Report Industry Investment Rating - Not provided in the given content Core Viewpoints Manufacturing - Overall: In December, the manufacturing PMI's five - year percentile was at 57.6%, with a change of 37.3%. Four industries had their manufacturing PMI in the expansion range, 4 less than the previous month and 3 less than the same period last year [4]. - Supply: Slightly declined. The 3 - month average of the manufacturing PMI production index in December was 50.5, a 0.1 - percentage - point decrease from the previous month. Five industries showed month - on - month improvement, while 10 industries declined [4]. - Demand: Still needed improvement. The 3 - month average of the manufacturing PMI new orders in December was 49.6, a 0.4 - percentage - point increase from the previous month. Three industries showed month - on - month improvement, and 12 industries declined [4]. - Inventory: Continued destocking. The 3 - month average of the manufacturing PMI finished - goods inventory in December remained flat at 47.9. Five industries saw inventory increase, and 10 industries saw inventory decrease [4]. Non - Manufacturing - Overall: In December, the non - manufacturing PMI's five - year percentile was at 22.0%, with a change of 10.2%. Eleven industries had their non - manufacturing PMI in the expansion range, 5 more than the previous month and 1 more than the same period last year [5]. - Supply: Employment remained at a low level. The 3 - month average of the non - manufacturing PMI employee index in December was 45.5, a 0.4 - percentage - point increase from the previous month. Both the service and construction sectors increased by 0.4 percentage points [5]. - Demand: Still needed improvement. The 3 - month average of the non - manufacturing PMI new orders in December was 46.3, a 0.4 - percentage - point increase from the previous month. The service sector's new orders increased by 0.2 percentage points, and the construction sector's new orders increased by 1.7 percentage points [5]. - Inventory: Continued destocking. The 3 - month average of the non - manufacturing PMI inventory in December was 45.3, with no change from the previous month. The service sector's inventory remained unchanged, and the construction sector's inventory increased by 0.8 percentage points [5]. Summary by Directory Overview - Manufacturing PMI: In December, the manufacturing PMI's five - year percentile was at 57.6%, with a change of 37.3%. Four industries had their manufacturing PMI in the expansion range, 4 less than the previous month and 3 less than the same period last year [10]. - Non - Manufacturing PMI: In December, the non - manufacturing PMI's five - year percentile was at 22.0%, with a change of 10.2%. Eleven industries had their non - manufacturing PMI in the expansion range, 5 more than the previous month and 1 more than the same period last year [10]. Demand - Manufacturing: The 3 - month average of the manufacturing PMI new orders in December was 49.6, a 0.4 - percentage - point increase from the previous month. Three industries showed month - on - month improvement, and 12 industries declined. - Non - Manufacturing: The 3 - month average of the non - manufacturing PMI new orders in December was 46.3, a 0.4 - percentage - point increase from the previous month. The service sector's new orders increased by 0.2 percentage points, and the construction sector's new orders increased by 1.7 percentage points. Five industries showed month - on - month improvement, and 10 industries declined. Pay attention to the improvement in textiles and pharmaceuticals and the decline in petroleum [16]. Supply - Manufacturing: The 3 - month average of the manufacturing PMI production index in December was 50.5, a 0.1 - percentage - point decrease from the previous month. Five industries showed month - on - month improvement, and 10 industries declined. The manufacturing PMI employee index in December was 48.3, a 0.1 - percentage - point decrease from the previous month. Five industries showed month - on - month improvement, and 10 industries declined. - Non - Manufacturing: The 3 - month average of the non - manufacturing PMI employee index in December was 45.5, a 0.4 - percentage - point increase from the previous month. The service and construction sectors both increased by 0.4 percentage points. Eleven industries showed month - on - month improvement, and 3 industries declined. Pay attention to the decline in non - ferrous metals and农副食品 and the improvement in ferrous metals [25]. Price - Manufacturing: The 3 - month average of the manufacturing PMI ex - factory price index in December was 48.2, a 0.2 - percentage - point increase from the previous month. Seven industries saw their ex - factory prices improve, and 8 industries declined. In terms of profit, the profit trend in December increased by 0.4 percentage points, and the overall continued to converge. - Non - Manufacturing: The 3 - month average of the non - manufacturing charge price index in December was 48.3, a 0.2 - percentage - point increase from the previous month. The service sector increased by 0.3 percentage points, and the construction sector decreased by 0.2 percentage points. Eight industries showed month - on - month improvement, and 7 industries declined. In terms of profit, the profit in December remained unchanged. The service sector decreased by 0.1 percentage points, and the construction sector increased by 0.5 percentage points. Pay attention to the improvement in non - ferrous metals and the decline in petroleum [34]. Inventory - Manufacturing: The 3 - month average of the manufacturing PMI finished - goods inventory in December remained flat at 47.9. Five industries saw inventory increase, and 10 industries saw inventory decrease. The manufacturing PMI raw - material inventory in November decreased by 0.2 percentage points to 47.5. Seven industries saw inventory increase, and 8 industries saw inventory decrease. - Non - Manufacturing: The 3 - month average of the non - manufacturing PMI inventory in December was 45.3, with no change from the previous month. The service sector's inventory remained unchanged, and the construction sector's inventory increased by 0.8 percentage points. Five industries saw inventory increase, and 10 industries saw inventory decrease. Pay attention to the destocking of non - metallic products and the increase in construction inventory [42]. Main Manufacturing Industry PMI Charts - The report provides data on the PMI of various manufacturing industries, including general equipment, special equipment, automobiles, computers, motors, pharmaceuticals,农副食品, textiles, non - ferrous metals, petroleum, chemicals, ferrous metals, non - metallic products, metal products, and chemical fiber and rubber products, showing values, month - on - month changes, three - year averages, and year - on - year changes [53][54][57][58][59][66][67][68].

截至2025年12月31日收盘，石化机械（000852）报收于7.27元，较上周的7.25元上涨0.28%。本周，石 化机械12月29日盘中最高价报7.35元。12月31日盘中最低价报7.11元。石化机械当前最新总市值69.5亿 元，在专用设备板块市值排名58/177，在两市A股市值排名2610/5181。 本周关注点 公司公告汇总：子公司使用闲置募集资金17,300万元办理大额存单，年化收益率1.1% 公司公告汇总 中石化石油机械股份有限公司的子公司中石化氢能机械（武汉）有限公司使用暂时闲置募集资金进行现 金管理，在中国银行武汉东湖分行办理了17,300万元的大额存单和3,049万元的协定存款，产品期限至 2026年6月25日，预计年化收益率分别为1.1%和0.35%，均为保本保收益型产品。该事项已经公司董事 会和监事会审议通过，不影响募投项目正常实施，公司与签约银行无关联关系。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - The company, Nanfeng Co., Ltd., is taking measures to improve its financial situation by utilizing its reserve funds to cover losses and is planning to engage in low-risk financial investments with its own funds in 2026 [2][3][4]. Group 1: Stock Performance - As of December 31, 2025, Nanfeng Co., Ltd. closed at 12.25 yuan, down 2.47% from the previous week [1]. - The stock reached a high of 12.68 yuan and a low of 11.47 yuan during the trading session on December 31 [1]. - The company's current total market capitalization is 5.88 billion yuan, ranking 75th out of 177 in the specialized equipment sector and 2976th out of 5181 in the A-share market [1]. Group 2: Board Meeting Resolutions - On December 30, 2025, the company held its 12th meeting of the 6th Board of Directors, where it approved several key resolutions, including the use of reserve funds for covering losses and the proposal for the first extraordinary shareholders' meeting of 2026 [2][3]. - The company plans to hold the first extraordinary shareholders' meeting on January 16, 2026, to discuss the use of reserve funds to cover losses, with a record date of January 12, 2026 [2]. Group 3: Financial Strategies - The company has approved a plan to use up to 500 million yuan of its own funds for entrusted financial management in 2026, focusing on low-risk financial products [2][4]. - The funds for financial management will come from the company's own resources and will not involve raised funds or bank credit [2]. - The company aims to improve its financial condition and enhance investor returns through the use of reserve funds amounting to 927.75 million yuan to cover accumulated losses [3][4].

Core Viewpoint - Tianqi Co., Ltd. (002009) has experienced a significant stock price increase, closing at 22.62 yuan on December 31, 2025, which is a 16.84% rise from the previous week, reaching a near one-year high of 24.67 yuan during the week [1] Trading Information Summary - The company had a total market capitalization of 9.099 billion yuan, ranking 43rd in the specialized equipment sector and 2087th in the A-share market [1] - On December 30, 2025, a board member, Shen Baowei, reduced his holdings by 145,000 shares, accounting for 0.036% of the total share capital, during a period when the stock price increased by 10% [3] - Tianqi Co., Ltd. appeared on the "Dragon and Tiger List" four times in the past five days due to significant trading activity, including a daily price fluctuation of 15% and a cumulative price deviation of 20% [3][4] Company Announcements - The company plans to issue A-shares to specific investors, raising up to 976.8412 million yuan for the construction of an intelligent manufacturing base, a research and development center, and to supplement working capital [3][6] - The board of directors approved the issuance of up to 120 million shares, which requires shareholder approval and regulatory review [6] - The company confirmed that there were no undisclosed matters during the trading fluctuations and that the controlling shareholder did not engage in buying or selling during this period [4][6] Financial Management and Future Plans - Tianqi Co., Ltd. has a plan for shareholder returns over the next three years (2026-2028), committing to distribute at least 15% of the annual distributable profits as cash dividends, with a cumulative target of no less than 30% of the average annual distributable profits [4] - The company reported that the net proceeds from the previous fundraising amounted to 292.1056 million yuan, with 81.4512 million yuan remaining in a dedicated account as of November 30, 2025 [4]

截至2025年12月26日收盘，永创智能（603901）报收于13.89元，较上周的13.58元上涨2.28%。本周， 永创智能12月25日盘中最高价报14.56元，股价触及近一年最高点。12月22日盘中最低价报13.62元。永 创智能当前最新总市值70.65亿元，在专用设备板块市值排名57/177，在两市A股市值排名2576/5181。 本周关注点 公司公告汇总 杭州永创智能设备股份有限公司2021年限制性股票激励计划第四期解锁条件已成就，本次符合解锁条件 的激励对象为122人，可解锁的限制性股票数量为497,500股，占公司总股本的0.10%。本次解锁的限制 性股票上市流通日期为2026年1月7日。公司层面业绩考核达标，个人绩效考核结果均在良好以上，满足 全额解锁条件。董事会薪酬与考核委员会及法律顾问均确认本次解锁符合相关规定。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：永创智能定增申请获上交所审核通过，尚待证监会注册。 公司公告汇总：2021年限制性股票第四期将解锁497,500股，占总股本0.10%。 关 ...

Group 1 - Lixun Precision plans to repurchase shares worth between 1 billion to 2 billion yuan [1] - Jiazhe New Energy intends to buy back shares valued at 220 million to 440 million yuan [1] - Dagang Holdings proposes a share repurchase of 20 million to 40 million yuan [1]

宏观研究 证 券 研 究 报 告 【宏观专题】 宽松过峰，股债重估 ❖ 核心观点 1、由于总量政策"摆脱超常规"叠加央行"优化供给，做优增量、盘活存量" 的表述，我们预计短期政府债增速和贷款增速或边际回落，这一过程或带来一 季度 M2 同比的持续下行。 2、考虑到近期市场波动率的小幅提升，居民存款加速搬家的概率不高的前提 下，M2 同比的回落会引致宏观流动性最宽松的时刻正在过去，历史经验来看， 这会对资产估值造成冲击。 3、但是本轮宏观流动性最宽松时段过去与历史相比存在三点不同： ①从基本面来看，当下基本面景气最确定的是中游，由于中游需求更依赖海外， 其景气相对独立，因此国内流动性的松紧对其需求影响不大，反而有助于其供 给侧的加速收缩。在这个视角下，国内流动性收缩对中游利润预期冲击不大。 ②从资产配置来看，绝对视角下，国际经验展示当下十债收益率仍低于国际合 理空间，相对视角下，我们的股债比价指标（股债夏普比率差值）仍显示当下 股票更具配置优势。因此如果流动性收缩冲击偏"贵"的资产的话，只要经济 循环仍在边际改善，那么债券反而是当下"偏贵"的资产。 ③如果经济遭遇突发事件打破循环，国内政策有望随时加码改善流动性 ...

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1% in December 2025, indicating a return to the expansion zone after eight months, driven by policy support, increased external demand, and a later Spring Festival in 2026 [2][3]. Group 1: Policy Support and Investment Recovery - Policy measures have effectively promoted investment stabilization, with the central economic work conference emphasizing the need to "promote investment stabilization and stimulate private investment vitality" [2][3]. - The National Development and Reform Commission announced a plan for early 2026 construction projects and a central budget investment plan totaling approximately 295 billion yuan [2][3]. - The production index increased to 51.7% and the new orders index rose to 50.8%, indicating a rebound in production and orders due to fiscal support [3]. Group 2: External Demand and Export Orders - The new export orders index increased by 1.4 percentage points to 49%, reflecting a significant rise in export orders driven by strong external demand [4]. - Global monetary easing and fiscal stimulus have bolstered external demand, with manufacturing PMIs in France and the UK rising to expansion zones, and the US PMI remaining above 52% since August [4]. - Container throughput increased by 7.2% year-on-year in December, indicating a positive trend in export activities [4]. Group 3: Impact of the Spring Festival Timing - The later timing of the 2026 Spring Festival (February 17) resulted in less disruption to December's physical workload compared to previous years [5]. - The production index in December rose by 1.7 percentage points, contrasting with the historical trend of decline in December production indices [5]. Group 4: Price Trends and Inventory Adjustments - The PMI output price index rose by 0.7 percentage points to 48.9%, indicating a recovery in output prices, although they remain in a contraction zone [5]. - The inventory index saw an increase, with procurement volume, raw material inventory, and finished goods inventory rising due to increased production and orders [6]. - Various industries, including electrical machinery and pharmaceuticals, showed signs of inventory replenishment, although the sustainability of this trend requires further data support [6].

冀凯股份今日跌停，全天换手率12.72%，成交额3.92亿元，振幅5.19%。龙虎榜数据显示，机构净卖出 2069.55万元，营业部席位合计净卖出245.63万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 部 | 541.72 | 353.77 | | 买二 | 东方财富证券股份有限公司昌都两江大道证券营业部 | 506.53 | 696.94 | | 买三 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 483.25 | 388.42 | | 买四 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 440.30 | 274.83 | | 买五 | 国信证券股份有限公司浙江互联网分公司 | 407.42 | 428.33 | | 卖一 | 机构专用 | 37.60 | 1368.12 | | 卖二 | 机构专用 | 36.47 | 775.50 | | 卖三 | 东方财富证券股份有限公司昌都两江大道证券营业部 | ...

从资金流向上来看，当日专用设备板块主力资金净流出19.77亿元，游资资金净流出1.21亿元，散户资金 净流入20.98亿元。专用设备板块个股资金流向见下表： 证券之星消息，12月31日专用设备板块较上一交易日下跌0.44%，大鹏工业领跌。当日上证指数报收于 3968.84，上涨0.09%。深证成指报收于13525.02，下跌0.58%。专用设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600501 | 航天晨光 | 30.13 | 10.00% | 95.95万 | | 27.91亿 | | 002757 | 南兴股份 | 19.47 | 10.00% | 49.07万 | | 9.14亿 | | 300540 | 蜀道装备 | 20.00 | 8.40% | 15.89万 | | 3.13亿 | | 603698 | 航天工程 | 38.75 | 5.30% | 1 58.12万 | | 22.09亿 | | 603036 | 如通股份 | 21.3 ...