本报讯(记者马宇薇)对于化工行业而言，创新是突破发展瓶颈、实现绿色转型的核心密码。1月14日， 内蒙古君正能源化工集团股份有限公司(以下简称"君正集团（601216）")相关负责人向《证券日报》记 者表示，公司始终将创新贯穿发展全过程，从绿色产业链构建、核心技术突破，到研发投入加码、人才 梯队培育，再到数字化转型深化，全方位发力打造创新发展新格局。 在产业布局上，君正集团精准锚定绿色循环发展方向，以重大项目创新推动产业链自主可控。君正集团 投资超百亿元建设的"石灰石-电石-煤焦化-甲醇-BDO-PTMEG"项目，是国内最完整的低碳环保可降解 塑料产业链，采用世界先进生产工艺，关键能耗指标达国内领先水平。该项目一期一批次于2024年6月 份实现全流程贯通，不仅直接带动近2000个就业岗位，更有效助力区域经济结构优化升级。 值得关注的是，上述项目投产以来，君正集团在核心环节国产化替代领域斩获显著成效——成功实现 BYD、BDO合成催化剂、PTMEG环化反应催化剂及BDO高压循环液泵等关键原材料与装备的系统性国 产化突破。这一突破不仅构建起稳定可控的产业链体系，更显著提升了企业的成本优势与市场竞争力。 其中，君正集 ...

Core Insights - The automotive industry in China is transitioning from a growth phase to a period of stock competition and structural clearing, making it increasingly difficult to sell cars [1] - Leading companies like BYD and Geely are thriving through price competition and extensive product offerings, while many joint venture fuel vehicle companies and marginal new players are struggling to meet sales targets [1] Group 1: Profitability Challenges - The intensification of stock competition has led to a price war, compressing profit margins across the industry, with the profit margin for the automotive sector at 4.4% from January to November 2025, significantly lower than the 6% average for downstream industrial enterprises [2] - Capacity utilization rates in the automotive manufacturing sector have been declining, with figures of 74.7%, 72.7%, 74.6%, and 72.2% from 2021 to 2024, and only reaching 73.3% in Q3 2025, still below the healthy threshold of 75% [2] - Many leading joint venture companies have capacity utilization rates between 40% and 60%, with some factories operating at as low as 16.2% in 2025, while marginal companies have utilization rates below 10% [2] Group 2: Transformation and Innovation - Companies need to shift from low-price competition to building core competencies through technology, resources, and market strategies, with technological innovation being crucial to overcoming homogenization [3] - The market has seen a significant shift, with new energy vehicles surpassing 50% market share, accounting for 53.6% of domestic sales from January to November 2025, indicating a change in consumer perception of traditional fuel vehicles [3] - BYD achieved sales of 4.6024 million units in 2025, surpassing Tesla in pure electric vehicle sales, demonstrating the effectiveness of technology-driven strategies [3] Group 3: Globalization and Market Dynamics - The automotive industry is moving towards a globalized 2.0 model, where companies need to focus on capacity and supply chain collaboration to expand overseas, as traditional vehicle exports are no longer sufficient [4] - BYD's overseas sales exceeded 1 million units in 2025, and Chery exported 1.344 million units, highlighting the importance of international markets as a growth source in the stock era [4] - The deepening stock competition is expected to lead to a fundamental restructuring of the automotive market, with a concentration of market players and a shift from price competition to value competition, focusing on product quality, intelligence, and service experience [4] Group 4: Industry Outlook - The sales performance in 2025 reflects not only market competition but also signals the need for industry transformation, emphasizing the importance of focusing on technological innovation, resource integration, and global expansion to navigate industry cycles [5]

1980年的胡同里，老太太攥着粮票、煤票在供销社窗口前踮脚张望；2020年的写字楼里，年轻人对着手 机屏幕轻点两下，水电燃气费便瞬间缴清。这两个相隔四十年的场景，不仅勾勒出中国缴费方式从"凭 票换物"到"指尖操作"的沧桑巨变，更折射出一场深刻的理念革新——缴费行为的每一次迭代，都不只 是技术的进步，更是民生服务从"被动"到"主动"的价值重构。 这场跨越四十年的变革，重塑了无数普通人的生活轨迹：从每月揣着现金在缴费点排队的焦虑，到如今 躺在家里搞定所有账单的从容；从农村老人为缴一笔医保要走几十里山路，到现在用手机就能完成操 作。而光大银行的云缴费服务，正是这场变革中最活跃的推动者之一，它以数字技术为手段打破城乡壁 垒、以服务为光温暖群体差异，助力便捷缴费成为覆盖全民的普惠福利。 技术创新是光大云缴费实现破局的核心支撑。其采用分布式架构、云计算、人工智能等前沿技术，构建 起自主可控的技术体系，通过DevOps敏捷研发机制提升服务响应速度。 2025年光大云缴费服务人次已超36亿次，同比增长7%。其服务触角已从基础生活缴费延伸至医疗、教 育、政务、文旅等多元领域，让"数据在云端奔跑，替百姓省去奔波之苦"的愿景成为现 ...

证券日报网讯1月13日，美腾科技在互动平台回答投资者提问时表示，公司依托技术创新，在持续提升 干选机系列产品处理能力的基础上，优化感知、分析和决策控制环节，进一步提高了分选精度；同时通 过核心部件自研自产，产品部件进行模块化、标准化的加工和生产，并强化项目成本管控，有效降低了 产品成本。公司始终注重技术创新与成本管控的协同，通过研发优化和供应链管理持续提升产品竞争 力。 ...

Core Viewpoint - The recent surge in copper prices on the London Metal Exchange and the Shanghai Futures Exchange reflects a fundamental transformation in the global copper industry, driven by long-term supply constraints and structural demand growth from new economic sectors such as electric vehicles, photovoltaic energy storage, and AI data centers [1][20]. Group 1: Copper Price Trends - From 2015 to 2025, copper prices transitioned from a bear market to a structural bull market, influenced by macroeconomic cycles and global monetary policy adjustments [2][21]. - The year 2021 marked a turning point for copper prices, as the global economy shifted from recovery to growth, supported by new technologies and expansive monetary policies [2][22]. - The current price increase is characterized by a dual support of macroeconomic conditions and structural industry changes, with significant demand growth from new sectors [3][22]. Group 2: Supply Constraints - The global copper supply system is facing a long-term dilemma of declining stock and limited incremental supply, exacerbated by deteriorating resource quality, extended development cycles, and increased geopolitical risks [5][24]. - The average grade of global copper mines is declining, leading to higher extraction costs, while new resource discoveries have significantly decreased [7][26]. - Geopolitical risks, such as nationalization discussions in Chile and labor strikes in Peru, have increased supply disruptions, contributing to a long-term unstable supply situation [8][27]. Group 3: Demand Growth from Emerging Sectors - The demand for copper is increasingly driven by the electric vehicle industry, with each electric vehicle requiring 80-100 kg of copper, significantly more than traditional vehicles [10][28]. - Renewable energy and energy storage sectors are forming a second growth curve for copper demand, with wind and solar energy applications expanding rapidly [11][29]. - The AI data center revolution is expected to significantly increase copper demand, with projections indicating a substantial rise in copper usage in clean energy sectors by 2030 [11][29]. Group 4: Industry Chain Differentiation and Value Reconstruction - The high copper prices are reshaping the value distribution logic within the copper industry, concentrating value towards resource-rich and high-value segments [12][30]. - Upstream mining companies are benefiting the most, with firms like Glencore and Freeport-McMoRan seeing profit increases of over 50% [12][30]. - The midstream smelting sector is facing challenges, with some companies forced to reduce production due to tight copper concentrate supplies and low processing fees [12][30]. Group 5: Future Trends in the Copper Industry - The structural transformation of the copper industry is irreversible, with copper evolving from a traditional industrial metal to a critical resource for energy transition [14][32]. - Future trends will focus on optimizing existing resources, increasing industry concentration, and emphasizing green transformation and technological innovation as core competitive advantages [14][32].

Core Viewpoint - The company emphasizes a strategy focused on "quality improvement and efficiency enhancement" to achieve sustainable growth and explore investment opportunities in relevant industries [1] Group 1: Strategic Focus - The company is advancing high-quality development through "capacity enhancement, technological innovation, new field layout, and internationalization" [1] - The management is committed to continuously improving operational performance while adhering to its development stage, industry characteristics, profitability, and daily funding plans [1] Group 2: Dividend Policy - The company strictly formulates its dividend policy in accordance with its articles of association and relevant laws, actively engaging in dividend distribution to share development results with investors [1] Group 3: Investor Relations - The company is enhancing interaction and communication with investors to actively convey its value [1]

Group 1 - The company has established a circular economy industrial chain centered around polyvinyl alcohol, which includes downstream products such as limestone, calcium carbide, vinyl acetate, polyvinyl alcohol, specialty fibers, PVB resin, functional films, and PVA optical films [2] - The company plans to continuously increase its technological innovation efforts to promote its main business towards high-quality, diverse, differentiated, and high value-added directions [2] - The goal is to enhance the company's global competitiveness [2]

Group 1 - The company emphasizes that it consistently focuses on technological innovation as the core driving force for its operations [2] - The company continues to invest in research and development, talent development, and the transformation of technological achievements [2] - The core technological advantages of the company's various business segments are evident, facilitating the continuous extension of its business into high value-added chains [2] Group 2 - The company plans to adopt diversified methods to communicate its technological development achievements [2]

Core Viewpoint - The domestic BDO industry is facing significant challenges due to the simultaneous implementation of high temporary anti-dumping duties by the EU and the cancellation of export tax rebates, leading to increased export costs and pressure on profit margins [1][2]. Policy Background - The BDO industry is experiencing dual pressures from external trade barriers and the absence of domestic export tax subsidies, marking a critical adjustment period for the industry [1]. - The EU's temporary anti-dumping tax, effective from February 6, 2026, imposes rates between 105.6% and 113.7% on Chinese BDO exports, significantly impacting market access [1][2]. - The cancellation of export tax rebates, effective April 1, 2026, will reduce tax refunds by approximately 13% for every 100 yuan of BDO exported, exacerbating existing profit pressures in an already low-price environment [1][2]. Combined Impact of Policies - The combination of the EU's anti-dumping tax and the cancellation of export rebates will lead to increased costs and reduced market access, intensifying the survival pressure on small and medium-sized enterprises and accelerating industry consolidation [2][8]. - Export costs are expected to rise significantly, diminishing the international competitiveness of domestic BDO producers, with a projected 14.29% decline in export volume to 180,000 tons in 2025 [4][8]. - The industry is characterized by overcapacity, with a production capacity of 5.461 million tons per year and an operating rate of only 56%, leading to a pronounced differentiation among companies [9]. Short-term and Long-term Effects - Short-term pressures will likely lead to increased cash flow challenges for BDO companies, as the cancellation of tax rebates will slow down cash recovery and reduce revenue [10]. - In the long term, the dual pressures may drive the BDO industry towards higher quality development, with a focus on innovation and structural improvements [11][12]. - The exit of inefficient production capacities will concentrate market resources among leading companies, enhancing their pricing power and profitability [11]. Industry Response Recommendations - Companies should adopt a dual strategy of short-term risk management and long-term transformation, including optimizing product structures and focusing on domestic and emerging markets [14][15]. - Investment in technology and innovation is crucial for enhancing product value and competitiveness, while also exploring global diversification to mitigate trade barriers [14][15].

当前光伏行业的"内卷"，本质是同质化产能过剩下的恶性竞争。 根据中国光伏行业协会的数据，2 0 2 5年以来，光伏供应链价格波动明显，电池、组件、 硅片环节于2 0 2 5年6月进入价格低点。这直接导致了行业企业普遍亏损。 这种单纯的价格消耗，不仅让企业无力投入研发，更可能引发产品质量滑坡，损害中国光 伏的全球声誉，不利于保持中国光伏的全球领先地位。 2 0 26年是"十五五"开局之年，也是光伏"反内卷"的关键一年。 2 0 26年，光伏"反内卷"整治行动继续向纵深推进。1月6日，国家市场监管总局约谈中国 光伏行业协会、亚洲硅业（红狮）、东方希望等部分企业，约谈内容涉及通报有关垄断风 险，提出明确整改意见并对企业做好整改工作提出要求等。 2 0 25 年 12 月 2 6 日 ， 国 家 市 场 监 管 总 局 在 安 徽 合 肥 对 光 伏 行 业 开 展 价 格 竞 争 秩 序 合 规 指 导。未来，国家市场监管总局将通过加大产品质量监督力度、加强价格和反不正当竞争执 法等手段，严厉查处违法违规行为，切实维护市场公平竞争秩序，推动光伏行业规范健康 可持续发展。 当前，光伏行业存在的低质低价竞争、同质化重复 ...