在阅读此文前，为了方便您进行讨论和分享，麻烦您点击一下"关注"，可以给您带来不一样的参与感， 感谢您的支持。 虽然说照比苹果还相差甚远，但是这家企业在国内也能够称得上是一个非常厉害的企业了。 那么，这家中国企业到底是哪一家呢？它又是如何做到的，只有34%的市场份额却能够拿下55%利润的 呢？ 这家如此厉害的企业其实就是福耀玻璃，至于它的主营业务和公司名称一样是做玻璃的，只不过这玻璃 并不是我们日常所见的窗户玻璃，而是汽车上的玻璃。 在全球各大企业之中，各个企业基本上默认最为厉害的企业就是苹果了，因为苹果在全球市场上就只占 了20%左右的份额，却能够直接拿走了将近80%的利润。 像汽车的前挡风玻璃、侧窗以及天窗等比较基础的产品，福耀公司都有生产，而除了这些基础的产品之 外，福耀公司还包含智能全景天幕、可调光玻璃等高端产品，业务范围比较广泛。 但尽管福耀业务范围如此广泛，在生产玻璃这一行业之内，福耀也算不上是老牌企业，在它之前，国际 上还有法国圣戈班、日本旭硝子等百年名企，知名度比福耀广，产品质量也有保障。 当各大企业都在羡慕苹果之时，殊不知，在我国，也有这样厉害的企业，这家企业在全球上的市场份额 只占到了34% ...

Core Viewpoint - The concept of "slash enterprises," akin to "slash youth," reflects companies that operate across multiple unrelated fields, which may not guarantee long-term success due to the inherent complexities and differences in various industries [1][3] Group 1: Business Strategy - Companies often pursue a "slash" model to capture new growth opportunities and mitigate risks from intensified competition in single sectors, but this approach can lead to increased organizational and management costs [1][3] - Successful companies like Bosch, ASML, and Fanuc focus on core competencies, achieving excellence in their respective fields rather than diversifying into unrelated areas [2] Group 2: Industry Examples - Gree Electric, Fuyao Glass, and CATL exemplify firms that concentrate their resources on specific products, achieving global leadership in their niches through efficiency and technological advancement [2] - Apple, Boeing, and Airbus illustrate the importance of deep social division of labor, relying on specialized suppliers for components while focusing on design and assembly [2] Group 3: Modern Challenges - The attempt to cover the entire supply chain with a few "slash enterprises" reflects a flawed understanding of division of labor, particularly in fast-evolving sectors like AI and biotechnology [3] - The AI computing industry highlights the value of collaboration and specialization, where companies focus on their strengths and work together through standardized interfaces to enhance overall system efficiency [3] Group 4: Recommendations - Companies should return to a capability-driven approach, concentrating on core businesses to build sustainable competitive advantages, while industries should embrace openness and collaboration to foster resilience [3] - Encouraging the development of "hidden champions" and specialized enterprises can enhance overall competitiveness by forming a network based on comparative advantages [3]

Group 1 - The market outlook for January indicates a consensus on asset allocation trends, focusing on industrial catalysts while maintaining a trading mindset. The medium-term trend remains upward, supported by domestic and international monetary easing, with significant potential for household wealth entering the market. However, short-term market movements are driven by narratives, policy games, and industrial catalysts, with weak profit-related drivers [1][8]. - The investment strategy emphasizes a dual focus on technology and cyclical sectors, recommending investments in assets aligned with market consensus. Key areas of interest in technology include AI computing power, energy storage, and storage chips, while cyclical sectors should focus on intersections of anti-involution and price validation, such as non-ferrous metals, chemicals, and steel [2][8]. Group 2 - The recommended stocks for January include: 1. Dongyangguang (600673.SH): Leveraging its fluorochemical capabilities, the company is advancing into liquid cooling and acquiring a leading AIDC player, with a blueprint for AI infrastructure emerging. The acquisition of Qinhuai Data is progressing, with a total transaction value of 28 billion RMB expected to be completed soon [3][9]. 2. Jinpan Technology (688676.SH): An overseas AIDC core supplier, the company has seen its overseas revenue share exceed 30% in the first three quarters of 2025, with significant growth in data center revenues [13][14]. 3. Yaopi Glass (600819.SH): The company is entering a harvest period for automotive glass, with TCO glass showing substantial growth potential. The transition to high-value products is evident, with a projected net profit growth of 26.2% over the next three years [16][17].

敢为人先，爱拼会赢。2025年1月初，福建首次召开全省优化营商环境大会，强调要在推进一流营商环 境建设上奋勇争先。2025年，福建出台首部优化营商环境中长期规划，推进"高效办成一件事"等改革， 截至11月底，全省实有经营主体771.1万户，八闽大地营商环境持续优化升级。 海西晨报2026-01-03 21:05:12 "十五五"开局之年，2026年的"新年第一会"即将登场。正值《福建省民营经济促进条例》正式实施，一 切恰逢其时。从昔日的资源小省到如今的民营经济大省，福建多措并举优化营商环境、全力以赴拼经 济，为民营企业铺就了一条愈发宽广的发展之路。 · 2025胡润百富榜上 闽商大佬组团霸屏 数量稳坐全国前五 字节跳动张一鸣、宁德时代曾毓群 冲进TOP10 "三分天注定" 是依山傍海的地理特征 赋予福建人出门闯荡的秉性 福建人乐观豁达 常自我调侃:在家是条虫,外出是条龙。 "七分靠打拼" 是刻进福建人DNA的生存法则 一代又一代的福建人 接力跑出了一条全球瞩目的"福建赛道" 1979年 晋江市陈埭镇造出第一双"晋江鞋" 福建人穿着自己造的鞋 从闽南石板路冲向世界领奖台 视 难量量 TP 早在宋元时期 晋江人就 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [2] Core Viewpoints - Fuyao Glass is a global leader in the automotive glass industry, with a market share of approximately 37% as of 2025, demonstrating strong resilience and growth potential [6][29] - The company focuses on high-value products, benefiting from the "new four modernizations" in the automotive sector, which drives an upward trend in average selling price (ASP) [6][31] - Fuyao's vertical integration strategy enhances cost control and allows for aggressive capacity expansion, positioning the company to capture global market share [6][38] - The company offers both high growth and high dividend yields, making it a rare quality asset in the market [6][38] - Profit forecasts for 2025-2027 indicate net profits of 98.31 billion, 113.58 billion, and 132.42 billion yuan, with corresponding price-to-earnings ratios of 17.12, 14.82, and 12.71 times, respectively [6] Summary by Sections 1. Automotive Glass Leader with Strong Resilience and Growth Alpha - Fuyao Glass has established a strong competitive moat over its 40 years of development, focusing on the automotive glass sector and achieving significant market share [15][16] - The company has maintained a high revenue concentration in automotive glass, with 91.1% of total revenue coming from this segment in 2025H1 [25][29] 2. Increasing Penetration of New Energy Vehicles and High-Value Products Driving Growth - The penetration rate of new energy vehicles has increased significantly, with high-value products like panoramic roofs and HUDs contributing to revenue growth [43][46] - The ASP of Fuyao's products is expected to continue rising due to the increasing share of high-value products, which accounted for 52.2% of sales by 2025Q3 [46][70] 3. Investment Recommendations - The report suggests that Fuyao Glass is well-positioned for future growth, supported by its strong market position, innovative product offerings, and robust financial performance [6][38]

在河北省沙河市玻璃产业园区，经过技术改造的生产线正以"无人化"模式高效运转，机械臂精准抓取玻 璃原片，大数据指挥中心实时调控各项生产参数——这一传统产业向高端化、智能化跃迁的背后，离不 开华夏银行石家庄分行持续的金融"活水"支持。截至目前，该行已为沙河市某实业有限公司、河北某玻 璃有限公司等多家企业累计投放设备更新和技术改造贷款超过3.5亿元，且全部符合绿色与科技双重标 准，以"科技+绿色"双轮驱动，助力"中国玻璃城"跑出转型升级加速度。 转自：新华财经 作为我国最大的玻璃生产加工基地，沙河市近年来全力推动玻璃产业向绿色化、高端化、智能化方向转 型，从传统建筑玻璃向超白、超薄等特种玻璃领域拓展。然而，设备升级和技术研发带来的资金需求， 成为企业转型过程中的关键瓶颈。华夏银行石家庄分行精准对接企业需求，深入践行金融服务实体经济 的宗旨，扎实推进"五篇大文章"落地见效，为沙河市玻璃企业量身定制覆盖全产业链的综合金融服务方 案。 亮眼的成果背后，是华夏银行石家庄分行对绿色与科技金融的持续深耕。截至11月末，该行2025年科技 贷款累计投放超百亿元，增速24.9%，支持科技型企业300余户；绿色贷款较年初增长10.3 ...

目前推荐福耀玻璃的主要逻辑是什么？ 目前推荐福耀玻璃主要基于以下三点逻辑： 福耀玻璃 20251228 摘要 福耀玻璃当前估值已回落至 15 倍以内，处于历史分位数后 20%水平， 具备较高的安全边际，预计 2026 年收入和利润增长率分别约为 15%和 15%-20%。 前期行业复苏预期不佳导致股价下跌，但随着 2026 年补贴政策等落地， 市场对明年汽车销量增速的预期或将改善，汽车产业链对 GDP 和社零贡 献大，补贴延续性强，利好行业。 福耀玻璃具备较强的顺价能力，可将部分成本压力转嫁，美国电价上涨 对其成本影响有限（占比约 4%），规模效应显著，有助于对冲成本波 动，新产能投放对毛利率影响有限。 福耀玻璃国内市场占有率约 70%，全球市场接近 40%，受行业整体环 境影响显著，前期股价下跌和新能源购置税政策加剧了市场悲观情绪。 新任总裁上任后，公司在产品边界拓展等方面或有积极发展，海外前装 市场和国内后装市场订单充足，支持公司扩产计划。 新产能投放初期（如 2026 年）盈利可能承压，但预计 2027 年整体盈 利将明显改善，当前估值低且具有高安全边际，值得重点关注。 Q&A 福耀玻璃近期股价调整的主 ...

Core Viewpoint - The overall Beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The humanoid robot sector opens up valuation elasticity for automotive parts, focusing on three main technology lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going overseas." Traditional advantageous tracks should be selectively laid out based on "performance realization + new order production" [3][8]. EPS Dimension - In the existing market, companies with high competitiveness that enhance market share and those that enter high-value tracks through internal and external expansion to increase ASP should be prioritized. The globalization of automotive parts opens up growth space, with a focus on production capacity in Europe, North America, and Southeast Asia, significantly enhancing growth potential and risk resistance. Companies are expected to transition to global Tier 1/platform leaders between 2026-2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [4][8]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly landing. Focus on chip + domain control + core sensors + steer-by-wire chassis (systematic capabilities in cost/algorithm/safety redundancy). Recommended companies include Horizon Robotics, Black Sesame, and Desay SV. Companies to watch include Bertel and Nexperia [5][9]. - Robotics: Transitioning from "0→1" to "1→10," benefiting from large models + actuators/reducers/lead screws/force sensors, with a focus on automotive parts leaders that have "technological synergy + manufacturing collaboration." Recommended companies include Top Group, Minth Group, and Shuanghuan Transmission, with a focus on Yapu Co. and Daimay Co. [5][9]. - Liquid Cooling: AI capital expenditure growth and AIDC power consumption increase; the liquid cooling temperature control market is expected to reach hundreds of billions by 2030. Automotive parts should focus on thermal management/pipes/quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [5][9]. Emerging Industries - The expansion of emerging industries is expected to be less than anticipated, with downstream demand also falling short of expectations, and increasing geopolitical uncertainties [7]. Globalization - The global light vehicle market has a capacity of nearly 80 million units. The overseas light vehicle market is vast, with the 2024 overseas light vehicle production expected to reach 51.7 million units, accounting for 66% of the global market. The globalization of automotive parts is crucial for achieving significant revenue scales [47][49][50]. Conclusion - The automotive parts sector is entering a phase where structural opportunities are prioritized over total market growth. Companies focusing on intelligent driving, robotics, and liquid cooling technologies are expected to lead the way, while globalization will enhance growth potential and resilience against risks [3][4][5][8].

Core Conclusions - The overall beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The focus should be on "smart driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as the three main technology lines, along with the long-term certainty of "going overseas" [2][34] - EPS perspective: 1) Seek alpha that can traverse cycles in the existing market, prioritizing product companies with high competitiveness that can increase market share and companies that can enhance ASP by entering high-value tracks through internal and external expansion. 2) Globalization opens up growth space for automotive parts, with a significant increase in growth potential and risk resistance by prioritizing capacity layout in Europe, North America, and Southeast Asia [2][34] - Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [2] EPS Dimension Outlook - The automotive parts sector's beta is expected to be weak due to domestic total factors in 2026, with structural opportunities preferred over total opportunities. The focus should be on high-competitiveness product companies that can increase market share and those that can enhance ASP by entering high-value tracks through internal and external expansion [34] - Globalization is expected to open up growth space for automotive parts, with incremental orders mainly coming from Southeast Asia and European new energy markets [34] Market Review - The automotive parts sector's overall performance in 2025 was significantly influenced by AI and robotics, with the sector index outperforming the market in the first half of the year. However, it faced challenges in the second half due to U.S. tariffs and price wars [11][19] - The sector's valuation fluctuated, starting from approximately 21 times earnings at the beginning of 2025, peaking at 32 times by September, and then adjusting back down due to tariff impacts and slower-than-expected robotics progress [11][19] Globalization and Market Expansion - The global light vehicle production is projected to reach 78.82 million units in 2024, with overseas markets, particularly in Europe and North America, being significant contributors [52][57] - Chinese automotive parts companies are increasingly following domestic car manufacturers in their overseas expansion, leveraging cost control and response efficiency advantages [60][61] Recommended Companies and Focus Areas - Companies recommended for investment include Fuyao Glass, Xingyu Co., Minth Group, and others that are positioned to benefit from high competitiveness and market share growth [2][34] - Focus areas include smart driving technologies, liquid cooling systems, and humanoid robotics, which are expected to drive growth in the automotive parts sector [2][34]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 方正证券研报指出，福耀玻璃国内成长稳健可控，欧美价量齐升持续。伴随电动智能化趋势下汽玻 产品持续升级、美关税政策下产品通胀，我们预计公司2026 年产品单价仍有望维持6-7%增长，具备超 预期能力。2026年虽受下游需求扰动，但预计公司盈利能力有望维持稳健表现。全球成长逻辑延续、估 值回调充分，关注出海龙头稳健投资价值。考虑到公司具备高分红的防御属性，按自上市以来稳定兑现 水平（平均分红率近60%），当前PE对应近12个月股息率4.35%，建议重点关注出海龙头稳健投资价 值。给予"推荐"评级。 （责任编辑：贺翀 ） ...