一月行情展望 长江证券研究所金融工程研究小组 2025-12-28 %% %% %% %% research.95579.com 1 research.95579.com 2 当月强势股回顾 12月涨幅榜前20的个股中仅有2只起涨时自由流通市值在百亿上下，强势题材主要集中在商业航天，连板标 的需提防下周的月末效应 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% 图：12月涨幅榜Top20（截至12月26日） | 属性 | 名称 | 最低到最高涨幅 | | 前最低价（元） | 起涨时自由流通市值（亿） 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | | 商业航天 | 天力复合 | 251 . | 62% | 26 79 . | 37 4 20 7 . . | | 并购重组 | 胜通能源 | 211 . | 62% | 13 51 . | 6 09 16 93 . . | | 商业航天 | 西部材料 | 170 . | 65% | 1 ...

（1）擘画"十五五"发展新蓝图，开启国家中心城市建设新征程，要牢牢把握郑州所处的历史方位 与时代使命。 "1"个总要求是统领，锚定现代化建设取得决定性进展的宏伟目标。"确保基本实现社会主义现代化 取得决定性进展"，是贯穿"十五五"时期各项工作的总纲和最终落脚点。总要求既是"灯塔"也是"标 尺"。它要求我们既要在经济实力、科技实力等硬指标上"跳起摸高"，更要在社会治理效能、人民生活 品质等软实力上"固本培元"，为2035年基本实现社会主义现代化奠定具有决定性意义的基础。这一总要 求，体现了郑州作为国家中心城市应有的责任与担当。 第一个"7"（七个强市）是骨架，构筑高质量发展的四梁八柱。建设科创强市、制造强市、开放强 市、数智强市、交通强市、文旅强市、都市农业强市，"七个强市"涵盖了经济、社会、文化、生态等关 键领域，是对我省建设"六个强省"的具体落实，也是对郑州核心功能和综合实力的系统性塑造。其 中，"开放强市"和"都市农业强市"的提出，尤为体现特色与精准。前者彰显了郑州连续13年进出口总额 领跑中部、打造"中部对外开放门户"的底气和决心；后者则立足超大特大城市实际，探索保障粮食安全 与发展现代高效农业相结合的 ...

会议现场，发言嘉宾介绍，京津冀地区集聚了优质的商业资源、雄厚的产业实力、广阔的市场空间，广大荆门楚商和校友在此深耕细作，近年来，荆门市共 有楚商返乡投资项目近400个，总投资额超2400亿元。 活动现场。中国经济网记者李冬阳/摄 北京湖北企业商会会长、荆门楚商联合会会长、软通动力集团董事长兼首席执行官刘天文在活动现场深情为家乡代言："荆门有灵气，投资正当时。投资荆 门，既是回报家乡的赤子之心，更是抢占中部崛起先机的战略选择。软通动力愿做荆门永远的'城市合伙人'，与大家共同在这片热土上播种数字未来的种 子，谱写数字时代的新篇章。" 北京康孚科技股份有限公司董事长敖顺荣作为北京荆门企业商会会长、荆门楚商联合会常务副会长，他谈到荆门市的营商环境，他说："荆门已实现从'优惠 政策吸引'到'产业生态构建'的转变，从降低物流成本的创新模式，到'荆天办'政务服务品牌，特别是'企业家日'等常态化沟通机制，都体现了家乡荆门'一切 为了企业'的真心实意。这种尊重市场、解决问题的务实姿态，是我们最看重的软环境。"敖顺荣表示，下一步将在新能源、高端制造等领域与荆门深度合 作，助力家乡打造绿色低碳的智能工厂集群。 中国经济网北京12月 ...

当前，无论是保障国家产业链供应链安全、扩大内需潜力，还是提升全国统一大市场的整体效率，都离 不开中部地区能级的持续跃升。可以说，中部崛起不仅关乎一域之兴，更关乎全局之稳与动力之源，具 有突出的时代紧迫性和战略指向性。 中部崛起不仅关乎一域之兴，更关乎全局之稳与动力之源，具有突出的时代紧迫性和战略指向性。 湖北光电子产业集群迈上万亿元级规模；湖南工程机械朝全球市场迈进，多项设备出口份额提升；河南 优质专用小麦比重稳步提高；江西"锂电之都"辐射力明显增强；郑渝高铁全线贯通，中欧班列稳定运 行，跨境电商综试区加快壮大……一段时间以来，中部地区发展出现一系列新进展。这些鲜活图景，展 示了中部地区加快崛起的势头，站上了更高发展起点。 "加快建成中部地区崛起重要战略支点"这一重大要求，不仅是对发展优势的深刻把握，更是立足国家战 略格局作出的重大战略部署。《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》提 出，扎实推动西部大开发形成新格局、东北全面振兴取得新突破、中部地区加快崛起、东部地区加快推 进现代化，促进东中西、南北方协调发展。其中，中部地区所承载的战略功能愈加重要。 支撑点、链接点、撬动点，共同构成战略 ...

每经记者｜刘旭强 每经编辑｜杨欢 据不完全统计，目前全国已有超半数省份发布"十五五"规划建议。 根据最新发布的河南"十五五"规划建议，一个明显的亮点是，河南与周边省份合作的表述，从"十四五"规划建议中"继续加强和巩固周边合作"的"一句带 过"，变为覆盖周边省份、区域的"精准施策"。 座次变化背后，是外贸产业结构的调整。 可见，毗邻省份协作被河南摆在更重要的位置。而这一举动的核心目标，是为了更好融入全国统一大市场。作为"十省通衢"的中部大省，河南有区位、市场 规模、人力、文化等众多优势，但近年经济总量被四川超越，外贸总额也被安徽反超，在大省经济竞赛中面临不小压力。 更关键的是，在全国统一大市场建设规划的五个优先协作区域中，河南暂未被纳入其中。在河南当地专家看来，这意味着河南在全国统一大市场建设中已 有"边缘化"危机。随着中部崛起、黄河流域高质量发展等国家战略推进，与毗邻省份抱团发展成为河南破局的必然选择。 "十五五"关键期，河南如何以省际协作为抓手，用通道串联资源、以节点城市聚产业，最终在全国统一大市场中提升位势能级？ 筑支点 "九州腹地、十省通衢"，河南素来以交通枢纽优势为发展底气之一。但近年，其枢纽经济面临 ...

Core Viewpoint - The article emphasizes the importance of political supervision in ensuring the effective implementation of regional coordinated development strategies in China, particularly focusing on the roles of local disciplinary inspection and supervision agencies in various regions [6][18]. Group 1: Regional Coordination Development - The Sichuan-Chongqing economic circle is highlighted as a key area for national development, requiring focused political supervision to ensure high-quality development [7]. - Hubei's strategy involves enhancing regional collaboration and integrating with surrounding urban clusters to boost economic competitiveness [8]. - Anhui's approach includes leveraging its strategic advantages in national development plans to ensure effective political supervision and collaboration with other regions [9]. Group 2: Supervision Mechanisms - The article discusses the establishment of collaborative supervision mechanisms across regions and departments to address issues such as information barriers and project delays [11][12]. - Emphasis is placed on creating a multi-dimensional supervision system that integrates data sharing and real-time monitoring to enhance accountability [10][16]. - The need for a systematic approach to supervision is underscored, focusing on key tasks and areas to ensure effective implementation of national strategies [15][16]. Group 3: Challenges and Solutions - The article identifies challenges such as bureaucratic inertia, lack of accountability, and regional protectionism that hinder effective regional coordination [14][15]. - Solutions proposed include enhancing communication between departments, establishing clear responsibilities, and implementing strict accountability measures for non-compliance [12][15]. - The importance of addressing local protectionism and ensuring the free flow of resources across regions is highlighted as essential for achieving coordinated development [18].

Economic Overview - The overall GDP growth rate for China in the first half of 2018 was 6.8%, slightly down from 6.9% in the same period of 2017 [3][7] - Among 31 provinces, 28 have reported their economic performance, showing a trend of "three increases, six stable, and nineteen decreases" in GDP growth [7] Provincial GDP Growth - The provinces with the highest GDP growth rates were Guizhou (10.0%), Yunnan (9.2%), and Jiangxi (9.0%), while Tianjin had the lowest at 3.4% [5][3] - Notably, Liaoning experienced the largest positive change in GDP growth, increasing from 2.1% in 2017 to 5.6% in 2018, a rise of 3.5 percentage points [7][11] - Conversely, Chongqing saw a significant decline from 10.5% in 2017 to 6.5% in 2018, a drop of 4 percentage points [11] Industrial Growth - Liaoning's industrial added value increased by 10.3%, ranking second after Shaanxi, while Chongqing's industrial added value growth plummeted to 1.8% from 10.4% in 2017 [2][10] - The growth of industrial added value is closely linked to GDP growth, with both showing a high degree of correlation [10] Central Region Development - The central region is showing significant economic development, with five out of six provinces in the central area ranking among the top ten for GDP growth [5][6] - The total GDP of five provinces exceeded 2 trillion yuan, indicating robust economic performance [5] Investment Trends - In Hunan, industrial investment grew by 23.4%, significantly outpacing overall investment growth, contributing over 60% to total investment growth [8] - The increase in exports has also been a key driver for provinces like Shaanxi and Hunan, which reported rapid export growth [8]

Core Insights - Liu'an is leveraging its geographical advantages and rich resources to attract investment and develop its industrial base, particularly in the context of national development strategies [23][24][25] Industry Development - Liu'an has established six leading industries: information technology, food health, building materials and home furnishings, new energy, mining metallurgy, and new materials, while also planning for future industries such as low-altitude economy, hydrogen energy, and third-generation semiconductors, forming a "6+3" industrial system [11][32] - The new energy vehicle (NEV) industry is rapidly developing, with 304 related enterprises, including 205 component manufacturers and 99 aftermarket companies. In 2024, Liu'an aims to attract 81 NEV-related projects with a total investment of 239 billion [12][31] - The hydrogen energy sector is highlighted, with Liu'an being one of the first national hydrogen energy demonstration cities, featuring leading companies like Tomorrow Hydrogen, which has developed core technologies and established a large-scale industrialization facility [21][24] Investment and Economic Growth - Liu'an's industrial investment is projected to grow by 33% in the first half of 2025, outpacing the provincial average, with manufacturing investment increasing by 9.9% [32] - The Liu'an Economic and Technological Development Zone is home to advanced manufacturing facilities, such as the introduction of a 9,800-ton die-casting machine, which is expected to generate annual sales of no less than 1 billion [29][30] Strategic Collaborations - Liu'an is benefiting from strategic partnerships, particularly with Shanghai, which has led to the establishment of the Liu'an Modern Industrial Park, designed to attract investment and facilitate industrial cooperation [33][34] - The park operates under a market-oriented model, promoting collaboration between Shanghai and Liu'an in sectors like integrated circuits, high-end equipment, and new energy vehicles [34][35]

Economic Development - The central region of China, covering six provinces, is focusing on high-quality development and modernizing its industrial system, emphasizing the importance of the real economy and innovation [1][2][3] - The "14th Five-Year Plan" highlights the need to optimize traditional industries while nurturing emerging and future industries, with a focus on smart, green, and integrated development [3][5] Industry Innovation - Companies like Hunan Sheny Precision Parts Co., Ltd. are enhancing their manufacturing processes to support local manufacturing breakthroughs, particularly in key components for large engineering equipment [2] - Wuhan Yuwei Optical Technology Co., Ltd. is developing advanced laser radar technology for railway bed condition measurement, showcasing the region's commitment to innovation in high-tech industries [3] Agriculture Modernization - The central region is advancing agricultural modernization through mechanization and smart farming technologies, such as unmanned agricultural machinery and IoT devices for precise irrigation [4][5] - Various initiatives are being implemented to improve agricultural productivity and quality, including land transfer in Jiangxi and single-crop yield enhancement actions in Henan [5] Energy Transition - The region is actively transitioning to a new energy system, with projects like the liquid hydrogen plant in Anhui, which aims to enhance hydrogen production efficiency and reduce costs [6] - AI systems are being deployed in coal mining operations to improve safety and efficiency, with significant reductions in energy consumption and equipment failure rates reported [5] Infrastructure Development - The central region is enhancing its transportation networks to connect domestic and international markets, with significant investments in ports and logistics facilities [10] - The establishment of modern food industry parks and the expansion of waterway transport routes are examples of how the region is leveraging its geographical advantages for economic growth [10] Social Welfare Initiatives - The implementation of long-term care insurance in regions like Henan is aimed at alleviating the economic burden on families with disabled members, reflecting a commitment to improving social welfare [11] - Various local governments are investing in public services and community support initiatives to enhance the quality of life for residents, including childcare and housing assistance programs [11][13]

Core Insights - Hubei's top ten key industries have all experienced growth in the first three quarters, with significant double-digit increases in sectors like automotive and electronics [1] - The automotive industry is the largest pillar industry in Hubei, playing a crucial role in the province's industrial rise and contributing to the transformation and upgrading of manufacturing [1][2] - Hubei aims to become a strategic pivot in the central region of China, aligning its goals with the transformation of the manufacturing sector towards high-end, intelligent, green, and digital directions [1][2] Industry Overview - Hubei has developed a complete automotive industry ecosystem, with 25 vehicle manufacturers and over 2,400 parts suppliers, making it one of the provinces with the highest degree of industrialization and the most complete supply chain in the automotive sector [2] - The "Wuhan-Xiangyang-Tianjin-Suizhou" automotive industry cluster has been recognized as a national advanced manufacturing cluster, with expected revenue exceeding 1 trillion yuan in 2024 [2] - The automotive industry in Hubei showcases a collaborative effect through precise division of labor, with different cities focusing on various segments such as passenger vehicles, commercial vehicles, and specialized vehicles [2] Innovation and Development - Dongfeng Motor has ranked first in patent authorization and innovation index among domestic independent vehicle manufacturers for three consecutive years, while Lantu Motors has accumulated 1,519 authorized patents and 4,783 pending applications [3] - Hubei's automotive industry is a pioneer in the integration of science and technology, with support for collaborative innovation in key areas like intelligent networking and new energy [2][3] - The province has implemented a series of supportive policies to enhance the automotive industry's influence, facilitating both production upgrades and market activation [3] Market Expansion - Hubei's automotive industry is expanding its market presence both domestically and internationally, enhancing the brand influence of "Hubei-made" vehicles [4] - Lantu Motors has successfully entered the European market, selling out its first batch of models, and is also making strides in the Middle East [3][4] - The continuous improvement of the industry chain and innovation capabilities is driving Hubei's steady progress in becoming a pivotal region in central China [4]