在沙特阿拉伯的阿尔舒巴赫沙漠，一座装机容量2600兆瓦的光伏电站正在源源不断的将阳光转化为电 能。这个中东地区最大的光伏项目背后，是中国能建（601868）的EPC总包能力，不仅集成了中国新能 源产业强大的制造能力、也集成了跨国企业施耐德电气的先进技术方案。在工业制造领域，朗快科技通 过与施耐德电气合作，逐鹿高端机床行业的国际化竞争，并持续推进数字化赋能、项目开拓及海外投 资。 这些全球化项目，折射出"十五五"时期中国企业出海的新图景：从单纯的产品出海走向技术出海、产业 链出海、生态出海。这种跃迁提出了前所未有的挑战，不仅要求中国企业具备全球化和本地化能力，更 要求中国企业将出海从产业"平移"转变为"向上走、向深走"的机会。 在这些挑战面前，越来越多中国企业开始寻找"同行者"，一些企业将视线投向了一批特殊的合作伙伴： 那些既懂中国又通全球的跨国企业。它们不仅拥有覆盖全球的商业网络和成熟的本土化经验，更在中国 市场深耕多年，深刻理解中国产业的优势与特点，能够合作无间。 新出海需要新伙伴，跨国企业成为有力支持 "十五五"即将成为中国企业出海的一个转折点。"十四五"时期，在国际经贸形势变化和供应链挑战的背 景下，许 ...

如果说"规范"是2025年中国车市的发展底色，那么"创新"便是当之无愧的发展引擎。创新首先体现 在技术路线的普惠与产业边界的拓展上。一方面，年初高声量的"智驾平权"口号在车企、智驾企业的共 同努力下，终于逐渐成为现实。比亚迪全系车型标配领航辅助驾驶功能，零跑、长安等品牌等将激光雷 达搭载于10万~15万元级车型，地平线基于单征程6M的城市NOA下探到10万元级车型……数据显示， 今年前三季度，组合辅助驾驶乘用车在新车市场的渗透率已达64%。可见，这一功能不再只是少数人的 尝鲜，而是超过半数车型的标配。 2025年，得益于AI技术的广泛应用，汽车产业边界变得模糊，车企、供应链企业向人形机器人、 低空飞行器、智能穿戴设备等领域外溢的现象愈发普遍。这不仅是业务的跨界，更是技术基因的延伸与 进化，为整个产业开辟了长远发展的全新路线。 时序更迭，又到一年复盘时。若要用一个词定格2025年中国汽车产业，"反转"二字大概是许多人的 共同心声。五花八门的智驾"吹捧"逐渐回归理性，声势浩大的"价格战"正在偃旗息鼓，看似走到绝路的 传统燃油车迎来峰回路转，担忧处处受制的汽车出口一路高歌。一系列"反转"背后，两条发展脉络愈发 明晰 ...

Core Viewpoint - The Chinese automotive market is undergoing a significant transformation, with a shift from traditional fuel vehicles to electric vehicles (EVs), leading to a competitive landscape focused on profitability and safety in the face of potential negative growth in 2026 [2][5][20]. Group 1: Market Transformation - The penetration rate of new energy vehicles in China rose from 5.4% in 2020 to 53.6% by November 2025, indicating a rapid transition compared to Europe [3]. - The automotive industry's value metrics have shifted from traditional components to new standards such as range, smart cabin experience, and assisted driving capabilities [3]. - By 2025, the market dynamics have changed, with new energy vehicles becoming the dominant force, moving from trendsetters to market leaders [3]. Group 2: Competitive Landscape - In 2025, the focus for automotive companies will shift from competing between new energy and fuel vehicles to finding ways to remain profitable in a low-margin environment [5][20]. - The market is witnessing a significant increase in market share for domestic brands, with projections indicating that domestic brands will exceed 65% market share [8]. - The sales performance of new entrants like Xiaomi has been inconsistent, highlighting the challenges of maintaining consumer trust amid safety concerns [10]. Group 3: Safety and Technology - The automotive industry is experiencing a profound value return, with safety becoming a critical factor rather than a cost option [12]. - By 2025, many vehicles are equipped with L2-level smart driving features, and advancements in battery technology have led to significant improvements in range and charging speed [12][14]. - New regulations are set to enforce stricter safety standards for electric vehicle batteries, emphasizing the importance of safety in the competitive landscape [16][18]. Group 4: Future Outlook - The automotive market is expected to face a potential decline in growth, with forecasts suggesting a 1% to 3% increase or a possible 2% negative growth in 2026 [20][21]. - Policy changes, such as the reduction of tax incentives for new energy vehicles, may impact sales growth, particularly in the price-sensitive segment [21][23]. - Companies are encouraged to explore global markets and innovate in technology to create new value, with a focus on L3-level autonomous driving and smart vehicle integration [25][28].

面对挑战，朗华集团凭借近二十年的深耕，已发展成为服务中国工业出海的重要基石。欧阳志军介绍， 朗华自成立之初便聚焦跨境与工业供应链，其发展深度契合了中国制造业全球化的进程。目前，集团年 跨境额达1300亿元人民币，服务超2万家B端制造企业，全球仓储管理面积超300万平方米，业务网络覆 盖超200个国家和地区。集团定位为"生产性服务平台"，为核心制造业客户提供涵盖外贸、物流、仓 储、信息等全链条服务，其独特的"分拣仓"能力更能深度嵌入客户生产线，实现精细到料盘级别的物料 管理。 针对出海企业的核心痛点，欧阳志军重点分享了朗华以"供应链+金融科技"双轮驱动的解决方案。朗华 构建了境内供应链金融科技平台"朗链科技"与境外持牌"智朗银行"联动的服务体系。 2025年12月25日下午，由南都·湾财社、全球青年跨境协会、出海网联合主办的"智造出海・跨境向 新"湾区跨境出海论坛&"海上之夜"私享会，在深圳蛇口希尔顿南海酒店正式启幕。 论坛现场，朗华集团副总裁、朗链科技总经理欧阳志军发表主题分享，深入剖析了在当前中国企业出海 模式发生根本性变革的背景下，如何通过供应链综合服务与创新金融方案，为制造业的全球化布局提供 关键支撑。 ...

Economic News - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance budget management and cost control across all aspects of operations [2] - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [2] - The Ministry of Housing and Urban-Rural Development proposed measures to promote the sale of existing homes and optimize affordable housing supply [2] - The General Administration of Customs conducted research on cutting-edge technology development and technology transfer [2] - The Hainan Free Trade Port has begun exporting self-produced goods with a value of 32,000 yuan, benefiting from over 12% cost savings [2] - The Shanghai Municipal Finance Bureau announced a subsidy for pig income insurance, with the municipal government covering 50% of the premium [2] - The U.S. economy showed a revised annualized GDP growth of 4.3% in Q3, exceeding expectations [2] - Japan reported a leak of radioactive water from a new reactor, with ongoing investigations into external radiation exposure [2] - Brazil confirmed anti-dumping duties on automotive glass from China, with specific rates for Malaysian producers [2] - South Korea's BC Card completed a pilot project for stablecoin payments, allowing foreign users to pay local merchants [2] Company Insights - Haibo Technology plans to invest 2 billion yuan in a smart green energy storage factory, expected to be completed by December 2028 [6] - Zhenyu Technology's subsidiary signed a strategic cooperation agreement to invest at least 1 billion yuan in projects related to new energy vehicle components and humanoid robots [6] - Huaxin Cement's major shareholder plans to increase its stake in the company by 200 million to 400 million yuan within six months [6] - Biological Shares' major shareholder intends to increase its stake by 50 million to 100 million yuan over the next year [6] Industry Strategy Agriculture Sector - The report suggests focusing on three main investment lines for the agriculture sector in 2026, with an emphasis on pig farming, feed, and pet food [7][9][10] - The pig farming industry is expected to see a gradual improvement in supply-demand dynamics, with a focus on cost management as a key factor for long-term growth [7] - The report highlights the potential for leading companies like Muyuan Foods to benefit from improved valuations and market conditions [8] Feed and Veterinary Medicine - The veterinary medicine sector is shifting towards innovation, with companies that prioritize R&D expected to thrive [9] - The feed industry is anticipated to see stable demand supported by high livestock inventory, with leading companies likely to gain market share [9] Pet Food Market - The domestic pet food market is projected to grow, with local brands gaining market share despite tariff disruptions [10][11]

电力设备及新能源行业 2026 年策略："反 内卷"背景下景气度回升，关注各环节产 业链出海机遇 2025 年 12 月 22 日 看好/维持 电力设备及 新能源 行业报告 | 分析师 | 洪一 电话：0755-82832082 邮箱：hongyi@dxzq.net.cn | 执业证书编号：S1480516110001 | | --- | --- | --- | | 分析师 | 吴征洋 电话：010-66554045 邮箱：wuzhy@dxzq.net.cn | 执业证书编号：S1480525020001 | | 分析师 | 侯河清 电话：010-66554108 邮箱：houhq@dxzq.net.cn | 执业证书编号：S1480524040001 | 投资摘要 1、锂电行业：跨越周期底部，看好产业链回归机遇 锂电产业链经历近 23~24 两年的出清与去库阶段后已走出周期底部，需求端维持了超预期的高增长态势，产业链价格企 稳后出现上扬，部分环节利润端已确立向上趋势，同时如 6F、电解液添加剂（VC）及铁锂正极等环节已出现供应紧张迹象， 25Q3 头部企业接近满产状态，我们认为锂电板块整体景气度持续回升，产 ...

公司近况 我们维持2025/2026 年净利润预测31.20 亿元/34.31 亿元不变。 当前A股股价对应2025/2026 年13.4/12.2 倍市盈率，H股股价对应2025/2026 年8.8 倍/7.9 倍市盈率。我们 维持A股跑赢行业评级和目标价34.0 元不变，对应2025/2026 年17.7 倍/16.1 倍市盈率，较当前股价有 32.5%上升空间。我们维持H股跑赢行业评级和目标价23.0 港币不变，对应2025/2026 年11.0 倍/9.8 倍市 盈率，较当前股价有24.7%上升空间。 风险 消费市场竞争激烈，大南药价格承压，商业业务回款压力。 积极布局华东商业市场。根据公告，浙江医工是浙江省排名前6的优质医药流通企业。浙江医工2024 年 和2025 年1-3 季度收入为42.45 亿元和29.20 亿元。我们认为此收购有利于广州医药获得浙江省及周边地 区成熟的客户网络，进一步优化广州医药在华东区域的产业布局，提升对国内终端市场的覆盖广度和深 度。 投资南京医药，加大商业板块布局。根据公司公告，2025 年9月，公司旗下广药二期基金投资南京医药 公司收购南京医药部分股份。公司预计此举 ...

Core Viewpoint - A significant price increase in copper, driven by supply shortages and high demand, is creating tension between major copper producers like Codelco and Chinese buyers, leading to strategic responses from China to mitigate costs and secure supply [2][4][11]. Group 1: Supply and Demand Dynamics - Codelco, a major player in the copper industry, has raised the processing fee for copper from $89 to $350 per ton, a nearly threefold increase [4]. - The global demand for copper is surging, particularly due to its critical role in renewable energy technologies, with electric vehicles using four times more copper than traditional vehicles [6][7]. - Supply disruptions have occurred in major copper-producing regions, leading to a forecasted supply gap of 150,000 tons by 2026 [11]. Group 2: China's Strategic Response - Chinese companies are responding to high copper prices by shifting their purchasing strategy from finished copper to copper concentrate, leveraging their significant refining capacity [15][17]. - A coalition of Chinese copper companies has agreed to collectively reduce smelting capacity by at least 10% to exert pressure on upstream suppliers [19][20]. - Chinese firms are diversifying their sourcing by investing in copper mines globally, reducing reliance on any single supplier [28]. Group 3: Market Positioning and Pricing Power - The establishment of the Shanghai Futures Exchange for copper aims to create a pricing benchmark that reflects Asian market dynamics, allowing China to influence global copper pricing [30]. - The current situation reflects a shift in power dynamics within the global commodities market, with China transitioning from a passive buyer to an active strategic player [31].

Group 1 - The Hainan Free Trade Port will officially start its full island customs closure on December 18, marking a significant step towards China's high-level opening-up [1] - The "2025 14th Annual Development Conference of Listed Companies and Hainan Free Trade Port Opportunity Exchange Conference" will be held from December 11 to 13, gathering over 400 industry leaders to discuss macroeconomic trends and the benefits of the free trade port [1][2] - The conference will feature key speeches from prominent figures, including former Vice Minister of Industry and Information Technology Su Bo, who will discuss the path to upgrading China's manufacturing industry [2] Group 2 - The 20th Central Committee's Fourth Plenary Session emphasized the importance of expanding autonomous opening-up and implementing a high-standard construction of the Hainan Free Trade Port, positioning it as a key practice window for national opening-up policies [3] - The conference will include roundtable discussions on AI technology's transition from concept to commercial realization and the collaborative pathways for Chinese enterprises in global supply chains [3][4] - An "International Consumption New Opportunities" session will explore new directions in the consumption industry, featuring insights from notable industry representatives [4][5] Group 3 - The event will also focus on the evolution of China's role in the global consumption industry, shifting from passive acceptance to active integration, with an emphasis on capital linkage and brand output [5] - Discussions will cover long-term strategies for new consumer brands and the integration of cultural tourism to activate overall consumption [5] - A report on consumer trends for 2024-2025 will be released, providing industry analysis and future outlooks [5]

Core Insights - The Chinese home appliance industry has undergone a significant transformation from "scale chasing" to "quality leading," focusing on technological innovation and enhancing competitiveness [2]. Group 1: Innovation and Upgrades - The current innovation in the home appliance sector is centered around three key themes: more environmentally friendly, smarter, and more integrated products [2]. - New generation appliances have made qualitative leaps in performance, safety, and environmental standards, with widespread adoption of green energy-saving technologies [2]. - Consumer expectations vary by appliance category, with larger appliances like refrigerators and air conditioners emphasizing quietness, energy efficiency, and reliability, while smaller appliances like air fryers focus on novelty and specific problem-solving capabilities [2]. Group 2: Smart Home Experience - The development of smart appliances is expected to provide users with enhanced experiences, transitioning from individual product usage to integrated scenarios [3][4]. - Appliances will evolve from being command-driven to proactively serving users, such as washing machines that automatically identify fabric types and adjust settings accordingly [5]. - Home appliances may also act as "energy managers," optimizing energy usage based on electricity costs and peak demand [6]. Group 3: Global Expansion - The Chinese home appliance industry is accelerating its global expansion, shifting from merely exporting products to establishing a comprehensive global supply chain [7]. - This transition allows companies to gain a competitive edge by setting up regional R&D centers and developing customized products for local markets, enhancing their resilience against risks [7]. - However, managing overseas operations and integrating diverse cultural teams presents significant challenges, which can drive companies to accelerate their growth [8].