2026年伊始，A股业绩预告帷幕拉开。盐湖股份、天赐材料、华菱钢铁、首钢股份、孩子王、传化智联 等一批深市代表性公司率先交出2025年度业绩"预增"答卷，为市场注入暖意。 初步统计显示，这些公司预计净利润同比增幅均超过25%，最高增幅超300%，呈现出强劲的增长动 能。 尽管所属行业各异，涵盖资源化工、新能源材料、钢铁制造、消费服务、现代物流等多个领域，但业绩 向好的背后，折射出共同的驱动力：通过核心技术突破构筑壁垒、依托智能化与绿色化推动产业升级、 借助资本市场工具优化治理，以及敏锐捕捉新消费与新科技趋势。 业内人士认为，这深刻诠释了经济结构转型期中，优质上市公司如何凭借内生韧性与创新活力实现高质 量发展。 景气度回升龙头凭核心优势领跑 "高端化+智能化"重塑竞争力 在新能源产业链上游，新一轮景气周期正在启动。具备核心资源储备与显著技术优势的龙头企业，成为 此轮行业上行最直接的受益者，业绩弹性得到充分体现。 盐湖股份预计，2025年实现归属于上市公司股东的净利润82.9亿元至88.9亿元，同比增长77.78%至 90.65%。 据公司相关负责人介绍，业绩增长主要得益于钾肥和碳酸锂两大核心产品产销稳定、价格回 ...

2025年一个普通的工作日，民生健康的研发实验室里，科研人员正在分析最新一批"酵母菌多肽"的数 据。同时，在深圳的美年健康体检中心，"健康小美"AI系统正在为客户自动生成包含肺结节风险评估的 年度体检报告。 这两家公司，一家专注产品研发，一家提供健康服务，看似走在不同的路上，但它们都清晰地感受到， 中国的健康消费市场正在发生一场深刻的变革。市场不再像过去那样"野蛮生长"，而是进入"精耕细 作"的阶段；竞争也不再局限于单一的产品，而是越来越像一场关于生态的比拼。 在中国经济转型升级的过程中，健康消费的重要性日益凸显。过去，人们一提健康消费，可能只想到买 保健品。而现在，它已经延伸成一个完整的链条——从日常预防、专业检测，到主动干预和长期管理。 赛道变局 根据中研普华产业研究院发布的《2025—2030年中国健康管理行业深度发展研究与"十五五"企业投资战 略规划报告》，2024年中国健康管理市场规模已超过8500亿元，年复合增长率达到21.3%，预计到2030 年将突破2.3万亿元。 政策方面也给出了明确的支持信号。商务部等十二部门联合印发的《促进健康消费专项行动方案》等文 件，明确提出要把发展健康体检、健康咨询 ...

同心同行 共鉴辉煌 2025年，商用车行业竞争日趋激烈，广大合作伙伴与中国重汽同心同行、砥砺奋进，共同铸就辉煌业绩：全 年汇总收入预计同比增长17%；整车销量预计突破45万辆，同比增长25%。其中，重卡产销规模突破30万 辆，再创中国重汽历史新高，连续4年稳居中国重卡行业前列。 依托大集团资源优势，中国重汽全力推进国内国际双循环发展格局，实现海内外市场协同增长。在国内市 场，各业务板块均表现亮眼：重卡预计销量15万辆，同比增长33%；轻卡预计销量12万辆，同比增长29%； VAN和皮卡同比增长116%。出口业务同步实现历史性突破，重卡出口超15万辆，同比增长11%，连续21年位 居中国重卡出口前列。与此同时，中国重汽坚持拓宽出口产品品类，轻卡出口销量同比增长161%，后市场配 件出口销售收入同比增长53%，构建起全品类出海的战略新格局。 亮眼成绩的背后，离不开合作伙伴的鼎力支持。大会现场隆重揭晓并颁发2025年山东重工中国重汽集团营销 功勋奖等多项荣誉，既是对优秀合作伙伴的表彰激励，更彰显中国重汽秉持长期主义、深化共赢合作的坚定 理念。 五大优势 筑牢根基 大会对年度成绩卓越、贡献突出的优秀合作伙伴进行了表彰 ...

冬月泉城，共襄盛举。2025年12月18日至21日，以"科技引领全链共赢"为主题的山东重工中国重汽集团 2026年合作伙伴大会在山东国际会展中心成功举办，期间同步召开全球供应链战略合作伙伴大会，并举 办公众开放日活动。本次盛会规模创下中国重汽历年之最，展品数量与覆盖范围均刷新纪录，4200多家 合作伙伴齐聚济南，共鉴发展成果、共商合作大计、共绘发展新蓝图。 同心同行共鉴辉煌 五大优势筑牢根基 核心竞争力是企业高质量发展的坚实根基。近年来，中国重汽凭借山东重工集团大集团产业链协同和成 本管控、全系列商用车产品研发、强大的国内外营销、全链条质量管控、多元化海外布局5大核心优 势，各要素相互赋能、协同发力，构筑起难以复制的竞争优势，为企业持续领跑商用车行业筑牢发展根 基。 依托国家研发平台与持续雄厚的研发投入，引进、消化、吸收欧洲领先的整车及零部件技术，中国重汽 实现核心技术自主可控；凭借全产业链布局强化协同管控，打造全生命周期成本（TCO）优质的产品， 形成差异化市场竞争优势；构建2600余人的专业营销队伍与遍布全球、日渐完善的渠道网络，精准对接 海内外需求；以质量早会机制为核心，建立全链条质量管控体系，切实保障 ...

Core Viewpoint - The insurance industry is shifting its focus from scale and speed to service and internationalization, as highlighted by the recent statements from industry leaders like Yang Yucheng of Xinhua Insurance during the "14th Five-Year Plan" preparation phase [4][11]. Industry Overview - The domestic life insurance sector has transitioned from rapid growth to a period of slowing growth over the past five years, with premium income rising from 3.10 trillion yuan in 2019 to 3.54 trillion yuan in 2023, reflecting a compound annual growth rate of 3.4%, significantly down from 12.2% in 2019 [5][6]. - The low interest rate environment has compressed profit margins, with the yield on ten-year government bonds fluctuating between 2.5% and 3.0% since 2020, compared to approximately 3.6% from 2014 to 2018, impacting the profitability of savings-type products [5]. Market Dynamics - The competition in the insurance market has intensified, leading to a vicious cycle of "interest rate competition, cost subsidies, and declining value rates," with new business value rates for major listed insurers dropping to 15%-26% in 2024, down from previous years [6][8]. - Regulatory measures are increasingly guiding the industry back to its core risk protection functions, with a focus on enhancing service capabilities and value creation [7][10]. Strategic Shifts - The "15th Five-Year Plan" is seen as a critical period for insurance companies to reassess their business focus, emphasizing the importance of service in the insurance operating system [7][10]. - Major state-owned insurers are adjusting their product strategies to prioritize protection and service capabilities, moving away from a sole focus on short-term financial returns [10][11]. Internationalization Efforts - The internationalization of state-owned insurance companies is no longer exploratory but has entered a strategic implementation phase, driven by both policy support and market demand [13][15]. - Different paths are being taken by major players: for instance, PICC aims for overseas business to account for 30% of its total growth within five years, while China Life and Xinhua are adopting a more cautious approach by focusing on asset investments abroad [14][15]. Future Outlook - The next five years will see competition in the insurance industry shift from a focus on product rates and scale to a comprehensive competition based on service capabilities, risk pricing abilities, and international perspectives [17]. - The ability to effectively implement service and internationalization strategies will be crucial for determining market positions and enhancing the global competitiveness of the Chinese insurance industry [17].

在商用车行业深度调整与绿色智能转型的关键交汇点，以"科技引领·全链共赢"为主题的山东重工中国重汽集团合作伙伴大会在济南隆重举行。 其间，中国重汽集团成都王牌商用车公司（以下简称"成都王牌"）业务分会备受瞩目。会议不仅系统回顾了2025年逆势飞扬的战绩，更深度剖析了 成功背后的核心动能，并擘画出2026年锚定新高地的清晰蓝图，展现了其作为中国重汽集团西部战略基地和新能源产业链链主企业的强劲发展势能 与责任担当。 01 销量与结构双突破 奠定高质量发展基石 面对复杂多变的外部环境与白热化的行业竞争，2025年成为重汽王牌实现历史性跨越的一年。 中国重汽集团成都王牌商用车有限公司党委书记、董事长王峰表示，成都王牌全年预计实现销量2.7万辆，同比激增46%，近三年复合增长率持续保持 在40%左右的高位，远超行业平均水平，实现了规模与效益的协同增长。 在销量高歌猛进的同时，结构性优化成为另一大亮点。新能源业务以超过150%的惊人速度持续狂奔，成为驱动增长的核心引擎。尤其在重卡新能源领 域，成都王牌表现卓越，搅拌车行业渗透率高达87.1%，自卸车渗透率达38%，牵引车渗透率达33.3%，均远高于行业平均水平，证明了其在工 ...

在2026年合作伙伴大会上，中国重汽交出了一份2025年营收突破2250亿元，并正式提出"到2030年，实现汇总营收4000亿元、整车销量80万辆的宏伟蓝 图。" 面对行业变革，中国重汽如何通过战略升级、模式创新引领发展？又如何在转型中坚守对合作伙伴的共赢承诺？ 笔者将从中国重汽集团党委书记、董事长刘正涛与总经理刘伟的发言中，剖析中国重汽在"变"与"不变"中构建共赢生态的发展路径。 变的魄力 六大战略，重汽迈向系统性重构 "2025年，中国重汽重卡销量预计突破30万辆，连续四年位居中国第一，更是中国品牌首次位居全球重卡销量榜首。"中国重汽集团党委书记、董事长刘正 涛用一组数据宣告了中国商用车行业的历史性突破。 中国重汽集团党委书记、董事长刘正涛 变的不仅是规模，更是增长逻辑。中国重汽集团总经理刘伟指出，2025年中国重汽的成功源于"三个转变"——产品结构向高端升级、营销从渠道管理转向 渠道赋能、业务从单一销售延伸至全生命周期服务。这推动国内重卡销量同比增长33%，轻卡增长29%，新能源重卡销量达2.8万辆，出口连续21年位居重 卡行业首位。 中国重汽集团总经理刘伟 面向2030年，中国重汽的"变"更加系统化。 ...

Core Viewpoint - Yuan Chuang Co., Ltd. has successfully listed on the Shenzhen Stock Exchange, marking a significant milestone for the company and the rubber track industry in China, with a strong market response reflected in its stock price surge on the first trading day [1][2] Company Background - Yuan Chuang Co., Ltd. originated from the Sanmen Tape Factory established in 1991, transitioning to the rubber track industry in 1998 and restructured as Zhejiang Yuan Chuang Rubber Track Co., Ltd. in 2006 [2] - The company has evolved over more than 20 years, expanding its product offerings from agricultural tracks to engineering tracks and track plates, ultimately becoming the first listed company in the domestic rubber track sector in 2025 [2] Competitive Advantage - The company has an annual production capacity exceeding 700,000 tracks, making it one of the largest rubber track production bases in China, with a diverse product matrix covering over a thousand models suitable for more than 80 types of machinery [3] - Yuan Chuang has established a robust customer network, collaborating with leading domestic manufacturers and international traders, with the top five customers accounting for 49.94% of revenue in 2024 [3] Market Position - According to recent reports, Yuan Chuang holds the number one market share in the domestic rubber track market and has received multiple industry accolades, including recognition as a top enterprise in the rubber track sector [4] - The company has demonstrated competitive strength in the global rubber track market, with sales extending across Asia, Europe, North America, Oceania, South America, and Africa [4] Future Development Strategy - The listing is viewed as a pivotal opportunity for the company to enhance its brand recognition and market share, with plans to focus on the rubber track core business while adapting to trends in intelligent, green, and service-oriented manufacturing [5] - Yuan Chuang aims to expand production capacity, improve product lines, and strengthen its technology research and marketing networks to enhance competitiveness and meet customer demands [5]

Core Viewpoint - China National Heavy Duty Truck Group is advancing towards its 2030 goal of achieving a total revenue of 400 billion yuan and vehicle sales exceeding 800,000 units, driven by a clear strategic blueprint, solid core competencies, and strong execution capabilities [1][6] Group 1: Core Competencies - The company has established five core competencies that serve as a solid foundation for its rapid development and sustained leadership in the commercial vehicle industry [1][6] - Technological self-control is the core of these competencies, with the company achieving independent control over key components such as engines and transmissions, and leading the industry with an engine thermal efficiency exceeding 50% [1][6] - In the new energy sector, the company is fully engaged in three major technological routes: pure electric, hybrid, and hydrogen fuel cells, supported by a comprehensive independent R&D system [1][6] - The company plans to establish a top-tier R&D team of over 8,000 people in the next five years to enhance its technological advantages [1] Group 2: Differentiated Advantages - The company has a complete industrial chain from key components to vehicle manufacturing, ensuring supply chain stability and optimizing costs through production line synergy and data interconnectivity [2] - China National Heavy Duty Truck Group has built a global marketing and service network, with over 480 heavy truck networks and 300 light truck networks in China, and exports to over 150 countries, maintaining a dominant position in the heavy truck export market [2] - The company has a rigorous quality control system that prioritizes product quality, ensuring reliability and stability through comprehensive process management [2] Group 3: Transformation Paths - The company is pursuing six transformation paths to achieve its ambitious 2030 goals, with green transformation as a core growth engine, focusing on a full range of new energy products [3] - Digital transformation is reshaping industry value, with the company advancing from L2-level assisted driving to high-level autonomous driving, aiming for over 55% market share in high-level intelligent driving systems by 2025 [3] - The company is transitioning to a service-oriented model, enhancing user lifetime value by moving beyond traditional product sales [3] - Internationalization is expanding growth potential, with a strategy to export a full range of products and establish overseas R&D and production centers [3] - Diversification is enriching growth trajectories by solidifying its core commercial vehicle business while expanding into intelligent equipment and related industries [4] - High-end transformation is aimed at improving profitability by shifting from price competition to value competition [4] Group 4: Market Growth Expectations - The management predicts continued growth in the commercial vehicle market, supported by technological changes, upgraded market demand, and industry structural adjustments [6] - The company is well-positioned to navigate industry cycles while continuously opening up growth opportunities, supported by increased R&D investment and deepening globalization [6] - With ongoing breakthroughs in new energy business scale, the company is expected to deliver on its performance growth commitments, providing long-term stable returns for the capital market [6]

Core Insights - In 2025, China's commercial vehicle industry achieved a historic breakthrough, with China National Heavy Duty Truck Group (CNHTC) surpassing 300,000 heavy truck sales, marking its fourth consecutive year as the domestic industry leader and its first time ranking first globally in heavy truck sales [1][3] Group 1: Financial Performance - CNHTC's total revenue is expected to exceed 225 billion yuan, representing a 17% year-on-year increase, while total vehicle sales are projected to surpass 450,000 units, reflecting a 25% growth [3] - In the domestic market, heavy truck sales are expected to reach 150,000 units, a 33% increase, while light truck sales are projected at 120,000 units, up 29% [3] - The company has shown remarkable growth in the new energy sector, with expected sales increases of 230% for new energy heavy trucks and 390% for light trucks [3] Group 2: Export Performance - CNHTC exported over 150,000 heavy trucks this year, marking an 11% increase and maintaining its position as the top exporter of heavy trucks in China for 21 consecutive years [4] - In September, the company set a new record for monthly exports, exceeding 15,000 units [4] - The company has diversified its export product categories, with after-market parts sales increasing by 53% [4] Group 3: Competitive Advantage - CNHTC has developed a robust core competitiveness system, highlighted by the launch of the "Xiao Zhong 1.0" intelligent service system, which utilizes advanced AI technology to enhance customer service across the vehicle lifecycle [6] - The introduction of L2+ intelligent driving assistance technology improves operational efficiency, reducing labor costs by 20%-50% and increasing vehicle utilization by 20% [6] - The company has achieved a daily production capacity of 1,300 vehicles, ensuring high-quality and timely delivery to customers [6] Group 4: Future Development Plans - CNHTC aims to achieve a total revenue of over 400 billion yuan and vehicle sales exceeding 800,000 units by 2030, supported by a commitment to R&D and the "Talent Plan" [8] - The company will focus on six strategic directions: product, channel, policy, brand, service, and ecosystem, to maintain its leadership in commercial vehicle sales and market share [8] - The chairman emphasized that reaching the top is just the beginning, and the company is committed to high-quality development in the commercial vehicle industry [8]