智通财经APP获悉，部分光伏股走高，截至发稿，协鑫新能源(00451)涨6.76%，报0.79港元；新特能源 (01799)涨5.22%，报7.66港元；协鑫科技(03800)涨2.75%，报1.12港元；信义光能(00968)涨1.32%，报 3.06港元。 华福证券认为，此举短期旨在打击价格串通等违法行为，维护公平秩序；长期则是引导行业从同质化低 价竞争，转向技术创新与优质优价的健康发展轨道。这为具备技术、成本优势的头部企业创造了更有利 环境，并与近期硅片企业协同挺价的市场行为形成共振。行业竞争规则正在重塑，高质量发展成为明确 方向。 消息面上，市场监管总局近日在安徽合肥对光伏行业开展价格竞争秩序合规指导。市场监管总局将通过 加大产品质量监督力度、加强价格和反不正当竞争执法等手段，严厉查处违法违规行为，切实维护市场 公平竞争秩序，推动光伏行业规范健康可持续发展。 ...

今年成立的外卖平台京东外卖为行业带来了冲击与活力，通过食品安全、商家减负和骑手保障三大领域 的创新举措推动行业高质量发展。 一个今年成立的外卖平台，为行业带来了冲击与活力。 2025年3月，京东外卖正式在京东的"秒送"频道上线，定位为"品质外卖"。京东表示，做品质外卖一方 面是为了让用户吃得放心，另一方面是希望让坚守品质的堂食餐厅赚到应赚的钱，同时驱逐"幽灵外 卖"。 上线后，京东外卖的单量迅速突破了1000万单，并且持续增长。截至2025年11月，京东外卖公布了最新 成绩：日单量超2500万单，入驻品质餐厅超200万家，并上线京东外卖独立App。 京东外卖对于行业的意义不在于行业又多了一个大体量的外卖平台。其实自京东外卖上线以来，在食品 安全、商家减负和骑手保障三大方面推出了一系列创新举措，用自身行动助力外卖行业高质量发展。 例如在食品安全方面，京东外卖上线以来商家入驻审核通过率仅为40%，打造行业最严准入标准，首创 LBS视频审核，并在行业内率先推行门店分类打标，让消费者清晰识别堂食、即提不同类型的门店。不 仅是对入驻商家严格，京东外卖对于旗下的外卖餐厅"七鲜小厨"也有着高要求。今年10月，七鲜小厨公 示 ...

12月12日，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》（以下简称《指南》）公开征求意见。《指南》从汽车 生产企业价格行为、销售企业价格行为、制度建设等方面，为维护汽车行业公平竞争秩序，保障消费者合法权益，促进产业链供应链健康可持 续发展提供了明晰指引。 对此，比亚迪表示，将以《指南》为指引，持续优化自身的价格管理和合规体系建设。 官方承诺，将严格落实规范价格竞争行为的要求，保障消费者的利益，坚决杜绝任何形式的价格欺诈和不正当竞争行为。积极发挥行业示范引 领作用，与全行业同仁携手共进，筑牢行业合规经营秩序，推动构建协作共赢发展生态，助力汽车产业高质量发展。 12月12日，国家市场监督管理总局发布《汽车行业价格行为合规指南（征求意见稿）》（以下简称《指南》）公开征求意见。《指南》从汽车 生产企业价格行为、销售企业价格行为、制度建设等方面，为维护汽车行业公平竞争秩序，保障消费者合法权益，促进产业链供应链健康可持 续发展提供了明晰指引。 对此，比亚迪表示，将以《指南》为指引，持续优化自身的价格管理和合规体系建设。 官方承诺，将严格落实规范价格竞争行为的要求，保障消费者的利益，坚决杜绝任何形式 ...

证券研究报告 多元金融 公募考核改革引导归本溯源 华泰研究 2025 年 12 月 07 日│中国内地 动态点评 多元金融 增持 (维持) | 沈娟 | 研究员 | | --- | --- | | SAC No. S0570514040002 | shenjuan@htsc.com | | SFC No. BPN843 | +(86) 755 2395 2763 | | 汪煜 | 研究员 | | SAC No. S0570523010003 | wangyu017005@htsc.com | | SFC No. BRZ146 | +(86) 21 2897 2228 | 孙亦欣* 研究员 SAC No. S0570525070004 sunyixin@htsc.com +(86) 755 8249 2388 行业走势图 (19) (9) 1 10 20 Dec-24 Apr-25 Aug-25 Dec-25 (%) 多元金融 沪深300 资料来源：Wind，华泰研究 公募考核改革引导归本溯源 据财联社，近日《基金管理公司绩效考核管理指引（征求意见稿）》已下发， 是近年来公募基金系列改革的又一重要里程碑。相较于 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【12月6日国泰海通证券董事长朱健出任中证协新一届会长】12月6日，国泰海通证券董事长朱健出任中 证协新一届会长。他表示，中证协将聚焦主业、强化功能、完善制度，推动高质量发展。还会推动证券 行业功能有效发挥，健全投融资机制，指导"十五五规划"实施，引导行业融入国家战略。 ...

《2025上海融资租赁行业报告》将于12月5日下午进行发布与解读。报告立足"十四五"行业发展成就， 展望"十五五"发展新局，系统梳理上海融资租赁行业的发展现状、创新实践与转型路径，旨在全面呈现 行业在支持"五篇大文章"、服务实体经济、深化对外开放、推动高质量发展中的积极行为，为行业从业 者、监管机构及相关方面提供参考，共同助力上海融资租赁行业在新征程上实现高质量、可持续的发 展。 ...

《好材料选材通则》明年1月1日起实施 要建好房子，用好材料，标准是关键。记者了解到，中国建筑材料联合会已发布我国首个《好材料选材通则》（以下简称《通则》），作为建材行业首个好 材料选材标准，将于2026年1月1日起正式实施，从源头上为好房子用材提供统一技术标准，切实保障百姓居住品质。 《通则》明确了选材基本原则、指标体系、分级规则与标识要求，聚焦健康、安全、绿色、优质四大核心指标：健康指标严控挥发性有机物、抗菌防霉等性 能；安全指标覆盖防火、抗震、耐久性等要求；绿色指标强调全生命周期节能降碳；优质指标关注材料性能提升与质量追溯。 在数智转型方面，"AI+建材"成为行业升级新方向，2024年建材行业关键工序数控化率达到66.5%，智能化转型正在加快。"十四五"以来，建材行业共发布国 家标准393项、行业标准497项，牵头制定国际标准19项，并提出以优化升级传统建材产业、培育壮大无机非金属新材料产业、整合提升非金属矿产资源产 业，作为行业高质量发展的三大引擎。 中国建筑材料联合会会长 阎晓峰：中国建筑材料联合会已经制定由发展质效、创新能力、绿色低碳等30多项定量定性指标构成的行业高质量发展指标体 系，以此引导行业 ...

全体会员应坚持创新驱动发展，推动关键核心技术攻关及创新产品的研发与应用，以健康、公平的竞争 环境推动疫苗及其相关生物制品行业高质量发展。 本倡议经理事会批准后，全体会员应共同遵守，并接受行业与社会监督。如有违反，将受到全体会员的 集体谴责，本会将给予其警告、通报批评、暂停行使会员权利直至除名等措施。 倡议全文如下： 关于反对"内卷式"竞争 促进疫苗及其相关生物制品行业高质量发展的倡议 中国疫苗行业协会全体会员须严格遵循《中华人民共和国疫苗管理法》《中华人民共和国价格法》，严 格遵守行业自律公约，坚持公平、合法、诚实信用原则，以生产经营成本与市场供求状况为定价基本依 据，依法自主合理定价，自觉维护市场价格稳定，共同营造公平有序的竞争环境。坚决抵制无序低价竞 争，在招投标全流程中，严禁以低于成本的报价参与竞标，切实保障产品与服务的质量标准。 智通财经APP获悉，为积极响应国家关于推动生物医药产业高质量发展的战略部署，引导行业持续健康 发展，11月19日，中国疫苗行业协会发布《关于反对"内卷式"竞争 促进疫苗及其相关生物制品行业高 质量发展的倡议》。其中指出，中国疫苗行业协会全体会员须严格遵循《中华人民共和国疫苗管 ...

Market Performance - The basic chemical index increased by 2.14% from October 18 to October 24, while the CSI 300 index rose by 3.24%, indicating that the basic chemical sector underperformed the CSI 300 by 1.11 percentage points, ranking 15th among all sectors [1][2] - The top-performing sub-industries included other chemical fibers (6.42%), adhesives and tapes (5.75%), rubber additives (5.70%), other rubber products (5.32%), and polyurethane (5.21%) [1][2] Chemical Prices - The top five products with the highest weekly price increases were hydrochloric acid (Shandong) at 450.00%, liquid chlorine at 400.00%, hydrochloric acid (Jiangsu) at 50.00%, domestic vitamin E at 17.95%, and international sulfur at 12.31% [3] - The top five products with the largest weekly price declines included octanol (-7.63%), propylene (-6.92%), acrylic acid (-6.11%), domestic vitamin D3 (-5.88%), and domestic vitamin B6 (-5.74%) [3] Industry Dynamics - The "14th Five-Year Plan" aims to promote high-quality development in the chemical industry, with a focus on optimizing and upgrading traditional industries, enhancing competitiveness in global industrial division, and fostering emerging pillar industries such as new energy and new materials [4] - The National Development and Reform Commission emphasized the need to accelerate the effective improvement of traditional industries and reasonable growth in quantity, which could lead to the emergence of several trillion-level markets [4] Regulatory Updates - The Ministry of Ecology and Environment announced the 2026 quota plan for ozone-depleting substances, including a total production quota of 151,416 tons for HCFCs, with a reduction of 3,000 tons (-2%) for HCFC-22 compared to 2025 [5][6] - The plan also includes the allocation of production quotas for HFCs based on types, with no restrictions on HFC varieties [5][6] Investment Recommendations - Current investment focus includes the refrigerant sector, with potential price increases expected as the supply-demand balance is restored; recommended companies include Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [7] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [7] - Other sectors of interest include tire manufacturing (recommended companies: Sailun Tire, Senqilin, Linglong Tire) and agricultural chemicals (recommended companies: Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, Yangnong Chemical) [7] - High-quality growth stocks to watch include Bluestar Technology, Shengquan Group, and Shandong Heda [7] Industry Rating - The basic chemical industry maintains an "overweight" rating [8]

Core Insights - The postal industry in China has shown a steady and positive trend in the first three quarters of 2023, providing robust delivery support for economic and social development [1][3] Industry Performance - The postal industry achieved a business revenue of 1.3 trillion yuan and a delivery volume of 158.26 billion items, representing year-on-year growth of 7.7% and 15.0% respectively [1] - Express delivery revenue reached 1.1 trillion yuan with a volume of 145.08 billion items, marking year-on-year increases of 8.9% and 17.2% [1] - The average price of express delivery stabilized and increased by 0.5% in Q3 compared to Q2, with average prices recorded at 7.35 yuan/item, 7.36 yuan/item, and 7.55 yuan/item for July, August, and September respectively [1] Service Quality - The on-time delivery rate in key regions reached 86.47% in Q3, an improvement of 2.08 percentage points year-on-year [1] - Public satisfaction with express delivery services scored 85.0 points, an increase of 1.3 points from the previous year [1] Growth Drivers - Cross-regional express delivery is the main driver of growth, with revenue and volume reaching 534.76 billion yuan and 130.17 billion items, reflecting year-on-year growth of 6.9% and 18.6% [2] - Cross-regional business contributed 96% to the overall growth in express delivery volume [2] - The central and western regions saw significant growth, with revenue and volume increasing by 12.8% and 23.9% respectively, enhancing their share of the national total [2] Infrastructure and Innovation - New logistics parks and hubs are being developed, with increasing integration of express services with railways, airports, and other transport modes [2] - The application of unmanned vehicles and drones is rapidly expanding, alongside continuous innovation in customized delivery services [2] Regulatory and Governance Improvements - The postal industry is advancing its governance capabilities, focusing on integrating party building with business operations and addressing issues of competition and service quality [3] - Efforts are being made to enhance the rural delivery logistics system and improve service quality and market order [3] - The implementation of the "Interim Regulations on Express Delivery" is being promoted to strengthen industry oversight [3]