Core Viewpoint - The chemical industry is experiencing price increases and production adjustments, driven by global giants and domestic market dynamics, indicating potential investment opportunities in leading companies and sectors within the industry [4][5][6]. Group 1: ETF Performance - Several chemical ETFs have shown positive daily and year-to-date performance, with the highest daily increase of 1.98% for the E Fund Chemical Industry ETF and a year-to-date increase of 9.60% for the Jiashi Chemical ETF [2]. Group 2: Market Trends - The chemical ETFs track the CSI Sub-Industry Chemical Theme Index, with nearly 50% of their holdings concentrated in large-cap leading stocks such as Wanhua Chemical and Salt Lake Potash, benefiting from strong market trends [4]. - Recent price increases in key chemical products include a 7.9% weekly rise in epoxy propane and a general upward trend in organic silicon intermediates, reflecting a positive market sentiment [4]. Group 3: Production Adjustments - Domestic polyester filament factories have reduced production by 6% starting January 14, leading to a cumulative reduction of 15%, driven by high raw material costs and seasonal demand patterns [5]. - The reduction in production is expected to help deplete inventories, potentially enhancing profitability for leading companies during the upcoming peak season [5]. Group 4: Industry Outlook - According to Huatai Securities, the chemical industry is facing a challenging period with weak demand and supply-side pressures, predicting a profitability low point for bulk chemicals in the second half of 2025 [6]. - The industry is currently at a turning point regarding capacity and inventory cycles, with expectations of recovery in demand by 2026, which may lead to an upward trend in profitability [6]. - Investment opportunities are suggested in sectors such as glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets, despite the overall weak performance in the industry [6].

（文章来源：证券日报） 证券日报网讯 1月20日，新和成在互动平台回答投资者提问时表示，公司的新材料产品下游应用领域广 泛，包括汽车交通、电子电器、半导体、环保除尘、5G通讯等领域。公司下游改性客户跟机器人行业 客户有合作。 ...

Core Viewpoint - Kangguan Technology emphasizes its strong technical foundation and scalable manufacturing capabilities in the smart manufacturing sector, particularly focusing on the integration of robotics and the silver economy, with plans to develop products for elderly care and companionship [1] Group 1: Company Overview - Kangguan Technology operates in the computer, communication, and other electronic equipment manufacturing industry (C39), specializing in the research, manufacturing, sales, and services of smart interactive panels, professional display products, innovative display products, and smart TVs [1] - The company has obtained a total of 7 patents related to its focus areas [1] Group 2: Financial Performance - For the first three quarters of 2025, Kangguan Technology reported a revenue of 10.78 billion yuan, representing a year-on-year decline of 5.37% [1] - The net profit attributable to shareholders for the same period was 503 million yuan, down 9.92% year-on-year [1] - Revenue from smart interactive display products increased by 3.56% year-on-year, with a shipment growth of 6.04% [1] - Revenue from innovative display products saw a significant increase of 37.11% year-on-year, with shipments rising by 42.02% [1] - Conversely, revenue from smart TVs decreased by 17.33% year-on-year, with a shipment decline of 11.95% [1]

格隆汇1月20日｜有投资者在互动平台向芯海科技提问：请问公司如何看待并布局机器人这一前沿领 域？芯海科技回复称，我们高度重视机器人产业带来的新机遇，机器人对高精度感知和智能能耗管理提 出新要求，这与我们"模拟+MCU"的技术平台高度契合。目前，公司已围绕机器人电子皮肤、六维力传 感器等关键应用，与相关客户展开了积极的探索与合作。我们的传感器信号调理、BMS、ADC等产品 可用于机器人的信号采集和能耗管理，为未来切入该前沿市场做好了技术储备。 ...

人民财讯1月20日电，康冠科技1月20日在互动平台表示，公司在智能制造领域拥有扎实的技术积累与规 模化生产制造能力，公司高度重视机器人与银发经济相结合所带来的发展机遇，并积极布局相关领域， 目前共取得7项相关专利。公司后续将围绕养老陪伴、居家陪护等场景，持续开展产品化设计与功能验 证。待推出上市，有望丰富公司机器人以及服务银发经济的智能产品矩阵。 转自：证券时报 ...

格隆汇1月20日丨新和成(002001.SZ)在投资者互动平台表示，公司的新材料产品下游应用领域广泛，包 括汽车交通、电子电器、半导体、环保除尘、5G通讯等领域。公司下游改性客户跟机器人行业客户有 合作。 ...

陈敏兰认为，中资股当中仍有一些"由下而上"非常有趣的投资主题，包括科技自主，即人工智能、自动 化及机器人相关公司，同时也看好医疗护理、新消费及高息金融股。 瑞银财富管理亚太区首席投资总监及投资总监办公室主管陈敏兰预期，港股和A股今年约有15%上升空 间。她在全球看好欧洲、中国及日本股市，并偏好H股多于A股，主因是对香港上市中资科技股看法正 面，且预期中资股科技股未来几年的平均盈利增长达到25%或以上。 ...

公司研究 证 券 研 究 报 告 浙江荣泰（603119）深度研究报告 推荐（首次） 全球云母绝缘制品领先者，机器人业务打开 新成长空间 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,135 | 1,567 | 2,433 | 3,416 | | 同比增速(%) | 41.8% | 38.1% | 55.3% | 40.4% | | 归母净利润(百万) | 230 | 319 | 492 | 671 | | 同比增速(%) | 34.0% | 38.5% | 54.1% | 36.5% | | 每股盈利(元) | 0.63 | 0.88 | 1.35 | 1.85 | | 市盈率(倍) | 187 | 135 | 87 | 64 | | 市净率(倍) | 23.5 | 20.5 | 17.3 | 14.3 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 19 日收盘价 汽车零部件Ⅲ 2026 年 01 月 ...

公司研究 证 券 研 究 报 告 浙江荣泰（603119）深度研究报告 推荐（首次） 全球云母绝缘制品领先者，机器人业务打开 新成长空间 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,135 | 1,567 | 2,433 | 3,416 | | 同比增速(%) | 41.8% | 38.1% | 55.3% | 40.4% | | 归母净利润(百万) | 230 | 319 | 492 | 671 | | 同比增速(%) | 34.0% | 38.5% | 54.1% | 36.5% | | 每股盈利(元) | 0.63 | 0.88 | 1.35 | 1.85 | | 市盈率(倍) | 187 | 135 | 87 | 64 | | 市净率(倍) | 23.5 | 20.5 | 17.3 | 14.3 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 19 日收盘价 汽车零部件Ⅲ 2026 年 01 月 ...

去年年底，特斯拉在官网上罕见发布悲观的分析师交付量预期汇总，数据显示其第四季度交付量均值预 期为422850辆，同比降幅达15%，较44万辆的市场共识更为悲观。包括大和、德意志银行、高盛、巴克 莱等20家机构参与了预估。 智通财经APP获悉，巴克莱发布研报，重申对特斯拉(TSLA.US)"中性"评级，并表示基本面对于这只股 票而言仍然是"次要因素"。 该行分析师表示，"我们认为，特斯拉 2025 年的股票表现将以叙事性为主，而基本面似乎被忽略了。" CEO马斯克曾多次强调，"特斯拉核心是一家AI公司"，他将自动驾驶与机器人列为未来发展的关键。特 斯拉目前正筹备再度扩建美国得克萨斯超级工厂，拟新建一座专用设施用于其人形机器人Optimus的量 产，以实现年产能1000万台的目标。马斯克还透露，公司旗下Robotaxi车队规模预计将于下月翻番。 值得注意的是，特斯拉明确表示"不认可分析师的任何信息、建议或结论"，仅客观呈现汇总后的共识数 据。 通常情况下，特斯拉会汇总卖方分析师对未来交付数据的预测，但此类信息以往多通过邮件形式由投资 者关系团队定向发送给特定分析师和主要投资机构，极少对外公开。 市场分析认为，特斯 ...