Group 1 - The core focus of Tianjin's industrial upgrade is to build a modern industrial ecosystem with both vertical depth and horizontal density, emphasizing intelligent, green, and integrated development [1][2] - The report outlines a strategic approach to enhance the resilience of industrial chains and the vitality of industrial clusters, moving from "physical splicing" to "chemical integration" [2] - Key industries highlighted include green petrochemicals, automotive, equipment manufacturing, aerospace, and information technology, with a focus on upstream and downstream connectivity and cluster cultivation [2][5] Group 2 - Traditional industries will be upgraded through specific initiatives, such as developing a chain from basic chemicals to new materials in green petrochemicals and enhancing capabilities in aerospace through collaboration with major companies [5] - Strategic emerging industries like information technology and biomedicine are emphasized, with support for local leading enterprises and the creation of AI+ information technology application scenarios [5] - The dual support of "solid foundation" and "nurturing new" is proposed to enhance both existing and new industrial capacities, focusing on smart transformation and the integration of traditional industries into key chains [6]

Core Viewpoint - The company, Haosen Intelligent (688529.SH), is expected to report a significant net loss for the year 2025, with projected losses ranging from 820 million to 910 million yuan compared to the previous year [1] Financial Performance - The net profit attributable to the parent company is forecasted to be between -910 million yuan and -820 million yuan for 2025 [1] - The net profit after deducting non-recurring gains and losses is estimated to be between -909 million yuan and -819 million yuan [1] Operational Challenges - The company faces extended project acceptance cycles due to long international transportation logistics and prolonged on-site implementation periods for overseas projects [1] - Domestic downstream automotive manufacturers and parts suppliers are experiencing low capacity utilization rates, contributing to a slight decline in revenue for 2025 [1] Market Conditions - Increased competition in the downstream vehicle sales market has led to reduced capital expenditures by client automotive companies, resulting in lower demand for equipment investments [1] - The expansion of production capacity in the equipment manufacturing industry has intensified market competition, limiting profit margins on orders and increasing the cost proportion of project implementation [1]

Core Viewpoint - Haosen Intelligent has announced a significant expected net loss for the fiscal year 2025, projecting a net profit attributable to the parent company of between -910 million yuan and -820 million yuan, indicating a challenging operational environment due to various factors [1] Group 1: Revenue and Profitability - The company anticipates a slight decline in revenue for 2025, influenced by prolonged international logistics times for overseas projects and extended delivery cycles for on-site implementations [1] - The sales gross margin has decreased due to intensified competition in the downstream vehicle sales market, leading to reduced capital expenditures by client automakers and a corresponding decline in equipment investment demand [1] - Increased project implementation costs and a more competitive market have limited order profitability, contributing to the decline in sales gross margin during the reporting period [1] Group 2: Asset Impairment and Credit Losses - There has been a significant increase in the provision for asset impairment losses, driven by prolonged execution cycles and the need for continued manpower investment at client sites due to intensified competition [1] - The company faces higher project costs due to various adverse factors, including visa issues and local regulations for overseas projects, as well as changes in client demands leading to additional material costs and extended production cycles [1] - The provision for credit impairment losses has also risen substantially, attributed to an increase in accounts receivable and aging balances as the company navigates a more competitive market [1]

中国证券报·中证金牛座记者1月28日从国家税务总局获悉，税收数据显示，"十四五"期间我国高质量发 展扎实推进。特别是2025年作为收官之年，我国经济顶压前行、向新向优发展，高质量发展取得新成 效。具体表现为高端制造蓬勃发展，创新产业茁壮成长，数实经济加快融合，绿色转型持续深化，统一 大市场加速推进。 高端制造蓬勃发展。发票数据显示，"十四五"期间，全国装备制造业销售收入年均增长9.1%，增速持续 高于制造业平均水平，反映制造业高端化稳步推进。其中，2025年装备制造业销售收入同比增长 7.4%，占制造业比重达47.7%，较2021年提高4.7个百分点，特别是计算机通信设备制造业、仪器仪表制 造业等先进制造业发展向好，同比分别增长11.5%和10.3%；以船舶制造、工业母机为代表的"大国重 器"销售收入同比分别增长10.6%和10.5%。 创新产业茁壮成长。发票数据显示，"十四五"期间，全国高技术产业销售收入年均增长13.9%，持续保 持较快增速，反映创新产业发展步伐提速。其中，2025年，高技术产业销售收入同比增长13.9%，高技 术制造业、高技术服务业同比分别增长10.1%和16.6%；特别是"人工智能+" ...

格隆汇1月28日丨思进智能(003025.SZ)在投资者互动平台表示，公司多工位精密温热镦智能成形装备 SJHF 系列机型已进入试制阶段，全伺服智能温热镦成形装备 SJHBF 系列部分机型已进入调试阶段。截 至当前，温热镦成形装备产品样机(SJHBF-502L)已完成试制，尚有一台样机(SJHF-804)正在试制中。此 外，另有一台多工位精密温热镦智能成形装备已交付客户单位，目前正在客户单位进行试运行试验及可 靠性评价阶段。当前，多工位精密温热镦智能成形装备尚未实现批量化生产。客户若有需求，可根据官 网上披露的型号和参数，并结合产品的具体特点进行个性化定制。 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - In 2025, the profit growth rate of industrial enterprises above designated size increased, with improved single - month profitability in December, accelerated inventory destocking, and increased production - sales ratio. The operating pressure may have marginally eased, and the enterprise profit repair trend is initially evident. However, the performance of revenue and profit margin is still divergent, the profit quality is somewhat restricted, and there are also differences among industries, with the mid - upstream performing well and the downstream under pressure. The "anti - involution" measures may have some effects, but the sustainability of profit repair depends on whether policies can stimulate the improvement of terminal demand and drive price stabilization and recovery. The bond market's reaction to the fundamentals may still show the characteristic of "being insensitive to positive news and sensitive to negative news", and the structural highlights of the economic fundamentals may limit the downward space of interest rates. The view of short - term long - bond oscillation is maintained [3][9] 3. Summary by Related Catalogs 3.1 Event Description - In 2025, the cumulative operating revenue of industrial enterprises above designated size was 139.2 trillion yuan, a year - on - year increase of 1.1%; the cumulative operating cost was 118.75 trillion yuan, a year - on - year increase of 1.3%; the cumulative total profit was 7.4 trillion yuan, a year - on - year increase of 0.6%; the operating profit margin increased by 0.02 pct to 5.31% compared with the first 11 months. In December, the year - on - year growth rate of industrial enterprise profits increased by 18.4 pct to 5.3% compared with November [6] 3.2 Event Comments - **Profit growth rate recovery and strong seasonality in the month - on - month aspect**: From January to December 2025, the profits of industrial enterprises above designated size in China increased by 0.6% year - on - year, and the cumulative growth rate increased by 0.5 pct compared with November. The low - base effect contributed, and the month - on - month growth rate was also at a relatively high level in the same period over the years, indicating the improvement of enterprise profitability. The reasons for the recovery of the profit growth rate of industrial enterprises above designated size in December are: active production (the year - on - year growth rate of industrial added value rebounded and the capacity utilization rate improved), weakened drag on the price side (the year - on - year decline of PPI narrowed and the production - sales ratio also improved slightly), and the year - on - year growth rate of the operating profit margin turned from negative to positive (an 8.6% year - on - year increase in December, a 22 pct increase compared with the previous month) [9] - **Marginal pressure on revenue and improved profit margin**: In December, the year - on - year revenue of industrial enterprises above designated size was - 3.2%, and the decline increased by 3 pct compared with November. In terms of cost and expenses, the cost per 100 yuan of operating revenue of industrial enterprises above designated size for the whole year was 85.31 yuan, and the expenses were 8.62 yuan. The total amount, cumulative year - on - year, and month - on - month growth rates all increased compared with January - November. In terms of profit efficiency, the cumulative value of the operating profit margin from January to December increased from the previous 5.29% to 5.31%, but the profit quality needs to be improved due to the year - on - year increase in cost and expenses and the impact of investment income [9] - **Differentiated profit performance**: In December, the non - ferrous and high - tech manufacturing industries performed well, while the downstream was still under pressure. Throughout the year, the black metal industry improved significantly, and the equipment manufacturing industry had a stable growth rate. By industry, the profits of the mid - stream non - ferrous, railway and shipbuilding, and downstream furniture manufacturing industries improved significantly in December. From the perspective of the two - year average growth rate, the profit growth rates of the mining, raw material, and equipment manufacturing industries all rebounded. Among them, the ferrous metal smelting and rolling processing industry recorded a profit of 109.83 billion yuan, a three - fold increase compared with the previous year; the mid - stream equipment manufacturing industry provided strong support, driving the profit growth of industrial enterprises above designated size by 2.8 pct throughout the year; the high - tech manufacturing industry had a remarkable growth rate, with the profit of high - tech manufacturing industries above designated size increasing by 13.3% compared with the previous year, 12.7 pct higher than the profit growth rate of all industrial enterprises above designated size. By business entity, the profit growth rates of small and medium - sized enterprises, foreign - invested and Hong Kong, Macao, and Taiwan - invested enterprises turned from negative to positive, and the profits of joint - stock and state - owned holding enterprises improved significantly [9] - **Both nominal and real inventories decreased, and inventory destocking accelerated**: In December, the year - on - year growth rate of finished product inventories of industrial enterprises was 3.9%, a decrease of 0.7 pct compared with the previous month. After excluding price factors, the real inventory was 5.9% year - on - year, a decrease of 1 pct compared with the previous month. The turnover days of finished products were 19.9 days, slightly lower than the previous month, and inventory turnover accelerated seasonally. By industry, some mid - stream manufacturing and downstream consumer goods industries were still in the process of inventory replenishment, while industries such as black metal and textile were actively destocking, and nearly 20% of industries destocked in December. The inventory - to - sales ratio decreased compared with the previous month. Notably, the production - sales ratio of industrial enterprises rebounded to near the median of the same period in history, and the asset - liability ratio continued to reach a new high in the same period over the years, which may reflect the marginal improvement of enterprise operating pressure [9]

Core Viewpoint - Gansu Province aims for high-quality development in 2026, setting a GDP growth target of approximately 5.5% and ensuring grain production remains above 13 million tons, while focusing on ecological governance and public welfare projects [1][3]. Economic Development - Gansu will enhance traditional industries such as non-ferrous metallurgy, petrochemicals, and equipment manufacturing, while also fostering new sectors like data centers, biomedicine, and commercial aerospace [3]. - Investment and consumption will be key drivers, with significant infrastructure projects including multiple railway constructions and airport developments planned [3]. Cultural and Tourism Development - Gansu will leverage its historical and natural resources to enhance cultural heritage protection and promote deep integration of culture and tourism, aiming for a year-round development model [4]. Regional Coordination - Lanzhou is positioned as a core city to drive technological innovation and industrial renewal, with the "Lan-Bai" economic circle expected to stimulate growth in surrounding areas [5]. - The Hexi Corridor economic belt will focus on green growth through renewable energy and modern agriculture, while the southeastern region will emphasize industrial and cultural tourism [5][6]. Ecological Protection - Gansu will prioritize ecological protection, with ongoing efforts in the Qilian Mountains and key ecological projects, aiming to complete 12.65 million acres of land greening [7]. - The government has outlined ten public welfare projects for 2026, including educational support and healthcare initiatives, to improve the quality of life for residents [7][8].

宏观 2026 年 1 月 28 日 2025 年 12 月工业企业利润数据点评 利润结构向中游转移 证券分析师 事项： 2025 年，全国规模以上工业企业实现利润总额 73982.0 亿元，比上年增 长 0.6%。 平安观点： 风险提示：稳增长政策落地效果不及预期，海外经济衰退，地缘政治冲突升级等。 宏 观 点 评 证 券 研 究 报 告 宏 观 报 告 钟正生 投资咨询资格编号 S1060520090001 ZHONGZHENGSHENG93 4@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 2025 年 12 月工业企业利润增长加快，量、价、利润率同步改善。2025 年 12 月，工业企业利润同比由 11 月下降 13.1%转为增长 5.3%，回升 18.4 个百分点，恢复较快。拆分量、价和利润率：2025 年 12 月工业增 加值增速较上月抬升 0.4 个百分点至 5.2%，PPI 同比增速较上月提升 0. ...

Core Insights - In 2025, various regions and sectors are implementing more proactive macro policies to accelerate new industrialization, leading to a stabilization and improvement in the industrial economy. The profits of industrial enterprises have increased, reversing a three-year decline, with significant contributions from equipment manufacturing and high-tech manufacturing sectors [1] Group 1: Industrial Profit Growth - In 2025, profits of industrial enterprises above designated size increased by 0.6% compared to the previous year, with manufacturing profits growing by 5.0%, a significant rebound of 8.9 percentage points from 2024 [1] - The electricity, heat, gas, and water production and supply sector saw a profit increase of 9.4%, while the mining sector experienced a decline of 26.2% [1] - In December, profits of industrial enterprises turned from a 13.1% decline in November to a 5.3% increase, marking an 18.4 percentage point recovery [1] Group 2: Equipment Manufacturing Sector - In 2025, profits in the equipment manufacturing sector increased by 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [2] - Profits from the equipment manufacturing sector accounted for 39.8% of total industrial profits, an increase of 2.6 percentage points from the previous year [2] - Seven out of eight major categories in the equipment manufacturing sector reported profit growth, with the railway, shipbuilding, aerospace, and electronics industries experiencing double-digit growth rates of 31.2% and 19.5% respectively [2] Group 3: High-Tech Manufacturing Sector - In 2025, profits in the high-tech manufacturing sector rose by 13.3%, surpassing the overall industrial profit growth by 12.7 percentage points [3] - The smart consumer electronics sector drove significant profit growth, with smart consumer device manufacturing profits increasing by 48.0%, and specific industries like smart drones and smart vehicle equipment seeing profits rise by 102.0% and 88.8% respectively [3] - The semiconductor industry experienced substantial profit increases, with integrated circuit manufacturing and semiconductor device manufacturing profits growing by 172.6% and 128.0% respectively [3] Group 4: Traditional Industries - Traditional industries are showing continuous improvement, with profits significantly above the industry average. In the chemical sector, profits from biochemical pesticides and cultural information chemicals grew by 20.7% and 15.2%, respectively, exceeding the average growth in the chemical industry by 28.0 and 22.5 percentage points [4] - In the chemical fiber and power sectors, profits from bio-based chemical fiber manufacturing and biomass power generation increased by 88.6% and 47.9%, respectively, surpassing the average growth in their respective categories by 93.1 and 34.0 percentage points [4] - Profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, with growth rates of 1.4% and 4.2%, compared to declines of 1.9% and 1.7% in 2024 [4]

Core Viewpoint - Suzhou, known as "Paradise on Earth," has transformed its unique cultural advantages into high-quality development practices, serving as a practical example of humanistic economics in action [1]. Group 1: Cultural Transformation and Economic Development - Suzhou's unique cultural genes have fostered an excellent humanistic environment conducive to modern economic development, characterized by a blend of tradition and modernity [2]. - The educational tradition of "valuing culture and seeking excellence" has evolved into a strategy focused on science and education, leading to significant advancements in education and innovation [2]. - By 2025, Suzhou aims to establish 327 innovation consortia and has over 25,400 national technology-based SMEs, ranking first in the country [2]. Group 2: Industrial Upgrading and Market Dynamics - The "pursuit of excellence" has transformed into a focus on craftsmanship and integrity, driving the upgrade of traditional industries and fostering a technology-intensive industrial landscape [3]. - By 2025, high-tech industries are expected to account for 57% of the total industrial output value, with 55 national manufacturing champions and 848 "specialized and innovative" enterprises [3]. - Suzhou has attracted over 18,000 foreign enterprises and more than 180 Fortune 500 companies, contributing to a robust open economy [3]. Group 3: Social Responsibility and Governance - The cultural value of "caring for the world" has translated into a commitment to social responsibility, with private enterprises contributing over 50% of the city's economic output and 60% of tax revenue [4]. - Suzhou's government has pioneered reforms in social security and market regulation, enhancing the efficiency and effectiveness of governance [6]. Group 4: Human Capital and Market Environment - Suzhou boasts a high-quality human capital base, with 3.9 million talents and a skill talent ratio exceeding 35%, ranking first in Jiangsu Province [5]. - The city has created a favorable business environment, recognized for its efficient governance and market-oriented reforms, including the "one-stop service" initiative [7]. Group 5: Integration of Culture and Economy - Suzhou exemplifies the integration of cultural and economic elements, leveraging its rich cultural heritage to enhance economic development, such as through tourism and cultural preservation [8][9]. - The city has achieved a balance between material and spiritual development, maintaining high living standards and a strong sense of community among its residents [10][11].