今日关注：新能源汽车
Focus Today: New Energy Vehicles
聚焦美股和A股联动效用，第一财经频道7:30-8:00《从华尔街到陆家嘴》为您开启市场大门。
focuses on US and A's combined utility, and the First Finance Channel 7:30-8:00 " From Wall Street to Land's Mouth" opens the market door for you.
编辑：小V 章朋
美股休市一天
币圈瘫了,链圈可安好？ The currency's paralyzed. How's the chain? 记者：魏中原 Reporter: Nakahara Wei 近一周， 比特币价格连续震荡，似有反弹迹象，曾一度冲回4000美元关口。12月25日截至发稿，交易平台Bitstamp上的比特币价格报在3784.6美元，当日下跌6.23%。 In the past week, the price of Bitcoin has been in shock and appears to have rebounded, once back to $4,000. As of December 25th, the price of bitcoin on the trading platform Bitstamp was $3784.6, down 6.23% that day. 市场公开数据显示，自2017年12月17日创下历史峰值以来， 比特币市场价格在一年多时间里已累计下挫逾80%。 Market disclosure data show that since the historic peak of 17 December 2017, the market price of Bitcoin has accumulated over 80 per cent for more than a year. 这一年来， “币圈”事故频发，大佬们纷纷“离场”， 国内炒币群体士气一再遭受重创。 During the year, there were a number of incidents in the currency ring, and the big guys were “out of the field”, and the morale of the domestic currency groups was repeatedly hit hard. “币圈”坍塌的一年 The year of the collapse of the Currency Circle > /strong 2018年，各国持续收紧虚拟货币监管、“黑客入侵账户”等事故所引发的交易安全问题，屡次重创比特币和其他数字货币市场。 In 2018, countries continued to tighten the security of transactions arising from incidents such as virtual currency regulation, hacking accounts, and repeatedly hit the Bitcoin and other digital money markets. 2009年比特币崭露头角时，当时1美元可以买入约1300枚比特币，此后比特币带领数字货币们在质疑声中迎来一波又一波的强劲拉升，于2017年底冲上历史高位，彼时每枚比特币的价格逼近2万美元，市场一片欢呼雀跃。 In 2009, when Bitcoin came to the fore, when US$ 1 was able to buy about 1,300 bitcoins, Bitcoin led the digital money to a wave after wave of strong pulls in the face of the challenge, hitting historic heights at the end of 2017, while the price of each bitcoin was close to US$ 20,000, and the market was cheerful. 然而，与2017年比特币的火爆上涨相比，2018年数字货币群体仿佛被“速冻”一般，集体坍塌。 However, compared to the explosion of bitcoin in 2017, the digital currency group in 2018 appeared to have collapsed as a “frozen” group. 除了部门比特币网站遭黑客攻击，更大的“黑天鹅”还来自于各国政府对于数字加密货币监管的不断收紧。受此消息面影响，比特币市场遭遇轮番重挫。 In addition to the hacking of the sector’s Bitcoin website, the larger “black swan” comes from the constant tightening of governments’ regulation of digitally encrypted currencies. As a result of this information, the Bitcoin market has suffered a major setback. 因意识到相关市场可能给金融体系带来风险，中国监管部门于2017年9月叫停了在中国境内的虚拟货币交易所。 In recognition of the risks that the relevant markets may pose to the financial system, the Chinese regulatory authorities suspended the virtual currency exchange in China in September 2017. 美国相关机构在今年11月中旬进一步加强了对比特币的交易监管。据相关媒体报道，美国证券交易委员会（SEC）于11月16日处罚了两家相关的加密货币公司。与此同时，美国司法部也针对比特币去年底的暴涨过程展开了有关价格操纵的调查。 According to relevant media reports, the US Securities and Exchange Commission (SEC) punished two related crypto-currency companies on November 16. Meanwhile, the US Department of Justice launched an investigation into price manipulation in response to Bitcoin’s surge at the end of last year. Bitstamp数据显示，近日比特币价格较12月前几日小幅反弹，价格重回4000美元关口，但是与一年前的历史顶点相比，比特币价格已累计下挫逾80%。 Bitstamp data show that in recent days bitcoin prices have rebounded slightly from those of the first days of December and have reverted back to the $4,000 mark, but that Bitcoin prices have accumulated more than 80 per cent below the historical peak of a year ago. 区块链或将归于理性 前些年，受数字货币热潮推动，与区块链相关的投资项目如“雨后春笋”般地冒了出来。 由“币圈”带火“链圈”，币圈大佬们融资或只需发张关于区块链开发项目的“白皮书”。彼时，区块链“来钱太快”，于是催生了行业内“一拥而上”的现象， ”区块链实现财富自由“的说法令很多投资者深信不疑。 In previous years, investment projects related to the block chain, driven by a boom in digital currency, emerged as a “spring of rain.” The “ring” of the ring, which was financed by the big ones, or simply issued a “white paper” on the development of the block chain. 2018年的暴跌行情，有分析人士指出，以比特币为代表的数字货币危机是各方一致认同的——这本身就不是一个价值投资市场，更多的是投机。这一年，比特币黯然褪色，众多寄望于炒币暴富的投机者黯然退场。区块链技术与金融的结合始于数字货币，但不仅仅止于此。据相关研究统计，2018年区块链发布的项目行业分布中仅金融领域就包括证券、保险、征信、支付、交易平台等。 In 2018, analysts pointed out that the digital currency crisis, represented by bitcoin, was consensual – not a value investment market per se, but more speculation. That year, Bitcoin faded, with a large number of speculators looking for rich currency. The combination of block-chain technology and finance began with digital money, but not just with that. 作为一种新兴技术，区块链可以被结合并运用于更多的领域。然而从业界的认知来看，从推广到应用需要一个漫长的过程。业内人士称，此次比特币等数字货币的泡沫被刺破，币圈热度减退，也将引导区块链发展回归理性。 As an emerging technology, block chains can be integrated and applied in more areas. However, the industry’s perception is that extension to application requires a long process. Industry sources argue that this time the bubble of digital money, such as Bitcoin, has been punctured and the currency’s heat has decreased, which will also lead to rational development of the block chain. 2018年5月20日，工信部信息中心发布《2018年中国区块链产业发展白皮书》，这是中国第一份发布的区块链产业白皮书。白皮书称，我国区块链产业链条已经初步形成，区块链应用加快落地，助推传统产业高质量发展，但产业发展过程中仍然伴随一系列不可忽视的风险，包括合规性风险、技术层面风险等，亟需加以防范。 On 20 May 2018, the Information Centre of the Ministry of Information and Communications issued the White Paper on the Development of China's Block Chain Industry, 2018, the first to be published by China. The White Paper states that, while the chain of blocks has been initially formed, and the application of block chains has accelerated their landing and contributed to the high-quality development of traditional industries, industrial development continues to be accompanied by a range of risks that cannot be ignored, including compliance risks, technological risks, etc., that need to be prevented. 嘉宾简佳观点 guest has a brief perspective 本轮特朗普减税实际上是“火上浇油” 美联储在北京时间上周四凌晨如期加息25个基点，同时将2019年的加息预期从3次下调至2次。此外，美联储也下调了对于2018-2019年的经济增长和通胀预期，同时下调了2020-2021年失业率预期。在这次议息会议之前，特朗普和白宫对联储局频频施压。所以市场对本次美联储会议更为关注的，还是对2019年加息节奏的判断。从鲍威尔11月中旬发言转向鸽派以来，市场对2019年美联储的加息次数已经回落至2次。 In addition, the Fed revised its expectations for economic growth and inflation for 2018-2019 downwards, as well as for unemployment rates for 2020-2021. Before this meeting, the Trump and the White House put pressure on the Federal Reserve. So the market was more concerned about the Fed meeting than it was about the 2019 rate. 本轮特朗普减税实际上是“火上浇油”、“未病先医”，在顺周期过程中提前支取了未来财政扩张的空间。伴随着财政刺激作用逐步消退，叠加贸易战负面冲击，2019年美国经济将逐季放缓。实际上，对于美联储而言，2019年是维持既定的加息节奏，还是放缓加息步伐，实际上都可能对美股造成冲击，可以说是进退两难。因此，无论美联储加息是否减速，2019年美股大概率都将面临波动上升的冲击，可谓山雨欲风满楼。 This round of Trump tax cuts is in fact a “fire-fueling” or “hospital pre-meditation” that pre-empts future fiscal expansion in the pro-cyclical period. With fiscal stimulus diminishing, adding to the negative impact of the trade war, the US economy will slow down on a seasonal basis in 2019. 欧洲最大的问题就是民粹运动的蔓延 The biggest problem in Europe is the spread of populist movements. 法国的黄马甲运动已经持续了一个多月，而且这场抗议活动现已蔓延至欧洲多国，包括比利时、荷兰、英国和葡萄牙等国家。那些被民粹主义占领的代表性国家，比如英国和意大利，在欧盟的日子过得相当艰辛，但是民粹主义却在欧洲加速蔓延。我们分析认为，经济问题对于民粹主义的孵化起到了较为重要的作用。其中，贫富差距加大又是经济问题中影响最大的。此外，税收占比较大也是孵化民粹的重要原因之一。尽管部分国家之前就存在着贫富差距以及税收占比偏高的问题，但是在今年经济的普遍下行的情况下，此类问题就变得尤为尖锐。 France’s Yellowmarca movement has lasted for more than a month, and the protests have spread to many countries in Europe, including Belgium, the Netherlands, the United Kingdom, and Portugal. The representative countries that are under populist occupation, such as the United Kingdom and Italy, have had quite a hard time in the European Union, but populism has accelerated in Europe. 市场关注 Market Concern > 国务院：经营性文化事业单位转制为企业后五年内免征企业所得税 国务院办公厅印发《文化体制改革中经营性文化事业单位转制为企业的规定》和《进一步支持文化企业发展的规定》。《规定》提出，经营性文化事业单位转制为企业后，五年内免征企业所得税。2018年12月31日之前已完成转制的企业，自2019年1月1日起可继续免征五年企业所得税。 The Office of the State Council issues the Regulation on the Conversion of Business Cultural Enterprises into Businesses in the Reform of Cultural Institutions and the Regulation on the Further Support of Cultural Enterprise Development. The Regulation states that businesses that have completed their conversion before 31 December 2018 will be exempted from the income tax for businesses for a further period of five years, starting from 1 January 2019. 工信部发文加快推进虚拟现实产业发展 工信部印发《关于加快推进虚拟现实产业发展的指导意见》，加快推进虚拟现实产业发展。紧密结合国家相关产业政策，利用现有渠道，创新支持方式，重点支持虚拟现实技术研发和产业化。鼓励金融机构开展符合虚拟现实产业特点的融资业务和信用保险业务，进一步拓宽产业融资渠道。 The Ministry of Information and Technology issues guidance on accelerating the development of virtual real industries to accelerate the development of virtual real industries. Closely integrate relevant national industrial policies, using existing channels, innovative forms of support, and focusing on supporting research and development and industrialization of virtual real technologies. 金立破产清算进入债权申报阶段 Goldberg liquidation is at the claim filing stage 金立破产清算案已确立管理人，进入债权申报阶段，确定2019年4月2日召开第一次债权人会议。而作为金立对外投资的南粤银行，也身涉债权人行列。 An administrator has been established to enter the claims filing phase and the first creditor meeting will be held on 2 April 2019, and the Bank of Nanjong, which is an outward investor in gold, is among the creditors. 英国电信：华为仍是5G网络设备“重要供应商” 英国电信公司发言人说，中国华为公司仍是这家英国最大电信运营商在第四代、第五代移动通信技术（4G和5G）网络和固定网络方面的一个“重要设备供应商”。目前该公司与华为在5G网络建设上的合作进展顺利。 The spokesperson for the British Telecom Corporation said that China China was still the largest telecommunications operator in the United Kingdom as a “important equipment supplier” for the fourth and fifth generation of mobile communication technology (4G and 5G) networks and fixed networks. The company's collaboration with China on the 5G network is now well under way. 北京：遏制追星炒星、收视率造假、对赌协议等行为 北京将进一步加强广播电视和网络视听文艺节目管理，切实纠正一些文艺节目中出现的影视明星过多、追星炒星、泛娱乐化、高价片酬、收视率（点击率）造假等问题，净化行业生态。北京还将建立行业准入和退出机制，实行“红黑名单”动态管理。 Beijing will further strengthen the management of audio-visual programmes on radio, television, and the Internet, and effectively correct the problems of a number of literary programmes, such as the proliferation of movie stars, star chasers, pan-recreation, high-priced films, and the counterfeiting of ratings (click rates) to clean up the industry's ecology. It will also establish a mechanism for access to and exit from the industry, with a “red black list” dynamic management. 北京市网信办：依法关闭11万个违法违规自媒体账号 Beijing City Network Office: 110,000 violations closed by law from media accounts 按照国家互联网信息办公室有关自媒体账号清理整治专项行动部署，截至12月18日，各平台共删除各类违法违规自媒体信息49.6万篇，关闭违法违规自媒体账号11万个。 As of 18 December, in accordance with the deployment of the special operation of the National Internet Information Office for the clean-up and correction of media accounts, a total of 496,000 media information violations had been removed from various platforms and 110,000 media accounts had been closed. 安徽合肥：2018年新落户人才将有租房补贴 每人每年最高2万 Fatty: Newcomers in 2018 will have a rental subsidy of up to 20,000 per person per year 从安徽省合肥市房管局获悉，该局近日印发文件，明确新落户人才租房补贴申请条件与补贴标准。2018年起在合肥市行政区域内新落户的在职在岗、且无自有住房的人才，只要符合条件均可申请，可获取最高补贴为每人每年2万元。 According to information received from the Department of Housing Management of Hoyot, Anhui Province, the Department has recently issued a document setting out the conditions and criteria for applying for a rental subsidy for newly arrived persons. 中国铁路年底开通10条新线 高铁里程将达2.9万公里 At the end of the year, the Chinese railway will open 10 new lines. 随着杭黄高铁25日开通运营，中国铁路将在一周内密集开通10条新线，新增高铁营业里程约2500公里，全国高铁营业里程将达到2.9万公里，为2018年献上“收官大礼”。 With the opening and operation of the HangHung High Railway on 25 days, China's railway will open 10 new lines in a week's time, adding approximately 2,500 kilometres of high-iron operating miles, bringing the country's high-iron operating miles to 29,000 kilometres, giving a “receipt gift” for 2018. 非禁即入 中国全面实施市场准入负面清单制度 Full implementation of the negative market access list system in China 25日，我国发布《市场准入负面清单（2018年版）》，标志着我国全面实施市场准入负面清单制度。清单以外的行业、领域、业务等，各类市场主体皆可依法平等进入，实现“非禁即入”。清单包括“禁止准入类”和“许可准入类”两大类，一共151个事项，比此前的试点版负面清单缩减了177项。清单还将根据今后实际情况进行动态调整。 On 25 November, we published the negative market access list (version 2018), which marks the full implementation of the negative market access list system. Trades, areas, operations, etc., other than the list, all types of market subjects have equal access under the law to achieve “free or restricted” entry. The list includes two categories: “prohibited access” and “licensed access”, with a total of 151 matters, down 177 from the previous negative list in the pilot version. The list will also be adjusted dynamically in the light of the actual situation in the future. 发改委：在负面清单之外不得对民企采取额外限制准入措施 CSD: No additional restrictions on access for private enterprises beyond the negative list 发改委体改司司长徐善长表示，全面实施市场准入负面清单制度后，不得对民营企业设置不合理或歧视性的准入条件，不得采取额外的准入管制措施。对所有市场主体公平公正、一视同仁，减少自由裁量权，在市场准入、审批许可、投资经营等方面，打破各种形式的不合理限制和隐性壁垒，营造稳定公平透明可预期的营商环境。 The Director of the DRC Division said that the full implementation of the negative market access list system should not result in unreasonable or discriminatory access conditions for private enterprises, nor in additional access control measures. Fair and equitable treatment for all market players, reduced discretion, and the breaking of all forms of unreasonable restrictions and hidden barriers to market access, licensing, investment operations, etc., and the creation of a stable and transparent business environment that could be expected. 商务部：赋予11家企业成品油非国营贸易进口资质 Ministry of Commerce : qualified 11 enterprises to import oil products from non-State trade 商务部12月25日消息，根据《2018年成品油（燃料油）非国营贸易进口允许量申领条件、分配原则和相关程序》的规定，经审核，同意赋予山东中海精细化工有限公司等11家企业成品油（燃料油）非国营贸易进口资质。 On 25 December, the Ministry of Commerce informed that, in accordance with the terms of application, allocation principles and related procedures for the import allowance for the non-State trade in finished oils (fuel oils) in 2018, it had approved the granting of qualifications for the import of finished oils (fuel oils) for the non-State trade of 11 enterprises, such as China Sea Fine Chemical Co. Ltd., in Shandong. 前海蛇口片区及大小南山周边规划获市政府批准 The Pre-Sea Snake Pocket Area and the Rim of Nansan, large and small, were approved by the municipality 日前，深圳市人民政府正式批复《中国（广东）自由贸易试验区深圳前海蛇口片区及大小南山周边地区综合规划》，未来将把前海蛇口自贸片区建设成为依托港澳、服务内地、面向世界的“一带一路”战略支点、粤港澳深度合作示范区和城市新中心。 The People's Government of Shenzhen City has now officially approved the Plan for the Integration of the Pre-Sea Snake Port Zone of Shenzhen, China (Cuangdong) Free Trade Trial Zone, and the Rim of the Great and Small South Mountain. In the future, the former Sea Snake Zone will be established as a “one-way” strategic point for Ito, a service centre for the world, a demonstration area for deep cooperation in Hong Kong and a new urban centre. 2018年最后一单IPO审核顺利过会 证监会昨日结束了其2018年内的最后一次IPO审核。奥美医疗用品股份有限公司首发获通过，此前厦门纵横集团已申请撤回申报材料。据统计，今年共有182家企业上会，其中110家企业成功过会，过会率为60.4%，这一数据创下了近五年的新低。在12个月中，1月份的单月过会率最低，为40%。 Yesterday, the CVM concluded its last IPO audit in 2018. The Ormé Medical Supplies Company Ltd. was first approved, after the Xiamen horizontal group had applied to withdraw the declaration. 社科院报告：去年个人融资规模接近45万亿元 中国社会科学院国家金融与发展实验室联合友信金服共同发布《中国个人融资四十年发展与创新报告》，聚焦中国40年来“个人借钱史”。这是中国首份剖析改革开放四十年间中国个人融资发展历程的研究报告。报告称，2017年中国整体个人融资规模已接近45万亿元人民币。 China's Academy of Social Sciences, China's National Laboratory of Finance and Development, in conjunction with its National Laboratory of Finance and Development, has published China's Forty-Year Development and Innovation Report, focusing on China's 40-year history of personal borrowing. This is China's first analysis of China's history of personal financing development in the 40-year period of reform and opening. The report states that China's overall level of individual financing in 2017 was close to 4.5 trillion yuan yuan. 日本股市暴跌5%进入熊市 The stock market in Japan fell by 5% into Bear City 日经225指数昨日创近22个月以来新低。此外日本股市已经从10月2日高点下跌20%，进入熊市，上周东证指数已进入熊市。值得注意的是，日经225指数昨日收盘跌破被市场认为是一个重要关口的20000点。 In addition, Japan’s stock market has fallen by 20% from its high point on October 2, and last week’s East certificate index has entered Bear City. It is worth noting that yesterday’s closing of the 225 index fell to 2000 points, which the market considered to be an important entry point. 特朗普圣诞节再喷美联储 呼吁美股是绝佳买入机会 {\bord0\shad0\alphaH3D}It's Christmas with the Federal Reserve. 美国总统特朗普发表圣诞讲话，本周连续第二天批评美联储加息速度太快，但表示对美联储和财长有信心。为了提振美国股市，特朗普暗示，近期美国股市的大跌对于投资者来说是个抄底机会。不过许多分析师认为美股最近的重挫恰恰是特朗普的政策及白宫与国会僵局所致。 To boost the US stock market, Trump suggests that the recent collapse of the US stock market is an opportunity for investors. But many analysts think that the recent setback in the US stock market is precisely the result of Trump’s policies and the White House’s stalemate with Congress. 个股关注 unit concerned 新能源汽车 New Energy Vehicle >/strang 埃隆马斯克从来都是媒体和投资者关注的焦点。上周六，马斯克表示，尽管时间紧迫，但公司应该能在年底前交付所有Model 3的订单。不过最近特拉斯股价又出现了一波快速下跌，主要原因还是和美股整体大跌有直接的关系，不过也有投资者对于特斯拉在中国区2个月来第3次降价表示担忧。 Last Saturday, Musk said that, despite the time constraints, the company should be able to deliver all of the Model 3 orders by the end of the year. But there has been another rapid drop in stock prices recently, mainly because of a direct connection with the collapse in the US stock as a whole, but there have also been concerns among investors about Tesla’s third drop in prices in the last two months of China. 最新的降价主要还是因为中国针对美国进口车型进行了暂时性的关税政策调整。当然，特斯拉非常希望中国消费者更加能更加负担得起自己家的汽车，将从2019年开始在中国上海生产Model 3，工厂目标是每年能够生产50万辆电动汽车。 The latest price reduction is mainly due to China’s temporary tariff adjustment for the US import pattern. Of course, Tesla is keen to see Chinese consumers become more affordable for their cars, producing Model 3 in Shanghai, China, starting in 2019, with the factory’s goal of producing 500,000 electric cars annually. 今年中国车市处在空前的低迷期，二十年来首次的全年产销负增长基本已经成为定局。不过新能源汽车可谓一枝独秀，2018年1-10月新能源汽车累计销量86万辆，已经超过了去年全年77.7万辆销量，好于预期。我们预计全年销量将达到120万辆。中国是全球新能源汽车的绝对第一大国。新能源车领域则可以让中国公司占据更重要的话语权。 This year, China’s car market is in a state of unprecedented depression, with the first year-round negative growth in production and sales in 20 years being largely the norm. But the new energy vehicle is unique, with a cumulative sales of 860,000 vehicles in January-October 2018, exceeding the total sales of 777,000 vehicles in last year’s year, much better than expected.
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