[Table_Page] 公司深度研究|基础化工 证券研究报告 | | | 全球高端芳纶纸供应商，下游多领域高增可期 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 340 | 408 | 479 | 643 | 960 | | 增长率（ % ） | - | 19.8% | 17.5% | 34.2% | 49.2% | | EBITDA | 105 | 133 | 178 | 244 | 373 | | 归母净利润 | 82 | 101 | 123 | 177 | 282 | | ） 增长率（ % | | 23.1% | 21.9% | 44.1% | 59.5% | | EPS（元/股） | 0.56 | 0.69 | 0.84 | 1.21 | 1.93 | | 市盈率（P/E） | 33.7 | 28.2 | 48.8 | 33.9 | 21.2 | | RO ...

1. 【三星表示其HBM4显示出差异化竞争力】三星电子首席执行官Jun Young Hyun在向员工发表的新年致 辞中表示，公司的第四代高带宽内存（HBM4）展现出差异化竞争优势，甚至赢得了客户 "三星王者归 来" 的评价。他强调，需借助前沿人工智能技术，开发半导体专用人工智能解决方案，并将其应用于半导 体全价值链。他敦促员工重拾存储领域的核心技术竞争力。Jun Young Hyun指出，晶圆代工业务已迈入全 面增长阶段。（新浪财经） 2.【湖北三款eVTOL新型产品试飞】1月1日，湖北省开展eVTOL（电动垂直起降航空器）试飞活 动，三款新型产品亮相升空。2025年，我省启动鄂产eVTOL整机研制"揭榜挂帅"活动，全省现有10 款整机在研。在中国光谷低空经济产业园，一款橙白相间、形似飞碟的飞行器平稳升空。这是由电鹰 科技集团有限公司研制的eVTOL电鹰飞车，是国内首款吨级涵道飞行汽车。 在仙桃国家高新区智能制造产业园，另一款eVTOL飞行汽车也开展了试飞。位于武汉市汉阳区的汉阳 造低空生态中心，在工作人员的操控下，是云SW-ONE载人eVTOL腾空而起，在空中完成穿行、转 圈等动作。这款eVTOL由是云航空 ...

天气状况让杨柯很揪心。无人机正常仅能承受5级以内的风力，而测试信号时，风力达到了近七级。根据天气预报，当晚可能出现小雨转小雪，雨雪天气会 直接导致飞机无法起飞。杨柯说，飞手水平的高低，关键就体现在突发状况的处理上。 正是因为有着丰富飞行经验，杨柯成为这场跨年表演的核心飞手。为了确保效果，他提前来到园博园，摆放无人机、搭建无线局域网信号塔、调试控制台， 每一个环节都精益求精。 如果说定点定位，是给无人机规划"专属停车位"。那么测试信号、研判天气与风速就是决定表演成败的关键。 央视网消息：元旦假期，文旅市场消费火热，融合科技和艺术的无人机表演点亮了很多城市的天空，这背后，离不开无人机群飞行规划员精准的设计和精妙 的操控，节日里，这个新职业也是非常忙碌。跨年夜，总台记者就记录了一位"00后"无人机群飞行规划员的工作日常，一起去看看。 2026年跨年夜前夕，是无人机群飞行规划员杨柯和团队最忙的时候。为了一场千台无人机表演，他们已经筹备了一个月。要把天马行空的创意转化为切实可 行的飞行路径，再把任务指令精准传达给每一架无人机，他们要反复进行3D模拟、多次预演，仅表演脚本就修改了十几次。 杨柯告诉记者，他从小痴迷航空，大 ...

文 张家振 "实施产业创新工程，一体推进创新设施建设、技术研究开发、产品迭代升级，加快新能源、新材料、 航空航天、低空经济等战略性新兴产业集群发展。"日前发布的《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》明确提出。 低空经济具有科技含量高、创新要素集中、产业链条长、应用前景广等特点，正成为各地发展新质生产 力，培养、发展战略性新兴产业的新引擎。 宏观政策层面不断加码低空经济发展，有着怎样的战略背景？在各地争相布局低空经济产业热潮中，应 如何避免出现"园区空置、项目分散、重复建设"等一系列问题？在低空经济由"能飞"向"飞得更高"转变 的关键节点，如何以"四张网"（设施网、空联网、航路网、服务网）建设，打通各环节"卡点"？带着这 些问题，《中国经营报》记者日前专访了中国社科院中国式现代化研究院副研究员、低空经济研究专家 杜江。 适配新质生产力发展要求 《中国经营报》：2023年以来，我国低空经济和低空产业进入快速发展周期，有着怎样的社会、经济、 政策和科技背景？ 杜江：近年来，我国低空经济发展迅速，这主要有四方面的背景基础。 一是国家战略谋划。从发展战略和政策支持来看，国家已经把"低空"作为新空 ...

Group 1 - The "Village Sugar Festival" in Chengdu is a vibrant event that combines cultural experiences, consumer promotion, industry integration, and the exhibition of specialty products, taking place in various locations such as Huanglongxi Ancient Town and Wufengxi Ancient Town [3][4] - The festival features local merchants showcasing 65 unique products across three categories: intangible cultural heritage, specialty agricultural products, and tourism goods, attracting many visitors [4][5] - The event includes performances of national intangible cultural heritage, such as the "Huanglongxi Fire Dragon Dance," enhancing the festive atmosphere and providing a unique day and night experience for attendees [4][6] Group 2 - The "Dragon Yelling Phoenix Stream" event at Wufengxi Ancient Town features over 40 specialty merchants and offers an immersive ancient-style market experience, blending traditional culture with modern vibrancy [6] - The festival includes various interactive activities such as non-heritage performances and a stamp collection game, allowing visitors to engage deeply with local culture [6][7] - The "Low-altitude Life Season" in Pengzhou, part of the "Village Sugar Festival" series, showcases low-altitude technology through interactive experiences, aiming to integrate low-altitude economy into everyday life [7]

Group 1 - 2026 is expected to be a significant year, marking the beginning of the 15th Five-Year Plan and various industry milestones, including autonomous driving, liquid cooling, and commercial space travel [1] - The A-share market is characterized by a strong tendency to speculate on concepts, with several industries already experiencing heated speculation in 2025 [1] Group 2 - Predictions for 2026 include the Federal Reserve likely cutting interest rates more than twice, with a projected inflation rate of 2.6% and economic growth at 4.3% [2] - The Chinese yuan is expected to appreciate to 6.5 due to the weakening of the US dollar, attracting foreign capital into Chinese assets [2] - A rebound in both CPI and PPI is anticipated in the second half of 2026, driven by rising global commodity prices and a potential end to over 40 months of negative PPI growth [2] - The Shanghai Composite Index is projected to reach 4153 points in the first half of 2026, with a focus on emerging industries and low PE cyclical stocks [2] - The A-share market is expected to see a balanced style, with a concentration on new industries and a continuation of the bull market in precious and industrial metals due to the Fed's rate cuts [2] - The upcoming bull market in non-ferrous metals is expected to be significant, driven by both demand from AI-related industries and limited supply growth due to long-term industry stagnation [2]

Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) and the Ministry of Finance announced a large-scale equipment update and consumer goods trade-in policy for 2026, continuing support for key items like automobiles and home appliances [2][10] - A total of 625 billion yuan has been allocated for the first batch of consumer goods trade-in funding to meet the demand for the New Year and Spring Festival [2][10] - The NDRC has issued an early batch of "two重" construction project lists and a central budget investment plan totaling approximately 295 billion yuan to accelerate the disbursement and utilization of funds [3][11] Group 2: Infrastructure Investment - Since the end of September 2025, 500 billion yuan in new policy financial tools have been rapidly deployed, with an additional 200 billion yuan in local debt limits allocated for project construction [3][11] - The NDRC has approved or authorized several major infrastructure projects, including the Guangzhou New Airport and various water resource and energy facilities, with total investments exceeding 400 billion yuan [3][11] Group 3: Emerging Industries - The National Venture Capital Guiding Fund has been launched with an investment of 100 billion yuan from long-term special government bonds, aiming to attract local and social capital for a projected investment scale exceeding one trillion yuan [5][14] - Significant potential exists in the domestic artificial intelligence chip market, with advancements in "super node" technologies providing opportunities for growth [6][15] - The low-altitude economy is expanding, with the number of agricultural drones exceeding 300,000 and applications in various sectors growing rapidly [6][15]

Core Viewpoint - The article emphasizes the proactive measures taken by the Chinese government to stimulate consumption and stabilize investment in 2026, including significant funding allocations and support for infrastructure projects [1][3][5]. Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) and the Ministry of Finance announced a policy to support the replacement of old consumer goods, allocating 625 billion yuan for the first batch of funding to meet consumer demand during the New Year and Spring Festival [1]. - A total of approximately 2.95 trillion yuan has been allocated for early-stage "two重" construction projects and central budget investments for 2026, aimed at accelerating the disbursement and utilization of funds [3][5]. Group 2: Infrastructure Projects - The NDRC has approved multiple major infrastructure projects, including the Guangzhou New Airport and various water resource and energy facilities, with a total investment exceeding 400 billion yuan [5][6]. - The early allocation of funds for these projects is intended to facilitate timely commencement and prevent significant fluctuations in monthly investment, thereby stabilizing investment in the first quarter of 2026 [6]. Group 3: Emerging Industries Investment - The establishment of the National Venture Capital Guiding Fund, with an initial investment of 100 billion yuan, aims to attract additional capital for emerging industries, potentially leading to over 1 trillion yuan in total investment [8][10]. - The article highlights the growth potential in sectors such as artificial intelligence and low-altitude economy, with significant advancements in domestic chip technology and drone applications [8][9].

越南河内, Jan. 02, 2026 (GLOBE NEWSWIRE) -- 越南科技的迅速崛起已成为全球媒体焦点。 CT Group 于 2025 年收官之际，在东盟两大先锋领域——无人机 (UAV) 与低空经济 (LAE) 重磅推出具有里程碑意义的项目，揭示了前所未见的未来图景。 2025 年 12 月 29 日，在河内还剑湖剧院 (Ho Guom Opera House) ，CT Group 在 600 多位贵宾的见证下，正式揭幕两项具有里程碑意义的项目：无人机东盟超级总部联盟 (UAV ASEAN Super Headquarter Union) 与东盟最大低空经济 (LAE) 中心。与会嘉宾包括来自国防部、公安部、科技部、外交部等部委领导，越南工商联合会 (VCCI) 及越南老年人协会代表，河内、胡志明市、宁平、西宁、金瓯等地政府官员，以及来自河内国家大学、胡志明市国家大学、芹苴大学的顶尖科学家与高校代表，并汇聚了 VDB、VNPT、Shrimpl、Aicello(台湾)等大型企业。 与全球传统发布会不同，CT Group 以全新视角回应根本之问：“一家越南企业投资两大全球科技项目，其科学依据何在 ...

2025年12月16日，重庆市巫山县双龙镇安静村，系留热气球载客准备升空。 张旭 摄 这份热闹不仅仅存在于安静村。在巫山县城从事旅游和自媒体运营的夏涛说，当天一大早，他就接到湖 北游客打来的电话，称要来巫山坐热气球、看三峡红叶、尝柑橘、赏鱼头湾(可从安静村观赏的小三峡 一处峡湾，神似鱼头而得名)。近几个月，他每天都接到多通这样的电话，咨询游客来自重庆中心城 区、四川、湖北、湖南、北京等地。 "点火，一、二、三，起！"在肖家冲的系留热气球起飞点，工作人员正在进行相关操作，带领游客领略 小三峡、林海、红叶风光。现场负责人魏启全说，项目有三名专业飞行员，数名当地村民担任地勤工作 人员，可同时操作两个热气球起飞、降落。 (走进中国乡村)热气球助飞低空经济 三峡小镇焕新颜 中新社重庆1月2日电 题：热气球助飞低空经济 三峡小镇焕新颜 作者 张旭 "从来没见过肖家冲这么热闹！"近日，在位于三峡库区腹心的重庆市巫山县双龙镇安静村，76岁的村民 赵长华对中新社记者说，该村飞起热气球以来，几乎每天都有游客到访。 曾在安静村饲养孔雀的赵培宇，近年外出务工，最近返乡时，与家人乘坐了系留热气球。赵培宇称，他 此后有意留在村里，再养殖 ...