国内超细纤维龙头，技术突破开启转型新 ——聚杰微纤首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 公司作为国内超纤龙头，超纤主业转型仿皮面料、无尘洁净制品等高端工业用途迎 来价值拐点。深度布局固态电池、具身智能等前沿科技，捕捉未来发展机会。 投资要点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | [Table_Finance] 财务摘要(百万元) | | | | | | | 营业总收入 | 685 | 600 | 592 | 653 | 749 | | --- | --- | --- | --- | --- | --- ...

Core Insights - The report highlights the strategic initiatives of the company to expand its product lines in the refractory materials sector and emerging technologies, particularly through a planned capital increase of up to 1.034 billion RMB for new projects and overseas expansion [6][11]. Company Developments - Changxin Bochuang signed a letter of intent to acquire 93.81% of Shanghai Honghui Light Communication Technology Co., Ltd. for approximately 375 million RMB, aiming to enhance its product line in the optical communication field [5]. - Tongwei Co., Ltd. is planning to acquire 100% of Qinghai Lihua Qingneng Co., Ltd. through a combination of share issuance and cash payment, with the transaction expected to not alter the control of the company [5]. - Yutong Optical received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending further approvals [5]. - Maoyan Entertainment forecasts a revenue of up to 4.7 billion RMB for the fiscal year 2025, representing a growth of approximately 15.1% compared to 2024 [5]. - Conch Cement's major shareholder plans to increase its stake in the company by investing between 700 million and 1.4 billion RMB within six months [5]. Industry Insights - The report emphasizes the resilience of small and medium-sized enterprises (SMEs) in China's industrial economy, with a 6.9% year-on-year increase in value added for SMEs in 2025, outperforming the overall industrial growth rate by 1.0 percentage points [2]. - The construction of a new production line for zirconia and zircon-based materials is expected to yield a post-tax internal rate of return of 29.35% and a payback period of 4.89 years, indicating strong potential for profitability [7][8]. - The establishment of a production base in Vietnam is part of the company's strategy to enhance its overseas operations, targeting the growing demand in Southeast Asia, particularly in Vietnam [9].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 多因素影响下，锆产品未来走势如何？产业链哪些上市公司值得关注？ 一边是固态电池商业化加速，让锆基材料需求从"传统陶瓷"迈向"新能源核心材料"；另一边是上游资源 供应持续紧绷，全球主要矿山面临资源枯竭风险。 2026年伊始，一项政策为锆市场增添了新的变数。商务部1月6日发布公告，加强两用物项对日本出口管 制，明确禁止向日本军事用户及相关领域出口包括氧化钇、锆及其合金在内的关键材料。 进入2026年，锆这种看似小众的金属元素，正因供需两端的新变化，价格逐步企稳。 资源高度集中 供应瓶颈凸显 锆作为一种稀有小金属，具有良好的耐腐蚀性和可塑性，广泛应用在电子、陶瓷、玻璃、石化、建筑等 领域。锆英砂是自然界中锆矿的主要存在形式，可以加工成电熔锆、氯氧化锆、碳酸锆等产品。 从资源上看，全球锆矿分布极不均衡，澳大利亚、南非、莫桑比克合计掌控全球超八成的储量。中国是 全球锆产品消费大国，也是锆产品进口大国，进口依存度常年高于80%。 进入2026年，这种资源高度集中的弊端愈发凸显。澳大利亚主要矿山面临资源枯竭风险，预计从今年起 将陆续进入减产或停产周期 ...

Group 1 - The core viewpoint of the news highlights the significant growth in China's battery production and sales, with a total output of 168.0 GWh in January, representing a year-on-year increase of 55.9% [1] - The electric vehicle penetration rate in Europe reached 29.4% in January, with a total of 209,000 new energy vehicles sold across nine countries, marking a 23% year-on-year growth [1] - The State Council has issued an implementation opinion to improve the national unified electricity market system, aiming for basic completion by 2030 and full completion by 2035 [1] Group 2 - Several companies within the China Securities Battery Index are expected to report significant profit increases, with Tianqi Materials and Dofus Technology seeing net profit growth of 230% and 190% respectively [1] - Major battery manufacturers also reported impressive earnings, with Guoxuan High-Tech's net profit increasing by 148% and Penghui Energy's by 191% [1] - The profit forecasts for various companies indicate substantial growth, with Xian Dao Intelligent expected to reach a net profit of 1.8 billion yuan, reflecting a 529.15% increase [2] Group 3 - The battery ETF (561910) tracks the China Securities Battery Theme Index, which includes nearly 40% solid-state battery content and about 60% energy storage content [3] - Key companies in the ETF include Ningde Times and Sunshine Power, which represent 9% and 14% of the index respectively, covering the entire battery industry chain from production to storage [3] - Investors can utilize the battery ETF for a comprehensive investment in the battery industry chain [3]

Group 1: Automotive Sales and Trends - In January 2026, the top ten automotive companies in China sold a total of 1.962 million vehicles, accounting for 83.6% of total automotive sales, with notable growth from SAIC Group, Geely Holding, Dongfeng Motor, GAC Group, and Great Wall Motors compared to the same period last year [2] - The consumption of old products in exchange for new ones has driven sales to 204.54 billion yuan, benefiting 30.53 million people, with significant demand for smart and green products, particularly during the Spring Festival [3] - During the Spring Festival holiday, electric vehicle charging reached a record high, with 6.021 million charging sessions and a total charging volume of 14,976.75 million kWh, representing a 52.01% increase in average daily charging volume compared to last year [4] Group 2: Industry Developments and Initiatives - Two national-level quality inspection centers related to the automotive industry have been approved for establishment in Zhejiang, aimed at implementing national quality inspection reforms and enhancing technological capabilities [5] - Changan Automobile is progressing with its solid-state battery project, expecting to validate the battery's integration with robots and vehicles by the third quarter of this year [10] - Li Auto has officially joined the EU-China Chamber of Commerce, aiming to collaborate with other members to promote business development and protect the rights of Chinese enterprises in Europe [11] Group 3: Technological Advancements - Black Sesame Intelligence has partnered with Guoqi Zhikong to develop a mass production solution for the Huashan A2000 chip, targeting L2+ to L3 level intelligent driving functions, with the first mass-produced models expected in 2026 [12] - XPeng Motors' CEO announced plans to achieve mass production of the world's first advanced humanoid robot by the end of this year, emphasizing a commitment to innovation in AI technology [13] - Sien Intelligent has won a project for developing autonomous cleaning vehicles for Shaanxi Automobile Group, aiming to achieve L4 level autonomous driving capabilities [15]

2月初，广汽本田发布的一则消息悄然流传：新款飞度焕新版1月15日以6.68万元焕新价上市，相较于上一代直降2万元，全国限量3000台发售，仅20天便被 抢购一空。几乎同一时间，蔚来创始人李斌表示："2026年企业面临的成本压力确实较大,最大的压力并非传统原材料,而是内存。" 开年的中国汽车市场呈现出一幅价格迷局：有入门车型以十年未见的低价杀回战场并迅速售罄，有豪华品牌主动上调官方指导价以纾解渠道困局，还有电动 车企在成本重压下被迫加价。价格涨跌信号相互矛盾、品牌市场叙事相互打架，一时间让人无所适从。 也有人担忧，进入2026年，随着新能源汽车购置税减免退坡、"两新"政策（报废更新和置换更新）衔接不畅，汽车价格会不会比以往更贵？ 在经历了2023年至2024年的价格回落后，动力电池核心原材料自2025年下半年起进入新一轮上涨通道，碳酸锂价格从2025年初的7.5万元/吨飙升至2026年1 月的17.4万元/吨，铜价站上10万元/吨。 花旗近期研报指出，大宗商品价格已大幅上升并在较高水平整固，铝、铜及锂供应商成为主要受益者，而汽车制造商将因物料清单成本上升显著承压。 新能源汽车出口的强劲增长，进一步放大了原材料需 ...

| 2026年2月25日星期三 | NO.1 春节假期新能源汽车出行创新高 2月24日，据央视新闻报道，国家能源局发布消息，通过对纳入国家充电设施监测服务平台的5.33万台 高速公路充电桩的统计分析，自腊月二十八（2月15日）至正月初七（2月23日），高速公路电动汽车充 电次数共计602.10万次，充电量达到14976.75万千瓦时，日均充电量1664.08万千瓦时，较去年春节日均 增长52.01%，创历史新高。国家税务局数据显示，春节假期机动车充电销售收入同比大幅增长 163.9%。 点评：春节假期充电市场供需两旺，核心数据印证绿色出行加速普及。国家能源局与税务总局的数据形 成呼应，高速公路日均充电量同比增长超五成，叠加充电销售收入激增163.9%，既体现出新能源汽车 保有量的持续提升，也反映出高速充电配套设施的完善成效。这一态势充分彰显了我国居民出行方式的 绿色转型，为新能源汽车产业与出行市场的高质量发展注入强劲动力。 NO.2 春节假期重点平台租车出行订单量增长51% 2月24日，据央视新闻报道，今年春节假期，新场景、新业态、新模式正在持续释放服务消费潜力。商 务大数据显示，春节假期，重点平台租车出行订 ...

（文章来源：证券日报） 证券日报网讯 2月24日，中一科技在互动平台回答投资者提问时表示，关于固态电池产业发展方向已战 略布局锂-铜金属一体化复合负极材料等相关技术，部分技术、工艺已经申请了发明专利，目前正在进 行中试线设计建设等相关工作；同时公司成立了院士（专家）工作站，和客户协同重点推进一体化铜锂 复合（自生成）负极材料的开发及产业化、智能复合集流体的开发及产业化，并根据市场需求情况开展 相关产品的生产和销售。 ...

格隆汇2月24日丨科瑞技术(002957.SZ)在互动平台表示，在固态电池领域，公司目前已为国内外多家相 关厂商交付热压化成设备，相关设备已投入使用。由于公司与客户签有严格的保密协议，涉及客户的商 业机密，出于审慎原则，不便对细节进行回复，敬请谅解。 ...

– 贝塔好：主营业务为智能传输系统，根据招股书，25H1锂电池客户收入占比62%、汽车零部件（主要是电机， 主要客户信质集团）占比23%。 下游客户处于快速扩产阶段。 – 北交所新股，关注度低：26.1.3 新股-固态设备【天风电新】美德乐：客户B和C，磁驱智能输送助力产品升级，成全球龙头-0222 ——————————— 1、为什么关注这个公司？ – 贝塔好：主营业务为智能传输系统，根据招股书，25H1锂电池客户收入占比62%、汽车零部件（主要是电机， 主要客户信质集团）占比23%。 新股-固态设备【天风电新】美德乐：客户B和C，磁驱智能输送助力产品升级，成全球龙头-0222 ——————————— 1、为什么关注这个公司？ 背后的原因还是锂电扩产，尤其是B和C两大客户在收入占比超6成，其中B直接采购，而C通过先导、博众精工等 集成商供货。 – 第二，比起总量，更关注结构升级，产能有限的情况下，抓优质产品，其中#高精度输送系统收入占比从69%提 升至73%（这部分毛利率41%，远高于通用输送系统13.4%）。 高精度=电芯段设备，通用=模组pack段设备，也就是公司挑产品段供货。 – 第三，不惧铜、铝涨价， ...