证券日报网讯1月12日，青岛双星（000599）在互动平台回答投资者提问时表示，未来随着柬埔寨工厂 的逐步达产，欧美等高收益高关税市场的拓展，公司盈利能力将大幅改善。 ...

刘宁还来到西大井历史文化街区，调研了解工业遗存保护开发和红色文化传承利用情况。 陈星参加。（记者 刘婵 张笑闻/文 董亮/图） 1月11日，省委书记刘宁到焦作解放区、山阳区、马村区，调研推动经济运行、基层治理等工作，强调要深入学习贯彻习近平总书记在河南考察时重要讲话 精神，全面贯彻中央经济工作会议精神，按照省委十一届十次全会和省委经济工作会议部署，以"开局就是奋斗、起步就要奋进"的奋发姿态，加快资源型城 市产业转型升级步伐，奋力推动经济发展实现良好开局。 责任编辑： 秦臻 产业是发展的根基，是推动经济增长的重要引擎。在位于山阳区的风神轮胎股份有限公司、瑞庆汽车发动机技术有限公司，刘宁察看产品展示、生产线，鼓 励企业抢抓行业发展机遇，不断提升核心产品市场竞争力，走好细分市场高端路线，推动制造业高端化、智能化、绿色化发展。在位于解放区的焦作地理信 息产业园、马村区的焦作丽珠合成制药有限公司，刘宁了解园区建设、企业发展、技术研发等情况，强调要加强与专业机构、头部企业对接合作，深化产学 研融通创新，培养引进高端人才，促进技术攻关和成果转化，推动科技创新和产业创新深度融合。在焦作千业新材料有限责任公司，刘宁询问全流程超 ...

行 华福证券 基础化工 2026 年 01 月 11 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：中国石化与中国航油实施重组，尿素 市场迎"开门红" 投资主线三：关注具有较强韧性的景气周期行业、以及库存完成去化迎来 底部反转。（1）磷化工：供给端受环保政策限制，磷矿及下游主要产品供给 扩张难，叠加下游新能源需求增长，供需格局趋紧。磷矿资源属性凸显，支撑 产业链景气度。建议关注：云天化、川恒股份、兴发集团、芭田股份。（2） 氟化工：二代制冷剂生产配额加速削减支撑盈利能力高位企稳，三代制冷剂生 产配额落地在即迎来景气修复，高端氟聚合物及氟精细化学品高速发展，萤石 需求资源属性增强价格阶段性高位。建议关注：金石资源（萤石资源储量、成 长性行业领先）、巨化股份（制冷剂龙头企业）、三美股份、永和股份、中欣 氟材。（3）涤纶长丝：库存去化至较低水平，充分受益下游纺织服装需求回 强于大市（维持评级） 投资要点： 本周板块行情：本周，上证综合指数上涨 3.82%，创业板指数上涨 3.89%， 沪深 300 上涨 2.79%，中信基础化工指数上涨 5.39%，申万化工指数上涨 5.03%。 化工各子行业板块涨跌 ...

Market Performance - The automotive sector in A-shares rose by 2.7% from January 5 to January 11, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.2% [3] - Sub-sectors such as automotive services, auto parts, motorcycles and others, commercial vehicles, and passenger cars saw increases of 5.3%, 3.8%, 2.4%, 1.4%, and 0.6% respectively, while commercial passenger vehicles decreased by 0.3% [3] Investment Recommendations - Recommended core stocks include Geely Automobile, Xpeng Motors, BYD, Berteli, Top Group, New Spring Co., Hu Guang Co., and Chunfeng Power [4] - For passenger vehicles, Geely, Xpeng, and BYD are recommended, with Jianghuai Automobile suggested for attention [7] - In the auto parts sector, recommendations include Berteli and Horizon Robotics for intelligent driving, and Jifeng Co. for intelligent cockpits [7] - For the motorcycle segment, Chunfeng Power and Longxin General are recommended as leading companies in the large-displacement motorcycle market [8] - In the tire industry, Sailer Tire and Senqilin are recommended [9] - For commercial vehicles, Weichai Power and China National Heavy Duty Truck are recommended for heavy trucks, while Yutong Bus is suggested for passenger vehicles [10] Robotics Sector - The Chinese robotics exhibition at CES 2026 showcased over 30 companies, indicating a strong presence in the humanoid robotics sector [5] - The focus is on Tesla's production progress and technological iterations, with domestic robot manufacturers like Yushu Technology expected to enter the IPO phase soon, serving as catalysts for the sector [5] - Recommended stocks in the robotics sector include Top Group, Berteli, Yinlun Co., and Junsheng Electronics, among others [7][35] Commercial Aerospace - The commercial aerospace sector is viewed as a core strategic area with significant long-term growth potential, currently transitioning from technology validation to large-scale commercial application [6] - The industry is supported by strong policy backing and increasing demand from national satellite internet projects, which may drive private rocket launch frequency and success rates [6] - Companies like Haoneng Co., Longsheng Technology, and Xusheng Group are highlighted as key players in this sector [6][12] Policy Impact on Automotive Sector - The new national subsidy policy for 2026 aims to stimulate demand by providing vehicle replacement subsidies based on vehicle price, with electric vehicles receiving 12% of the price (up to 20,000 yuan) and fuel vehicles 10% (up to 15,000 yuan) [22][23] - The transition from fixed subsidies to percentage-based subsidies is expected to improve the structure of subsidized vehicles and activate demand for mid-to-high-end models [28][29] - The overall automotive market is anticipated to benefit from these policies, with a focus on intelligent and globalized growth among quality domestic brands [30][31]

Core Viewpoint - Traditional industry listed companies are increasingly focusing on hedging activities to stabilize their operations amid market uncertainties [1][2][3] Group 1: Company Announcements - Shandong Steel announced plans to expand its hedging activities to include zinc, aiming to mitigate price volatility risks in the zinc spot market and stabilize raw material procurement costs [1] - Nanshan Aluminum revealed that its export orders are priced based on "London aluminum price + processing fee," indicating that fluctuations in both aluminum prices and exchange rates will directly impact profit stability [2] - Other companies, including Sichuan Development Longmang Co., Ltd. and Dalian Dali Kaipu Technology Co., Ltd., have also issued similar announcements regarding hedging for various commodities [2] Group 2: Industry Trends - The shift towards hedging reflects a deeper transformation in corporate management philosophy, moving from scale expansion to refined financial management and risk hedging to ensure stable profitability [2] - Hedging is seen as a critical tool for companies to build competitive advantages, allowing them to focus on technology upgrades and market share after stabilizing costs and prices [2][3] - Companies are advised to use hedging tools strictly for risk management rather than speculation, emphasizing the importance of aligning hedging activities with operational needs [3]

证券日报网讯1月9日，玲珑轮胎（601966）在互动平台回答投资者提问时表示，公司现阶段正在对标优 秀同行，全力提升研发、制造、营销、采购、服务等生产经营各环节的效率和效益，以促进盈利能力的 不断增强，并通过全球产地和业务的均衡布局有效提升市场竞争力和抵御风险能力，同时结合公司治 理、信息披露、投资者关系管理、ESG体系建设以及持续稳定的分红等多重举措不断完善市值管理工作 成效，努力用长期持续的良好业绩回馈广大投资者的支持和信任。 ...

从玲珑轮胎（601966）获悉，近日，2025（第二十届）中国品牌人物年会在深圳举行。本届年会以"谁为中国赢得尊敬"为主题，发布多个权威榜单，表彰 为中国品牌发展作出突出贡献的个人与集体。 会上，玲珑轮胎董事长王锋获评"2025中国十大品牌年度人物"。年会表彰其带领玲珑坚守长期主义，融合创新与责任，推动国际化从"产品输出"向"价值 共创"演进，以真诚本土化赢得全球认同。 最重要的坚持，是"长期主义"的战略定力 轮胎行业是一场资金与技术密集的"马拉松"。在王锋董事长的引领下，玲珑数十年专注主业，持续投入研发中心、智能制造与全球生产基地建设。 最温暖的坚持，是"价值共赢"的合作理念 从山东走向世界，玲珑的全球化不仅在于产品输出，更着眼于与全球伙伴携手构建共创共享"价值环"。公司对内重视与员工共同成长，对外致力于同伙伴 协同发展，持续打造绿色、可持续的产业链生态。 在全球化进程中，玲珑严格遵守各地法律法规，尊重文化差异，积极履行环保、社区、员工、公益等责任，努力成为受当地欢迎的"企业公民"。 这份"长期主义"的定力，使玲珑在市场波动中更具韧性，在国际化进程中更显从容。当许多企业仍在复杂环境中徘徊时，玲珑已前瞻性地推 ...

Core Viewpoint - Linglong Tire reported that the capacity utilization rates for both semi-steel and all-steel production at its Serbia base have been calculated based on actual achieved capacity, with a combined sales rate nearing 92% for the period from January to December 2025 [2] Group 1 - The Serbia base's semi-steel and all-steel capacity utilization rates are based on actual production metrics [2] - The combined sales rate for semi-steel and all-steel products at the Serbia facility is approaching 92% for the year 2025 [2] - The company plans to disclose the overall operational status of its Serbia operations in future periodic reports [2]

我们不预测市场，而是梳理逻辑；不给出答案，而是提供视角。希望这些内容能帮助您在做投资决策 时，多一份参考。 本系列共八篇，将陆续发布。感谢您的关注。 回望过去的2025年，权益市场在全球流动性宽松与估值修复共振下，科技与资源板块领涨，机构资金成 为核心支撑，K型分化特征延续。随着库存与盈利周期逐步启动，市场逻辑正从估值抬升转向盈利兑 现，在此背景下，2026年温和复苏与产业升级共振的新机遇或值得重点把握。 中信保诚基金认为，2026年全球经济呈现温和修复态势，内外部流动性整体充裕，库存与盈利周期逐步 修复，为权益资产表现提供有力支撑。宏观叙事将从估值修复转向盈利支撑，政策端全球宽货币、国内 跨周期调节与逆周期调节协同发力，市场资金面有望维持净流入格局，产业升级与消费升级可能成为核 心主线。 一、海外宏观：修复延续，分化收窄 （一）经济与就业 编者按： 2026 年，是 " 十五五 " 开局之年，市场正在寻找新的方向。 面对宏观环境的变化、产业格局的调整，投资者需要穿透短期波动，看清中长期的主线。这不容易，但 值得尝试。 为此，中信保诚基金推出 "2026 ，预见 " 系列，围绕宏观、固收、固收 + 、权益、商 ...

2026年伊始，双星名人集团内部的家族斗争进一步公开化。1月3日，84岁的汪海对外发布声明，正式与 儿子汪军、儿媳徐英断绝关系，指责二人存在"抢夺公章""逼迫交接""背叛品牌与亲情"等行为。 汪海在声明中详列了汪军及其配偶徐英的多项"罪状"，从去年三次有组织抢夺公章、伪造签名私刻公 章，到抢占办公室、停发父亲及身边人员工资、侵占母亲养老资金；再从在车上安装定位器限制自由， 到私自过户房产、通过资金造假窃取"大股东"身份，并在历史分歧中"背叛父亲"。 这份声明将这场持续近一年、已然在法庭上兵戎相见的家族控股权争夺，再次推到公众眼前。家族化管 理模式自身存在的"陈旧体制、复杂管理及人才断层"问题，导致公司现代化治理机制的缺失以及由此催 生的股权分配等问题引起社会的广泛关注。 父子双方的核心分歧体现在企业定性上。汪海不认同将双星名人界定为家族企业或私人企业，他强调应 推行能人治理；相反，汪军与徐英则倾向于明确其私人企业的定位。"那些股权不是个人的，退休的时 候我怎么交代，他们有这个权力吗？"说到此处，汪海面对媒体时颇为激动。 本次矛盾的直接起因或是汪海被免去董事长职务，但其深层根源可追溯至2009年企业私有化改制及 ...