SHMET 网讯：1月15日晚间，洛阳钼业（603993）披露业绩预告，经财务部门初步测算，预计2025年 度实现归属净利润为200亿元到208亿元，同比增长47.8%到53.71%；预计2025年度实现扣非净利润为 204亿元到212亿元，同比增加55.5%到61.6%。洛阳钼业表示，公司2025年业绩同比大幅上升的原因系 公司主要产品量价齐升、运营成本有效管控。 记者翻阅公司财报发现，即使按公司预计的最小值200亿元来算，2025年归母净利润也已创下公司上市 以来的最好业绩。 分季度来看，公司2025年前三个季度的归母净利润分别为39.46亿元、47.25亿元、56.08亿元，同比增速 分别为90.47%、41.24%、96.40%。 据此计算，预计公司Q4归母净利润为57.2亿-65.2亿元，同比增长 8.77%-23.98%。 据公开数据，2025年洛阳钼业产铜量达74.11万吨，较上年多9万余吨。按产量指引中值计算，完成度为 118%，且全年铜产量呈逐渐走高之势，第四季度产铜近20万吨。 在贵金属价格持续飙升的当下，洛阳钼业2025年也频繁布局黄金资产。 在2025年4月，并购厄瓜多尔凯歌豪斯金矿（ ...

Core Viewpoint - Songguo Travel, a shared electric bike company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the shared electric bike sector in Hong Kong. The company has carved out a niche in the competitive market by focusing on the underserved county-level markets in China, but it faces significant challenges in terms of policy, market competition, operational compliance, and business growth [1][3][11]. Market Position and Strategy - As of September 2025, Songguo Travel has deployed over 450,000 shared electric bikes across 422 cities and counties in China, capturing an 18.7% market share in the county-level market, ranking first [1]. - Despite its success in county markets, Songguo Travel holds only a 6.6% share of the overall market, ranking fourth among competitors, with the top three companies holding market shares of 23.7%, 22.0%, and 21.7% respectively [3]. - The company plans to expand its operations into higher-tier cities starting in 2024, which will expose it to fierce competition from established players like Hello, Meituan, and Didi Qingju [3][4]. Operational Challenges - In higher-tier cities, Songguo Travel's bikes are less visible and have lower usage rates compared to competitors, leading to a decline in order volume despite an increase in bike deployment [4]. - The company faces significant barriers to entry in these markets, including strict regulations and total quantity controls imposed by local governments [4][6]. Regulatory Environment - The shared electric bike sector operates under a challenging regulatory framework, with national guidelines discouraging the development of internet-based electric bike rentals. Many cities have outright bans or strict limitations on deployment [6]. - Songguo Travel's business model relies on operating in a "grey area" of local policies, with many of its deployed bikes lacking proper government approval [6][7]. Financial Performance - The company has shown signs of revenue stagnation, with total revenues of 953 million yuan and 963 million yuan for 2023 and 2024 respectively, and a slight decline in daily order volume from approximately 1.1 million to 1.01 million [10]. - Despite a slight profit of 26.4 million yuan in the first three quarters of 2025, the company acknowledges that maintaining profitability in the short term may be challenging [10]. - The company's valuation has decreased from a peak of 1.382 billion USD in 2021 to 996 million USD in 2025, reflecting a nearly 30% drop [10]. Competitive Landscape - Songguo Travel's unique value proposition lies in its localized operations in county markets, but it lacks the ecosystem synergies that larger competitors possess, which can leverage shared services to enhance user engagement [11]. - The upcoming IPO is seen as a critical step for the company to secure capital and address competitive pressures, but it faces numerous challenges from regulatory scrutiny and market competition [11].

Core Viewpoint - Songguo Travel, a shared electric bike company, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the shared electric bike sector in Hong Kong. The company has carved out a niche in the overlooked county market, but faces significant challenges in policy, competition, compliance, and growth as it seeks to expand into higher-tier cities [1][2][4]. Group 1: Market Position and Strategy - Songguo Travel has successfully penetrated the county market, holding an 18.7% market share in this segment, but its overall market share remains low at 6.6%, ranking fourth in the industry [1][2]. - The company plans to shift its focus to higher-tier cities starting in 2024, where it will face intense competition from established players like Hello, Meituan, and Didi Qingju [2][3]. - Despite increasing the number of bikes deployed, the company has experienced a decline in total order volume, attributed to its strategic pivot to higher-tier cities [3][4]. Group 2: Regulatory Environment and Compliance Issues - The shared electric bike sector is subject to stringent regulatory scrutiny, with national guidelines discouraging the development of internet-based electric bike rentals. Many cities have outright bans or strict limitations on operations [4][5]. - Songguo Travel operates in a "grey area," with many of its 422 operational cities lacking formal agreements with local governments. The company has acknowledged that it has not secured necessary approvals in several locations [4][5]. - Reports of non-compliance, such as unregistered bikes and unauthorized deployments, have emerged, raising concerns about the company's operational legitimacy [4][6]. Group 3: Financial Performance and Growth Challenges - The company has shown signs of stagnation, with revenues of 9.53 billion yuan and 9.63 billion yuan for 2023 and 2024, respectively, indicating minimal growth. The first three quarters of 2025 saw revenues of 7.46 billion yuan [7]. - Despite an increase in the number of cities, bikes, and registered users, the daily order volume has decreased from approximately 1.1 million at the end of 2023 to about 1.01 million by September 2025 [7]. - The company's valuation has dropped significantly from 1.382 billion USD in 2021 to 996 million USD in 2025, reflecting a nearly 30% decrease amid a challenging market environment [7][8]. Group 4: Competitive Landscape and Market Perception - Analysts note that while Songguo Travel has unique value as a standalone player, it lacks the ecosystem advantages of larger competitors, which can leverage shared bikes as part of broader service offerings [8]. - The upcoming IPO is seen as a critical step for the company to secure capital and address competitive pressures, but it faces numerous challenges, including regulatory hurdles and market saturation [8].

多只银行股暴涨。 当地时间1月15日（周四），美股三大股指全线上涨，截至收盘，道指上涨0.60%，标普500指数上涨0.26%，纳指上涨0.25%。 盘面上，银行股普涨，贝莱德、摩根士丹利涨近6%，高盛、花旗集团涨超4%。消息面上，摩根士丹利和高盛发布了远超市场预期的财报。 当天，多位美联储官员暗示将在接下来的议息会议上"暂停降息"，原因是劳动力市场似乎企稳，而通胀压力持续存在。 银行股爆发 当地时间1月15日（周四），美股三大股指全线上涨，截至收盘，道指上涨0.60%，标普500指数上涨0.26%，纳指上涨0.25%。 宏观数据方面，当地时间1月15日，美国劳工部发布的数据显示，截至1月10日当周，美国首次申请失业救济人数降至19.8万人，显著低于市场预期的21.5 万人，也低于前值20.8万人。这进一步缓解了市场对美国劳动力市场可能疲软的担忧，就业市场"招聘放缓但裁员未增"的稳定格局延续。 当天，多位美联储官员暗示将在接下来的议息会议上"暂停降息"，原因是劳动力市场似乎企稳，而通胀压力持续存在。 大型科技股多数上涨，台积电涨超4%，英伟达涨超2%，AMD涨近2%，亚马逊、博通、Meta小幅上涨；谷歌A、苹 ...

多只银行股暴涨。 当地时间1月15日（周四），美股三大股指全线上涨，截至收盘，道指上涨0.60%，标普500指数上涨0.26%，纳指上涨0.25%。 大型科技股多数上涨，台积电涨超4%，英伟达涨超2%，AMD涨近2%，亚马逊、博通、Meta小幅上涨；谷歌A、苹果、微软、特斯拉小幅下跌。 消息面上，台积电发布的季度业绩显示，得益于人工智能硬件需求的持续强劲，公司利润增长显著超越市场预期。财报显示，2025年第四季度，台积电净 利润为5057亿新台币，同比增长35%，创出新高；公司合并营收为1.46万亿新台币，同比增长20.5%，市场预估为1.03万亿新台币；营业利润为5649亿新台 币，同比增长32.7%，市场预估5272.3亿新台币；营业利益率为54%，市场预估50.9%；毛利率为62.3%，同比提升3.3个百分点，市场预估60.6%。 台积电预计，2026年第一季度销售额为346亿美元至358亿美元，超出市场预估的332.2亿美元。预计2026年第一季度毛利率为63%至65%，超出市场预估的 59.6%。此外，台积电预计，2026年以美元计销售额将增长近30%。 银行股普涨，贝莱德、摩根士丹利涨近6%，高盛 ...

Group 1 - The People's Bank of China (PBOC) will lower the re-lending and re-discount rates by 0.25 percentage points starting January 19, 2026, with new rates set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year re-lending respectively [2] - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, indicating room for further reductions in reserve requirements [2] - The PBOC aims to support the commercial real estate market by lowering the minimum down payment ratio for commercial property loans to 30% [3] Group 2 - The total social financing stock was reported at 442.12 trillion yuan at the end of 2025, reflecting an 8.3% year-on-year increase [3] - The broad money supply (M2) reached 340.29 trillion yuan, with an annual growth rate of 8.5% [3] - The total amount of RMB loans increased by 16.27 trillion yuan in 2025, with a year-on-year growth of 6.4% [3] Group 3 - The Ministry of Commerce emphasizes the potential for cooperation between China and Canada in promoting economic globalization and trade liberalization [4] - The Ministry of Human Resources and Social Security aims to enhance the inclusivity and flexibility of enterprise annuity systems to cover more employees [4] - From January 1, 2026, to December 31, 2027, interest income from bonds obtained by foreign institutions in the domestic bond market will be temporarily exempt from corporate income tax and value-added tax [4][5] Group 4 - The Shanghai Futures Exchange announced adjustments to the margin requirements, price limits, and trading limits for tin futures [6] - Shenzhen's Industrial and Information Technology Bureau has launched an action plan to support the development of artificial intelligence One Person Companies (OPC) from 2026 to 2027 [6][7] - China Aerospace Science and Technology Corporation plans to enhance its operational capabilities and advance major projects such as manned lunar missions and deep space exploration in 2026 [7] Group 5 - SAIC Motor Corporation expects a net profit increase of 438% to 558% year-on-year for 2025 [8] - Saint Noble Bio anticipates a net profit increase of 204.42% to 280.53% year-on-year for 2025 [8] - *ST Aowei may face delisting due to its stock price falling below par value [8]

1月15日晚，A股养猪龙头牧原股份（002714）发布的2025年度业绩预告显示，公司预计全年实现净利润151亿元至161亿元。 | 证券代码:002714 | 证券简称:牧原股份 | 公告编号:2026-006 | | --- | --- | --- | | 债券代码:127045 | 债券简称:牧原转债 | | | | 其一致行动人 | 押股份数量 | 股份比例 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 牧原实业 | 是否为控股股东 或第一大股东及 是 | 本次解除质 47,500,000 股 | 占其所持 5.60% | 占公司总股 本比例 0.87% | 起始日 2025/6/26 | 解除日期 2026/1/5 | 质权人 财通证券资产管 理有限公司 | 2025年，牧原股份积极推进国际化战略，海外布局进入实质性落地阶段。 | | 项目 本报告期 | 上年同期 | | --- | --- | --- | | 净利润 | 盈利: 151.00 亿元–161.00 亿元 | 盈利:189.25 亿元 | | | ...

Core Viewpoint - The stock of LEO Holdings has been suspended for trading due to significant price fluctuations, with the suspension expected to last no more than three trading days while the company conducts an investigation [1]. Group 1: Stock Performance - As of January 15, LEO Holdings' stock closed at 10.40 CNY per share, reflecting a cumulative increase of 102.73% from December 31, 2025, to January 15, 2026 [3]. - The stock experienced a trading volume of 1.26 million shares and a total transaction value of 922.76 million CNY on January 15 [2]. Group 2: Company Overview - LEO Holdings, established in May 2001 and headquartered in Wenling, Zhejiang Province, operates in mechanical manufacturing and digital marketing [3]. - The mechanical manufacturing segment includes civil pumps, industrial pumps, and garden machinery, while the digital marketing segment encompasses marketing strategies, media execution, and performance monitoring [3]. Group 3: AI Business and Strategy - The company has emphasized that its AI-related business revenue is relatively small and does not significantly impact overall performance [1]. - LEO Holdings has developed its own AIGC ecosystem platform, LEO AIAD, which offers solutions for optimizing brand management in the context of generative AI [3]. - The company highlighted its long-term experience in the digital marketing industry, which has allowed it to build substantial client resources and establish deep partnerships with leading clients, facilitating the application of related technologies in real business scenarios [4].

Market Overview - The US stock market saw a collective rise on January 15, with the Dow Jones up by 0.38%, Nasdaq up by 0.76%, and S&P 500 up by 0.53% [1] - The Philadelphia Semiconductor Index surged over 3%, indicating strong performance in the semiconductor sector [2] Semiconductor Stocks Performance - Notable individual stock performances included COHERENT rising over 11%, Entegris up nearly 9%, KLA and Applied Materials both increasing over 7%, and TSMC and ASML rising over 6% [2][3] - Other significant gainers included Lam Research and AMD up over 5%, while NVIDIA, ARM, and Broadcom rose over 2% [2][3] TSMC Financial Results - TSMC reported a net profit of NT$505.7 billion for Q4 2025, a 35% year-on-year increase, significantly exceeding market expectations [3] - The company's consolidated revenue reached NT$1.46 trillion, a 20.5% year-on-year growth, surpassing the market forecast of NT$1.03 trillion [3] - Operating profit was NT$564.9 billion, up 32.7% year-on-year, with an operating margin of 54% and a gross margin of 62.3%, both exceeding market estimates [3] Future Projections for TSMC - TSMC anticipates Q1 2026 sales between $34.6 billion and $35.8 billion, exceeding market expectations of $33.22 billion [5] - The company expects a gross margin of 63% to 65% for Q1 2026, also above the market forecast of 59.6% [5] - TSMC's capital expenditures are projected to total $40.9 billion for 2025, with expectations of $52 billion to $56 billion for 2026, indicating a significant increase in future capital spending [5] Semiconductor Industry Outlook - Omdia forecasts that global semiconductor revenue will exceed $1 trillion for the first time in 2026, driven by unprecedented demand for AI [5] - The semiconductor industry's revenue growth is expected to reach 20.3% year-on-year in 2025, with a projected 30.7% growth in 2026, supported by the expansion of logic ICs and high demand for DRAM and NAND flash memory [5]

Core Viewpoint - The company, StarNet Ruijie, is leveraging the booming digital economy during the "14th Five-Year Plan" period, focusing on technological innovation as a core engine to achieve significant growth in both business scale and industry influence [1] Group 1: Business Performance - StarNet Ruijie ranks first in global thin client market shipments and maintains the top market share in both the Asia-Pacific and Chinese markets [1] - The company is among the top three in China's data center switch and enterprise switch markets, with a continuous first-place market share in the 200G/400G data center switch segment for 15 consecutive quarters [1] Group 2: Technological Innovation - The company invests over 13% of its annual sales revenue into R&D, with a projected R&D expenditure of 2.668 billion yuan in 2024, accounting for 15.92% of that year's revenue [1] - StarNet Ruijie has launched several leading products, including the AIGC high-density box switch and the TH6800G/1.6T switch, and has developed the first national brain-machine emotional assessment model [1] Group 3: Strategic Initiatives - The company is actively participating in the construction of large-scale intelligent computing centers for major enterprises and is advancing its AI strategy with various products covering multiple scenarios, including government, smart homes, and financial services [1] - Looking ahead to the "15th Five-Year Plan," StarNet Ruijie aims to deepen R&D innovation, accelerate the deployment of cutting-edge technologies, and focus on creating comprehensive AI solutions for key industries [1]