公司发布的三季报数据显示，前三季公司共实现营业收入2.52亿元，同比增长5.66%，实现净利润 4473.44万元，同比下降3.09%，基本每股收益为0.2000元，加权平均净资产收益率5.87%。（数据宝） 雷尔伟1月7日披露，截至12月31日公司股东户数为10596户，较上期（12月20日）减少654户，环比降幅 为5.81%。 证券时报·数据宝统计，截至发稿，雷尔伟最新股价为27.05元，上涨2.04%，本期筹码集中以来股价累 计上涨31.63%。具体到各交易日，6次上涨，5次下跌，其中，涨停1次。 （文章来源：证券时报网） ...

Group 1 - The company has confirmed that its subsidiary, Wenshan Hawei, has developed and produced brake discs that are now being used in the trial operation of the new "Fuxing" model CR450 [2]

每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 （记者 曾健辉） 每经AI快讯，威奥股份1月6日晚间发布公告称，本次减持计划实施前，刘萍女士持有青岛威奥轨道股 份有限公司无限售条件流通股1965万股，占公司总股本比例的5%。刘萍女士拟通过集中竞价交易方式 减持其所持有的公司股份不超过390万股，自本公告披露之日起15个交易日之后的3个月内。 ...

Macro News - Zheng Zhajie emphasized the need to build a modern industrial system during the "14th Five-Year Plan" period, focusing on optimizing and enhancing traditional industries such as chemicals, machinery, and shipbuilding to strengthen their global competitiveness [1] - The development of strategic emerging industry clusters, including new energy, new materials, aerospace, and low-altitude economy, is prioritized, with a push for quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication to become new economic growth points [1] Shanghai Investment Encouragement - The Shanghai Municipal Development and Reform Commission and other departments issued measures to encourage foreign-invested enterprises to reinvest domestically, comprising 15 initiatives [1] - Key measures include supporting various reinvestment methods, enhancing project coordination services, optimizing land resource allocation, encouraging technological upgrades, and supporting domestic production and R&D innovation [1] - Additional initiatives involve simplifying medical device production processes, facilitating multi-warehouse coordination for drug wholesale, easing food chain operations, implementing profit reinvestment tax policies, and broadening financing channels for reinvestment [1]

格隆汇1月6日丨威奥股份(605001.SH)公布，本次减持计划实施前，刘萍女士持有青岛威奥轨道股份有 限公司无限售条件流通股1965万股，占公司总股本比例的5%。刘萍女士拟通过集中竞价交易方式减持 其所持有的公司股份不超过390万股，自本公告披露之日起15个交易日之后的3个月内（2026年1月28日 至2026年4月27日）。 ...

Core Insights - The report emphasizes a positive outlook for the mechanical industry in 2026, driven by structural transformation and a rebound in external demand [3][4] - The report introduces a "risk排雷" manual to proactively identify potential market misjudgments and challenges within various sectors [3][4] Industry Overview - The mechanical industry is expected to experience a cyclical reversal, with growth in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6][8] - Key assumptions include continued government support for emerging technology industries and a stable macroeconomic recovery [11][16] Engineering Machinery - The engineering machinery sector is witnessing a cyclical upturn, with increased overseas market share and a gradual domestic renewal cycle [17] - Key growth drivers include global market expansion, improved domestic demand due to favorable macro policies, and a stabilizing domestic infrastructure and real estate market [17] Shipbuilding - The shipbuilding industry is on an upward trend, with demand supported by a variety of vessel types and improving profitability for shipyards [19] - The sector is expected to benefit from supply constraints driving up ship prices and a focus on high-end, large-scale, dual-fuel vessels [20] Export Chain - The export chain is optimistic about demand recovery, particularly in the U.S. market, with a focus on strategic exports and emerging markets [22] - Key assumptions include a favorable trade environment and ongoing industrial shifts towards resource-rich countries [22] Industrial Gases - The industrial gases sector is viewed positively, with expectations of volume and price increases leading to improved valuations [27] - The report highlights the importance of leading companies in the sector and recommends focusing on those with operational highlights in niche markets [30] Lithium Battery Equipment - The lithium battery equipment sector is expected to emerge from a downturn, with solid-state battery technology creating significant market opportunities [51] - The report anticipates a substantial increase in market size, projecting a growth from 2.06 billion in 2025 to 33.62 billion by 2030 [51] Wind Power Equipment - The wind power industry is projected to maintain high growth, particularly in offshore wind projects, with significant investments expected [63] - The report recommends focusing on leading manufacturers and components that support the offshore wind market [64] Testing and Inspection - The testing and inspection sector is expected to see upward momentum, driven by increasing demand and a trend towards consolidation among leading firms [71] - The report emphasizes the importance of focusing on emerging fields and the long-term growth potential of comprehensive testing companies [71] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from steady investment in fixed assets and high demand for passenger and freight transport [75] - The report highlights the potential for continued growth in the high-speed train sector and recommends key players in the industry [76] Oil Service Equipment - The oil service equipment sector is anticipated to thrive due to sustained demand driven by oil prices and energy security concerns [79] - The report suggests focusing on companies with strong technical barriers and those benefiting from domestic and international market opportunities [80]

Group 1 - In the first half of 2025, China's economy achieved a growth rate of 5.3% due to proactive fiscal measures, effective trade-in policies, and strong export resilience. However, growth momentum slowed in the second half of the year as the effects of stimulus policies diminished and high base effects emerged [1] - The 2026 economic work is under close scrutiny as it marks the beginning of the 14th Five-Year Plan, with a focus on maintaining economic growth as a priority. The Central Economic Work Conference in December 2025 emphasized the need for policies that are not only active but also effective [1] - The 2026 macroeconomic policy will continue to adopt a "more proactive" stance while focusing on enhancing effectiveness, integrating existing and new policies, and increasing counter-cyclical and cross-cyclical adjustments [1] Group 2 - China's export performance in 2026 is expected to exceed market expectations, supported by market diversification and product structure upgrades. From January to November 2025, China's export value increased by 5.4% year-on-year, surpassing the levels of the same period in 2024 [2] - Despite a nearly 20% decline in exports to the United States, exports to emerging markets such as Africa (26.3%), ASEAN (13.7%), and India (11.9%) showed significant growth. The share of exports to Latin America, Africa, and India combined reached 17.5%, matching that of ASEAN [2] - The strong resilience in exports is attributed to stable global economic growth, ongoing fiscal expansion in the US and Europe, and the stabilization of US-China trade relations. Additionally, technological advancements driven by artificial intelligence are expected to support exports [3] Group 3 - Infrastructure investment is projected to rebound in 2026, driven by the commencement of major projects and financial support. From January to October 2025, broad infrastructure investment grew by 1.5% year-on-year, with new policy financial tools and local government debt limits set to enhance project funding [3] - The 14th Five-Year Plan emphasizes the importance of technology innovation and industrial upgrading in driving manufacturing investment. Manufacturing investment grew by 2.7% year-on-year from January to October 2025, with a focus on advanced manufacturing and strategic emerging industries [4][5] Group 4 - The Chinese consumer market is showing strong resilience, with retail sales of consumer goods increasing by 5.0% year-on-year in the first half of 2025, supported by policies promoting trade-in programs. However, growth slowed in the second half due to diminishing effects of these policies [6] - The "14th Five-Year Plan" highlights the importance of enhancing the consumption rate and the role of domestic demand in driving economic growth. There is a focus on whether policies to stimulate consumption will be strengthened in 2026 [6] - The balance between short-term growth stabilization and long-term development tasks is crucial for policy formulation in 2026, with an emphasis on stabilizing the real estate market and improving social security systems [7]

Core Insights - The report emphasizes the positive outlook for domestic demand, which is expected to drive the development of new productive forces, as highlighted by the national financial work conference held on December 27-28, 2025 [5][13] - The aerospace sector continues to show high prosperity, with the China Aerospace Science and Technology Corporation achieving a record 73 space launch missions in 2025 [5][14] - The report recommends focusing on companies that align with the "S-curve" evolution, emphasizing supply chain reform, maintenance volume, and trends towards automation and intelligence [5][15] Industry Overview - The defense and aerospace industry is experiencing a significant increase in investment, with a focus on new productive forces and comprehensive human development [5][13] - The report notes the successful IPO acceptance of Blue Arrow Aerospace, which aims to raise 7.5 billion CNY, indicating strong market interest in commercial aerospace ventures [5][14] - The report identifies three key cycles within the industry: the evolution of the "S-curve," expansion of the "S-curve," and a new cycle focusing on emerging industries such as commercial aerospace, AI, and quantum computing [5][15] Company Recommendations - Recommended companies include: - **Aero Engine Corporation of China** (航发动力): Benefiting from high-end aviation equipment production and potential for domestic engine replacement in the civil aviation market [5][21] - **AVIC Xi'an Aircraft Industry Group** (中航西飞): A major manufacturer of military and civil aircraft, expected to benefit from modernization and military trade opportunities [5][22] - **China Power** (中国动力): Positioned to benefit from the recovery of the shipbuilding industry and the transition to dual-fuel engines [5][26] - **Aero Engine Control** (航发控制): Engaged in the production of control systems for military and civil aviation engines, with a strong competitive position [5][21] - **Ziguang Guowei** (紫光国微): Focused on the semiconductor industry with a strong emphasis on domestic market growth and AI integration [5][18] Financial Analysis - The report provides detailed financial metrics for key companies, including expected earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) for 2025 and 2026 [6] - For example, **航发动力** is projected to have an EPS of 0.34 CNY in 2026 with a PE ratio of 117.74 [6] - **中航重机** is expected to achieve a net profit of 11.21 billion CNY in 2025, with a dynamic PE ratio of approximately 28X [5][24] Market Performance - The report notes that the China Securities Military Industry Index has shown a weekly increase of 2.90%, outperforming major indices such as the Shanghai Composite and Shenzhen Component [5][34] - Year-to-date, the military industry index has increased by 42.34%, indicating strong market performance relative to other sectors [5][34]

2019年-2025年1-11月全国铁路、船舶、航空航天和其他运输设备制造业出口货值统计图 数据来源：国家统计局，智研咨询整理 上市公司：山西路桥（000755），东莞控股（000828），现代投资（000900），中铁特货（001213）， 招商公路（001965），富临运业（002357），铁龙物流（600125），赣粤高速（600269），山东高速 （600350），五洲交通（600368），宁沪高速（600377） 相关报告：智研咨询发布的《2026-2032年中国运输设备行业市场运行格局及产业需求研判报告》 根据国家统计局数据可知：2025年11月全国铁路、船舶、航空航天和其他运输设备制造业出口货值为 445.5亿元，同比增长24.4%；2025年1-11月全国铁路、船舶、航空航天和其他运输设备制造业累计出口 货值为4570亿元，累计同比增长24.7%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策 ...

成功获评 "新型消费应用场景" "中车四方文化科技馆"项目位于杭州路16号中车四方智汇港园区内，依托百年工业遗存，以高铁科技为核心，通过沉浸式互动体验，打造集历史展示、科 普教育、文创消费于一体的文旅融合新空间，是国内首个以高铁为主题的探索互动型科技展馆。自2025年9月开馆以来，迅速成为区域文旅消费新热点。 近日 市北区文旅局推荐报送的 "中车四方文化科技馆"项目 在青岛市2025年度 新型消费应用场景 和新型消费领先企业评选中 作为国内首个以"高铁"为主题的探索互动型科技展馆，这里分为历史文化馆与科技体验馆两大板块，系统呈现中国轨道交通从蒸汽机车到高速动车组的蜕 变之路，将尖端科技与趣味科普完美融合，为所有年龄段的观众打开一扇可触摸、可感知的探索之门。 组图|@微市北 走进历史文化馆，时光仿佛倒流至百年前。斑驳的机车零件、复原的工人运动场景，讲述着铁路人艰苦奋斗的创业精神与甘于奉献的敬业情怀。 图|@微市北 来到科技体验馆，便来到了未来的入口。展馆设置了"极创领跑""极速之梦""极效智造""极致探秘""极达未来"和"火车乐园"等几个展厅，涵盖高铁研发、 制造和运行的多个环节，没有枯燥的展板，只有玩不腻的互 ...