1月9日早间消息，华润啤酒（控股）有限公司前董事会主席侯孝海已正式入职正大集团，任职正大集团中国区首席运营官（COO），负责中国区日 常经营管理工作。 消息传开后，有行业人士向《国际金融报》记者证实，"此事早有风声，大概率属实"。随后，侯孝海本人也向媒体直接确认了上述任职消息。 左宇 摄 后续关联动作持续落地。12月12日，侯孝海与正大集团资深副董事长谢毅等人，接待了凉山州农垦置业集团相关负责人一行，并一同考察正大·兴隆 咖啡文化园；当月月底，其又参加了正大集团中国区"高管真言"系列分享会，不过当时对外身份仍标注为"华润啤酒原董事会主席"。 公开资料显示，正大集团系泰籍华人谢易初于1921年在泰国创办，在泰国亦称卜蜂集团，如今已发展成为以农牧食品、批发零售、电信电视三大事业 为核心，同时涉足金融、地产、制药、机械加工等10多个行业和领域的大型跨国公司。集团业务遍及全球100多个国家和地区，全球员工超46万人，2024 年全球销售额1022亿美元。值得一提的是，身为中国第0001号外资企业，正大集团已进入中国市场四十余年。 事实上，侯孝海入职正大集团并非毫无铺垫，此前已有多重迹象可循。 2025年11月的第八届 ...

提起石化化工行业，不少人会先想到"炼油厂""化工厂"的刻板印象，却忽略了它早已渗透在生活的每一个角落。石化 化工行业从来不是冰冷的工业符号，而是藏在烟火气里的"生活伙伴"。我们每天接触的物品中，八成以上都与它有 关。 更易被忽略的是，高端产业的发展也离不开它的托举。新能源汽车的电池电解液、半导体芯片的封装材料、生物医药 的中间体，这些"高精尖"领域的核心原料，都需要石化化工行业的技术突破来保障。 作为国民经济的重要支柱，这个看似"硬核"的行业，正以政策为舵、以绿色为底、以创新为翼，完成一场务实又有力 量的转型。 一、政策掌舵：告别"内卷"，迈向高端新赛道 过去，石化行业面临"供需失衡""低价低质量竞争"的困境，但如今在政策指引下，正告别"内卷"，转向高质量发展的 新赛道。"十五五"期间，国家明确提出要深化供给侧结构性改革，坚持供需两侧协同发力，平衡总量规模与市场需 求，坚决遏制恶性竞争，引导行业聚焦高端化转型。 从行业数据来看，多数子行业产能扩张已放缓。2025前三季度，基础化工资本开支同比下降9.07%。33个子行业中， 同比增长的9个，同比下降的24个；基础化工在建工程同比下降14.18%。33个子行业中 ...

Group 1 - The core announcement from Tianyuan Co., Ltd. is the plan to expand production capacity by constructing a new 100,000-ton chlorination titanium dioxide project, with a total investment of 1.483 billion yuan and a construction period of 24 months [1] - The project aims to align with the industry's trend towards green and high-end transformation, enhancing the company's competitiveness in the titanium dioxide market and increasing the proportion of new industries in its portfolio [1] - In addition to the titanium dioxide project, Tianyuan is also advancing other projects, including a 100,000-ton lithium iron phosphate cathode material project and ongoing construction of the Tiancheng lithium battery project [2] Group 2 - Tianyuan's subsidiary, Vietnam Tianxiang New Materials Technology Co., Ltd., will cease production and operations starting January 1, 2026, due to ongoing losses attributed to external factors such as tariffs and rapid capacity expansion in Vietnam [3] - The financial performance of Vietnam Tianxiang has been poor, with reported revenues of 28.86 million yuan in 2024 and 72.50 million yuan in the first three quarters of 2025, alongside net losses of -16.91 million yuan and -10.61 million yuan respectively [3] - The decision to halt operations is aimed at protecting shareholder interests and is not expected to impact the main business of Tianyuan [3]

Group 1 - The core viewpoint of the article is that Tianyuan Co., Ltd. is actively pursuing the green and high-end transformation trend in the industry by expanding its production capacity for titanium dioxide using the chlorination method [1] - The company’s wholly-owned subsidiary, Yibin Tianyuan Haifeng and Tai Co., Ltd., plans to implement a new project with an annual production capacity of 100,000 tons of chlorination titanium dioxide [1] - The total investment for the new project is 1.483 billion yuan [1]

Core Insights - Konghui Technology has been awarded the "Innovation Team Award (Components)" by the China Society of Automotive Engineers for 2025, marking a significant recognition of its achievements in the intelligent suspension field and its leadership in core component innovation [1][4][6]. Group 1: Award Significance - The "Innovation Team Award (Components)" was established in 2021 to address the urgent need for core technologies in the automotive industry's electrification and intelligence transformation, recognizing teams that have made significant technological breakthroughs in key components [4]. - This award is given annually to only one team, making it a prestigious honor in the automotive components sector, with previous winners including notable companies like BYD and Horizon Robotics [4]. Group 2: Technological Achievements - Konghui Technology's team has made continuous advancements in intelligent suspension technology, achieving several milestones such as the domestic debut of passenger car air suspension systems in 2021 and overcoming the localization challenges of dual-chamber air springs in 2023 [6]. - In 2025, the team achieved another milestone with the domestic debut of a 48V active stabilizer, enhancing vehicle stability and safety during high-speed cornering, which supports advanced intelligent driving [6]. Group 3: Market Performance - As of November 30, 2025, Konghui Technology has supplied 1.108 million sets of air springs, 199,000 controllers, and 274,000 valve pumps, with a market share of 41.3% for passenger car air spring products in 2024 [6]. - The company has entered the supply chain of a well-known German automotive brand, receiving an A Rating in calibration tests, indicating high international recognition of its quality and technology [6]. Group 4: Industry Impact - The recognition of Konghui Technology reflects the broader breakthroughs in China's automotive industry, particularly in core components, as intelligent suspension systems are crucial for enhancing vehicle handling and comfort [7]. - The company aims to become a pioneer in the global electric control suspension industry and a leader in suspension technology, contributing significantly to the high-quality development of the Chinese automotive sector [7].

机构：长江证券 研究员：于旭辉/魏杏梓 九兴控股：全球高端鞋履隐形冠军九兴控股为全球领先的高端鞋履制造商，为Nike、Prada、Balenciaga 等全球顶尖品牌提供以ODM 为主的制造服务。公司在2010-2018 年持续进行国内→东南亚的产能转 移，导致订单受限、利润波动，2019 年管理层关键换班开启新增长周期，聚焦高端化转型与东南亚产 能布局优化，利润率及资本回报率得到显著回升，2024 年公司实现营收111 亿元、归母净利润12 亿 元，规模体量位居国内制鞋二线梯队，但利润率处于行业较优水平。 行业：需求存结构性机会，供给格局长期向好 多元产能布局，生产效率领先。公司建立以国内为枢纽、东南亚为主要生产基地的制造体系，2024 年 中国/越南/亚洲其他地区产能占比分别为24%/52%/20%。员工生产熟练度领先同业，人均出货量业内仅 次于华利，且在持续推进自动化提升效率，构建了与全球化产能深度适配的本地化供应体系。反映至经 营层面，公司劳动力转化效率优，综合所得税率处于业内最低，人均创收、创利均显著领先同业。 投资：重启成长，估值有望抬升 需求端，目前美国服装行业位于去库尾声，运动板块多数品牌库存 ...

Core Insights - The coal mining machinery industry in China is experiencing significant mergers and acquisitions aimed at enhancing technological collaboration and extending industrial chains, with a focus on transitioning towards intelligent and high-end solutions [2][4]. Financing and Mergers - Listed companies in the coal mining machinery sector primarily utilize targeted issuance for financing, mainly for acquiring equity stakes and supplementing working capital [2]. - Major mergers and acquisitions include: - Taiyuan Heavy Industry's acquisition of 67% of Taiyuan Heavy Equipment for 300 million yuan, enhancing its capabilities in the long-distance continuous conveying equipment sector [3]. - Zhengzhou Coal Mining Machinery's acquisition of the remaining 14.47% of Zhengzhou Hengda Intelligent Control Technology for 1.049 billion yuan, increasing its stake to 99.49% and strengthening its position in intelligent mining [3]. - Tongbao Energy's acquisition of 55% of Langde Jinyan for 65.22 million yuan, marking its entry into the hydraulic support components market [3]. - Tian Di Technology's acquisition of two research institutes for 5.359 billion yuan, enhancing its capabilities in coal safety technology and intelligent equipment [4]. Hydraulic Supports - Hydraulic supports are critical equipment in coal mining, significantly improving mining efficiency and ensuring worker safety [5]. - Various types of hydraulic supports exist, categorized by their support methods, mining layer characteristics, and manufacturing standards [7]. - The demand for hydraulic supports is projected to reach approximately 109,400 units by 2030, with an annual compound growth rate of about 4.0% [5].

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company is expected to achieve a compound annual growth rate (CAGR) of mid-single to double digits in volume growth, supported by increased orders from existing customers and new customer acquisitions. The expansion in Indonesia and Bangladesh is anticipated to contribute to stable revenue growth. Profitability is expected to improve due to enhanced efficiency in new factories, with a long-term potential for net profit margin enhancement through product mix improvement and cost optimization. The projected net profits for 2025, 2026, and 2027 are $160 million, $170 million, and $190 million, respectively, corresponding to price-to-earnings (PE) ratios of 11, 10, and 9 times. Given the high visibility of orders, profit improvement potential, stable customer mix, and high dividend yield, the current valuation is considered low, with a projected dividend yield of 6.9% in 2025 at a 75% payout ratio [3][10]. Company Overview - The company is a leading high-end footwear manufacturer, providing ODM services primarily for top global brands such as Nike, Prada, and Balenciaga. It has undergone a strategic shift towards high-end product manufacturing and optimized production capacity in Southeast Asia since 2019, resulting in significant improvements in profit margins and capital returns. In 2024, the company is projected to achieve revenues of 11.1 billion yuan and a net profit of 1.2 billion yuan, positioning it within the second tier of domestic footwear manufacturers while maintaining a favorable profit margin [6][19]. Industry Analysis - The demand side of the industry is witnessing structural opportunities, with the U.S. apparel sector nearing the end of inventory destocking. Most brands in the sports segment have healthy inventory levels, although the retail recovery trend remains unclear. The high-end segment is expected to see a performance rebound by Q3 2025, with the personal luxury goods market anticipated to return to moderate growth next year, benefiting related suppliers [6][47]. Company Quality - The company focuses on high-end manufacturing, establishing a differentiated competitive advantage while achieving superior pricing (over 200 yuan) and profitability (gross margin of 20%-25%). High R&D spending and competitive salary levels support its leading design and development capabilities, with a significant increase in high-end customer numbers. The sports segment, which is currently thriving, is expected to provide strong order certainty and profitability. The company has diversified its customer base, with Nike orders accounting for nearly 40% of total orders, ensuring stable growth [9][10][19]. Production Efficiency - The company has established a manufacturing system centered in China, with major production bases in Southeast Asia. By 2024, the production capacity distribution is expected to be 24% in China, 52% in Vietnam, and 20% in other Asian regions. The company boasts superior labor productivity, with per capita output second only to a major competitor, and is continuously enhancing automation to improve efficiency [9][10][19].

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 Viewpoint - China National Heavy Duty Truck Group aims to achieve a total commercial vehicle sales target of 800,000 units and an export target of 300,000 units by 2030, with specific sales goals for 2026 set at 340,000 units domestically, including 170,000 heavy trucks and 150,000 light trucks [1][12]. Group 1: 2025 Achievements - In 2025, China National Heavy Duty Truck's heavy truck production and sales exceeded 300,000 units, maintaining its position as the leading heavy truck manufacturer in China for four consecutive years and becoming the world's number one heavy truck brand [3]. - The company expects a total revenue of over 225 billion yuan in 2025, representing a 17% year-on-year increase, with total vehicle sales projected to surpass 450,000 units, a 25% increase from the previous year [4][10]. Group 2: Export Performance - Heavy truck exports are projected to exceed 150,000 units in 2025, marking an 11% year-on-year growth, while light truck exports saw a significant increase of 161% [4]. - The company has established a strong export presence, accounting for a substantial share of China's heavy truck exports for 21 consecutive years [4]. Group 3: Technological and Strategic Developments - China National Heavy Duty Truck has invested approximately 3 billion yuan annually in R&D, supported by national-level research centers and a workforce of over 3,000 R&D personnel [6][9]. - The company is focusing on six major transformations: green, digital, service-oriented, international, diversified, and high-end, aiming to lead in high-end commercial vehicle products [10][12]. Group 4: Future Goals and Market Outlook - For 2026, the company anticipates a stable demand in the commercial vehicle market, with a total market capacity of 800,000 heavy trucks and 700,000 light trucks [14]. - To achieve its sales target of 340,000 units in 2026, the company plans to invest over 3.4 billion yuan in product upgrades and enhance its supply chain collaboration [14].