曾建平强调，人工智能技术正在加速渗透制造业全链条。面向未来，制造业的转型升级和高质量发展， 最关键的动能、最具革命性的力量，都将源于人工智能。 中新社北京1月22日电 (记者 刘文文)从"爱达·魔都号"扬帆深蓝、"嫦娥六号"九天揽月，到CR450刷新陆 地极速、国产大飞机C919展翅腾空……一系列代表中国制造顶尖水平的"大国重器"，近日齐聚国家博 物馆"筑基强国路——中国制造'十四五'成就展"，生动展现近年来中国制造业在规模、速度与高度上的 全方位跨越。 最新发布的《2025中国制造强国发展指数报告》显示，2024年，中国进入全球制造强国第二阵列，成功 实现制造强国建设"第一步走"战略目标，成为继美国、德国、日本后第四个迈入全球制造强国行列的国 家。 中国记协于21日在北京举办"新闻茶座"，以"智造未来 链动世界"为主题，邀请业界专家与境内外记 者，共同探讨中国制造的升级之路。 中国制造业经历了由小变大、由弱变强的蜕变，不断实现里程碑式的突破。从近二十年来对外贸易产品 的迭代，便能清晰窥见制造业的升级轨迹。出席"新闻茶座"的国家制造强国建设战略咨询委员会副秘书 长曾建平指出，过去中国的出口以加工贸易、纺织服装 ...

机构：招商证券 研究员：史晋星/闫哲坤/牛俣航 公司短期与索尼战略合作催化价值重估，叠加2025 年业绩超预期增长及AI创新业务雷鸟持续领先行 业；长期全球高端电视市场份额持续提升，面板一体化及全球产能布局构筑核心壁垒，重申"强烈推 荐"投资评级。 索尼分拆电视音频控股权给TCL电子。1月20日TCL电子和索尼达成战略合作意向MOU，双方拟成立合 资子公司（TCL电子持股51%，索尼持股49%）接管索尼家庭娱乐业务，合资企业将在全球运营、从产 品设计、制造、销售、物流和客户服务全流程，具体包括电视和家庭音响设备，双方争取在2026年3月 达成最终约束性协议，预计2027年4月合资公司进入运营。 TCL高端化战略加速落地。首先合资公司结合索尼高质量图像和音频技术、品牌价值和运营经验，同时 借助TCL先进的显示技术、全球规模优势、端到端成本效率和垂直供应链实力，双方资源互补各取所 需。其次合资企业接管索尼家庭娱乐业务，使用索尼和BRAVIA品牌，2025年前三季度索尼全球电视销 量260 万台（奥维睿沃口径）。第三，此次合作快速扩充TCL+索尼的终端硬件网络，释放更大互联网 内容变现潜力。参考海信2018年并购东 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：中粮期货研究中心 引言 聚乙烯（PE）作为全球产量最大、应用最广泛的合成树脂品种，是石油化工产业的核心下游产品，其 供给格局直接反映炼化行业发展水平，同时深度影响包装、建材、汽车、医疗等下游千行百业。近年 来，在炼化一体化战略推进、民营炼化崛起及外资入局的多重驱动下，中国聚乙烯产能迎来爆发式增 长，供给端呈现"总量过剩、结构失衡、区域集聚"的鲜明特征。2025年市场深陷"高供应、弱需求、高 库存"的恶性循环，价格持续探底，2026年产能扩张惯性仍在延续，行业正面临前所未有的供需重构压 力。本文基于当前行业运行数据，系统解析聚乙烯供给现状、核心影响因素，结合期货市场联动效应， 预判未来发展趋势，为行业参与者提供参考。 1 国内聚乙烯供给现状 1． 产能持续扩张，自给率逐步提升 大炼化时代背景下，中国聚乙烯行业经历了连续多年的大规模产能扩张，并伴随着一场由"油"及"化"的 深刻变革，炼化一体化项目的集中落地更是推动了聚乙烯产能规模阶梯式攀升。随着恒力石化、浙江石 化、宝来利安德巴赛尔等大型民营及合资项目的相继投产，以及国家能源集团、中煤集团、 ...

IDC最新报告显示，全球智能手机市场在2025年实现增长，全年出货量达12.6亿部，同比增长1.9%。虽 然总体处在回暖的上升通道，但依然面临长期挑战。 在这一行业背景下，中国企业在全球市场多年布局沉淀，争夺国内市场的同时，海外市场也逐步进入战 略上升期。 目前，中国手机厂商全球出货占比约六成，OPPO、vivo、小米、荣耀等厂商都处于前列。其中，荣耀 2025年增长迅速，Omdia的报告显示，2025年第一至第三季度，荣耀海外智能手机出货量同比增长约 55%。在全球前十大智能手机厂商中，荣耀在同期实现了显著的海外增长。 中国智造海外角逐 但是现在，越来越多的中国手机厂商正集体加码中高端，以平衡规模与利润。比如，荣耀就选择更多更 大程度的定位在300—500美元价位段。2025年第一至第三季度，该价位段占荣耀海外出货量的约23%， 中国手机厂商对三星等中高端厂商开始反击。 在高端市场方面，欧洲是任何消费电子品厂商的必争之地。国内厂商都有较大动作。 从行业视角看，中国手机厂商的出海竞争，正在从"跑得快"的规模竞赛，转向"站得稳"的能力比拼，高 端化则成为重塑利润结构与品牌认知的必经之路。无论是本地化的策略，还是 ...

工程机械用钢作为钢铁行业与工程机械产业的重要一环，市场走势反映下游基建、制造业复苏及产业升 级的方向。近期国内市场以及海外市场同步驱动，工程机械用钢保持着稳步增加的运行态势。本文从产 销存的角度，对工程机械用钢近期市场运行状态进行解读。 一、生产品种差异化 高端产能供应不足 数据来源：钢联数据 从工程机械用钢品种来看，中厚板与优特圆钢在工程机械用钢当中最具有代表性。2025年中厚板整体实 际产量与优特钢呈现不同程度上的分化。其中中厚板保持着80%以上的利用率，而优特产能利用率却保 持着60%左右的波动，同时从相关产量上来看，优特钢月度产量较为平稳，中厚板产量变化相对较大。 同时从规模来看，2025年中厚板+优特钢实际产量在1.22亿吨，而工程机械用钢约占其中的40%左右， 2025年国内工程机械用钢产能达到5800万吨，显示行业生产节奏与市场需求基本匹配。头部钢企凭借技 术优势与客户绑定能力，产能释放更为充分，宝武集团、鞍钢、湖南华菱三家企业合计市场份额已提升 至63%，集中度持续走高。其中，宝武集团1500MPa级超高强钢产能实现增长，年供应量超80万吨，主 要配套三一重工、徐工集团等头部工程机械企业；南钢 ...

Core Insights - The global smartphone market is expected to grow in 2025, with an annual shipment volume reaching 1.26 billion units, representing a year-on-year increase of 1.9% [1] - Chinese smartphone manufacturers are increasingly focusing on both domestic and overseas markets, with significant growth in international shipments, particularly for Honor [1][4] Group 1: Market Trends - The Chinese smartphone market is evolving, with Honor launching three new models in January 2025, indicating a strategic push in product offerings [1] - Chinese manufacturers account for approximately 60% of global smartphone shipments, with Honor experiencing a notable 55% year-on-year increase in overseas shipments from Q1 to Q3 of 2025 [1][4] Group 2: Strategic Approaches - Chinese companies are adopting two main strategies for overseas expansion: full AI integration and brand premiumization, with a focus on "Glocal" strategies that combine global thinking with local actions [4] - Honor's international business has undergone a structural transformation, with overseas shipments rising from less than 10% of total shipments in early 2021 to nearly 50% by Q3 2025, marking a significant strategic shift [4] Group 3: High-End Market Focus - Honor is positioning itself in the mid-to-high-end market segment, with 23% of its overseas shipments falling within the $300–500 price range during the first three quarters of 2025 [5] - The European market is critical for high-end consumer electronics, and Honor aims to strengthen its presence there, maintaining a top-five market position in key Western European countries [7] Group 4: Product Innovation - Honor has enhanced its product lineup with advanced features, such as the ultra-thin Magic8 Pro Air, which weighs only 155g and is 6.1mm thick while maintaining high performance [10] - The introduction of the ROBOT PHONE, a smartphone integrated with AI capabilities, showcases the innovative direction of Chinese manufacturers [10] Group 5: AI and Technology Advancements - Since 2025, there have been significant advancements in AI capabilities for consumer smartphones, with Honor achieving breakthroughs in on-device AI processing [11] - Huawei's strengths lie in its underlying system capabilities, with the HarmonyOS 6 supporting multi-device AI computing, enhancing the overall user experience [11] Group 6: Future Outlook - 2025 marks a pivotal year for Honor as it transitions from a smartphone manufacturer to a leading AI terminal ecosystem company, with global shipments surpassing 71 million units [12] - The balance between scale expansion, AI capability implementation, and profitability will be crucial for Honor's position in the competitive landscape of smartphones and AI terminals [12]

Core Viewpoint - The global smartphone market is expected to grow, with shipments reaching 1.26 billion units in 2025, reflecting a year-on-year increase of 1.9%. Despite this recovery, the industry faces long-term challenges [1]. Group 1: Market Dynamics - Chinese smartphone manufacturers have established a significant presence in the global market, capturing approximately 60% of global shipments, with brands like OPPO, vivo, Xiaomi, and Honor leading the charge [1]. - Honor has experienced rapid growth, with a reported 55% year-on-year increase in overseas smartphone shipments from Q1 to Q3 of 2025, marking it as the fastest-growing brand among the top ten global smartphone manufacturers [1][4]. Group 2: Strategic Approaches - Chinese companies are adopting two core strategies for international expansion: comprehensive AI integration and high-end branding. This includes a "Glocal" strategy, which combines global thinking with local action [4]. - Honor's international business has undergone a structural transformation, with overseas shipments rising from less than 10% of total shipments in early 2021 to nearly 50% by Q3 2025, indicating a strategic pivot towards international markets [4]. Group 3: Market Segmentation - Historically, Chinese manufacturers dominated the global mid-to-low-end market, but now they are increasingly focusing on the mid-to-high-end segments to balance scale and profitability. Honor is positioning itself in the $300-$500 price range, which accounted for approximately 23% of its overseas shipments in the first three quarters of 2025 [5]. - The high-end market, particularly in Europe, is a critical battleground for consumer electronics, with Honor maintaining a top-five market position in key Western European markets and achieving a 15% year-on-year growth in Central and Eastern Europe [7]. Group 4: Product Innovation - To penetrate the high-end market, product capability is essential. Honor has launched advanced products like the Magic8 series, which features AI-driven capabilities and innovative designs [9]. - The introduction of the ROBOT PHONE, a smartphone integrated with AI and robotics, showcases the innovative direction of Chinese manufacturers, with plans for further details to be revealed at major tech events [10]. Group 5: Future Outlook - The trends of high-end positioning and globalization are expected to continue, with a focus on enhancing product capabilities and user experiences through AI advancements [11]. - For Honor, 2025 marks a pivotal year in its transformation from a smartphone manufacturer to a leading AI terminal ecosystem company, with a global shipment target of over 71 million units and the fastest growth rate among the top ten brands [11][12].

21世纪经济报道记者倪雨晴深圳报道 IDC最新报告显示，全球智能手机市场在2025年实现增长，全年出货量达12.6亿部，同比增长1.9%。虽 然总体处在回暖的上升通道，但依然面临长期挑战。 中国智造海外角逐 观察中国企业出口海外市场的策略，虽各有特点，但总体上呈现出两个核心特征，一是全面AI化，二 是品牌高端化。主流厂商的全球化打法不谋而合。 比如，OPPO、vivo等都提出Glocal策略，Glocal由global(全球的)和local(本地的)两个词组合而成的合成 词，核心含义是"全球思维，本地行动"，可以总结为"全球本土化"。荣耀则提出强化"AI领导力"与"世 界荣耀"的品牌定调，2025年也荣耀海外突围的关键时期。 Omdia分析师Lucas Zhong向记者指出："过去五年，荣耀的国际业务经历了结构性转变。2021年初，海 外市场出货量占其全球总量的比例仍不足10%；至2025年第三季度,该比例已接近50%。这一变化标志着 荣耀发展路径中的重要战略拐点，海外业务已从早期的边际增量来源，演进为支撑出货量规模扩张、区 域多元化以及长期经营韧性的核心支柱。" 长期以来中国厂商曾凭规模优势主导全球中低端市 ...

➤时间线：TCL电子和索尼披露公告在26/3底之前签订协议成立合资公司，TCL电子控股51%，索尼49%，27/4新 公司正式运营。 ➤26-27年期间索尼会把#电视相关业务剥离到合资公司内，包含工厂、物流、售后等部门，合资公司以"Sony"和 "BRAVIA"品牌继续运营。 ➤对索尼来说，电视业务持续走弱，从15年6%的全球量份额降低到25年的3.7%，成立合资公司给TCL管，可以激 活电视部门、保留索尼品牌且也分享一半的财务利润。 ➤对TCL来说， ①直接获得全球高端电视品牌运营权， ②索尼在画质音质能力较强，可 ③索尼有大几百万台规模，二者整合后能超越三星成为全球第一大企业， 【中泰科技消费丨家电】#TCL电子拟和索尼成立合资公司经营索尼品牌电视、中资在全球电视话语权上又进一步 ➤时间线：TCL电子和索尼披露公告在26/3底之前签订协议成立合资公司，TCL电子控股51%，索尼49%，27/4新 公司正式运营。 ➤26-27年期间索尼会把#电视相关业务剥离到合资公司内，包含工厂、物流、售后等部门，合资公司以"Sony"和 "BRAVIA"品牌继续运营。 【中泰科技消费丨家电】#TCL电子拟和索尼成立合资公 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1][8] Core Insights - In January 2026, the passenger car market and the new energy vehicle market showed weak performance due to market policies. According to the China Passenger Car Association, retail sales of passenger cars from January 1 to 11 were 328,000 units, down 32% year-on-year and 42% month-on-month; among these, new energy vehicle retail sales were 117,000 units, down 38% year-on-year and 67% month-on-month, with a penetration rate of 35.5% for new energy vehicles [4] - The decline in sales is attributed to policies falling short of expectations. The reduction in purchase tax exemptions and the proportional subsidies have increased costs for mid-to-low-end vehicles, leading to a stronger consumer wait-and-see sentiment. This has resulted in a shift back to traditional fuel vehicles, and the anticipated demand release in January did not materialize [4] - The weakening demand for passenger cars is not necessarily negative, as it allows for clearer visibility of the competitive landscape in the mid-to-low-end market. The current market is characterized by a high preference for cost-effectiveness, and the focus remains on the new car cycle, with expectations for a surge in new car launches around the Beijing Auto Show in late April [4] Summary by Sections Market Performance - The passenger car market is currently in a seasonal downturn, with a significant drop in sales figures for both traditional and new energy vehicles [4] Investment Recommendations - The report suggests maintaining the existing strategy for the automotive sector, focusing on: 1. **High-end Market**: Recommend companies with a strong brand and clear competitive advantages, such as Jianghuai Automobile and Xiaomi Group, while paying attention to the new car cycle of BAIC Blue Valley [4] 2. **Intelligent Vehicles**: Highlighting the importance of smart technology in the automotive sector, with a core recommendation for XPeng Motors [4] 3. **Overseas Expansion**: While acknowledging the long process of overseas expansion, BYD is recommended for its potential contributions from international markets [4]