2026年1月28日 1月27日标的指数成份股涨跌幅TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 600916.SH | 中国黄金 | 9.96 | 36.81 | 3.45 | | 2 | 688516.SH | 奥特维 | 9.81 | 120.95 | 2.31 | | 3 | 603279.SH | 景津装备 | 5.50 | 8.06 | 5.21 | | 4 | 300628.SZ | 亿联网络 | 5.36 | 6.34 | 4.99 | | 5 | 002478.SZ | 常宝股份 | 4.45 | 21.84 | 2.21 | | 6 | 600066.SH | 宇通客车 | 3.65 | -0.92 | 4.80 | | 7 | 603515.SH | 欧普照明 | 1.53 | 8.70 | 4.58 | | 8 | 603833.SH | 欧派 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

1月23日，走进中创智领液压支架智慧工厂，焊花飞溅、机械臂挥舞，一派热火朝天的生产场景。 "连杆自动化拼装焊接生产线已完成建设任务，并进入调试生产阶段。"中创智领液压支架智慧工厂项目负责 人朱红波说，目前他们正在对设备性能、焊接工艺稳定性等方面进行全面检测和优化，确保正式投产后生产 线高效、稳定运行。 离智能化焊接生产线不远处的智能化液压支架总装生产线施工现场，AGV自动导向车不停穿梭，工人们正加 紧施工。 "智能化液压支架总装生产线与公司'灯塔工厂'相匹配，将从零部件的精准抓取、组装，到质量检测等各个环 节，实现液压支架组装过程的高度自动化、智能化。"朱红波说。 中创智领智慧工厂项目智能焊接生产线。赵浩冉 摄 目前智能化液压支架总装生产线设备已全部安装完毕，进入调试环节。作为行业内第一条智能化总装生产 线，工作人员需对智能化液压支架总装生产线的每一个设备、每一道工序进行反复测试和优化，确保能够按 照设计要求实现智能化、自动化生产。 中创智领液压支架智慧工厂项目预计于今年下半年投产。智能化总装生产线投产后，可实现每年2万余架液压 支架装配能力，将彻底改变传统液压支架组装模式，极大提升组装效率。 2024年世界 ...

（编辑 丛可心） 证券日报网讯 1月23日，中创智领在互动平台回答投资者提问时表示，公司在欧盟地区存在业务布局， 在欧盟地区的收入占公司整体营业收入的比重约为15%。在业务模式上，公司下属汽车零部件板块的索 恩格（SEG）是国际化的汽车零部件供应商和服务商，其在欧洲西班牙、匈牙利建立了制造基地，主要 面向欧盟地区开展业务。公司汽车零部件板块的亚新科是一家拥有丰富产品线的平台型汽车零部件集 团，其制造基地主要位于中国，并在欧洲设立了销售子公司，对外出口开拓欧洲市场。 ...

同时，公司通过热处理余热回收、淬火槽水循环利用等一系列技术改造，有效降低了在生产环节的天然 气消耗与碳排放。 本报讯（记者 董茜）近日，河南省工业和信息化厅公布了2025年度河南省"零碳工厂"名单，郑州煤矿 机械集团有限责任公司（郑煤机）凭借在绿色制造与可持续发展方面的突出成效，成功入选，成为全省 矿山机械制造行业中首批获此认定的企业之一。 据了解，"零碳工厂"评选是河南省推进节能降碳工作的重要举措，经企业自主申报、地市推荐、专家评 审和社会公示等程序后确定。 近年来，郑煤机系统推进节能降碳与零碳转型，积极优化能源结构，厂 区建设7MW分布式光伏发电板，使直接使用的可再生能源利用比例提升至29.18%。 此外，郑煤机建立了完善的碳管理体系，依托数字化能碳管理中心实现对能耗与排放的实时监控。其主 导产品"煤矿综采工作面液压支架"已获得产品碳足迹证书，2024年碳足迹较上年下降9.49%。在实现深 度减排的基础上，公司通过核销绿色电力证书等方式，完成了2024年度全年碳排放的100%抵消，最终 达到"零碳"状态。 作为国家级绿色工厂和全球煤机行业首家"灯塔工厂"，郑煤机此次入选"零碳工厂"，标志着其在绿色低 碳运 ...

从调仓动向来看，朱少醒在操作上呈现明显调整。与上季度相比，对紫金矿业进行"反转操作"，在2025年上半年清仓 后，又于下半年重新买回，并将其列为第七大重仓股；徐工机械首次进入其前十大持仓；新能源汽车行业板块则遭到减 持，立讯精密等退出十大重仓，中创智领等被减持；此外，宁德时代也在2025年四季度期间获得进一步加仓。 朱少醒在最新季报中分析道，四季度货币政策保持宽松，财政政策持续发力。中美关系经历前期激烈的博弈后进入缓和 阶段，投资者的风险偏好也得以提升。高景气的通讯、电子、有色等行业表现良好。反内卷的系列政策正在逐步反应在 企业的经营环境上，未来将持续影响上市公司的基本面。市场的机会一定程度上有所扩散。 当前的 A 股市场整体估值已经上行不少，但依然处于长周期中的合理区间。当下权益资产在所有资产大类中相对吸引力 显著。当然指数中枢上行后，自下而上个股阿尔法的选择比之前更为重要。放在更长的时间维度，相信实体经济终将有 力复苏。优质的权益资产也将会进一步受益。投资者当前应当选择在权益上的维持头寸。 朱少醒表示，未来依然会致力于在优质股票里寻找价值。个股选择层面，该基金偏好投资于具有良好"企业基因"，公司 治理结构 ...

智通财经APP获悉，日前，富国基金副总经理、基金经理朱少醒旗下基金发布2025年四季报。截至2025年四季度末，朱 少醒管理的富国天惠精选成长，基金资产净值为224.84亿元。 从调仓动向来看，朱少醒在操作上呈现明显调整。与上季度相比，对紫金矿业进行"反转操作"，在2025年上半年清仓 后，又于下半年重新买回，并将其列为第七大重仓股；徐工机械首次进入其前十大持仓；新能源汽车行业板块则遭到减 持，立讯精密等退出十大重仓，中创智领等被减持；此外，宁德时代也在2025年四季度期间获得进一步加仓。 朱少醒在最新季报中分析道，四季度货币政策保持宽松，财政政策持续发力。中美关系经历前期激烈的博弈后进入缓和 阶段，投资者的风险偏好也得以提升。高景气的通讯、电子、有色等行业表现良好。反内卷的系列政策正在逐步反应在 企业的经营环境上，未来将持续影响上市公司的基本面。市场的机会一定程度上有所扩散。 当前的 A 股市场整体估值已经上行不少，但依然处于长周期中的合理区间。当下权益资产在所有资产大类中相对吸引力 显著。当然指数中枢上行后，自下而上个股阿尔法的选择比之前更为重要。放在更长的时间维度，相信实体经济终将有 力复苏。优质的权益 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Yaxia Hydropower Project, with an expected investment of over RMB 2 trillion, will significantly boost the demand for high - end and large - scale construction machinery, serving as a key investment catalyst for the construction machinery industry [1][5][7] - The 14th Five - Year Plan sets the tone for the industry, promoting original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be gradually released, benefiting cyclical sectors such as construction machinery [1][12] - China's construction machinery export data has been growing rapidly. The Chinese market is at a cyclical inflection point, and exports are expected to rise from $234 billion in 2024 to $570 billion in 2030. Domestic companies' overseas revenue has increased significantly [1][17][22] - The CSI Construction Machinery Theme Index allows for one - click allocation of core construction machinery assets. It has high long - term returns, high volatility, and significant event - driven characteristics. The performance of its constituent stocks is expected to continue to improve [1][34][56] - The Huaxia CSI Construction Machinery ETF closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error [1][68] Summary by Directory 1. The 14th Five - Year Plan Sets the Tone for the Industry, and Domestic Brands Accelerate Overseas Expansion 1.1 The Yaxia Hydropower Project Starts, and Trillion - Dollar Investment Creates a Century - Long Project - The Yaxia Hydropower Project officially started in 2025. Its construction plan can be traced back to 2007, and it entered the implementation phase in 2024 [5] - Compared with the Three Gorges Project, the Yaxia Hydropower Project may have a dynamic investment of over RMB 2 trillion, and most of the investment will be used for power station construction and power transmission projects [7][9] 1.2 The 14th Five - Year Plan Sets the Tone for the Industry, and the Domestic and Overseas Sales of Excavators Continue to Improve Synchronously - The 14th Five - Year Plan emphasizes original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be released, benefiting cyclical sectors [12] - In November 2025, the sales of various excavators reached 20,027 units, a year - on - year increase of 13.90%. Domestic sales increased by 9.11% year - on - year, and exports increased by 18.84% year - on - year, indicating the recovery of the industry [13] 1.3 The Global Construction Machinery Market is Vast, and China's Export Data Shows High Growth - The global construction machinery market is expected to grow from $213.5 billion in 2024 to $296.1 billion in 2030. The Chinese market is at a cyclical inflection point, expected to rise from $234 billion in 2024 to $570 billion in 2030 [17] - The global excavator market is expected to reach $92.8 billion in 2030. In China, excavators will lead the industry recovery with a growth rate of 16.8% [17] - Overseas markets account for nearly 90% of the global construction machinery market. China's construction machinery export volume has increased from $18.894 billion in 2020 to $52.829 billion in 2024, with a CAGR of 29.33% [22] 1.4 The Construction Machinery Cycle Reaches the Bottom and Rebounds, and Domestic Brands Accelerate Overseas Expansion - The excavator industry has experienced two cycles and is now in a new upward cycle. In 2024, the annual sales volume increased by 3.1% year - on - year, and from January to November 2025, the growth rate expanded to 16.7% [24] - The overseas revenue of the four major domestic construction machinery manufacturers has increased significantly. In 2024, the overseas revenue ratios of Sany Heavy Industry and Zoomlion exceeded 50% [27] - International giants still dominate the global market. Chinese construction machinery manufacturers such as XCMG, Sany Heavy Industry, and Zoomlion still have room for improvement in global market share [29] 2. The CSI Construction Machinery Theme Index: One - Click Allocation of Core Construction Machinery Assets 2.1 Index Compilation: Selecting Core Leaders in the Construction Machinery Industry - The CSI Construction Machinery Theme Index was released on September 27, 2021, with a base date of June 30, 2016. It selects 50 representative listed companies in the construction machinery field as samples to reflect the overall performance of construction machinery - related stocks [34] - The index samples are adjusted semi - annually, on the next trading day after the second Friday of June and December each year [36] 2.2 Industry Market Value Characteristics: High Concentration in the Construction Machinery Sector, with Market Value Structure Dominated by Leading Companies - As of January 6, 2026, the index has 50 constituent stocks, with an average total market value of RMB 28.131 billion. Five stocks have a market value of over RMB 100 billion [37] - The top ten constituent stocks of the index account for 72.55% of the total weight. The top three stocks by weight are XCMG, Sany Heavy Industry, and Weichai Power [43] - The index focuses on the construction machinery, auto parts, and special equipment sectors, with a combined proportion of over 87%. The construction machinery industry has the highest weight, at 61.99% [46] 2.3 High Elasticity, Offensive Nature, and Long - Term Allocation Value - In the rising market, the CSI Construction Machinery Index has strong explosive power. For example, from January 31 to April 19, 2019, its cumulative return was 44.07%, significantly higher than that of broad - based indices [50] - Since the base date, the cumulative return of the index has reached 153.95%, and the annualized return is 10.60%, far exceeding that of major broad - based indices. It has high volatility and a large maximum drawdown, indicating its high - elasticity offensive characteristics [56] - The index shows a pattern of leading in the up - cycle and adjusting in the down - cycle. In 2019 and 2025, its annual returns were significantly higher than those of broad - based indices [62] 2.4 High - Level Operation Supported by Positive Expectations, Highlighting the Attention of Sector Allocation - As of January 5, 2026, the P/E ratio of the CSI Construction Machinery Index was 24.13, with a historical quantile of 79.59%, and the P/B ratio was 2.26, with a historical quantile of 94.49%. The valuation is at a relatively high level [65] - The market's positive expectations for the industry have been reflected in the valuation, highlighting the long - term certainty of sector allocation [65] 3. Huaxia CSI Construction Machinery ETF - The Huaxia CSI Construction Machinery ETF (fund code: 515970) closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error. It started raising funds on January 19, 2026, and ended on January 30, 2026, with Wang Xinwei as the fund manager [68]

证券代码：601717 证券简称：中创智领 公告编号：2026-007 中创智领（郑州）工业技术集团股份有限公司 关于变更公司网址及投资者联系邮箱的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 中创智领（郑州）工业技术集团股份有限公司（以下简称"公司"）根据公司发展实际需要，对公司网址 及投资者联系邮箱进行了变更，自本公告发布之日起生效。现将具体变更信息公告如下： ■ 除上述变更事项外，公司投资者电话、传真和地址等联系方式保持不变，敬请广大投资者注意。由此带 来的不便，敬请谅解。 特此公告。 中创智领（郑州）工业技术集团股份有限公司董事会 2026年1月21日 新的公司网址及投资者联系邮箱启用后，原网址未来将由公司全资子公司郑州煤矿机械集团有限责任公 司继续使用，原投资者联系邮箱收到的邮件也将同步到新投资者联系邮箱。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 變更公司網址及投資者聯繫郵箱 中創智領（鄭 州）工業技術集團股份有限公司（「本公司」或「公 司」）根據公司發展 實 際 需 要，對 公 司 網 址 及 投 資 者 聯 繫 郵 箱 進 行 了 變 更，自 本 公 告 發 佈 之 日 起 生 效。現 將 具 體 變 更 信 息 公 告 如 下： | 變更事項 | 變更前 | 變更後 | | --- | --- | --- | | 公司網址 | www.zmj.com | www.zczl.cn | | 投資者聯繫郵箱 | ir@zmj.com | ir@ ...