Group 1: Company Performance and Market Expansion - The company has shown significant improvement in four areas: overseas market expansion, rapid business growth, potential in the oil and gas composite pipe industry, and strong confidence in creating long-term value for investors [1] - The overseas market demand for waste incineration is broad, driven by downstream transformation and policy support in developing countries, leading to increased penetration rates [1] - The new production base in Vietnam has begun to establish capacity and is entering the ramp-up phase, while the construction of the Daya production base is progressing orderly and is expected to be operational this year [1][2] Group 2: Financial Performance and Shareholder Returns - The company has distributed approximately CNY 100 million in dividends since its listing, enhancing shareholder satisfaction [2] - A share repurchase plan of CNY 400 million is set to be implemented, with all repurchased shares to be canceled, further stabilizing and enhancing the company's investment value [2] - The company emphasizes continuous optimization of profit distribution mechanisms to share development dividends with investors through dividends and buybacks [2] Group 3: Production Capacity and Order Progress - The Vietnam production base has eight HRSG production lines under construction, with four expected to be operational in Q2 and the remaining four in Q4 of this year [2] - The company has received orders for HRSG products, with the production cycle approximately six months, and the first batch of orders is set to enter production soon [2] - The Daya base is planned to have two HRSG production lines, expected to be operational in 2026, primarily serving non-North American market demands [3] Group 4: Market Demand and Pricing Strategy - The demand for HRSG is increasing alongside the rising need for gas turbines driven by the rapid expansion of AI data centers in North America [3] - The pricing of HRSG products is determined by material costs, labor, and other expenses, with recent orders reflecting price increases compared to earlier contracts [3] - The company has obtained ASME certification and is progressing through the necessary production system certifications to enter the North American market [3]

华福证券 公 司 研 究 众鑫股份（603091.SH） 拟美国建厂，强化全球竞争力 投资要点： 事件：公司发布对美投资公告 公 司 动 态 跟 踪 1 月 6 日晚间公司发布对外投资公告，拟通过泰国众鑫在美国设立全资投 资公司（标的公司 A），并拟通过标的公司 A 在美国宾夕法尼亚州投资年 产 2 万吨纸浆模塑餐具项目，并以独立全资公司（标的公司 B）经营，开 展生产制造及贸易等相关业务。项目拟使用泰国众鑫自有资金进行投资， 投资总金额预计不超过 3600 万美元。 顺应供应链转移，全球化布局再落一子 公司于 2023 年便提前规划布局泰国工厂，先发优势明显；自美国对华纸浆 模塑发起双反以来，公司加速海外建设力度，在泰国布局 10 万吨产能，预 期将于 26 年全部达产。前期美国对中国的双反调查最终裁决结果为公司反 倾销/反补贴税率分别为 283.89%/97.82%，合计 381.71%；国内其余企业反 倾销税率为 49.08%-477.97%，反补贴税率为 7.56%-319.92%。2025 年 10 月 15 日，加拿大对我国纸浆模塑餐饮具启动双反调查，贸易摩擦下全球化 布局成破局之道。为进一步规避 ...

Core Insights - The article discusses the dual flow of globalization in the precious metals new materials sector, with international companies entering the Chinese market while Chinese companies seek global opportunities and face challenges [1] - It emphasizes the need for Chinese precious metals companies to move beyond a single trade mindset and build a global circular system for resources, materials, and recycling [1] Business Layout - Focus on core segments of the precious metals value chain and develop a diversified collaborative growth model [2] Industry Chain Integration - Companies like Umicore and Heraeus are enhancing their global presence and refining their industry chain layout, serving as models for domestic companies [1] - The full industry chain loop includes upstream resource control, midstream material manufacturing, and downstream battery recycling [3] Strategic Focus - Leading companies are increasingly focusing on core business areas and shedding non-core assets to enhance competitiveness [11] - Umicore has exited certain projects to concentrate on cash-generating core businesses [11] Technological Collaboration - Companies are leveraging technological synergies to drive innovation, such as Umicore's extension of catalytic coating technology from automotive catalysts to fuel cell applications [13] Capital Operations - Strategic investments are crucial for acquiring key technologies and driving product commercialization [14] - Heraeus is investing millions in Chinese companies to quickly access critical technologies [14] Regional Cooperation - Joint ventures, such as the one between Tanaka Precious Metals and Chengdu Guangming Pait, enhance resource control capabilities and establish a recycling network [15] Market Strategy in China - Global leaders are intensifying their investments in the Chinese market through production bases and R&D centers [17] - Companies like Heraeus are expanding their production capabilities in China to meet high-end industry demands [18] Global Resource Assurance - Leading companies are building global recycling networks to enhance resource security in the Chinese market [19] Local Management - Companies are establishing localized management structures to improve regional market capabilities, such as the upgrade of the Shanghai Songjiang factory by Johnson Matthey [21] Future Outlook - The industry is poised for transformation driven by green initiatives and technological innovation, with hydrogen, battery materials, and circular economy sectors expected to be key growth areas [22]

Core Insights - Oriental Yuhong's GardMem series waterproof and moisture-proof membranes have successfully passed the IAPMO certification, meeting the ANSI A118.10 standard for waterproof membranes used in tile and stone installations [1][3] - The certification allows Oriental Yuhong to enter the North American high-end bathroom market, enhancing its global expansion strategy [3][7] Product Details - The GardMem series utilizes innovative barrier technology to effectively block moisture penetration, significantly improving hygiene standards in wet areas like bathrooms [5] - GardMem-1000 offers efficient waterproofing and steam resistance, suitable for shower areas and steam rooms, while GardMem-2000 is designed for extreme humidity environments, providing superior steam barrier performance [5][7] Certification Significance - UPC and cUPC certifications are essential for bathroom and plumbing products in North America, serving as a key credential for companies to gain trust from global developers and end customers [3] - Oriental Yuhong has achieved 19 types of international certifications across six continents, demonstrating its commitment to meeting international standards in product quality and environmental performance [7] Production and Supply Chain - The establishment of Oriental Yuhong's production and R&D logistics base in Houston will support its entry into the North American market by providing local production capabilities and supply chain efficiency [7] - The Houston facility will include a TPO waterproofing membrane production line and a North American R&D center, aimed at enhancing responsiveness to market demands and reducing logistics costs [7]

据介绍，近年来，山东轮胎企业积极实施国际化战略，已在亚洲、欧洲、美洲、非洲等13个国家建 设了超过21座海外工厂，总产能突破2亿条。这些海外项目普遍经济效益良好，利润率高于国内工厂， 展现出强劲的发展势头。 "世界轮胎看中国，中国轮胎看山东"。我国作为全球第一大轮胎生产国，占据全球35%的市场份 额，而山东则贡献了全国约60%的轮胎出口额和64%的出口量，全省300多家轮胎企业连续23年在产 量、营收、利润及出口额上领跑全国，总产能已与美国、欧盟总和相当。从全球视角看，全球每五条轮 胎中就有一条产自山东，充分体现了山东轮胎产业的全球影响力。 山东金宇相关负责人表示："中国信保提供的不仅是优化资金方案，更是为企业量身定制的'出 海'护航方案。通过专业的融资结构设计与全面的政治风险保障，有效破解了我们海外投资中面临的长 期资金匹配与风险防范两大核心难题。" 当前，我国轮胎企业正处在全球化布局的关键阶段。出口信用保险作为重要的政策性金融工具，通 过中长期结构化融资方案与海外投资风险保障，持续为轮胎等行业企业的全球拓展提供支撑。 中国信保表示，未来将继续发挥政策性职能，助力企业突破融资瓶颈、防范化解境外风险，在中国 ...

在全球新能源汽车市场竞争日趋白热化的2025年，中国品牌凭借技术创新与成本优势，拿下了全球68%的销量份额。 然而，面对美国市场陡然提升至102.5%的汽车整车关税，绝大多数中国车企望而却步。 但就在这样的逆境中，一家名为涛涛车业的中国企业却异军突起，不仅在美国市场狂销4万辆，更实现了年度利润近翻倍的增长。 其创始人曹马涛甚至对高关税政策表示"兴奋"，背后究竟隐藏着怎样的商业逻辑与战略布局？ 一、家族企业的传承与蜕变：从传统制造到新能源整车 涛涛车业的崛起并非一蹴而就，而是植根于浙江丽水一个商业家族数十年的积累与迭代。 曹氏家族的商业脉络始于上世纪70年代，由曹马涛的祖父曹桂成通过家禽贸易与炉具加工完成原始资本积累。 随后，父亲曹跃进在2004年创立涛涛集团，将业务延伸至安全门与汽摩配件领域。 尽管这些行业门槛不高、国内竞争激烈，但曹家较早地将目光投向海外，尤其以美国为主的北美市场，为日后整车出口埋下了伏笔。 2007年，年仅23岁的曹马涛远赴美国，担任家族企业当地子公司总经理。正是在这段经历中，他敏锐地捕捉到了一个细分市场机遇——美国社区中广泛使用 的新能源低速车。 这类车辆在美国多用于老年人代步、家庭短途 ...

｜2026年1月7日 星期三｜ NO.1 广发证券拟配售H股及发行可转债，募资约61亿港元拓展国际业务 广发证券2026年1月6日宣布，计划通过两项交易进行H股再融资。首先，公司将按每股18.15港元的价 格，向不少于六名独立投资者配售2.19亿股新H股，预计募资净额约39.59亿港元。其次，公司将发行本 金总额为21.5亿港元的零息可转换债券，初始转换价为每股H股19.82港元。若债券悉数转换，将可转换 为约1.08亿股H股。本次配售及可转债发行的所得款项净额将全部用于向境外子公司增资，以支持国际 业务发展。配售股份的配售价较公告前一日收盘价折让约8.38%。可转债的初始转换价则较前一日收盘 价溢价约0.05%。两项交易均需满足相关先决条件方可完成，包括获得香港联交所的上市批准及完成中 国证监会备案。 点评：广发证券大力度推进H股再融资，募资逾61亿港元全力拓展国际业务，彰显其全球化布局的决 心。此举将显著提升公司资本实力，优化业务结构，对股价估值形成有力支撑。券商板块国际化进程加 速预期升温，行业竞争格局或将重塑。资本市场对外开放深化有助于提振整体市场信心，为A股长期健 康发展注入新动能。 NO.2 20 ...

Core Viewpoint - Lante Optics (688127.SH) has announced an overseas investment plan, aiming to establish a subsidiary in Singapore and a subsidiary in Malaysia with a total investment not exceeding $60 million (approximately 420 million RMB) [1][2] Group 1: Investment and Global Strategy - The overseas investment is a key move for Lante Optics to deepen its global supply chain layout, facilitating entry into the Southeast Asian precision optics market and enhancing global competitiveness through regional collaboration [1] - This investment is part of Lante Optics' ongoing globalization strategy, building on its strong foundation in overseas business [2] - The company has maintained a high proportion of overseas revenue, which has become a core driver of its performance, with overseas sales accounting for 69.18% of main business revenue in 2023 [2] Group 2: Financial Performance - In the first three quarters of 2025, Lante Optics achieved a net profit of 250 million RMB, a significant increase of 54.68% year-on-year, with total revenue reaching 1.051 billion RMB, up 33.65% [4] - The company's total assets reached a historical high of 2.714 billion RMB by the end of the third quarter of 2025, reflecting steady expansion [4][6] Group 3: Research and Development - Lante Optics has invested a total of 381 million RMB in R&D over the past five years, emphasizing the importance of technological innovation as a core competitive advantage [5] - The company has achieved multiple breakthroughs in core technology, with a total of 17 invention patents and 76 utility model patents as of mid-2025 [6]

证券日报网讯1月6日，文灿股份（603348）在互动平台回答投资者提问时表示，公司通过深化全球化布 局，争取更多的成长机遇，具有应对产业链转移的灵活性和经营韧性。公司将深耕现有客户以及争取更 多头部客户的新产品应用机会，增加业务成长点；同时，重视海外厂区的产能利用率和营运效率，改善 获利水平。 ...

Group 1: Company Overview and Market Position - The company has shown significant growth in overseas markets, particularly in the waste incineration sector, driven by demand in developing countries and policy support [1] - The company has established a new production base in Vietnam, which is expected to enhance production capacity and support market expansion [1] - The company has a strong competitive edge due to its technology barriers and brand advantages, with three production bases globally [2] Group 2: Financial Performance and Shareholder Returns - The company has distributed approximately 100 million RMB in dividends since its listing, enhancing shareholder satisfaction [2] - From October 2024 to October 2025, the company plans to repurchase shares worth over 40 million RMB, which will be fully canceled to stabilize and enhance investment value [2] Group 3: Production Capacity and Market Strategy - The company plans to build 12 HRSG production lines in Vietnam, targeting the North American market, where demand is currently outstripping supply [3] - Each of the three production bases has an annual planned capacity of approximately 600 million RMB, with actual output dependent on various operational factors [4][5] - The company primarily relies on business negotiations to acquire overseas clients, leveraging its strong technical foundation and product quality [6] Group 4: Cost Management and Logistics - The pricing of HRSG products is structured to remain unaffected by rising raw material costs, as it is based on a defined profit margin [7] - Transportation costs for HRSG products from the Vietnam base are borne by the customers under the FOB (Free On Board) trade model [7]