编者按 与过去八年一样，山东这场在春节后首个工作日召开的大会，被视为全年发展的风向标。今年新春第一 会的发言席上，烟台市、济宁市、省委组织部、省工信厅、山东重工、山东农大、乳山市主要负责同志 依次发言。他们身份各异，却共同站上了全省最高规格的会场。 为什么是他们？县域是主战场，高校是动力源，企业是主力军。这三个"切片"，恰好构成了山东"十五 五"开局的多维支撑。本系列将聚焦山东重工、山东农大、乳山的"亮相"，解读山东在新起点上的落笔 之处与担当之责。 山东重工集团的"亮相"发言，折射出这场会议的深意——迈向"世界一流"，需要这样的企业去冲锋；而 企业的"世界一流"，正是山东"走在前、挑大梁"的坚实底座。 这家"链主"企业亮相全省最高规格的会场，其背后逻辑与"新春第一会"的主基调深度契合。"十五五"开 局之年，何以定向？会议给出的答案是：干事创业、担当尽责。 开局当有开局之势，起步应有起步之为。正如会议所言，干事创业、担当尽责，是打开事业发展新天地 （301277）的必然要求。全省广大党员干部必须进一步强化担当之志、提升担当之能、尽好担当之责， 以"时时放心不下"的责任感和"事事心中有底"的行动力，把各项工作抓 ...

这个春节假期，有关两位山东企业家的消息引发广泛关注。 原山东重工董事长、党委书记谭旭光，原济南二机床董事长、党委书记张世顺分别获聘央企东风汽车集团、通用技术集团外部董事。 两人均在2024年卸任，时隔一年多，以这样的方式再次进入公众视野。此次重新获聘，外界有多番解读。除了央企用人制度改革创新外，此番履新，更多折 射出国资委层面对两人能力的认可，同样侧面印证了山东国企改革的成绩所在。 两位地方国企优秀人才的获聘，凸显央地国资协同发展的探索，如果两人能以地方国资经验反哺央企，那将成为国企改革的又一看点。 卸任一年，重新受聘 2月13日，国资委官网的一则4户中央企业外部董事职务变动的消息，披露了两人的新职务。 这一事件之所以引发关注，是因为谭旭光、张世顺在业内有着极强的影响力，他们均是山东企业家的杰出代表。任职期间，都把所在企业推向了新的行业高 度。 1961年出生的谭旭光，被称为"谭大胆"，他凭借雷厉风行的作风、锐意改革的精神和不争第一就是在混的干劲，被业内所熟知。 在他任职期间，潍柴从濒临破产的地方企业做到了全球动力巨头，中国重汽（000951）从低谷重回行业第一阵营，山东重工成为重装产业集团，构建起了从 动力 ...

Macro Insights - The report identifies three historical "great migrations" of Chinese household wealth, with the third migration starting in 2023, indicating a shift in asset allocation trends[3] - The first migration (1998-2018) saw a significant flow of deposits into real estate due to housing market reforms, establishing real estate as a core asset class[4] - The second migration (2018-2023) involved a return to deposits as real estate values declined and risk aversion increased among residents[5] - The third migration reflects a transition to a "deposit+" era, where residents are diversifying into financial products beyond traditional deposits due to lower interest rates and improved returns in bond and equity markets[6] Market Strategy - Foreign capital continues to flow into the market, with a net inflow of $3.7 million in foreign investment as of February 11, 2026, and a significant increase in public fund issuance, reaching 43.63 billion yuan[9] - The average daily trading volume in the A-share market decreased to 2.1 trillion yuan, while the proportion of stocks rising increased to 47.6%[8] - The ETF market experienced a net outflow of 44.18 billion yuan, indicating a shift in investor sentiment towards active management strategies[9] Industry Trends - The pharmaceutical market for anticoagulants is projected to grow from $52.9 billion in 2023 to over $110 billion by 2033, driven by aging populations and increasing cardiovascular disease rates[13] - The heavy-duty truck market in China is expected to see sales of 760,000 units in 2026, a decrease of 5.3% year-on-year, while January 2026 saw a 46% increase in domestic heavy-duty truck sales compared to the previous year[16][17] - The aviation sector is experiencing a resurgence, with a 6% increase in passenger flow during the Spring Festival period, and ticket prices are expected to rise by 3-4% year-on-year due to increased demand[30][32]

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院冷藏车研究小组发布的《中国冷藏车行业市场需求前景与投资规 划分析报告》 行业主要上市公司：中集车辆(301039)、中国重汽(000951)、福田汽车(600166)、东风汽车(600006)、江 淮汽车(600418)、江铃汽车(000550)、一汽解放(000800)、动力新科(600841)等。 本文核心数据：行业整体融资;行业投融资轮次 1、冷藏车行业投融资活跃度呈波动态势 根据IT桔子库，2015-2025年期间，我国冷藏车行业投融资事件数量呈现波动态势，2024年融资事件为8 件，2025年截至12月，投融资事件数量为10件。2018年，冷藏车行业投融资金额较高，达到182亿元， 其余年份较为平均。 注：上述统计时间截至2025年12月5日，下同。 2、冷藏车行业投融资集中于战略投资 从平均单笔融资金额来看，2018-2025年，冷藏车行业平均单笔融资金额呈波动趋势。2024年平均单笔 融资金额仅0.94亿元，2025年中国冷藏车行业平均单笔融资金额略升至1.25亿元。 从冷藏车的投资轮次分析，目前冷藏车行业的融资轮次中，主要集中在A轮、战略 ...

Summary of Conference Call on Heavy-Duty Trucks Industry Industry Overview - The conference focused on the heavy-duty truck (HDT) sector, with a positive outlook for 2026, driven by various factors including policy support and market demand [2][4][19]. Key Points and Arguments 1. **Positive Market Outlook**: The heavy-duty truck sector is expected to see significant growth, with wholesale sales projected to increase by approximately 10% year-on-year in 2026, potentially reaching over 1.25 million units [4][19]. 2. **Sales Performance**: January 2026 saw wholesale sales of 105,000 units, a 46% year-on-year increase, indicating strong market demand [8][19]. 3. **Policy Support**: The ongoing transition from National IV to National V emission standards is expected to drive demand, with an estimated 500,000 to 600,000 trucks eligible for replacement [4][19]. 4. **Export Growth**: The export market is anticipated to grow by over 15% in 2026, with strong demand from regions such as Africa and Southeast Asia [6][19]. 5. **Domestic Demand**: Domestic demand is projected to contribute significantly to sales, with expectations of 800,000 to 850,000 units sold domestically in 2026 [19]. 6. **Market Dynamics**: The balance of supply and demand, along with the exit of older models, is crucial for the industry's growth trajectory [7][19]. 7. **Profitability Outlook**: The profitability of heavy-duty truck manufacturers is expected to improve as market conditions stabilize and demand increases [20]. Additional Important Insights 1. **Technological Advancements**: The industry is witnessing a shift towards electric and alternative fuel vehicles, with BEV penetration rates expected to stabilize between 30% and 35% in 2026 [16][20]. 2. **Competitive Landscape**: Key players such as China National Heavy Duty Truck Group (CNHTC), Foton Motor, and Weichai Power are highlighted as strong performers in the market [17][20]. 3. **Market Challenges**: The industry has faced pressures on profitability due to competitive pricing and regulatory changes, but these challenges are expected to ease as the market recovers [20]. 4. **Long-term Trends**: The transition to newer emission standards and the potential introduction of National VII standards will likely drive further demand for new trucks in the coming years [14][19]. This summary encapsulates the key insights and projections discussed during the conference call regarding the heavy-duty truck industry, emphasizing a robust growth outlook supported by favorable market conditions and policy frameworks.

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry, indicating a positive outlook compared to the market benchmark [4]. Core Insights - In January, domestic heavy truck sales reached 105,000 units, representing a year-on-year increase of 46% and a month-on-month increase of 3% [2][4]. - The sales of domestic natural gas heavy trucks in January were 19,000 units, showing a year-on-year growth of 98% and a month-on-month growth of 50% [2][4]. - The sales of domestic new energy heavy trucks in January were 20,000 units, with a year-on-year increase of 102% but a month-on-month decrease of 24% [2][4]. - The report anticipates that the heavy truck sales in China for 2026 will reach 760,000 units, a decrease of 5.3% year-on-year, while wholesale sales are expected to reach 1.16 million units, an increase of 1.5% year-on-year [4]. Summary by Sections Heavy Truck Sales Performance - January's heavy truck sales were driven by corporate demand, with major manufacturers achieving good completion rates for their annual targets, leading to a portion of sales being carried over into 2026 [4]. - The penetration rate of natural gas heavy trucks in January was 18%, with significant growth expected due to lower operating costs for vehicles with high annual mileage [4]. - The penetration rate of new energy heavy trucks was 19% in January, with expectations for continued growth as technology matures and costs decrease [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang, all rated as "Overweight" [4][5].

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry, indicating a positive outlook compared to the market benchmark [4]. Core Insights - In January, domestic heavy truck sales reached 105,000 units, representing a year-on-year increase of 46% and a month-on-month increase of 3% [2][4]. - The sales of domestic natural gas heavy trucks in January were 19,000 units, showing a year-on-year growth of 98% and a month-on-month growth of 50% [2][4]. - The sales of domestic new energy heavy trucks in January were 20,000 units, with a year-on-year increase of 102% but a month-on-month decrease of 24% [2][4]. - The report anticipates that the domestic heavy truck sales in 2026 will reach 760,000 units, a decrease of 5.3% year-on-year, while wholesale sales are expected to reach 1.16 million units, an increase of 1.5% year-on-year [4]. Summary by Sections Heavy Truck Sales Performance - January's heavy truck sales were driven by corporate demand, with major manufacturers achieving good completion rates for their annual targets, leading to a portion of sales being carried over into 2026 [4]. - The report highlights that the January sales performance is crucial for boosting confidence among dealers and supply chain partners ahead of the traditional sales peak after the Spring Festival [4]. Natural Gas Heavy Trucks - The penetration rate of natural gas heavy trucks in January was 18%, with a significant increase in sales driven by lower operating costs for vehicles with high annual mileage [4]. - The report suggests that the penetration of natural gas heavy trucks is likely to increase further due to large-scale equipment renewal policies [4]. New Energy Heavy Trucks - The penetration rate of new energy heavy trucks in January was 19%, with the total cost of ownership (TCO) being optimal for annual mileage between 45,000 to 100,000 kilometers [4]. - The report indicates that as technology matures and costs decrease, new energy heavy trucks are expected to have intrinsic growth momentum, with continued focus on the implementation of replacement policies [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, Foton Motor, CIMC Vehicles, and FAW Jiefang, all rated as "Overweight" [4][5].

这家中国领先、在全球具有重要影响力的工业装备跨国集团，坐拥11家上市公司、14只股票的资本矩 阵，其中潍柴动力、中国重汽、山推股份、潍柴重机、中通客车等多家A股上市公司构成产业发展核心 支撑，形成了覆盖动力总成、整车制造、工程机械、客车制造等领域的全产业链布局，为产业升级筑牢 资本与产业双底座。 工业机器人在海信视像青岛工厂智能装配线上忙碌。新华社图 县域经济是山东高质量发展的重要基石，会议也为山东县域发展明确了方向，而乳山市的实践正是山东 县域干事创业的生动缩影。 乳山市委书记王大治表示，乳山将坚决落实山东"百县图强"计划，以"干字当头、奋勇争先"的作风，精 准发力抓招商、提速提效促项目、量质并举强工业，加快推进总投资1053亿元的178个省市县三级重点 项目建设，持续夯实产业发展基础，全力打造新能源产业高质量发展先行区。 从链主企业领航产业升级，到县域以重大项目攻坚夯实发展底座，会议已勾勒出山东"十五五"开局的清 晰路径。在干事创业、担当尽责的浓厚氛围中，山东正以省市县联动、政企协同的强大合力，推动各领 域各层级找准定位、主动作为，让高质量发展的步伐更加坚实，奋力在"十五五"新征程上书写中国式现 代化的山 ...

| 辅导对象 | 上海玖行能源科技股份有限公司 | | --- | --- | | 成立日期 | 2014年3月4日 | | 注册资本 | 8,269.8954 万元 法定代表人 张东江 | | 注册地址 | 上海市嘉定区福海路1168号、上海市嘉定工业区1186 | | | 号2幢1层A区、2层 | | 控股股东及 | 张东江(直接持股19.13%,通过员工持股平台上海知 欣企业管理咨询合伙企业(有限合伙)持股 5.29%, | | 持 股 比 例 | | | | 合计 24.42%) | | 行业分类 | 已于 2025年 在其他交易场 所(申请)挂 | | | "C36 汽车制造业" 12月4日在全 | | | 之"C3670 汽车零部 国股转公司 | | | 牌或上市的情 | | | 挂牌,股票代 件及配件制造" 况 | | | 码 874949 | | 备 注 | 不存在近3年内提交首次公开发行股票/存托凭证并 | | | 上市申请被终止审查、不予核准、个于注册的情况 | 瑞财经 严明会 近日，上海玖行能源科技股份有限公司（以下简称：玖行能源）在上海证监局完成IPO 辅导备案，拟北交所IPO，辅导机 ...

小挖产线已进入全面爬坡阶段，海外市场持续高 增长；公司1月销售继续实现增长，出口业务连续 21年稳居行业首位——0223调研日报 2026/02/23 16:13 今日内容： 中联重科：小挖产线已进入全面爬坡阶段，海外市场持续高增长 【小挖产线已进入全面爬坡阶段】 公司2025年建成紧凑型机型新产线，涵盖小型挖机、滑移装载机、轮式挖掘机，该产线具备 全球领先的生产制造能力，已进入产能全面爬升阶段，小挖产品质量、一致性显著提升，制 造成本稳步下降，有效支撑公司小挖全球市场发展战略。 从行业情况来看，未来国内小挖销售量占挖机总销售量的比例预计会持续维持在高位，同时 小挖产品也受海外市场青睐。2026年公司将进一步加快推进小型挖机市场破局，打造土方机 械板块增长引擎。 【海外市场持续高增长】 2026年将重点布局西欧、澳洲等高端市场，研发更多符合当地法规和使用习惯的产品，上述 区域海外网点投入将对公司业绩提升提供增量支撑。除此以外，非洲、拉美等区域经过此前2- 3年持续投入已进入收获期，矿山开拓需求持续增长，中东、东南亚等区域基础设施建设需求 持续增长。 【农业机械获得行业客户特别关注】 全球农机市场规模约为1万亿 ...