内容概况：长期以来，我国环保催化剂市场被巴斯夫、庄信万丰和优美科等外资环保催化剂巨头所占据，主要因为环保催化剂技术门槛高，且主要应用领域 为机动车尾气处理催化剂。2016年12月23日和2018年6月22日，我国陆续发布了国六阶段汽车、柴油车、燃油车的排放法规。在主要污染物排放限值方面， 国六a标准与欧洲国家现行的欧六标准基本一致，而国六b标准中部分污染物排放限值较欧六标准更严，国六排放标准已成为全球最严的现行汽车排放法规之 一。以国六排放标准的推出为标志，我国排放法规经过快速升级后已由跟随国外先进标准发展成为同步甚至领先于国外先进标准。在此情况下，经过长期的 技术积累和产品追赶，国内催化剂厂商的技术、产品与外资巨头的差距逐渐缩小，部分国内厂商的部分产品的性能已能够比肩甚至超过外资巨头产品。尾气 处理催化剂作为减少汽车尾气有害物质排放的关键技术，其市场需求正随着环保法规的不断完善和汽车排放标准的提升而持续增长。数据显示，中国尾气处 理催化剂行业市场规模从2017年的147.02亿元增长至2024年的229.99亿元，年复合增长率为6.6%。2025年中国尾气处理催化剂行业市场规模为242.06亿元。 未来，随 ...

Core Viewpoint - China's automotive industry is set to achieve a milestone in 2026, maintaining its position as the world's largest producer and seller of vehicles for 17 consecutive years and the largest exporter for three years, marking a significant step towards becoming a strong automotive nation [1] Group 1: Industry Standards and Development - The National Market Supervision Administration is promoting the domestic verification and evaluation of testing instruments to enhance the technical strength and market competitiveness of domestic equipment [1] - Two new industry standards, RB/T245-2025 and RB/T246-2025, have been released to address the lack of a recognized verification and evaluation system for domestic testing equipment, aiming to break the market monopoly of foreign products [2][10] - The standards are expected to significantly reduce reliance on imported high-end testing equipment, thereby lowering supply chain risks and procurement costs [10] Group 2: Technical Specifications and Performance - RB/T245-2025 establishes a "four-dimensional" evaluation system for tire coupling road simulation testing machines, focusing on basic, performance, safety, and maintenance indicators, and introduces a domestic application level evaluation mechanism [4] - RB/T246-2025 includes a comprehensive evaluation system for road traffic flexible targets, addressing the need for standardized testing environments for intelligent connected vehicles [7][11] - The implementation of these standards is projected to reduce procurement costs of domestic tire coupling road simulation testing machines by 30% to 50% and maintenance cycles by over 40% [10] Group 3: Impact on the Automotive Industry - The new standards are part of a broader initiative to enhance the quality infrastructure of China's manufacturing sector and contribute to the stability of global supply chains [12] - The standards have been developed with reference to international best practices, ensuring scientific and advanced methodologies, which will facilitate the entry of domestic equipment into international markets [12] - The implementation of these standards is expected to enhance China's influence in global automotive standards, contributing to the country's automotive strength and innovation [12]

Summary of Key Points Core Insights - The report highlights a significant narrowing of capital outflows in the market, with a balanced and slightly loose macro funding environment. The central bank conducted a net reverse repo of 756 billion and an additional 800 billion in three-month reverse repos, leading to a decline in short-term interest rates and a slight decrease in long-term rates [4][5]. - The automotive sector showed resilience, with the automotive index outperforming the Shanghai Composite Index during the reporting period. New models from major players like Li Auto and BYD are set to launch, indicating a competitive landscape in the electric vehicle market [10][11][12]. Group 1: Market Overview - The macro funding environment is balanced and slightly loose, with the central bank's actions leading to a net reverse repo of 756 billion and an additional 800 billion in three-month reverse repos [4]. - The stock market is experiencing pressure on the supply side, with a notable decline in equity fund issuance and a decrease in leveraged fund participation. The net outflow from stock ETFs has significantly narrowed, with a net outflow of 56.21 billion [5]. - The demand side of the stock market is facing increased pressure, with a slight rise in equity financing to 12.299 billion and a significant increase in the scale of restricted stock unlocks to 101.98 billion [5]. Group 2: Bond Market Insights - The sentiment in the bond market has shown signs of recovery, with the 10-year government bond yield breaking the 1.80% mark. The sentiment index for both buyers and sellers has improved, with a notable increase in bullish sentiment among sellers [7][8]. - A majority of bond market participants maintain a neutral stance, with 82% of sellers holding a neutral view and 14% adopting a bullish perspective, indicating a cautious optimism in the market [8][9]. Group 3: Automotive Industry Developments - The automotive sector has shown a positive trend, with the automotive index increasing by 0.3% compared to a decline in the Shanghai Composite Index [10]. - New models from Li Auto and AITO are set to launch, targeting both mainstream and high-end markets, which is expected to stimulate consumer interest [11]. - BYD has established a new sub-brand "Linghui" focused on the commercial vehicle market, indicating a strategic expansion into B2B services [12][13].

从稳增长、促消费的硬举措落地，到AI赋能、跨界融合的新图景擘画，一份份政府工作报告与代表委 员的建言献策，共同勾勒出中国汽车产业迈向高质量发展的区域路线图。 以稳增长与优环境稳固产业基本盘 面对复杂的内外部经济环境，"稳增长"无疑是各地经济发展的主基调。作为工业经济的支柱，汽车产业 的稳定对实现这一目标至关重要。多地政府工作报告将推动汽车产业提质扩量列为重点任务。 在"十五五"规划的开局之年，如何推动汽车产业实现"质的有效提升和量的合理增长"，成为稳定国民经 济、构筑现代化产业体系的关键命题。近日，在各地密集召开的两会上，作为经济"压舱石"和创新"主 引擎"的汽车产业，毫无意外地成为谋篇布局的核心。 其中，山东省明确提出2026年新能源汽车产量目标为"突破120万辆"，彰显了以确定性目标引领产业发 展的决心。安徽省代表则建议组建产业联盟和创新联合体，旨在破解"大而不强"的结构性矛盾，从"规 模集聚"迈向"生态协同"。这些部署的核心，在于筑牢实体经济根基，发挥汽车产业对上下游产业链的 巨大带动作用。 与"稳增长"并行的，是"促消费"的政策接力。汽车作为大宗消费的核心，其市场活力的激发直接关系到 内需的扩大。当前 ...

（来源：劳动午报） 转自：劳动午报 本报讯 （记者 王路曼） 近日，密云区举办"携手同心，共赴未来"2026年优化营商环境大会，企业界代 表与相关政府部门负责人近300人齐聚一堂。大会发布《密云区优化营商环境十大行动计划》，并推 出"政策礼包"和"机遇清单"，为企业发展精准赋能。 会上发布密云区"十五五"时期发展愿景，详解未来五年发展蓝图。据了解，密云区将紧扣功能定位，争 当守好密云水库、打好生态牌、走好高质量发展之路的"三好生"，全面实施"以水润城、以水兴业、以 水富民"发展战略，以高水平保护实现高质量发展。未来五年，密云区将聚焦生态文明建设、灾后恢复 重建、培育新质生产力、农业农村现代化、优化营商环境等重点领域协同发力，把生态红利、发展潜力 转化为共赢实效。 现场同时发布密云区优化营商环境十大行动计划，聚焦政务服务、金融服务、土地供应、人才保障、法 治保障等领域。该计划包括30项务实举措。其中，企业办事无需重复提交证照材料，餐饮等高频行业审 批时限"再减半"，"办不成事"窗口兜底服务，首问负责机制坚决杜绝"拒绝式"回应，着力提升企业体验 感。"四级管家"层层联动，"企业吹哨、部门报到"和"诉求直通车"工作 ...

Core Viewpoint - The article discusses the strategic goals and implementation paths of seven major commercial vehicle companies in China for the "15th Five-Year Plan," focusing on the transformation towards electrification, intelligence, and globalization in the commercial vehicle industry. Group 1: FAW Jiefang - FAW Jiefang aims to enter the "world-class commercial vehicle camp" by 2030, with a focus on "international Jiefang, green Jiefang, and technological Jiefang" [2] - The company targets a total sales volume of 320,000 units in 2026, with 75,000 units being electric vehicles and 80,000 units for overseas sales [4] Group 2: Dongfeng Motor Corporation - Dongfeng aims to regain its position as the industry leader with a total sales target of 750,000 commercial vehicles by 2030 [5] - The company plans to achieve industry-leading positions in total sales, heavy-duty trucks, and new energy trucks during the "15th Five-Year Plan" [8] Group 3: China National Heavy Duty Truck Group (CNHTC) - CNHTC targets to exceed 800,000 units in total sales and achieve a revenue of 400 billion yuan by 2030 [11] - The company has proposed a "six transformations" strategy focusing on green, digital, service, international, diversified, and high-end development [12] Group 4: Shaanxi Automobile Group - Shaanxi aims to maintain a top-three position in the industry and targets a sales volume of 100,000 heavy-duty trucks in 2026 [14] - The company emphasizes a unified development strategy called "One Shaanxi" to enhance overall competitiveness [18] Group 5: Foton Motor - Foton aims for a 50% penetration rate of new energy vehicles and 300,000 units in overseas sales by 2030 [20][22] - The company has set ambitious targets for 2026, aiming for 200,000 units in both exports and new energy vehicles [22] Group 6: Yuantong New Energy Commercial Vehicles - Yuantong aims to become the domestic sales leader and the global leader in new energy commercial vehicles by 2030, targeting 1 million units in annual sales [24][26] - The company plans to launch a comprehensive product matrix covering various vehicle types by 2026 [26] Group 7: Chery Commercial Vehicles - Chery targets to achieve 1 million units in sales by 2030, with a focus on becoming the leading brand in China's new energy commercial vehicle sector [28] - The company plans to invest over 10 billion yuan in heavy-duty truck research and development in the coming years [31]

（来源：势银能链） "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户2026势银液氢产业大 会（2026年4月15日，无锡）点此报名 2025年，液氢产业迈入加速发展期。从上游制氢液化到中游储运加注，再到下游场景应用，全产业链多 点开花；政策标准持续完善筑牢发展根基，企业融资合作热潮涌动，液氢规模化、商业化的步伐显著加 快。 液氢全产业链突破不断 液氢产业的爆发，始于上游制氢与液化环节的突破—— 储运与加注是液氢产业落地的核心支撑，2025年多项关键技术与工程取得重大进展—— 装备研发方面—— 河南利源集团与河南中科清能、未势能源合作建设的氢液化综合利用项目开工。该项目建成后年 产液氢2.3万吨，可解决高端电子装备制造业用氢需求； 由未势能源牵头承担的河北省科技计划"液氢'制、储、运、加'系统集成关键技术及示范"项目， 取得多项关键进展； 河北旭阳5吨/天液氢示范项目成功入选河北省重点建设项目，成为区域产业标杆； 中科富海牵头打造的首条民用液氢制储运用全产业链示范工程启动，打通从制氢到应用的完整链 路； 三峡集团乌兰察布"源网荷储一体化"试验基地顺利产出液氢，系统额定工况下日 ...

"宁波膜智信息科技有限公司" 为势银（TrendBank）唯一工商注册实体及收款账户 2026势银液氢产业大会（2026年4月15日，无锡） 点此报名 添加文末微信，加 氢储运 群 2025年，液氢产业迈入加速发展期。从上游制氢液化到中游储运加注，再到下游场景应用，全产业链多点开花；政策标准持续完善筑牢发展根 基，企业融资合作热潮涌动，液氢规模化、商业化的步伐显著加快 。 液氢产业的爆发，始于上游制氢与液化环节的突破—— 储运与加注是液氢产业落地的核心支撑， 2025年多项关键技术与工程取得重大进展—— 装备研发方面 —— 河南利源集团与河南中科清能、未势能源合作建设的 氢液化综合利用项目开工。该项目建成后年产液氢2.3万吨，可解决高端电子装备 制造业用氢需求； 由 未势能源 牵头承担的河北省科技计划"液氢'制、储、运、加'系统集成关键技术及示范"项目，取得多项关键进展； 河北旭阳 5吨/天液氢示范项目成功入选河北省重点建设项目，成为区域产业标杆； 中科富海 牵头打造的首条民用液氢制储运用全产业链示范工程启动，打通从制氢到应用的完整链路； 三峡集团 乌兰察布"源网荷储一体化"试验基地顺利产出液氢，系统额定工况 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The report highlights a recovery in the passenger vehicle sector, driven by the implementation of subsidy policies and a shift in consumer demand. It emphasizes the importance of focusing on high-end electric vehicle manufacturers that are less sensitive to policy fluctuations, such as Jianghuai Automobile and Geely [25][26]. - In the heavy truck segment, the report anticipates a positive outlook for 2026, projecting domestic sales to reach 800,000 to 850,000 units, a year-on-year increase of 3% [30][28]. - The bus market is expected to see growth in 2026, with a conservative estimate of 40,000 units sold, reflecting a 40% year-on-year increase, supported by the continuation of subsidy policies [30][29]. - The motorcycle sector is projected to achieve total sales of 19.38 million units in 2026, a 14% increase year-on-year, with a significant focus on the large-displacement motorcycle market [26]. Summary by Sections Passenger Vehicles - Short-term recovery is anticipated in the passenger vehicle sector due to established subsidy policies, with a focus on high-end electric vehicles and companies less affected by policy changes [25][26]. - Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD, among others [25]. Heavy Trucks - In 2025, wholesale heavy truck sales reached 1.144 million units, a 26.8% increase year-on-year, with domestic sales of 799,000 units, up 32.8% [30]. - The report recommends leading heavy truck manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30][28]. Buses - The bus market saw a slight decline in 2025, with sales of 29,000 units, down 6% year-on-year. However, a rebound is expected in 2026, with a projected 40% increase in sales [30][29]. - Recommended companies include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is forecasted to grow, with total sales expected to reach 19.38 million units in 2026, a 14% increase year-on-year, driven by large-displacement models [26]. - Recommended companies include Chunfeng Power and Longxin General [26].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-10 宏观策略 [Table_MacroStrategy] 海外周报 20260208：1 月美国非农和 CPI 前瞻：关注上行风险——海外 宏观与交易复盘 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大宗 商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流动性冲 击更多来自交易层面，而海外宏观基本面和广义流动性环境并未有显著 变化，这意味着部分资产存在被流动性冲击"错杀"的可能。关注下周公 布的 1 月美国非农就业和 CPI 数据，我们预期二者均存在上行风险，令 本周略有升温的美联储降息预期再度面临回调。 宏观量化经济指数周报 20260208：预计 2026 年 1 月贷款温和增长、社 融小幅同比多增 晨会编辑 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 37 [Table_Tag] 节前经济供需两端基本符合季节性特征 ...