人民币加速升值，3 月如何布局 西部研究月度金股报告系列（2026 年 3 月） 核心结论 1、2026 中国有望回归 2019 "价值投资元年" （1）2018 年中国正式步入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此 A 股孕育出了 2019-22 年"价值投资"的土壤：大量拥 有稳定现金流的消费（茅指数）和制造（宁组合）得到系统性重估。 （2）《人民币升值是 2026 繁荣的契机》提示：美联储降息后人民币回归长 期升值趋势，正驱动跨境资本加速回流。中国的制造和消费行业将再次拥有 大量稳定的现金流，也将重获"价值投资者"的青睐。 2、巴菲特"价值投资"的基础，是稳定现金流的"大 DCF 资产" 1945 年开始美国正式进入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此美股孕育出了巴菲特"价值投资"的土壤：大量拥有稳定 现金流且 CAPEX 较低的"大 DCF 资产"。 策略月报 巴菲特"价值投资"的理念是以合理价格买入现金流充沛的优质公司。上世 纪 60 年代以来，巴菲特重仓的美国运通/华盛顿邮报/可口可乐/苹果等公司， 都是现金流充裕且 CAPEX 较低的 ...

Core Insights - Jiangsu Pengfei Group Co., Ltd. has been awarded the 2025 Jiangsu Provincial Governor Quality Award for its outstanding quality management achievements, becoming the only recipient from Nantong this year [1] - Haian has won a total of 5 Jiangsu Provincial Governor Quality Awards, representing nearly 40% of the 13 award-winning companies from Nantong, highlighting the unique "Haian Quality Phenomenon" [1] - Award-winning companies span various industries, including textiles, special glass, environmental equipment, and heavy machinery, embodying the principle that "quality is the primary productivity" [1] Group 1: Company Achievements - Jiangsu Lianfa Textile Co., Ltd. has integrated quality into its entire R&D, production, and service chain, leading to breakthroughs in functional fabrics and earning the Provincial Governor Quality Award in 2021 [2] - China Tianying Co., Ltd. and Jiangsu Tiemao Glass Technology Co., Ltd. received the award in 2022 and 2023, respectively, for their high standards in the environmental industry and special glass localization [2] - Jiangsu Pengfei Group has transformed from an "invisible champion" in the building materials machinery sector to a global leader in the rotary kiln market, implementing a service-oriented manufacturing quality management model [2] Group 2: Government Support - The Haian government has established a "five-dimensional drive" ecosystem to support quality development, focusing on policy guidance, platform support, regulatory innovation, brand cultivation, and talent aggregation [4] - The "Brand Gradient Construction Project" has been implemented to promote "Jiangsu Boutique" certification, with several products from Haian companies recognized in the 2025 certification list [4] - Haian has developed various services like "quality diagnosis" and "excellence performance training" to help companies shift from "I have to improve" to "I want to improve" [5] Group 3: Quality Culture and Future Directions - Quality awareness is deeply embedded in Haian's economic and social development, with a strong emphasis on technical innovation and quality culture [7] - Award-winning companies act as "chain leaders," driving upstream and downstream enterprises to improve quality, creating a virtuous cycle of industry upgrade [7] - Haian aims to continue enhancing its quality-driven ecosystem, focusing on cultivating more quality benchmark enterprises with both technical strength and brand influence [6][7]

Group 1 - The industrial economy of the city has shown significant growth during the "14th Five-Year Plan" period, with an average annual growth rate of 7.3% in industrial added value, ranking third in the province [1] - The total industrial added value increased from 45.85 billion yuan in 2020 to 58.97 billion yuan in 2024, with an increment of over 13 billion yuan in four years [1] - By 2024, the manufacturing added value is expected to account for 25% of the city's GDP, with the manufacturing quality competitiveness index ranking second in the province [1] Group 2 - Over the "14th Five-Year Plan" period, the city has implemented more than 1,100 industrial projects with investments exceeding 5 million yuan, totaling over 210 billion yuan [2] - Investment in new energy projects has significantly increased, with several major offshore photovoltaic and wind power projects progressing steadily [2] - A number of industrial and technological transformation projects have been launched, effectively supporting stable industrial economic operations [2] Group 3 - The city has successfully nurtured leading and chain enterprises, with five companies achieving annual revenues of over 10 billion yuan and 39 companies over 1 billion yuan [3] - Notable companies include CITIC Dicastal, ranked 42nd among the world's top automotive parts suppliers, and Anfeng Steel, which has been listed among China's top 500 private enterprises for five consecutive years [3] - The city has cultivated 830 innovative small and medium-sized enterprises and 258 specialized and innovative SMEs, forming a vibrant industrial ecosystem [3] Group 4 - The pace of upgrading manufacturing towards high-end, intelligent, and green production is accelerating, with CITIC Dicastal's aluminum wheel factory recognized as the world's first "lighthouse factory" [4] - The city has established a green manufacturing system, with 31 provincial-level green factories and 14 national-level green factories created [4] - The municipal industrial and information technology bureau has implemented various support mechanisms for over 320 enterprises, resolving more than 800 issues to facilitate business development [4] Group 5 - Looking ahead to the "15th Five-Year Plan," the city will continue to focus on intelligent, green, and integrated development, advancing new industrialization and enhancing new production capabilities [4]

Group 1 - The core viewpoint emphasizes the significant advancements in Chongqing's manufacturing sector, particularly in high-end and intelligent manufacturing, driven by technological innovation and government support [1][2][3][4] - In 2024, the sales of Seres electric vehicles are projected to reach 427,000 units, representing a year-on-year increase of 182.8% [1] - Chongqing's industrial added value is expected to grow by 7.3% in 2024, with strategic emerging industries increasing by 12.3%, accounting for 34.6% of the total industrial added value, an increase of 2.4 percentage points from the previous year [1] Group 2 - Chongqing has developed high-strength, impact-resistant glass products, achieving mass production and international performance standards, with over 400 patents filed [2] - The collaboration between Ignition Network and Zongshen has led to a "future factory" that connects over 300 upstream and downstream enterprises, improving supply chain efficiency by nearly 20% and reducing energy consumption by 14% [3] - Chongqing's government has implemented policies to promote green development, including a "per mu" evaluation system that links resource allocation to efficiency, encouraging companies to enhance quality and efficiency [4] Group 3 - By 2027, Chongqing aims to establish over 40 "future factories" and achieve an industrial total output value of 4 trillion yuan, with manufacturing value added accounting for 28% of the regional GDP [4]

如何定义高纯石 揭秘石英界的"大熊猫" 高纯石英砂 在石英界的广袤天地中,高纯石英砂犹 如"大熊猫"般珍稀。其产量稀少,制 备过程更是挑战重重,但在半导体芯 片、太阳能光伏、光纤通信、航空航 天、精密光学和特种玻璃等高新技术产 业中,却扮演着举足轻重的角色,堪称 这些领域的"灵魂材料"。 高纯石英砂:为何如此独特? 高纯石英砂的魅力,源自其卓越的物 理化学性质。其独特的晶体结构、物 理和化学性质,赋予了它耐高温、耐 腐蚀、热膨胀系数小、抗热震性能 好、高度绝缘等"超能力"。更为难 得的是,它还具备压电效应、谐振效 应以及独特的光学特性,这些特性使 得高纯石英砂成为半导体等工业对载 具等加工器件材料中碱金属和重金属 含量要求极为苛刻的理想之选,堪称 天然水晶,因其晶体结构完整、纯度高 而备受青睐。然而，天然水晶的生长条 件苛刻,储量有限,导致原料稀缺,成 本高昂。 对于高纯石英砂的定义,业界尚无统一标 准。但我们可以从多个角度窥见其真容。 国际公认的高纯石英砂要求杂质元素的含 号小干20ppm,其中碱金属更是被严格限 科技界的"全能选手" 制在1ppm以下,而在更高级别的标准 中,则对Fe、Mn、Cr、Ni等1 ...