2026 年 01 月 30 日 基础化工 关键中间体 H 酸供应紧张，活性染料潜 在涨价弹性或释放——染料更新② 事件： 据百川盈孚，1 月 29 日，大柴旦乐青科技有限公司 1 万吨 H 酸装置 停车检修、大柴旦和信科技有限公司 H 酸暂不报价，年产 0.5 万吨装 置停车检修。同日 H 酸市场均价+0.63%（+250 元/吨）至 4.03 万元/ 吨）活性染料市场均价+4.55%（+1000 元/吨）至 2.30 万元/吨。 998948056 活性染料生产必需 H 酸，环保及安全生产压力大 活性染料用于棉、麻、羊毛、蚕丝等织物染色，据 Industry Research 咨询，全球 65%的棉质服装、家纺制品依赖活性染料。H 酸则是生产 活性、酸性和直接染料的关键中间体原料之一，覆盖品类广泛，如活 性艳红 K2BP、活性紫 K-3R、活性溶蓝 K-R、酸性品红 6B、酸性黑 10B、 直接黑等 90 余种。但由于 H 酸生产过程中废水难以处理（废水 COD 高达 30000mg/L）且涉及高危磺化、硝化反应，长期以来行业环保及 安全生产压力较大，较多中小型落后产能陆续淘汰。2025 年以来，部 分企 ...

2026 年 01 月 28 日 思摩尔国际(06969.HK) 回购彰显长期信心 HNB 业务稳步增长 两日耗资近 2 亿港元，连续大额回购彰显长期信心 根据公司公告，12 月 11 日与 12 月 12 日，公司进行了两次回购。11 日以 12.26 港元/股的均价回购了 814 万股、耗资 9977 万港元，12 日以 12.48 港元/股的均价回购 799 万股、耗资 9976 万港元，受托人 持有的股份占公司总股的比例从购买前的 1.2853%上升到了 1.5457%。此次大额回购彰显了管理层对公司价值和未来业务增长的 长期信心。 25Q3 营收创历史新高，HNB 持续放量反馈积极 公司 2025 年第三季度营收约人民币 41.97 亿元，同比增长 27.2%， 表现亮眼，主要受益于战略客户在全球主要市场成功推出加热不燃烧 （HNB）新品。同时全球监管趋严加速不合规产品出清，公司作为合 规龙头充分享受到了政策红利，电子雾化业务稳健增长。旗舰新品带 动自有品牌业务份额提升。Q3 经调整净利约 4.44 亿元，同比增长 4.0%。剔除股份支付后的期间费用增速低于收入增速，费用管控优异。 投资建议：思摩尔 ...

2026 年 01 月 28 日 太阳纸业(002078.SZ) 旺季提振废纸系需求， 林浆纸基地战略打开成长空间 文化纸供需承压，废纸系需求旺季助推涨价 纸品方面：1）文化纸：根据钢联数据，25Q4 双胶纸与铜版纸均价 分别为 5003 元每吨和 4703 元每吨，分别环比下降 4.01%与 8.51%， 主要系社会需求疲软。伴随公司白卡纸、铜卡纸等系列产品陆续提价， 叠加随着春季开学季与出版招标季启动，年后公司文化纸盈利有望回 暖。 2）废纸系：25Q4 箱板纸和瓦楞纸均价分别为 3591 元每吨和 3223 元 每吨，分别环比增长 16.49%和 19.28%，四季度节假日密集，为箱板 纸传统需求旺季。12 月国内瓦楞及箱板纸价回调，主要系纸企库存 水平高位承压，预计箱板纸和瓦楞纸可能面临盈利短期承压。25 年 末至 26 年初，龙头企业协同停机检修，废纸系价格止跌企稳，同时 受到广西南宁新产能集中投产的影响，箱板纸、瓦楞纸盈利有望逐月 环比扩张。 25Q4 纸浆价格总体平稳，林浆纸全链条基地战略潜力可期 1）针叶浆：25Q4 针叶浆均价为 703 美元每吨，环比下降 2.41%，2） 阔叶浆：25Q4 ...

2026 年 1 月 27 日 弘元绿能(603185.SH) 超薄硅片破茧再造技术基石，光储协 同并进点亮未来新篇 事件：2026 年 1 月 23 日，公司位于内蒙古包头的硅片智造基地成功 实现 40μm 超薄硅片首批次下线，实现了整片与半片切割工艺，覆盖全 尺寸规格，可适配柔性电池的超薄硅片需求。其高精度切割环节采用公 司自主研发的切片设备，这一关键突破构筑了公司在硅片薄片化领域的 坚实技术壁垒与先发优势，进一步确立了公司在产业前沿的领先身位。 超薄硅片量产首发，厚积薄发定义技术新标杆 公司作为光伏切割设备的供应龙头，持续对行业技术攻关的深度聚焦， 在磨面滚圆切片设备领域不断深耕，据公司公众号报道其市占率曾一度 超过 70%，并率先实现碳化硅切割设备的国产替代，市占率亦实现 60%突 破。其深厚的装备研发积淀与整机自主设计能力，为超薄硅片的研发构 筑了坚实的技术底座，有力支撑了本次 40μm 超薄硅片的成功下线，创 下了行业新纪录。公司的超薄硅片产品兼具优异的柔性与极轻的质量， 能在圆弧面、曲面等非平面结构上实现高度贴合，并且显著降低系统重 量，精准匹配了组件轻量化与柔性化的前沿应用场景。其出色性能为全 ...

2026 年 01 月 26 日 计算机 太空基建不断加速，持续看好商业航天和卫星产业链 1 月 23 日，2026 国际商业航天展在北京亦庄举办，展会上众多前沿 产品首次亮相：蓝箭航天展出朱雀二号改进型和朱雀三号可重复使用 火箭模型，星河动力展示了"智神星"中型液体火箭和"谷神星"系 列固体火箭；银河航天发布了采用柔性太阳翼的平板堆叠卫星"灵犀 03"和可直连手机的"翼阵合一"卫星模型；中科星图展示其数字地 球平台等航天应用方案。近期，商业航天与卫星产业链政策与时间催 化显著增加，行业景气度持续提升。1 月 23 日，北京市经信局等部 门近日印发《北京市促进商业卫星遥感数据资源开发利用若干措施 （2026-2030 年）》，支持多源卫星大数据平台建设等方面扶持遥感数 据产业。1 月 21 日，蓝色起源宣布将部署"TeraWave"卫星通信网 络，该网络将由 5,408 颗低轨卫星组成，定位服务数据中心、政府和 大型企业用户。我们认为，卫星网络从传输，到能够承载计算存储功 能的基础设施，进一步拓宽了卫星基础设施的应用潜力。1 月 19 日， 长征十二号火箭在海南发射场点火起飞，随后将卫星互联网低轨 19 组卫 ...

Investment Rating - The report maintains an "A" rating, indicating a leading position in the market [5] Core Insights - The coal mining industry is experiencing a dual transformation towards green and intelligent technologies, with significant growth potential for mining trucks in the new energy era [1] - The demand for unmanned mining trucks is expected to surge due to advancements in smart mining construction and supportive policies, with projections indicating a fleet exceeding 10,000 units by 2026-2027 [1][22] - The transition to new energy mining trucks is becoming mainstream, driven by mature technologies in pure electric and hybrid models, alongside favorable policies and cost advantages [2][37] Summary by Sections 1. Special Research - The continuous release of open-pit coal mine capacity is creating substantial growth opportunities for mining trucks, with open-pit coal mines accounting for approximately 25% of China's total coal production in 2023 [16] - The number of unmanned mining trucks is projected to increase from 88 units in 2020 to over 4,000 by 2025, with a forecast of surpassing 10,000 units by 2026-2027 [1][22] - The industry is accelerating its green transformation, with new energy mining trucks expected to see sales exceed 1,500 units in 2023 and forecasted to surpass 2,000 units by 2025 [2][37] 2. Market Information Tracking - The report tracks coal prices, with the average price of thermal coal reported at 685 RMB/ton as of January 21, 2026, remaining stable compared to January 7, 2026 [10] - Coking coal prices have seen an increase, with the main coking coal price at 1,770 RMB/ton as of January 20, 2026, up by 150 RMB/ton from January 6, 2026 [10] 3. Industry Dynamics - Recent policies from the National Energy Administration and other departments are promoting the construction of zero-carbon factories and the use of new energy vehicles in mining operations [9] - The report highlights the importance of smart mining and unmanned truck applications, supported by various national policies aimed at enhancing safety and efficiency in mining operations [35] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong positions in the coal sector, such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, which are expected to benefit from stable profits and cyclical recovery [11] - It also recommends monitoring companies involved in the production of new energy mining trucks, including XCMG, SANY Heavy Industry, and others, as they are well-positioned to capitalize on the growing market [2][43]

Investment Rating - The industry investment rating is "Outperform the Market - A" [7] Core Insights - The large-scale deployment of low Earth orbit satellites is imminent, with a total of 203,000 new satellite applications submitted by Chinese institutions by December 2025, indicating accelerated demand for satellite construction and launch [1] - SpaceX plans to deploy a 100GW/year space data center within the next 4 to 5 years, utilizing thousands of satellites to create a space computing network, aiming for a 1000P level computing power deployment by 2027 [1] - Solar wings are identified as the core energy supply solution for space, with flexible solar wings offering significant advantages in terms of size reduction and efficiency [2] - The future direction of space photovoltaics is expected to focus on perovskite and heterojunction tandem cells, which promise high efficiency, lightweight, and low cost [3] Summary by Sections Industry Dynamics - The commercial space industry is accelerating, with a focus on 3D printing service providers, key structural components, and the space photovoltaic industry chain [6] - The global gas turbine capacity is tightening, with domestic supply chains seizing the AIDC prosperity dividend [6] Investment Recommendations - The report suggests focusing on the photovoltaic equipment industry chain, including companies such as Maiwei Co., Aotewi, High Measurement Co., Jiejia Weichuang, Jing Sheng Machinery, Shuangliang Energy, and Dier Laser for equipment, and Jun Da Co. and Dongfang Risen for batteries and components [4]

2026 年 01 月 25 日 行业周报 2025 年基建地产投资下滑，2026 或存 内需加码契机，洁净室/出海景气度持 证券研究报告 投资评级 领先大市-A 维持评级 首选股票 目标价（元） 评级 本周投资建议： 统计局公布 2025 年经济数据，2025 年，国内生产总值首次跃上 140 998948065 万亿元新台阶，比上年增长 5.0%；全国固定资产投资（不含农户） 48.52 万亿元，比上年下降 3.8%；扣除房地产开发投资，全国固定资 产投资下降 0.5%。分领域看，基础设施投资下降 2.2%，制造业投资 增长 0.6%，房地产开发投资下降 17.2%。 2025 年，狭义基建、广义基建投资完成额累计同比分别为-2.20%和- 1.48%，环比 1-11 月分别-1.10pct、-1.61pct，12 月基建投资增速 环比持续下滑。在基建三大分项中，电热气水投资增速接近两位数， 2025 电热气水投资同比增长 9.10%，交通运输、仓储和邮政业投资同 比减少 1.20%，水利、环境和公共设施管理业投资同比减少 8.40%。 1 月 20 日，国务院举行新闻发布会，介绍落实中央经济工作会议精 ...

2026 年 01 月 25 日 北交所定期报告 新股审核及上市提速，关注专精特新 小巨人及业绩超预期企业 本周市场回顾： 本周上证指数上涨 0.52%，北证 A 股指数上涨 2.33%，跑赢上证综指 1.81pct，北证 50 指数上涨 2.4%,跑赢上证综指 1.89pct，创业板指 数上涨 1.23%，科创板指数上涨 1.5%； 流动性方面，本周北证 A 股总成交额为 1320.1 亿元，北证 50 总成交 额 427.7 亿元，占北证 A 股总成交额的 32.4%，环比-0.62pct。北证 A 股日均成交额 264.02 亿元，环比-34.3%，区间日均换手率为 4.27%， 较上一区间下降 2.11pct； 估值方面，截至 2026 年 1 月 23 日，北证 A 股市盈率中位数为 45.61X； 同期科创板、创业板 PE 中位数分别为 36.5 倍、37.2 倍。 个股表现&新股上市情况： 截至 2026 年 1 月 23 日，北交所上市公司总数为 290 家，较上周增加 2 家，涨幅靠前的分别为:华维设计、连城数控、亿能电力、欧普泰、 美邦科技、流金科技、特瑞斯、天力复合、能之光、民士达；跌幅 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 56.97 CNY within six months [6][9]. Core Insights - The company, Jin Chengzi, is a leading player in the laser control system sector, focusing on both horizontal and vertical business expansion. It has over 20 years of experience in the laser industry and aims to strengthen its position through continuous innovation and strategic acquisitions [1][17]. - The company is actively developing its 3D printing business and plans to acquire Samit, a unicorn company, to enhance its capabilities in fast-reflecting mirrors, which are crucial for future industries such as aerospace and quantum communication [4][39]. - The market for 3D printing is rapidly expanding, with significant growth expected in industrial applications, particularly in aerospace and consumer sectors. The importance of control systems in this market is increasing, positioning Jin Chengzi for future growth [3][41]. Summary by Sections 1. Company Overview - Jin Chengzi specializes in laser processing control systems, which serve as the "brain" of equipment, integrating modeling, path planning, and execution control [2][45]. - The company has a comprehensive product line that includes software, controllers, and galvanometers, serving over a thousand clients across various industries such as consumer electronics, new energy, semiconductors, automotive, and pharmaceuticals [2][24]. 2. 3D Printing and Future Prospects - The 3D printing market is projected to grow from billions to hundreds of billions, with Jin Chengzi's control systems expected to play a significant role in this transformation [3][41]. - The company has been investing in 3D printing technology since 2014 and has developed high-precision galvanometers that meet international standards, enhancing its competitive edge in this field [43][44]. 3. Strategic Acquisitions - The planned acquisition of Samit aims to strengthen the company's fast-reflecting mirror capabilities, which are essential for applications in commercial aerospace and quantum communication [4][39]. - This acquisition is expected to complement Jin Chengzi's existing product lines and expand its market reach into high-growth sectors [4][39]. 4. Financial Performance and Projections - The company has maintained stable revenue growth, with projected revenues of 2.61 billion CNY in 2025, 3.26 billion CNY in 2026, and 4.17 billion CNY in 2027, alongside net profits of 0.48 billion CNY, 0.73 billion CNY, and 1.05 billion CNY respectively [9][11]. - The gross margin for the core business remains high, around 70%, indicating strong profitability and effective cost management [29][30].