（来源：中信建投财富管理） 在公募基金行业，有这样一批中生代基金经理，他们历经多轮牛熊周期的淬炼，以系统化的投资框架、敏锐的产业洞察和亮眼的历史业绩表现，成为众多 投资者关注的焦点。韩创，便是这一群体中的杰出代表。 作为大成基金股票投资部副总监、董事总经理，韩创凭借"周期+成长"的独特投资逻辑，在化工、有色、高端制造等领域深耕细作，所管理的大成产业趋 势混合基金（A类代码：010826），自成立以来穿越市场波动，成为无数投资者布局产业趋势的重要选择。 景气投资，攻守有道 韩创具有13年证券从业经验，其中7年基金管理经验，产业趋势洞察力敏锐，产业资源充沛，投资经验丰富，擅长捕捉和把握景气蕴含的投资机会。所管 产品历史业绩亮眼，位居同类前列。2015年6月加入大成基金管理有限公司，现任大成基金股票投资部副总监兼董事总经理。 资料来源：大成基金；历史不代表未来，市场有风险， 投资需谨慎 韩创擅长精选具备贝塔的行业、挖掘具有阿尔法的公司，兼顾估值相对合理。他的能力圈不断拓展，目前已覆盖偏上游的金融、地产、有色、化工等行 业，偏中游的制造业，以及下游的以汽车为代表的可选消费，并形成了独具一格的景气成长投资体系。 险，投 ...

证券日报网讯 2月27日，赛轮轮胎发布公告称，公司担保对象均为公司合并报表范围内公司，截至目前 未有逾期担保情况发生，公司未对实际控制人及其关联人提供担保。 （文章来源：证券日报） ...

2025年，美国交通部（DOT）新颁发了39个轮胎工厂识别代码，这被视为进入北美市场的关键"准入证"。其中，中国企业表现强势，一举斩获26个新代 码，占比高达近七成，涵盖中国本土20个、柬埔寨5个以及摩洛哥1个新工厂。 这一数据不仅刷新了中国轮胎产能扩张的纪录，更折射出中国轮胎行业"内外并举"的全球化布局新趋势。 头部企业加码布局，产能升级换挡 在此次获批名单中，中国轮胎领军企业的动向尤为引人关注。中策橡胶集团斩获两个新代码，分别归属于中策橡胶（金坛）有限公司（代码08L）和中策 橡胶（天津）有限公司（代码09L）。据悉，金坛工厂正在加速扩建以生产电动汽车轮胎，而天津工厂则在收购天力轮胎品牌后进行价值4亿美元的转型 升级。 赛轮集团同样动作频频，其新注册的赛轮新和平（沈阳）轮胎有限公司（代码09P）标志着对原普利司通工厂的收购扩建项目正式落地。该项目总投资2.4 亿美元，分两期建设，达产后年产能将突破300万条，进一步巩固赛轮在东北地区的制造优势。 此外，森麒麟、双驼、万峻、库比森等多家国内企业也纷纷获得新代码，显示出中国轮胎制造业在产能规模和技术准入上的整体跃升。 海外基地成"出海"新引擎，柬埔寨成投资热土 ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2026-003 赛轮集团股份有限公司 关于提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 赛轮销售 | | | | | --- | --- | --- | --- | --- | --- | | | 本次担保金额 | | | 53,200 | 万元 | | 担保对象 | 实际为其提供的担保余额 | | | 29.16 | 亿元 | | | 是否在前期预计额度内 | ☑是 | □否 | | | | | 本次担保是否有反担保 | □是 | ☑否 | | | | 担保对象 | 被担保人名称 | 赛轮香港 | | | | | | 本次担保金额 | | | 3,000 | 万元 | | | 实际为其提供的担保余额 | | | 47.77 | 亿元 | | | 是否在前期预计额度内 | ☑是 | □否 | | | | | 本次担保是否有反担保 | □是 | ☑否 | | | | | 被担保人名称 | ...

开栏的话 马年春节一过，辽宁在首个工作日召开了"新春第一会"。这场会既是"十五五"开局之年的部署，更是谋振兴、抓落实的宣言。"发令枪"已打 响，会议提出的要求正转化为各地开局起步的行动。 重大项目是"十五五"实现良好开局的重要支撑。重大项目如何推进？"十五五"如何开局？今起，《辽宁日报》推出"开工看开局"专栏，记者奔赴全省各 地，深入项目工地，采访一线建设者，报道来自项目建设现场的零距离见闻。我们要呈现的，不仅仅是机器的轰鸣、火热的现场，还有那股不服输敢争先的 锐气、那份直面问题破题解局的勇气。请跟随记者的脚步，透过鲜活的文字与生动的画面，在一个个项目现场感受辽宁拔节向上的振兴脉动。 "不打扰，不打扰，走吧，跟我看看我们的智能工厂！"2月25日下午，在位于沈阳经济技术开发区沈西六东路53号的赛轮新和平工厂，见到突然到访的 记者，赛轮新和平（沈阳）轮胎有限公司总经理助理李建磊笑着迎上来，简单打过招呼就直奔车间。 中国轮胎行业领军企业之一赛轮集团，是中国首家A股上市的民营轮胎企业，总部位于山东省青岛市。去年7月，赛轮沈阳以2.6亿元完成工厂收购，后 续分两期投入建设：一期投资6亿元用于产线升级改造，二期追加投资1 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

Company Fundamentals - The company's net profit attributable to shareholders for Q3 2025 was 1.041 billion yuan, a year-on-year decline of 4.71%, with a cumulative net profit for the first three quarters down 11.47% [1] - Despite an 8.30% year-on-year decrease in raw material costs, the overall gross margin slightly improved to 25%, but the speed of profit recovery was below market expectations [1] Investment Activities - The investment amount for the Indonesian base increased to 299.7 million USD (approximately 2.148 billion yuan), with semi-steel tire production capacity doubling to 6 million units [2] - However, the net cash outflow from investment activities for the first three quarters of 2025 was 3.558 billion yuan, a year-on-year increase of 42.60% [2] Stock Price and Market Performance - As of February 13, the stock price was below the 20-day moving average (16.12 yuan), with a MACD histogram value of -0.079 and a KDJ J value of 1.096, indicating an oversold condition without strong rebound signals [3] - On the same day, there was a net inflow of 74.94 million yuan in main funds, but the cumulative decline over the past five days reached 5.80%, reflecting market concerns about the short-term fundamentals [3] Industry and Risk Analysis - The EU's tightening of anti-dumping policies on Chinese tires poses challenges, although the company is attempting to fulfill orders through its Southeast Asian factories [4] - The Indonesian project faces local policy and exchange rate risks, while domestic tire companies are intensively expanding production, leading to increased price competition that may suppress overall gross margins [4] - Overall, the expansion in Indonesia is a critical step in the company's globalization strategy, but short-term performance pressures, capital investments, and bearish technical indicators are contributing to the weak stock price [4]

1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Cambodia's rubber supply is expected to increase slightly, and the reconstruction of its downstream processing industry chain does not affect global rubber demand, so it is bearish for rubber prices [2][94][95] - Attention can be paid to the fluctuation opportunities of periodic conflicts between Thailand and Cambodia, but it is necessary to grasp the trading main line and take timely profit - taking for long positions [2][93][95] 3. Summary According to the Directory 3.1 Cambodia Rubber Producing Area Supply - Demand Status and Future Development Trends 3.1.1 Producing Area Basic Overview: Resource Endowment and Industry Positioning - Agriculture is one of the pillar industries of Cambodia's economy, and natural rubber is regarded as an important strategic crop. The Cambodian government hopes that the rubber industry will bring sustainable benefits to all stakeholders [4] - Cambodia is located in the southern part of the Indochina Peninsula in Asia, with a tropical monsoon climate suitable for rubber growth. The top four rubber - producing provinces in 2023 accounted for 67.89% of the planting area [5] - The earliest rubber planting in Cambodia dates back to 1910. After independence, the rubber planting industry reached its peak in 1967. After being damaged by the civil war, it gradually recovered. Currently, Cambodia is the seventh - largest rubber - producing country [11][12][13] 3.1.2 Supply - Demand Pattern Analysis - **Supply**: The rubber production in Cambodia grew rapidly from 2010 - 2020, with an average compound growth rate of 23.52%, and the growth rate decreased after 2021, with a rate of only 3.43% from 2021 - 2024. The single - yield has been steadily increasing since 2019 and reached the median level of Southeast Asian producing countries in 2024 [20][21] - **Demand**: Currently, Cambodia's rubber export accounts for a large proportion, mainly exporting raw materials to Vietnam. With the production of Chinese - funded tire enterprises in Cambodia, the local rubber is expected to be in short supply, the direct rubber export volume will decline, and the tire export will increase rapidly. The tire export is mainly to the United States [33][42][45] 3.1.3 Development Bottlenecks and Future Trends - **Development Bottlenecks**: The rubber industry in Cambodia faces problems such as labor shortage, farmers' conversion to other crops, insufficient infrastructure construction, and unstable power supply, which may limit the growth of local tire production capacity [48][51] - **Future Outlook**: From 2026 - 2030, the planting area is expected to continue to grow with the upward shift of rubber prices, the growth rate of the harvested area may slow down, and the single - yield will steadily increase, with a slight increase in production. The government plans to increase the harvested area to about 331,000 hectares, the single - yield to about 1400 kg/ha, and the production to about 463,000 tons by 2030 [53][54][55] 3.2 Review and Comments on Thailand - Cambodia Border Conflict Incidents 3.2.1 Thailand - Cambodia Border Conflict Timeline and Market Response - **2008 - 2011 Thailand - Cambodia Conflict**: Rooted in historical territorial disputes, especially over the Preah Vihear Temple. There were several small - scale conflicts during this period, and the impact on the market was limited by macro - factors [60][61][62] - **2025 Thailand - Cambodia Conflict**: There were multiple rounds of conflicts, including sporadic and large - scale ones. The market showed different reactions each time, but the impact on the market was generally short - lived. The market gradually became more rational in evaluating the impact of the conflicts [70][74][83] 3.2.2 Impact of Thailand - Cambodia Border Conflict on Rubber Producing Area Tapping Operations - The conflict mainly affects rubber production in terms of the scope of influence, impact time, and foreign labor. The conflict in December 2025, which lasted for a long time and occurred during the production season, had a greater impact on production. The conflict also led to the continuous loss of foreign labor in Thailand's 7 border provinces and Cambodian - origin foreign labor across Thailand [86][87][90] 3.3 Supply Expected to Increase Slightly, Pay Attention to Geopolitical Fluctuation Opportunities in the Short Term - Cambodia's rubber supply is expected to increase slightly. The reconstruction of the downstream processing industry chain does not affect global rubber demand, so it is bearish for rubber prices. The periodic conflicts between Thailand and Cambodia may bring market fluctuation opportunities [93][94][95]

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector and the basic chemicals sector [5]. Core Insights - The overall price spread in the industry improved in January, indicating a potential recovery in profitability for 2026, with the CCPI-raw material price spread reaching 2631, up from 2500 at the end of 2025 [1][9]. - The demand for chemical products is shifting from real estate to consumer goods, infrastructure, and emerging technologies, with significant growth potential driven by global economic trends [2][11]. - The capital expenditure growth in the chemical industry has been declining since June 2025, suggesting a supply-side adjustment is approaching, which may lead to improved profitability in the sector [2][16]. Summary by Sections Price Trends - In January, oil prices rose due to geopolitical tensions and strong global crude oil replenishment demand, leading to a slight improvement in the price spread of most chemical products [9][21]. - Major price increases were observed in products like lithium carbonate and butadiene, while some products like methyltrichlorosilane saw price declines due to supply adjustments [3][33]. Supply and Demand Dynamics - The January PMI was reported at 49.3, indicating a continued bottoming out in the real estate sector, while consumer goods and major infrastructure showed positive growth [2][11]. - The chemical industry is expected to see a recovery in demand, supported by the exit of high-energy-consuming facilities in Europe and North America, and economic growth in Asia, Africa, and Latin America [2][11][14]. Investment Strategy - The report suggests focusing on sectors with potential recovery, such as oil and gas, basic chemicals, and companies leveraging synthetic biology for cost reduction [32]. - Specific stock recommendations include China Petroleum & Chemical Corporation, Baofeng Energy, and Yun Tianhua, among others, highlighting their potential for growth and profitability [7][32]. Monthly Performance Review - In January, the basic chemical index rose by 12.72%, with significant gains in sub-sectors like dye chemicals and petrochemical raw materials [34][36]. - The report notes that the chemical industry is experiencing a recovery phase, with various sub-sectors showing positive price movements and improved market conditions [34][36].

Core Insights - The opening of the Sailun Qingdao Airport Experience Center marks a significant step in the company's international branding strategy, showcasing the innovative strength of Chinese tire brands to global travelers [1][10] - The center features a striking visual design that includes a racetrack motif and a dynamic scene of F4 racing, aimed at igniting the passion for sports among travelers [2][12] - The Experience Center serves as a platform for Sailun's flagship product, the Liquid Gold Fashion Series tires, which blend technological quality with aesthetic appeal, redefining industry standards [5][14] Group 1: Experience Center Features - The Experience Center emphasizes an open, interactive, and scenario-based approach, moving beyond traditional static displays of tire products [6][15] - Visitors can closely observe high-quality Liquid Gold tires, as well as tires designed for various terrains, including racing and off-road conditions, showcasing Sailun's technological advancements [6][15] - The center includes features like car color customization experiences and interactive tire games, enhancing user engagement and providing professional tire selection advice [6][15] Group 2: Strategic Importance - The Qingdao Jiaodong International Airport serves as a natural international platform for Sailun's branding efforts, linking global resources and promoting the company's high-end positioning [8][18] - Sailun's chairman highlighted the company's 20 years of commitment to technological innovation, aiming to create a unique brand experience at the airport [8][18] - The collaboration with the airport enriches the commercial landscape and allows global travelers to appreciate the strength of the Qingdao rubber industry [10][20]