今日早参 2026 年 1 月 08 日 何翩翩 海外科技首席研究员 座机：13816540838 邮箱：purdyho@htsc.com 黄乐平 全球科技战略首席研究员 座机：14715372496 邮箱：leping.huang@htsc.com 何翩翩 海外科技首席研究员 座机：13816540838 邮箱：purdyho@htsc.com 全球科技战略首席研究员 座机：14715372496 邮箱：leping.huang@htsc.com 今日热点 科技：CES 2026：AMD 发布完整 MI400 产品线，英特尔 18A 正式 量产 在 CES 2026 上，AMD 与英特尔均发布演讲，并阐述下一阶段 AI 战略。 AMD/英特尔 1/6 收盘表现分别跌约 3%/涨约 2%，或因 AMD 未发布新数据 中心相关内容，英特尔成功验证 18A 执行力。我们认为 2026 年 AI 投资重心 为：1）或从物理 AI 转向 Agentic AI，关注推理、实时响应所带来的算力需 求结构变化；2）或从数据中心算力扩张，转向全场景落地渗透，关注客户 端、边缘侧，以及工业、医疗等垂直场景的需求渗透。推荐 AM ...

中信建投预计，2026年原油步入供应过剩周期，炼油、页岩油、天然气三大领域凸显红利。2026年全球 原油市场将正式进入供应过剩周期，IEA预计过剩规模达384万桶/日，油价中枢系统性下移成为主线。 但地缘冲突、制裁与库存扰动仍将带来阶段性交易机会。真正的结构性机会正从"油价"转向"公司"：炼 油端裂解价差高位运行、美国页岩油在60美元附近展现产量韧性，以及LNG扩张与电力需求推动天然 气并购升温，构成低油价环境下的核心受益方向。 ｜2026年1月8日 星期四｜ NO.1华泰证券：阀门行业正处于市场稳健扩容与技术升级的关键阶段 华泰证券指出，阀门行业作为工业流体控制体系的核心环节，正处于市场稳健扩容与技术升级的关键阶 段。在下游能源、电力、石化及新能源等高景气领域的拉动下，阀门市场持续扩容。海外巨头凭借深厚 技术积累仍主导高端领域，但中国依托强大的基础设施建设能力，以及欧美去工业化带来的窗口，在核 电、深水油气和特种工况等领域不断实现技术突破。总体来看，需求增长、技术升级与国产化加速正叠 加形成推动行业长期向上、竞争格局重构的核心动力。该机构看好阀门行业。 NO.2中信建投：2026年炼油、页岩油、天然气领域凸 ...

（文章来源：第一财经） 华泰证券指出，阀门行业作为工业流体控制体系的核心环节，正处于市场稳健扩容与技术升级的关键阶 段。在下游能源、电力、石化及新能源等高景气领域的拉动下，阀门市场持续扩容。海外巨头凭借深厚 技术积累仍主导高端领域，但中国依托强大的基础设施建设能力，以及欧美去工业化带来的窗口，在核 电、深水油气和特种工况等领域不断实现技术突破。总体来看，需求增长、技术升级与国产化加速正叠 加形成推动行业长期向上、竞争格局重构的核心动力。因此我们看好阀门行业。 ...

人民财讯1月8日电，华泰证券指出，阀门行业作为工业流体控制体系的核心环节，正处于市场稳健扩容 与技术升级的关键阶段。在下游能源、电力、石化及新能源等高景气领域的拉动下，阀门市场持续扩 容。海外巨头凭借深厚技术积累仍主导高端领域，但中国依托强大的基础设施建设能力，以及欧美去工 业化带来的窗口，在核电、深水油气和特种工况等领域不断实现技术突破。总体来看，需求增长、技术 升级与国产化加速正叠加形成推动行业长期向上、竞争格局重构的核心动力。因此看好阀门行业。 ...

本次大会由经燕(北京)化学工程研究院有限公司主办，370余家企业参会交流。 "随着监管要求的不断加强，紧急切断阀等安全关键设备的智能化自诊断技术应用将日益深入，成为实 现石油化工智能化生产的基础。"中国石化工程建设有限公司副总工程师林融说。 与此同时，多位与会专家向记者表示，智能化控制阀的落地仍面临挑战。中国寰球工程有限公司北京分 公司高级工程师魏毅提出，当前智能化控制阀落地仍面临三大挑战：一是终端算力不足，不支持终端智 能化；二是数据传输技术复杂、速度低；三是当前安全仪表相关标准不支持智能化仪表和网络传输落 地。 如何解决这些问题？经燕集团联合创始人、中国自动化学会石油化工专委会副秘书长陈彦峰认为，应当 以相关标准体系的构建作为切入点。他指出，未来5年，阀门智能化普及、新材料创新突破、绿色标准 升级三大技术范式将重构产业生态，行业应当成立国产阀门相关联盟，推动建立统一的设计与质量标 准，真正实现阀门自主可控。 开封大学阀门产业学院副院长吕玉湖介绍了高校在阀门行业向智能化、高端化转型中加强"政产学研 用"深度协同的作用。该院已与行业龙头企业合作，构建"课堂与车间对接、教学与生产同步"的育人模 式，培养兼具理论 ...

Economic Performance - In the first three quarters of 2025, China's GDP grew by 5.2% year-on-year, with the annual economic total expected to reach around 140 trillion yuan [1][2] - The employment situation remained stable, with 10.57 million new urban jobs created [2] - The growth rate of goods trade accelerated each quarter, reaching a historical high for the same period [2] Industrial Development - The added value of the equipment manufacturing industry increased by 9.7% year-on-year, while high-tech manufacturing grew by 9.6% [2] - The contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9 percentage points compared to the previous year [2] Policy and Strategic Initiatives - The "14th Five-Year Plan" is nearing completion, with a focus on high-quality development and strategic initiatives to address economic challenges [1][3] - The government has implemented a series of policies to stabilize employment, enterprises, and market expectations, contributing to new achievements in high-quality development [1][3] Innovation and Technology - The emphasis on technological innovation is highlighted, with a focus on developing new productive forces and enhancing the quality of manufacturing [8][9] - The government is actively promoting the integration of technology and traditional industries to drive economic transformation [9][10] Green Development - Non-fossil energy consumption accounted for a higher proportion of total energy consumption, with new energy vehicle sales reaching 51.6% of total new car sales [11] - The government is committed to ecological protection and sustainable development, emphasizing the importance of green production [11][12] Urban and Rural Development - Urban renewal initiatives are underway, with significant improvements in living conditions for residents, including the renovation of old housing [12][13] - The government is focusing on rural revitalization and ensuring that poverty alleviation efforts are sustained [13][14] Employment and Labor - Employment policies have been prioritized, with measures to support job creation and improve labor conditions [14][15] - The urban unemployment rate has decreased to 5.1%, indicating a stable employment situation [15] International Trade and Cooperation - China continues to promote an open economy, with significant growth in exports and service trade [19][20] - The government is enhancing international cooperation and trade agreements to foster economic growth [19][20]

原标题：应变克难开新局——以习近平同志为核心的党中央引领中国经济收官"十四五"擘画新蓝图 2025年行至尾声，中国经济巨轮在乘风破浪中笃定前行—— 这是应变克难的一年。中国经济顶压前行、稳中求进，前三季度国内生产总值同比增长5.2%，全年经济总量有望达到140万亿元左右，"十四 五"将圆满收官。 这是勇开新局的一年。积极识变应变求变，集中力量办好自己的事，我们在激烈的国际竞争中赢得战略主动，在擘画未来中积蓄前行力量。 下一个五年的壮阔画卷徐徐展开。在以习近平同志为核心的党中央坚强领导下，全党全国各族人民勠力同心、团结奋进，坚定不移推进高质量 发展，在以中国式现代化全面推进强国建设、民族复兴伟业的浩荡征程上谱写新篇章。 坚定信心——"以高质量发展的确定性应对各种不确定性" 时代前行的步伐，在接续奋斗中愈发铿锵。 10月20日至23日，党的二十届四中全会在北京胜利召开，于决胜"十四五"收官之际，擘画"十五五"发展美好蓝图。 习近平总书记受中央政治局委托向全会作工作报告时，回顾去年以来的发展历程："中央政治局面对经济发展遇到的多重困难和挑战，主动作 为、综合施策，果断部署实施一揽子增量政策，着力稳就业、稳企业、稳市 ...

两融数据显示，该股最新融资余额为7.49亿元，近5日增加8409.97万元，增幅为12.65%。 据天眼查APP显示，江苏神通阀门股份有限公司成立于2001年01月04日，注册资本50753.7461万人民 币。（数据宝） 11月21日江苏神通大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | | | | | 申万宏源证券有限公司上 | 国泰海通证券股份有限公司 | | 97.00 | 1317.26 | 13.58 | 2.41 | 海金山区蒙山路证券营业 | 上海黄浦区福州路证券营业 | | | | | | 部 | 部 | （文章来源：证券时报网） 江苏神通11月21日大宗交易平台出现一笔成交，成交量97.00万股，成交金额1317.26万元，大宗交易成 交价为13.58元，相对今日收盘价溢价2.41%。该笔交易的买方营业部为申万宏源证券有限公司上海金山 区蒙山路证券 ...

Summary of the Conference Call Company Overview - **Company**: 中密控股 (Zhongmi Holdings) - **Industry**: Mechanical Sealing and Valve Manufacturing Key Points Financial Performance - The third quarter revenue growth was slower than expected, with significant impacts from the export sector, particularly in the valve and mechanical sealing segments [2][3] - The company faced delays in the delivery of major export projects, affecting revenue by approximately 20-30 million [2][3] - Full-year revenue targets remain unchanged, with international business revenue expected to be around 250 million, reflecting a year-on-year increase of 20-25% [5][6] Market Dynamics - The domestic market showed a healthier performance than anticipated despite a general slowdown due to economic conditions [3] - The international business gross margin is around 40%, lower than previous years due to increased competition in the incremental market [9][11] - The company is focusing on both incremental and existing markets, with significant opportunities in the Middle East and former Soviet regions [15][20] Project Updates - Major projects in the LNG and ethylene sectors are experiencing high technical difficulties, leading to delivery delays [2][3] - The company is expanding its presence in the Middle East, with significant orders already secured in the UAE, exceeding initial expectations [15][20] - In South America, the company is still in the early stages of market penetration, with limited revenue from Venezuela [17] Product Segments - The mechanical sealing segment has shown a year-on-year growth of approximately 15%, while the existing market grew by about 5% [22] - The gross margin for the domestic incremental market is around 30%, with stable margins for existing business [23][25] - The company is also exploring opportunities in the semiconductor industry, although it is still in the verification phase [30][32] Future Outlook - The company anticipates a doubling of revenue in the Middle East over the next year, driven by high technical requirements and project investments [20][21] - Overall, the company maintains a positive outlook for achieving its annual revenue target of 1.74 billion, with a profit target of 410 million [44][46] - The nuclear power segment is underperforming, with expected revenue around 30 million for the year, not meeting earlier projections [55] Competitive Landscape - The company faces significant competition in the international market, particularly from established brands, but is optimistic about its growth potential due to its competitive pricing and service quality [11][12] - The company is investing in expanding its technical team and capabilities to better compete in the global market [47] Additional Insights - The company is optimistic about the future of Chinese manufacturing in the global arena, citing strong demand for its products and services [52][53] - The management emphasized the importance of internal capacity building and technological support to meet future market demands [52] This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of 中密控股's current performance, market dynamics, and future strategies.

Group 1 - The core viewpoint of the articles highlights the optimistic outlook for Chinese companies in the service robot sector, particularly in markets along the Belt and Road Initiative, such as the Middle East and Russia, where there is a strong demand for commercial cleaning and logistics robots [1] - The 138th Canton Fair has seen a significant increase in pre-registered buyers from Belt and Road countries, indicating a growing interest in high-quality Chinese products from regions like Africa, the Middle East, and Southeast Asia [1] - Companies like Baroque Wood Industry (Zhongshan) have successfully secured large orders from Saudi Arabian buyers, reflecting a shift in consumer purchasing power in Southeast Asia and Central Asia [1] Group 2 - The African market has been increasingly demanding higher standards for kitchen products, and Chinese companies are well-positioned to meet this demand with quality goods [2] - Many Chinese companies are transitioning from OEM and private label production to developing their own brands, which enhances product value and profit margins [2] - The Belt and Road Initiative is creating new opportunities for cross-border payment platforms, with companies like PingPong expanding their services in Southeast Asia and experiencing significant growth in transaction volumes [2]