查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 中国作为全球最大的钢、铜、铝生产国以向全球出口产成品的方式实现了钢、铜、铝的大量间接出口，本 报告对钢铜铝的直接和间接出口量进行了估算。 点击注册小程序 2024年中国铜制品、下游产成品间接出口的铜材为265万吨，占中国铜材产量的11%。铜制品出口16万 吨、家电86万吨、汽车21万吨、光伏13万吨、线缆117万吨、漆包线12万吨，占间接出口量的比重分别为 6%、32%、8%、5%、44%、4%。2025Q1-Q3间接出口铜材225万吨，占中国铜材产量12%。 铝材间接出口：2024年/2025Q1-Q3间接出口量占我国铝材产量的11%/12% 2024年中国铝制品（含铝合金车轮）、产成品间接出口铝材为736万吨，占中国铝材产量11%。铝制品 ...

每经AI快讯，有投资者在投资者互动平台提问：全球铜价飙升，请问贵公司生产是否大部分以铜为 主？成本是否大幅增长？公司是否有囤积铜或者应对成本增加的办法？ 通光线缆（300265.SZ）12月31日在投资者互动平台表示，铝、铜为公司生产所需的主要原材料，其中 铜用量相对铝用量较小。铝、铜价格的大幅波动会对公司原材料采购成本产生一定的影响，公司在经营 过程中通过开展套期保值业务，一定程度上降低原材料价格波动对公司正常生产经营的影响。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：全球铜价飙升，请问贵公司生产是否大部分以铜为 主？成本是否大幅增长？公司是否有囤积铜或者应对成本增加的办法？ 通光线缆（300265.SZ）12月31日在投资者互动平台表示，铝、铜为公司生产所需的主要原材料，其中 铜用量相对铝用量较小。铝、铜价格的大幅波动会对公司原材料采购成本产生一定的影响，公司在经营 过程中通过开展套期保值业务，一定程度上降低原材料价格波动对公司正常生产经营的影响。 （文章来源：每日经济新闻） ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司生产的线缆是否可用于航空航天、船舶、舰 艇、机器人、新能源等领域？ 物产中大（600704.SH）12月26日在投资者互动平台表示，我司生产的线缆，目前已应用于船舶、舰 艇、机器人、新能源等诸多领域。 （记者 张明双） ...

Group 1 - The core viewpoint of the articles highlights the transformation of Yuelai Town in Haimen District, Nantong City, from a traditional agricultural town to a modern industrial powerhouse, achieving significant economic growth through internal development and quality improvement [1] Group 2 - Local enterprises are actively expanding, with projects like the 500 million yuan high-performance fiber fabric R&D and manufacturing project nearing completion, and additional investments being made to enhance the local industrial chain [2] - The government emphasizes supporting existing enterprises as a key strategy for attracting investment, with over two-thirds of new major projects in the last quarter coming from local companies [2] Group 3 - Hai Teng Copper Industry Group, a Shanghai-based enterprise, has contributed over one-third of the annual taxable sales in Yuelai Town, with plans to transition from traditional manufacturing to integrated industrial and trade operations, aiming for sales exceeding 5 billion yuan and tax revenue over 20 million yuan within two years [3] - The town aims to achieve multiple breakthroughs in industrial output, the number of regulated enterprises, and high-tech enterprises during the 14th Five-Year Plan period, while expanding its industrial cluster [3] Group 4 - Junyue New Materials Technology Co., Ltd. has rapidly grown in the functional film materials sector, achieving annual sales growth of 20% to 30%, and is expected to surpass 100 million yuan this year [4] - The industrial landscape of Yuelai Town includes both large backbone enterprises and numerous "invisible champions" and "specialized and innovative" companies, contributing to a diverse and robust industrial ecosystem [4]

Group 1 - The cable industry is experiencing a surge in demand driven by accelerated grid construction, with multiple companies announcing significant contract wins [1] - Ningbo Qiuguan Cable Co., Ltd. reported winning contracts totaling 879 million yuan, covering various cable types and regions across China [1] - Wanma Technology Co., Ltd. also secured contracts worth 59.94 million yuan for low-voltage power cables and related equipment [1] Group 2 - The investment scale for grid construction is set to expand, with the State Grid planning to invest over 650 billion yuan by 2025 [2] - The cable industry is in a rapid growth phase, with increasing demand for various cables due to the acceleration of grid construction and the advancement of new power systems [2] - Companies are advised to seize order growth opportunities while also focusing on long-term competitiveness through R&D investment and quality improvement [2] Group 3 - Recent policy measures have provided strong support for the bidding wave, including revisions to pricing methods for power transmission and distribution [2] - The National Development and Reform Commission and the National Energy Administration have emphasized the need for enhanced planning and investment in distribution networks [3] - The upcoming projects in 2026 are expected to stimulate cable demand, particularly benefiting companies with technological innovation capabilities [3]

Group 1 - The company, Tongguang Cable, engages in technical exchanges among its R&D teams across different segments based on research needs [2]

华通线缆 20251217 摘要 华通线缆安哥拉项目一期预计 2026 年 Q1 达产，二期随后启动，目标 2028 年 Q2 实现 36 万吨总产能。电力供应协议已覆盖大部分需求，新 增产能所需电力正与安哥拉总统商议，采用阶梯电价模式，尽早投产可 享受较低初始电价。 安哥拉项目享有 15 年所得税减免 95%的税收优惠，实际税率约为 1.25%，出口业务增值税可抵扣。预计安哥拉项目每吨盈利比国内高出 三四千元，保守估计每吨净利润 5,000 元，一期年产 10 万吨预计利润 6.5 亿元。 华通线缆利用绿色水电优势，寻求产品溢价，参考俄铝模式，理论上可 获得每吨几十至一百美元的溢价，提升价格竞争力。欧美市场对绿色能 源产品需求增加，欧盟碳税实施后，溢价有望进一步提高。 安哥拉项目二期总投入约 4.5 至 5 亿美元，资金来源包括银团贷款、中 信保业务、股权和债券融资等。公司持有安哥拉基地 100%股权，未来 不排除引入外部股东，但希望保持控股权。 Q&A 华通线缆在安哥拉的项目进展如何？ 安哥拉项目将于 12 月 27 日正式开业，并与安哥拉独立 50 周年庆典一同举行。 该项目是安哥拉迄今为止最大的工业制 ...

创业板指低开低走跌2.1%、沪指跌1.11%，下跌个股超4300家，无人驾驶、消费股逆势走强。华菱线缆、百大集团、法尔胜4连板，一图看懂>> I T T A \ U.LH \ 直他 博菲电气 公司的主营业务为电气绝缘材料等高分子复合材料的研发、生产与销售，相关绝缘材料 可以应用于核电发电机组上 中公教育 国内领先的全品类职业教育机构，公考培训龙头 公司位于福建厦门市,是国内男裤龙头 欧亚集团 "中华老字号"的零售企业,公司从事商业40年,全渠道营销,以实体零售经营为主 红旗连锁 2天2板 公司深耕四川,主营便利超市连锁经营 利群股份 公司为国内知名商业零售连锁企业，主要从事以百货、超市及电器全品类经营为核心主 业的零售连锁业务,和以城市物流中心为支撑的品牌代理及商业物流配送业务 黑芝麻 1、我国糊类食品龙头企业;旗下拥有京和米业,主要生产的香米富硒米,年生产大米 能力20万吨； 2、公司拟对天臣新能源增资5亿，标的主要从事锂电池生产和销售 广百股份 2天2板 公司是广州地区最大百货连锁零售企业,积极开发钻石DIY等定制商品,推出品牌IP盲 官 永辉超市 7天4板 国内大型连锁超市,总部位于福建省福州市 安记食 ...

Core Viewpoint - The company has significantly increased its R&D investment in high-end manufacturing sectors, achieving notable advancements in technology and innovation [1] Group 1: R&D Investment - The company reported R&D expenses of 1.049 billion yuan for the first nine months of the year [1] - Key expenditures are focused on high-end manufacturing sectors such as cables, cogeneration, tire manufacturing, and new metal materials [1] Group 2: Achievements in Innovation - The company has successfully established two national-level postdoctoral research stations [1] - It has added two national-level specialized and innovative "little giant" enterprises and five provincial-level specialized and innovative enterprises [1] - The company has also been approved for one national-level green factory and one "5G" factory [1]

Core Insights - Bosnia and Herzegovina (BiH) exported goods worth 9.5 billion marks to EU countries in the first nine months of this year, accounting for 73% of its total exports [1] - The metal and wood industries are the main drivers of exports, with products primarily sent to Croatia and Germany [1] - BiH imports mainly come from Italy, Germany, and Croatia, indicating a strong trade relationship with these countries [1] Industry Overview - The EU is the largest export market for BiH, with a diverse range of products being exported, including cables, food, and entire prefabricated building facilities [1] - Increasing numbers of BiH companies are upgrading and transforming to meet European market demands, highlighting a trend towards modernization and adaptation [1] Economic Outlook - Economists and exporters believe that professional talent and product quality are crucial for unlocking greater export potential as BiH awaits EU membership [1] - Collaborative efforts among businesses are seen as a way to enhance competitiveness and expand market reach [1]