中证智能财讯国泰集团（603977）1月26日晚间披露2025年度业绩预告，预计2025年归母净利润2.35亿元至2.71亿元，同比增长30%-50%；扣非净利润预计 2.12亿元至2.41亿元，同比增长50%-70%。以1月26日收盘价计算，国泰集团目前市盈率（TTM）约为35.29倍-40.72倍，市净率（LF）约2.86倍，市销率 （TTM）约4.25倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) ○- 行业均值 公司 - 100 ହ 90 80 70 63q66 60 59 A 50 4676 40 30 20 20-47 16-05 10 1083 2022-12-37 12-3 88 0 2027-12-37 I 2020-12-37 1 2022-06-30 ' 3-12-37 . +-06-30 1-06-30 r 3-06-30 ' 2n- ← 公司 →〇一 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହି ୨୦ 80 70 6 60 52a12 50 40 39.87 40 30 25-21 2463 2 ...

Core Viewpoint - Yisheng Co., Ltd. (益生股份) expects a significant decline in net profit for the year 2025, projecting a decrease of 62.29% to 70.23% compared to the previous year, primarily due to low prices in the chicken market and reduced sales prices of its products [4]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 150 million to 190 million yuan for 2025 [4]. - The expected non-recurring net profit is projected to be between 153 million to 193 million yuan, reflecting a year-on-year decline of 61.4% to 69.4% [4]. - Basic earnings per share are estimated to be between 0.14 yuan and 0.17 yuan [4]. - As of January 26, the company's price-to-earnings ratio (TTM) is approximately 54.97 to 69.63 times, with a price-to-book ratio (LF) of about 2.49 times and a price-to-sales ratio (TTM) of around 3.46 times [4]. Business Segments - The company's main business includes the breeding and sales of grandparent and parent stock broilers, as well as the production and sales of piglets, feed, and dairy products [13]. - Despite a more than 10% year-on-year increase in the sales volume of commercial broiler chicks, the company faced significant losses in this segment due to a sharp decline in sales prices [13]. - The company experienced a substantial growth in its breeding pig business, with sales reaching 98,400 heads, an increase of 228.43% year-on-year, which has become a crucial profit driver to offset losses in the broiler segment [13].

中证智能财讯迈得医疗（688310）1月26日晚间披露2025年度业绩预告，预计2025年归母净利润6652.13万元，上年同期亏损1998.12万元；扣非净利润预计 5463.95万元，上年同期亏损2628.09万元。以1月26日收盘价计算，迈得医疗目前市盈率（TTM）约为40.63倍，市净率（LF）约3.35倍，市销率（TTM）约 9.66倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 200 @ 20 100 300 50 47624 40919 To83 29877 32x43 29.54 224 0 -50 -100 -150 2022-06-30 2021-12-37 2021-06-30 ' 2020-12-37 2022-12-37 <3-12-37 3-06-30 2n. -○- 公司 -○- 行业均值 100 ହ 90 80 70 63 69 60 50 (8 40 30 2 20 15086 15 10 AR 0 2027-12-37 | 2022-72-37 1 2020-12-37 1 2021-06-30 ' 023-12-37 ...

Group 1 - The company, Aerospace Nanhu (688552), forecasts a net profit attributable to shareholders of approximately 31.27 million yuan for 2025, a significant recovery from a loss of 78.23 million yuan in the previous year [4] - The expected net profit after deducting non-recurring items is around 27.66 million yuan, compared to a loss of 81.42 million yuan in the same period last year [4] - As of January 26, the company's price-to-earnings ratio (TTM) is approximately 476.38 times, with a price-to-book ratio (LF) of about 5.75 times and a price-to-sales ratio (TTM) of around 20.78 times [4] Group 2 - The company specializes in air defense early warning radar, radar supporting equipment, and radar components [8] - In 2025, the company plans to actively promote the certification of new model products, enhance efforts in military and civilian trade market expansion, and steadily advance various performance tasks, leading to growth in operating performance compared to the previous year [8] - The company reported good collection of accounts receivable during the reporting period, which positively impacted the current period's performance by reversing some credit impairment losses [8]

中证智能财讯博汇科技（688004）1月26日晚间披露2025年度业绩预告，预计2025年归母净利润亏损1800万元至2600万元，上年同期亏损3847.25万元；扣非 净利润亏损2300万元至3200万元，上年同期亏损4197.11万元。以最新收盘价计算，市净率（LF）约3.53倍，市销率（TTM）约11.72倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 指标注解： 资料显示，公司主营博汇"慧视"大模型算法、博汇"慧问"多智能体协同管理平台、超高清端到端监测监管解决方案、广播电视安播监管解决方案、IPTV业务 监测监管解决方案、互联网新媒体监管解决方案、台站智能运维管理解决方案、新媒体集成播控平台内容AI审核解决方案、网络直播智能监管解决方案、 电视收视体验智能评估解决方案、AI深度合成内容识别解决方案、全媒体融合监管解决方案、智慧指挥大厅解决方案、博汇"学道"大模型算法、智慧教学空 间解决方案、智慧管理空间解决方案、智慧教学创新应用解决方案等。 据公告，公司业绩变动主要得益于公司全面推进提质增效工作：一方面，公司通过提升运营管理效率、优化产品结构，实现综合毛利率同比提升；同时，公 ...

白银、锡期货相关合约交易限额 上期所通知显示，自2026年1月27日（即1月26日夜盘）交易起，对非期货公司会员、境外特殊非经纪参 与者、客户在白银、锡期货已上市合约的交易限额进行调整。 具体来看，白银期货AG2602、AG2603、AG2604、AG2605、AG2606、AG2607、AG2608、AG2609、 AG2610、AG2611、AG2612、AG2701合约的日内开仓交易的最大数量为800手。锡期货SN2602、 SN2603、SN2604、SN2605、SN2606、SN2607、SN2608、SN2609、SN2610、SN2611、SN2612、 SN2701合约的日内开仓交易的最大数量为200手。 上期所表示，实际控制关系账户组日内开仓交易的最大数量按照单个客户执行。套期保值交易和做市交 易的开仓数量不受此限制。 1月26日，上海期货交易所发布调整白银、锡期货相关合约交易限额的通知，同时发布调整铜等期货相 关合约涨跌停板幅度和交易保证金比例的通知。上海国际能源交易中心也对国际铜期货相关合约涨跌停 板幅度和交易保证金比例进行调整。 上期所调整 涨跌停板幅度和交易保证金比例 上海期货交易 ...

01 1月26日，A股市场贵金属板块走强，多只黄金股ETF大涨，今年以来涨幅超过37%。 02 值得关注的是，多只沪深300ETF今日成交额较上周日均成交额进一步放大，且出现大量集中卖单。 沪深300ETF成交活跃 1月26日，宽基指数ETF成交活跃。截至收盘，沪深300ETF华泰柏瑞成交额超280亿元，沪深300ETF易方达成交额为226.81 亿元，华夏上证50ETF、沪深300ETF嘉实、沪深300ETF华夏成交额均超过150亿元。 03 今日，多只资源类LOF大涨。截至收盘，银华内需LOF、石油基金LOF等涨停。 有色ETF大涨 1月26日，贵金属板块大涨，伦敦金现、COMEX黄金盘中均突破5100美元/盎司，伦敦银现、COMEX白银盘中均突破109 美元/盎司。多只黄金股ETF涨超8%，矿业、有色ETF也普遍大涨。 此外，油气开采及服务板块大涨，多只石油相关ETF涨超3%。 | 黄金、有色ETF大涨 | | | | --- | --- | --- | | 代码 | 简称 | 涨幅 (%) | | 159321. SZ | 黄金股票ETF | 8.67 | | 159322. SZ | 黄金股票ETF ...

Core Insights - The investment outlook for 2026 emphasizes "stability while seeking progress and improving quality and efficiency," supported by proactive macro policies and robust counter-cyclical adjustments, indicating a promising start for the 14th Five-Year Plan [1] - The ongoing technological revolution is reshaping the global economic and industrial landscape, presenting significant investment opportunities in technology, overseas expansion, and domestic demand [1][2] Macroeconomic Environment - The macroeconomic environment for 2026 is viewed positively, with favorable domestic policies and a supportive capital market [3] - Fiscal policies are expected to focus on social welfare, while monetary policy remains "moderately loose," allowing for potential rate cuts [3] - The shift towards equity assets is anticipated as risk-free rates decline, with structural opportunities in AI, energy, and innovative pharmaceuticals [3] Global Investment Strategies - The investment strategy includes a focus on resilience and rebalancing, with an optimistic view on risk assets due to stabilizing economic conditions [4] - The U.S. Federal Reserve's interest rate cuts and a weaker dollar are expected to benefit emerging market assets [4] AI Industry Insights - The AI sector is highlighted as a key investment focus, with significant growth potential in computing power demand [5] - OpenAI's computing power investments and revenue growth have created a positive feedback loop, indicating a strong future for AI-related investments [5][6] - The AI competition is fundamentally different from the 2000 internet bubble, as it revolves around the control of critical production resources [6] Investment Strategy Focus - The strategy emphasizes growth sectors and the gradual overseas expansion of Chinese manufacturing, which is seen as a structural opportunity [7] - High-dividend assets and technology giants in the Hong Kong market are considered attractive, though caution is advised [8] Fixed Income and Asset Allocation - The "fixed income plus" strategy is gaining importance in the context of declining interest rates, with expectations for stable returns from bonds [9] - The overall outlook for the equity market remains positive, with a focus on corporate earnings support [9] - The potential for volatility in the fixed income market is acknowledged, with a focus on systematic asset allocation to achieve stable returns [10] Conclusion - The investment strategy conference reflects the company's expertise in multi-asset management, emphasizing a long-term, fundamental approach to investment [11] - The company aims to enhance its investment and service capabilities to deliver better returns and experiences for investors [11]

1月26日，国新办举行新闻发布会。商务部相关负责人表示，下一步，商务部将围绕做强国内大循环、 畅通国内国际双循环、拓展国际循环，着力推动商务高质量发展，为"十五五"开好局、起好步作出新贡 献。 要点概览： 出台扩大入境消费的政策措施。 国家层面的海外综合服务大平台近期将上线。 以服务业为重点扩大市场准入和开放领域。有序扩大电信、医疗、教育等领域自主开放。 优化实施消费品以旧换新，促进汽车、家电、数码和智能产品等大宗耐用商品消费。 开展汽车流通消费改革试点。 出台扩大入境消费的政策措施 在外贸工作方面，商务部对外贸易司司长王志华表示，2026年，商务部将强化政策抓手。形成外贸政 策"组合拳"，精心服务好外贸企业，助力企业降本增效。加强政策宣传解读，稳住预期、提振信心，央 地联动，适时研究出台新的政策，创新支持举措。 拓展多元市场。加大对企业赴境外参展力度，举办系列贸易促进活动，办好第139届、140届广交会，鼓 励企业用好国别贸易指南和外贸促进信息，帮助企业更好对接市场。 加快创新赋能。指导跨境电商综试区大力发展跨境电商赋能产业带。着力拓展绿色贸易，提升绿色低碳 产品国际竞争力。推动人工智能赋能外贸发展，提升贸 ...

Market Overview - The A-share market experienced fluctuations with the three major indices adjusting, while the non-ferrous metal sector surged, particularly the precious metals concept leading the gains. The Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index dropped by 0.91% [1] Sector Performance - Precious metals, gold concepts, animal vaccines, and oil and gas extraction and services sectors saw significant gains, while satellite navigation and commercial aerospace sectors faced adjustments [2] - The commercial aerospace sector showed weakness, with stocks like Youke De-W and Ruihua Tai hitting the daily limit, while others like Shaoyang Hydraulic and Haozhi Electromechanical dropped over 10% [8] Individual Stock Highlights - Silver and non-ferrous metals stocks, such as Silver Holdings, achieved a "5 consecutive limit up," with gold stocks like Western Gold and Zhaojin Gold hitting the daily limit. Qunxing Toys saw a sharp rise, closing with nearly 200,000 hand orders [2] - Qunxing Toys, primarily engaged in intelligent computing, liquor sales, and property management, has been included in the Tencent concept stocks due to a service agreement with Tencent Technology [6] Tencent Concept Stocks - Tencent concept stocks showed localized movements, with Qunxing Toys hitting the daily limit and stocks like Wanfu Biology experiencing significant increases [3] - Qunxing Toys closed at 6.95 CNY per share, with a market capitalization of 4.285 billion CNY and a trading volume ratio of 4.02 [5][7] Analyst Insights - Commercial aerospace has become one of the strongest market themes recently, with space photovoltaic technology expected to drive demand for new equipment and provide early advantages for companies that differentiate themselves in this field [11] - Analysts suggest that the market's short-term differentiation may continue, with high elasticity sectors attracting new capital and maintaining risk appetite, while the overall liquidity environment remains relatively loose [13]