Group 1 - European Parliament has announced the suspension of the approval process for the trade agreement reached with the United States last July, marking the EU's first response to recent pressures from President Trump [1] - The EU is considering imposing tariffs on US goods worth €93 billion as a countermeasure against the tariffs imposed by the US on eight European countries [1][3] - The proposed tariffs include a 25% duty on US-made aircraft, which could significantly impact Boeing, as its products account for a large portion of US aircraft exports to Europe [3][4] Group 2 - The EU's retaliation list includes high-value items such as automobiles, bourbon whiskey, and soybeans, as well as iconic American products like Harley-Davidson motorcycles and Levi's jeans [3][4] - The selection of products for the retaliation list is strategic, aiming to minimize economic damage to the EU while targeting products linked to specific US politicians and voters [4] - The EU has agreed to impose export controls on aluminum scrap, which is crucial for producing new metals, further indicating the strategic nature of its trade measures [5] Group 3 - The "anti-coercion instrument" (ACI) is being discussed as a powerful tool for the EU to respond to US trade pressures, allowing restrictions on major US companies and potentially affecting various sectors [6] - The ACI can be activated relatively quickly, with investigations taking up to four months, but there is internal disagreement among EU member states regarding its implementation [6][7] - Germany's economy has already been impacted by US tariffs, with a reported 0.3% decline in GDP due to existing tariffs, highlighting the economic stakes involved [7][8]

Core Insights - The report highlights the potential for recovery in the domestic demand for liquid chemical transportation, driven by a rebound in the downstream refining industry, which is expected to improve in the second half of the year [6][8] - The company, Xingtong Co., is positioned as a leader in the coastal liquid chemical transportation sector, with a fleet of 40 vessels, including 34 chemical tankers, and has established a global water transportation network [6][7] - The company has maintained a strong competitive edge through superior safety management, resulting in a significant increase in its domestic market share from 5.3% in 2019 to 16.0% in 2024 [6][7] Company Overview - Xingtong Co. has a modern fleet characterized by high-end, large, young, green, and intelligent vessels, with an average age of less than 8 years for its chemical tankers [7] - The company has been gradually entering international markets while maintaining its domestic advantages, capitalizing on the aging global chemical tanker fleet [7] - The company's profitability metrics, including ROE and ROA, are above industry averages, reflecting effective service quality and cost control [7] Market Outlook - The report anticipates a gradual recovery in the domestic market's economic conditions, with supply-side growth expected to slow down due to a decrease in newly approved shipping capacity [8] - The company is projected to achieve net profits of 285 million, 351 million, and 429 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.02, 1.25, and 1.53 yuan [8] - The current stock price corresponds to PE ratios of 15.7, 12.7, and 10.4 for the years 2025 to 2027, indicating a favorable investment opportunity [8]

2026年1月14日，复投财经联袂香港红狮集团成功举办"2026全球投资机会研究报告"线上发布会。这次 发布会邀请知名经济学专家、研究员和资深分析师参与。成功在红狮APP上发布了《2026全球投资机会 研究报告》。线上有来自全球各地的投资者参加了发布会，发布会上专家以特朗普关税战2.0为分界 点，表示全球经贸与地缘政治旧格局已经被颠覆，新的治理和贸易平衡正在建立之中。在此背景下， 2026年是"破局"之后的"立局之年"，蕴藏较大的结构性机遇与风险并存，如果能在深度研究基础上前瞻 布局就会成为制胜关键。 一、2025年投资市场回顾：分化与重构的开端 2025年，全球市场在宏观政策、地缘政治与产业链变迁的三重共振下，呈现鲜明的结构性分化特征。美 国发起的全球关税战没有显著提振美国本土制造业，但推高了该国贸易成本与通胀，不得不再次展开降 息操作。欧洲经济增长依然是疲软不堪；日本货币政策正常化进程遭遇坎坷。我国凭借"新质生产力"战 略强化科技自主与内循环，外贸顺差历史性呈现扩大，经济走势展现了强大的反弹向上的韧性。 从全球和我国大宗商品的走势看，期货铜、期货黄金和期货白银实现了上涨走势领跑的表现；铜作为工 业重要的基 ...

人民日报记者 刘志强 1月20日，国务院新闻办举行新闻发布会，邀请国家发展改革委有关负责同志围绕"落实中央经济工 作会议精神，推动'十五五'实现良好开局"介绍有关情况。 加快打造形成全球科技创新高地和新兴产业重要策源地 1月19日，2025年中国经济成绩单发布。"成绩来之不易，彰显我国经济基础稳、优势多、韧性强、 潜能大的特征。"国家发展改革委国民经济综合司司长周陈认为，展望2026年，经济结构将持续向优、 发展动能持续向新、整体发展态势持续向好。 新技术新产品新场景蔚然成势。新能源、新材料、航空航天、量子科技、生物制造、具身智能等新 的经济增长点蓄势待发，新型储能装机规模超1亿千瓦、占全球比重超40%。人工智能加速从数字世界 走向物理世界，将带动高端制造、新兴消费、新业态新模式爆发式增长。2025年，高技术制造业增加值 占规模以上工业增加值比重超17%。一批"十五五"时期的高技术产业标志性引领性重大工程正在谋划推 进。 创新链产业链人才链加速融合。我国有完整的产业体系，有14亿多人口的超大规模市场，也有全球 规模最宏大、门类最齐全的人才资源，科学、技术、工程和数学专业毕业生每年超500万人，具备将创 新成果 ...

消息面上，我国首个海上液体火箭发射回收试验平台将投用。据央视新闻，今年是"十五五"规划的开局 之年，"加快建设航天强国"目标首次被纳入国家五年规划重点任务。在山东烟台海阳市，有我国目前唯 一的商业航天海上发射母港。最近几天，国内首个海上液体火箭发射回收试验平台正在加紧建设。在春 节前后，国内一款主流商业液体火箭将在这里进行发射回收试验，这也是国内首次液体火箭的海上发射 回收试验。 爱建证券预计2026年国内运载火箭可复用技术有望取得关键突破，并推动箭体结构优化与回收体系升 级；动力系统、结构件与材料、测试验证等关键环节将率先受益，带动卫星通信产业链进入放量阶段。 （文章来源：21世纪经济报道） 1月21日，商业航天概念股部分修复，截至发稿，国证航天航空行业指数震荡上涨0.55%，成分股中， 航发科技与华秦科技涨超6%，海兰信、航天电子与航材股份涨超5%，航发动力上涨超4%。 相关ETF中，航空航天ETF天弘（159241）小幅上涨，成交额超8400万元，换手率超10%，盘中交投活 跃。 值得一提的是，在过去的两个交易日（1月19日-20日）中，该ETF持续获资金净流入，累计净流入额为 4083.71万元。截至 ...

1月21日，A股三大指数集体上涨，商业航天板块全天小幅震荡，截止13点37分，航空航天ETF （159227）涨幅0.82%，成交额达3.84亿元，持仓股航发科技、华秦科技、海兰信、航天电子、航材股 份、航发动力等股涨幅居前。 （文章来源：每日经济新闻） 国泰海通证券认为，展望2026年，中国商业航天有望迎来高速发展。1）2025年中国载人航天、深空探 测、商业航天等领域完成多项突破，实现多个首次。航天全年发射次数达到92次，创造历史新高。2026 年，中国航天将迎来更多新的惊喜和突破。从空间站建设到探月探星，再到商业航天发展，中国航天正 朝着建设航天强国的目标开启新征程。2）作为新质生产力，自主、多元、高效的商业航天将进一步发 挥灵活的商业发射能力，为我国卫星互联网星座快速组网提供核心运力支撑。3）"十五五"时期以朱雀 三号、长征十二号甲为代表的大型火箭批量应用有望打破当前制约我国星座建设的技术瓶颈，我国商业 航天发射节奏有望持续提速，以GW、G60为代表的巨型星座建设有望提速，中国商业航天事业有望迎 来高速发展。 航空航天ETF(159227)：紧密跟踪国证航天指数，成分股覆盖战斗机、航空发动机、火箭、导 ...

Core Viewpoint - The C919 aircraft is undergoing EASA certification testing, which is crucial for its international market acceptance, despite domestic production challenges and skepticism from the public regarding its capacity to meet demand [1][3]. Group 1: Certification Importance - EASA's certification is essential for C919 to operate internationally, as it allows for broader market access beyond China [3][4]. - While C919 has received certification from the Civil Aviation Administration of China (CAAC), obtaining EASA certification is necessary for registration with foreign airlines [3][6]. - The certification process involves a thorough evaluation, and the C919 is currently in the critical assessment phase with EASA [6]. Group 2: Production and Supply Chain Challenges - The projected production capacity for 2025 is 75 aircraft, but this figure represents design capacity rather than actual delivery targets, with only 15 expected to be delivered [10][11]. - The supply chain for C919 includes many components from Western suppliers, particularly from the U.S., which complicates production due to regulatory scrutiny and potential delays [10][11]. - The geopolitical landscape affects the availability of critical components, as U.S. suppliers must comply with government regulations, impacting the production timeline [11][14]. Group 3: Market Dynamics and Political Factors - The certification process is not solely a technical issue; it also involves political considerations that can act as barriers to market entry for foreign aircraft [8][10]. - Historical examples show that regulatory changes can be influenced by market protectionism, affecting the competitiveness of foreign aircraft like the C919 [8][10]. - The reliance on foreign components for C919 is driven by the current state of China's aviation industry, which lacks the maturity and reliability of Western counterparts [14][15].

据天眼查APP显示，中国航发航空科技股份有限公司成立于1999年12月28日，注册资本33012.9367万人 民币。（数据宝） （文章来源：证券时报网） 数据宝统计，截至11:14，航发科技成交额21.32亿元，创上市以来新高。最新股价上涨5.11%，换手率 13.34%。上一交易日该股全天成交额为7.47亿元。 ...

责任编辑：杨赐 工业和信息化部副部长张云明21日在国务院新闻办举行的新闻发布会上表示，2025年，工业和信息化部 着力推进科技创新和产业创新深度融合，深入实施关键核心技术攻关工程、产业基础再造工程和重大技 术装备攻关工程。超大直径盾构机、重型燃气轮机等重大装备实现突破，人工智能为工业经济增长注入 强劲动力，6G第一阶段技术试验形成超300项关键技术储备。集成电路、电子专用材料等行业增加值同 比分别增长26.7%、23.9%，工业机器人产量同比增长28%，新能源汽车新车销量达1649万辆、同比增长 28.2%。新兴领域投资增势良好，航空、航天器及设备制造等行业投资实现两位数增长。 另据新华社报道，工业和信息化部信息通信发展司司长谢存在发布会上说，目前，我国5G标准必要专 利声明量全球占比达42%；6G研发已完成第一阶段技术试验，形成了超300项关键技术储备，近期已启 动第二阶段6G技术试验。 张云明表示，"十四五"以来，一批"含新量"高的创新成果竞相涌现。实验室里的"好点子"源源不断转化 为生产线上的"好产品"。钙钛矿材料、永磁材料、动力电池等技术处于国际先进水平，新型网络、高速 通信、先进计算、新兴软件、区块 ...

Group 1 - The Chinese government is planning to promote significant projects in high-tech industries, indicating a favorable signal for mergers and acquisitions (M&A) [1] - The National Development and Reform Commission (NDRC) aims to establish a national-level M&A fund to enhance government investment and support innovation and entrepreneurship [1][2] - The number and average scale of newly established M&A funds are expected to significantly increase by 2025, marking a key sign of structural adjustment in China's private equity investment market [1] Group 2 - In 2025, 305 listed companies participated in the establishment of 321 industry M&A funds, with a total funding scale of approximately 297.51 billion yuan, showing a notable increase from 2024 [2] - Newly established M&A funds are highly concentrated in strategic sectors such as advanced manufacturing, healthcare, artificial intelligence, automotive, new materials, and semiconductors, indicating their role in implementing national industrial policies [2] - The increase in fund numbers and participation in emerging sectors like aerospace and low-altitude economy reflects a critical phase of professional and systematic integration in the technology industry [2] Group 3 - M&A funds are positioned as key vehicles for promoting industrial upgrades and are tasked with integrating local industrial chain resources [3] - The market is focusing on building a new exit ecosystem centered around M&A due to tightening IPO exit channels and increasing demand for revitalizing existing assets [3] - The year 2025 is anticipated to be a significant year for the rise of a new wave of M&A funds, further validating their role as a hub connecting capital and industry [3]