将时针拨回2025年下半年，全球半导体存储行业经历了一场近乎疯狂的"过山车"。 受上游晶圆厂减产效应的滞后释放，叠加AI算力爆发对HBM（高带宽内存）产能的挤占，常规存储现货市场迎来了一轮史诗级的涨价潮。短短数月内，晶 圆价格飙升数倍，供应链的节奏从上半年的"去库存"，瞬间切换至"抢产能"的模式。 对于大多数消费级存储品牌而言，这是一个令人窒息的时刻：成本红线面前，利润空间被极度压缩。在这一轮周期中，行业的集体本能是"保生存、砍预 算、收缩战线"，试图通过涨价将成本压力简单地传导给下游，在这场存量博弈中苟住。 然而，就在这股寒流尚未散去的2026年开年，CES（国际消费类电子产品展览会）开展前夕的拉斯维加斯，聚光灯却打在了一个看似"反常识"的组合上： 品牌成立30周年的雷克沙（Lexar）宣布了一项大手笔的战略动作——正式成为阿根廷国家队的全球首席合作伙伴，"中国存储品牌"与"世界冠军球队"的名 字并列出现在大屏幕上。 此时重金押注阿根廷队，也是以攻为守。 目前，存储行业正处于涨价缺货的上升周期，因此造就了大多数企业忙于抢占产能、通过跟风涨价获取短期利润的现状。但如果将时间轴拉长，不难发现消 费级存储市场其实 ...

会上，他对中国煤科在品牌建设中取得的积极进展和显著成效给予了充分肯定，并指出，中国煤科作为 我国煤炭工业科技创新的国家队和排头兵，在保障国家能源安全、推动行业高质量发展中，始终积极担 当，奋发有为。近年来，中国煤科党委高度重视品牌建设，将品牌建设与高质量发展统筹推进，深度融 入生产经营全流程，品牌引领意识显著增强，品牌工作体系化程度明显提高，品牌价值创造基础不断夯 实，并培育推出了一大批优质品牌；2022年至2024年，中国煤科品牌价值持续增长，呈现出稳定和良好 的发展态势。 本报讯 （记者贺王娟）为着力提升品牌价值，聚力打造卓著品牌，充分发挥品牌引领作用。2026年1月 6日，中国煤炭科工集团有限公司（以下简称"中国煤科"）在京举行第二届品牌发布会。会上，四大类 20项明星品牌正式发布，全方位展现了中国煤科在品牌建设领域的丰硕成果。 在致辞讲话环节，国务院国资委社会责任局副局长张晓松介绍，国务院国资委深入实施中央企业品牌引 领，着力推动中央企业提升品牌价值、发挥品牌效应、实施品牌强企，以高质量品牌建设助推企业高质 量发展的做法与成效。 世界首套一体化智能刮板输送机成套装备、智能掘进装备、MG交流电牵引采煤机 ...

2025年,随着消费电子行业进入以质量、体验与系统能力为核心的新阶段,绿联科技（301606）在多个专 业评选与行业场合中获得关注。围绕产品创新、技术研发及企业治理等维度,绿联在这一年间收获的多 项奖项与荣誉,呈现出其在品牌建设与综合能力提升方面的阶段性成果。 从公开的信息来看,这些荣誉并非单一成果的集中呈现,而是绿联科技长期投入在不同维度逐步积累的自 然体现。作为一家深耕消费电子领域多年的企业,绿联持续围绕用户真实使用场景推进产品布局,并通过 稳定的研发节奏与质量管理体系,为品牌发展构建起可持续的支撑结构。 在产品层面,绿联科技围绕传输、充电、音视频、存储及移动周边等核心品类持续迭代,并在近年逐步加 大对NAS私有云等新型产品方向的投入。通过软硬件协同、自研系统与场景化设计,绿联不断拓展产品 在家庭、创作及办公等场景中的适配能力,使产品功能与使用体验形成更紧密的结合。这种以实际需求 为导向的产品策略,为其在市场中的稳步发展奠定了基础。 技术能力的持续提升,同样离不开系统化的质量管理与研发机制支撑。公开信息显示,绿联科技在产品研 发阶段即引入多层验证与测试流程,并在生产与交付环节持续强化标准执行与过程管理。通 ...

Core Viewpoint - The Chinese home appliance industry is at a critical juncture, with the focus shifting towards international expansion as domestic markets reach saturation. The theme for 2026 is "going abroad," which represents a significant opportunity for companies like Haier, Midea, Hisense, and TCL to explore new markets and alleviate overcapacity issues [7]. Group 1: Overseas Market Potential - The global home appliance market is valued at nearly 4.5 trillion yuan, indicating substantial overseas market potential. In 2024, Midea and Haier are projected to generate approximately 270 billion yuan each in appliance revenue, translating to a global market share of only about 6% [9]. - Domestic brands have low market shares in most overseas regions, with Midea and Haier struggling to exceed 10% in many markets. In contrast, their competitors like Samsung and LG dominate the market [11]. - The growth strategy for domestic brands hinges on increasing their market share abroad, transitioning from competing with regional brands to facing established global giants [13]. Group 2: Challenges of Past Success - Historically, Chinese home appliance companies have relied on capacity expansion and brand acquisitions for international growth. However, this simplistic growth model is becoming unsustainable, as evidenced by the significant gap between global manufacturing share (over 45%) and retail share (less than 20%) [17]. - The stagnation in overseas revenue for leading companies like Haier and Midea, which has remained around 50% and 42% respectively for the past five years, highlights the need for a shift in strategy [18]. Group 3: Brand and Channel Development - The success of domestic brands in China was due to a strong competitive edge in product, brand, and channel management. However, these strengths have not yet translated effectively to international markets, where brand recognition and channel control remain challenges [23]. - Building brand recognition in mature markets is particularly difficult, as Chinese brands face trust issues despite offering lower prices compared to Japanese and Korean brands [25]. - The reliance on traditional retail channels in overseas markets poses significant barriers, as these channels are often fragmented and dominated by established players [30]. Group 4: Opportunities for Breakthrough - Technological innovation is seen as a key pathway to overcoming brand premium challenges and building core competitiveness. Chinese companies have increased R&D investments, achieving breakthroughs in areas like robotic vacuum navigation technology [33]. - Emerging markets such as Southeast Asia and Latin America present significant growth opportunities due to low penetration rates and a favorable demographic profile. These markets are less saturated, allowing for greater brand establishment potential [43]. - The rise of e-commerce in overseas markets offers a new avenue for brand penetration, enabling companies to reach consumers without the need for extensive physical retail investments [45].

在橡胶防老剂领域，圣奥化学自主研发的橡胶防老剂中间体"RT培司低温液相催化加氢清洁生产工艺技术"，彻底 革新了传统工艺，在大幅提升产品品质的同时，降低了废水排放量，荣获国家科学技术进步奖二等奖；"贵金属催 化氢化法合成对苯二胺类防老剂工艺及产业化技术"大幅降低了防老剂生产过程中的能耗，"三废"排放几乎为零， 获得国家技术发明奖二等奖，奠定了在全球橡胶防老剂技术领域的领先地位。 在技术创新驱动下，圣奥化学搭建起完善且具有韧性的产品矩阵。在橡胶添加剂领域，该公司加速推进绿色环保 新型防老剂SA6000的研发进程，采用绿色循环工艺自主研发特种胺、特种酮等系列产品，并在多个关键技术领域 实现突破；同时，大力开展生物基防老剂和反应型防老剂应用开发工作，构建起由橡胶防老剂7PPD、77PD、 TMPPD及甲基异戊基酮(MIAK)、二异丁基酮(DIBK)组成的完整产业链，完成了橡胶防老剂IPPD、TMQ及3100等 成熟产品的布局。在塑料添加剂领域，该公司做精塑料添加剂产品类，布局阻燃剂产品链，深耕紫外线吸收剂 (UV)、受阻胺光稳定剂(HALS)和抗氧剂(AO)等产品，为客户提供技术服务；同时，大力开展紫外线吸收剂、受阻 ...

Core Insights - Shenzhen has produced a number of globally impactful companies, showcasing a shift from "Made in China" to "Created in China" [2] - The 45th anniversary of Shenzhen Special Economic Zone marks a significant milestone in its rapid modernization and brand development [2][3] - The "Shenzhen Brand Development White Paper (1980-2025)" outlines the evolution of Shenzhen's brands and their internal logic and success factors [3][5] Group 1: Brand Evolution - Shenzhen's brand journey reflects a transition from manufacturing to innovation, with key phases including the emergence of local brands in the 1980s and 1990s, and the rise of autonomous brands in the early 2000s [7][10] - The current phase is characterized by cluster upgrades, with companies like Tencent, BYD, and DJI leading in various sectors [8][10] - As of now, Shenzhen has cultivated 1,220 notable local brands, including 13 billion-level brands and 7 trillion-level brands, with Tencent, Ping An, and Huawei each exceeding a brand value of 490 billion [10][11] Group 2: Economic Contributions - The 1,220 notable brands contribute 47.97% of the city's sales, 42.05% of tax revenue, and 32.87% of exports, serving as the backbone of Shenzhen's high-quality economic development [11] - These brands span critical sectors such as electronics, renewable energy, biomedicine, high-end equipment, financial services, and digital economy, forming a robust industrial structure [11] Group 3: Brand Development Factors - Shenzhen's brand success is attributed to a unique ecosystem supported by policy innovation, technological advancement, and collaborative industrial frameworks [15][16][19] - The government has played a crucial role in creating a conducive environment for brand growth through targeted policies and regulatory frameworks [16] - Innovation drives brand competitiveness, with companies investing over 10% of their annual revenue in R&D, fostering a comprehensive innovation ecosystem [17] Group 4: Global Expansion and Responsibility - Shenzhen brands have established clear pathways for international expansion, evolving from processing trade to localized operations and global standardization [20] - Social responsibility is ingrained in the corporate strategy, enhancing brand value and sustainability through practices like tax compliance and community support [21] Group 5: Future Outlook - The release of the white paper is a significant step in documenting Shenzhen's brand journey and providing strategic guidance for future brand development [31] - Shenzhen's brands are expected to continue thriving in emerging sectors like digital and low-altitude economies, contributing to the global narrative of Chinese brands [33][34]

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！ 来源：大信会计师事务所 尊敬的各界朋友们、大信各位同仁： 新元启华章，宏图展鹏程。新年的钟声如期而至，我们即将携手迈入充满希望的崭新一年。我谨代表大 信会计师事务所，向长期以来关心支持我们发展的各级领导、各界朋友，致以最崇高的敬意和最诚挚的 感谢！向全体大信员工及家属们，致以新年的祝福和问候！ 回望这一年，我们在行业变革中开拓创新，于时代浪潮中奋勇前行。 2025年，面临全球经济增速放缓、政策不确定性加剧、贸易保护主义抬头的宏观环境，以及产业结构优 化升级、监管措施持续强化、行业竞争日趋激烈的发展格局，我们在管委会领导下，以党建为魂铸根 基、以质量为纲守底线、以数智为翼谋突破、以人才为本强内核，依靠全体合伙人与全所员工的努力， 总体实现了稳定发展，在行业竞争中站稳了脚跟。 2025年，我所迎来创立80周年重建40周年的重要历史节点。为凝聚全员奋进力量，11月29日，总部在国 家会议中心成功举办千余人庆祝活动，获行业内外大量关注，进一步巩固了大信民族品牌形象，实现行 业认可度与社会美誉度的全面提升。总分所还联动开展其他多种形式庆祝活动，多 ...

Group 1: Economic Overview - The U.S. GDP growth for Q3 2025 reached 4.3%, surpassing the previous quarter's 3.8% and exceeding market expectations of 3.9%-4.0%, marking the fastest growth in two years [3][4] - The growth was driven by a 3.5% increase in consumer spending, expanded business investments, and stable trade policies, while the core PCE inflation rate rose to 2.9%, indicating some inflationary pressure [3][5] - The Federal Reserve plans to implement only one more interest rate cut in 2026, maintaining a cautious monetary policy stance to balance economic growth and inflation control [5] Group 2: Impact on Chinese Sellers - Strong consumer spending growth in the U.S. presents significant opportunities for Chinese cross-border sellers, particularly in categories like electronics, home decor, and leisure products [6][8] - Increased business investments in the U.S. indicate a rising demand for industrial equipment and digital solutions, creating a favorable environment for Chinese B2B sellers [6] - The stability in U.S. trade policies reduces risks associated with tariffs on Chinese goods, allowing for better long-term inventory planning and pricing strategies [6][8] Group 3: Strategies for Chinese Sellers - Chinese sellers should optimize product positioning and market strategies to align with U.S. consumer trends, focusing on high-demand categories [7][8] - Enhancing supply chain resilience and logistics capabilities is crucial, especially in light of ongoing global supply chain challenges [7][8] - Establishing a local entity in the U.S. can improve brand credibility and operational efficiency, with services like those offered by lngStart facilitating this process [9][10]

来源：锦缎 家电是中国制造业的缩影。过去30多年，家电行业完整经历了技术引进、治理改革、代工贴牌到自主品牌的发展阶段，且伴随着多轮家电下乡、国补政策 支持、企业体制改革，从不缺少话题。 同时家电的出海史领先于绝大部分产业，更是中国工业品全球化的缩影。 随着国内冰洗渗透率触及天花板，空调量增空间也不大，行业本就产能过剩问题将日益凸显。以白电为例，中国绝大部分产能都占到全球的5成以上，空 调甚至占到8成，再考虑到过去10年国内企业在海外的资本开支，过剩只会更严重。 由是，中国家电的2026年主题词，唯属"出海"二字：海外成为海尔、美的、海信、TCL们挖掘增量、消化过剩产能的唯一突破口，无异于"二次创业"，这 将是一场决定未来十年的"全面战争"。 01 海外整体空间并不小，主要看点在份额 根据沙利文统计，全球家电市场规模接近4.5万亿元，海外市场空间仍是非常广阔的。 2024年，美的和海尔的家电业务收入均在2700亿元左右，也就意味着在全球份额都仅6%左右。由于美的外销比例低于海尔，且外销中代工占比较多，所 以实际上，在白电领域，美的自有品牌在海外的份额仅3%左右。 Euromonitor 进一步展开，国内品牌在海 ...

从表面上看，2025年的车市仍走在增长的轨道上，整体汽车销量同比上扬，新能源汽车更是成为车市的核心支柱。但拨开表象看本质，当下车市的增长背后 隐藏着多重代价，了解这些代价才能知晓行业真正发生了什么。 2025年汽车市场的增长，很大程度上要归功于政策的支持。新能源汽车车辆购置税减免、"两新"补贴等政策有力稳定了全年汽车消费，让原本已显露疲态的 市场获得了支撑。不过，随着2026年新能源汽车购置税减半征收政策施行，车市的外部支撑动能将会减弱，留给各车企的将是硬碰硬的实力比拼局面。 其次，汽车市场大面积的价格战，已不只让整车企业蒙受损失，其影响还波及包括供应商、经销商在内的全产业链。供应链上的广大中小企业，备受长支付 账期的困扰，这在2025年里引起广泛讨论。而后政策出手，要求头部大型企业将支付账款限定在60天以内，保障中小企业的利益。这很大程度上遏制了价格 战的蔓延，也给接下来行业的竞争指明了方向，即竞争不应损害全行业利益。 新能源汽车时代，新技术持续改变着汽车的形态，同时也强力塑造着行业新生态。除了消费者能够直观感受到的智能座舱和辅助驾驶，隐藏在车内的一些新 技术，如一体化大压铸、固态电池、超级混动/增程、换电 ...