截至2月2日，国内主流车企2026年1月产销数据陆续披露。整体市场呈现"传统自主强势领跑、新势力普 遍承压"的鲜明格局：上汽、吉利、奇瑞等头部车企销量同比多实现20%以上增长，自主品牌座次因新 能源与出口表现差异出现重构。 1月传统自主车企集团凭借完善的产品矩阵与全球化布局，交出亮眼成绩单，头部阵营座次因各板块增 长动能差异出现显著调整。 具体来看，上汽集团（600104）延续领跑态势，1月实现整车批售32.74万辆，同比增长23.9%，终端零 售36.3万辆，批发与零售双双领跑行业。分板块来看，自主品牌表现尤为突出，销量达21.4万辆，同比 增长39.6%，占集团总销量比重升至65.3%。 其中，上汽乘用车销售7.7万辆，同比增幅达53.8%；上汽通用五菱销售10.5万辆，同比增长37%。新能 源与海外市场成为核心增长引擎，1月新能源汽车销量8.5万辆，同比增长39.7%；海外销量10.5万辆， 同比增长51.7%，仅MG品牌在欧洲市场就交付近2.6万辆，同比增长15%。 吉利汽车以27.02万辆的销量位居次席，同比增长1%，环比增长14%，新能源业务成为重要支撑。1月新 能源汽车销量达12.43万辆，同比 ...

Core Insights - Dongfeng Motor Corporation is focusing on technology autonomy and high-quality transformation, with 2026 designated as the "Year of Technology Realization" [1] - The company aims to achieve a total sales target of 3.25 million vehicles in 2026, including 1.7 million new energy vehicles and 600,000 exports [2][3] Technology Development - Dongfeng's R&D investment intensity is projected to reach 7.9% in 2025, significantly above the industry average, supporting technological innovation [1] - The company has made breakthroughs in core component autonomy, including the mass production of the DF30 automotive-grade MCU chip and a 67% localization rate for chips in its self-owned brand vehicles [1] - The Mahle hybrid engine has achieved a thermal efficiency of over 48%, set to be widely applied in multiple new energy models launching in 2026 [1] Intelligent Systems - The "T200" intelligent driving system will be widely adopted in key models, providing L2+ level assistance for highways and urban roads by 2026 [2] - The "T500" advanced driving system is expected to enter mass production, enhancing user experience through the "Tianyuan Smart Cabin" technology [2] Commercial Vehicle Sector - Dongfeng's commercial vehicle division aims for a sales target of 131,000 units in 2025, with a 24% year-on-year increase, and 176,000 units in 2026, representing a 34% growth [4] - The company plans to launch over 70 new energy models, including hydrogen fuel and hybrid vehicles, in 2025 [2] Product Strategy - Dongfeng is expanding its product matrix across various market segments, including high-end, mainstream, and niche markets, with a focus on collaboration between self-owned and joint venture brands [3] - The company plans to introduce 15 new and upgraded products from 2026 to 2028 under the Dongfeng Fengshen brand, targeting family travel and light off-road segments [3] International Expansion - Dongfeng aims to strengthen localized operations in 18 key overseas markets, with a goal of achieving 600,000 vehicle exports [4] - The company is enhancing its local supply chain for joint venture brands like Peugeot, Citroën, Nissan, and Honda to maximize collaborative value [4] Organizational Reform - Dongfeng will grant greater autonomy to frontline business units and enhance incentive mechanisms to improve market responsiveness and operational efficiency [4] - The company is committed to driving high-quality development in the Chinese automotive industry through technology, brand enhancement, and deep reforms [4]

Core Insights - The opening of the first two offline stores in Hangzhou marks a significant step for Xiangpiaopiao, a brand known for its cup-based brewed milk tea, as it seeks to engage directly with consumers in a competitive market [1][4] - The company reported a revenue of 1.684 billion yuan for the first three quarters of 2025, but faced a net loss due to declining income from traditional brewed tea [1][2] - Xiangpiaopiao's brand innovation center manager, Jiang Xiaoying, views the current phase as a "second entrepreneurship," focusing on long-term value rather than short-term trends [1][6] Product Innovation - In response to market pressures, the company is pursuing product innovation, exemplified by the launch of "Mingqian Special Grade Longjing" milk tea, which uses high-grade tea leaves at a price lower than that of ready-to-drink tea [2][3] - The company is also exploring health-oriented products, initially facing challenges with zero-sugar milk tea but later shifting to a "low GI" approach to maintain taste while catering to health-conscious consumers [2][3] Consumer Engagement - Xiangpiaopiao aims to connect with younger consumers through a clear brand matrix strategy, utilizing sub-brands like "Meco" and "Lanfangyuan" to reach different demographics [3][4] - The recent opening of offline stores is designed to enhance brand experience and consumer interaction, with a focus on providing a space for direct communication [4][5] Financial Performance - The ready-to-drink business, centered around Meco fruit tea, generated 833 million yuan in revenue for the first three quarters, marking a 3.92% increase and surpassing the brewed tea segment for the first time [5] - The company is strategically positioning its product offerings to meet diverse consumer needs across various scenarios, emphasizing the importance of offline stores in testing market responses [5][6] Organizational Strategy - Jiang Xiaoying emphasizes the importance of team collaboration and organizational capability in driving innovation, advocating for market testing to validate product directions [6][7] - The company has made proactive inventory adjustments to ensure long-term channel health, even at the cost of short-term financial performance, reflecting a commitment to sustainable growth [6][7]

截至2月2日，国内主流车企2026年1月产销数据陆续披露。整体市场呈现"传统自主强势领跑、新势力普 遍承压"的鲜明格局：上汽、吉利、奇瑞等头部车企销量同比多实现20%以上增长，自主品牌座次因新 能源与出口表现差异出现重构。 与此同时，9家主流造车新势力则遭遇集体环比下滑。业内分析指出，短期政策切换、淡季效应等因素 扰动终端，但自主车企核心竞争力持续提升，新势力"马太效应"加剧，行业高质量发展的长期逻辑未 变。 ● 本报记者 龚梦泽 自主品牌座次重构 奇瑞集团凭借出口优势跃居前列，1月销售汽车20.03万辆，其中出口11.96万辆，同比增长48.1%，连续 9个月出口突破10万辆。新能源板块同样稳步推进，1月销量5.21万辆，形成"出口+新能源"双轮驱动格 局。旗下主要品牌中，奇瑞品牌销量13.56万辆，捷途品牌4.27万辆，星途、iCAR、智界品牌分别销售 5276辆、3419辆、4506辆，产品矩阵覆盖从主流到高端的全细分市场。 广汽集团自主板块爆发式增长，推动整体销量达11.66万辆，同比增长18.47%。这是昊铂埃安BU和传祺 BU完成组建后首次披露月度销量，成效立竿见影：昊铂埃安BU销量超2.16万辆 ...

Core Viewpoint - The A-share market is facing heightened delisting risks as multiple companies are expected to report negative net assets and other financial indicators, leading to potential "ST" (Special Treatment) designations and delisting warnings [1][2]. Group 1: Companies Facing Delisting Risks - Several companies, including Chunxing Precision Mechanical and Yihualu, have announced potential delisting risks due to expected negative net assets by the end of 2025 [1]. - Tianjian Technology is projected to report a total profit loss of between 170 million to 240 million yuan and a net profit loss of 176 million to 250 million yuan for 2025, which may trigger delisting warnings [2]. Group 2: Specific ST Companies at Risk - *ST Jinglun and *ST Yanshi are confirmed to have triggered financial delisting indicators and may face termination of listing after the 2025 annual report [2]. - *ST Haihua's delisting risk is linked to the resignation of its auditing firm, which introduces significant uncertainty regarding its annual audit [3]. Group 3: Non-standard Audit Opinions - *ST Panda has been issued non-standard audit opinions for its 2024 financial report, which may lead to delisting if unresolved issues persist [3]. - *ST Guandian is also facing potential non-standard audit opinions, with its independent directors urging for enhanced audit procedures to ensure compliance [3]. Group 4: Market Implications - The normalization of the delisting mechanism is seen as a positive step towards improving the overall quality of listed companies by removing those with poor asset quality [4]. - Investors are advised to be cautious of delisting risks and to avoid high-risk stocks such as those designated as *ST without thorough understanding [4].

Group 1 - The A-share annual report disclosure for 2025 has commenced, with Chip导科技 being the first to release its report, showing a revenue of 394 million yuan, an 11.52% year-on-year increase, and a net profit of 106 million yuan, a 4.91% decrease [1] -沃华医药 reported a revenue of approximately 817 million yuan, a 6.96% year-on-year increase, and a net profit of about 95.71 million yuan, a 162.93% year-on-year increase, focusing on proprietary Chinese medicine products [2] - 指南针 achieved a revenue of approximately 2.146 billion yuan, a 40.39% year-on-year increase, and a net profit of about 228 million yuan, an 118.74% year-on-year increase [2] Group 2 - A total of 3,056 A-share companies have disclosed their 2025 performance forecasts, with 1,095 companies expected to report positive results, indicating significant performance differentiation [3] - Among the companies, 678 are expected to achieve a net profit growth of over 10%, and 231 companies are projected to exceed 100% growth, with some companies like 宁波富邦 and 广东明珠 expecting over 1,000% growth [3] - 619 companies are expected to have a net profit exceeding 100 million yuan, with 136 companies projected to exceed 1 billion yuan, including major players like 紫金矿业 and 中国神华 [3] Group 3 - The non-ferrous metals, automotive, chemical, and semiconductor industries are showing signs of recovery, with leading companies performing exceptionally well [4] - In the non-ferrous metals sector, gold mining companies are particularly strong, with 西部黄金 expecting a net profit of 425 to 490 million yuan, a year-on-year increase of 46.78% to 69.23% [4] - The semiconductor industry is benefiting from high order volumes and capacity utilization rates, indicating a positive outlook for the sector [4] Group 4 - 芯原股份 reported a significant increase in new orders, with a total of 5.96 billion yuan in new orders for 2025, a 103.41% year-on-year increase, and a substantial backlog of orders expected to enhance future profitability [5] - The company noted that over 73% of its new orders are related to AI computing, with over 50% in data processing, indicating a strong focus on these growth areas [5] - Following the performance forecasts, many companies have attracted institutional research interest, focusing on order volumes, production progress, and industry trends [5] Group 5 - 东芯股份 indicated that niche memory product prices are rising due to supply constraints caused by industry cycles, leading to a positive operational outlook [6] - 中集集团 expects a significant decline in container manufacturing performance for 2025 due to high base effects from 2024, but maintains a long-term positive outlook on container demand linked to global trade growth [7]

Group 1 - The global storage market is expected to experience a disruptive price increase starting from Q3 2025, with DRAM and NAND flash prices rising over 300% [1] - Predictions indicate that NAND flash prices will increase by 33%-38% and general DRAM prices by 55%-60% in Q1 2026 [1] - 25 out of 41 storage companies have disclosed earnings forecasts, with 16 companies expecting positive results, driven by the AI and computing industry [1] Group 2 - The price surge is attributed to a structural supply-demand imbalance caused by AI, with AI servers consuming 53% of global memory monthly production [1] - Major manufacturers are shifting over 80% of their advanced production capacity to high-margin HBM, leading to a reduction in mature capacity [1] - The average inventory cycle for the DRAM industry is projected to drop to 10 weeks, indicating a tight supply situation [1] Group 3 - Domestic companies like Changxin Technology and Yangtze Memory are expected to benefit from increased opportunities in DDR4 and 3D NAND products due to foreign manufacturers focusing on high-end production [2] - Baiwei Storage anticipates revenues of 10 to 12 billion yuan in 2025, with a net profit increase of 427.19% to 520.22% [2] - Demingli expects revenues of 10.3 to 11.3 billion yuan in 2025, with a net profit increase of 85.42% to 128.21% [2] Group 4 - The company Shannon Chip Innovation expects over 40% revenue growth in 2025, with its brand "Haipu Storage" entering mass production [3] - The current market is viewed as a "super cycle" lasting 2-3 years, with supply capacity lagging behind demand growth [3] - Citigroup predicts average price increases of 88% for DRAM and 74% for flash products in 2026, higher than previous forecasts [3] Group 5 - Companies are focusing on inventory management and supply stability, with Baiwei Storage maintaining sufficient inventory levels [4] - Demingli plans to raise up to 3.2 billion yuan for SSD and DRAM expansion projects [4] - Several companies are pursuing acquisitions to enhance product lines and supply capabilities, such as Yingxin Development's acquisition of Guangdong Changxing Semiconductor [5]

Core Viewpoint - The State Administration for Market Regulation of China has issued guidelines to promote the high-quality development of special equipment inspection institutions, aiming to enhance the safety governance system and support the professionalization and standardization of these institutions [1] Group 1: Overview of Special Equipment Inspection Institutions - There are over 3,000 special equipment inspection institutions in China responsible for the safety inspection of more than 23 million special equipment units, over 300 million gas cylinders, and over 1.1 million kilometers of pressure pipelines [1] - These institutions play a crucial role in improving safety levels, advancing technology in the special equipment sector, and supporting market regulatory safety inspections [1] Group 2: Expanding Service Areas - The guidelines emphasize enhancing the institutions' responsiveness to national and local major strategies, establishing specialized service mechanisms, and forming expert service teams to support the application of new technologies and materials [2] - There is a focus on exploring new business models and technologies, strengthening safety control technology research for new and complex equipment, and developing safety technologies for renewable and low-carbon equipment [2] Group 3: Enhancing Innovation Capabilities - The guidelines call for increased investment in technology by inspection institutions, promoting resource sharing and collaborative research, and creating a favorable innovation ecosystem [2] - Institutions are encouraged to improve their innovation incentive mechanisms and enhance their research capabilities, including building innovation platforms and training talent [2] Group 4: Providing High-Quality Inspection Services - The guidelines require strengthening brand building for inspection institutions and encourage them to develop specialized service brands based on regional characteristics and industry needs [3] - Institutions are urged to explore the establishment of technical service alliances and promote international development, including participation in international standardization organizations and supporting the Belt and Road Initiative [3]

大小盘股均出现调整，大盘股集中的上证50指数、沪深300指数分别下跌2.07%、2.13%，小微盘股集中 的中证1000指数、中证2000指数、万得微盘股指数分别下跌3.39%、2.41%、1.51%。 个股方面，个股多数下跌，整个A股市场上涨股票数为771只，44只股票涨停，4652只股票下跌，123只 股票跌停。 从盘面上看，特高压、白酒、培育钻石、智能电网等板块表现活跃，黄金珠宝、存储器、工业金属、磷 化工等板块领跌。申万一级行业中，仅有食品饮料、银行行业上涨，分别上涨1.11%、0.17%；其他行 业均下跌，有色金属、钢铁、基础化工行业跌幅居前，分别下跌7.62%、5.93%、5.69%，煤炭、石油石 化行业也均跌逾5%。 有色金属板块中，西部材料涨逾6%，永杰新材涨逾5%，翔鹭钨业、宁波富邦均涨逾3%，晓程科技跌逾 18%，铜陵有色、锌业股份、白银有色、恒邦股份等多股跌停，其中铜陵有色、锌业股份、白银有色等 多只股票跌停板上均有大额封单。消息面上，现货黄金、现货白银价格大跌。 对于A股市场调整的原因，安爵资产董事长刘岩表示，2月2日A股整体走低是外部市场冲击、内部收益 兑现和节前资金避险三重逻辑的共 ...

使命，因时代而生；担当，因责任而重。 "努力走好中国特色金融发展道路，助力开创资本市场高质量发展新局面，是国开证券所肩负的职责使 命。"国开证券党委书记、董事长刘晖近日在接受中国证券报记者采访时表示，金融是现代经济的血 脉，关系中国式现代化建设全局。"十五五"规划建议提出"提高资本市场制度包容性、适应性，健全投 资和融资相协调的资本市场功能"，吹响了加快建设中国特色现代金融体系和金融强国的号角，也为证 券行业走好高质量发展的"赶考路"出了一道"必答题"。 ● 本报记者 徐昭 葛瑶 把握枢纽功能 助力金融强国建设 时代大潮奔涌向前，金融使命重若千钧。经过30多年的发展，我国资本市场从无到有、从小到大，当前 正处在向高质量发展快速转变的关键阶段。 在刘晖看来，金融强国建设是一项关乎国家金融治理现代化的系统工程，而中国特色现代金融体系的构 建是其关键所在。作为包含金融机构、市场、规则等在内高度关联的复杂有机系统，现代金融体系具有 整体性、结构性、层次性和开放性的特征，这就要求在推进中国特色现代金融体系建设过程中，必须坚 持系统思维、协同推进。 资本市场是现代经济金融的重要枢纽。纵观全球，强大的资本市场始终是大国崛起 ...