2）得益于各国政府氢能政策的支持和企业对绿色能源转型发展的重视，再加上新进入者的持续涌现， 电解水设备市场保持极快的增长速度。 氢能源作为可再生且零排放的能源，被看作21世纪的"终极能源"，在多个行业具有广泛应用，成为全球 能源转型的关键方向。 根据国际能源署（IEA）的统计，截至2024年9月，已有超过50个国家和地区发布了氢能战略。 校对：冉燕青 证券时报网讯，国泰君安研报称，1）随着工业化步伐加快，化石燃料消耗加剧了全球变暖和极端气候 问题，推动可再生清洁能源发展成为全球趋势。 在当前背景下，发展氢能已成为全球主要经济体的共识。 3）未来随着各国氢能战略的陆续推进，燃料电池技术、储运技术进步，加氢站基础设施陆续完善，全 球燃料电池汽车销量将不断增长。 ...

证券时报e公司讯，国泰君安研报称，中国航空业具盈利中枢上升的超预期长逻辑，2025年供需恢复趋 势确定，考虑票价市场化与机队增速显著放缓，预计将开启盈利中枢上行。 市场对航空长逻辑预期仍处低位，分歧越大空间越大。 2024年春运国内票价基数较高，积极策略有望助力2025年春运旺季票价市场化效应再次展现。 预计2025年春运需求旺盛且国内增班有限，业界供需预期乐观，叠加油价压力改善，有望展现超预期盈 利弹性，催化乐观预期。 目前业界对春运预期乐观，部分航司预售票价策略积极延续2024年春运。 ...

证券时报e公司讯，国泰君安研报称，回顾2024年四季度以来的利率走势，利率已呈现出快速下行的态 势，符合9月24日央行新闻发布会"引导利率下行"的政策方向，预期能够有效的下压实际利率。 考虑到实际利率的影响因素除名义利率外，还有通胀，当前名义利率的快速下行，已经对实际利率有所 下压，而后续经济修复带来的通胀回升，将会引导实际利率进一步下行。 10月以来，LPR下调、地方化债、公积金贷款利率调整等政策的接连推出，引导名义利率快速下行。 随着风险的逐步化解，对未来房地产行业的展望变得更为必要，远期业务的价值将逐步体现在估值上， 继续看好2025年房地产板块的资源整合和重组型机会，同时开发类公司也将逐级上行。 ...

另一方面，长期看未来2—3年海上油气开采服务景气度持续提升。 证券时报e公司讯，国泰君安研报称，整体看近期原油价格维持震荡，欧洲天然气价格短期或因地缘政 治因素偏强。 推荐相对油化工路线具备成本竞争优势，行业内成本较低的龙头企业。 此前行业内成本较低，具备产能增长弹性，化工品需求预期好转；且此前估值调整充分，具备明显修复 空间的中下游龙头白马企业长期具备配置价值。 经营性现金流稳定的品种或成为市场近期配置的方向。 ...

此番增持后，新希望集团控制的南方希望实业、新希望六和投资、新希望化工合计持有近22.4亿股民生 银行股份。以该行总股本计算，刘永好掌舵的"新希望系"持股比例已升至5.12%，仅次于持股17.84%的 大家人寿，跻身民生银行第二大股东。 根据国家金融监督管理总局批复，新希望化工可自批复之日起6个月内通过二级市场增持民生银行不超 过6800万股股份。增持后，新希望化工投资及其一致行动人合计持有民生银行不超过22.395亿股股份， 持股比例不超过5.12%。 12月19日，增持745.85万股，每股均价3.179港元； 增持完成后，新希望集团通过南方希望实业、新希望六和投资、新希望化工合计持有民生银行22.395亿 股股份，持股比例由此前的4.96%增至5.12%。由此，"新希望系"跃升为民生银行的第二大股东，仅次 于大家人寿。根据披露，"大家系"合计持有民生银行78.1亿股，持股比例为17.84%。 数据显示，2024年以来，民生银行A股、H股累计涨幅分别达21%、48%。截至12月31日，民生银行A股 股价报收4.13元/股，市净率为0.33倍。 数家机构发布的2025展望中，也对银行板块持看好态度。 该研报指 ...

3.上述业绩考核目标不构成公司对投资者的业绩预测和实质承诺。 3、公司监事会应当对限制性股票的授予日及激励对象名单进行核实并发表意见。 1、资本公积转增股本、派送股票红利、股份拆细 经初步预计，实施本激励计划产生的激励成本将对公司相关各期经营业绩有所影响，但与此同时，本激 励计划的实施将进一步提升员工的凝聚力、团队的稳定性，并有效激发管理团队的积极性，从而提高公 司的经营效率，提升公司的内在价值。 （1）公司在股东大会审议本激励计划之前拟变更本激励计划的，需经董事会审议通过。 （1）激励对象发生职务变更，但仍在公司或下属分公司、子公司内任职的，已获授但尚未归属的限制 性股票仍按本激励计划的规定执行。但是，激励对象因触犯法律、违反职业道德、泄露公司机密、失职 或渎职等行为损害公司利益或声誉而导致职务变更的，或因上述原因导致公司解除与激励对象的劳动关 （四） 现场会议召开的日期、时间和地点 5、 涉及优先股股东参与表决的议案：无。 （四）选择网络投票的股东，可以通过上海证券交易所交易系统直接参与股东大会投票。 委托人股东账户号： （三） 审议通过《关于提请股东大会授权董事会办理公司股权激励计划相关事宜的议案》 3 ...

证券时报网讯，中金公司研报指出，预计2025年银行业经营稳定，净息差压力有望减小（全年收窄约 10~15bp），债务处置工作有助于资产负债表修复（净不良生成率平稳），银行营收利润增长继续呈现 稳定性。 向前看，货币政策适度宽松，预计对称降息40—60bp，降准亦有100bp空间。 1）高股息策略仍是2025年银行股交易的主要逻辑，关注股息率的高低以及确定性。 2）关注所在区域经济稳定或存在边际改善预期的标的。 3）H股表现有望好于A股，主要是股息率对于配置资金的吸引力。 4）增量政策效果显现，关注市场化资金需求占比更高的银行。 校对：苏焕文 ...

Company Overview - Wuliangye Group emphasizes the long-term value and continuous concentration development trend of the liquor industry, maintaining development resilience and improving quality despite external uncertainties [1] - The company has consistently increased shareholder returns, with a dividend payout ratio exceeding 50% for 8 consecutive years and cash dividends surpassing 10 billion yuan annually for the past three years [2] - Wuliangye released a shareholder return plan for 2024-2026, committing to a cash dividend ratio of no less than 70% of net profit attributable to the parent company and a total dividend of no less than 20 billion yuan (including tax) annually [3] Strategic Development - Wuliangye has focused on capacity building, technological innovation, digital marketing, brand building, and talent development, leading to comprehensive improvements in enterprise development and strong market performance of its main products [4] - The company has optimized its product portfolio, launching new products such as the 45-degree and 68-degree Wuliangye, the Classic Wuliangye series, and over 10 cultural wines, while also expanding its mid-to-high-end brand offerings [6] - Wuliangye aims to lead industry responsibility by promoting cluster development, revitalizing Sichuan liquor, addressing e-commerce platform challenges, advancing international standards, and fostering healthy competition [7] Financial Performance and Shareholder Returns - Wuliangye completed its 2023 profit distribution, distributing 46.7 yuan per 10 shares, totaling 18.127 billion yuan in cash dividends, with a payout ratio of 60%, both record highs since its listing [15] - The company announced a 2024 interim dividend plan, proposing to distribute 25.76 yuan per 10 shares, totaling 10 billion yuan in cash dividends, representing 40% of the net profit for the first three quarters of 2024 [16] - Since its listing in 1998, Wuliangye has implemented cash dividends 23 times, with cumulative dividends reaching 104.1 billion yuan, 28 times the funds raised from its IPO, and has maintained a dividend payout ratio exceeding 50% for 5 consecutive years [10] Market and Operational Highlights - Wuliangye's core products have solidified their position as the top choice in the 1,000-yuan price range and among high-end strong-flavor liquors [17] - The company's marketing innovations, including banquet activities, QR code red packets, and terminal rankings, have effectively driven sales, while the "95195" customer service hotline has served over 20,000 people [13] - Wuliangye has optimized its channel layout, adding 138 specialty stores, 5 cultural experience stores, 490 He Mei collection stores, and 2 large liquor stores, while also strengthening its presence in the banquet market with nearly 30,000 events, serving over 6 million people [20] Industry Outlook - The liquor industry is undergoing a deep adjustment period, with increased market concentration and structural differentiation, but the underlying logic of meeting people's aspirations for a better life remains unchanged [12] - Wuliangye views 2025 as a critical year for marketing execution improvement, aiming to enhance brand value, product sales, channel optimization, and service capabilities to achieve both brand value and market share growth [14] - Despite challenges, Wuliangye has maintained a stable development trend, achieving record high production of first-grade and special-grade liquor and expanding its dedicated grain base to 1.51 million acres [19]

近日，渝三峡A(000565)申报的两项科研成果《高固体环氧防腐涂料》与《可复涂聚硅氧烷涂料》，分 别荣获2024年度重庆市造船工程学会科学技术奖一等奖与二等奖，彰显了公司在技术研发领域的卓越成 就。 而可复涂聚硅氧烷涂料，则因其卓越的超耐候性、出色的耐干湿交替能力和优异的耐盐雾性能，能够展 现出长达15年以上的防腐效果，因此在大型桥梁、船舶及海上平台等面临严峻腐蚀挑战的钢结构防护领 域得到了广泛应用。该项目产品已成功应用于诸如西安地铁10号线泾河大桥、鸿路钢构、西安渭河泾河 公轨合建桥以及钢箱梁外立面等多个重要项目中。（郑渝川） 据介绍，高固体环氧防腐涂料凭借其出色的配套性能、卓越的耐化学介质特性以及施工便捷性，在港口 设施、桥梁构造及管道系统等钢铁底材的防腐涂料市场中占据了极其重要的地位。截至目前，该涂料的 销售量已接近900吨。 此次表彰旨在肯定在配套系统技术研究与制造方面做出杰出贡献的单位和个人，激励广大科技工作者持 续创新，推动船舶和装备制造业的自主创新发展。公司凭借强大的综合实力，成功研发出这两款高性能 涂料，为行业树立了新的标杆。 校对：苏焕文 ...

Company Overview - Honor introduced new investors in October 2024 including China Telecom, CICC Capital, Cornerstone Capital, and Shenzhen Special Zone Development Group [1] - Honor completed its shareholding reform on December 28 2024 changing its name to Honor Terminal Co Ltd [11] - Honor plans to initiate an IPO process after the shareholding reform to further its strategic development [5] Financial Performance - Aishida reported Q3 2024 revenue of 18611 billion yuan down 1901% YoY and net profit of 130 million yuan down 3450% YoY [9] - Aishida's total revenue for the first three quarters of 2024 was 57378 billion yuan down 1737% YoY with net profit of 525 million yuan up 157% YoY [9] Market Position - Honor became the third-largest smartphone brand in Hong Kong in H1 2024 with over 540 stores trailing only Samsung and Apple [2] - Honor's digital series products saw customer coverage increase by over 11% YoY in H1 2024 with overall sales showing steady growth [2] Business Operations - Aishida is a national first-tier distributor for Honor Apple Samsung and Meizu with a network covering over 100000 stores across T1-T6 channels [6] - Aishida serves as Honor's authorized service provider in Hong Kong Thailand Vietnam and other regions offering marketing sales logistics and after-sales services [7] - Aishida has branches in 32 provincial regions 5 distribution centers and over 30 regional warehouses with overseas operations in key markets [12] Strategic Investments - Aishida invested 660 million yuan in 2020 as part of a consortium to acquire Honor [10] - Honor's shareholding reform has led to significant stock price movements for related concept stocks including Aishida [3][8] Corporate Governance - Aishida confirmed no undisclosed major issues or changes in its operating environment during the stock price fluctuation period [4] - Honor emphasized its commitment to transparent development and diversified equity structure with the new round of investors [6]