（来源：财经思享汇） 回顾2025年十大赛道的"牛"股，看它们为什么涨的好。 作者 | 卞可心 编辑 | 管东生 随着2025年12月31日收盘，A股市场正式落下帷幕。据统计数据，剔除2025年新上市的116只新股，全 年256个交易日内，上证综指、深证成指、创业板指涨幅分别达到18.41%、29.87%、49.57%，年内表现 显著优于2024年，尤其创业板指涨幅接近50%。 2025年11月末，A股市场上证指数最高点达到4034.08点，相较2024年最高点上涨12.06%。自2015年以 来，时隔十年，沪指再次突破4000点大关。 众多企业在2025年表现出色，股价大增，更有甚者股价涨幅超400%。 现《财经思享汇》根据iFinD和上市公司公告，统计2025年1月1日至12月31日一整个自然年内，A股上 市公司涨幅最明显的10家公司。 需要注意的是，本次盘点集中于热门行业及高增长企业，去除了同一行业内重复企业，本次遴选还会搁 置周期底部行业。此外，为凸显"高增长""高质量"企业，将去除低市值（低于100亿元），以及存在资 本炒作、行业"黑天鹅"等偶发要素的企业。 本次统计结果显示，商业航天、"海峡两岸" ...

[Table_Reportdate] 2026年01月08日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn 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 ➢ 1.部分出口链公司发布年报预增公告——机械设备行业周报（20251229-20260104） ➢ 2.公募费改三阶段全面落地，差异化安排持续优化行业生态——资本市场聚焦（十二） ➢ 1.美国2025年12月ISM非制造业PMI为54.4 ➢ 2.工信部等八部门印发《"人工智能+制造"专项行动实施意见》 ➢ 3.欧元区2025年12月CPI初值同比升2.0% ➢ 4.美国2025年12月ADP就业人数增4.1万人 ➢ 5.央行开展11000亿元买断式逆回购 [晨会纪要 Table_NewTitle] 20260108 [table_ ...

涛涛车业（301345）：适应销售需求，推进海外产能建设。据公司公告，预计2025年实现归属于上市公 司股东的净利润8.00亿元至8.50亿元，较上年同期增长85.50%至97.10%；扣除非经常性损益后的净利润 7.89亿元至8.39亿元，同比增长87.54%至99.42%。业绩预告将增长归因于"聚焦市场需求、提升经营效 率、加快海外产能建设及拓展多元化销售渠道"。公司北美基地第一条生产线已实现产能跨越，单人单 日产能可比肩国内工厂水平；公司正积极筹备北美制造基地第二条生产线。公司越南基地产能大幅提 升，可充分支持美国市场电动高尔夫球车等产品需求。此外，正在建设泰国生产基地，未来将进一步增 强对美供应能力。 【工业自动化】本期关注西门子发展战略，推进数字化转型，融入工业AI时代。作为全球工业自动化 领域的领导者，西门子正经历深刻的战略转型。西门子2025财年净收益连续第三年创下新高，达104亿 欧元，同比增长16%。基于强劲的业绩表现和清晰的战略路径，西门子已将中期营收增长目标区间上调 至6%-9%。展望未来的发展蓝图，公司计划以数字业务为增长引擎，以工业AI为创新前沿，在全球工 业数字化转型浪潮中扩大其领 ...

Investment Rating - The report assigns an "Overweight" rating to the mechanical equipment industry, indicating a positive outlook for the sector relative to the broader market [1]. Core Insights - The report highlights active mergers and acquisitions in the industry, focusing on global expansion and cutting-edge cooling technologies, particularly in the refrigeration equipment sector [3]. - Companies like Juxing Technology and Taotao Automotive are expected to see significant profit growth in 2025, driven by market demand and operational efficiency improvements [9][10]. - Siemens is undergoing a strategic transformation towards digitalization and industrial AI, with a strong performance forecast and an increased revenue growth target [12][13]. - The demand for cooling solutions in data centers is rising, with a focus on energy efficiency and advanced cooling technologies such as magnetic levitation compressors [23][25]. Summary by Sections 1. Annual Performance Forecast - Juxing Technology anticipates a net profit of 2.419 to 2.764 billion yuan for 2025, representing a year-on-year growth of 5% to 20% [9]. - Taotao Automotive expects a net profit of 800 to 850 million yuan, with a growth of 85.5% to 97.1% year-on-year, attributed to market focus and overseas capacity expansion [10]. - Ding Tai High-Tech forecasts a net profit of 410 to 460 million yuan, driven by the booming AI industry and high-end PCB market demand [11]. 2. Automation Leader Tracking - Siemens reported a record net income of 10.4 billion euros for the 2025 fiscal year, a 16% increase, and has raised its mid-term revenue growth target to 6%-9% [12]. - The company aims to double its digital business by 2030, with an expected annual growth rate of 15% [12][13]. 3. Refrigeration Equipment - The report emphasizes the growing cooling demand from data centers, highlighting the importance of energy efficiency and advanced cooling solutions [23]. - Magnetic levitation compressors are gaining traction due to their efficiency and low maintenance costs, particularly in data center applications [25][27]. - Companies like Danfoss and Hanzhong Precision are positioned to benefit from the increasing demand for advanced cooling technologies in the data center sector [28][29]. 4. Market Review - The mechanical equipment sector outperformed the broader market, with a 1.32% increase compared to a 0.59% decline in the CSI 300 index [32].

信达证券研报指出，涛涛车业业绩高增，电动高尔夫球车产销两旺，北美全链条布局深化。2025年公司 预计实现归母净利润8.00-8.50亿元（同比增长85.5%-97.1%），25Q4预计实现归母净利润2.18亿元（同 比增长68.2%），增长势头迅猛。电动低速车（电动高尔夫球车等）有望贡献核心增长动力。北美产能 实现关键跨越，全链条布局深化。公司在北美已组建起一支近400人的本地化人才团队，覆盖研发、生 产、营销及售前售后服务等全业务链条，帮助公司精准把握市场脉搏、实现高效运营和提供高质量服 务。 ...

在全球新能源汽车市场竞争日趋白热化的2025年，中国品牌凭借技术创新与成本优势，拿下了全球68%的销量份额。 然而，面对美国市场陡然提升至102.5%的汽车整车关税，绝大多数中国车企望而却步。 但就在这样的逆境中，一家名为涛涛车业的中国企业却异军突起，不仅在美国市场狂销4万辆，更实现了年度利润近翻倍的增长。 其创始人曹马涛甚至对高关税政策表示"兴奋"，背后究竟隐藏着怎样的商业逻辑与战略布局？ 一、家族企业的传承与蜕变：从传统制造到新能源整车 涛涛车业的崛起并非一蹴而就，而是植根于浙江丽水一个商业家族数十年的积累与迭代。 曹氏家族的商业脉络始于上世纪70年代，由曹马涛的祖父曹桂成通过家禽贸易与炉具加工完成原始资本积累。 随后，父亲曹跃进在2004年创立涛涛集团，将业务延伸至安全门与汽摩配件领域。 尽管这些行业门槛不高、国内竞争激烈，但曹家较早地将目光投向海外，尤其以美国为主的北美市场，为日后整车出口埋下了伏笔。 2007年，年仅23岁的曹马涛远赴美国，担任家族企业当地子公司总经理。正是在这段经历中，他敏锐地捕捉到了一个细分市场机遇——美国社区中广泛使用 的新能源低速车。 这类车辆在美国多用于老年人代步、家庭短途 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 涛涛车业(301345) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 赵启政 汽车行业分析师 执业编号：S1500525030004 邮 箱： zhaoqizheng@cindasc.com [Table_OtherReport] 涛涛车业：2025Q3 经营业绩增长提速， 盈利能力显著提升 涛涛车业：业绩表现靓丽，电动高尔 夫球车持续高增，机器人业务逐步落 地 涛涛车业：电动高尔夫持续放量，规 模效应凸显 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 涛涛车业：业绩高增，电动高尔夫球车产销两 旺，北美全链条布局深化 [ ...

今年上半年，涛涛车业推动北美本土化制造加速落地，其美国工厂全力推进电动高尔夫球车组装生产， 通过人员有效组织与工序节拍优化，产线日均产能实现稳步增长，为满足北美区域市场快速交付需求提 供重要支撑。 对于涛涛车业而言，本次收购将推动公司产品在美国市场的销售网络拓展，进而提升专业商超领域的市 场占有率，增强公司的整体盈利能力与市场竞争力。借助标的公司成熟的渠道资源，公司有望精简现有 销售模式中的中间环节及相关成本，打通销售链的上下游，实现销售渠道的"高效率、低成本"运营，从 而优化渠道布局，增加获客机会，进一步夯实盈利基础。同时，公司还承接了Racka品牌的市场影响 力、客户资源及市场份额，有利于加速自有品牌全球化的布局。 盘古智库高级研究员江瀚在接受《证券日报》记者采访时表示："近年来，中国汽车产业链出海呈现'从 整车向细分赛道延伸、从新兴市场转向成熟市场'的新趋势。除新能源乘用车加速欧洲布局外，两轮 车、特种车辆及零部件企业更倾向通过并购获取海外渠道与认证资质。" 中国城市发展研究院投资部副主任袁帅认为，涛涛车业选择美国市场作为并购切入点，机遇在于美国是 全球最大的汽车消费市场之一，对全地形车、越野车等需求旺 ...

Summary of Conference Call Notes Industry Overview - The motorcycle industry is experiencing a shift with policy support and market optimization, indicating a potential turning point in high prosperity for the sector in 2025 [1][2][5] - The electric two-wheeler market is driven by trade-in policies, but the effectiveness of these policies is diminishing, leading to a subdued sales performance post-implementation of new national standards [1][12] Key Insights on Motorcycle Market - In 2025, the domestic sales growth of large-displacement motorcycles is expected to stabilize, with a projected year-on-year growth of single digits from January to October, maintaining levels similar to the previous year [2][5] - The top companies in the large-displacement motorcycle segment, such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, hold a market share of approximately 20%-30% and are likely to benefit from the expansion of the leisure consumer base [3][5] Export Performance - China’s motorcycle exports are robust, with 110cc and above motorcycle exports increasing by 24% year-on-year, and 250cc and above models seeing a 60% increase [6][9] - The overseas market, particularly in North America, South America, and Europe, presents significant growth potential, with the total global motorcycle sales exceeding 50 million units annually [6][9] Competitive Landscape - Chinese brands are narrowing the performance gap with Japanese brands through improved product features and supply chain advantages, achieving a market share of over 5% in Europe [7][8] - The Turkish market is experiencing short-term challenges due to currency fluctuations, impacting sales for companies heavily reliant on exports, but long-term growth prospects remain positive [9][10] Electric Two-Wheeler Market Insights - The electric two-wheeler market is expected to grow by approximately 10% in 2025, driven by trade-in policies, although the impact of these policies is expected to wane in 2026 [12][14] - Major players like Yadi and Aima are positioned to capture market share due to the challenges faced by smaller companies, especially in light of new national standards [12][13] Recommendations - The motorcycle sector is recommended for investment, particularly in companies like Chuanfeng Power and Longxin General, which are expected to outperform the industry average growth in 2026 [4][11][18] - For the electric two-wheeler segment, companies such as Yadi, Aima, and 9号 are highlighted as potential beneficiaries of market share opportunities in 2026, provided they can adapt to new market conditions [18] Additional Considerations - The electric golf cart market is primarily concentrated in North America, with significant growth expected, particularly in the outdoor segment where Chinese brands hold a substantial market share [15][16] - Chinese electric golf cart manufacturers are responding to anti-dumping measures by relocating production to Southeast Asia, which is expected to enhance their competitive position in the North American market [17]

Core Insights - The article discusses the entry of a Chinese electric low-speed vehicle company, Taotao Automotive, into the U.S. market, highlighting its successful transformation from a stigmatized product in China to a popular choice in the U.S. [1][4][11] Group 1: Company Performance - Taotao Automotive submitted an H-share listing application to the Hong Kong Stock Exchange, indicating its growth ambitions [1] - The company reported a net profit of 342 million yuan in the first half of the year, outperforming 8 out of 17 listed passenger car companies in A and H shares [1] - The net profit growth rate of 88.04% year-on-year is second only to Leap Motor, showcasing strong growth potential [1] Group 2: Market Dynamics - The U.S. market has shown a rising demand for affordable transportation options due to increasing car prices, creating a favorable environment for Taotao's products [6][9] - The average transaction price of new cars in the U.S. has surpassed $50,000, with used car prices also rising significantly, leading to a scarcity of low-priced options [7][9] - The global golf cart market is projected to reach $2.6 billion in 2024, with an expected compound annual growth rate of 8% from 2025 to 2034, indicating a growing market for electric golf carts [9] Group 3: Product Positioning - In the U.S., Taotao's vehicles are marketed as community commuting tools, allowing them to bypass traditional automotive competition and trade barriers [11] - The product's appeal is enhanced by its low price compared to conventional vehicles and its legal operation in many states without registration [9][11] - The adaptability of Chinese manufacturing to market demands is highlighted as a key factor in Taotao's success in the U.S. [11]