格隆汇12月30日丨玲珑轮胎(601966.SH)在投资者互动平台表示，公司近期收到CBP对于塞尔维亚玲珑 产品的进口暂扣令，已于第一时间成立专项工作小组进行积极应对。公司一方面会灵活调整生产计划和 销售策略，另一方面也会积极与CBP及合作伙伴密切协调，坚决维护公司的正当贸易权利和合法权益， 争取撤销暂扣令，降低相关影响，确保公司业务的持续稳定运营。根据公司2025年1-11月经营数据显 示，塞尔维亚子公司对美出口轮胎业务仅占公司合并营业收入的约2.7%，影响相对有限。 ...

Core Viewpoint - The report from Zhongtai Securities indicates that the global tire industry is facing cost pressures due to trade changes in the U.S. and Europe, which could lead to a consumption downgrade trend in local markets, creating a demand for high-cost-performance products [1][4]. Group 1: Market Dynamics - The supply-demand structure shows significant room for domestic tire companies to replace foreign brands, with unknown overseas tire companies holding nearly 50% market share in lower-tier markets [2]. - The mid-term outlook suggests that domestic tire companies are expected to gradually replace 1/2 tier well-known brands due to improved brand strength and high-end product offerings starting in 2026 [2]. - The performance of semi-steel tires is strong, with a gross margin close to 30%, indicating a high value-added consumer product [2]. Group 2: Strategic Developments - From 2026, leading domestic tire companies will implement a global scattered production layout, allowing them to switch production bases in Southeast Asia, Africa, Europe, and the Americas to avoid trade barriers [1][4]. - The report anticipates that the performance of leading domestic tire companies will see a significant increase in both volume and profit due to this strategic expansion [1][4]. Group 3: Short-term and Long-term Perspectives - In the short term, the focus should be on tracking production capacity utilization and cost factors, including trade policies, raw material prices, shipping costs, and exchange rates [3]. - The long-term perspective indicates a favorable market structure with substantial replacement potential, as domestic tire companies currently hold only 30% market share domestically and 20% internationally [2]. Group 4: Historical Context and Future Outlook - Historical analysis shows that after the 2008 financial crisis, Chinese tires captured over 20% of the U.S. market due to their cost-performance advantage, highlighting the potential for similar trends following current trade changes [3]. - The report predicts that by 2026, domestic tire companies will significantly enhance their market presence in high-end segments, potentially raising the valuation multiples from PE 10 to 20x [4][5].

经济观察网证监会网站显示，朝阳浪马轮胎股份有限公司2025年12月27日向辽宁证监局办理辅导备案登 记，辅导机构为中天证券股份有限公司。 ...

行 华福证券 基础化工 2025 年 12 月 28 日 业 研 究 行 业 定 期 报 告 基础化工 行业周报：11 月 TDI 出口量创单月历史最高，中 国合成树脂协会倡议规范聚甲醛行业秩序 投资要点： 本周板块行情：本周，上证综合指数上涨 1.88%，创业板指数上涨 3.9%， 沪深 300 上涨 1.95%，中信基础化工指数上涨 5.41%，申万化工指数上涨 4.23%。 化工各子行业板块涨跌幅：本周，化工板块涨跌幅前五的子行业分别为膜 材料(12.18%)、合成树脂(8.23%)、磷肥及磷化工(6.5%)、钾肥(5.91%)、有机硅 (5.39%)；化工板块涨跌幅后五的子行业分别为轮胎(-1.5%)、食品及饲料添加 剂(0.41%)、农药(0.96%)、绵纶(1.12%)、印染化学品(1.33%)。 投资主线二：消费电子有望逐渐复苏，关注上游材料企业。随着下游消费 电子需求逐渐回暖复苏，面板产业链相关标的有望充分受益。部分国内企业在 面板产业链部分环节成功实现进口替代，切入下游头部面板厂供应链，自身α 属性充足。随着面板产业链景气度有望回暖，头部显示材料厂商有望享受行业 β共振。建议关注：东材科技（ ...

Investment Rating - The report indicates a positive investment outlook for the basic chemical industry, with significant growth in specific sub-sectors such as TDI and synthetic resins [1][2]. Core Insights - The TDI export volume reached a historical high in November, with 56,500 tons exported, significantly exceeding previous years' totals, and is projected to continue growing [2]. - The China Synthetic Resin Association has called for the regulation of the polyoxymethylene industry to address structural supply-demand imbalances, with projected production capacity reaching 1.51 million tons per year against a demand of only 950,000 tons by 2025 [2]. - The chemical sector overall has shown strong performance, with the CITIC Basic Chemical Index rising by 5.41% this week, outperforming other indices [1][10]. Market Performance - The Shanghai Composite Index increased by 1.88%, while the ChiNext Index rose by 3.9%, indicating a bullish trend in the market [1][10]. - The top-performing sub-sectors in the chemical industry this week included membrane materials (12.18%), synthetic resins (8.23%), and phosphate fertilizers (6.5%) [1][13]. Sub-sector Summaries TDI - November TDI exports reached 56,500 tons, with a cumulative export of 506,300 tons from January to November, marking a 56.2% year-on-year increase [2]. - The average export price for TDI in October was $1,527 per ton, with a total export value of $67.1 million [2]. Polyoxymethylene - The industry faces challenges due to a projected capacity of 1.51 million tons against a demand of only 950,000 tons, leading to potential oversupply issues [2]. Tires - Domestic tire manufacturers are becoming increasingly competitive, with a focus on growth opportunities in the tire sector [2]. Phosphate Chemicals - The phosphate chemical sector is expected to benefit from environmental policies limiting supply, coupled with increasing demand from the new energy sector [4]. Vitamins - The market for vitamins is experiencing supply disruptions, particularly for Vitamin A and E, due to unforeseen circumstances affecting production [5].

12月24日，海安橡胶集团股份公司召开职工代表大会，核心议程为选举职工代表董事，最终审议通过黄 振华先生当选公司第二届董事会职工代表董事，任期自本次职代会通过之日起至第二届董事会届满之日 止。 12月24日，海安橡胶集团股份公司召开职工代表大会，核心议程为选举职工代表董事，最终审议通过黄 振华先生当选公司第二届董事会职工代表董事，任期自本次职代会通过之日起至第二届董事会届满之日 止。 据悉，当选人黄振华先生现任公司副总经理、总工程师，系国务院政府特殊津贴专业技术人才，曾在莆 田糖厂、福建佳通轮胎任职，具备丰富的行业经验与专业资质。 公告显示，黄振华先生未直接持有公司股份，与主要股东及其他董监高无关联关系，选举后董事会合规 性符合监管规定。 同日，海安橡胶同步召开2025年第二次临时股东大会，审议通过注册资本变更、章程修订、闲置募集资 金现金管理等多项议案。 据悉，当选人黄振华先生现任公司副总经理、总工程师，系国务院政府特殊津贴专业技术人才，曾在莆 田糖厂、福建佳通轮胎任职，具备丰富的行业经验与专业资质。 公告显示，黄振华先生未直接持有公司股份，与主要股东及其他董监高无关联关系，选举后董事会合规 性符合监管规定 ...

每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 曾健辉） 每经AI快讯，华谊集团（SH 600623，收盘价：7.47元）12月26日晚间发布公告称，公司第十一届第十 一次董事会会议于2025年12月25日以通讯表决方式召开。会议审议了《关于修订公司制度的议案》等文 件。 2025年1至6月份，华谊集团的营业收入构成为：精细化工占比37.51%，轮胎行业占比23.66%，能源化 工占比16.46%，化工服务占比12.28%，其他行业占比6.55%。 截至发稿，华谊集团市值为159亿元。 ...

Core Insights - The report highlights the robust global capacity layout of the company, Sailun Tire, which is expected to drive revenue and performance growth through advanced technologies such as "liquid gold" tires and off-road tires [2][6][7] - The company is positioned as a leading domestic tire manufacturer with a strong emphasis on overseas production capacity and product value enhancement, leading to a buy rating [6][11] Company Overview - Sailun Tire is the first privately-owned tire company listed on the A-share market and has established overseas production bases in Vietnam, Cambodia, and is constructing a facility in Egypt [7] - The company has a planned annual production capacity of 31.55 million all-steel tires, 109 million semi-steel tires, and 467,000 tons of off-road tires by mid-2025, with significant contributions from overseas bases [7][9] Financial Performance - For the first three quarters of 2025, the company's revenue increased by 16.76% year-on-year to 27.587 billion yuan, while net profit attributable to shareholders decreased by 11.47% to 2.872 billion yuan [7] Industry Analysis - The global tire market is projected to exceed $190 billion in 2023, with a compound annual growth rate (CAGR) of 4.15% from 2020 to 2024 [8] - The market share of leading domestic tire manufacturers, including Sailun Tire, has increased from 3.63% to 5.90% between 2016 and 2023 [8] Strategic Initiatives - The company is leveraging its multi-base collaboration strategy to enhance overseas production capacity, which is expected to contribute significantly to revenue and profit growth [9] - Sailun Tire's innovative "liquid gold" tire technology addresses longstanding industry challenges and is expected to enhance product performance and brand influence [10] Future Projections - The company is forecasted to achieve net profits of 3.769 billion yuan, 4.815 billion yuan, and 5.600 billion yuan for the years 2025 to 2027, with corresponding earnings per share (EPS) of 1.15 yuan, 1.46 yuan, and 1.70 yuan [11]

Group 1 - The German Finance Minister, Christian Lindner, expressed frustration over Deutsche Bahn's plan to purchase electric buses from China, highlighting concerns about the impact of Chinese manufacturing on German industry [1][3] - Volkswagen has closed its factory in Dresden, marking the first closure of a domestic manufacturing plant in 88 years, reflecting the struggles of German manufacturing [3][5] - Germany's energy policy has led to significant challenges, including the demolition of the advanced Moorburg coal power plant, which was seen as a political sacrifice rather than a technical failure [5][6] Group 2 - The Green Party's energy policies have resulted in a shift away from nuclear and coal power, leading to increased electricity costs for both residents and industries, with industrial electricity prices reaching approximately 26 cents per kilowatt-hour, significantly higher than in China and the U.S. [20][22] - The transition to renewable energy has been complicated by bureaucratic hurdles, with the German wind energy sector facing excessive regulations that hinder progress [10][12] - Despite the push for renewable energy, Germany remains reliant on imported solar components from China, as domestic production is minimal, leading to increased costs and slower installation rates [12][14] Group 3 - The German manufacturing sector is experiencing a downturn, with industrial output contracting by 4.3% and the automotive industry seeing an 18.5% decline, resulting in a significant number of bankruptcies among German companies [20][22] - BASF and Michelin are scaling back operations in Germany, with BASF planning to close some domestic production facilities and lay off 2,600 workers [22] - The overall economic performance of Germany is declining, with a GDP contraction of 0.3% in 2023, making it the only G7 country to experience economic shrinkage [22][23] Group 4 - German companies are increasingly relocating operations to China, with the phrase "in China, for China" becoming a common sentiment among German manufacturers [25][27] - The shift in manufacturing focus has led to a significant reduction in domestic industrial capabilities, with many companies opting to move production to countries with lower costs [25][27]

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 王晓波） 每经AI快讯，中银证券12月24日发布研报称，给予赛轮轮胎（601058.SH，最新价：16.3元）"买入"评 级。评级理由主要包括：1）国产轮胎领先企业，全球化布局推动业绩提升；2）轮胎行业市场规模稳健 增长，国产品牌市占率提升。风险提示：在建/拟建项目进度不及预期；原材料价格大幅上涨；关税政 策变化；汇率波动风险。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" ...