外延并购助成长。公司以"内生增长+投资并购"双轮驱动策略加速市场渗透，整合汽车、电子电器等细 分领域优质资源，同步拓展东南亚、中东等海外市场，深化"一带一路"项目合作。2023年8月，公司作 价8，090万元现金收购西南检测55%股权，拓展地基和环保检测业务。2023年10月，公司以8，250万元 收购冠标（上海）检测技术有限公司55%股权，发力汽车检测市场。 2025年8月，公司以自有资金2，100万元收购深圳中认通测检验技术有限公司60%股权，夯实电子电器 检测业务。公司以"科技赋能质量生态"为使命，构建了涵盖建设工程、环境保护、电子电器、汽车、计 量校准等多领域的检验检测服务体系，形成"一个产业中心、五个发展方向"的战略布局。 投资建议：预计公司2025-2027年归母净利润分别为0.75/1.20/1.80亿元，同比+354.2%/+60.1%/+50.2%， 对应P/E分别为38.62/24.13/16.07倍。首次覆盖，给予"推荐"评级。 风险提示：新签订单不及预期的风险；应收账款回收不及预期的风险；外延并购不及预期的风险。 检测行业头部企业，科技转型潜力大。联检科技前身为常州市建筑科学研究院集团 ...

在内需稳步恢复、消费结构深度调整的2025年，红旗连锁（002697）以消费者需求为导向，不断科技创 新、稳健发展。日前，"2025第十四届上市公司发展年会暨海南自贸港开放机遇交流大会"系列活动在海 口举行，红旗连锁凭借长期深耕社区、稳健经营与持续创新，荣膺"大消费卓越竞争力上市公司"，成为 大消费板块中兼具韧性与成长性的代表之一。 当下的消费市场，增速温和、结构分化加剧，红旗连锁脱颖而出，本身就是一个信号：社区零售企业， 只要在科技与运营上持续迭代，同样可以在新一轮消费竞争中逆风而上。从业务形态看，红旗连锁早已 不是单一的"社区便利店"，而是构建了"商品+服务+金融"的综合服务体系。然而，行业正面临消费升级 与理性收缩并存的挑战，这场围绕效率、体验和科技能力的硬仗中，获评既是对其长期经营质量的认 可，也对其科技转型提出了更高期待。 锻造"数字大脑" 早在行业普遍谈数字化之前，红旗连锁就已构建起一套适配自身业务特点的信息化管理系统，实现公 司-分场-财务-配送等环节的快速联网。通过这一系统，商品配送、库存周转、门店收银、财务核算等关 键流程得以在线协同，大幅提升了运营效率和管理精度，为门店网络的规模化扩张提供 ...

证券日报网讯12月17日，航锦科技（000818）在互动平台回答投资者提问时表示，作为国资控股上市公 司，公司的市值管理始终以"提升发展质量"为前提，以公司内在价值提升为核心，既是国有资产保值增 值的要求，也肩负维护投资者重要责任的体现。股价短期波动受行业政策、二级市场情绪等多重因素影 响，公司始终专注于自身主业，努力夯实公司业务基本面，持续强化科技转型的战略布局，提升公司长 期价值。 ...

Group 1: Core Insights - The rise of trade between China and Central Asian countries presents opportunities for Russian companies, particularly Yandex, which is helping Chinese businesses penetrate these markets [1] - Kazakhstan serves as a strategic hub for Chinese companies under the Belt and Road Initiative, with increasing visibility of Chinese brands in Almaty [2][3] - The demand for financial services in Central Asia is growing, with many Chinese companies exploring business opportunities in the region [3] Group 2: Market Dynamics - The Central Asian market, particularly Kazakhstan, has significant untapped potential for Chinese enterprises, especially in niche sectors like light industry and technology services [3] - Yandex, as a major player in the Russian internet market, is focusing on attracting Chinese clients to facilitate their entry into the Central Asian market [5] - The retail e-commerce market in Kazakhstan is experiencing rapid growth, with a projected transaction volume of 1.45 trillion tenge in the first half of 2024, reflecting a 61% year-on-year increase [5] Group 3: Advertising and Investment Trends - Chinese advertisers are increasingly shifting their focus to Central Asia, with a 76% year-on-year increase in the number of ads placed in Kazakhstan and a 192% rise in advertising spending [6] - The primary sectors for Chinese advertisers in Kazakhstan include gaming, e-commerce, B2B, and automotive, aligning with broader trends in Chinese brand expansion [6] Group 4: Automotive Sector Insights - Chinese automotive brands are gaining traction in Russia, with a notable increase in market share following the exit of many Western brands [7] - Approximately 47% of Russian car buyers are considering Chinese vehicles for their next purchase, indicating a growing acceptance of these brands [7] - Yandex is collaborating with Chinese automotive manufacturers to integrate its services into vehicles, enhancing their appeal in the Russian and Central Asian markets [9]

要进入这样一个打下深刻语言文化烙印的市场，大部分中国公司需要找到当地的合作伙伴，来帮助它们尽快进入消费者的视野。 中国与中亚国家贸易的崛起让俄罗斯企业嗅到商机。俄罗斯最大的互联网公司正在帮助更多中国企业渗透中亚市场。 坐落在莫斯科"二环"附近的Yandex是俄罗斯最大的互联网科技公司，搜索引擎起家的Yandex有"俄罗斯版谷歌"之称。近年来，随着中国企业出海俄罗斯与中 亚国家需求的增长，Yandex正在通过中亚俄语区市场的优势地位，来吸引更多中国客户，帮助他们渗透到这些过去鲜有人问津的地区。 飞往阿拉木图的中国商人 哈萨克斯坦是介于中俄之间的亚欧大陆"心脏地带"，也是大量中国企业近年来通过"一带一路"政策所抵达的首个战略枢纽地。 在哈萨克斯坦的经济中心阿拉木图，12月整座城市已是一幅雪山包围的美丽图景。记者刚出机场就能看到中国科技公司华为醒目的广告牌；机场高速沿途， 海尔、比亚迪等中国企业的广告牌林立；大街上随处可见的是红旗、长城等中国品牌汽车。 据阿拉木图一家华人酒店老板介绍，近几年来，中国赴哈萨克斯坦考察的团队越来越多，酒店生意也越来越好，经常爆满。 中国从事媒介咨询行业的人士小艾告诉第一财经记者，她今年 ...

中经记者 赵毅 重庆报道 "长安第1个1000万辆用时30年，第2个1000万辆用时7年，第3个1000万辆用时4年半。"12月10日，重庆 阿维塔数智工厂，中国长安汽车党委书记、董事长朱华荣表示。 随着一辆阿维塔12四激光版驶下生产线，中国长安汽车正式迎来了第3000万辆中国品牌汽车的下线。 第3000万辆汽车下线标志着中国长安汽车的科技转型路径愈加清晰。《中国经营报》记者了解到，中国 长安汽车已构建"六国十地"全球研发布局，在16大领域建成44个技术研究、产品开发中心，200余个实 验室。近3年累计申请专利1.4万余件，每年将营业收入的5%投入研发。 朱华荣表示，3000万辆是新的起点，长安将以新能源"香格里拉"、智能化"北斗天枢"和全球化"海纳百 川"为牵引，持续打造阿维塔、深蓝汽车、长安启源三大新能源品牌，坚定向智能低碳出行科技公司转 型，力争到2030年实现整车产销500万辆，其中新能源占比超60%，海外占比超30%。 销量增长背后的底层逻辑 12月11日，中国汽车工业协会（以下简称"中汽协"）召开沟通会发布最新数据显示，11月，中国汽车月 度产量首次超过350万辆，创历史新高。2025年前11个月 ...

[Table_Title] 研究报告 Research Report 7 Dec 2025 全球宏观 Global Macro 2026 年宏观经济和市场展望：新一轮再定价周期 2026 Global Macro & Market Outlook: Entering a New Repricing Cycle | Shengzu Wang | 周林泓 Amber Zhou | 季屏子 Pingzi Ji | Hitesh Gulati | 黄雨昕 Yuxin Huang | 李加惠 , CFA | | --- | --- | --- | --- | --- | --- | | sz.wang@htisec.com | amber.lh.zhou@htisec.com | pz.ji@htisec.com | hitesh.gulati@htisec.com | yx.huang@htisec.com | jh.li@htisec.com | [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for Engli ...

Core Insights - The event "Supply Renewal Journey, Service Leap New Stage - 2025 Henan Province New Service and Supply Brand Construction Exchange Activity" showcased a variety of innovative and diverse brands from Henan, highlighting the province's vibrant economic landscape [1][30] - The exhibition featured prominent brands such as Mixue Ice City and Henan Museum's cultural products, demonstrating the integration of modern consumer needs with traditional heritage [5][8] Group 1: Brand Highlights - Mixue Ice City, a globally recognized tea beverage chain, has established a comprehensive control over its entire supply chain, creating an efficient and replicable business model for fresh tea drinks [5] - Henan Museum's cultural innovation showcased sub-brands like "Yulai Yuchao" and "Bohua Yatang," transforming six thousand years of history into accessible and consumable products, emphasizing their role as pioneers in cultural product development and intellectual property protection [8] - The exhibition also featured innovative technologies such as "naked-eye 3D + XR" to bring ancient oracle bone inscriptions to life, enhancing the cultural tourism experience [12] Group 2: Product Innovations - Various food products were highlighted, including Shan Yao powder and Huai Ju tea from Sanhua Tang, which integrate traditional Chinese medicine into modern lifestyles [16] - The "Little Pear Sister" series from Ningling Guoyuan Gong and traditional sour and spicy noodles from Shedian Ancient Town reflect the blend of traditional flavors with contemporary fast-food settings [16] Group 3: Technological Advancements - Power Diamond, a leader in the cultivated diamond industry, is building a new development ecosystem that integrates smart manufacturing, creative design, and brand sales [19][22] - Henan Guangyuan New Materials Co., Ltd. showcased electronic-grade glass fiber, essential for advanced electronic devices, indicating the company's focus on high-tech materials [26] - Henan Xuanshi Tool Co., Ltd. is transitioning from traditional manufacturing to an integrated model of R&D, production, and sales, aiming for global expansion [26] Group 4: Overall Impact - The exhibition served as a significant platform for brand exchange and industrial collaboration, showcasing Henan enterprises' achievements in industrial upgrading, cultural transformation, and technological innovation [30]

近几年来，美的集团资本动作频频，相继收购控股了上市公司合康新能（300048）、万东医疗 （600055）和科陆电子（002121），分别介入了新能源与工业自动化、医疗影像和能源管理业务领域， 进一步强化了To B业务的新增长曲线。产经观察家丁少将评价称:"如果说美的集团的上半场是家电的故 事，那么下半场则会是B端的故事。" "十四五"时期，美的集团（000333）的华丽蜕变是广东资本市场发展的一个缩影。早年间，外界对美的 集团的印象还停留在家电层面。如今，美的集团已成功转型为一家覆盖智能家居、新能源与工业技术、 楼宇科技、机器人与自动化、健康医疗、智慧物流等业务于一身的多元化科技巨擘。 与并购扩张同步进行的是，美的集团在研发上的持续高强度投入。近五年来，美的集团累计研发投入超 过600亿元。美国商业专利数据库（IFI Claims）发布的"2023年全球250强专利领导者"榜单中，美的集 团专利家族数排名全球第八位、中国民营企业第一位。 目前，美的集团已在全球12个国家设立38个研发中心，构建起"2+4+N"的全球化研发网络。方洪波强 调，科技领先战略是美的集团的核心战略，美的集团将更加坚定地继续加大研发投 ...

Group 1: Competitive Advantages - The company adopts a differentiated business strategy to adapt to changes in the operating environment and accumulate unique advantages [2] - Key strategies include deepening operational focus, enhancing professional management, accelerating technological transformation, and maintaining risk management to ensure stable operations [2] Group 2: Capital Growth and Financing - The company emphasizes the long-term relationship between dividends and internal capital growth, ensuring a solid capital foundation for sustainable business development [2] - Internal capital is expected to create greater value for the company's development, with a commitment to improving performance and maintaining steady internal capital growth for shareholder returns [2] Group 3: Loan Growth and Economic Support - The company has focused on supporting key sectors such as small and micro enterprises, manufacturing, import-export businesses, and consumer services, leading to steady loan growth [2] - Future loan growth is anticipated to be supported by ongoing policy benefits aimed at expanding domestic demand and promoting consumption, effectively meeting the financing needs of the real economy [2] Group 4: Compliance and Communication - During the investor relations activity, the company ensured thorough communication with investors while adhering to disclosure regulations, with no significant undisclosed information leaks reported [2]