炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：杨一轩 //// 7年前，投资者忧心上汽股价下跌，时任董事长无奈表示"你们说说怎么办"，如今，这个问题还在困扰 投资者。 车企"一哥"杀回来了。 进入2026年，上汽集团（600104.SH）好消息不断。先是销量翻身，去年的整车批发销量达到450.75万 辆，同比增长约12.3%。这个销量，离"新晋"霸主比亚迪仅有约10万的差距。 随后，上汽集团又抛出一份堪称炸裂的业绩预告，预计去年归母净利润为90亿-110亿元，同比增幅高达 438%-558%。但股价随之竟然还下跌了，此后几天也只是小幅震荡。 2024年，上汽集团赚钱能力急速下滑，归母净利润不到17亿，而且其保持了18年的销量冠军宝座，也被 比亚迪夺走。 一年后，上汽集团大有王者归来之势。但资本市场上并未沾染喜气。业绩预增公告发布后，上汽集团股 价反而下跌，此后几天都走势低迷。 8年前，上汽集团市值曾冲上近4400亿的巅峰，此后数年最高也难超过3000亿，如今更是在1700亿左右 徘徊，相比高点已经蒸发掉约2700亿。 暴涨的利润也让股价无动于衷，上汽集团这些年"消失"的市值， ...

三是数字化融合不断加深。增值税发票数据还显示，2025年，数字产品制造业销售收入同比增长 9.4%；制造业企业采购数字技术金额同比增长10.4%，增速较上年加快3.5个百分点，其中汽车制造业、 计算机通信设备制造业采购数字技术金额同比分别增长24.5%、11.8%。（记者 汪文正） 《人民日报海外版》（2026年01月22日 第 01 版） 人民日报海外版北京1月21日电 近日，国家税务总局发布利用税收大数据对制造业开展分析的结果。税 收数据显示，2025年，中国制造业销售收入较全国总体销售增速高1.7个百分点；制造业占全国总体销 售比重为29.7%，较上年提高0.5个百分点，制造业智能化、绿色化、融合化步伐加快，经济"压舱石"作 用更加凸显。 一是智能化升级加快发展。增值税发票数据显示，2025年，全国制造业企业采购自动化设备、数字化设 备金额同比分别增长11.3%、10%。制造业的智能化改造升级带动相关产业发展，智能设备制造业销售 收入同比增长28.1%，其中工业机器人、特殊作业机器人制造同比分别增长17.4%、42.1%。 二是绿色化转型持续推进。增值税发票数据显示，2025年，全国高耗能制造业销售收入 ...

市场积极信号：信心回归与价值重估 岁末年初，中国汽车产业在存量竞争与结构升级的交织中交出转型答卷。 上汽集团作为行业领军者，以一组亮眼的经营数据勾勒出高质量发展的清晰轨迹。 2025年全年，上汽销售整车450.7万辆，同比增长12.3%；终端零售达467万辆，稳居行业前列；其中新能源汽车销量164.3万辆，同比大增33.1%；海外销 量107.1万辆，同比增长3.1%。 销量增长直接带动了盈利能力的提升。 业绩预告显示，2025年上汽集团预计实现归母净利90—110亿元，同比激增438%—558%，扣非净利70—82亿元，同比增长229%—251%。 这份量利齐升的成绩单，不仅印证了上汽全面深化改革的显著成效，更成为中国汽车产业破解"内卷"、聚焦价值创造的标杆样本。 经营业绩的大幅提升正在形成良性互动，推动上汽步入正向循环，为其持续深化转型、加大技术投入提供了坚实的支撑。 战略革新：从规模扩张到价值创造的顶层重构 上汽的转型突破，源于一场触及根本的战略革新。 面对汽车产业电动化、智能化的时代浪潮，其果断摒弃规模导向的传统路径，确立了"从规模扩张到价值创造"的顶层设计，通过全链路改革释放结构性红 利。 全面深化 ...

天眼查资料显示，中国重汽集团济南动力有限公司，成立于2006年，位于济南市，是一家以从事汽车制 造业为主的企业。企业注册资本723959.5万人民币。通过天眼查大数据分析，中国重汽集团济南动力有 限公司共对外投资了19家企业，参与招投标项目3834次，专利信息5000条，此外企业还拥有行政许可89 个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，中国重汽集团济南动力有限公司申请一项名为"基于车速计算故障的高压下 电方法、装置、设备及介质"的专利，公开号CN121361339A，申请日期为2025年10月。 专利摘要显示，本发明提出了一种基于车速计算故障的高压下电方法、装置、设备及介质，该方法包 括：响应于执行高压下电策略，满足预设车速计算故障条件时，获取并根据整车制动有效性数据、整车 零动力驱动数据、整车传动数据、动力电池充放电功率数据、整车静止状态数据；判断在整车车速计算 无效的情况下的车速为零的真实性；如果在整车车速计算无效的情况下的车速为零属于真实情况，且， 高压下电的其他判断条件也满 ...

Group 1 - The core viewpoint of the articles is the strategic partnership between Changan Automobile and Midea Group, focusing on the development of the "Car Control Home" feature to enhance smart connectivity between vehicles and home devices [1][2] - The "Car Control Home" feature will first be available in Changan's new models, Q05 and A06, allowing users to control home appliances remotely through voice commands, creating a seamless integration of home and vehicle management [1] - Future developments will enable users to utilize the Midea App for "Home Control Car" functionalities, providing real-time vehicle status updates and pre-trip preparations, enhancing the overall user experience [1] Group 2 - The signing of the agreement signifies a deeper collaboration between Changan Automobile and Midea Group in areas such as digitalization, smart manufacturing, green energy, logistics coordination, and public welfare, with a focus on vehicle-home connectivity and marketing strategies [2] - The partnership aims to transition vehicle-home connectivity from "technical collaboration" to "experience implementation," creating a more convenient and comfortable smart living environment for users [2]

贵州省政府新闻办21日召开新闻发布会，介绍2025年经济运行情况。贵州省统计局党组书记、局 长、新闻发言人王朝晖介绍，2025年贵州经济运行总体平稳，全省地区生产总值23562.17亿元，按不变 价格计算，比上年增长4.9%，其中工业生产实现较快增长。 新能源电池及材料聚链成群，2025年贵州省规模以上汽车制造业、电气机械和器材制造业、计算机 通信和其他电子设备制造业增加值比上年分别增长42.3%、41.1%和35.9%，生产新能源汽车25.33万辆、 电子元件89.63亿只、锂离子电池2216.65万千瓦时，带动上游原材料产业磷矿石、氧化铝产量分别增长 17.3%、15.9%，带动中游产业铝材产量增长13.7%，形成全产业链发展。 中新网贵阳1月21日电 (记者 周燕玲)2025年，贵州省规模以上工业增加值比上年增长7.0%，高于全 国1.1个百分点；工业用电量比上年增长7.9%，比上年提高2.0个百分点；装备制造业增加值比上年增长 26.6%。 资料图：位于贵州省遵义市汇川区的一家电梯生产企业开足马力赶制订单。记者 瞿宏伦 摄 现代化工业体系加快构建，2025年贵州大力推进新型工业化，"六大产业基地"规模 ...

Group 1: Domestic News - The People's Bank of China (PBOC) emphasizes accelerating the construction of a cross-border payment system for the renminbi, aiming for a diversified and multi-layered development by 2026 [2] - The Ministry of Industry and Information Technology (MIIT) reports that the industrial and information sectors contributed over 40% to economic growth, with a projected 5.9% increase in industrial value added by 2025 [3] - The Ministry of Housing and Urban-Rural Development (MOHURD) plans to stabilize the real estate market by focusing on urban renewal, community construction, and improving housing sales systems [5] Group 2: International News - Former President Trump announces a framework agreement with NATO regarding Greenland, temporarily halting planned tariffs on European countries [6] - The U.S. Treasury yields show a general decline, with the 10-year Treasury yield down by 4 basis points to 4.26% [25] Group 3: Bond Market Dynamics - The bond market shows a strong performance with the 10-year government bond yield decreasing by 0.05 basis points to 1.8335% [10] - The credit bond market experiences significant price deviations, with some industrial bonds seeing price changes exceeding 10% [11] - Vanke announces a bondholder meeting where a proposal to extend the maturity of a portion of its bonds was approved [12] Group 4: Commodity Market - International crude oil prices rise, with WTI crude up 0.43% to $60.62 per barrel, and natural gas prices surge nearly 30% to $5.040 per million British thermal units [7] Group 5: Equity and Convertible Bond Market - The equity market sees a collective rise, with major indices increasing, and the convertible bond market also reflects this trend with major indices up by approximately 0.90% [21] - The convertible bond market records a trading volume of 912.89 billion yuan, with 308 out of 385 bonds rising in value [21]

Economic Growth - In Q4 2025, GDP growth was 4.5%, with an annual GDP of 14,018.79 billion yuan, achieving a target growth of around 5%[12] - The contribution to GDP growth from final consumption expenditure was 2.6%, while net exports contributed 1.64%[12] Industrial Production - In December, industrial added value grew by 5.2% year-on-year, with an annual growth of 5.9%[16] - High-tech manufacturing and equipment manufacturing saw added value growth of 9.4% and 9.2%, respectively, exceeding the overall industrial growth by 3.5 and 3.3 percentage points[16] Fixed Asset Investment - National fixed asset investment in 2025 was 485,186 billion yuan, down 3.8% year-on-year, with private investment declining by 6.4%[19] - Infrastructure investment fell by 1.48%, marking the worst performance in a decade, while manufacturing investment saw a slight increase of 0.6%[19] Real Estate Market - Real estate development investment in 2025 decreased by 17.2%, the largest decline since the pandemic, with new construction area down by 20.4%[33] - New residential sales area fell by 8.7%, and sales revenue dropped by 12.6% year-on-year[33] Consumer Spending - In December, retail sales of consumer goods grew by only 0.9%, the lowest monthly increase of the year, with an annual growth of 3.7%[49] - Retail sales excluding automobiles increased by 4.4%, while online retail sales of physical goods rose by 5.2%[49] Price Trends - In December, the Consumer Price Index (CPI) rose by 0.8% year-on-year, while the Producer Price Index (PPI) fell by 2.6% for the year[54] - Food prices significantly contributed to the CPI increase, with fresh fruit prices recovering to a year-on-year growth of 4.4% in December[57]

Summary of Key Points from Conference Call Records Industry Overview Financial Industry - The financial industry is expected to gradually return to a positive cycle by 2026, with economic sustainability improving despite not entering a significant upturn [2] - The central bank has implemented flexible interest rate cuts and reserve requirement ratio reductions, with a total of 7 trillion yuan in special re-loans to support small and micro technology enterprises [2][3] - December social financing data shows stable loan issuance, with a slight rebound in medium- and long-term loan growth, supporting infrastructure and helping to exit deflation [2] Automotive Industry - The automotive market in early 2026 is experiencing a downturn, with retail and wholesale sales significantly declining due to overdrawn demand for new energy vehicles and consumer hesitance regarding promotional subsidies [7][9] - A forecasted decline of 5-7% in passenger vehicle sales for Q1 2026, with an expected overall wholesale decline of 3% for the year [9] - The cost pressure in the automotive sector is increasing due to rising raw material prices, with an estimated increase in single vehicle costs by 6,000 to 8,000 yuan, impacting gross margins by 4-5 percentage points [11] Wind Power Industry - The wind power sector is expected to maintain a positive growth trajectory during the 14th Five-Year Plan, with annual new installations projected between 100-120 GW [15] Property Management Industry - The property management sector is anticipated to maintain low growth, with increasing differentiation among companies [16] - Major players like China Resources Mixc Life, Greentown Service, and Country Garden Service are expected to show strong performance due to stable cash flow and favorable dividend policies [17] Company-Specific Insights SF Express and Jitu - SF Express and Jitu have entered into a cross-shareholding agreement, with SF acquiring 10% of Jitu and Jitu acquiring 4.3% of SF, which is expected to have limited short-term EPS impact but potential long-term benefits due to resource synergy [4] - The collaboration is expected to enhance market presence in both domestic and overseas markets, particularly in cross-border logistics [5] China Resources Mixc Life - Recent stock price fluctuations for China Resources Mixc Life are attributed to slightly lower-than-expected earnings forecasts, but long-term growth potential remains intact with a projected EPS growth rate of 5-6% [18] Greentown Service and Country Garden Service - Greentown Service is expected to maintain a stable cash return due to its high-quality project structure, while Country Garden Service is anticipated to exceed shareholder return expectations with strong cash flow [17] Additional Considerations - The financial sector is benefiting from a shift in household financial asset allocation, with an annual growth rate of approximately 12% expected [3] - The automotive industry faces challenges from rising costs and cautious promotional strategies, with a need for adaptation to new policies impacting sales [8][12] - The property management sector is seeing a healthier profit structure as major companies release impairment pressures and rationalize non-core business operations [16]

| ト合合 R可 .. c 。 全国企业信用查询 | | 海迅极光新能源汽车部件（北京）有限公司 | 查一下 | | --- | --- | --- | --- | | 基本信息 9 | 法律诉讼 | 经营风险 | 经营信息 | | 法定代表人 | 会勋 | 登记状态 | 存续（在营、开业、 | | | | 注册资本 | 10000万元 | | 组织机构代码 | MAK4TBCM-1 | 工商注册号 | | | 企业类型 | 有限责任公司 (法人独资) | 营业期限 | 2026-01-20 至 无固定 | | 人员规模 | | 参保人数 | l | | 所属地区 | 北京市大兴区 | 登记机关 | 北京经济技术开发区 | | 国标行业 | 汽车制造业（C36）∨ | 英文名 | Haixun Aurora New I | | 注册地址 | 北京市北京经济技术开发区融兴北一街2号院1号楼3层308（邮编100000） 附 | | | | 经营范围 | 一般项目:汽车零部件及配件制造;汽车零配件批发;汽车零配件零售;电子元 设备研发;金属材料销售;建筑材料销售;技术服务、技术开发、技术咨询、技 | | | | ...