分析师 1: 各位尊敬的投资者，大家晚上好！非常感谢大家在这个周一晚上黄金时间段拨冗参加我们 国新汽车团队组织的这个汽车 2026 年的策略汇报其实这也不能说是我们这个年度策略的 一个汇报，因为我们其实针对一个 2026 年，就是去年 25 年 11 月写的这个年度策略，做 了一个补充的这个策略专题。对 20 年，就 2005 年到 2025 年的 20 年汽车行情，还有汽 车增速做了一个复盘。然后有定量也有定性的这个分析，包括对 26 年做了一个展望，所 以这次的会议，首先我们是会快速地过一下我们这个策略复盘的这个要点，得到了一些什 么结论？ 第三个就是我们也复盘了一下 2018 年，因为 2026 年哦，在我们看来其实跟 2018 年有 点相似，因为 2018 年也是一个就是补贴政策，各种政策退出的一个年份。然后汽车行业， 也出现了首年的这个销量下滑，那是 2018 年发生的事情。然后 2026 年，我们觉得也是 有销量下行的压力的。其实政策也退出。那对比 2018 年，其实汽车板块是在 2018 年的 6，6 月份开始出现销量的下滑，但是汽车行情是 3 月份就开始跌了。然后到 11 到 10 月 份的时 ...

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [7]. Core Insights - The commercial vehicle industry is experiencing a robust recovery driven by domestic demand policies and a significant increase in heavy truck sales, with wholesale sales expected to exceed 1.144 million units in 2025, representing a year-on-year growth of approximately 27% [3]. - The penetration rate of new energy heavy trucks has reached a historical high, with sales in 2025 reaching 231,100 units, a year-on-year increase of 182% [4]. - The heavy truck export market is thriving, with exports reaching approximately 330,000 units in 2025, marking a record high and indicating a shift towards direct investment and localized operations in overseas markets [4]. Summary by Sections Market Performance - In 2025, the domestic heavy truck wholesale sales reached 819,000 units, showing a year-on-year growth of 34.4% [3]. - The "old-for-new" subsidy program has expanded to include vehicles meeting National IV standards and below, boosting domestic demand [3]. Segment Analysis - The new energy heavy truck segment has seen explosive growth, with a monthly penetration rate exceeding 38% in December 2025 [4]. - Natural gas heavy trucks have also shown steady demand, with a significant recovery in the second half of 2025, achieving a year-on-year growth of 138% in October [4]. Company Performance - China National Heavy Duty Truck Group maintained its position as the industry leader with annual sales of 305,000 units, a year-on-year increase of approximately 26.7% [5]. - Foton Motor achieved a remarkable year-on-year growth of 102.7%, with annual sales reaching 142,000 units, marking a doubling in sales [5]. Investment Opportunities - The report highlights several companies as beneficiaries of the industry's recovery, including China National Heavy Duty Truck A+H, Weichai Power, Foton Motor, and others [6].

智通财经APP获悉，开源证券发布研报称，为应对电网老旧与AI算力高耗能挑战，北美数据中心正加速 采用自备电源模式，柴油发电机作为核心备用电源需求刚性凸显。持续看好北美缺电背景下大缸径发动 机的增长机会，有望带动相关上中游企业的营收和利润显著增长。 开源证券主要观点如下： AI浪潮推升机柜功率密度，催生对高功率、高响应柴发的刚性需求。传统IDC主流单机柜功率为4- 8kW，而AIDC部署的高功率GPU/TPU使得单机柜功率逐步提升至20-100kW，未来或将超过600kW这使 得柴发容量和并机数量进一步增加。目前市场主流柴发功率仍集中在1.8-2WM，随AIDC功耗提升，2- 4MW功率柴发机型出货量有望提升。 外资订单排产长期饱和，供需紧平衡下柴发价格持续上行 外资订单排产长期饱和，柴发价格持续上行。当前全球大缸径发动机主要由康明斯、卡特彼勒、 MTU、三菱重工、科勒等外资品牌掌控，其中康明斯部分订单交付周期达12-18个月，卡特彼勒和MTU 订单排期到2026年。国内厂商抓住国产替代窗口期，通过灵活组织产能承接部分订单，但由于产能受 限，行业大功率柴发仍供不应求，柴发价格或将持续上行。 大缸径发动机关键组件 ...

Business Overview - The company has established four core business modules: Engine, Automotive Electronics, Brake Systems, and Hydrogen Energy [2][3]. - In the Engine sector, the company has a leading position with steady growth in cylinder sleeve production and a significant increase in piston sales in 2025 [2]. - The Automotive Electronics segment has seen a rising market share for turbocharger electronic actuators and expansion into air suspension management units [2]. - The Brake Systems focus on bi-metal composite brake drums, leveraging technology and performance advantages to expand product variety [2][3]. - The Hydrogen Energy sector has developed a comprehensive product line including fuel cell engines and compressors, with mass production already underway [3]. Acquisition Strategy - The company plans to acquire 59% of Zhongyuan Jikean, a joint venture established in 2005, to capitalize on the growing AIDC backup power market and shipbuilding industry [3][4]. - Post-acquisition, Zhongyuan Jikean will become a wholly-owned subsidiary, enhancing the company's capabilities in high-end cylinder sleeves and strengthening its competitive edge in the global market [4]. Product Development and Capacity Expansion - The company’s bi-metal brake drums offer superior durability and lightweight design, addressing the automotive industry's shift towards lighter vehicles [5]. - The current annual production capacity for brake drums is 1.6 million units, with plans for further expansion based on market demand [5]. - The Thailand factory has established production lines for cylinder sleeves and is expected to contribute revenue starting in 2026 [6]. Robotics Collaboration - The Shanghai subsidiary is collaborating with Ningbo Puzhi to develop specialized electronic actuators for humanoid robots, leveraging its expertise in automotive electronic systems [6][7]. - This partnership aims to transition from automotive components to a dual focus on automotive and robotics, aligning with industry trends [7]. Shareholder Returns and Risk Management - The company is committed to optimizing profit structures and enhancing shareholder returns through diversified methods, including cash dividends [7]. - There are risks associated with the humanoid robot joint venture, as the product is still in development and has not yet generated revenue [7].

证券日报网讯1月22日，中原内配（002448）在互动平台回答投资者提问时表示，截至2026年1月20日收 盘，公司股东户数为42781户。 ...

·战略产品快速放量：电控执行器、钢质活塞等重点布局产品的产销量较上年同期显著提升，其中电控执行器已打破外资垄断，实现国内主流车企全覆盖并 批量进入国际市场。 1月20日，中原内配发布2025年度业绩预告，公司归属于上市公司股东的净利润预计为36,800万元至42,800万元，相较于上年同期，同比增长80.47%至 109.9%；扣除非经常性损益后的净利润预计为35,860万元至41,860万元，同比增幅达87.59%至118.97%；基本每股收益为0.63元/股至0.73元/股，盈利能力显 著提升。 值得注意的是，2024年度公司曾对收购Incodel Holding LLC 100%股权形成的商誉计提减值准备12,022.25万元，而2025年度经初步减值测试，该商誉资产组 无减值迹象，对业绩形成正向支撑。 ·核心业务稳扎稳打：公司气缸套产品凭借产品优势与成本竞争力，在市场竞争中实现产销量稳步增长，持续巩固行业领先地位。 ·子公司贡献强劲增量：子公司恒久制动精准把握重卡市场机遇，通过产能扩充与布局优化，实现制动鼓产品产销量跨越式增长，成为业绩增长重要引擎。 ·运营效率持续优化：公司推进"5G+智能制造"工厂 ...

Group 1 - Northeast Securities expects a net profit of 1.477 billion yuan in 2025, a year-on-year increase of 69.06% [1] - Gansu Energy anticipates a net profit of 1.95 billion to 2.1 billion yuan in 2025, representing a year-on-year growth of 18.6% to 27.72% [2] - Ningbo Bank reports a projected net profit of 29.333 billion yuan in 2025, with an 8.13% year-on-year increase [3] Group 2 - Qianyuan Power forecasts a net profit of 567 million to 633 million yuan in 2025, indicating a year-on-year growth of 160% to 190% [5] - Batian Co. expects a net profit of 890 million to 980 million yuan in 2025, reflecting a year-on-year increase of 117.53% to 139.53% [6] - Tongfu Microelectronics anticipates a net profit of 1.1 billion to 1.35 billion yuan in 2025, with a year-on-year growth of 62.34% to 99.24% [7] Group 3 - Zhongyuan Nepe expects a net profit of 368 million to 428 million yuan in 2025, representing a year-on-year increase of 80.47% to 109.9% [8] - Huajin Co. predicts a net loss of 1.6 billion to 1.9 billion yuan in 2025, compared to a loss of 2.795 billion yuan in the previous year [9] - Xinghua Co. anticipates a net loss of 420 million to 560 million yuan in 2025, up from a loss of 380 million yuan in the previous year [4] Group 4 - Huayuan Holdings expects a net profit of 107 million to 118 million yuan in 2025, a year-on-year increase of 50.98% to 66.82% [12] - Taishan Petroleum forecasts a net profit of 130 million to 165 million yuan in 2025, indicating a year-on-year growth of 30.88% to 66.11% [13] - Jiuqi Software anticipates a net profit of 40 million to 60 million yuan in 2025, recovering from a loss of 156 million yuan in the previous year [21] Group 5 - Jin Fang Energy expects a net profit of 109 million to 143 million yuan in 2025, reflecting a year-on-year increase of 123.97% to 193.7% [16] - He Sheng New Materials anticipates a net profit of 152 million to 171 million yuan in 2025, representing a year-on-year growth of 55% to 75% [24] - Yuedong Microelectronics predicts a net loss of 340 million to 425 million yuan in 2025 [14] Group 6 - Aibo Medical plans to acquire at least 51% of Demai Medical, with an estimated valuation of the target company not exceeding 1 billion yuan [26] - Zhaoshang Shipping intends to build four 3000TEU container ships with a total investment of no more than 1.324 billion yuan [18] - Zhongtung High-tech's subsidiary has confirmed an increase in mineral resources, adding significant quantities of tungsten and other metals [27]

Group 1: Earnings Forecasts - Huabang Health expects a net profit of 660 million to 730 million yuan for 2025, recovering from a loss of 299 million yuan in the previous year, driven by improvements in its agricultural chemical materials sector and steady growth in its pharmaceutical and tourism segments [2] - Kangda New Materials anticipates a net profit of 125 million to 135 million yuan for 2025, compared to a loss of 246 million yuan last year, primarily due to significant sales growth in adhesive and specialty resin products, particularly in the wind power sector [2] - Longxin Technology forecasts a net profit of 100 million to 150 million yuan for 2025, recovering from a loss of 250 million yuan, with improvements in its energy digitalization business and reduced losses in its new energy sector [3] - Hualu Bio expects a net profit of 100 million to 130 million yuan for 2025, recovering from a loss of 47.57 million yuan, attributed to increases in both sales price and volume [3] - Jiuxi Software predicts a net profit of 40 million to 60 million yuan for 2025, recovering from a loss of 156 million yuan, supported by AI technology enhancements and market expansion strategies [3] Group 2: Major Corporate Developments - Liou Co. has completed its stock suspension review and will resume trading on January 21, 2026, confirming that its business operations remain normal and no significant undisclosed matters exist [4] - Hikvision reported total revenue of 92.518 billion yuan for 2025, a slight increase of 0.02%, with a net profit of 14.188 billion yuan, up 18.46%, driven by strategic adjustments and improved cash flow management [6] - JianTou Energy expects a net profit of approximately 1.877 billion yuan for 2025, a significant increase of about 253.38% from the previous year, due to optimized coal resource allocation and cost management [6] Group 3: Investment and Mergers - Aibo Medical plans to acquire at least 51% of Demai Medical to gain control, aiming to leverage its R&D advantages in the sports health sector [19] - Yifan Transmission intends to purchase 87.07% of Beijing Helishi Motor Technology Co., which will become a subsidiary upon successful completion of the transaction [16] - Guangdong Hongtu plans to invest up to 95 million yuan to establish a subsidiary in Thailand for automotive parts production and sales [20] Group 4: Stock Performance and Changes - Huicheng Environmental's major shareholder plans to increase their stake in the company by investing between 25 million and 50 million yuan within six months [22] - Liou Co. will resume trading after completing its stock suspension review, indicating stability in its operations [24] - Kailong High-Tech and Debang Co. have been suspended from trading, indicating potential issues or developments requiring further clarification [25]

中原内配（002448）1月20日发布2025年业绩预增公告，预计实现净利润为3.68亿元~4.28亿元，净利润 同比增长80.47%~109.90%。 证券时报·数据宝统计显示，中原内配今日收于13.86元，上涨0.51%，日换手率为6.12%，成交额为3.85 亿元，近5日上涨8.54%。通过对2025年业绩预增50%以上的个股走势进行统计发现，预告发布后当日股 价上涨的占比63.33%，股价发布当日股价涨停的有3家。预告发布后5日股价上涨的占比71.11%。 （文章来源：证券时报网） 资金面上，该股今日主力资金净流出1483.72万元，近5日资金净流入3946.89万元。（数据宝） ...

1．财政部副部长廖岷在国新办新闻发布会上表示，财政部门将继续实施更加积极的财政政策。概括起 来就是"总量增加、结构更优、效益更好、动能更强"。2026年财政赤字、债务总规模和支出总量将保持 必要水平，确保总体支出力度只增不减。 2.财政部副部长廖岷在国新办新闻发布会上表示，本次优化调整个人消费贷款贴息政策，将信用卡账单 分期业务纳入到了贴息范围，取消现有政策当中对一些消费领域的限制。新政策意味着只要是消费贷款 都可以享受贴息。 重要的消息有哪些 1月21日（周三）申购提示 新股方面，美德乐申购代码920119，发行价格41.88元/股 ，发行市盈率为14.99倍，单一账户申购上限为 72万股。 投资有风险，申购需谨慎。 4.财政部等部门发布关于延续实施养老、托育、家政等社区家庭服务业税费优惠政策的公告，为社区提 供养老、托育、家政等服务的机构，按照规定享受税费优惠政策。 3.财政部综合司司长李先忠在国新办新闻发布会上表示，近期财政部、税务总局发布公告，明确自2026 年4月1日起取消光伏等产品出口退税，并分两年取消电子产品出口退税。此次出口退税政策调整，有利 于促进资源高效利用，也有利于引导产业结构合理调整， ...