晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

1月8日，经国务院批准，中国石油化工集团有限公司（下称中国石化（600028））与中国航空油料集团 有限公司（下称中航油）实施重组。 业内人士认为，这并非简单的企业合并，而是全球第一大炼油公司与亚洲最大航油服务商的一次历史性 握手。两者的结合，将直接贯通从原油炼化到机场加注的航空燃料全产业链，在保障国家能源安全动脉 的同时，锁定航空业绿色转型的未来钥匙。 强强联手优势互补 中国石化与中航油，就像产业链上的"超级生产者"与"核心主动脉"。中国石化作为全球炼油产能的领跑 者，也是国内航煤生产的头号供应商，2023年其航煤产量超过2600万吨。而中航油则是国内航空油料采 购、储运、加注的绝对主导者，业务覆盖全国各大机场，是连接炼厂与飞机的桥梁。 但长期以来，我国航空燃料产业面临着"生产归生产、销售归销售"的格局，与国际大型一体化能源公司 相比，整体竞争力有待提升。此外，国资委也一直要求央企聚焦主责主业，实现业务资源整合协同。 中国石化与航油集团的整合，正是这一政策导向的具体体现。过去，这两大巨头是紧密的上下游客户关 系。此次重组最直接的驱动力，在于打造一条更坚固、更高效的航空燃料供应链。重组后，中国石化可 借助中国 ...

Core Points - The third "Hainan Province Outstanding Skilled Talent Award" recognizes 45 individuals for their contributions to various industries, promoting a culture of respect for labor and skills [1] - The award includes three categories: Senior Technician Award, Technician Award, and Skilled Talent Award, with 15 recipients in each category [1] - Awardees come from diverse sectors, including education, energy, pharmaceuticals, and agriculture, highlighting the importance of skilled talent in supporting Hainan's Free Trade Port development [1] Group 1: Award Categories - The Senior Technician Award recognizes individuals with outstanding contributions, with notable winners from institutions like Hainan Technician College and companies such as China National Offshore Oil Corporation [2] - The Technician Award also features significant contributors from various fields, including tea production and pharmaceuticals, showcasing the breadth of skilled professions in Hainan [3] - The Skilled Talent Award honors individuals excelling in technical roles across multiple industries, emphasizing the critical role of skilled workers in the local economy [4] Group 2: Industry Representation - Awardees represent a wide range of industries, including energy (Hainan Nuclear Power Co., China National Petroleum Corp.), education (Hainan Technician College), and agriculture (Hainan Tea Industry) [1][2][3] - The recognition of skilled talent from both public institutions and private enterprises indicates a collaborative effort to enhance skill development in Hainan [1] - The initiative aims to create a supportive environment for skilled professionals, which is essential for the sustainable growth of Hainan's economy and its Free Trade Port ambitions [1]

2026.01. 09 本文字数：675，阅读时长大约1分钟 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | NM | 4086.76 | 3.78 | 0.09% | | 399001 | 深证成指 | Myr | 13917.78 | -41.70 | -0.30% | | 399006 | 创业板指 | 14 | 3279.38 | -22.93 | -0.69% | | 000680 | 科创综指 | 1 m | 1758.30 | -8.27 | -0.47% | 盘面上，算力硬件产业链调整，CPO、存储器方向领跌；半导体、锂矿、脑机接口题材跌幅靠前。 房地产、油气板块涨幅靠前，商业航天题材仍局部活跃。 个股方面，中国石化竞价涨停，消息面上，中国石化和中国航油获批实施重组。 | | 6.68 +0.61 +10.05% | | | | 中国石化 1 立即 600028 交易 | | | --- | --- | --- | --- | --- | --- | --- | ...

行业 沥青日报 日期 2026 年 1 月 9 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 ...

Market Overview - The three major A-share indices opened mixed, with the Shanghai Composite Index up by 0.09%, the Shenzhen Component Index down by 0.3%, and the ChiNext Index down by 0.69% [1] Sector Performance - The power equipment, oil and gas, and aerospace military sectors led the gains, with China Petroleum & Chemical Corporation (Sinopec) hitting the daily limit up [1] - China National Aviation Fuel and Sinopec received approval for restructuring [1] - Goldwind Technology also reached the daily limit up, while Northern Long Dragon rose over 9% and Aerospace Electronic increased by over 5% [1] - Conversely, the semiconductor, communication equipment, and electronic components sectors experienced significant declines, with Chip Source Microelectronics down over 5%, Dongtian Microelectronics down over 3%, and Cambridge Technology down over 2% [1]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China National Aviation Fuel Group Corporation (CNAF) aims to enhance the integration of the aviation fuel industry chain, reduce supply costs, and promote a green and low-carbon transition in aviation energy supply [1][3]. Group 1: Industry Integration and Innovation - The merger will leverage Sinopec's oil product R&D technology and CNAF's market supply advantages, facilitating the integration of innovation within the aviation fuel industry chain [3]. - Currently, there is a disconnect between the R&D, production, sales, and application sectors in China's aviation fuel industry, which the restructuring aims to address [1]. Group 2: Green and Low-Carbon Transition - The restructuring is expected to support the high-quality development of sustainable aviation fuel, aiding the aviation industry's transition to a green and low-carbon model [3][5]. - Sustainable aviation fuel technology is recognized as a primary route for reducing carbon emissions in the aviation sector, which faces significant challenges in emission reductions [3]. Group 3: Sustainable Aviation Fuel Development - Sinopec is the first company in Asia to develop and commercialize bio-jet fuel production technology, and the merger will accelerate the R&D and application of sustainable aviation fuel technologies [5]. - The restructuring is anticipated to create new business models covering the entire sustainable aviation fuel industry chain, enhancing international competitiveness and contributing to carbon reduction in China's aviation sector [5][7]. Group 4: Market Potential - According to the International Air Transport Association, global sustainable aviation fuel consumption is projected to reach 6 million tons by 2025 and 18 million tons by 2030 [7]. - Sinopec has filled a gap in the application of domestic sustainable aviation fuel in local aircraft models, positioning itself as a leader in this emerging market [7].

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) is a strategic move aimed at optimizing state-owned assets and enhancing core competitiveness in the energy sector, which is expected to significantly reshape the domestic aviation fuel market and the entire energy supply chain [1][4]. Group 1: Restructuring Details - The restructuring was approved by the State Council and is seen as a continuation of the trend towards consolidating state-owned enterprises (SOEs) to improve efficiency and competitiveness [1][5]. - China Aviation Oil, established in 1990 and a key player in the aviation fuel supply chain, controls over 98% of the civil aviation fuel market in China, ensuring stable sales through its extensive network [2][3]. - The integration aims to create a seamless connection between Sinopec's refining capabilities and China Aviation Oil's distribution network, enhancing supply chain stability and reducing operational risks [3][6]. Group 2: Market Implications - The merger is expected to eliminate redundant competition and create synergies between refining and aviation fuel supply, thereby increasing market control and resilience against risks [3][4]. - Industry experts suggest that this restructuring signals a shift in SOE reform towards more specialized and strategic consolidations, focusing on enhancing competitiveness in key sectors [6][7]. - The trend indicates a move from simple asset aggregation to a more sophisticated integration aimed at improving innovation and efficiency within the industry [7][8].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 从推动航空能源供应绿色低碳转型看，两家企业重组有利于促进可持续航空燃料（SAF）产业高质量发 展。中国石化是亚洲首家拥有生物航煤自主研发生产技术并实现商业化生产的企业，拥有国内首套生物航 煤生产装置。中国航油在SAF推广应用和生态构建等环节占据重要地位。两家企业重组后，将深度结合在 SAF等领域的优势。 1月8日，经国务院批准，中国石油化工集团有限公司与中国航空油料集团有限公司实施重组。 业内人士对记者表示，中国石化和中国航油"强强联手"，有利于提升国家航空能源供应安全保障能力和水 平，推动航空能源供应绿色低碳转型，打造世界一流航空能源供应商。 公开资料显示，中国石化是中国最大的成品油和石化产品供应商，世界第一大炼油公司、第二大化工公 司，拥有9家上市公司，涵盖油气勘探、炼油化工、装备制造等能源全产业链。 中国航油是亚洲最大的集航空油品采购、运输、储存、检测、销售、加注于一体的航空运输服务保障企 业，主营业务主要涉及航油、石油、物流、国际和通航五大板块，旗下中国航油（新加坡）股份有限公 司，于2001年12月6日在新加 ...

1月9日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻 1、中共中央政治局常务委员会1月8日全天召开会议，听取全国人大常委会、国务院、全国政协、最高人 民法院、最高人民检察院党组工作汇报，听取中央书记处工作报告。中共中央总书记习近平主持会议并发 表重要讲话。 2、工信部、国家发展改革委、市场监管总局、国家能源局联合召开动力和储能电池行业座谈会，研究部 署进一步规范动力和储能电池产业竞争秩序工作。此次举办的座谈会指出，中国动力和储能电池产业发展 迅速，在全球范围内取得阶段性竞争优势。但与此同时，受多种因素影响，行业内存在盲目建设情况，出 现低价竞争等非理性竞争行为，扰乱正常市场秩序，削弱行业可持续发展能力，必须予以规范治理。 3、日前有市场传闻称，市场监管总局约谈了中国光伏行业协会、通威集团、协鑫科技、大全能源、新特 能源、亚洲硅业（红狮）、东方希望，约谈内容涉及通报有关垄断风险，提出明确整改意见并对企业做好 整改工作提出要求等。市场监管总局要求中国光伏行业协会及被约谈企业不得约定产能、产能利用率、产 销量及销售价格；不得通过出资比例，以任何形式进行市场划分、产量分配、利润 ...