长江商报消息 ●长江商报记者 张璐 建筑央企中国中铁（601390.SH、00390.HK）持续经营稳健。 9月25日，中国中铁公告称，近期公司中标多个重大工程，包括铁路工程、公路工程和市政及其他工 程，中标价合计约502.15亿元。 作为全球领先的综合建设集团，中国中铁市场地位稳固。2025年上半年，公司实现营收5125亿元，净利 润118.3亿元；新签合同额11086.9亿元，同比增长2.8%。 强劲的经营表现背后，中国中铁持续将研发投入转化为显著的技术优势，在高速铁路、大跨度桥梁、长 大隧道等领域攻克了一系列技术难题。近三个年度，中国中铁年均研发投入约282亿元。 中标多个重大工程项目 高强度研发巩固领先地位 公开资料显示，中国中铁成立于2007年，并于2007年在沪港两地同步上市，依托深厚的行业积淀和央企 平台优势，逐步发展成为全球基建领域的领军企业。自成立以来，公司始终保持稳健发展态势，即便面 临行业周期波动，仍展现出较强的经营韧性。 从近年业绩数据来看，2023年是中国中铁业绩的阶段性高点，当年实现新签合同额3.1万亿元，实现营 业收入、净利润分别为1.26万亿元，334.8亿元，各项核心指标均处 ...

中概股整体回调，纳斯达克中国金龙指数跌超2%。 中概股大幅调整。 当地时间周五（9月26日），美股三大指数集体高开，但随后走势出现分化，截至发稿，道指涨0.36%， 纳指跌0.27%，标普500指数跌0.13%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 46112.38 | 165.06 | 0.36% | | IXIC | 纳斯达克指数 | 22325.18 | -59.52 | -0.27% | | SPX | 标普500 | 6613.17 | 8.45 | 0.13% | 展望后市，摩根士丹利发布研报称，小米集团25日发布其旗舰智能手机—小米17系列，其中Pro及 ProMax型号配备全新后置屏幕，这是一项创新设计。结合优良的产品质量及吸引人的价格，摩根士丹 利认为小米17系列的销售表现很可能超预期，此类新产品可能加速小米在高端智能手机市场的份额增 长，维持小米集团"增持"评级，目标价62港元。 值得注意的是，小鹏汽车逆市走高，盘初一度涨超4%。消息面上，9月26日，小鹏汽车宣布正式进入 ...

友升股份以"全球汽车工业顶级供应商"为发展目标，积极拓展国际市场，如在美洲加快推进墨西哥生产 基地建设、在欧洲保加利亚设立泽升欧洲。截至2024年末，墨西哥一期生产基地已正式投产。 9月25日，苏州汇川联合动力系统股份有限公司（以下简称"联合动力"）登陆深交所创业板。该公司是 中国新能源汽车动力系统的领军企业，客户涵盖理想、小米等造车新势力。新能源汽车的动力系统相当 于燃油车的发动机和变速箱，承担着将电能转化为机械能的核心功能。根据2024年中国电动汽车百人会 联合麦肯锡发布的研究报告，预计2030年全球新能源汽车乘用车渗透率将达50%左右——以联合动力为 代表的新能源汽车动力系统企业正在迎来机遇。随着联合动力上市，今年苏州已新增境内外上市公司12 家，其中境内A股7家，新增境内上市公司数量位居全国第一；截至目前，苏州累计上市公司达到277 家，其中A股上市公司225家、位居全国第五，资本市场的"苏州板块"正不断壮大。 9月25日，奇瑞汽车股份有限公司（以下简称"奇瑞汽车"）在港交所上市。此次上市以30.75港元／股定 价，募资规模达91.4亿港元，约合83.76亿元人民币，成为年内港股市场规模最大的车企IP ...

9月25日，奇瑞汽车股份有限公司（以下简称"奇瑞汽车"）在港交所上市。此次上市以30.75港元／股定价，募资规模达91.4亿港元，约合83.76亿元人民币， 成为年内港股市场规模最大的车企IPO。根据弗若斯特沙利文的资料，2024年，奇瑞公司乘用车销量同比增长49.4%，增速位居全球前二十大乘用车公司之 首；是全球前二十大乘用车公司中唯一一家新能源汽车销量、燃油车销量、中国市场销量及海外销量较2023年均增长超过25%的乘用车公司。随着奇瑞汽车 上市，芜湖上市公司总数达31家，其中境内21家、境外10家，总量居安徽第二。 值得注意的是，三家企业在依托资本市场扩能升级的同时，均开启了全球化发展布局，加速从"本土企业"向"全球玩家"的蜕变。 转自：新华财经 新华财经上海9月26日电 （谷青竹） 企业上市动态，是透视区域经济活力的"晴雨表"，更是观察"科技-产业-金融"深度融合逻辑的"显微镜"。在本周，长三 角三家企业密集上市，尤为值得聚焦——它们分别扎根于铝合金零部件、新能源动力系统、整车制造等汽车产业链从核心部件到终端产品的关键环节，生动 印证了长三角在产业布局中"各扬所长、错位发展" 的独特优势，成为区域产业 ...

Core Viewpoint - The article emphasizes the historic opportunity for the Chinese automotive industry to strengthen and expand through the electric and intelligent transformation, suggesting that Chinese automakers can achieve a leapfrog development compared to their Western and Japanese counterparts in the traditional fuel vehicle era [2][13]. Group 1: Overview of Global Automotive Parts Giants - German automotive parts giants are primarily technology-driven, having achieved mass production as early as the 1920s-1930s, with companies like Volkswagen and Mercedes-Benz originating from Germany [5][13]. - Japanese and Korean suppliers have historically been supported by their parent manufacturers, gradually enhancing their R&D capabilities and expanding overseas after initially learning from advanced parts manufacturers [5][13]. - The competition among American automotive parts suppliers is relatively fragmented, with only a few making it to the top ranks globally, while Canadian company Magna serves as a significant supplier in North America [5][13]. Group 2: Changes in Chinese Automotive Parts Suppliers - Chinese automotive parts suppliers are undergoing significant changes, with the rise of new energy vehicles (NEVs) since 2020, led by companies like Tesla and local startups, reshaping the relationship between manufacturers and suppliers [10][11]. - The emergence of competitive Chinese parts suppliers, characterized by high cost-performance and rapid response capabilities, is evident, with notable examples including Top Group and Desay SV [10][11]. - Since 2022, there has been a marked acceleration in the globalization of Chinese suppliers, with companies like Top Group and New Spring accelerating their overseas production capacity [10][11]. Group 3: Development of Adient - Adient, the automotive seating giant, began its journey as a part of Johnson Controls, focusing on strategic acquisitions to build a solid industry foundation and expand into interior business [6][18]. - After becoming independent, Adient concentrated on deepening its presence in local markets, enhancing its capabilities through acquisitions and technology [6][18]. - Adient's commitment to R&D has led to the establishment of 12 global technology centers and over 1,200 seating technology patents, creating significant technological barriers [7][18]. Group 4: Future Outlook and Strategic Insights - The article outlines that the automotive industry is undergoing a transformation towards electrification and intelligence, with Adient focusing on digital interaction and electric adaptation of seating systems [7][18]. - The integration of local market needs into global product innovation is highlighted as a key strategy for Adient, allowing it to lead in the automotive seating and interior sector [7][18]. - The report aims to provide insights into Adient's historical development and its strategic positioning in the electric and intelligent automotive landscape, identifying lessons for domestic suppliers [11][18].

Core Insights - Wuhan Yizhi Xincheng Technology Testing Co., Ltd., a subsidiary of Yifei Laser, has achieved a significant milestone by obtaining laboratory accreditation from the China National Accreditation Service for Conformity Assessment (CNAS) [1][2] - This accreditation enhances the credibility and quality of Yizhi Xincheng's testing services, aligning them with international standards and providing third-party authoritative certification recognized in 153 countries and regions globally [1][2] Group 1 - The CNAS accreditation signifies that Yizhi Xincheng's testing capabilities meet high standards of impartiality, independence, and confidentiality [1] - The laboratory is equipped with advanced verification testing equipment and a professional technical service team, offering a comprehensive testing service chain covering materials, devices, and systems [1][2] - The accredited testing projects focus on four key areas: micro-level length detection of materials, spectral transmittance ratio detection of quartz glass, laser beam width and radiation power detection, and airtightness testing [2] Group 2 - Yizhi Xincheng aims to support the innovation and development of strategic industries such as new energy batteries, optoelectronic materials, and laser equipment through high-quality testing technology [2] - The laboratory is one of the few third-party labs in the lithium battery equipment industry with CNAS accreditation, providing services not only for Yifei Laser's internal quality control but also for global enterprises in the new energy battery and high-end manufacturing sectors [2] - Yifei Laser is deepening its globalization strategy, with successful deliveries of fully automated energy storage container assembly lines and cell assembly lines to overseas clients, indicating steady growth in overseas orders [2]

Core Viewpoint - Longi Technology is enhancing its overseas layout by investing approximately 210 million yuan in the second phase of its Vietnam project, aiming to upgrade production capacity and localize the supply of raw materials for permanent magnetic ferrite [1][2]. Group 1: Investment and Expansion - The investment of about 210 million yuan will be used to construct the second phase of the Vietnam project, which will add 10,000 tons of permanent magnetic ferrite wet-pressed magnetic tile capacity and 25,000 tons of pre-burned material capacity [2]. - The project is set to begin construction in September 2025 and will be completed in 36 months, contributing to the company's long-term stable development [2][3]. Group 2: Financial Performance - In the first half of 2025, Longi Technology achieved operating revenue of 591 million yuan, a year-on-year increase of 6.36%, and a net profit of 85.25 million yuan, up 31.82% from the previous year [5]. - The growth in profit is attributed to increased capacity at the Vietnam subsidiary, improved scale effects, and a reduction in losses from the soft magnetic business [5]. Group 3: Business Segments - Longi Technology operates in three main business segments: permanent magnetic, soft magnetic, and inductors, effectively diversifying market risks [4]. - The permanent magnetic ferrite segment has a capacity of 50,000 tons and is widely used in automotive, variable frequency appliances, and power tools [4]. Group 4: Research and Development - The company emphasizes technological innovation, with R&D expenses exceeding 5% of revenue, amounting to 31.35 million yuan in the first half of 2025 [5][6]. - Longi Technology holds over 200 national patents, covering key processes in the production of high-performance magnetic tiles [6]. Group 5: Market Position - As of September 15, the company's stock price was 62.02 yuan per share, with a year-to-date increase of approximately 102%, and a total market capitalization exceeding 7 billion yuan [7].

Core Viewpoint - Dalian Electric Porcelain is accelerating its transformation during the "14th Five-Year Plan" period, with its Jiangxi factory showcasing the effectiveness of three strategic implementations: low-carbon, digitalization, and globalization [3][10][21]. Group 1: Green Transformation - The Jiangxi factory is not just a production site but a green low-carbon industrial ecosystem, integrating solar energy systems, energy storage facilities, and smart charging stations [7][10]. - The factory has achieved a fully established green energy system and has been recognized as a "Green Factory" in Jiangxi, promoting efficient recycling of clean energy [10][11]. - Dalian Electric Porcelain aims to transition from a "low-carbon factory" to a "zero-carbon benchmark" enterprise in the insulation industry by the end of the "15th Five-Year Plan" [11][22]. Group 2: Digitalization and Smart Manufacturing - The Jiangxi factory employs a digital management platform that monitors and optimizes energy usage and production processes, enhancing efficiency and product quality [10][15]. - The company is moving from "digital manufacturing" to "intelligent ecosystems," aiming to create a fully integrated smart factory covering R&D, production, supply chain, and customer service [19][20]. - Automation and smart sensors are utilized throughout the production process, ensuring consistent product quality and operational efficiency [15][18]. Group 3: Globalization and Market Expansion - Dalian Electric Porcelain has over 70 years of export experience and is leveraging its green and smart initiatives to enhance global competitiveness [21]. - The Jiangxi factory's first phase began production in 2023, with plans for the second phase to be completed by the third quarter of 2025, aimed at serving rapidly growing international markets [21][22]. - The company is shifting its strategy from "product export" to "brand and capability export," with the goal of becoming a mainstream supplier in the global insulation market [21][22].

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations" to lower fees for fund subscriptions, purchases, and sales service fees, expected to save investors approximately 30 billion yuan annually [2] - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release disclosure guidelines on "pollutant emissions," "energy utilization," and "water resource utilization," aiming to enhance sustainable development awareness among listed companies [3] - The National Financial Supervisory Administration has revised the "Insurance Company Capital Guarantee Fund Management Measures" to strengthen regulation over insurance company capital guarantee funds, with a minimum deposit requirement of 20 million yuan [3] Group 2: Company News - Hikvision's chairman proposed a mid-term dividend plan for 2025, suggesting a cash dividend of 4 yuan per 10 shares, amounting to approximately 3.666 billion yuan, which represents 64.8% of the company's net profit for the first half of the year [5] - Aerospace Hongtu signed a strategic cooperation agreement for an internet satellite project worth 2.9 billion yuan, although it is still in the preliminary intention stage and subject to formal contracts [5] - Kweichow Moutai's controlling shareholder received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans [5] - Yihuatong announced the termination of a planned acquisition of 100% equity in Danzhou Xuyang Hydrogen Energy Co., citing a lack of consensus among parties involved [6] - Delisted Longyu received a notice of administrative penalty from the Shanghai Securities Regulatory Bureau, with a total fine of 38.1 million yuan for financial misconduct [6][7] - Kuangda Technology's controlling shareholder signed a share transfer agreement to transfer 4.12 billion shares at a price of 5.39 yuan per share, totaling 2.22 billion yuan [6] - Zhizheng Co. received approval from the CSRC for a major asset swap and fundraising not exceeding 1 billion yuan to acquire control of Advanced Packaging Materials International Limited [8] Group 3: Industry Insights - According to a report from Zhongtai Securities, the domestic medical device industry is in a rapid development phase, with expectations for a turning point in the third quarter of 2025, highlighting opportunities in policy support and innovation-driven growth [9]

Group 1: Semiconductor Sector - The semiconductor sector has shown a significant quarter-on-quarter profit increase, with a positive long-term trend anticipated [1][2] - In Q2 2025, the semiconductor sector's inventory turnover days, accounts payable turnover days, and accounts receivable turnover days are expected to decrease, indicating improved asset turnover efficiency [2] - The ongoing AI wave is driving continuous innovation on both cloud and edge sides, leading to improved profitability across various segments of the semiconductor industry [2] Group 2: Electrolytic Aluminum Sector - The electrolytic aluminum sector is viewed positively for the second half of the year due to low valuations combined with profit expansion expectations [1][3] - The current tight supply-demand balance is expected to support rising aluminum prices, with average profits in the electrolytic aluminum sector projected to exceed 4,500 yuan per ton in the second half of the year [3] - The sector is anticipated to experience dual improvements in valuation and profitability, leading to favorable stock performance for companies in this space [3] Group 3: Medical Device Sector - The domestic medical device industry is still in a rapid development phase, with short-term impacts from medical insurance cost control potentially affecting the sector negatively [1][4] - Despite these challenges, there is optimism regarding innovation-driven domestic companies accelerating import substitution and expanding globally [4] - Q3 2025 is expected to mark a potential turning point for the medical device sector, with a focus on AI healthcare and brain-computer interface investment opportunities [4]