2026 年 01 月 06 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 仲逸涵 S0350525070003 zhongyh@ghzq.com.cn [Table_Title] 文莱炼化二期项目全面启动，控股股东增持彰显 长期发展信心 ——恒逸石化（000703）公司点评 最近一年走势 | 相对沪深 300 | 表现 | | 2026/01/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 恒逸石化 | 23.8% | 58.3% | 74.1% | | 沪深 300 | 2.9% | 1.7% | 25.0% | | 市场数据 | 2026/01/05 | | --- | --- | | 当前价格（元） | 10.40 | | 52 周价格区间（元） | 5.45-10.98 | | 总市值（百万） | 37,467.27 | | 流通市值（百万） | ...

如何将"小金属"做成"大产业"？广西的答案是：聚焦延链补链强链，推动"料成材、材成器、器好用"。 《广西关键金属产业创新发展"十五五"规划》明确提出打造"九链三集群"的产业体系，即延伸锡、锑、 铟等九大关键金属产业链，做强新能源材料、做优新一代信息技术材料、做大机器人及重大装备材料三 大产业集群。这意味着广西不再满足于原料输出，而是决心向高纯材料、高端合金、元器件等高附加值 环节攀升。 中新网南宁12月28日电(张广权)冬日的桂西北山区，寒意渐浓，但位于广西河池市的南丹关键金属高质 量发展综合试验区建设现场，却是一派火热景象。作为广西重塑关键金属产业版图的"关键一子"，这里 的繁忙，是广西擘画产业变革蓝图的生动起笔。 一场以高端化、智能化、绿色化、规模化、园区化为方向，旨在将资源优势转化为产业优势和经济优势 的产业版图重塑行动，正在八桂大地全面铺开。 广西是中国"有色金属之乡"，是中国关键金属的关键地区，锡、锑、铟、镓、锗、稀土、镍、钴、锂9 种关键金属资源保有量居全国前列。然而，长期形成的"小散乱"产业格局和伴生的生态环境压力，成为 制约产业高质量发展的突出瓶颈。 今年以来，广西官方将推动有色金属特别是关键 ...

据了解，广西常年外调蔬菜1000万吨以上。为加大产销体系建设，广西加快完善冷链物流体系，培 育农产品冷链物流集配中心20个。截至目前，全区冷藏保鲜库容达1100万立方米左右、储藏能力达220 万吨左右，蔬菜产品产地仓储保鲜能力和商品化处理能力不断提升。 为推动"桂菜出乡"，广西在北京、天津等重点城市建设集展示、销售和餐饮体验于一体的展销中 心，每年支持举办近百场产销对接活动，组织企业参加中国国际消费品博览会等大型展会，构建了完善 的营销网络体系。 document.getElementById("article_m").innerHTML=document.getElementById("article_p").innerHTML; 与此同时，广西蔬菜品类日益丰富，优势产区逐步形成。广西叶菜类年产量超1000万吨，白菜类、 根茎类、瓜菜类、茄果类等年产量均达500万吨以上。全区现已发展形成北部湾、湘桂通道、西江流 域、右江流域四大蔬菜产业带，构建冬春、供粤港澳、高山冷凉和城市郊区四大设施蔬菜重点产区，形 成了各有优势的蔬菜生产立体格局。 增量还要提质。广西大力推进蔬菜绿色标准化生产，推动绿色、有机蔬菜生产。截 ...

为推动"桂菜出乡"，广西在北京、天津等重点城市建设集展示、销售和餐饮体验于一体的展销中心，每 年支持举办近百场产销对接活动，组织企业参加中国国际消费品博览会等大型展会，构建了完善的营销 网络体系。 （文章来源：经济日报） 与此同时，广西蔬菜品类日益丰富，优势产区逐步形成。广西叶菜类年产量超1000万吨，白菜类、根茎 类、瓜菜类、茄果类等年产量均达500万吨以上。全区现已发展形成北部湾、湘桂通道、西江流域、右 江流域四大蔬菜产业带，构建冬春、供粤港澳、高山冷凉和城市郊区四大设施蔬菜重点产区，形成了各 有优势的蔬菜生产立体格局。 增量还要提质。广西大力推进蔬菜绿色标准化生产，推动绿色、有机蔬菜生产。截至目前，全区有效期 内的蔬菜绿色、地理标志农产品总数分别达238个、14个。通过开展重点蔬菜（豇豆、芹菜等）产品农 药残留突出问题攻坚治理行动，今年广西蔬菜农药残留监测总体合格率达98%以上。2025年，全区累计 认定"桂字号"蔬菜农业品牌共79个，品牌总价值超600亿元，形成了百色番茄、荔浦芋等一批具有地方 特色的区域公用品牌。 据了解，广西常年外调蔬菜1000万吨以上。为加大产销体系建设，广西加快完善冷链物流体系 ...

媒体+联动全 国"牛人"，让世 界爱上潮汕牛肉 火锅！_南方+_ 南方plus 珠江之畔，南北 产业联动。12月 20日，"媒体 +"首届潮汕牛肉 火锅文化节・ 2025 南方牛业 大会暨大湾区优 质牛肉产销对接 会在广州启幕， 这场深度契 合"粤享广东、 乐游广东"消费 季部署的产业盛 会，以沸腾的火 锅为媒，串联起 岭南年味、南北 协作、产业升级 与消费活力。开 幕式上，"粤牧 优品" 区域公用 品牌牛产业专属 标识揭幕，成为 产业升级的重要 里程碑。 "粤牧优品"揭幕仪式。 当前，"媒体 +"资源深度融入 南方牛产业全链 条。南方农村报 经营有限公司总 经理张璐表示， 南方农村报社联 合广东省牛产业 发展促进会，精 心策划了本次产 业盛会。打 破"各自为战"的 传统模式，首 创"养殖技术研 讨+产销精准对 接+餐饮文化传 播"三位一体模 舞铿锵有力，火 锅鲜香扑鼻，整 个火锅文化节是 一场潮汕文化嘉 年华，让远道而 来的游客读懂了 岭南年俗的独特 魅力。 式，旨在搭建一 个全产业链协同 共赢的平台：让 养殖企业找到优 质销路，让餐饮 商家对接稳定货 源，让专家智慧 赋能产业升级， 让潮汕火锅这一 地域文 ...

Industry Overview - The plastic flexible packaging industry in China utilizes resins such as PP, PE, and PVC to produce various films like BOPP and BOPET, widely used in food, pharmaceuticals, and clothing sectors [1][2] - Products are typically composed of a base layer, functional layer, and heat-seal layer, with varying performance requirements based on end-use applications [1] Current Industry Status - From 2020 to 2025, plastic film prices are expected to rise initially and then decline, with an overall downward trend by 2025; BOPA prices are the highest [2][20] - Profit margins have been shrinking over the past five years, with an anticipated overall negative margin in 2024 and 2025, particularly for BOPA [2][25] - The industry is concentrated in East, South, and North China, with Jiangsu, Zhejiang, and Guangdong as core production areas; new production lines in Central and Southwest China are filling gaps [2][31] Future Development Directions - The industry is expected to see six major trends: increased scale, accelerated integration of the supply chain, focus on differentiated development, elimination of less efficient production facilities, emphasis on park-based development, and active exploration of overseas markets [3] Market Forecast - Supply and demand will dominate the market in Q4 2025 and 2026, with macro policies and demand being significant influencing factors; international crude oil prices may decline, leading to seasonal fluctuations in plastic film prices [4]

Core Insights - The automatic driving taxi market is entering a new era with companies like Pony.ai and WeRide going public in Hong Kong, focusing on commercialization and scalability as key investment themes [1][5]. Business Model Divergence - There is a split in the business model choices among autonomous driving companies for Robotaxi, with some opting for a project-based (B2B) model while Pony.ai is pursuing a scalable operation model (B2C) to provide ongoing transportation services and achieve economies of scale [4][9]. - Pony.ai's CEO emphasizes that the company aims to focus on service provision rather than vehicle sales, with plans to expand its fleet and operations in various markets [4][5]. Operational Strategy - Pony.ai is transitioning to an "operation-centric" phase, having received recognition from long-term capital institutions for its focus on fleet scale and operational capabilities [5][14]. - The company has achieved 24/7 operational service in cities like Guangzhou and Shenzhen, with testing in Beijing [10]. Economic Model and Growth - The breakeven point for Robotaxi operations in major cities is identified at a fleet size of 1,000 vehicles, beyond which the cost per vehicle decreases and gross margins improve [13]. - The company reported a significant revenue increase of 75.9% year-on-year for Q2 2025, driven by cost reductions and scale effects [15]. Market Position and Future Outlook - Pony.ai is the first autonomous driving company to obtain permits for fully driverless Robotaxi services in major Chinese cities, indicating a strong market position [9][14]. - The company plans to scale its fleet to 50,000 vehicles by 2028-2029, with expectations of positive cash flow as it moves past the scalability inflection point [15]. Industry Evolution - The industry is shifting from a technology-driven phase to one focused on operational and scale-driven models, with sustainable and profitable service delivery becoming the core competitive advantage [16].

Core Insights - Yunnan Province's Huaining County has developed the citrus industry by establishing citrus industrial parks, promoting green, large-scale, and branded development [2] - The industrial park employs a "company + collective economic organization (professional cooperative) + farmers" model, which helps increase farmers' income [2]

Core Insights - A research team from the Korea Advanced Institute of Science and Technology has developed a direct-contact photothermal annealing platform that can achieve temperatures up to 3000℃ in just 0.02 seconds, significantly enhancing the efficiency of hydrogen production and reducing energy consumption by five times compared to traditional methods [1][2] Group 1: Technology and Innovation - The new photothermal process utilizes a strong photothermal effect to convert inert nanodiamond precursors into highly conductive and catalytically active "carbon nano-onions" [1] - "Carbon nano-onions" consist of multiple concentric graphite shells, offering high conductivity, large surface area, and excellent chemical stability, making them ideal catalyst supports [1] - The technology allows for the simultaneous synthesis of "carbon nano-onions" and the functionalization of single-atom catalysts, preventing atom aggregation during the rapid cooling process [1] Group 2: Applications and Performance - The research team has successfully prepared eight types of high-density single-atom catalysts, including platinum, cobalt, and nickel [2] - The hydrogen evolution efficiency of the platinum-carbon nano-onion catalyst is six times greater than that of traditional catalysts, while significantly reducing the amount of precious metals used [2] - This technology demonstrates substantial potential for large-scale and sustainable hydrogen production applications [2]

Core Insights - The Chinese dairy industry has significant growth potential due to low per capita consumption compared to global averages and developed countries [3][4] - The government is increasing support for the dairy sector, with substantial financial allocations aimed at expanding production and improving quality [1][2] Industry Development - The Ministry of Agriculture and Rural Affairs reported a 5.2% year-on-year increase in fresh milk production and an 8.8% increase in dairy product output for the first three quarters of the year [1] - The average milk yield per cow increased by 400 kg to 7.8 tons, with large-scale farms achieving quality levels comparable to developed countries [1] - The revenue from large-scale dairy farming has rebounded to approximately 3,000 yuan per cow annually [1] Consumption Trends - Liquid milk sales grew by 7.1% year-on-year last year, while domestic infant formula sales surged from 14.5% to 21% [1] - The current consumption structure shows a predominance of liquid milk over dry dairy products, contrasting with developed countries where the ratio is approximately 7:3 [2][4] - Per capita dairy consumption in China is only one-third of the world average, half of that of developing countries, and one-seventh of developed dairy nations, indicating substantial room for growth [2][3] Challenges in Production - The competitiveness of domestic dairy farming is hindered by higher production costs, with feed prices approximately 60% above international averages [2][5] - The average scale of dairy farms is small, with many farms operating below optimal efficiency, leading to higher costs and reduced pricing power [5][6] Future Industry Direction - The focus on "scale" and "cost reduction" in dairy farming is expected to enhance industry concentration and profitability for leading companies [6] - The government aims to address production and consumption issues through a collaborative approach involving government guidance and enterprise participation [2] Investment Opportunities - Modern Dairy (01117.HK) is identified as a leading raw milk producer, with a significant portion of its revenue derived from milk sales [7] - China Shengmu (01432.HK) is noted for its organic milk production and has expanded into raw milk processing [8] - Major players like Mengniu (02319.HK) and Yili (600887.SH) are diversifying into new product categories beyond liquid milk, positioning themselves for future growth [9][10]