保隆科技研发人员调试产品。 保隆科技空气悬架产线。 三环车桥生产车间。 想让一辆汽车跑起来，行驶系统至关重要。消费者对有些行驶系统的零部件很熟悉，比如悬架、轮胎。 而有些零部件似乎并未被消费者了解，比如差速器、前轴、轴承等。即便是熟悉的产品，消费者恐怕也 很难叫得出供应商的名字。 其实，这些细分领域都有中国企业默默耕耘的身影。多年来，国内汽车零部件企业在不起眼的行当里苦 练内功，很多已经成长为"隐形冠军"。 这些"冠军"是怎样炼成的？本报对相关企业负责人进行了采访。 三环车桥汽车前轴国内市场占有率超五成 跟上潮流拿下市场 汽车前轴，位于车辆前端，通过两个轮胎与汽车前部相连，承担承重、转向等重要功能。因断面 呈"工"字型，又称"工字梁"，是汽车底盘系统的重要安全零件。 1979年自主设计开发出国内第一根汽车前轴，到如今国际市场占有率22%、国内市场占有率52%、为全 球销量前20名的汽车制造企业中的16家供货……位于湖北省谷城县的三环车桥有限公司（以下简称"三 环车桥"）逐渐成长为世界最大的汽车前轴生产企业。 生产车间里，银白钢段被烧至约1000℃后通体透红，随后被机械臂送入最高可达1.6万吨压力的自动锻 造生 ...

1月7日晚间，襄阳轴承（SZ000678，股价15.87元，总市值72.94亿元）发布公告称，控股股东三环集团 有限公司（以下简称三环集团）股权无偿划转免于发出要约。 在此之前的2025年12月，襄阳轴承曾披露，三环集团69.979%和29.991%的股权分别被返还给湖北省国 资委和湖北长江汽车产业投资有限公司（以下简称长江汽车）。 早在2019年，武汉金凰珠宝股份有限公司（以下简称武汉金凰）被爆出百亿元假黄金诈骗案。根据此前 媒体报道，法院判定武汉金凰实业集团有限公司（以下简称金凰集团）在2018年收购三环集团股权的资 金来自诈骗资金，该收购被认定为骗取股权。符合可免于发出要约情形 根据公告，襄阳轴承于2025年12月26日收到控股股东三环集团的通知，根据相关司法判决执行情况，三 环集团69.979%的股权返还给湖北省国资委，29.991%的股权返还给长江汽车，返还股权已于当日办理 完毕工商变更登记，公司的实际控制人恢复为湖北省国资委。 天眼查也显示，2025年12月26日，金凰集团退出了三环集团的股东行列，新增了湖北省国资委和长江汽 车作为股东。 与此同时，湖北省国资委于2025年12月26日出具《省政府 ...

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Nanjing Bank, among others [12][19][53]. Core Insights - The report highlights the financial and manufacturing industries' investment outlook for January 2026, emphasizing the need to focus on companies with strong fundamentals and growth potential amid economic pressures [6][8][10]. - It identifies specific sectors such as real estate, non-bank financials, banking, new energy, machinery, military industry, light industry, and environmental protection as areas of interest for investment [8][10][21][32][36][43]. Summary by Sector Real Estate - The real estate sector faces increasing downward pressure, necessitating policy easing. Key companies like China Resources Land are highlighted for their strong operational capabilities and cash flow stability [11][12][53]. Non-Bank Financials - The non-bank financial sector is expected to benefit from policy support and high market trading volumes, with companies like New China Life Insurance showing strong growth potential [16][17][53]. Banking - The banking sector is viewed positively, with a focus on large banks and city commercial banks, particularly Jiangsu Bank, which is noted for its attractive valuation and growth prospects [18][19][53]. New Energy - The new energy sector is at a turning point, with companies like Sungrow Power Supply and Slin Smart Drive recommended for their growth potential in solar and energy storage technologies [21][23][53]. Machinery - The machinery sector is encouraged to focus on AI and robotics, with companies like Hengli Hydraulic and Ding Tai High-Tech identified for their growth opportunities in traditional and emerging markets [25][30][31][53]. Military Industry - The military sector is expected to see growth from military-to-civilian transitions and military trade, with AVIC Xi'an Aircraft Industry Company highlighted for its potential in the domestic and international markets [32][34][53]. Light Industry - The light industry is advised to focus on overseas manufacturing and new consumer opportunities, with companies like Yingke Medical and Meiyin Sen noted for their growth in international markets [36][40][53]. Environmental Protection - The environmental sector is poised for growth through overseas expansion and rising metal prices, with companies like Weiming Environmental and Ice Wheel Environment recommended for their strong market positions [43][48][51][53].

从斯菱智驱十大流通股东角度 数据显示，景顺长城基金旗下1只基金位居斯菱智驱十大流通股东。景顺长城稳健回报混合A类 （001194）三季度新进十大流通股东，持有股数106.74万股，占流通股的比例为1.1%。根据测算，今日 浮盈赚取约883.8万元。连续4天上涨期间浮盈赚取5569.62万元。 截至发稿，江山累计任职时间4年148天，现任基金资产总规模367.87亿元，任职期间最佳基金回报 222.74%， 任职期间最差基金回报-16.09%。 景顺长城稳健回报混合A类（001194）成立日期2015年4月10日，最新规模21.57亿。今年以来收益 2.07%，同类排名3649/8816；近一年收益145.82%，同类排名23/8081；成立以来收益380.74%。 1月6日，斯菱智驱涨5.14%，截至发稿，报169.28元/股，成交8.51亿元，换手率3.64%，总市值391.50亿 元。斯菱智驱股价已经连续4天上涨，区间累计涨幅47.95%。 景顺长城稳健回报混合A类（001194）基金经理为江山。 资料显示，浙江斯菱智能驱动集团股份有限公司位于浙江省新昌县澄潭街道江东路3号，成立日期2004 年11月22 ...

格隆汇1月5日丨雷迪克(300652.SZ)近日在线上交流活动中表示，2025年公司计划投资3,000万美元在摩 洛哥丹吉尔市建设汽车轴承生产基地。项目建成后，将大幅缩短对欧洲、非洲及中东客户的交付周期， 更好地响应客户在交付时效、定制化服务及"属地化配套"等方面的需求。目前，公司已完成摩洛哥项目 的境外直接投资备案(ODI)，各项筹备工作正在加快推进中。 ...

格隆汇1月5日丨雷迪克(300652.SZ)近日在线上交流活动中表示，2025年公司计划投资3,000万美元在摩 洛哥丹吉尔市建设汽车轴承生产基地。项目建成后，将大幅缩短对欧洲、非洲及中东客户的交付周期， 更好地响应客户在交付时效、定制化服务及"属地化配套"等方面的需求。目前，公司已完成摩洛哥项目 的境外直接投资备案(ODI)，各项筹备工作正在加快推进中。 ...

Market Overview - The market is expected to experience style differentiation as it approaches the Spring Festival, maintaining a structural trend under narrow fluctuations[4] - Key focus areas include the release of December and annual economic data in late January and a concentrated period of earnings forecasts[4] Investment Strategy - The strategy emphasizes three main lines: 1. High-growth and high-elasticity sectors, including AI hardware (e.g., optical modules), energy storage, lithium batteries, and non-ferrous metals[4] 2. Market hot tracks such as commercial aerospace, robotics, and cultural tourism[4] 3. Low-position large financial sectors, focusing on high-certainty performance in brokerage, insurance, and banks with dividend expectations[4] Recommended Stocks - **Metals**: Yun Aluminum Co., Ltd. (000807.SZ) with a projected EPS of 1.87 in 2025 and a PE of 17.6[28] - **Chemicals**: Yara International (000893.SZ) with a projected EPS of 2.06 in 2025 and a PE of 23.3[28] - **New Energy**: Slin Smart Drive (301550.SZ) with a projected EPS of 1.32 in 2025 and a PE of 105.0[28] - **Machinery**: Hengli Hydraulic (601100.SH) with a projected EPS of 2.19 in 2025 and a PE of 50.2[28] - **Aerospace**: AVIC Xi'an Aircraft Industry Group (000768.SZ) with a projected EPS of 0.42 in 2025 and a PE of 60.3[28] - **Banking**: Jiangsu Bank (600919.SH) with a projected EPS of 1.76 in 2025 and a PE of 5.9[28] - **Non-Banking**: New China Life Insurance (601336.SH) with a projected EPS of 11.82 in 2025 and a PE of 5.9[28] - **Social Services**: Jin Jiang International (600754.SH) with a projected EPS of 0.89 in 2025 and a PE of 28.3[28] - **Electronics**: Dongshan Precision (002384.SZ) with a projected EPS of 0.77 in 2025 and a PE of 109.8[28] - **Telecommunications**: Zhongji Xuchuang (300308.SZ) with a projected EPS of 9.47 in 2025 and a PE of 64.4[28] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation[34] - Significant changes in individual stock fundamentals could adversely affect performance[34]

Core Viewpoint - Renben Co., Ltd. has reinitiated its IPO application on the Shanghai Stock Exchange after a previous unsuccessful attempt, with its application accepted on December 29 [1] Group 1: Business Overview - Renben Co., Ltd. specializes in the research, production, and sales of bearings and related products, possessing a full industry chain capability from materials to finished products [1] - The company offers over 50,000 types of bearing products, which are widely used in automotive, light machinery, heavy machinery, and major equipment sectors [1] Group 2: Revenue Composition - From 2022 to 2025, the revenue from finished bearings consistently accounts for over 86% of total income, with automotive bearings contributing 39.16%, 45%, 45.97%, and 45.07% respectively [1] - Revenue from light machinery bearings represents 28.94%, 25.62%, 24.41%, and 24.59% over the same period [1] Group 3: Major Clients - Key clients in the automotive sector include Geely Group, BYD, Changan Automobile, Great Wall Motors, and Bertley, with Geely being the largest customer [1] Group 4: Financial Performance - The company's revenue for 2022 to 2025 is projected at 9.388 billion, 10.482 billion, 11.96 billion, and 6.471 billion respectively, while net profit is expected to be 585 million, 625 million, 700 million, and 313 million [2] - In 2022, revenue grew by 2.93% year-on-year, but net profit decreased by 20.91% [2] - The gross profit margin slightly declined from 28.64% in 2022 to 26.54% in the first half of 2025 [2] Group 5: Debt and Liquidity - The company has a high asset-liability ratio of 66.63% as of mid-2025, with bank loans constituting 62.39% of total liabilities [2] - The liquidity ratios are below industry averages, with a current ratio of 1.08 compared to the industry average of 2.07, and a quick ratio of 0.76 against an average of 1.63 [2] Group 6: IPO Fundraising and Projects - The company aims to raise 3.8 billion through the IPO, an increase of approximately 40% from the previous target of 2.702 billion [4] - The funds will be allocated to various projects, including the production of 9 million sets of robot and intelligent equipment bearings, 7.5 million sets of new energy vehicle bearings, and other key projects [4]

| 公司全称 | 人本股份有限公司 | 受理日期 | 2025-12-29 | | --- | --- | --- | --- | | 公司简称 | 人本股份 | 融资金额(亿元) | 38.00 | | 审核状态 | 己受理 | 更新日期 | 2025-12-29 | | 保荐机构 | 中信证券股份有限公司 | 保荐代表人 | 胡娴,高若阳 | | 会计师事务所 | 天健会计师事务所 (特殊普通合伙) | 签字会计师 | 邓德祥,朱丽丽,刘帅 | | 律师事务所 | 北京德恒律师事务所 | 签字律师 | 王雨微,王浚哲,闫彦鹏 | | 评估机构 | 天源资产评估有限公司 | 签字评估师 | 陈菲莲,孔燕菁 | 招股书介绍，公司主要从事轴承及相关产品的研发、生产和销售业务，是我国规模最大、品类最全的综合性轴承制造集团。公司轴承产品的型号规格超五万 种，广泛应用于汽车工业、轻工机械、重型机械及重大装备等众多国民经济重要领域。 汽车轴承贡献45%营收 应收账款超32亿元 深圳商报·读创客户端记者 梁佳彤 12月29日，据上交所官网，人本股份有限公司（下称"人本股份"）主板IPO获得受理。今年上半年，该公司应收账款 ...

Core Viewpoint - SKF, the world's largest bearing manufacturer, is accelerating the spin-off of its automotive bearing business due to declining profit margins, while focusing on its industrial bearing business which has a significantly higher profit margin [1][8]. Automotive Bearing Business Spin-off - SKF plans to complete the spin-off of its automotive bearing business by Q4 2024, with a Nasdaq listing expected in the first half of 2026, although the progress has not fully adhered to the initial timeline due to deep integration with industrial bearings [5][6]. - As of November 2025, 50% of automotive sales have transitioned to the new entity, with 70% of automotive bearing employees and production channels already transferred [9]. Industrial Bearing Business Outlook - Post-spin-off, SKF's industrial bearing business is projected to achieve an annual sales growth of 4%, with an adjusted EBIT margin expected to rise to 17% in the medium term and further to 19% in the long term. Capital investment returns are anticipated to increase from 14% to 20% [8]. Market Challenges and Opportunities - The automotive bearing sector faces a bleak outlook, with expected sales growth slightly above the global automotive market and an adjusted EBIT margin of only 6-9% [8]. - SKF's automotive bearing business has over 100 years of experience and covers various automotive applications, including engines and electric drive systems, with a 33% market share in the electric vehicle bearing market due to strategic partnerships with major clients like BYD [11][13]. Competitive Landscape - Chinese manufacturers are increasingly challenging foreign bearing companies like SKF by offering lower prices and faster response times, which poses significant threats to SKF's market position [17][18]. - SKF's decision to spin off its automotive bearing business may be influenced by the competitive pressures from Chinese manufacturers [18]. Strategic Focus Areas Post-Spin-off - After the spin-off, SKF will concentrate on military, aerospace, and rail transit sectors, with military bearings identified as a key market due to rising defense spending in Europe [20]. - The military bearing market is expected to grow at an annual rate of 7-8% by 2030, with SKF's military bearing sales reaching 2 billion Swedish Krona in 2024 [20]. Rail and Aerospace Bearings - The rail transit segment is crucial for SKF, with sales projected to reach 5 billion Swedish Krona in 2024 and an annual growth rate of 9% from 2022 to 2024 [23]. - The aerospace bearing market is expected to grow at a compound annual growth rate of 14% from 2022 to 2025, with an 8 percentage point increase in adjusted operating profit margin [25][26]. Localization Strategy - SKF aims to enhance localization in its manufacturing processes, with 95% localization in Europe and plans to increase localization in East Asia to 70% by 2030 [28].