核心产品量价齐升，大洋生物（003017）(003017.SZ)经营业绩大幅提升。 1月4日，大洋生物披露亮眼业绩预告，预计全年实现归母净利润9600万元—1.1亿元，同比增幅达50.60%— 72.56%；扣非净利润预计9000万元—1.04亿元，同比增长47.14%—70.02%。两项核心盈利指标双双创下公司上市 以来新高。 作为深耕化学原料领域近五十年的细分赛道龙头，大洋生物此次业绩爆发的核心驱动力，源于碳酸钾及兽用原料 药业务"量价齐升"的双重利好，彰显了公司"一体两翼"产业布局的战略成效与抵御市场周期的经营韧性。 此外，长江商报记者注意到，支撑业绩增长的，还有公司对研发创新的长期坚守。财报显示，2020年—2025年前 三季度，大洋生物研发费用累计达1.8亿元，持续的技术投入构筑起坚实竞争壁垒。 盈利规模预计创新高 据了解，大洋生物创建于1976年，从建德县大洋埠的集体化工厂起步，历经2003年转制、2009年股份化改造、 2016年新三板挂牌，最终于2020年在深圳证券交易所上市，完成了从地方小企业到公众公司的跨越。 近年来，大洋生物坚守化学原料制造主业，逐步形成以钾盐为核心，兽用原料药与含氟精细 ...

作者简介： 赵 伟， 经济学博士，申万宏源证券首席经济学家，上海申银万国证券研究所有限公司副总经 理，中国证券业协会首席经济学家委员会委员，中国首席经济学家论坛理事 侯倩楠 （通信作者），管理学博士，申万宏源研究所宏观分析师 屠 强， 申万宏源研究所资深高级宏观分析师 摘要 ： 本文立足纵深推进全国统一大市场背景，系统探讨眼下"内卷"现象的成因、影响与 政策应对。研究指出，本轮"内卷"核心表现为PPI长期负增长及中下游产能利用率偏低，挤压企 业盈利、阻碍产业升级。深层根源是经济转型期新旧动能分化，叠加地方政府为追求GDP和财 政收入的同质化无序竞争。破解困境的对策包括：供给侧通过产量调控、淘汰落后产能优化产业 结构，提升产品质量以修复价格、增强竞争力；需求侧大力发展居民服务消费，借财政补贴与社 保完善释放消费潜力，同时引导就业从制造业向服务业转移，实现供需结构适配。本文贡献在 于，系统论证"反内卷"政策与经济高质量发展的内在联系，为相关部门优化产业结构、激发市 场活力提供理论依据与实践方向。 本文来源《新金融》2025年第12期 全 文 内 容 综合整治"内卷式"竞争： 背景、成因、影响及应对 与以往的供给侧 ...

Core Viewpoint - The article discusses the phenomenon of "involution" in the Chinese economy, highlighting its causes, impacts, and policy responses, emphasizing the need for structural reforms to enhance economic quality and stability [3][5][6]. Group 1: Causes and Impacts of Involution - The current "involution" is characterized by long-term negative growth in the Producer Price Index (PPI) and low capacity utilization rates in mid- and downstream industries, which squeeze corporate profits and hinder industrial upgrades [3][5]. - The deep-rooted causes of this "involution" include the differentiation of old and new economic drivers during the economic transition period and the chaotic competition among local governments pursuing GDP and fiscal revenue [5][6]. - The "involution" phenomenon has created a spiral contraction cycle of "price-income-consumption," severely restricting healthy economic development and transformation [5][6]. Group 2: Policy Responses and Recommendations - To address the "involution," policies should focus on both supply and demand sides, combining growth stabilization with reform promotion, which benefits both the present and the long term [6][11]. - Supply-side measures include production adjustment, elimination of backward production capacity, and improving product quality to restore prices and enhance competitiveness [6][11]. - Demand-side strategies should promote resident service consumption through fiscal subsidies and social security improvements to unleash consumption potential, while guiding employment from manufacturing to services [6][11]. Group 3: Evolution of Anti-Involution Policies - Since mid-2024, high-level meetings have consistently addressed the need to combat "involutionary" competition, with significant policy decisions made to regulate local government and corporate behaviors [7][8]. - The 2025 government work report outlined specific actions to establish a unified national market and comprehensively address "involutionary" competition [8][11]. - The current anti-involution policies are characterized by a higher stance, broader coverage, and stronger synergy compared to previous supply-side reforms, with a focus on both local governments and enterprises [11][12]. Group 4: Macroeconomic Context and Industry Characteristics - The macroeconomic environment is under pressure from continuously declining prices, with the PPI experiencing negative growth for 33 consecutive months, and industrial capacity utilization rates at historical lows [14][16]. - The profitability of industrial enterprises is under significant pressure, with many industries, particularly in the mid- and downstream sectors, experiencing negative profit growth [16][19]. - The "involution" is more pronounced in mid- and downstream industries, where the competition has intensified, leading to a decline in profitability and increased cost pressures [19][21]. Group 5: Structural Issues and Future Directions - The article emphasizes the need for structural reforms to break the cycle of "price-income-consumption" contraction, advocating for a shift from an investment-driven to an innovation-driven economy [20][42]. - The service sector is identified as a key area for absorbing employment and addressing structural unemployment, with significant potential for growth in service consumption [42][43]. - Policies should focus on enhancing service sector development, improving social security systems, and optimizing service industry regulations to stimulate demand and support economic transformation [37][42].

Core Viewpoint - The company is a leading domestic producer of toluenesulfonic acid, with a diverse production capability ranging from low to high concentration products, serving various industries including pharmaceuticals, construction materials, high-end casting, electronics, dyeing, and batteries [2] Group 1: Company Operations - The company is actively expanding its market for toluenesulfonic acid by closely monitoring downstream industry demand [2] - The company has established its own production line for glyoxylic acid, a key raw material for the production of L-phenylglycine, and participated in the formulation of the industry standard for glyoxylic acid (HG/T6143-2023) in 2023 [2] - Currently, glyoxylic acid is primarily used in the production of the company's leading product, L-phenylglycine [2] Group 2: Market Environment - The company's stock price fluctuations are influenced by various factors including macroeconomic conditions, industry cycles, and market sentiment [2] - The company aims to adhere to its strategic goals by focusing on innovation and scientific development, while enhancing operational management to improve business efficiency and reward investor trust and support [2]

21世纪经济报道记者杨娜娜 2025年，市场在结构性行情与频繁的风格轮动中走向收官。 11月以来，市场未能延续前期单边上行态势，转而进入震荡调整阶段。截至11月28日，11月份主要宽基 指数普遍收跌，科创板指回调超4%，深证成指跌2.95%，上证指数也在触及十年新高后回落，月度收跌 1.67%。 但私募行业整体在年内交出了一份不错的成绩单。根据私募排排网数据，截至2025年11月底，在有业绩 记录的12415只私募证券产品中，正收益占比达90.66%，整体平均收益为22.61%。在亮眼的平均表现之 下，不同策略、不同规模管理人之间的业绩出现了巨大分化。量化多头以超36%的平均收益成为年 度"黑马"，主观多头则展现出极强的头部爆发力。百亿私募阵营中，量化机构以显著优势领跑。 市场情绪明显降温下，头部私募的操作也同步趋向防御与结构优化。展望2026年，机构们在能源革 命、"反内卷"政策与全球化机遇中寻找新一轮共识。这背后不仅折射出当前市场的复杂心态，也暗含了 私募对下一阶段布局的前瞻性思考，成为观察市场资金逻辑与未来预期转换的关键窗口。 盛宴下的业绩分化 2025年的结构性牛市，为不同策略提供了差异化的表演舞台， ...

Core Insights - Chengfu (Haikou) Manufacturing Co., Ltd. has been established with a registered capital of 100,000 RMB and is represented by Jiang Chengfu [1] Company Overview - The company is engaged in various business activities including investment activities using its own funds, technology services, and development [1] - It also focuses on the manufacturing of basic chemical raw materials (excluding hazardous chemicals), daily ceramic products, and toys [1] - Additional services include sales of building materials, trademark agency, ticketing agency services, and various consulting services [1] Business Scope - Chengfu (Haikou) Manufacturing Co., Ltd. offers a wide range of services such as supply chain management, financing consulting, and enterprise management [1] - The company is authorized to conduct general business activities independently as per the national enterprise credit information public system [1]

Core Viewpoint - Zhejiang Petrochemical New Materials (Zhoushan) Co., Ltd. has been established with a registered capital of 50 million yuan, focusing on the manufacturing of basic chemical raw materials and the sales of new catalytic materials and additives [1] Company Summary - The legal representative of the newly established company is Liu Minghui [1] - The company is wholly owned by Zhejiang Petroleum and Chemical Co., Ltd. [1] - The business scope includes the manufacturing of basic chemical raw materials, sales of new catalytic materials and additives, research and development of new materials technology, and promotion services for new materials technology [1]

Core Insights - Hainan Yixing Gas Co., Ltd. has been established with a registered capital of 1 million RMB and is represented by Li Jixing [1] Company Overview - The company is involved in various business activities including import and export of goods, technology import and export, and import and export agency services [1] - It is authorized to engage in the transportation of hazardous goods by road, subject to licensing [1] - General business activities include manufacturing basic chemical raw materials (excluding hazardous chemicals), leasing of machinery and equipment, sales of refrigeration and air conditioning equipment, and various technical services [1] Business Scope - The company’s licensed operations require appropriate permits, while general operations can be conducted independently [1] - The company also engages in the sale of packaging materials and rubber products [1]

Core Viewpoint - Hubei Guangji Pharmaceutical Co., Ltd. has successfully completed the capital increase and business registration changes for its wholly-owned subsidiary, Hubei Guanghua Pharmaceutical Co., Ltd., by introducing strategic investors through a public listing process [1][2][3] Group 1: Transaction Overview - The capital increase involved introducing strategic investors, with a total registered capital increase of RMB 25 million [2] - The strategic investors identified are Hubei Changjiang Medical Industry Investment Co., Ltd. and Huanggang High-tech Industry Investment Group Co., Ltd., contributing RMB 200 million and RMB 50 million respectively [2][3] Group 2: Progress of the Transaction - As of the announcement date, Guanghua Pharmaceutical has completed the business registration changes and received the business license from Huanggang Market Supervision Administration [3][4] - Following the capital increase, Guanghua Pharmaceutical's registered capital is now RMB 35 million, with Changjiang Medical holding 57.14% and Huanggang High-tech holding 14.29% of the shares [4]

Core Viewpoint - The stock price of Aoke Co., Ltd. closed at 7.50 yuan on August 8, 2025, reflecting a decrease of 0.92% from the previous trading day [1] Company Overview - Aoke Co., Ltd. specializes in the chemical raw materials sector, focusing on the research, production, and sales of products such as polyethylene glycol [1] - The company's products are primarily used in various fields including pharmaceuticals, lithium batteries, and daily chemicals [1] Market Activity - On August 8, 2025, the trading volume was 63,546 hands, with a transaction amount reaching 48 million yuan [1] - The net outflow of main funds on August 8 was 412,900 yuan, with a cumulative net outflow of 1.8466 million yuan over the past five days [1] Strategic Focus - The company indicated on its interactive platform that the application of its polyethylene glycol products is mainly in the pharmaceutical, lithium battery, and daily chemical sectors [1] - Aoke Co., Ltd. will determine its key development directions based on market demand and technological maturity [1]