Core Viewpoint - The national industrial capacity utilization rate for large-scale industries in Q4 2025 is reported at 74.9%, showing a 0.3 percentage point increase from Q3 but a 1.3 percentage point decrease compared to the same period last year [1][4]. Group 1: Overall Industrial Capacity Utilization - The overall industrial capacity utilization rate for the entire year of 2025 is 74.4%, which is a decrease of 0.6 percentage points from the previous year [6]. - The Q4 capacity utilization rate reflects a mixed performance across different sectors, with some industries experiencing significant declines [6]. Group 2: Sector-Specific Capacity Utilization - In Q4 2025, the mining industry has a capacity utilization rate of 71.7%, down by 3.9 percentage points year-on-year [6]. - The manufacturing sector's capacity utilization rate stands at 75.2%, a decrease of 1.2 percentage points from the previous year [6]. - The electricity, heat, gas, and water production and supply sector shows a capacity utilization rate of 74.0%, down by 0.8 percentage points year-on-year [6]. Group 3: Detailed Industry Breakdown - Coal mining and washing industry has a capacity utilization rate of 69.1%, down by 4.8 percentage points year-on-year [6]. - The food manufacturing industry reports a capacity utilization rate of 68.5%, a decrease of 2.2 percentage points from the previous year [6]. - The textile industry has a capacity utilization rate of 77.1%, down by 1.7 percentage points year-on-year [6]. - The chemical raw materials and products manufacturing industry shows a capacity utilization rate of 74.1%, down by 2.3 percentage points [6]. - The black metal smelting and rolling industry has a capacity utilization rate of 78.5%, with a slight increase of 0.4 percentage points year-on-year [6]. - The automotive manufacturing industry reports a capacity utilization rate of 76.0%, down by 1.2 percentage points from the previous year [6]. - The computer, communication, and other electronic equipment manufacturing industry has a capacity utilization rate of 79.7%, showing a slight increase of 0.3 percentage points year-on-year [6].

近日记者从全国股转公司获悉，2025年，全国股转公司新增受理挂牌申请318家（含直联15家），出具 同意挂牌函333家（含直联11家），一批质地优良、结构多元的企业通过新三板实现规范发展，八成新 增同意挂牌企业属于制造业，新三板在精准对接国家战略、服务实体经济方面成效显著。同时，新三板 与北交所的协同联动不断深化，为中小企业构建起全周期资本市场服务体系，切实发挥多层次资本市场 塔基作用。 增量企业质效双优 全国股转公司介绍，2025年新三板挂牌审核工作始终坚持质量导向，形成"增量带动存量"的良性发展格 局。数据显示，2025年新增同意挂牌企业最近一年平均营业收入达8.50亿元，平均净利润6072.24万元， 平均研发投入2892.79万元，分别是存量挂牌公司2024年对应指标的2.74倍、4.68倍、2.26倍，盈利能力 与创新能力显著优于存量企业。 业内人士表示，未来，随着各项改革措施的持续深化，新三板将进一步发挥培育规范功能，与北交所形 成更强协同效应，为创新型中小企业提供更优质的资本市场服务，助力实体经济高质量发展。 值得一提的是，三四板对接绿色通道的品牌效应持续凸显，成为服务专精特新企业的"快车道"。 ...

● 本报记者 杨洁 近日记者从全国股转公司获悉，2025年，全国股转公司新增受理挂牌申请318家（含直联15家），出具 同意挂牌函333家（含直联11家），一批质地优良、结构多元的企业通过新三板实现规范发展，八成新 增同意挂牌企业属于制造业，新三板在精准对接国家战略、服务实体经济方面成效显著。同时，新三板 与北交所的协同联动不断深化，为中小企业构建起全周期资本市场服务体系，切实发挥多层次资本市场 塔基作用。 增量企业质效双优 全国股转公司介绍，2025年新三板挂牌审核工作始终坚持质量导向，形成"增量带动存量"的良性发展格 局。数据显示，2025年新增同意挂牌企业最近一年平均营业收入达8.50亿元，平均净利润6072.24万元， 平均研发投入2892.79万元，分别是存量挂牌公司2024年对应指标的2.74倍、4.68倍、2.26倍，盈利能力 与创新能力显著优于存量企业。 2025年，新三板精准对接国家战略，将服务实体经济、普惠金融与专精特新培育紧密结合，形成特色鲜 明的市场定位。2025年新增同意挂牌企业中，50.75%为国家级专精特新"小巨人"企业，33.03%为省级 专精特新企业，新三板通过与工信部专精特 ...

Core Viewpoint - The article emphasizes the importance of county-level economies in driving China's modernization, highlighting various counties' economic achievements and future goals in Jiangsu province [1]. Group 1: Economic Performance and Goals - Kunshan has ranked first among China's top 100 counties for 21 consecutive years, with a projected GDP of approximately 560 billion yuan by 2025, outpacing both Suzhou and the provincial average [3]. - Jiangyin aims for a GDP growth of around 5% this year, with a target of 730 billion yuan in fixed asset investment and a 4% increase in retail sales [4]. - Rugao's GDP is expected to reach nearly 170 billion yuan by 2025, with a budget revenue of 8.303 billion yuan, reflecting a growth of 3.8% [6]. - Danyang targets a GDP of over 160 billion yuan by 2025, with a growth rate exceeding the provincial average and a budget revenue of 8.418 billion yuan [6][7]. - Shuyang aims for a GDP increase of over 6% this year, with a budget revenue target of 7.4 billion yuan [9]. Group 2: Development Strategies and Initiatives - Jiangyin's government report outlines a strategy to build a regional center city focused on industrial innovation and ecological living [4]. - Rugao plans to break free from traditional county thinking and embrace competitive strategies to enhance its economic standing [6]. - Danyang's report emphasizes optimizing advantages and showcasing unique characteristics to achieve its development goals [7]. - Shuyang's strategy includes a focus on comprehensive development, aiming for a high-quality living environment and economic prosperity [9]. Group 3: Project Developments and Collaborations - Nanjing's Jiangbei New Area is set to enhance its innovation ecosystem through collaborations in smart laboratory development and digital transformation [11]. - Zhangjiagang has seen significant project advancements, including a $150 million semiconductor equipment project aimed at upgrading the local industry [11]. - New projects in Jiangyan include technological upgrades in textile manufacturing and advancements in low-altitude economy sectors [12].

IPO and Financing Overview - A total of 6 companies are scheduled for IPO review next week (January 19-23), aiming to raise a combined total of 4.884 billion yuan [1][2]. Company Summaries Atech - Atech is a leading provider of automotive electronic intelligent solutions, focusing on the development, production, and sales of automotive electronic products across various domains [7][8]. - The company plans to issue up to 44,772,665 shares, with a total capital raised not exceeding 150 million yuan [10]. Lichi Intelligent - Lichi Intelligent specializes in automated material handling systems, providing comprehensive solutions for industries such as lithium battery manufacturing and fine chemicals [11][12]. - The company aims to issue between 40,762,223 and 45,857,500 shares, depending on the exercise of the over-allotment option [12]. Baierji - Baierji focuses on the research, production, and sales of biomedical materials, aiming to provide safe and effective products for medical applications [17][18]. - The company plans to issue up to 9.2072 million shares, with a total capital raised not exceeding 10.5931 million yuan [19][21]. Huikang Technology - Huikang Technology is engaged in the research, production, and sales of refrigeration equipment, including ice machines and refrigerators, primarily serving both consumer and commercial markets [23][24]. - The company plans to issue up to 37,087,858 shares, with a total capital raised not exceeding 45.11357 million yuan [24][25]. Mifutech - Mifutech specializes in the development and production of key components for automotive fluid systems and other plastic parts, applicable in both traditional and new energy vehicles [27][28]. - The company plans to issue 19,532,984 shares, with a total capital raised not exceeding 22,462,931 yuan [29][30]. Toptech - Toptech focuses on the research, production, and sales of intelligent controllers and products, serving various sectors including consumer electronics and industrial automation [32][33]. - The company plans to issue up to 11,558,970 shares, with a total capital raised not exceeding 13,292,816 yuan [33][35].

Core Viewpoint - SAIC Motor Corporation has announced a significant increase in expected net profit for 2025, projecting a year-on-year growth of 438% to 558%, yet its stock price remains under pressure, reflecting a mismatch between market valuation and performance [2][3]. Group 1: Company Performance and Market Reaction - On January 15, SAIC Motor released an impressive earnings forecast, leading to a brief stock price increase of over 3% on January 16, but it closed with only a 0.81% gain, still trading below its net asset value [1][2]. - As of January 16, SAIC Motor's market capitalization stood at 172.3 billion yuan, significantly lower than BYD's 874 billion yuan, highlighting a substantial valuation gap among leading automotive companies [3][8]. - The company is currently in a "broken net" state, with its stock price at 14.99 yuan per share, below the latest audited net asset value of 25.71 yuan per share [7][8]. Group 2: Investor Concerns and Market Management - Investors have raised questions regarding SAIC Motor's market value management, expressing skepticism about the effectiveness of its strategies [4][11]. - The company has not announced any share repurchase plans since the release of its 2025 valuation enhancement plan, which is a key measure for market value management [12][13]. - Despite having executed three rounds of share repurchase plans totaling 4.747 billion yuan, the results have been deemed unsatisfactory [14][13]. Group 3: Industry Context and Challenges - The automotive industry is facing intense competition and rapid transformation towards new energy and smart technologies, complicating investment prospects [19][20]. - Many listed automotive companies are struggling with market valuations below 200 billion yuan, with only a few like BYD and Great Wall Motors exceeding this threshold [18]. - The market is characterized by a high number of listed automotive companies, which diminishes individual company visibility compared to global players like Tesla [20]. Group 4: Strategic Focus and Future Outlook - Industry experts emphasize the importance of improving operational quality as a core aspect of market value management, rather than relying solely on share buybacks or short-term market trends [22][29]. - Companies are encouraged to focus on developing standout products to enhance their market valuation directly, as seen with NIO's recent successful model launches [24][29]. - The consensus among industry leaders is that the automotive sector is entering a critical phase, with a clearer picture of market dynamics expected in the next five years [21].

Economic Policies - The People's Bank of China announced eight policy measures to support economic growth, including a 0.25 percentage point reduction in various structural monetary policy tool rates and an increase of 500 billion yuan in the re-lending quota for agriculture and small enterprises [1][2] - The minimum down payment ratio for commercial property loans has been adjusted to 30% to adapt to changes in the real estate market [2] Financial Market Regulations - The Shanghai, Shenzhen, and Beijing stock exchanges have raised the minimum margin requirement for margin trading from 80% to 100%, aimed at reducing leverage and protecting investors' rights [2] - The China Securities Regulatory Commission is enhancing market monitoring and regulation to prevent excessive speculation and market manipulation [6] Automotive Industry - The China Association of Automobile Manufacturers forecasts that new energy vehicle sales will reach 19 million units by 2026, a year-on-year increase of 15.2% [1][4] - In 2025, China's automotive production and sales are expected to exceed 34 million units, with new energy vehicles accounting for over 50% of domestic new car sales [4] International Trade - The Ministry of Commerce announced the continuation of anti-dumping duties on imported solar-grade polysilicon from the U.S. and South Korea for five years [4][5] - The Ministry of Commerce is providing general guidance on price commitments for Chinese exporters of pure electric vehicles to the EU, aiming to resolve trade concerns [5] Energy Sector - The China Aviation Engine Group has completed the evaluation of several gas turbine innovation projects, marking significant advancements in the gas turbine industry [8]

责任编辑：卢昱君 吉利汽车（00175）发布公告，该公司于2026年1月16日因本集团雇员根据认股权计划（于2023年4月28 日获采纳）行使认股权而发行的普通股股份9.19万股。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 吉利汽车（00175）发布公告，该公司于2026年1月16日因本集团雇员根据认股权计划（于2023年4月28 日获采纳）行使认股权而发行的普通股股份9.19万股。 ...

最近监管部门调整了融资买入的保证金要求，从原来的80%提到了100%。身边不少人都在问，这个调整会不会影响市场走向？其实我一直觉得，单一政策 只是市场波动的诱因，真正决定走势的，还是参与交易的机构大资金的真实行为。这也是我这么多年一直依赖量化大数据的原因，毕竟能看透表面之下的真 实动向，才是关键。 一、别被表面走势带偏 我发现很多人选标的时，总爱盯着之前的高点看，觉得那是过不去的坎。就拿之前遇到的一只标的来说，很长一段时间里股价都卡在同一个高点下，两次接 近都冲高回落，换做是你，肯定也不敢轻易出手，生怕又吃套。 但实际结果往往和直觉相反，后来股价直接突破了那个所谓的天花板。回头看才明白，这背后是机构大资金在积极参与交易，只是当时没看明白而已。 现在我都会用量化大数据里的「机构库存」数据来判断，这个数据反映的是机构资金交易的活跃程度，橙色柱体越活跃，说明参与的机构资金越多、时间越 长。看图1就能清楚看到，突破前的那段震荡里，「机构库存」已经开始活跃，和之前的走势形成了明显对比，这就是关键信号。 其实现在的量化技术已经能捕捉到机构的交易行为，因为很多机构交易都趋于范式化，程序可以通过大数据挖掘出这些特征，不用再靠 ...

特朗普自从回到白宫快一年了，虽然口号依旧响亮，但其政策比上任时更加激进，尤其是在国际事务中。结果却出乎意料，美国并没有实现再次伟大的目 标，反而让世界变得更加动荡。讽刺的是，特朗普一系列的动作并未使美国受益，反而让他最为敌视的中国，悄然从中受益。 最近，最引人注目的动态发生在北京，而非华盛顿。加拿大总理卡尼在访华的第三天，突然宣布取消对中国电动汽车的100%惩罚性关税。这不仅仅是个技 术性调整，更是一次方向性的大转变。过去加拿大坚定跟随美国，对中国采取强硬立场，但如今，这一政策已被按下暂停键。更引人深思的，是卡尼在公开 场合反复提到的一句话：中国更稳定，也更可预测。这句话的分量，足以让国际政治格局产生波动。为什么加拿大会突然转向？答案并不是立场发生了改 变，而是现实的压力迫使其做出调整。之前那轮加税政策的后果非常明显：中加关系迅速恶化，农业出口受挫，新能源产业链受阻，消费者则不得不为高昂 的价格买单。加拿大并没有因此获得额外的安全保障，反而付出了巨大的经济代价。相比之下，中国的反制措施明确、有限且可预期，谈判的大门始终敞 开。只要回归规则，问题就能得到解决。这一切的关键在于——稳定与可预测性，已成为许多国家重 ...