创创创创创创创创创创创创创创创创创 创创创创创创创创创创创 创创创创创创创创创创创创创创创 创创创创创创创S0630522040002 创创创创创wmj@longone.com.cn 202 6创1创5创 CONTENTS 一、市场情况 二、产品趋势 三、展望与投资建议 四、风险提示 创创创创创创 HTTP://WWW.LONGONE.COM.CN 创创创创创创创创创创创创创创创创创创 2025年内销市场：政策催化年度增长， Q 4基数效应显现 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 0 50000 100000 150000 200000 250000 300000 350000 零售额（万元） 右轴：同比（%） 2025年扫地机器人监测零售额及同比 资料来源：同花顺，产业在线，东海证券研究所 ⚫ 2025年"以旧换新"补贴政策延续，后期补贴管理有所加强。扫地机具有高客单价和强价格敏感性，因此补贴对消费者购买意愿具有一定带动作用 。 据奥维云网周度监测数据，2025年第1-51周（2024年12月30日至2025年12月21日）扫地机器人线 ...

Group 1 - The core message of the article highlights the proactive approach of Beijing Beikai Zhongdian Group in preparing for the upcoming year, emphasizing the importance of seizing opportunities for development [1][3] - On December 10, 2025, the company participated in an economic cooperation exchange meeting in Dubai, where its equipment received high praise from Congolese enterprises, leading to a signed cooperation intention [3][5] - The company is recognized as a leading manufacturer of power transmission and distribution equipment, new energy generation equipment, and AI-enabled products, adhering to a diversified, branded, and international development strategy [5][9] Group 2 - The company has made significant contributions to China's power sector, achieving milestones in clean energy transition, market development, and grid upgrades in 2025 [9][12] - Employees of Beikai Zhongdian Group are characterized by a strong work ethic and a sense of urgency, as demonstrated by their commitment to starting the new year with vigor [7][12] - The company’s facilities remain operational and vibrant as the new year approaches, reflecting its dedication to continuous production and innovation [14][16]

人民财讯1月5日电，中信证券指出，2026年文旅市场迎来开门红，元旦假期全国国内出游人次、出游总 花费分别较2024年元旦假期增长约5%/6%，国内旅游大盘表现符合预期，出入境人次超预期。其中免税 数据表现超预期，离岛免税销售额较2024年元旦假期高增约50%，政策红利持续释放，免税商积极推出 促销活动。酒店间夜增长亮眼，价格较24年元旦仍有缺口。景区普遍表现较好，头部山岳型景区尤为亮 眼。今年春节连休9天，出行景气度有望持续提升，建议密切关注旅游市场表现。展望2026年：需求 端，K型复苏趋势预期依旧，同时泛中端消费龙头低基数效应显现，出海需求从试点探索走向规模化复 制。供给端，常态化供给创新保障情绪价值溢价，政策引导起到积极助推作用，AI赋能效率提升和成 本优化。推荐三条主线：一是景气回升中需求弹性斜率较高的博彩公司和现制饮品头部品牌；二是休闲 出行中的优质标的；三是顺周期板块中经营稳健、具备成长性的龙头。 ...

Core Insights - The New Year's holiday this year saw a significant increase in travel and consumption, with a recovery rate surpassing that of the previous National Day holiday in 2019, indicating a strong start for the tourism and retail sectors in 2026 [1][2][3] Group 1: Travel Trends - The number of travelers during the New Year's holiday (January 1-3) increased by 17.9% year-on-year, with a notable expansion in travel radius, surpassing the growth rates of the 2025 May Day and National Day holidays [5][6][31] - The travel methods favored by tourists included self-driving and rental cars, with rental bookings increasing by over 120% compared to the previous year [6][34] - The inbound tourism sector maintained strong growth, with foreign entry and exit numbers rising by 29.8% year-on-year, and ticket bookings for inbound tourism increasing by 110% [3][13][37] Group 2: Consumption Patterns - Total domestic travel expenditure reached 847.89 billion yuan during the holiday, with a recovery rate of 115.1% compared to 2019, although per capita spending showed a slight decline [15][41] - Retail and dining sectors experienced moderate growth, with notable increases in sales and customer traffic in various provinces, such as Tianjin and Hubei, where retail and dining revenues grew by 9.9% and 6.97% respectively [17][43] - The film industry saw a significant rebound, with box office revenues increasing by 141% year-on-year, although average ticket prices fell slightly compared to 2025 [16][42] Group 3: Regional Highlights - Hainan province experienced a robust tourism surge, with visitor numbers increasing by 25.2% and total tourism expenditure rising by 28.9% during the holiday [14][40] - The performance of the retail sector varied by region, with provinces like Hunan and Beijing leading in growth rates of 16.9% and 16.3% respectively [53] - The holiday also saw a strong demand for local dining and entertainment, with significant increases in pre-orders for New Year's Eve dining packages [55]

Core Viewpoint - The lithium battery industry is entering the "TWh era," with global demand for power batteries expected to exceed 1300 GWh by 2025, alongside explosive growth in the energy storage market [1][5]. Group 1: Industry Dynamics - The competition in the "TWh era" is not just about individual companies but the resilience of the entire industry chain [1]. - The shift from scale competition to a focus on efficiency, quality, and production capacity is crucial for battery manufacturers [5]. - The concept of "extreme manufacturing" is introduced as a solution to overcome the challenges of scale, efficiency, and quality [5]. Group 2: Technological Innovations - Data-driven approaches, AI empowerment, and flexible automation are key components in enhancing production efficiency [5]. - The use of digital twin technology allows for the creation of virtual factories, improving equipment delivery efficiency by up to 50% and enhancing overall equipment effectiveness (OEE) by 35% [5]. Group 3: Competitive Barriers - Deep collaboration with top-tier battery companies forms a second barrier, allowing for precise market alignment through joint R&D [7]. - A large delivery scale provides advantages in supply chain negotiations and cost control, forming a third barrier [7]. - The company emphasizes a "platformization" strategy, a robust R&D system, and global service capabilities as core competitive strengths [7]. Group 4: Market Strategy - The company advocates for a shift from price competition to a "value war," focusing on total cost of ownership (TCO) rather than just equipment purchase price [10][11]. - Differentiation through high-tech orders in solid-state batteries and large-capacity storage batteries helps avoid price wars [11]. - Global expansion is seen as a way to escape domestic price competition, with overseas revenue reaching 1.154 billion yuan in the first half of 2025, showing a continuous increase [11]. Group 5: Industry Standards and Intellectual Property - The company is actively involved in setting national and international industry standards to promote the development of standardized and modular manufacturing [11][12]. - Emphasis is placed on protecting intellectual property to encourage a shift from price competition to technology-driven competition [12].

2026 年 01 月 05 日 关注盒子产品与 AI 赋能业务新探索 —恺英网络（002517.SZ）公司动态研究报告 买入(首次) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2 0 2 5-1 2-3 1 | | --- | --- | | 当前股价（元） | 21.87 | | 总市值（亿元） | 467 | | 总股本（百万股） | 2136 | | 流通股本（百万股） | 1889 | | 52 周价格范围（元） | 12.83-29 | | 日均成交额（百万元） | 879.45 | ▌ 游戏研发与 IP 双驱动 AI 赋能 移动游戏为公司核心收入来源，构建了"研发、发行、投资 +IP、用户平台"四大业务体系，长周期游戏如《原始传奇》 《热血合击》《天使之战》《永恒联盟》等持续精细化运 营；公司依托自研产品《新倚天屠龙记》《刀剑神域黑衣剑 士：王牌》等 IP 联动数字资产，结合"数字资产+实体经 济"模式激活文旅消费。织梦大模型与 AI 游戏引擎《SOON》 实现从美术资产生成到代码部署的全流程自动化操作，显著 缩短开发周期，展现 ...

在评审环节首先由系统对资格评审、初步评审环节中的客观因素进行智能对比，再由专家复核确认，全 程记录专家否决理由，让专家无法随意废标。对专家主观打分结果实时建模分析，出现打分畸高畸低 时，让专家实时填写理由，并记入评标报告。全程最大限度压缩专家的自由裁量权，给打人情分、意向 分的专家戴上"紧箍咒"。 "智慧评审让我们从繁琐的资料核对中解放出来，能集中精力聚焦项目技术重难点研判。"参与评审的专 家表示，系统通过"算法统一尺度+专家精准决策"的人机协同模式，既解决了传统评审标准不统一、自 由裁量权难约束等问题，又通过全程留痕、智能追溯功能，有效防范廉政风险。经复核，此次两个项目 的智慧评审结果准确率达100%，资格评审耗时仅4秒，评审周期较传统模式缩短40%，显著提升了评审 效率与结果公信力。 本报讯 （记者单宇 通讯员张菁皓、王辜莉）日前，唐山市公共资源交易中心内传来捷报——首个施工 项目的智慧评审工作历时3小时40分圆满收官，标志着我市公共资源交易领域正式迈入"AI赋能+规范高 效"的智慧新阶段。此次成功实践，是我市深化"双盲"评审改革、落实全国统一大市场建设要求的又一 创新举措，是我市在公共资源交易领域实现从 ...

Group 1 - The article emphasizes that the world is at the peak of the fifth industrial revolution, driven by AI, which is reshaping traditional production paradigms and growth logic, and breaking existing industry boundaries [1] - China is positioned as a core engine for global economic recovery and innovation due to its vast market, complete industrial system, and upgraded consumption demands [1] - The Central Economic Work Conference and the "14th Five-Year Plan" identify consumption as a "core engine and strategic support," indicating a shift in China's consumption from "following global trends" to "defining global trends" [1] Group 2 - The article discusses the challenges faced by entrepreneurial spirit during this transformative period, including strategic uncertainties, pressures of transformation, and balancing high-quality development with social responsibility [1] - It highlights the need for long-termism to navigate fluctuations, strategic determination to anchor direction, and a balance between "business growth" and "humanistic care" to foster team consensus [1] - The article calls for courage to break through cycles, leverage AI empowerment, and aim for global expansion to become leaders in this era of change [1] Group 3 - The Forbes China awards aim to connect capital, industry, and society, promoting the visibility and recognition of China's consumption power on a broader global stage [2] - The awards will take place on March 20, 2026, under the theme "Breaking the Game, Leading the Tide," inviting industry scholars, top investors, and outstanding entrepreneurs to explore high-quality development paths in the consumer industry [5] - Five key consensus points are outlined for the event, including clarifying the historical mission of global entrepreneurs, discussing practical measures for consumption industry upgrades, and creating a high-end cooperation platform for resource integration [5]

Investment Strategy and Key Stock Portfolio - The report emphasizes the importance of enhancing macro governance effectiveness and maintaining a positive policy tone, with a combination of more proactive fiscal policy and moderately loose monetary policy expected to continue [4][9] - The focus is on expanding domestic demand and stabilizing investment, with recent policy adjustments such as the relaxation of housing purchase restrictions in Beijing and a reduction in the value-added tax rate for second-hand home sales [4][9] - The report highlights the potential for a pause in interest rate cuts by the Federal Reserve in the first half of the coming year, as recent U.S. GDP data exceeded expectations, driven by a rebound in personal consumption [10] Key Stock Recommendations - **Jinfa Technology (金发科技, 600143.SH)**: Positioned to transition from a comprehensive plastic leader to a high-end chemical materials platform, benefiting from strong demand in emerging industries [11][14] - **Hengli Petrochemical (恒力石化, 600346.SH)**: As a leading private refining enterprise, it is expected to benefit from a new cycle of refining prosperity due to its extensive production capacity and diversified product offerings [11][14] - **Satellite Chemical (卫星化学, 002648.SZ)**: Anticipated to enter a new growth phase with improved profitability in aromatics and polyester chains, supported by its cost control and market position [11][14] - **Huidi Technology (汇得科技, 603192.SH)**: Expected to maintain high-quality growth due to strong demand for polyurethane materials and a favorable cost environment [11][14] - **Aikodi (爱柯迪, 600933.SH)**: Positioned to benefit from the recovery of its robotics segment and potential contracts with Tesla, enhancing its growth prospects [11][14] - **TeBao Bio (特宝生物, 688278.SH)**: Anticipated to see significant growth driven by its core product and expanding R&D pipeline [11][14] - **New Dairy (新乳业, 002946.SZ)**: Expected to improve profitability through product innovation and a focus on low-temperature products [11][14] - **Zhongke Lanyun (中科蓝讯, 688332.SH)**: Positioned to benefit from AI-driven growth in the electronics sector, with a comprehensive product line [11][14] - **Hengxuan Technology (恒玄科技, 688608.SH)**: Focused on high-end SOC chips and AIOT applications, with strong competitive positioning [11][14] - **Jereh Group (杰瑞股份, 002353.SZ)**: Expected to see robust growth supported by its diversified business and significant orders in the natural gas sector [11][14] ETF Recommendations - **Southern CSI 1000 ETF (南方中证 1000ETF, 512100.OF)**: Notable growth of 29.27% year-to-date, tracking the CSI 1000 Index [15] - **E Fund CSI Artificial Intelligence Theme ETF (易方达中证人工智能主题, 159819.OF)**: Strong performance with a 70.29% increase year-to-date [15] - **Chemical ETF (化工 ETF, 159870.OF)**: Gained 43.01% year-to-date, reflecting the performance of the chemical industry [15] - **Huatai-PB CSI Major Consumption ETF (汇添富中证主要消费 ETF, 159928.OF)**: Slight decline of 2.40% year-to-date [15] - **Southern CSI Shenwan Nonferrous Metals ETF (南方中证申万有色金属 ETF, 512400.OF)**: Significant growth of 98.26% year-to-date [15]

Group 1 - The core viewpoint of the article emphasizes the transformation of public fund investor education from traditional knowledge dissemination to value empowerment, with TaiKang Fund recognized as a model enterprise in investor education services [1] - TaiKang Fund focuses on "investor satisfaction" as the core of its educational initiatives, employing diverse measures such as school-enterprise cooperation, technological empowerment, and innovative scenarios to build a systematic and diversified investor education service ecosystem [1][2] - The company has expanded its investor education outreach through initiatives like "one company, one province, one university" and "fund industry talks about retirement," effectively promoting inclusive financial missions [2] Group 2 - The integration of AI in content creation has enhanced the quality of investor education materials, transitioning from traditional one-way education to interactive data-driven models, thereby increasing user engagement and trust in the fund company [3] - TaiKang Fund has developed a comprehensive, customer-centric investment education and service system that addresses the core needs of different age groups, providing tailored solutions from financial literacy to wealth protection [4][5] - The company aims to continue optimizing its service system and deepening its commitment to investor education, thereby enhancing financial management for clients and demonstrating the institution's responsibility and commitment to society [6]