我们不预测市场，而是梳理逻辑；不给出答案，而是提供视角。希望这些内容能帮助您在做投资决策 时，多一份参考。 本系列共八篇，将陆续发布。感谢您的关注。 回望过去的2025年，权益市场在全球流动性宽松与估值修复共振下，科技与资源板块领涨，机构资金成 为核心支撑，K型分化特征延续。随着库存与盈利周期逐步启动，市场逻辑正从估值抬升转向盈利兑 现，在此背景下，2026年温和复苏与产业升级共振的新机遇或值得重点把握。 中信保诚基金认为，2026年全球经济呈现温和修复态势，内外部流动性整体充裕，库存与盈利周期逐步 修复，为权益资产表现提供有力支撑。宏观叙事将从估值修复转向盈利支撑，政策端全球宽货币、国内 跨周期调节与逆周期调节协同发力，市场资金面有望维持净流入格局，产业升级与消费升级可能成为核 心主线。 一、海外宏观：修复延续，分化收窄 （一）经济与就业 编者按： 2026 年，是 " 十五五 " 开局之年，市场正在寻找新的方向。 面对宏观环境的变化、产业格局的调整，投资者需要穿透短期波动，看清中长期的主线。这不容易，但 值得尝试。 为此，中信保诚基金推出 "2026 ，预见 " 系列，围绕宏观、固收、固收 + 、权益、商 ...

截至12月29日收盘，和顺科技收于每股58.34元，全天换手率达8.16%，振幅达18.18%，全天成交3.10亿 元。 近期，商业航天板块利好频出。政策方面，2025年12月26日上交所发布《商业火箭企业适用科创板第五 套上市标准指引》明确规定，允许未盈利但具备核心技术的商业火箭企业上市。此外在资本开支方面， SpaceX计划2026年IPO，估值或达1.5万亿美元，募资300亿—500亿美元用于星舰发射能力提升与星链扩 张，这导致全球商业航天关注度得到大幅提升，相关产业链或收益。因此，商业航天相关产业链也受到 了金融市场的关注。 此举标志着公司碳纤维产业链布局的关键核心环节已落地，为公司在高性能碳纤维领域的持续发展奠定 了坚实基础。公告称，未来，公司将严格按照既定计划，稳步向T1000级、M级等更高性能标准的碳纤 维产品方向有序开展聚合、纺丝等剩余环节的联调联试工作，力争全面达成项目建设目标，为公司长远 发展注入新的增长动力。 在商业航天领域，碳纤维复合材料广泛应用于卫星、火箭等航天装备的核心结构部件，例如卫星的波纹 承力筒、太阳电池阵基板、连接架、支架等关键构件，均需依托碳纤维材料的轻质高强特性实现性能 ...

Core Viewpoint - Huayang Co., Ltd. is transitioning from a coal-dominant business model to focus on new energy materials, particularly high-performance carbon fiber and sodium-ion batteries, aiming to enhance competitiveness and profitability in the face of declining coal prices [2][8]. Investment and Project Development - Huayang Co., Ltd. announced the establishment of Shanxi Huayang Carbon Material Technology Co., Ltd. to invest in a 200 tons/year high-performance carbon fiber project, with a total investment of nearly 1 billion yuan, set to commence construction in June 2024 and expected to be operational by November 2025 [4][6]. - The project is a key national new materials initiative, aimed at breaking foreign technology monopolies and addressing critical material challenges in China [6][7]. Financial Performance - In 2023 and 2024, Huayang Co., Ltd. reported revenues of 28.518 billion yuan and 25.060 billion yuan, reflecting year-on-year declines of 18.63% and 12.13%, respectively. Net profits also decreased significantly, with a drop of 26.26% in 2023 and 57.05% in 2024 [7][8]. - The decline in revenue is attributed to a reduction in coal sales, with a decrease of 5.46 million tons leading to a revenue drop of 3.307 billion yuan, alongside a decrease in coal prices by 38.74 yuan/ton [7][8]. Strategic Transition - Since its rebranding in January 2021, Huayang Co., Ltd. has been actively diversifying its business beyond coal, focusing on new energy materials such as sodium-ion batteries and high-performance carbon fiber [8][9]. - The company has established a complete sodium-ion battery supply chain, from materials to applications, and has launched several products, including the first commercial sodium-ion battery electric two-wheeler [9][10]. Market Position and Future Outlook - The T1000-grade carbon fiber produced by the new project will be crucial for applications in aerospace, high-end equipment manufacturing, and renewable energy sectors, positioning Huayang Co., Ltd. as a key player in the high-performance materials market [4][6]. - The company aims to achieve annual sales exceeding 500 million yuan from the carbon fiber project, contributing to the development of a composite materials industry cluster in Datong [6][7].

Group 1: Company Performance Highlights - The report indicates that Meinian Health achieved a revenue of 4.1 billion yuan in H1 2025, with a year-on-year decline of 2.28%, and a net loss of 221 million yuan, which is an increase in loss by 2.59% year-on-year [4][6] - Zhongjian Technology reported a significant revenue increase of 59.46% year-on-year, reaching 464 million yuan in H1 2025, with a net profit growth of 99.15% [8][9] - Jinfat Technology's revenue for H1 2025 was 31.6 billion yuan, reflecting a 36% year-on-year increase, while net profit rose by 54% [15][16] Group 2: Strategic Initiatives and Innovations - Meinian Health is advancing its "All in AI" strategy, integrating AI technology into health management, generating 140 million yuan in revenue from AI-related services, a 62.36% increase year-on-year [6][7] - Zhongjian Technology is benefiting from the growing demand for high-performance carbon fiber in aerospace and high-end equipment, with a focus on expanding production capacity [8][11] - Jinfat Technology is leveraging new materials and innovative products to capture emerging market opportunities, with significant growth in its modified plastics and new materials segments [15][17] Group 3: Financial Projections and Ratings - Meinian Health's revenue projections for 2025-2027 are 10.4 billion, 11.4 billion, and 12.6 billion yuan, with net profits expected to grow significantly in the coming years [7] - Zhongjian Technology's revenue forecasts for 2025-2027 are 1.06 billion, 1.27 billion, and 1.59 billion yuan, with a "buy" rating maintained due to strong growth prospects [13] - Jinfat Technology anticipates revenues of 646 billion, 737 billion, and 828 billion yuan for 2025-2027, with a "buy" rating reflecting its leadership in the modified plastics industry [19]

Company Overview - Established in 2003, the company focuses on the R&D, production, and sales of differentiated, functional biaxially oriented polyester film materials [2] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - The company aims to expand its product range and application fields while exploring new materials, particularly in high-performance carbon fiber [2] Carbon Fiber Project Insights - The company is currently following its established capacity plan for the high-performance carbon fiber project, with future capacity adjustments based on strategic planning and customer demand [3] - The carbon fiber project aligns with national strategies, being included in the "14th Five-Year Plan," and aims to enhance the domestic production rate of high-end new materials [3] - Construction of the carbon fiber project commenced in Q3 2024 and is progressing steadily [3] Market and Demand Analysis - High-performance carbon fiber applications are expanding into civil aviation, 3C digital products, low-altitude aircraft, and racing, providing significant market opportunities [3] - While there may be an oversupply in general-purpose products, T800 grade and above products still face unmet market demand, indicating a growing overall demand for carbon fiber [3] - The company plans to offer differentiated, functional high-performance carbon fiber products tailored to customer needs [3]