[Table_Reportdate] 2026年01月12日 [证券分析师： Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20260112 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.PPI回升与化工周期推动向好——资产配置周报（2026/01/05-2026/01/09） ➢ 2.通胀延续向好趋势——国内观察：2025年12月通胀数据 ➢ 3.出海引领，链动未来：奇瑞"技术筑基+电动智能+全球突破"下的产业链重构机遇—— 汽车行业深度报告 ➢ 4.巨星科技（002444）：全球化布局显效，推进新业务拓展——公司简评报告 晨会纪要 1.重点推荐 ➢ 1.上海：支持企业聚焦激光制造、 ...

超级赛道迎来重磅利好政策。 1月9日，据上海市人民政府网站，上海市人民政府办公厅印发《上海市支持先进制造业转型升级三年行动方案（2026 —2028年）》（以下简称《行动方案》），其中明确，实施结构调优升级、创新攻关强基、能级质效跃升、资源要素 支撑四大行动，并提出了17条具体举措，本方案自2026年1月1日起实施，有效期至2028年12月31日。 关于商业航天、人形机器人等热门赛道，《行动方案》提出，积极引导企业投资布局低空经济、商业航天、具身智 能、生物制造、智能终端等新兴领域，加速电动垂直起降飞行器（eVTOL）、商业火箭、人形机器人等创新产品突破 产业规模化发展瓶颈。 上海最新发布 1月9日消息，上海市人民政府办公厅近日印发《上海市支持先进制造业转型升级三年行动方案（2026—2028年）》， 其中提出，到2028年，新增年产值10亿元以上制造业企业100家，累计超过600家，带动产业链新增规上工业企业500 家，规上制造业企业研发费用占营收比重显著提升。 《行动方案》还提到，优化提升传统优势产业。推动石化企业"去油增化"，布局新型功能材料；钢铁、有色金属企业 做强特种精品钢、做大轻合金；化妆品、食品 ...

上海市人民政府办公厅近日印发《上海市支持先进制造业转型升级三年行动方案（2026—2028年）》。 行动方案提出，到2028年，新增年产值10亿元以上制造业企业100家，累计超过600家，带动产业链新增 规上工业企业500家，规上制造业企业研发费用占营收比重显著提升。 上海市支持先进制造业转型升级三年行动方案（2026—2028年） 到2028年，新增年产值10亿元以上制造业企业100家，累计超过600家，带动产业链新增规上工业企业 500家，规上制造业企业研发费用占营收比重显著提升。 为加快构建以先进制造业为骨干的现代化产业体系，充分带动大中小企业协同融通发展，制定本行动方 案。 一、主要目标 二、实施结构调优升级行动 （一）优化提升传统优势产业。推动石化企业"去油增化"，布局新型功能材料；钢铁、有色金属企业做 强特种精品钢、做大轻合金；化妆品、食品等轻工企业以生态设计引领新消费，多出国货潮品。符合首 台（套）重大技术装备、首批次新材料条件的，按照最高不超过产品销售合同金额的30%给予支持，最 高不超过2000万元。（责任单位：市经济信息化委、各区政府） （二）加快先导产业战略引领。支持集成电路企业瞄准装备 ...

人民财讯1月9日电，上海市人民政府办公厅印发《上海市支持先进制造业转型升级三年行动方案(2026 —2028年)》，其中提出，优化提升传统优势产业。推动石化企业"去油增化"，布局新型功能材料；钢 铁、有色金属企业做强特种精品钢、做大轻合金；化妆品、食品等轻工企业以生态设计引领新消费，多 出国货潮品。符合首台(套)重大技术装备、首批次新材料条件的，按照最高不超过产品销售合同金额的 30%给予支持，最高不超过2000万元。 ...

Core Viewpoint - The event highlighted the strategic initiatives of companies in Wuxi, particularly focusing on expanding into new product applications while maintaining their traditional business lines [1] Company Summary - Guangxin Materials (300537) is actively developing new functional materials, functional films, and metal packaging coatings in addition to its core businesses of traditional PCB photoresists and consumer electronics coatings [1] - The company is enhancing its market share by expanding its sales team and increasing marketing efforts, which has led to a rise in sales expenses [1]

Financial Performance - The company reported total revenue of 222 million yuan for the first half of 2025, a decrease of 12.16% year-on-year [1] - The net profit attributable to shareholders was -43.70 million yuan, representing a decline of 1157.69% compared to the previous year [1] - The gross margin was 24.5%, showing a slight increase of 0.69% year-on-year, while the net margin dropped to -20.06%, a decrease of 1454.0% [1] - Total expenses (selling, administrative, and financial) accounted for 31.8% of revenue, an increase of 35.12% year-on-year [1] - Earnings per share were -0.13 yuan, a significant decrease of 1155.91% compared to the previous year [1] Cash Flow and Debt Situation - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at only 9.15% [3] - The interest-bearing debt ratio has reached 72.52%, indicating a high level of leverage [3] - Financial expenses accounted for 173.04% of the average operating cash flow over the past three years, highlighting financial strain [3] Business Strategy - The company adheres to a core development strategy of "technological innovation" and "market-first," focusing on green and low-carbon principles [4] - It aims to enhance market competitiveness by optimizing the supply chain and developing new materials to meet the demands of high-end manufacturing [4] - The company is committed to driving innovation in the new materials sector, addressing technological gaps in the domestic market [4]

Core Viewpoint - Putian City is focusing on building a "three main, three new" modern industrial system, emphasizing advanced manufacturing, modern services, and characteristic modern agriculture, while nurturing four new driving forces: digital economy, marine economy, green economy, and cultural tourism economy [1][13]. Group 1: New Quality Productive Forces Overview - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, moving away from traditional economic growth models, characterized by high technology, efficiency, and quality [2][3]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [3]. Group 2: Economic Performance of Putian City - Putian City aims for a GDP of 344.27 billion yuan in 2024, with a year-on-year growth of 5.5%, and an optimized industrial structure of 4.4:46.8:48.8 [4]. - The secondary industry contributes significantly to economic growth, while the tertiary industry, driven by cultural tourism and digital empowerment, plays a key role in stabilizing growth [4]. Group 3: Industrial Development Strategy - The city is implementing a strategy of "industrial strength and innovation empowerment," focusing on new materials, intelligent manufacturing, and renewable energy to enhance industrial quality and efficiency [6][21]. - In 2024, the total industrial added value is expected to reach 140.93 billion yuan, with a growth rate of 5.9%, highlighting the acceleration of new quality productive forces [6]. Group 4: Modern Industrial System - Putian is constructing a modern industrial system characterized by advanced manufacturing, modern services, and characteristic agriculture, with a focus on upgrading traditional industries and developing new emerging industries [1][13]. - The "3+5+N" industrial layout aims to create a competitive advanced manufacturing base and a demonstration area for modern industrial integration [1][13]. Group 5: Policy Framework for New Quality Productive Forces - Putian City has introduced various policies to support high-tech industry development, new infrastructure construction, and green high-quality development, forming a comprehensive policy matrix [10][11]. - The government emphasizes the importance of innovation, talent cultivation, and infrastructure improvement to foster new quality productive forces [10][11]. Group 6: Trends in New Quality Productive Forces - Traditional industries are rapidly transitioning to intelligent and digital models, while emerging industries like new functional materials and renewable energy are experiencing significant growth [21][22]. - The city is focusing on industrial collaboration and integration, enhancing the synergy between upstream and downstream industries [23]. - Innovation-driven and green development strategies are being prioritized, with efforts to optimize the innovation ecosystem and promote sustainable practices [24].