（编辑 丛可心） 证券日报网1月7日讯 ，齐翔腾达在接受调研者提问时表示，从上市公司披露的三季度在建工程数据中 不难发现，多数企业的资本支出呈现收缩态势，从侧面折射出行业整体正处于产能消化与投资审慎阶 段，新建及扩建项目进度明显放缓，企业更倾向于聚焦现有产能优化与资本开支管控。2026年，公司将 继续秉持审慎稳健的资本开支策略，重点聚焦现有装置的技术改造与高附加值产品转产，在降低综合生 产成本、提升装置效能的基础上，进一步强化产线柔性生产能力与市场响应速度，以适配细分领域需求 的结构性变化。同时，公司将稳步推进齐鲁科力催化新材料项目建设进度。该项目建成后，将显著提升 公司在煤化工、石油化工催化剂领域的技术实力与市场竞争力，助力催化剂产品的国产替代，为公司进 一步降低对外采购成本、提升产业链自主可控能力提供有力支撑。 ...

今年以来周期板块涨势喜人，临近年底最近好多朋友来问，周期股还能不能投、该怎么投。 在投资的世界里，周期板块总是让人又爱又惧——机会鲜明，波动也大。有没有一种方法，能把它理解 得更清晰、更踏实一些？ 中信保诚基金的基金经理孙惠成，提供了一套值得关注的思路。这位拥有北大化学本科、中科院物理所 博士背景的基金经理，把他十多年扎根化工、有色等行业的研究积淀，转化成了一套可理解、可执行的 投资框架。今年以来，他管理的周期产品尽力把握相关行业的市场机遇，取得了不错的业绩。 | 产品名称 | 今年以来收益率 | | --- | --- | | 中信保诚周期优选A | 40.35% | 数据截至2025.12.04，基金业绩已经托管行复核，中信保诚周期优选A同期业绩比较基准收益率： 15.39%，基金净值具有波动性，基金的过往业绩不代表未来表现。 他是怎么做的？对未来又怎么看？ 听完他最近的路演，我大概理清了两个关键问题： 1．他的钱是怎么赚的？（投资框架） 2．接下来他关注哪儿？（市场展望） 一、他是谁？——典型的"研究驱动型"选手 背景硬核：北大化学本科，中科院物理所博士。科班出身，博士课题还跟光伏材料有关。2012年入 ...

Group 1 - The article highlights that among 360 industry/theme ETFs, 39 reached new highs in December, with established sectors like telecommunications and non-ferrous metals reflecting North American AI infrastructure and resource logic, while new sectors like commercial aerospace are gaining attention during market fluctuations [2] - The focus is on structural opportunities in a volatile market, with sectors like chemicals, engineering machinery, and new energy being prioritized due to their long-term ROE potential, alongside emerging themes like commercial aerospace [3] - The article emphasizes the importance of the RMB appreciation trend and its implications for investment strategies, particularly in brokerage and insurance sectors [3] Group 2 - The article discusses favorable conditions for the spring market rally, driven by liquidity and investor expectations, with a focus on the A500 ETF and potential market fluctuations at year-end and early next year [4] - It notes that the RMB's recent strength, driven by corporate settlement demand and a favorable external environment, could lead to a capital market rally, benefiting sectors reliant on imported materials and those with significant foreign currency liabilities [6] - The article identifies new investment themes emerging in the commodity market and manufacturing sectors, particularly in AI and global manufacturing recovery, recommending investments in industrial resources and equipment exports [8] Group 3 - The article indicates that the A-share market has entered a cross-year rally phase, supported by optimistic institutional investor sentiment and favorable policy expectations [9] - It suggests that the spring market is likely to exhibit structural characteristics with rapid sector rotation, encouraging investors to adopt a low-buying strategy [13][14] - The article highlights the potential for a continued upward trend in the market leading up to the Spring Festival, with a focus on technology themes and non-bank financial sectors [15]

资本市场迎来一则重磅消息。12月19日晚间，中国神华能源股份有限公司正式披露《发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草 案）》，拟以1335.98亿元的交易对价收购国家能源集团旗下12家核心能源企业股权。这一规模不仅刷新A股并购纪录，更被视为央企专业化整合的标志性 举措。 本次交易采用"股份+现金"组合支付方式，其中现金支付占比70%，股份支付占30%。具体而言，中国神华将通过发行A股股份及支付现金购买国家能源集 团持有的国源电力100%股权、新疆能源100%股权、化工公司100%股权等11项资产，并以现金收购西部能源持有的内蒙建投100%股权。同时，公司拟向 不超过35名特定投资者募集配套资金，总额不超过200亿元，用于支付交易现金对价及中介费用。 | 交易形式 | 发行 A 股股份及支付现金购买资产并于 A 股募集配套资金 | | --- | --- | | 交易方案简介 | 中国神华拟通过发行 A 股股份及支付现金的方式购买国家能源集团持有 | | | 的国源电力 100%股权、新疆能源 100%股权、化工公司 100%股权、乌海 | | | 能源 100%股权、平庄煤业 100%股 ...

"煤炭一哥"千亿级并购方案官宣落地。 12月19日晚间，中国神华（601088）公告称，公司拟收购其控股股东国家能源投资集团有限责任公司 （以下简称，国家能源集团）旗下12家标的公司的股权，合计交易价格约为1335.98亿元。 据披露，中国神华拟通过发行A股股份及支付现金的方式购买国家能源集团持有的国源电力100%股 权、新疆能源100%股权、化工公司100%股权、乌海能源100%股权、平庄煤业100%股权、神延煤炭 41%股权、晋神能源49%股权、包头矿业100%股权、航运公司100%股权、煤炭运销公司100%股权、港 口公司100%股权，并以支付现金的方式购买国家能源集团西部能源投资有限公司（以下简称，西部能 源）持有的内蒙建投100%股权；同时，上市公司拟向不超过35名特定投资者发行A股股份募集配套资 金。 截至12月19日收盘，中国神华报40.59元/股，总市值7909.74亿元。 智通财经记者 王晶晶 据披露，截至2025年7月31日，12家标的资产合计的总资产为2334.23亿元，合计的归母净资产为873.99 亿元；2024年，标的资产总营收为1139.74亿元，合计的扣非归母净利润为94.28 ...

中国神华称，通过本次交易，中国神华的煤炭保有资源量将提升至684.9亿吨，增长率达64.72%；煤炭可采储量将提升至345亿吨，增长率达97.71%；煤炭 产量将提升至5.12亿吨，增长率达56.57%；中国神华2024年每股收益将提升至3.15元/股，增厚6.10%。2025年1月至7月每股收益提升至1.54元/股，增厚 4.40%。 作为国家能源集团下属煤炭及相关资产整合上市平台，中国神华表示，通过本次交易将进一步整合煤炭开采、坑口煤电、煤化工及物流服务业务板块，大 幅提高上市公司核心业务产能与资源储备规模，进一步优化全产业链布局，为推进清洁生产、降低运营成本、提升持续盈利能力创造有利条件，有利于公 司降低交易成本、优化产能匹配，提升公司整体盈利能力，从而实现超越简单业务叠加的"1+1>2"战略价值。 本报记者贺王娟 央企资源整合再进一步。 12月19日晚间，煤炭行业市值龙头中国神华（601088）能源股份有限公司(以下简称"中国神华")公告称，拟发行A股股份及支付现金购买控股股东国家能 源集团及其全资子公司西部能源持有的相关资产并于A股募集配套资金，其中整体发行股份购买资产支付和现金支付比例分别为30% ...

Core Viewpoint - The construction index increased by 4.6% from September 29 to October 10, outperforming the CSI 300 index, which rose by 1.67%, resulting in a 2.94 percentage point lead for the construction sector [2][6] - The report emphasizes the importance of addressing price disorder in the market and highlights the investment focus on anti-involution strategies [2][4] Group 1: Market Performance - The construction index's performance was driven by significant gains in the western infrastructure, nuclear power, and merger and acquisition sectors [2][6] - Notable individual stock performances included Guanzhong Ecology (+96%), Xinjiang Communications Construction (+29%), and China Nuclear Engineering (+24%) [6] Group 2: Policy and Economic Outlook - The issuance of special bonds and long-term treasury bonds is accelerating, with special bonds reaching 3.68 trillion yuan, accounting for 83.6% of the annual quota [3] - The report suggests that the western region's fixed asset investment growth of 6.6% in the first half of the year is above the national average, with significant contributions from provinces like Tibet and Xinjiang [3] Group 3: Investment Focus - The report recommends focusing on infrastructure investment opportunities in the western regions, particularly in sectors like hydropower, coal chemical, and nuclear power [2][3] - The announcement from the National Development and Reform Commission emphasizes the need for industry self-regulation and fair competition, which could influence investment strategies [4][5]

Core Viewpoint - China Shenhua announced plans to issue A-shares and pay cash to acquire coal, coal-fired power, and coal-to-oil and coal-to-gas chemical assets from its controlling shareholder, China Energy Investment Corporation [1] Group 1: Transaction Details - The transaction constitutes a related party transaction and is not expected to be classified as a major asset restructuring [1] - The transaction will not lead to a change in the actual controller of the company [1] - As of the announcement date, intermediary institutions have commenced due diligence, with auditing and evaluation processes progressing smoothly [1] Group 2: Future Steps - The company will fulfill subsequent review procedures and information disclosure obligations based on the progress of the transaction [1]

Group 1: Industry Overview - Ningxia has developed a distinctive industrial system supported by local policies and regional development strategies, attracting capital market attention [1] - The "Ningxia concept" refers to listed companies registered or primarily operating in Ningxia, benefiting from local resource endowments, policy support, and industrial planning [1] - Key sectors in Ningxia's industrial chain include energy chemicals, new materials, modern agriculture, and renewable energy [1] Group 2: Energy and Chemicals - Energy chemicals are a traditional advantage for Ningxia, leveraging abundant coal resources to form deep processing industries such as coal-to-oil and coal chemicals [1] - Companies in this sector are competitive in clean coal utilization and fine chemicals, with ongoing upgrades towards high-end chemicals and circular economy [1] Group 3: New Materials - The new materials industry has seen rapid development, particularly in carbon-based materials, rare metal processing, and high-performance fibers [1] - Ningxia has cultivated a number of technology-driven enterprises that serve critical sectors like electronic information, aerospace, and high-end manufacturing [1] Group 4: Agriculture - Ningxia's unique geographical and climatic conditions have fostered specialty agriculture, exemplified by goji berries, wine, and dairy industries [2] - The Zhongning goji berry is renowned nationwide, while the Helan Mountain eastern foothills are a significant wine production area in China [2] - These specialty industries have stimulated the development of planting, processing, and brand operation chains, promoting rural revitalization and agricultural tourism [2] Group 5: Renewable Energy - Ningxia is rich in wind and solar resources, playing a crucial role in the national "West-to-East Power Transmission" project [2] - Recent years have seen accelerated implementation of clean energy projects like photovoltaics and wind power, fostering growth in related industries such as renewable equipment manufacturing, energy storage technology, and electricity export [2] Group 6: Investment Considerations - The Ningxia concept represents an ecosystem of industries that rely on local resources, respond to national strategies, and continuously upgrade [2] - Investors should consider policy direction, industry cycles, and company fundamentals when evaluating opportunities in this region [2]

Group 1 - The China Export-Import Bank's Guangxi branch has signed 67 new foreign trade projects worth 14.631 billion yuan and disbursed 14.301 billion yuan across 71 projects from January to August this year, contributing to Guangxi's leading growth in foreign trade [1] - The bank has established a multi-party linkage mechanism to enhance policy-driven financial support, securing a special quota of 20 billion yuan for foreign trade and 900 million yuan for trade financing products [1] - The bank has collaborated with 17 operating units to support 46 major projects in the region, with total loans exceeding 25 billion yuan, and foreign trade industry loans accounting for 45.96% of total disbursements this year [1] Group 2 - The bank is focused on nurturing key enterprises in the foreign trade sector, supporting the import needs of major companies like Liugang and Jinchuan, and facilitating the export of Guangxi products to ASEAN markets [2] - It aims to cultivate a comprehensive foreign trade industry ecosystem, with a loan balance of 30.44 billion yuan for foreign trade industries and a coverage rate of 60% for key foreign trade enterprises in Guangxi [2] - The bank has formed a financial support network for key industries such as new energy vehicles and steel, fostering the growth of "little giants" and specialized enterprises [2] Group 3 - The bank supports the construction of infrastructure for foreign trade, including projects to enhance the connectivity of the Western Land-Sea New Corridor and improve logistics efficiency at key ports and airports [3] - It has approved over 30 billion yuan in loans for foreign trade infrastructure, facilitating efficient circulation of foreign trade goods [3] - The bank is implementing differentiated credit policies for various platforms, supporting 11 enterprises in the foreign trade comprehensive service platform this year with total loans of 1.635 billion yuan [3] Group 4 - The bank is enhancing its role in the Belt and Road Initiative, with 48 signed projects under a special quota of 350 billion yuan, disbursing 7.553 billion yuan to support Guangxi's participation in the initiative [4] - It is assisting local enterprises in global operations and optimizing supply chains, while providing risk consultation and tailored financing solutions for investments in ASEAN [4] - The bank's upgraded services include organizing exchanges and providing expert consultations to facilitate Guangxi enterprises' integration into the global market [4]