Group 1: General Information - The report is about a research on Chuangyuan Technology in the environmental protection industry on January 26, 2026 [1][2][17] - Participating research institutions include Yongying Fund and Zheshang Securities [2][18] Group 2: Company Business Introduction Jiangsu Sujing - As a leading overall solution provider in the domestic clean environmental protection field, its core products cover four categories: air purification equipment and systems, biosafety equipment and systems, energy - saving and environmental protection equipment and systems, and gas production and purification. These products are widely used in emerging industries such as new information technology, energy conservation and environmental protection, biomedicine, new energy, and aerospace [23] Suzhou Electric Porcelain - As a key enterprise in the domestic electric porcelain industry, it has rich technical experience. Its high - voltage porcelain insulators for power transmission and transformation are mainly used in ultra - high and extra - high voltage power transmission lines, high - speed railways, urban rail transit, and power station electrical fields. It has strong R & D capabilities, participates in formulating national and industry standards, and has maintained a leading position in the State Grid's tenders [24][25] Suzhou Bearing - Its various bearing products are widely used in important assemblies in the automotive industry and other fields such as industrial automation, high - end equipment, and aerospace [25] Group 3: Export Business - In 2024, the company's export revenue was 675 million yuan, accounting for 16.11%. Among them, Suzhou Bearing's export revenue was 311 million yuan, accounting for 46.09%, and Suzhou Electric Porcelain's export revenue was 172 million yuan, accounting for 25.40%. In the first half of 2025, the company's export revenue was 345 million yuan, accounting for 16.58%. Among them, Suzhou Bearing's export revenue was 154 million yuan, accounting for 44.72%, and Suzhou Electric Porcelain's export revenue was 113 million yuan, accounting for 32.84% [25]

证券日报网讯1月26日，奥福科技发布公告称，公司预计2025年度实现归属于母公司所有者的净利润为 1，000.00万元到1，500.00万元。 ...

龙头带动构筑产业新高地 在经济开发区弘润石化（潍坊）有限责任公司（以下简称"弘润石化"）厂区内，凛然耸立的炼塔与纵横 交错的工业管廊勾勒出石化产业的壮美画卷。 作为潍坊市化工产业的"链主"企业，2025年弘润石化以创新为笔、以绿色为墨，交出了一份亮眼的成绩 单：中国民营企业500强、制造业民营企业500强；产值同比增长5.98%；地方纳税同比增长26.38%…… 从原油储备到高端新材料，从绿色低碳转型到全产业链布局，这家成立30年的企业，以"差异化、高端 化、国际化"的战略定力，扛起山东化工产业崛起的大旗。 龙头企业带动着产业链发展，众多中小企业则在细分领域精耕细作、各展所长，共同撑起高质量发展 的"脊梁"。山东华通环境科技股份有限公司2025年同样成绩斐然，公司自主研发的全球首座立体生态水 质净化综合体在新疆成功落地。 齐鲁晚报·齐鲁壹点 王钟玉 通讯员 郑秀宝 孙楠 寒冬时节的潍坊青州，处处涌动着发展热潮。生产车间里，机器轰鸣声与数字化控制屏的荧光交相辉 映；实验室内，一组组数据分析聚沙成塔，向着科技前沿和市场需求进发…… 工业兴则百业兴，工业强则城市强。青州市坚持把工业经济作为"头号工程"，统筹资源、集 ...

Core Insights - The core focus of the news is on the progress of intellectual property work in China by 2025, highlighting significant increases in patent grants, trademark registrations, and the overall quality of patents [1][2]. Group 1: Patent and Trademark Statistics - By 2025, China authorized 972,000 invention patents, received 78,000 PCT international patent applications, and registered 4.206 million trademarks [1]. - By the end of 2025, the effective number of domestic invention patents in China (excluding Hong Kong, Macau, and Taiwan) is expected to reach 5.32 million, with a high-value invention patent ownership rate of 16 per 10,000 people [1]. Group 2: Quality Improvement Measures - The National Intellectual Property Administration (NIPA) has implemented various measures to enhance patent quality, including adjusting indicators to focus on high-value patents and eliminating financial subsidies for patent applications [2]. - NIPA has emphasized the importance of practical value and technological content in patents, discouraging the "quantity over quality" approach [2]. Group 3: Industry Contributions - Enterprises have become the main contributors to high-value invention patents, with 280,000 companies holding 1.764 million high-value invention patents, accounting for over 75% of the total [4]. - The value added by patent-intensive industries has increased from 12 trillion yuan in 2020 to over 18 trillion yuan in 2024, contributing significantly to GDP growth [4]. Group 4: Employment and Economic Impact - The employment in patent-intensive industries reached 52.67 million in 2024, an increase of approximately 1.9 million from the previous year, demonstrating a positive impact on economic stability and job creation [4]. - The digital economy-related industries within patent-intensive sectors have seen a continuous increase, with the combined value added of information and communication technology manufacturing and services exceeding 8 trillion yuan, accounting for over 40% of the total [5].

2026 年 1 月 26 日 晨会速递 分析师点评 市场数据 总量研究 【策略】A 股牛市当前阶段形态特征六问六答——解密牛市系列之六 本轮牛市或已突破第二震荡段，进入上涨段 3。参考历史结构性牛市规律，本轮牛市 上涨段 3 初期或在 4200-4300 点形成阶段性高点，随后回调企稳于震荡段 2 上沿， 并重新开启新一轮上涨。后续需重点跟踪两点：一是 4200-4300 点区间压力释放与 资金承接情况；二是震荡段 2 上沿的支撑有效性及核心板块企稳信号。 【策略】保持稳健，持股过节——策略周专题（2026 年 1 月第 3 期） 保持稳健，持股过节。参考之前的市场行情，我们认为春节前市场将会保持震荡，难 以保持稳定的趋势，这主要与春节之前投资者交易热度有所下行，以及微观流动性短 期趋紧有关。从历史情况来看，春节前 20 个交易日，主要指数上涨概率不足 50%。 预计春节之后市场将会迎来新一轮上行动力，春节后 20 个交易日主要指数上行概率 与平均涨幅均较高。因此建议投资者近期以稳为主，但仍应持股过节。 【债券】如何看待近期 DR001 的上行？——2026 年 1 月 23 日利率债观察 如果一段时间内 ...

大会特别设置"银企携手，共创未来"环节。会上，滨江开发区商会与中国银行南京江宁支行签署战略合 作协议，将为商会企业提供全方位、定制化的金融服务，助力企业转型升级与创新发展。 本报讯(董翔单维亮)1月22日，南京江宁滨江经济开发区商会第四届第一次会员代表大会召开。会议选 举产生新一届商会领导班子，明确下一步工作重点，并推动多项实质性合作落地。 会议听取并审议了第三届商会工作报告，全面总结了过去几年商会在服务企业、促进交流、助力发展等 方面取得的成效。经民主表决，王银当选为新一届商会会长，万京林、徐伟当选执行会长。新一届领导 班子成员来自制造业、科技、食品、环保等多个产业领域，具有广泛代表性，体现了商会凝聚企业、服 务发展的组织活力。王银在就职发言中表示，将团结带领全体会员，紧紧围绕江宁滨江开发区发展大 局，积极发挥桥梁纽带作用，努力推动民营企业健康发展和民营经济人士健康成长。 大会还举办了"滨江商道"大讲堂首期活动，邀请人工智能领域专家带来AI助力企业减员降本增效的前沿 分享。 ...

Market Overview - The equity-like market experienced a volatile upward trend from January 19 to 23, with the overall market index rising by 1.81% and the convertible bond index increasing by 2.92% during this period [5] - The convertible bond market saw a significant increase in trading activity, with the average daily trading volume dropping from 1045.15 billion to 932.94 billion [25] Convertible Bond Valuation - As of January 23, 2026, the median price of convertible bonds surpassed 140 yuan, indicating a shift in the reference significance of absolute prices [20] - The valuation of convertible bonds has shown a divergence, with debt-type bonds experiencing a slight decline in valuation while equity-type bonds continued to stretch [10][18] - The pricing anchor for convertible bonds has weakened, with a notable decrease in the proportion of low-priced convertible bonds, particularly those priced below 120 yuan [18] Sector Performance - The performance of convertible bonds varied by sector, with notable gains in upstream resources and high-end manufacturing sectors, such as textiles and apparel, which rose by 7.44%, and steel and petrochemicals, which increased by 6.67% and 6.65%, respectively [8] - Conversely, sectors like social services and media showed weaker performance, with declines of 7.53% and 1.93% [8] Investment Strategy - The current market conditions suggest that investors should focus more on equity timing indicators rather than relying solely on convertible bond metrics, as the significance of various convertible bond indicators is diminishing [20] - Despite the high valuation levels, the internal momentum for buying remains strong, and investors seeking relative returns are encouraged to continue participating in the market [20] Supply and Issuance - The total issuance of convertible bonds in 2026 reached 57.80 billion yuan, which is relatively low compared to recent years, with new issuances including Aiwei Convertible Bond at 19.01 billion yuan and Longjian Convertible Bond at 10.00 billion yuan [25]

Investment Rating - The report recommends a "Buy" rating for several companies in the environmental sector, including Lianmei Holdings, Shanggou Environmental, Longkun Technology, Weiming Environmental, Hanlan Environment, Dadi Ocean, Shanghai Industrial Holdings, and Conch Venture [1]. Core Insights - The transition from "energy consumption dual control" to "carbon emission dual control" is emphasized, with a focus on circular reduction and green energy industries. The year 2026 marks the first year of full transition to carbon emission dual control, with significant efforts expected in carbon reduction [1][11]. - The report highlights the impact of the EU carbon tariff, which will officially be implemented on January 1, 2026, significantly increasing the cost of exports from China to the EU. Current carbon prices in the EU are around 80-90 euros per ton, compared to approximately 81 yuan per ton in China [1][16]. - Companies involved in the circular economy, such as those in recycling and green energy, are recommended for investment due to their potential to reduce carbon emissions and adapt to new regulations [1][17]. Summary by Sections Section 1: Carbon Emission Dual Control Implementation - The "14th Five-Year Plan" shifts focus to carbon emission control, emphasizing the need for a new energy system and the integration of carbon reduction, pollution reduction, and green growth [11][12]. Section 2: Fund Holdings in Environmental Stocks - As of Q4 2025, the fund allocation for environmental stocks is only 0.23%, a decrease of 0.13 percentage points year-on-year, indicating a recovery trend since the lows of 2020 [21][26]. Section 3: Biodiesel Market Insights - The price of UCO (Used Cooking Oil), a key raw material for biodiesel, has increased by 7.6% to $1,060 per ton, while SAF (Sustainable Aviation Fuel) prices have decreased slightly but remain high at $2,150 per ton [31][35]. Section 4: Policy and Event Tracking in the Dual Carbon Field - Recent policies emphasize the construction of zero-carbon factories and the promotion of green development, with specific targets set for various industries by 2030 [39][40]. Section 5: Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies, including earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE), indicating a generally positive outlook for the sector [4].

[Table_Page] 金融工程|量化投资专题 2026 年 1 月 23 日 证券研究报告 [Table_Title] 业绩预告与行业表现呈现分化 量化基本面系列之三 [Table_Summary] 报告摘要： （如无特别说明，本文数据均来源于 wind，数据截至 2026/01/23） 2025 年业绩预告披露类型 | 业绩预告类型 | 公司数量 | 占比 | | --- | --- | --- | | 不确定 | 5 | 0.7% | | 扭亏 | 58 | 8.1% | | 略减 | 17 | 2.4% | | 略增 | 45 | 6.3% | | 续亏 | 247 | 34.4% | | 续盈 | 6 | 0.8% | | 预减 | 64 | 8.9% | | 预增 | 180 | 25.1% | | 首亏 | 95 | 13.2% | | 积极 | 289 | 40.3% | 数据来源：Wind，广发证券发展研究中心 2025 年业绩预告/快报/正式财报 | | 业绩预告/快报/ | 业绩预告/快报/ | 归母净利润 | | --- | --- | --- | --- | | 申万一级行业 | ...

Core Viewpoint - LianTai Environmental Protection announced the partial release and re-pledge of shares by its controlling shareholder, Guangdong LianTai Group, indicating ongoing financial maneuvers within the company [1] Group 1 - On January 23, 2026, LianTai Environmental Protection received a notice from its controlling shareholder, Guangdong LianTai Group, regarding the handling of pledged shares [1] - The number of shares released from pledge on January 22, 2026, was 20,000,000 shares [1] - The same number of shares, 20,000,000, was re-pledged on January 22, 2026 [1]