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！ Wind铝指数1月28日大涨，收盘涨幅达6.94%，常铝股份、华峰铝业、中国铝业、云铝股份、南山铝业 等公司涨停。 对于铝行业景气度回升的原因，多家上市公司独家回应中国证券报·中证金牛座记者称，近期，电解铝 涨价、铝行业景气度回升主要受供需紧平衡影响。目前，电解铝行业供给侧产能已经基本处于满产状 态，下游需求量维持较快增长，基本面向好是行业景气度提升的主要原因。 一家头部上市公司相关负责人告诉记者，从铝行业基本面看，电解铝行业本身经历了供给侧改革，行业 产能有天花板，整体产能大概为4500万吨，而最近基本上是处于满负荷状态。下游包括新能源汽车、光 伏、人工智能、储能等领域都有大量的用铝需求，需求整体向好。近期，市场对于国际上铝矿石以及铝 锭的进出口有一些担忧。此外，美元近期走弱也促使一些资金回流到金属板块。景气度回升是多个因素 叠加的结果。 对于铝行业景气度回升的原因，多家上市公司独家回应中国证券报·中证金牛座记者称，近期，电解铝 涨价、铝行业景气度回升主要受供需紧平衡影响。目前，电解铝行业供给侧产能已经基本处于满产状 态，下游需求量维 ...

北京商报讯（记者 蔺雨葳）1月28日，海马汽车公布的数据显示，预计2025年亏损1.2亿—1.8亿元，扣 非亏损1.8亿—2.6亿元。2025年，中国汽车行业延续高增长态势，产销与出口规模同步攀升，新能源汽 车成为重要增长引擎。报告期内，公司汽车销量、营业收入较上年同期略有增长。同时，公司有效降低 了相关成本和费用，经营负担进一步减轻，扣除非经常性损益后的净利润亏损幅度大幅收窄。 ...

格隆汇1月28日丨海马汽车(000572.SZ)公布，预计2025年亏损12,000万元~18,000万元，扣非亏损18,000 万元~26,000万元。2025年度，中国汽车行业延续高增长态势，产销与出口规模同步攀升，新能源汽车 成为重要增长引擎。报告期内，公司汽车销量、营业收入较上年同期略有增长。同时，公司有效降低了 相关成本和费用，经营负担进一步减轻，扣除非经常性损益后的净利润亏损幅度大幅收窄。 ...

Core Insights - 2026 marks the beginning of the "14th Five-Year Plan," representing a significant opportunity for high-quality development in China's economy [2][7] - Listed companies are seen as the backbone of the national economy and play a crucial role in implementing national strategies and driving industrial upgrades [2][7] Company Strategy - Lingyi Technology focuses on policy-driven strategies, emphasizing "precision manufacturing as a foundation and breakthroughs in emerging sectors" [5][9] - The company is actively engaged in AI terminal fields and is accelerating breakthroughs in sectors such as new energy vehicles, robotics, computing infrastructure, and low-altitude economy [5][9] - During the "14th Five-Year Plan," Lingyi Technology aims to deepen its transformation in "lean, digital, automated, and green" practices, focusing on core technological iterations and capacity upgrades [5][9] Industry Outlook - The new phase of development is expected to provide clearer paths and broader spaces for listed companies, enhancing their roles in the new development cycle [2][7] - The company expresses a commitment to supporting industrial chain security and stability through robust manufacturing capabilities [5][9] - Lingyi Technology aims to collaborate with various sectors to create value and drive innovation in the coming year [5][9]

近期，赣锋锂业（002460）、先导智能（300450）、天赐材料（002709）、天际股份（002759）等锂电 企业相继公布2025年业绩预告，预计净利润同比实现正增长或扭亏为盈，行业整体景气度显著回升。 赣锋锂业：主营业务仍亏损 受益于新能源汽车、储能与消费电子等下游市场的强劲需求，锂电产业链企业2025年业绩预告大增。 1月28日，赣锋锂业发布业绩预告称，预计2025年实现归母净利润11亿元至16.5亿元，上年同期亏损 20.74亿元，同比扭亏为盈。预计扣非净利润为亏损3亿元至6亿元，同比减亏。 关于业绩变动原因，该公司表示，报告期内，公司持有的Pilbara Minerals Limited(PLS)股票价格上涨， 产生了公允价值变动收益，在领式期权相关的既定风险管理策略对冲后，整体公允价值变动收益约10.3 亿元。此外，公司通过转让控股子公司深圳易储数智能源集团有限公司部分股权并成功引入战略投资 人，确认了相应的投资收益。 值得注意的是，从近两年的业绩变动看，赣锋锂业的业绩和它持有的PLS股票关系非常大，并非主营业 务有所改善。该公司持有PLS约5.37%的股份，并享有包销权，这一投资不仅保障了锂 ...

Core Insights - In 2025, China's automobile exports reached 8.32 million units, a 30% year-on-year increase, marking a historical high and reflecting the industry's enhanced competitiveness in the global market [2] - The growth in exports is driven by the rise of new energy vehicles (NEVs), which have become a core growth engine, with overseas markets playing a crucial role in the industry's development [2] Export Volume and Structure - Passenger vehicles accounted for over 80% of total exports, while commercial vehicle exports remained stable, with new energy commercial vehicles emerging as a highlight [3] - In December 2025, the monthly export volume reached 990,000 units, a 73% year-on-year increase and a 23% month-on-month increase [3] - NEV exports totaled 3.43 million units, a 70% increase compared to 2024, with pure electric vehicles making up 28% of exports, hybrid vehicles 13%, and traditional fuel vehicles dropping to 43% [3] Price Trends - The average export price of Chinese automobiles in 2025 was $18,200, a 15.7% increase year-on-year, while the average price for NEVs reached $29,800, 83.5% higher than traditional fuel vehicles [3] Market Performance - In Europe, Chinese automakers achieved significant growth, with December 2025 sales reaching 109,864 units, a 127% year-on-year increase, and a market share of 9.5% [5] - For the entire year, sales in Europe reached 810,000 units, a 99% increase, contributing to a 2.3% growth in the European car market [5] Regional Developments - Southeast Asia saw exports of 1.985 million units, a 24.7% increase, while Latin America recorded 1.652 million units, a 36.8% increase [6] - The Middle East market exported 826,000 units, with NEV exports reaching 128,000 units, a 132% increase [6] Industry Ecosystem - The transformation of China's automobile exports from single vehicle exports to a full industry chain ecosystem is evident, with battery companies establishing production bases globally and entering international supply chains [6] - The export of auto parts reached $89.2 billion, with technology suppliers providing smart driving solutions to global automakers [6]

格隆汇1月28日｜乔锋智能(301603.SZ)公告称，乔锋智能预计2025年归属于上市公司股东的净利润为 3.10亿元-3.70亿元，比上年同期增长51.04%-80.27%。业绩增长主要受益于消费电子、新能源汽车等行 业快速发展及通用设备行业复苏；公司产能与品牌影响力提升，募投项目产能持续释放；精密主轴、高 端卧式及五轴加工中心量产并形成新增长动能。 ...

Group 1: Investor Relations Activities - The investor relations activities included a telephone conference held on January 26, 2026, from 13:30 to 14:30, with participation from Yongying Fund and Wanji Fund [2] - Additional telephone conferences were scheduled for January 27 and January 28, 2026, with various investment firms participating [3][4] Group 2: Industry Outlook and Product Pricing - The current industry outlook is positive, with the company's core product, electronic packaging materials, operating at full capacity [4] - The company is monitoring market conditions and may adjust product prices in response to rising costs from downstream customers [5] Group 3: Competitive Advantages - The company has established a strong customer base in the electronic information industry, providing a solid foundation for new product introductions [6] - It is one of the earliest companies in China to develop MLCC (Multi-Layer Ceramic Capacitor) release films, achieving stable supply to major clients [6] - The company has significant technical expertise in precision coating technology, enhancing its competitive edge in the release film market [6] Group 4: Production and Expansion Plans - The Tianjin production base is currently in the equipment debugging phase, with trial production expected to start within the first quarter of 2026 [7] - The company plans to leverage its new facility to enhance supply capabilities to strategic customers in North China, particularly Samsung [7] Group 5: Financial Health and Capital Expenditure - The company maintains sufficient bank credit limits and a normal debt ratio, ensuring financial stability for future capital expenditures [8] - It plans to conduct refinancing in line with the expansion pace of release film production [8] Group 6: Research and Development - The company is actively developing high-end release films for various applications, aiming to break foreign monopolies and achieve domestic substitution [7] - Beijing Critical Field Technology Co., in which the company holds a 22.5% stake, is focused on high-temperature superconductors and is expected to begin trial production mid-year [8]

Core Viewpoint - General Motors (GM) reported a total revenue of $185 billion and a net profit of $2.7 billion for the year 2025, indicating a strong performance despite challenges in the electric vehicle (EV) sector [1][4]. Group 1: Financial Performance - GM's total revenue for 2025 was $185 billion (approximately ¥1.28 trillion), with a net profit of $2.7 billion (approximately ¥187.5 billion) and adjusted EBIT of $12.7 billion (approximately ¥882 billion) [1]. - The company expects net profit for 2026 to be between $10.3 billion and $11.7 billion, with adjusted EBIT projected between $13 billion and $15 billion [8]. Group 2: Market Performance - In the U.S. market, GM maintained its position as the top seller in 2025, with all four major brands experiencing growth in both sales and market share [2]. - The full-size pickup trucks, led by Chevrolet Silverado and GMC Sierra, continued to dominate the market for the sixth consecutive year, while full-size SUVs ranked first for the 51st year [2]. Group 3: Regulatory Environment and Cost Management - The relaxation of regulations on fuel-efficient vehicles under the Trump administration has improved the outlook for GM's profitable fuel vehicle business, saving up to $750 million in costs previously incurred from purchasing credits from EV companies [2][4]. - GM's CFO indicated that the company faces additional costs of up to $1.5 billion due to outsourcing, supply chain transformation, and software investments [4]. Group 4: Electric Vehicle Strategy - GM's EV sales in 2025 ranked second only to Tesla, but the company reported a net loss of $3.3 billion in Q4 due to declining demand and policy changes affecting EV incentives [4]. - Despite challenges, GM remains committed to its EV strategy and aims to reduce costs in the EV sector by $1 billion to $1.5 billion through restructuring [4]. Group 5: China Market Expansion - GM achieved profitability in China for five consecutive quarters, with 2025 sales and market share showing year-on-year growth, particularly in the new energy vehicle segment, which accounted for over 1 million units sold [6]. - The company is enhancing its product lineup in China with the Buick Electra family, including the upcoming Electra E7 SUV, and plans to offer new energy options for all new products launched in China by 2026 [6].

Core Viewpoint - The automotive industry is undergoing a critical transformation towards electrification and intelligence, with safety being the core baseline for high-quality development. The C-IASI safety index, led by the China Automotive Engineering Research Institute, aims to enhance automotive safety standards through iterative regulations and innovative assessments by 2025 [1]. Group 1: C-IASI Safety Index Overview - In 2025, the C-IASI safety index will release evaluation results for 17 vehicle models across three batches, with the first two batches (14 models) adhering to the 2023 regulations and the third batch (3 models) following the revised 2024 regulations, which introduces a special index for new energy vehicles [2]. - The 2023 regulations consist of four sub-indices: crashworthiness and repair economy, occupant safety, pedestrian safety, and vehicle assistance safety. The 2024 revision adds a special index for new energy vehicles, focusing on repair economy and vehicle safety [4]. Group 2: Evaluation Results - The evaluation results for 2025 show significant improvements across core dimensions, with 94% of models achieving excellent or above ratings in occupant safety. All tested models have 100% configuration rates for front airbags, front side airbags, and curtain airbags, while rear side airbags and front center airbags have increased to 47% from 19% and 5% respectively in the 2020 version [4]. - In pedestrian safety, 100% of models received excellent or above ratings, indicating a growing emphasis on pedestrian protection in vehicle design [4]. - In vehicle assistance safety, 100% of models also achieved excellent or above ratings, with all 17 tested models equipped with AEB/LSS, and 58.8% of models featuring DMS, showing a shift towards mainstream safety configurations [5]. Group 3: Challenges and Opportunities - Despite advancements, crashworthiness and repair economy remain common weaknesses, with only 29% (5 models) receiving excellent ratings and 18% (3 models) rated as good, indicating room for improvement in controlling user after-sales costs [5]. - New energy vehicles are becoming the main focus of evaluations, with 15 out of 17 tested models being electric. The first three models evaluated under the new energy vehicle special index all received excellent ratings, particularly excelling in bottom collision tests [5]. Group 4: Technological Advancements - The continuous improvement in evaluation results reflects the strong influence of the C-IASI safety index on industry technological advancements. The China Automotive Engineering Research Institute aims for zero casualties in traffic accidents and is conducting forward-looking research on key evaluation technologies and standards [6]. - The AC-HUMs digital model, developed based on Chinese population data, represents a breakthrough in safety technology, enabling comprehensive assessments of injury risks [6]. - Research on pedestrian safety evaluation is being conducted to integrate active safety (AEB) with passive protection effects, enhancing overall safety assessments [8]. Group 5: Industry Standards and Collaboration - The China Automotive Engineering Research Institute has led the development of the first industry standard for occupant safety in high-angle seats, with over 20 companies already applying it [10]. - A collaborative effort has resulted in the first deformable barrier that accurately replicates vehicle-to-vehicle collision responses, supporting vehicle compatibility assessments [12]. - Virtual evaluation studies for diverse occupant protection in frontal and side collisions are being conducted, expanding existing physical evaluation conditions and promoting a more comprehensive occupant protection assessment system [14].