Core Viewpoint - Kosen Technology (603626.SH) is expected to report a loss of between 330 million yuan and 245 million yuan for the entire year of 2025, marking its third consecutive year of losses, indicating significant challenges in the consumer electronics sector [2][4]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of -330 million yuan to -245 million yuan for 2025, with a net profit excluding non-recurring gains and losses expected to be between -393 million yuan and -308 million yuan [7]. - Kosen Technology's net profit has shown a drastic decline over recent years, with year-on-year changes of -76.48%, -424.29%, and -69.44% from 2022 to 2024, while gross margins have decreased from 14% to 5.34% during the same period [10]. Group 2: Market Position and Challenges - Kosen Technology is a second-tier supplier in the precision structural components sector for consumer electronics, with a market share of less than 3% globally and ranking between fifth and eighth in its domestic niche, generating approximately 3 billion yuan in revenue [4][8]. - The company faces significant pressure from both upstream and downstream in the supply chain, particularly as major clients like Huawei and Apple impose stricter cost controls and cultivate new suppliers to enhance their bargaining power [8]. Group 3: Strategic Adjustments and R&D - The anticipated losses for 2025 are attributed to several factors, including fluctuating market demand, low capacity utilization, strategic adjustments leading to inventory write-offs, and high R&D expenditures impacting net profits [6][18]. - Kosen Technology has maintained a high level of R&D investment, with 167 million yuan allocated in the first three quarters of 2025, representing 6.81% of revenue, although this is significantly lower than industry leaders [19]. Group 4: Market Perception and Speculation - The company has been associated with various high-tech concepts, such as solid-state batteries and foldable screens, which have led to speculative trading despite the weak fundamentals of its core business [11][12]. - Kosen Technology's management has attempted to pivot through strategic adjustments, including the sale of its high-margin medical device business to focus on its core consumer electronics operations, although the effectiveness of these measures remains uncertain [18].

证券简称：星云股份 证券代码：300648 福建星云电子股份有限公司 投资者活动关系记录表 编号：2026-001 | 投资者关系活动类别 | 特定对象调研 分析师会议 媒体采访 | | --- | --- | | | 业绩说明会 □新闻发布会 □路演活动 | | | 现场参观 其他 | | | 摩根大通证券（J.P.MORGAN）、千禧资本（MILLENNIUM | | 参与单位名称 | PARTNERS）、联博资产管理 (ALLIANCE BERNSTEIN）、 | | 及人员姓名 | 富达国际（FIDELITY INTERNATIONAL）、景林资产管 | | | 理（GREENWOODS ASSET MANAGEMENT）等机构。 | | 时间 | 2026年1月16日16:00-17:30 | | 地点 | 福建省福州市马尾区马江路7号星云科技园公司会议室 | | 上市公司接待人员姓名 | 董事、副总经理、董事会秘书：许龙飞 | | | 投资者关系总监：吴荣 | | | 1.公司固态电池业务目前的进展情况如何？ | | | 答：固态电池目前是行业内关注的重点方向之一，公司检 | | | ...

分红方面，正业科技A股上市后累计派现1.26亿元。近三年，累计派现0.00元。 责任编辑：小浪快报 资金流向方面，主力资金净流入900.91万元，特大单买入244.73万元，占比2.19%，卖出107.19万元，占 比0.96%；大单买入2598.20万元，占比23.25%，卖出1834.83万元，占比16.42%。 正业科技所属申万行业为：电力设备-电池-锂电专用设备。所属概念板块包括：固态电池、Chiplet概 念、储能、宁德时代概念、小盘等。 截至1月10日，正业科技股东户数3.46万，较上期增加0.00%；人均流通股10618股，较上期增加0.00%。 2025年1月-9月，正业科技实现营业收入5.81亿元，同比增长13.66%；归母净利润2304.12万元，同比增 长120.19%。 正业科技今年以来股价涨6.36%，近5个交易日涨0.46%，近20日涨6.10%，近60日跌4.08%。 1月16日，正业科技盘中上涨2.11%，截至13:59，报8.70元/股，成交1.12亿元，换手率3.55%，总市值 31.94亿元。 资料显示，广东正业科技股份有限公司位于广东省东莞市松山湖园区南园路6号，成立日 ...

1月16日，山东章鼓（维权）盘中上涨2.01%，截至13:39，报9.62元/股，成交6918.36万元，换手率 2.59%，总市值30.02亿元。 山东章鼓所属申万行业为：机械设备-通用设备-其他通用设备。所属概念板块包括：钠电池、微盘股、 智慧灯杆、预盈预增、固态电池等。 截至1月9日，山东章鼓股东户数4.15万，较上期增加6.53%；人均流通股6778股，较上期减少6.13%。 2025年1月-9月，山东章鼓实现营业收入14.59亿元，同比减少3.94%；归母净利润6195.88万元，同比减 少39.12%。 责任编辑：小浪快报 资料显示，山东省章丘鼓风机股份有限公司位于山东省济南市章丘区明水经济开发区世纪大道东首，成 立日期1991年5月24日，上市日期2011年7月7日，公司主营业务涉及罗茨鼓风机、离心鼓风机、气力输 送成套系统、磨机、渣浆泵等机械产品设计、加工制造、销售、服务。主营业务收入构成为：风机 55.53%，渣浆泵20.48%，水处理20.03%，电气设备2.58%，其他业务收入1.34%，气力输送0.04%。 山东章鼓今年以来股价跌10.01%，近5个交易日涨1.58%，近20日跌7.7 ...

分红方面，天奈科技A股上市后累计派现2.44亿元。近三年，累计派现1.79亿元。 机构持仓方面，截止2025年9月30日，天奈科技十大流通股东中，香港中央结算有限公司位居第八大流 通股东，持股391.27万股，为新进股东。嘉实新能源新材料股票A（003984）位居第十大流通股东，持 股316.41万股，持股数量较上期不变。 责任编辑：小浪快报 资料显示，江苏天奈科技股份有限公司位于江苏省镇江市镇江新区青龙山路113号，成立日期2011年1月 6日，上市日期2019年9月25日，公司主营业务涉及纳米级碳材料及相关产品的研发、生产及销售。主营 业务收入构成为：碳纳米管导电浆料98.04%，碳纳米管粉体1.90%，其他0.06%。 天奈科技所属申万行业为：电力设备-电池-电池化学品。所属概念板块包括：固态电池、宁德时代概 念、储能、石墨烯、机器人概念等。 截至9月30日，天奈科技股东户数2.47万，较上期增加3.63%；人均流通股13949股，较上期减少3.50%。 2025年1月-9月，天奈科技实现营业收入10.01亿元，同比减少3.79%；归母净利润1.96亿元，同比增长 7.39%。 1月16日，天奈科技盘中 ...

Core Viewpoint - Zhonglun New Materials Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit for the year 2025 compared to the previous year [1][2]. Group 1: Stock Performance - On January 16, Zhonglun's stock rose by 2.06%, reaching 25.72 CNY per share, with a trading volume of 92.56 million CNY and a turnover rate of 2.85%, resulting in a total market capitalization of 10.29 billion CNY [1]. - Year-to-date, Zhonglun's stock price has increased by 6.55%, with a 1.66% rise over the last five trading days, no change over the last 20 days, and a 9.35% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhonglun reported operating revenue of 1.54 billion CNY, a year-on-year decrease of 15.14%, and a net profit attributable to shareholders of 66.82 million CNY, down 42.02% year-on-year [2]. - As of December 10, the number of shareholders for Zhonglun decreased by 2.38% to 19,700, while the average number of circulating shares per person increased by 2.44% to 6,506 shares [2]. Group 3: Company Overview - Zhonglun New Materials, established on November 19, 2018, is located in Xiamen, Fujian Province, and specializes in the research, production, and sales of functional BOPA films, biodegradable BOPLA films, and polyamide 6 (PA6) [1]. - The company's main business revenue composition includes: general BOPA films (73.17%), polyamide 6 (16.57%), new BOPA films (7.12%), others (1.65%), and biodegradable BOPLA films (1.50%) [1]. - Zhonglun is classified under the Shenwan industry as basic chemicals - plastics - film materials, and is associated with sectors such as aluminum-plastic films, consumer electronics, solid-state batteries, synthetic biology, and margin financing [1].

Core Insights - Zhejiang Jinyu New Energy Technology Co., Ltd. has launched a 1.2GWh solid-state battery production line in Hangzhou, marking a significant milestone for the company and the local industry [1][2] - The new production line will manufacture solid-state lithium metal batteries and semi-solid batteries, which are designed for applications in hybrid machinery, green transportation, low-altitude economy, and smart robotics [1] - The establishment of the Beijing University-Jinyu New Energy Advanced Battery Joint Laboratory will enhance core technology research and promote collaborative innovation in the solid-state battery sector [1] Company Overview - Since its establishment in 2017, Jinyu New Energy has focused on the solid-state battery field, applying for over 100 invention patents and developing a systematic solution from research to production [1] - The company’s new production line utilizes self-generating negative electrode technology, producing the "Wuji" series solid-state batteries, "Wanshan" series ultra-fast charging semi-solid batteries, and "Shanhai" series high-safety semi-solid batteries [1] Industry Impact - The launch of Jinyu New Energy's production line is a significant achievement for the Linping Economic and Technological Development Zone, contributing to the establishment of a comprehensive ecosystem in the green energy sector [2] - Linping has attracted over a hundred large-scale enterprises in the green energy field and established more than 20 provincial-level research platforms, fostering a collaborative development model driven by technological innovation [2] - The new production line fills a gap in large-scale production of high-end solid-state batteries in the region, supporting the growth of the green energy industry and enhancing the value of the local industrial chain [2]

进入2026年，A股迎来开门红，新年首周（01.05-01.09）沪指大涨3.82%站上4100点，市场交投活跃， 春季行情是否已展开？今年A股走势如何？华商基金权益投资部总经理、华商均衡成长混合基金经理张 明昕近日表示，2026年市场整体向上的格局有望继续，波动或会加大，结构性机会依然较为显著，AI 产业链、机器人、创新药、固态电池、新消费可重点关注。 张明昕 特许金融分析师（CFA） 华商基金权益投资部总经理 华商均衡成长混合基金经理 张明昕，现任华商基金权益投资部总经理、华商均衡成长混合等基金基金经理，拥有超过10年的证券从 业经历（其中5.3年证券研究经历、4.9年证券投资经历），此前曾任英大保险资管高级权益投资经理、 权益投资部股票投资总监等职。 在投资中，张明昕坚持"基于价值驱动的产业趋势投资"，而非将仓位过于集中在单一赛道做短期博弈。 在刚刚过去的2025年，他管理的华商均衡成长混合基金业绩表现十分亮眼。数据显示，华商均衡成长混 合A年内涨幅高达137.15%，在1895只同类基金中排名第四位，这不仅体现出张明昕强大的主动管理能 力，更为持有人在带来了实实在在的投资获得感。 | 基金筒称 | 近 ...

汽车产销量双双突破3400万辆，新能源汽车产销量均超1600万辆，国内新车销量中新能源汽车占比超过一半 这是在郑州航空港区比亚迪总装工厂拍摄的新能源汽车"宋Pro"生产线。 参观者在第三届中国国际供应链促进博览会智能汽车链展区的宁德时代展台参观展出的神行超充电池。本组 图片均为新华社发 江苏省江都高新技术产业开发区某汽车生产企业的生产线。 新华社记者 唐诗凝 龚联康 田金文 打开新出炉的2025年中国汽车产业成绩单，汽车产销规模迈上新台阶，连续17年居全球首位，产业结构朝着 更优方向持续升级。 汽车产业是国民经济的重要支柱产业。一台汽车的生产与流通，串联起数十个行业、上万个零部件的精密协 作与高效运转。中国汽车产业交出的新答卷，彰显复杂变局下中国经济的强大韧性，更让我们清晰窥见"十五 五"乃至更长远未来中国产业变革中不断积蓄的澎湃动能。 上新，勾勒车市上扬线 新能源MPV不断升级，大空间、多座位的"奶爸车"轻松容纳全家舒适出行；满足个性化需求，多款新能源智 慧越野车热销，既能攀爬45度斜坡，又能实现1000公里综合续航……回眸2025年我国汽车市场，新车型、新 配置不断涌现，让不少消费者感慨"挑花了眼"。 市 ...

Core Viewpoint - The overall upward trend of the market is expected to continue in 2026, with increased volatility and significant structural opportunities, particularly in the AI industry chain, robotics, innovative pharmaceuticals, and solid-state batteries [2][3][4]. Market Performance - A-shares have shown strong performance at the beginning of 2026, with the Shanghai Composite Index rising above 4100 points, although there has been some recent adjustment [3][4]. - The market has been active, with trading volumes exceeding 3 trillion yuan for four consecutive trading days [3]. Investment Strategy - Investors are advised to broaden their perspectives and not limit themselves to specific sectors. The focus should be on tracking industry trends and identifying sectors with upward momentum [4][5]. - The investment approach will continue to emphasize systematic tracking and evaluation of industry conditions to identify the best opportunities [4]. Key Sectors to Watch - The AI industry chain is highlighted as a core investment direction, with ongoing developments in AI applications such as software and healthcare [5]. - Robotics is in the early investment stage, with attention on Tesla's supply chain and the potential for large-scale production [5]. - The innovative pharmaceuticals sector is expected to benefit from supportive policies, with significant market potential and profitability anticipated [5]. - Solid-state batteries are on the verge of commercialization, presenting ongoing investment opportunities once technological breakthroughs occur [6]. Economic Context - The macroeconomic environment is expected to foster a relatively loose liquidity situation in the first quarter of 2026, supporting the market's positive outlook [4]. - The dual support of policy and industry-driven growth is seen as crucial for the healthy and high-quality development of the capital market [4][6].