Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Since 2015, due to the US's continuous "anti - dumping and counter - subsidy" policies on Chinese tire enterprises, the direct export proportion of Chinese tires to the US has decreased from a maximum of 22.61% to a minimum of 2.5% and remains below 5%. Some Chinese tires flow to the US market through Mexico's re - export trade. The US tire market demand has not shrunk, and the US has also developed new tire import markets, mainly Thailand, Vietnam, and Indonesia [2][64]. - The tire demand in overseas European and American countries is growing steadily, but the raw material demand has been decreasing in recent years. From a production perspective, the tire demand for natural rubber mainly focuses on China and Southeast Asian countries [3][65]. - China is still the main tire importer for European countries. European tires also come from Vietnam, Thailand, Indonesia, etc. due to cost advantages. China is also the main source of Russia's tire imports, with the proportion of tire imports from China in the past three years ranging from 75% - 80% [3][65]. - Changes in Chinese tire exports can mainly reflect the tire demand changes in Europe, while changes in US tire demand can be mainly observed through the tire exports of Thailand and Vietnam and the re - export volume of Chinese tires through Mexico [3][65]. Group 3: Summary According to the Directory 1. Preface - Since 2007, China's tire export volume has shown a continuous expansion trend. In 2010 and 2021, it benefited from global monetary expansion, and in 2021, it was also affected by the slowdown of overseas tire production, resulting in a large number of orders being transferred to China. In 2023 and 2024, China's tire exports continued to recover, mainly driven by the replenishment demand of overseas European and American countries. In 2024, the cumulative year - on - year growth rate of China's tire exports was 10%, and in 2025, it was 3.07%, indicating that the tire demand still showed certain resilience after the concentrated replenishment demand in overseas markets ended in 2025 [9]. - Since 2015, Chinese tire enterprises have been affected by the "anti - dumping and counter - subsidy" policies of the US. The trade barriers have changed the global tire trade flow, and China's direct tire exports to the US have decreased, while exports to the Middle East and other countries have increased [10]. 2. China's Tire Export Review - China's tire exports are widely distributed among more than 100 countries and 7 major regions. Europe and the Middle East have become the main export destinations in recent years, while the proportion of exports to the US has decreased significantly. From 2015 to 2024, despite the "anti - dumping and counter - subsidy" policies of European and American countries, China's tire exports still achieved an average growth rate of 4% [13][14]. - In terms of regions, China's tire exports are mainly concentrated in Europe, South America, North America, Africa, the Middle East, Southeast Asia, and Northeast Asia. Affected by the "anti - dumping and counter - subsidy" policies of the US and the EU, the regions with relatively stable growth in China's tire exports in recent years are mainly the Middle East, Africa, and South America [18]. - Exports to Europe: After 2020, the average annual export volume to Europe increased to over 1 million pieces. The increase from 2023 - 2024 was mainly due to the replenishment demand of European countries. In 2025, the export demand was advanced due to the EU's "anti - dumping" policy, and then declined rapidly after reaching the peak in July. In 2026, the export volume to Europe may decline due to the decrease in replenishment demand and the implementation of the EU's anti - dumping policy [24]. - Exports to North and South America: Exports to North America have remained stable because although exports to the US have decreased, exports to Mexico have increased. Exports to South America have shown an upward trend, with Brazil, Chile, Uruguay, and Colombia being the main new export partners [31]. - Exports to the Middle East and Africa: Exports to Africa have been increasing, which is related to the infrastructure recovery in Africa. Exports to the Middle East increased year - on - year but declined rapidly after reaching the peak in March 2025, mainly affected by Egypt's increase in anti - dumping duties on Chinese truck and bus tires and the increase in shipping costs due to the Israel - Palestine conflict [34]. - Exports to Northeast Asia and Southeast Asia: Exports to Northeast Asia have shown an upward trend, mainly to Japan and Australia. Exports to Southeast Asia are mainly for re - export purposes [36]. 3. Overseas Tire Import and Export Review - Global tire import and export demand is mainly concentrated in China, the US, Europe, Russia, India, Japan, and South Korea. Europe and the US are net tire importers, while China, India, Southeast Asia, and South Korea are major tire exporters [40]. - US: In 2024, the US tire imports increased by 7.28% year - on - year, and as of October 2025, the cumulative annual growth rate reached 5.4%. The proportion of tire imports from China has decreased, while Thailand, Vietnam, and Mexico have become major import sources. Chinese tires flow to the US through Mexico's re - export trade, and Thailand and Vietnam have cost advantages [51]. - EU: In 2024, the EU's tire imports increased by 8.35% year - on - year, and as of October 2025, the cumulative annual growth rate reached 13.6%. The UK's tire imports increased by 5.5% in 2024 but decreased by 3.5% as of October 2025. European tires mainly come from China, followed by Turkey, South Korea, Thailand, and Vietnam [54]. - Thailand: In 2024, Thailand's tire exports increased by 7% year - on - year, and as of October 2025, the cumulative annual growth rate reached 4.96%. Thai tires are mainly exported to the US and neighboring Asian countries [57]. - Vietnam: In 2024, Vietnam's tire exports increased by 14% year - on - year, and as of October 2025, the cumulative annual growth rate reached 20.88%. Vietnamese tires are mainly exported to the US, Germany, and the Netherlands [58]. - Indonesia: In 2024, Indonesia's tire exports decreased by 9% year - on - year, and as of October 2025, the cumulative annual decrease was 7.79%. Indonesian tires are mainly exported to the US and neighboring countries [61]. 4. Conclusion - Global tire exporters are mainly concentrated in China, Thailand, Vietnam, Indonesia, and India. The EU also has a large tire export volume, mainly for internal trade among EU countries. Global tire imports are mainly concentrated in the EU, the US, Japan, and Russia, and Japan has similar import and export volumes [64]. - The situation of China's tire exports to the US and the role of Mexico in re - export trade, as well as the development of new import markets in the US, are the same as described in the core viewpoints [64]. - The tire demand and raw material demand situation in overseas European and American countries, and the focus on natural rubber tire demand in China and Southeast Asian countries are the same as described in the core viewpoints [65]. - China's position in European and Russian tire imports and the relationship between Chinese tire exports and overseas tire demand changes are the same as described in the core viewpoints [65].

Core Viewpoint - The construction of a unified national market is advancing, with Henan province leveraging policy opportunities to establish a new international land port in collaboration with Shandong, facilitating direct exports from local enterprises [1][4]. Group 1: Logistics and Cost Reduction - The new international land port allows goods from Henan to be directly loaded into shipping containers at the factory, significantly reducing logistics costs by approximately 10% compared to previous methods [4]. - Previously, over 85% of industrial products from Jiaozuo, Henan, required transport through Shandong ports, leading to inefficiencies and increased costs due to multiple handling and waiting times [2][3]. - The "one box to the end" service model has been implemented, allowing for streamlined logistics and reduced handling fees, which previously included up to 10 different charges [2][4]. Group 2: Collaboration and Integration - A collaborative effort between Henan and Shandong involved over 20 rounds of discussions to establish the "Shandong Port North Henan International Land Port," marking a significant step towards operational integration [4][8]. - The establishment of a container supply and demand information platform aims to resolve the "container shortage" issue faced by inland enterprises, transitioning from "goods waiting for containers" to "containers waiting for goods" [3][4]. - A joint office has been set up to facilitate cooperation between the railway and port systems, addressing differences in management and operational standards to achieve integrated operations [7][8]. Group 3: Future Developments and Goals - By 2026, Henan plans to enhance its transportation network, including the construction of dedicated railway lines and the improvement of inland waterways, to support the unified national market [8][9]. - The focus will be on breaking down barriers and enhancing connectivity through ten key initiatives, including multi-modal transport improvements and market-oriented reforms [9].

Summary of Haian Group Research Report Company Overview - **Company Name**: Haian Group - **Industry**: Manufacturing of all-steel giant tires - **Date of Research**: January 23, 2026 - **Key Personnel**: Lin Jinliu (Board Secretary), Zheng Weida (Securities Affairs Representative) Key Points Company Background - Haian Group originated from tire service operations, specifically in the mining sector, transitioning into the manufacturing of all-steel giant tires to address the supply issues faced by domestic mining companies due to foreign brand monopolies [5] Future Growth Plans - The company aims to increase market penetration among existing clients and develop new customers, focusing on import substitution. It plans to leverage its reputation and expertise to expand into international markets, including traditional markets in Europe and North America, as well as emerging markets in BRICS countries, Southeast Asia, and Africa [6][7] Unique Business Model - Haian Group offers a tire operation management service that includes comprehensive lifecycle management of tires, which is not a common practice in the industry. This service model enhances customer loyalty and addresses operational pain points, despite having lower initial profit margins compared to direct tire sales [8][9][10] Industry Barriers - The all-steel giant tire industry has high entry barriers due to: - **Technical Barriers**: The complexity of tire performance and quality requires extensive practical feedback from mining operations, making R&D challenging [11] - **Market Barriers**: Mining companies prioritize safety and efficiency, making it difficult for new entrants to gain acceptance [11] - **Financial Barriers**: The industry is capital-intensive, with high demands for timely supply and production scale from customers [11] Market Share in Russia - Haian Group has established a significant market share in Russia through long-term relationships with local clients and strategic contracts. The company continues to grow its customer base in Russia, despite competition from established international brands [12] Fundraising and Project Development - The company has outlined three key projects for its fundraising efforts, with construction timelines of 3 years for the all-steel giant tire expansion project, 2 years for the automation upgrade, and 3 years for the R&D center [14] Cost Structure of Tire Management Services - The costs associated with the tire operation management services include tire consumption costs, direct labor, and indirect expenses [15] Additional Insights - The company’s strategy to enhance its service offerings and operational management is expected to create a competitive edge and foster sustainable growth in the all-steel giant tire market [10]

Group 1: Company Background and Development - The company originated from tire service operations, focusing on manufacturing all-steel giant tires to address the domestic market's reliance on foreign brands [2] - The founder, Zhu Hui, aimed to break the monopoly of international brands and enhance safety in China's mining industry by developing local manufacturing capabilities [2] Group 2: Market Expansion Plans - Future plans include increasing customer penetration in the domestic market and expanding into international markets, particularly in Europe, the U.S., BRICS countries, Southeast Asia, and Africa [3] - The company aims to leverage its reputation and expertise to provide reliable tire solutions for mining projects associated with Chinese state-owned enterprises abroad [3] Group 3: Unique Business Model - The company offers a comprehensive tire operation management service, which includes maintenance, pressure control, and lifecycle management, differentiating it from competitors who primarily focus on direct tire sales [4] - This service model enhances customer loyalty and addresses critical operational challenges faced by clients [5] Group 4: Industry Barriers - The all-steel giant tire industry has high entry barriers due to technical, market, and financial challenges [5] - New entrants struggle with product performance and quality, as well as gaining acceptance from mining companies that prioritize safety and efficiency [5] Group 5: Market Share in Russia - The company has established a significant market share in Russia since entering in 2016, driven by strong relationships with local clients and high-quality products [6] - Future competitiveness in the Russian market will rely on maintaining trust with core customers and adapting to geopolitical changes [6] Group 6: Investment Projects - The company has three main investment projects with construction cycles of 3 years for the all-steel giant tire expansion, 2 years for the automation upgrade, and 3 years for the R&D center [7] - These projects are expected to gradually release new production capacity as they progress [7]

"我们预计反弹势头将持续，"宝盛集团股票策略主管Mathieu Racheter表示，"真正重要的是要超越地缘 政治新闻的表象，着眼于大局：经济增长依然稳健，通胀压力得到控制，欧股预计将实现双位数的盈利 增长。" 随着特朗普宣布不对反对美国获得格陵兰的欧洲国家加关税，欧股五天来首次上涨，同时一系列乐观的 企业财报也提振了市场情绪。 斯托克欧洲600指数收涨1%，这是自11月以来的最大涨幅。巴克莱衡量的受贸易影响较大的一篮子股票 （包括奢侈品制造商和汽车制造商）上涨1.3%。有报道称基尔·斯塔默的执政受到潜在挑战，导致富时 100指数跑输。 建筑板块也跑赢，而矿业和能源板块则最为滞后。 特朗普此前威胁要就格陵兰问题征收10%的关税，导致地缘政治不确定性飙升，引发了对经济增长前景 的担忧，进而动摇了投资者情绪。斯托克600指数在本周前三天下跌了近2%。 受财报影响的个股方面，大众汽车上涨6.5%，这家德国公司公布的汽车部门现金流高于预期。轮胎制 造商米其林走高3.5%，其发布的自由现金流初值也超出预期。 另一方面，育碧暴跌40%，创纪录最大跌幅，这家法国电子游戏公司下调了业绩指引并宣布取消六款游 戏。德国医疗光学 ...

目前，公司生产经营状况稳定有序，此次终止发行H股股票，是公司基于对多方面因素的全面权衡及实 际情况作出的审慎决策，不会对生产经营和持续发展造成重大不利影响，不存在损害公司及全体股东特 别是中小股东利益的情形。 格隆汇1月22日丨玲珑轮胎(601966.SH)公布，鉴于当前宏观经济环境、公司自身实际情况、发展规划， 以及结合资本市场环境变化等多重因素的综合考量，并始终秉持维护股东利益、对股东负责的原则，经 公司与相关中介机构进行深入探讨与审慎分析后，决定终止此前筹划的发行H股股票并于香港联交所主 板上市的事项。 ...

Core Viewpoint - The announcement details the implementation of a cash dividend distribution plan for shareholders of Giti Tire Co., Ltd., with a cash dividend of RMB 0.28 per share, totaling RMB 95.2 million [2][4]. Group 1: Dividend Distribution Details - The cash dividend distribution is set at RMB 0.28 per share (including tax) [2]. - The total cash dividend to be distributed amounts to RMB 95,200,000, based on a total share capital of 340,000,000 shares [4]. - The distribution plan was approved at the company's first extraordinary general meeting of shareholders on December 18, 2025 [2]. Group 2: Distribution Method - Cash dividends for A-share unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [5]. - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date at their designated securities business department [5]. - For non-circulating A-share shareholders, cash dividends will be distributed directly by the company [6][10]. Group 3: Taxation Information - For individual shareholders holding circulating shares, dividends are subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for less than one month [11]. - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, resulting in a net cash dividend of RMB 0.252 per share [12]. - Institutional investors holding circulating shares are responsible for their own tax declarations, receiving a gross cash dividend of RMB 0.28 per share [13].

Group 1 - The core viewpoint of the article highlights Haian Rubber's strong market position in Russia, with a solid order reserve and ongoing customer expansion [2] - The company has signed long-term sales contracts for all-steel giant tires amounting to approximately 337 million yuan, covering 17 newly developed customers, and is in discussions for additional projects with an estimated total order value of about 239 million yuan [2] - The total order amount from these contracts exceeds 576 million yuan, indicating a robust order reserve in the Russian market [2] Group 2 - Haian Rubber is accelerating its global expansion, successfully developing over 30 overseas customers in more than 15 countries, including Australia, Indonesia, and Chile, with potential for increased procurement after product trials [3] - The company is also exploring new customer development in countries like Peru, the Democratic Republic of the Congo, and Kazakhstan since 2025 [3] - Participation in domestic and international mining projects from companies like Zijin Mining and Jiangxi Copper Group is expected to benefit from demand growth due to downstream expansion and mergers [3] Group 3 - The company is implementing a localization strategy by investing in a factory for all-steel giant tires in Russia, aiming to enhance market share and supply chain resilience [4] - This strategy marks a shift from "product export" to "localization of production," allowing for quicker response times and deeper customer relationships [4] Group 4 - Haian Rubber utilizes cross-border trade in RMB for settlements in the Russian market, ensuring stable and smooth transaction paths without relying on the SWIFT system [5] - The company's operational management in mining tire business is unique in the industry, with initial low gross margins expected to improve as familiarity with operational environments increases [5] - This business model complements direct sales, creating a distinctive competitive advantage for the company [5]

Core Viewpoint - Linglong Tire (601966) acknowledges the urgent demand from investors for stock price stability and emphasizes its commitment to enhancing operational efficiency and competitiveness through various strategic initiatives [1] Group 1: Operational Strategies - The company is benchmarking against leading peers to optimize production plans, scheduling, and processes [1] - Efforts are being made to improve equipment efficiency, implement lean production management, and advance smart manufacturing and digital transformation [1] - The focus on research and development innovation and marketing system construction aims to reduce costs while improving quality [1] Group 2: Financial and Market Positioning - Linglong Tire aims to enhance capacity utilization, product competitiveness, and brand influence to solidify its profit foundation [1] - The company is strategically positioned with a balanced global production base and sales operations to mitigate international trade risks [1] - The goal is to strengthen operational resilience in a complex external environment and align intrinsic value with market valuation through steady operations and sustained performance [1]

Core Viewpoint - The article highlights the significant progress in the domestic production of aviation tires in China, led by Wang Jie and her team at the Huangpu Materials Research Institute, aiming for self-sufficiency and innovation in the aerospace sector [1][3][14]. Group 1: Project Development and Achievements - The aviation tire localization research project is set to conclude by the end of 2025, with a focus on achieving airworthiness certification for domestically developed tires for large aircraft [1][10]. - Wang Jie’s team has developed 41 core technologies and achieved two original breakthroughs, transitioning from reliance on imported materials to producing synthetic rubber that meets international standards [3][4]. - The construction of a large scientific facility for flight dynamics, the first of its kind in China, has been completed, which will serve as a testing ground for the performance of aviation tires [6][8]. Group 2: Technological Innovations - The team has successfully created a third-generation bionic synthetic rubber with controllable protein content, achieving performance levels comparable to imported natural rubber [3][4]. - A digital tire industrial software system has been developed, which can predict tire weaknesses and reduce the research and development cycle by 70%, and is being offered for free to domestic tire manufacturers [4][8]. Group 3: Strategic Vision and Future Goals - Wang Jie envisions establishing an industrial base for aviation tires and aims to achieve full localization of production, with plans to build a tire manufacturing plant by 2026 [10][14]. - The research institute has fostered a collaborative environment, forming joint research centers with leading companies to enhance innovation and reduce the time from market demand to research output [9][14]. Group 4: Community Engagement and Leadership - Wang Jie actively participates in community service, emphasizing the importance of character development in children and fostering a culture of dedication and teamwork within her organization [12][13]. - As a female leader, she encourages young women to embrace their strengths and align personal passions with national missions, promoting a supportive and innovative workplace culture [13][15].