（原标题 上海国资大动作：顶级体育资源拟注入600676） 1月9日晚，交运股份（600676）披露，公司筹划将所持有的乘用车销售与汽车后服务板块、汽车零部件制造与销售服务板块相关资产与控股股东上海久事 （集团）有限公司（简称"久事集团"）及其关联方持有的文体娱乐业、旅游业相关业务资产进行置换。交易预计构成重大资产重组，本次交易公司股票不 停牌。 交运股份称，上市公司将借此实现业务战略转型，有利于上市公司改善资产质量、增强抗风险能力。公开资料则显示，拟置入资产涉及上海国际赛车场、 F1中国大奖赛等头部文体资源。 1月9日，交运股份提前异动，开盘快速冲高，在短暂波动后封住涨停。 业务有望实现战略转型 交运股份介绍，经初步筹划，拟置入的资产为控股股东久事集团及其关联方持有的文体娱乐业、旅游业相关业务资产，主要包含上海久事体育赛事运营管 理有限公司100%股权、新设立的体育场馆运营公司100%股权、上海久事智慧体育有限公司不低于62.40%股权、上海浦江游览集团有限公司100%股权和 上海久事演艺有限公司100%股权等。 交运股份表示，通过本次交易，上市公司将乘用车销售与汽车后服务板块、汽车零部件制造与销售服务板块 ...

证券研究报告·公司深度研究·汽车零部件 凌云股份（600480） 汽零领军企业，拓展液冷&机器人新业务 2026 年 01 月 10 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 18,702 | 18,837 | 19,897 | 21,806 | 24,317 | | 同比（%） | 12.06 | 0.72 | 5.62 | 9.59 | 11.52 | | 归母净利润（百万元） | 631.63 | 655.43 | 800.99 | 908.54 | 1,054.65 | | 同比（%） | 85.44 | 3.77 | 22.21 | 13.43 | 16.08 | | EPS-最新摊薄（元/股） | 0.52 | 0.54 | 0.66 | 0.74 | 0.86 | | P/E（现价&最新摊薄） | 24.13 | 23.25 | 19.03 | 16.78 | 14.45 | [Table ...

Core Viewpoint - The company, Jiaoyun Co., is planning a significant asset restructuring by swapping its passenger car sales and automotive after-service segments, along with automotive parts manufacturing and sales, with related assets in the cultural, sports, and tourism sectors held by its controlling shareholder, Jiushi Group. This move aims to facilitate a strategic business transformation, improve asset quality, enhance risk resistance, and boost operational sustainability and competitive advantage [1]. Group 1: Financial Performance - Jiaoyun Co. has reported continuous losses in its net profit attributable to shareholders, with figures of -174 million yuan, -429 million yuan, and -216 million yuan for the first three quarters of 2023, 2024, and 2025 respectively [1]. - The company's revenue for the same periods was 5.21 billion yuan, 4.44 billion yuan, and 3.23 billion yuan, indicating a downward trend in revenue [1]. - The logistics and road freight service segment is facing intense competition and underperformance in new business development, leading to significant pressure on the main business [1]. Group 2: Business Segments - The passenger car sales and after-service segment is struggling due to declining consumer demand and adverse market conditions, particularly for traditional fuel vehicle brands, resulting in limited profitability improvement [1]. - The automotive parts manufacturing and sales segment has seen a slight recovery in demand and sales revenue, but high fixed costs related to labor and equipment depreciation continue to limit profitability [1]. Group 3: Proposed Asset Swap - The proposed assets to be acquired include 100% equity of Shanghai Jiushi Sports Event Management Co., a newly established sports venue operation company, at least 62.40% equity of Shanghai Jiushi Smart Sports Co., 100% equity of Shanghai Pujiang Tourism Group Co., and 100% equity of Shanghai Jiushi Performing Arts Co. [1]. - The new sports venue operation company plans to manage several major sports venues, including Xujiahui Sports Park and Shanghai International Circuit, and will have its 100% equity swapped into Jiaoyun Co. [1]. - Jiushi Group's sports assets include hosting major events like the F1 Chinese Grand Prix and owning landmark sports venues and hotels, enhancing the potential value of the asset swap [1].

来源：潮新闻 与10年员工的奖牌 受访者供图 1月10日，潮新闻记者联系上该企业——温州市冠盛汽车零部件集团股份有限公司。相关负责人证实了 网上的说法并表示："我们每年都会举办不同形式的表彰活动，今年正值公司创立40周年，意义特殊， 因此以这种方式与员工共同庆祝。" 这位负责人进一步介绍："今年为入职20年的员工准备了纯金奖牌，入职10年的员工获得金镶银奖牌， 优秀员工另有现金奖励和带薪旅游。" 他强调，无论是工作20年、10年，还是刚刚入职的员工，都是公司大家庭的一员。设立这些奖励机制， 既是为了表达感谢，也是为了表彰贡献。"正是他们见证了冠盛的成长，没有他们的付出，就没有冠盛 的今天。" 20年员工 近日，温州一家企业向工龄满20年的员工颁发纯金奖牌一事登上网络热搜，引发广泛关注。 视频画面中，金牌上清晰印有公司名称及"AU999"字样，旁边还附有一张"20年荣誉员工纪念"奖状。不 少网友留言表达羡慕，称其为"别人家的公司"。 的奖牌 受访者供图 "我们所做的一切，都是为了家人能跟公司一起变好。"这位负责人如是说。 据透露，公司自发展初期便已设立相关奖励机制，并随着集团壮大不断完善。"目前公司共有3000 ...

机构：东北证券 研究员：李恒光 人形机器人战略地位明确，产能先行静候花开。公司深度绑定特斯拉，是特斯拉人形机器人机电执行器 的核心供应商，提供包括旋转和直线执行器在内的集成化产品。目前，公司已经成立专门的人形机器人 事业部，并在泰国建立生产基地以支持客户的量产需求，预计26 年开始有望为公司贡献重要收入增 量。 盈利预测与评级： 我们预计公司2025-2027 年营业收入为322.6/371.3/441.2 亿元，归母净利润为 42.4/51.2/60.3 亿元，对应PE 为54/45/38 倍，给予"增持"评级。 风险提示：人形机器人量产不及预期；新能源车销量不及预期；业绩预测和估值不及预期。 事件：公司发布2025 年度业绩预告。传统制冷&汽车热管理协同发力，公司25 年业绩预增。预计实现 归母净利润38.7~46.5 亿元，同比+25%~50%；扣非归母净利润36.8~46.1 亿元，同比+18%~48%。 点评：传统制冷主业表现亮眼，25H1 同比增长25.5%。一方面，全球各地政府出台低碳节能政策、加 快经济发展绿色转型，海外市场对制冷空调控制元器件的需求持续扩大，拉动制冷产品出口稳定增长； 另一方 ...

Core Viewpoint - Tianpu Co., a traditional manufacturer of automotive rubber hoses, has seen its stock price surge over 16 times after announcing a transition to AI chip production, raising concerns about the legitimacy of this transformation and the accuracy of its disclosures [2][3]. Group 1: Company Background - Tianpu Co. originally focused on manufacturing automotive rubber hoses before announcing its intention to acquire an AI chip company, Zhonghao Xinying, in August of last year [3]. - Following the announcement, the company's market value skyrocketed to nearly 30 billion, reflecting a significant speculative interest in the AI sector [3]. Group 2: Regulatory Concerns - The Shanghai Stock Exchange issued a regulatory warning to Tianpu Co. due to inaccurate and incomplete information disclosures, particularly regarding the company's actual engagement in AI business activities [3]. - The China Securities Regulatory Commission (CSRC) has initiated an investigation into the company's stock price fluctuations, specifically looking into allegations of "major omissions" in its announcements [3]. Group 3: Investment Implications - Investors are cautioned to critically assess the viability of companies undergoing drastic transformations, questioning the robustness of their core technologies, talent acquisition, and actual business performance [4]. - The emphasis is placed on the importance of patience and discernment in long-term investments, favoring companies with solid business foundations and transparent management over those that rely on speculative narratives [4].

股价异动的核心驱动力，源自一场控股权变更。2025年，随着"85后芯片新贵"杨龚轶凡的入主，这家原本专注于汽车流体管路 的传统制造企业，被贴上了炙手可热的"AI概念股"标签。 1月9日晚间，天普股份发布公告称，公司于当日收到中国证监会下发的《立案告知书》。因公司相关股票交易异常波动公告涉 嫌存在"重大遗漏"，中国证监会对公司进行立案调查。天普股份表示将积极配合调查，目前各项生产经营活动正常，此次立案 不会对公司造成重大影响。 这一纸立案文书，为这家在2025年上演股价"神话"的公司，骤然蒙上了一层阴影。 根据Choice数据统计，剔除次新股后，天普股份以全年累计高达1631.69% 的惊人涨幅，成为2025年A股第二大"牛股"。其市值 从不足17亿元一路飙升至近300亿元，成为市场焦点。 然而，这场暴涨的背后是巨大的交易风险。公司股价自2025年7月底开始显著异动，严重偏离其主营汽车零部件业务的基本面。 在7月28日至12月30日期间，天普股份密集发布了26次 关于股价异常波动、严重异常波动及交易风险的提示公告，并因股价连续 涨停而5次停牌核查，监管关注与市场投机氛围交织。 去年8月，公司原实控人尤建义筹划控 ...

本报讯 （记者肖艳青）1月9日，深交所官网显示，深交所上市审核委员会将于1月16日召开2026年第2次上市审核委员会审 议会议，审议天海汽车电子集团股份有限公司（以下简称"天海电子"）深交所主板首发事项。 公司招股书显示，天海电子本次IPO预计募集资金金额约24.6亿元，募集资金投向"连接器技改扩产建设项目""线束生产基 地项目""汽车电子生产基地项目""智能改造及信息化建设项目"和"天海智能网联汽车产业研究院及产业园配套项目"。 天海电子主营汽车线束、汽车连接器、汽车电子等汽车零部件产品的研发、生产和销售，产品主要应用于新能源汽车、传 统燃油汽车整车制造。该公司已与知名整车厂商奇瑞汽车、上汽集团、吉利汽车、长安汽车、理想汽车、蔚来汽车、零跑汽 车、小鹏汽车等建立了多层次多维度合作关系。 天海电子表示，募投项目的建设，将进一步提升公司的研发能力，提高生产过程的智能化和信息化程度，并扩大现有产能 规模，助力公司发展规划的逐步开展，进而增强公司的核心竞争能力与盈利能力，提升市场占有率。 （编辑 张伟） ...

1月9日晚间，深交所官网显示，深交所上市委定于1月16日召开2026年第2次上市审核委员会审议会议，审核天海汽车电子集团股份有限公司(以下简称"天 海电子")首发事项。公司早在2017年7月就启动了IPO辅导协议，从签署辅导协议到今年上会，历时八年多。 报告期各期末，存货账面价值从14.27亿元增至17.10亿元，存货跌价准备计提比例从6.49%上升至8.60%。受汽车行业竞争加剧影响，部分客户车型销量不 及预期，导致相关存货存在跌价风险。 报告期内，公司劳务外包的各期采购金额分别为57620.01万元、73957.52万元、65805.42万元和36556.22万元，占营业成本的比例分别为8.38%、7.59%、 6.17%和6.51%。为了应对旺季公司产能不足，提高产能调整与生产组织的灵活性，公司采用劳务外包方式，将部分业务交由劳务外包公司完成，可能出 现劳务外包方与公司就合作事项产生分歧而提前终止合同，或者由于劳务外包方的劳务组织出现问题而影响公司的生产进度。以上因素均将对公司短期内 的生产经营带来不利影响。 ↓↓↓ 上会稿显示，天海电子主要从事汽车线束、汽车连接器、汽车电子等汽车零部件产品的研发、生产 ...

Industry Research - The solid-state battery industry is entering a new phase, with consensus on mass production validation by 2026-2027, driven by multiple catalysts. The divergence lies in the process routes and pilot verification, as well as the ability to achieve a commercial closed loop by 2030. The assessment of technology and manufacturing maturity indicates that solid-state technology will progress from stages 5-6 to 7-8. The mid-term focus is on equipment and key materials, while the long-term shift will be towards leading solid-state companies and material companies with core patents [4]. PCB Equipment - The demand for AI computing power is driving a wave of capital expenditure in the PCB industry, with domestic PCB equipment manufacturers expected to see sustained order growth. The industry outlook remains positive, with NVIDIA's Rubin architecture potentially reshaping the demand and landscape for drilling equipment and needles [6]. Company Analysis - Meilan De (688273.SH) has been a leader in the domestic pelvic floor dysfunction (PFD) market for over a decade, focusing on pelvic and obstetric rehabilitation equipment. The company is expanding into reproductive anti-aging, sports rehabilitation, light medical beauty, and brain-machine interface fields, rapidly building a product matrix for women's health throughout their life cycle through self-research and acquisitions. The company utilizes various energy source technologies, including ultrasound, laser, electrophysiology, electrical stimulation, magnetic stimulation, and high-frequency, continuously leading industry development [6]. - Shuanglin Co. (300100.SZ) has been deeply involved in the automotive parts industry for 40 years, gradually forming industrial advantages through internal improvements and external acquisitions. The equipment and screw rod business are expected to become new growth drivers for the company. The outlook for the second half of 2026 is positive, with expectations for gradual increases in robot deployment and trends towards domestic screw rod replacement. Shuanglin possesses unique advantages in screw rod grinding equipment and processes, making it a rare player in the domestic screw rod field [8].