证券研究报告 晨会 hyzqdatemark 2026 年 01 月 11 日 投资要点： 源引金融活水 润泽中华大地 力，满足广大职工日益增长的精神文化需求。预计带动文旅景区产业链、酒店业态 发展，建议关注酒旅板块全年投资主线。毛戈平近期与 L Catterton Asia Advisors 签 订战略合作框架协议。根据协议，双方在全球市场扩张、收购及战略投资、资本结 构进一步优化、人才引进与治理方面达成战略合作意向。公司作为国内高端彩妆品 牌，创始人 IP 深度赋能品牌，护肤&彩妆品类稳步增长，线下&线上优势显著，当前 品牌势能处于稳步向上阶段，大单品矩阵仍在高速增长，我们看好公司的 IP 品牌价 值稀缺＋渠道禀赋＋后续成长潜能，未来业绩增长确定性较高，继续重点推荐。 风险提示：零售环境修复不及预期风险；国际局势变动风险；市场竞争加剧风险。 公用环保 中集安瑞科(03899.HK)首次覆盖：在手订单创新高，绿醇/LNG/航天装备 等有望构建新增长极：装备制造为基，以"关键装备+核心工艺+综合服务"为战略， 三大主业齐头并进。清洁能源：新签订单亮眼，LNG 运力需求提升及航运业低碳转 型有望带动板块业绩稳增 ...

Core Insights - The industrial manufacturing sector is undergoing a profound transformation driven by global economic adjustments and technological changes, with a focus on innovation, capacity optimization, and market expansion [1] - Leading companies in the Shenzhen market are providing strong momentum for the industry, reflecting a shift from scale expansion to value transition in Chinese industrial manufacturing [1] Group 1: Leading Enterprises - CIMC (China International Marine Containers) is a global leader in logistics and energy equipment, focusing on continuous innovation and technology development, with a projected R&D investment of 2.71 billion yuan in 2024 [2][4] - Baoshan Iron & Steel Co., Ltd. is a significant domestic manufacturer of screw compressors, recognized for its high-quality products and services, with its screw compressor being awarded as a national manufacturing champion product [3] - Sanhua Intelligent Controls is the largest manufacturer of refrigeration and air conditioning control components globally, with a compound annual growth rate of over 23% in revenue and 25% in net profit since its listing in 2005 [3][4] Group 2: Innovation and Technology - CIMC has achieved international leadership in several product segments through continuous technological innovation and R&D investment, with 32 star products and 8 national manufacturing champion products certified by the Ministry of Industry and Information Technology [6] - Baoshan Iron & Steel emphasizes energy-saving and import substitution in its product philosophy, aligning with national strategies for energy conservation and self-sufficiency [6] - Sanhua Intelligent Controls has developed a three-tier R&D system to enhance product performance and reduce costs, leveraging big data and AI for smart manufacturing [7]