1 "内卷"的概念与成因 "内卷"这一概念最早是人类学这一学科领域的专业术语，是指一种文化模式达到最终形态后，无法稳定或转化为新形态，只能在内部不断复杂化。 2024年7月召开的中央政治局会议上，政府针对当下经济运行中存在的问题和现象，首次提出"内卷式"竞争的概念。 "内卷式"竞争是指在市场资源有限的情况下，同行间为争夺市场份额，不断投入更多的时间、精力或成本，使用价格战、重复扩产和过度营销等手段进行竞 争，却没有带来显著的收益或价值提升，反而造成"增量不增收"、低效率、资源浪费、创新不足和质量难以提升的现象。 产生"内卷式"竞争的原因，可以概括为五个方面。 宏观方面，市场整体供需错配。行业方面，原料采购、产品销售和核心技术依赖国际市场，低端环节重复建设。微观方面，企业追逐眼前利益，忽略长期发 展，习惯依赖价格战和扩产能等低效方式竞争，或者为了应对生存压力被迫低效竞争。制度与政策方面，地方追求政绩，催生重复建设和地方保护主义，阻 碍资源优化配置，新兴行业监管有待进一步完善导致低成本违规等不合理现象发生。外部环境方面，贸易摩擦令出口承压，企业竞争加剧，且部分产业受限 于技术封锁和规则壁垒，企业转向低端竞争。 | ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

一、请补充说明你公司备案报告、法律意见书以及专项法律意见书就控股股东持有发行人的股份质押情况内容不一致的原因，并就你公司控股股东持有发行人的股份质押情况及其对本次发行上市 二、请补充说明你公司及下属公司经营范围包含广告设计、代理、广告制作、广告发布、保险代理业务等的具体情况，是否实际开展相关业务及具体运营情况，是否已取得必要的资质许可，经营 招股书显示，玲珑轮胎是一家全球领先的轮胎制造商，主要从事设计、开发、生产及销售多元化且日益丰富的轮胎产品组合，具有强劲的销售业绩及快速的增长。公司的产品组合包括广泛的乘用 9月12日，中国证监会公示《境外发行上市备案补充材料要求(2025年9月5日—2025年9月11日)》，证监会国际司共对12家企业出具补充材料要求。其中要求玲珑轮胎(601966.SH)补充说明控 证监会请玲珑轮胎补充说明以下事项，请律师核查并出具明确的法律意见： ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications [1] - Linglong Tire submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, with CITIC Securities and China Merchants Jinling International as joint sponsors [1] - The CSRC has requested Linglong Tire to clarify the discrepancies in the pledge status of shares held by its controlling shareholder and to provide a conclusive legal opinion on whether this has a significant impact on the listing [1] Group 2 - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products [2] - The company's product portfolio includes a wide variety of passenger and light truck tires, truck and bus tires, and off-road tires, with multiple specifications to suit different applications [2] - Linglong Tire offers its products under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications [1] - Linglong Tire submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, with CITIC Securities and China Merchants Jinling International as joint sponsors [1] - The CSRC has requested Linglong Tire to clarify the inconsistency in the pledge status of shares held by its controlling shareholder and its impact on the listing [1] Group 2 - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products [2] - The company's product portfolio includes a wide variety of passenger and light truck tires, commercial vehicle tires, and off-road tires, with various specifications to meet different application scenarios [2] - Linglong Tire offers its products under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [2]

智通财经APP获悉，9月12日，中国证监会公示《境外发行上市备案补充材料要求(2025年9月5日—2025 年9月11日)》，证监会国际司共对12家企业出具补充材料要求。其中要求玲珑轮胎(601966.SH)补充说明 控股股东持有发行人的股份质押情况及其对发行上市是否存在重大影响出具明确结论性意见等事项。据 悉，2025年6月30日，玲珑轮胎向港交所递交上市申请，中信证券、招银国际为其联席保荐人。 证监会请玲珑轮胎补充说明以下事项，请律师核查并出具明确的法律意见： 二、请补充说明你公司及下属公司经营范围包含广告设计、代理、广告制作、广告发布、保险代理业务 等的具体情况，是否实际开展相关业务及具体运营情况，是否已取得必要的资质许可，经营范围及实际 业务是否涉及限制或禁止外商投资领域，外资持股比例上限规定，以及本次发行上市后是否持续符合外 商投资准入要求。 招股书显示，玲珑轮胎是一家全球领先的轮胎制造商，主要从事设计、开发、生产及销售多元化且日益 丰富的轮胎产品组合，具有强劲的销售业绩及快速的增长。公司的产品组合包括广泛的乘用及轻卡胎、 卡客车胎及非公路胎，并拥有多种规格以适应不同的应用场景。公司以一系列自主品牌 ...

格隆汇9月9日｜国海证券研报指出，配套市场连续多年国内领先，玲珑轮胎2025Q2单季度归母净利润 大幅改善，轮胎销量增加，2025年上半年公司营业收入同比增加。在配套领域，公司为大众、宝马、比 亚迪等70余家全球主机厂200多个基地提供配套服务，实现对中、德、欧、美、日系主流车系全覆盖； 在新能源领域，公司多年稳居中国新能源汽车轮胎配套首位，主要客户包括比亚迪、吉利、五菱、红 旗、零跑等。同时，公司坚定全球化布局，加速"7+5"战略布局的落地实施，拟在巴西设立第三基地。 据公司公告，该项目投资约11.93亿美元，工期预计7年，分三期进行建设，计划2025年Q3开工，预计 2032年底逐步建成投产。考虑公司的长期成长性，维持"买入"评级。 ...

9月9日，玲珑轮胎盘中上涨2.02%，截至11:23，报16.17元/股，成交2.59亿元，换手率1.11%，总市值 236.65亿元。 玲珑轮胎今年以来股价跌9.95%，近5个交易日涨5.14%，近20日涨5.76%，近60日涨11.32%。 机构持仓方面，截止2025年6月30日，玲珑轮胎十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1380.86万股，相比上期减少1138.12万股。南方中证500ETF（510500）位居第五大流通股 东，持股1089.15万股，相比上期增加135.13万股。工银创新动力股票（000893）位居第八大流通股东， 持股744.00万股，相比上期减少102.00万股。博时成长领航混合A（010902）退出十大流通股东之列。 资料显示，山东玲珑轮胎股份有限公司位于山东省招远市金龙路777号,香港铜锣湾勿地臣街1号时代广 场2座31楼，成立日期1994年6月6日，上市日期2016年7月6日，公司主营业务涉及汽车轮胎设计、开 发、制造和销售。主营业务收入构成为：轮胎产品98.88%，其他(补充)1.12%。 责任编辑：小浪快报 玲珑轮胎所属申万行业为：汽车-汽车零 ...

Investment Rating - The investment rating for Linglong Tire (601966) is "Outperform" [1] Core Views - The report highlights that Linglong Tire's performance in Q2 was better than expected, primarily due to significant foreign exchange gains, despite a slight decline in profit when excluding these gains [5] - The company's tire production and sales volume continued to grow, but profitability was impacted by trade wars and raw material costs, leading to a decrease in gross margin [5] - The report anticipates a rebound in performance and valuation as the company navigates through current challenges, with a maintained "Outperform" rating [5] Financial Data and Profit Forecast - Total revenue is projected to reach 22,058 million in 2024, with a growth rate of 9.4%, and is expected to increase to 30,812 million by 2027, with a growth rate of 7.4% [2] - The net profit attributable to the parent company is forecasted to be 1,752 million in 2024, declining to 1,349 million in 2025, before recovering to 1,968 million by 2027 [2] - The gross margin is expected to improve from 15.5% in 2025 to 17.4% in 2027, reflecting a gradual recovery in profitability [2] Market Data - As of September 8, 2025, the closing price of Linglong Tire was 15.85 yuan, with a market capitalization of 23,197 million [3] - The stock has a price-to-earnings ratio of 13 and a dividend yield of 2.18% [3] - The company’s net asset value per share is 15.71 yuan, with a debt-to-asset ratio of 52.23% [3] Operational Insights - In the first half of 2025, the company achieved a revenue of 11,812 million, a year-on-year increase of 13.8%, and a net profit of 854 million, a decrease of 7.7% [5] - The tire production volume reached approximately 45.89 million units, with a year-on-year growth of 5.8%, while sales volume was 44.39 million units, up 11.2% [5] - The report notes that the Serbian production base is nearing completion, with plans for a new base in Brazil starting in 2025, indicating potential for future growth [5]

日前，全球权威咨询机构弗若斯特沙利文(Frost&Sullivan)向玲珑轮胎颁发认证，认定「全球10大车企， 8家选玲珑轮胎」。根据2024年车企销量数据，玲珑轮胎为排名前10车企中的8家提供配套服务，进一步 巩固了其在配套市场的领先地位。 据悉，目前玲珑轮胎已累计为全球60多家主机厂的200多个生产基地提供配套服务，配套轮胎总量接近3 亿条，多年稳居中国轮胎配套榜首。其客户网络涵盖德系、美系、日系以及中国领先车企，并在高端配 套市场展现出广泛的客户认可度。此外，在新能源领域，玲珑轮胎连续两年蝉联全球新能源汽车配套轮 胎销量冠军。 全球化配套的卓越表现，源自玲珑研发与全球布局的战略驱动。据了解，该公司高度重视研发创新，持 续投入高比例研发资金，构建了覆蓋中国、美国、德国的「三国七地」全球化研发网络，汇聚全球顶尖 的研发人才和资源，不断提升产品的技术含量和性能水平。通过与车企在生产制造、质量提升等环节的 深度协同合作，及时了解市场需求和客户反馈，为车企提供创新领先、性能卓越、响应快速的产品与解 决方案。 此外，以「7+5」战略全球布局为依托，截至目前玲珑轮胎已在全球建立了7个生产基地，形成属地化 产业布局。这 ...