Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 815.25%, followed by Zhejiang Shibao (01057) at 363.71% and Beijing Jingcheng Machinery Electric (00187) at 272.95% [1][2]. - The top ten stocks with the highest AH premium rates include Sinopec Oilfield Service (01033) at 270.11% and Hongye Futures (03678) at 263.50% [2]. Group 2: Lowest AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -11.21%, followed by Hengrui Medicine (01276) at -2.51% and China Merchants Bank (03968) at -1.68% [1][2]. - Other notable stocks with low premiums include WuXi AppTec (02359) at 2.25% and Midea Group (00300) at 7.52% [2]. Group 3: Premium Deviation Values - The stocks with the highest deviation values include Goldwind Technology (02208) at 30.93%, followed by Andeli Juice (02218) at 22.80% and CanSino Biologics (06185) at 21.10% [1][2]. - Conversely, the stocks with the lowest deviation values include Yangtze Optical Fibre and Cable (06869) at -26.96%, Nanhua Futures (02691) at -26.55%, and Northeast Electric (00042) at -26.34% [1][3].

Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

本期业绩出现亏损的主要原因如下：受国际贸易摩擦加剧影响，公司气体储运板块的出口业务承压明 显，面临较大的下行压力，致使部分产品销量和利润出现下滑。与此同时，氢能等新兴业务处于行业培 育初期，市场整体规模尚未达到预期，尽管公司相关业务收入实现同比增长，但受市场竞争日趋激烈的 影响，本期盈利水平仍低于预期。此外，为增强核心竞争力，公司在新产品研发及产业链布局等方面持 续加大投入，导致本期研发费用较去年同期有所增加。 京城股份（600860）(600860.SH)发布2025年年度业绩预亏的公告，预计公司2025年年度实现归属于母 公司所有者的净利润约人民币-4,600万元到-5,520万元，与上年同期(法定披露数据)相比,将出现亏损。 ...

智通财经APP讯，京城股份(600860.SH)发布2025年年度业绩预亏的公告，预计公司2025年年度实现归 属于母公司所有者的净利润约人民币-4,600万元到-5,520万元，与上年同期(法定披露数据)相比,将出现 亏损。 本期业绩出现亏损的主要原因如下：受国际贸易摩擦加剧影响，公司气体储运板块的出口业务承压明 显，面临较大的下行压力，致使部分产品销量和利润出现下滑。与此同时，氢能等新兴业务处于行业培 育初期，市场整体规模尚未达到预期，尽管公司相关业务收入实现同比增长，但受市场竞争日趋激烈的 影响，本期盈利水平仍低于预期。此外，为增强核心竞争力，公司在新产品研发及产业链布局等方面持 续加大投入，导致本期研发费用较去年同期有所增加。 ...

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，京城股份1月21日晚间发布业绩预告，预计公司2025年年度实现归属于母公司所有者的净 利润约为人民币-4600万元到-5520万元，与上年同期相比，将出现亏损。业绩变动主要原因是，受国际 贸易摩擦加剧影响，公司气体储运板块的出口业务承压明显，面临较大的下行压力，致使部分产品销量 和利润出现下滑。与此同时，氢能等新兴业务处于行业培育初期，市场整体规模尚未达到预期，尽管公 司相关业务收入实现同比增长，但受市场竞争日趋激烈的影响，本期盈利水平仍低于预期。此外，为增 强核心竞争力，公司在新产品研发及产业链布局等方面持续加大投入，导致本期研发费用较上年同期有 所增加。 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ ...

格隆汇1月21日丨京城股份(600860.SH)公布，经公司财务部门初步测算，预计公司2025年年度实现归属 于母公司所有者的净利润约人民币-4600万元到-5520万元，与上年同期(法定披露数据)相比,将出现亏 损。 预计公司 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利润约为人民币-7460万元 到-8950万元。 ...

Financial Performance - The company expects a net loss attributable to shareholders of approximately RMB -46 million to -55.2 million for the fiscal year 2025, indicating a significant decline compared to the previous year's profit of RMB 7.48 million [4]. - The projected net loss excluding non-recurring gains and losses is estimated to be around RMB -74.6 million to -89.5 million for 2025 [5]. - The total profit for the previous year was approximately RMB 39.74 million, with a net profit attributable to shareholders of RMB 7.48 million [7]. Market Challenges - The decline in performance is primarily due to increased international trade friction, which has significantly impacted the export business of the gas storage and transportation segment [8]. - Despite a year-on-year revenue increase in emerging businesses like hydrogen energy, the overall profitability remains below expectations due to intensified market competition [8]. Investment and Development - The company has increased its investment in new product development and supply chain layout, resulting in higher R&D expenses compared to the previous year [8]. - The earnings forecast is based on preliminary calculations by the company's finance department and has not yet been audited by an accounting firm [9]. - Investors are advised to pay attention to investment risks as the forecast data is subject to change pending the final audited financial report [10].

京城股份公告，预计2025年年度归母净利润为亏损4600万元到5520万元。受国际贸易摩擦加剧影响，公 司气体储运板块的出口业务承压明显，面临较大的下行压力，致使部分产品销量和利润出现下滑。与此 同时，氢能等新兴业务处于行业培育初期，市场整体规模尚未达到预期，尽管公司相关业务收入实现同 比增长，但受市场竞争日趋激烈的影响，本期盈利水平仍低于预期。此外，为增强核心竞争力，公司在 新产品研发及产业链布局等方面持续加大投入，导致本期研发费用较去年同期有所增加。 ...

公司本期业绩出现亏损的主要原因如下：受国际贸易摩擦加剧影响，公司气体储运板块的出口业务承压 明显，面临较大的下行压力，致使部份产品销量和利润出现下滑。与此同时，氢能等新兴业务处于行业 培育初期，市场整体规模尚未达到预期，尽管公司相关业务收入实现同比增长，但受市场竞争日趋激烈 的影响，本期盈利水平仍低于预期。此外，为增强核心竞争力，公司在新产品研发及产业链布局等方面 持续加大投入，导致本期研发费用较去年同期有所增加。 智通财经APP讯，京城机电股份(00187)发布公告，经公司财务部门初步测算，预计公司2025年年度实现 归属于母公司所有者的净利润亏损约人民币4600万元到人民币5520万元，与上年同期相比，将出现亏 损。 预计公司2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润亏损约人民币7460万 元到人民币8950万元。 ...

京城机电股份(00187)发布公告，经公司财务部门初步测算，预计公司2025年年度实现归属于母公司所 有者的净利润亏损约人民币4600万元到人民币5520万元，与上年同期相比，将出现亏损。预计公司2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利润亏损约人民币7460万元到人民币8950万 元。 公司本期业绩出现亏损的主要原因如下：受国际贸易摩擦加剧影响，公司气体储运板块的出口业务承压 明显，面临较大的下行压力，致使部份产品销量和利润出现下滑。与此同时，氢能等新兴业务处于行业 培育初期，市场整体规模尚未达到预期，尽管公司相关业务收入实现同比增长，但受市场竞争日趋激烈 的影响，本期盈利水平仍低于预期。此外，为增强核心竞争力，公司在新产品研发及产业链布局等方面 持续加大投入，导致本期研发费用较去年同期有所增加。 ...