt": "相对腾势N9/理想L9 等，M8 尺寸稍小但定价明显更低。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.608, 0.673, 0.951, 0.685], [0.088, 0.687, 0.177, 0.699]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 341, "edu_l1_label": "IOS"}, {"txt": "综合产品尺寸、定价看，M8 的错位竞争效应明显。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.177, 0.687, 0.57, 0.699]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 342, "edu_l1_label": "IOS"}, {"txt": "一", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11300000, "bbox": [[0.062, 0.646, 0.071, 0.658]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 23, "global_sentence_id": 343, "edu_l1_label": "EDU_O"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11300000, "bbox": [[0.053, 0.713, 0.066, 0.721]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 21, "global_sentence_id": 344, "edu_l1_label": "EDU_O"}, {"txt": "2）相对华为系内部：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.088, 0.71, 0.256, 0.723]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 345, "edu_l1_label": "IOS"}, {"txt": "错位效应持续、整体是扩容。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.256, 0.71, 0.486, 0.723]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 346, "edu_l1_label": "IOS"}, {"txt": "M8 定价相对M7 明显更高；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.486, 0.71, 0.695, 0.723]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 347, "edu_l1_label": "IOS"}, {"txt": "相对M9，缺少了4 激光雷达的高配硬件，并预计在底盘用料、内饰设计上做区隔。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.695, 0.71, 0.948, 0.723], [0.088, 0.724, 0.474, 0.737]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 348, "edu_l1_label": "IOS"}, {"txt": "我们认为，M8 或小幅影响M9 销量，吸引部分M9 低配人群选择M8。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.474, 0.724, 0.951, 0.737], [0.088, 0.739, 0.124, 0.751]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 349, "edu_l1_label": "IOS"}, {"txt": "但整体上看，由于M8 所处的35-45 万市场并无华为系家用SUV 存在，因而相对M9 更多是市场下沉和扩容因而问界品牌销量应该是触底反弹的。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.124, 0.739, 0.941, 0.751], [0.088, 0.753, 0.389, 0.765]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 350, "edu_l1_label": "IOS"}, {"txt": "综上所述，新车上市后我们预计销量应大于巅峰M9。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.389, 0.753, 0.804, 0.765]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 351, "edu_l1_label": "IOS"}, {"txt": "2、关注赛力斯及华为系近期边际机会。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11500000, "bbox": [[0.088, 0.776, 0.397, 0.789]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 352, "edu_l1_label": "IOS"}, {"txt": "我们之前曾强调，华为智选今年的核心是新车周期的消息面机会。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11500000, "bbox": [[0.397, 0.776, 0.911, 0.789]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 353, "edu_l1_label": "IOS"}, {"txt": "目前赛力斯由于新款M9/新车M8 即将上市，市场观望情绪严重，导致赛力斯2 月以来交付量走低。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11500000, "bbox": [[0.911, 0.776, 0.949, 0.789], [0.088, 0.79, 0.82, 0.803]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 354, "edu_l1_label": "IOS"}, {"txt": "本次改款M9 和新车M8 开启预售后，市场观望情绪落地，并正式转化为订单。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11500000, "bbox": [[0.82, 0.79, 0.951, 0.803], [0.088, 0.805, 0.56, 0.817]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 355, "edu_l1_label": "IOS"}, {"txt": "待上市后有望拉动赛力斯销量向上，基本面好转，我们预计赛力斯月销量将触底反弹", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11500000, "bbox": [[0.56, 0.805, 0.949, 0.817], [0.088, 0.819, 0.353, 0.831]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 356, "edu_l1_label": "IOS"}, {"txt": "■25 年2 月主流车企销量解读：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11600000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.088, 0.843, 0.327, 0.855]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 14, "global_sentence_id": 357, "edu_l1_label": "IOS"}, {"txt": "节后市场表现良好，关注Q1 市场新车周期", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11600000, "bbox": [[0.327, 0.843, 0.656, 0.855]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 14, "global_sentence_id": 358, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11700000, "bbox": [[0.054, 0.779, 0.063, 0.787]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 20, "global_sentence_id": 359, "edu_l1_label": "EDU_O"}, {"txt": "■核心看点：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11800000, "bbox": [[0.0, 0.0, 0.0, 0.0], [0.088, 0.866, 0.177, 0.879]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 360, "edu_l1_label": "IOS"}, {"txt": "上月系春节假期，车企受节假日影响进入销售淡季，但成体看节后车企恢复状态良好，与此前高频数据一致，其中小鹏、零跑实现环比的微增，小鹏超越理想、华为系成为本月新势力销量冠军，比亚迪受新车换代累库+大规模促销影响环比增长；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11800000, "bbox": [[0.177, 0.866, 0.949, 0.879], [0.088, 0.88, 0.949, 0.893], [0.088, 0.895, 0.344, 0.907]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 361, "edu_l1_label": "IOS"}, {"txt": "其他车企多环比维持稳定。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11800000, "bbox": [[0.344, 0.895, 0.556, 0.907]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 362, "edu_l1_label": "IOS"}, {"txt": "我们再次强调，再以旧换新的加持下，市场需求是充沛的，25 年市场总量问题无需过度担心", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11800000, "bbox": [[0.556, 0.895, 0.949, 0.907], [0.088, 0.909, 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"edu_l1_label": "IOS"}, {"txt": "建议关注的新车主要有：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11900000, "bbox": [[0.701, 0.933, 0.896, 0.945]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 367, "edu_l1_label": "IOS"}, {"txt": "吉利星", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11900000, "bbox": [[0.896, 0.933, 0.949, 0.945]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 15, "global_sentence_id": 368, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12000000, "bbox": [[0.393, 0.977, 0.546, 0.99]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 369, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": 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"content", "web_segment_id": 18, "global_sentence_id": 376, "edu_l1_label": "IOS"}, {"txt": " 1、比亚迪（仅乘用车）：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12200000, "bbox": [[0.053, 0.147, 0.283, 0.16]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 377, "edu_l1_label": "IOS"}, {"txt": "2 月销售乘用车31.8 万辆，同/环比+162.3%/+7.3%，25 年累计61.5 万辆，同比+91%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12200000, "bbox": [[0.283, 0.147, 0.957, 0.16]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 378, "edu_l1_label": "IOS"}, {"txt": "其中海外销售（含出口和海外生产）6.7 万辆，同/环比+187.8%/+1%，25 年累计13.3 万辆，同比+124.3%，本月出口再创历史新高；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12200000, "bbox": [[0.088, 0.162, 0.948, 0.175], [0.088, 0.176, 0.247, 0.189]]}]}, 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0.778, 0.265]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 385, "edu_l1_label": "IOS"}, {"txt": "其中电车1.5 万辆，同/环比+23.2%/-32.1%，25 年累计3.7 万辆，同比+0.2%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12400000, "bbox": [[0.778, 0.252, 0.951, 0.265], [0.088, 0.266, 0.527, 0.279]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 386, "edu_l1_label": "IOS"}, {"txt": "出口3.11 万辆，同/环比+1.6%/+10.9%，25 年累计5.9万辆，同比+3.7%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12400000, "bbox": [[0.527, 0.266, 0.951, 0.279], [0.088, 0.281, 0.238, 0.293]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 387, "edu_l1_label": "IOS"}, {"txt": "■4、蔚来：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12500000, 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{"txt": "2 月销售2.53 万辆，同/环比+285.1%/+0.5%，25 年累计5.1 万辆，同比+167.8%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13000000, "bbox": [[0.168, 0.389, 0.807, 0.401]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 16, "global_sentence_id": 398, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13100000, "bbox": [[0.051, 0.414, 0.068, 0.427]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 32, "global_sentence_id": 399, "edu_l1_label": "EDU_O"}, {"txt": "8、华为智选：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13200000, "bbox": [[0.088, 0.413, 0.203, 0.425]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 400, "edu_l1_label": "IOS"}, {"txt": "2 月销售2.15 万辆，同/环比+-1.9%/-38.5%，25 年累计5.65 万辆，同比+1.8%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13200000, "bbox": [[0.203, 0.413, 0.833, 0.425]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 401, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13300000, "bbox": [[0.05, 0.436, 0.066, 0.451]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 31, "global_sentence_id": 402, "edu_l1_label": "EDU_O"}, {"txt": "9、其他车企中，小米：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13400000, "bbox": [[0.088, 0.436, 0.274, 0.448]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 403, "edu_l1_label": "IOS"}, {"txt": "交付再破2 万，累计交付超18 万；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13400000, "bbox": [[0.274, 0.436, 0.555, 0.448]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 404, "edu_l1_label": "IOS"}, {"txt": "岚图2 月交付8013 辆，深蓝1.87 万辆，广汽埃安2.01 万辆；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13400000, "bbox": [[0.555, 0.436, 0.951, 0.448], [0.088, 0.45, 0.182, 0.462]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 405, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13500000, "bbox": [[0.051, 0.475, 0.061, 0.487]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 30, "global_sentence_id": 406, "edu_l1_label": "EDU_O"}, {"txt": "持续看好25 年车市需求，看好整车车企销量及业绩兑现，关注AI+机器人+智能化下整车车企边际估值重塑机会。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13500000, "bbox": [[0.088, 0.473, 0.95, 0.486]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 21, "global_sentence_id": 407, "edu_l1_label": "IOS"}, {"txt": "1、持续看好25 年市场需求：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13600000, "bbox": [[0.088, 0.495, 0.323, 0.507]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 408, "edu_l1_label": "IOS"}, {"txt": "政策已出台，新车周期到来，看好25 年市场销量维持强势。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13600000, "bbox": [[0.323, 0.495, 0.791, 0.507]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 409, "edu_l1_label": "IOS"}, {"txt": "1）需求端：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13600000, "bbox": [[0.791, 0.495, 0.886, 0.507]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 410, "edu_l1_label": "IOS"}, {"txt": "1 月8 日国家发改委已下发25 年以旧换新政策，政策刺激下25 年需求无忧，考虑以旧换新政策对电车将有一定倾斜，预计全年需求、尤其是全年电车需求将维持强势，电车渗透率有望破新高；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13600000, "bbox": [[0.886, 0.495, 0.951, 0.507], [0.088, 0.509, 0.951, 0.521], [0.088, 0.523, 0.654, 0.536]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 411, "edu_l1_label": "IOS"}, {"txt": "2）供给端：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13600000, "bbox": [[0.654, 0.523, 0.75, 0.536]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 412, "edu_l1_label": "IOS"}, {"txt": "24 年受市场价格战影响车企新车有后延现象，25 年电车市场将迎新一轮新车潮，比亚迪、吉利汽车、小鹏汽车、理想汽车等主流车企均将进入新车周期，新车供给提升将刺激电车需求持续释放。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13600000, "bbox": [[0.75, 0.523, 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"bbox": [[0.261, 0.573, 0.96, 0.585], [0.088, 0.587, 0.654, 0.6]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 7, "global_sentence_id": 416, "edu_l1_label": "IOS"}, {"txt": "1）从基本面兑现角度：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13900000, "bbox": [[0.088, 0.609, 0.275, 0.621]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 9, "global_sentence_id": 417, "edu_l1_label": "IOS"}, {"txt": "推荐强爆款打造能力+强新车周期的比亚迪、小鹏汽车和零跑汽车，关注吉利汽车，在“以旧换新”政策加持下，以上公司25 年具备业绩超预期之可能；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13900000, "bbox": [[0.275, 0.609, 0.95, 0.621], [0.088, 0.623, 0.575, 0.635]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 9, "global_sentence_id": 418, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14000000, "bbox": [[0.05, 0.61, 0.065, 0.622]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 28, "global_sentence_id": 419, "edu_l1_label": "EDU_O"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14000000, "bbox": [[0.049, 0.646, 0.066, 0.658]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 27, "global_sentence_id": 420, "edu_l1_label": "EDU_O"}, {"txt": "1.00 2）从信息面角度：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14100000, "bbox": [[0.066, 0.642, 0.952, 0.688]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 421, "edu_l1_label": "IOS"}, {"txt": "边际关注华为系新车周期动态，长期建议关注具备稀缺性、唯一性的江淮汽车，25 年边际关注赛力斯（问界M8，爆款确定性最强）、北汽蓝谷（享界S9 增程+后续SUV）、上汽集团（新品牌尚界新车年底上市）；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14100000, "bbox": [[0.066, 0.642, 0.952, 0.688]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 422, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14200000, "bbox": [[0.05, 0.696, 0.071, 0.707]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 25, "global_sentence_id": 423, "edu_l1_label": "EDU_O"}, {"txt": "3）从情绪面角度：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14300000, "bbox": [[0.088, 0.694, 0.243, 0.707]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 424, "edu_l1_label": "IOS"}, {"txt": "关注智驾浪潮下港股汽车股向科技股估值切换机会，其中的软件壁垒将使得市场竞争出现明显的滚雪球效应，先发优势强者胜；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14300000, "bbox": [[0.243, 0.694, 0.95, 0.707], [0.088, 0.708, 0.37, 0.721]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 425, "edu_l1_label": "IOS"}, {"txt": "若市场乐观情绪维持，则建议关注软件打造能力强、当前软硬件布局积极的新势力车企，优选小鹏汽车+理想汽车+小米集团。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14300000, "bbox": [[0.37, 0.708, 0.948, 0.721], [0.088, 0.723, 0.477, 0.735]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 8, "global_sentence_id": 426, "edu_l1_label": "IOS"}, {"txt": "10", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14400000, "bbox": [[0.071, 0.696, 0.086, 0.707]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 26, "global_sentence_id": 427, "edu_l1_label": "EDU_O"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14400000, "bbox": [[0.052, 0.746, 0.063, 0.758]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 24, "global_sentence_id": 428, "edu_l1_label": "EDU_O"}, {"txt": "锂电：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14500000, "bbox": [[0.088, 0.744, 0.144, 0.757]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 20, "global_sentence_id": 429, "edu_l1_label": "IOS"}, {"txt": "特朗普再加对华电池关税，综合税率升至约50%", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14500000, "bbox": [[0.144, 0.744, 0.513, 0.757]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 20, "global_sentence_id": 430, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14600000, "bbox": [[0.052, 0.769, 0.066, 0.781]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 23, "global_sentence_id": 431, "edu_l1_label": "EDU_O"}, {"txt": "LG 化学2025 上半年量产无前驱体三元正极材料。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14700000, "bbox": [[0.088, 0.767, 0.474, 0.78]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 14, "global_sentence_id": 432, "edu_l1_label": "IOS"}, {"txt": "■", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14800000, "bbox": [[0.051, 0.793, 0.063, 0.805]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 22, "global_sentence_id": 433, "edu_l1_label": "EDU_O"}, {"txt": "在近日举办的InterBattery2025 展览会上，LG 化学展示了名为“LG Precursor-Free”的无前驱体正极材料，主要针对高镍和中镍电池，并宣布计划在2025 年上半年量产该材料。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14900000, "bbox": [[0.088, 0.791, 0.949, 0.804], [0.088, 0.806, 0.613, 0.818]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 434, "edu_l1_label": "IOS"}, {"txt": "据悉，这一技术通过直接烧结定制金属，省去了传统前驱体制造过程，不仅提升了电池在低温下的稳定性，还能减少工业废水和碳排放。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 14900000, "bbox": [[0.613, 0.806, 0.949, 0.818], [0.088, 0.82, 0.813, 0.832]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 435, "edu_l1_label": "IOS"}, {"txt": "LG 化学表示，这一被称为下一代技术的产品将逐步整合到未来产品线中，与其关联公司LG 新能源的中镍电池量产计划相辅相成。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 15000000, "bbox": [[0.088, 0.844, 0.951, 0.856], [0.088, 0.858, 0.23, 0.871]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 436, "edu_l1_label": "IOS"}, {"txt": "LG 的无前驱体技术专注于高镍（镍含量超95%）和中镍（镍含量50-70%）电池。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 15000000, "bbox": [[0.23, 0.858, 0.847, 0.871]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 437, "edu_l1_label": "IOS"}, {"txt": " LG 化学早在2023 年便开始研发这一技术，当时目标是通过省去前驱体环节降低制造成本并实现碳中和承诺。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 15000000, "bbox": [[0.847, 0.858, 0.949, 0.871], [0.088, 0.872, 0.839, 0.885]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 438, "edu_l1_label": "IOS"}, {"txt": "传统前驱体由镍、钴、锰等金属化合物制成，占据正极材料60-70%的成本，且生产过程会排放温室气体。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 15000000, "bbox": [[0.839, 0.872, 0.949, 0.885], [0.088, 0.887, 0.794, 0.899]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 439, "edu_l1_label": "IOS"}, {"txt": "而新工艺通过同时溶解金属和锂并采用湿法研磨直接生成正极材料，不仅简化流程，还能摆脱对中国主导的三元前驱体供应链的依赖（中国占全球三元前驱体市场90%）。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 15000000, "bbox": [[0.794, 0.887, 0.951, 0.899], [0.088, 0.901, 0.949, 0.913], [0.088, 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"position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 22900000, "bbox": [[0.739, 0.111, 0.951, 0.124], [0.053, 0.126, 0.252, 0.138]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 11, "global_sentence_id": 616, "edu_l1_label": "IOS"}, {"txt": "根据百川盈孚，供应方面：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23000000, "bbox": [[0.053, 0.147, 0.264, 0.159]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 617, "edu_l1_label": "IOS"}, {"txt": "本周国内多数电解钴冶炼厂维持满负荷生产节奏，虽然个别企业有减产行为，但整体影响不大，供应较为充足。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23000000, "bbox": [[0.264, 0.147, 0.949, 0.159], [0.053, 0.161, 0.23, 0.174]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 618, "edu_l1_label": "IOS"}, {"txt": "需求方面：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23100000, "bbox": [[0.053, 0.183, 0.141, 0.195]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 619, "edu_l1_label": "IOS"}, {"txt": "本周海外市场整体需求较为平淡，国际钴价小幅上调。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23100000, "bbox": [[0.141, 0.183, 0.563, 0.195]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 620, "edu_l1_label": "IOS"}, {"txt": "国内下游磁材与合金市场存在采购需求，场内企业询盘积极，但考虑钴市暂不稳定，实际成交较少。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23100000, "bbox": [[0.563, 0.183, 0.949, 0.195], [0.053, 0.197, 0.442, 0.209]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 621, "edu_l1_label": "IOS"}, {"txt": "成本方面：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, 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"language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23500000, "bbox": [[0.265, 0.354, 0.559, 0.366]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 638, "edu_l1_label": "IOS"}, {"txt": "下游维持安全库存策略。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23500000, "bbox": [[0.559, 0.354, 0.747, 0.366]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 639, "edu_l1_label": "IOS"}, {"txt": "期货注册仓单量降至44439吨，仓单压力缓解。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23500000, "bbox": [[0.747, 0.354, 0.948, 0.366], [0.053, 0.368, 0.212, 0.38]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 640, "edu_l1_label": "IOS"}, {"txt": "需求端：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, 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{"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.053, 0.439, 0.159, 0.452]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 644, "edu_l1_label": "IOS"}, {"txt": "锂矿价格延续强势，周内某厂商1.6 万吨锂辉石精矿拍卖以6701 元/吨成交（折碳酸锂完全成本超8 万元/吨），碳酸锂成本端支撑力度不减。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.159, 0.439, 0.951, 0.452], [0.053, 0.454, 0.352, 0.466]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 645, "edu_l1_label": "IOS"}, {"txt": "行业利润分层显著：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23700000, "bbox": [[0.352, 0.454, 0.51, 0.466]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 646, "edu_l1_label": "IOS"}, {"txt": "外采矿企业吨亏损维持，盐湖提锂及自有矿企业仍有利润空间，代工企业订单增长，仍有盈利。", "language": "chinese", 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{"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23800000, "bbox": [[0.772, 0.489, 0.949, 0.502], [0.053, 0.503, 0.809, 0.516]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 650, "edu_l1_label": "IOS"}, {"txt": "供应方的挺价意愿有所松动，态度趋于谨慎，市场交易较为平淡，实际成交数量有限。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23800000, "bbox": [[0.809, 0.503, 0.949, 0.516], [0.053, 0.518, 0.579, 0.53]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 651, "edu_l1_label": "IOS"}, {"txt": "同时，原料碳酸锂的成交重心偏弱，进一步推动整体市场下行。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 23800000, "bbox": [[0.579, 0.518, 0.949, 0.53], [0.053, 0.532, 0.177, 0.544]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 652, "edu_l1_label": "IOS"}, {"txt": "供应方面：", "language": 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0.866, 0.348]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 695, "edu_l1_label": "IOS"}, {"txt": "图表11：正极材料价格（万元/吨）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 25500000, "bbox": [[0.056, 0.36, 0.327, 0.374]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 10, "global_sentence_id": 696, "edu_l1_label": "EDU_O"}, {"txt": "figure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 25600000, "bbox": [[0.064, 0.382, 0.959, 0.633]]}]}, "tags": ["figure"], "label": "figure", "web_segment_id": 1, "global_sentence_id": 697, "edu_l1_label": "EDU_O"}, {"txt": "来源：鑫椤锂电，国金证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 25700000, "bbox": [[0.054, 0.647, 0.244, 0.658]]}]}, "tags": ["figure_caption"], "label": "figure_title", 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"position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28600000, "bbox": [[0.754, 0.393, 0.949, 0.405], [0.053, 0.407, 0.721, 0.42]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 787, "edu_l1_label": "IOS"}, {"txt": "供需双弱之下，下游电芯厂为确保采购量，大多已停止压价 ，因此本周隔膜价格持稳运行。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28600000, "bbox": [[0.721, 0.407, 0.949, 0.42], [0.053, 0.421, 0.539, 0.434]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 3, "global_sentence_id": 788, "edu_l1_label": "IOS"}, {"txt": "供需方面：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28700000, "bbox": [[0.053, 0.443, 0.141, 0.455]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 789, "edu_l1_label": "IOS"}, {"txt": "本周隔膜周产量在48600 万平方米左右，较上周不变，开工率同步不调。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28700000, "bbox": [[0.141, 0.443, 0.71, 0.455]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 790, "edu_l1_label": "IOS"}, {"txt": "目前隔膜主流冶炼厂开工低位企业多倾向于控制库存，各大隔膜厂商的生产量级出现不同程度的缩减，市场整体开工率呈下行趋势。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28700000, "bbox": [[0.71, 0.443, 0.94, 0.455], [0.053, 0.457, 0.848, 0.47]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 5, "global_sentence_id": 791, "edu_l1_label": "IOS"}, {"txt": "库存方面：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28800000, "bbox": [[0.053, 0.479, 0.141, 0.491]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 792, "edu_l1_label": "IOS"}, {"txt": "据百川盈孚统计，本周国内锂电池隔膜厂家库存量整体较上周相比增加，库存量47400 万平方米左右。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28800000, "bbox": [[0.141, 0.479, 0.933, 0.491]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 793, "edu_l1_label": "IOS"}, {"txt": "尽管下游电芯企业需求持续，但隔膜生产商增产过多，导致市场库存持续上升，整体供应呈现过剩态势，供应十分充足。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28800000, "bbox": [[0.933, 0.479, 0.949, 0.491], [0.053, 0.493, 0.951, 0.505]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 794, "edu_l1_label": "IOS"}, {"txt": "成本利润方面：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 28900000, "bbox": [[0.053, 0.514, 0.177, 0.527]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 795, "edu_l1_label": "IOS"}, {"txt": "本周国内锂电池隔膜成本波动调整。", "language": "chinese", "position": {"pdf_position": 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# 新能源仍是顶层重点关注方向，国网输变电设备招标开门红
## 子行业周观点详情
### ■光伏&储能：
####  一、《政府工作报告》仍重点关注新能源产业发展，能源局相关领导紧随其后具体部署。
#### 二、集中式电站季节性需求恢复叠加分布式抢装，3-4 月行业量价右侧启动强度超预期，玻璃3 月提价1.5-2 元/平米成交落地，上下游循环涨价趋势形成，玻璃、电池片仍是盈利修复弹性和持续性最好环节。
#### 三、投资建议：当前光储板块仍是业绩、情绪、关注度的三重底部，重申年度策略提出的“玻璃、电池片、新技术、大储”四大核心推荐方向，短期重点关注有望受组件排产拉升驱动而实现盈利改善弹性最显著的：玻璃、电池片、胶膜环节。
### ■风电：
### 电网：
### ■氢能与燃料电池：
### ■新能源车&整车：车企发布2 月销量整体符合预期；吉利银河AI+智驾发布会召开；赛力斯问界M8/M9 开启预售表现超预期。
#### 汽车周销量：市场同比恢复保持强势，累计增速即将转正，2 月4 周乘用车销售40.9 万辆电车21.7 万辆
#### 吉利AI 智驾发布会&正式发布改款银河E8：整体符合预期，智驾修复的是公司产品性价比
#### 问界M8 正式开启预售：预售价36.8 万起略超预期，持续关注华为系边际机会
#### ■25 年2 月主流车企销量解读：节后市场表现良好，关注Q1 市场新车周期
#### 持续看好25 年车市需求，看好整车车企销量及业绩兑现，关注AI+机器人+智能化下整车车企边际估值重塑机会。
##### 1、持续看好25 年市场需求：
##### ■2、看好乘用车板块。
###### 1）从基本面兑现角度：推荐强爆款打造能力+强新车周期的比亚迪、小鹏汽车和零跑汽车，关注吉利汽车，在“以旧换新”政策加持下，以上公司25 年具备业绩超预期之可能；
###### 1.00 2）从信息面角度：边际关注华为系新车周期动态，长期建议关注具备稀缺性、唯一性的江淮汽车，25 年边际关注赛力斯（问界M8，爆款确定性最强）、北汽蓝谷（享界S9 增程+后续SUV）、上汽集团（新品牌尚界新车年底上市）；
###### 3）从情绪面角度：关注智驾浪潮下港股汽车股向科技股估值切换机会，其中的软件壁垒将使得市场竞争出现明显的滚雪球效应，先发优势强者胜；若市场乐观情绪维持，则建议关注软件打造能力强、当前软硬件布局积极的新势力车企，优选小鹏汽车+理想汽车+小米集团。
### 锂电：特朗普再加对华电池关税，综合税率升至约50%
##  投资组合：
## 产业链主要产品价格及数据变动情况及简评
### 光伏产业链
### 锂电产业链
#### 1）MB 钴本周价格波动：3 月7 日，MB 标准级钴报价11.4 美元/磅，较上周上涨12.04%；MB 合金级钴报价14.25 美元/磅，较上周上涨7.55%。
#### 2）锂盐本周价格波动：锂盐本周价格波动：３月７日，氢氧化锂报价6.99 万元/吨，较上周持平；碳酸锂报价7.５７万元/吨，较上周上涨0.13%。
#### 3）正极材料本周价格波动：
#### 4）负极材料本周价格波动：
#### 5）负极石墨化本周价格持平：
#### 6）6F（国产）本周价格波动：3 月7 日，六氟磷酸锂（国产）价格为6.15 万元/吨，较上周下降1.6%；电池级EMC 价格为0.73 万元/吨，较上周持平；电池级DMC 价格为0.51 万元/吨，较上周持平；电池级EC 价格为0.48 万元/吨，较上周持平；电池级DEC 价格为0.92 万元/吨，较上周持平；电池级PC 价格为0.77 万元/吨，较上周持平；三元电池电解液（常规动力型）1.84-2.18 万元/吨，较上周持平；磷酸铁锂电池电解液报价1.85 万元/吨，较上周持平。
#### 6）电芯价格本周持平：
## 风险提示
