Market Overview - The Hong Kong stock index opened high but closed lower, with the Hang Seng Index down 0.29% at 26,844.96 points, the Hang Seng Tech Index down 0.11% at 5,822.18 points, the National Enterprises Index down 0.5% at 9,220.81 points, and the Red Chip Index down 0.34% at 4,139.41 points [1] Company News - Tencent Holdings (00700.HK) repurchased 1.017 million shares for HKD 636 million at a price range of HKD 619-632 [2] - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 148 million at a price range of HKD 37.86-37.92 [3] - Six Fortune Group (00590.HK) reported a retail value increase of 26%, retail income increase of 17%, and same-store sales increase of 15% in Q3, exceeding expectations [3] - China Southern Airlines (01055.HK) reported a 11.89% increase in passenger capacity and a 19.28% increase in cargo capacity for December 2025 [6] Industry Insights - Tianfeng Securities noted that the Hong Kong stock market has a basis for short-term valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [7] - The firm suggested a focus on technology and consumer sectors that are relatively undervalued [7] - According to Huatai Securities, the market is experiencing a shift towards a bullish sentiment, with historical data indicating a high probability of price increases following a period of panic [8] - Industry recommendations include prioritizing leading companies in the AI sector and exploring opportunities in insurance, banking, energy, and new consumption areas [8]

Group 1 - Chongqing Steel's stock price has dropped over 4%, currently down 4.13% at HKD 1.16 [2] - The trading volume reached HKD 6.4945 million [2]

Core Viewpoint - Chongqing Steel's stock has dropped over 4% following the announcement of expected significant net losses for the fiscal year 2025, indicating ongoing challenges in the domestic steel market [1] Financial Performance - The company anticipates a net loss attributable to shareholders of between RMB 2.5 billion and RMB 2.8 billion for 2025, which represents an improvement in loss by RMB 396 million to RMB 696 million compared to the previous year [1] - The net loss after excluding non-recurring items is projected to be between RMB 2.53 billion and RMB 2.83 billion, with an expected reduction in loss of RMB 377 million to RMB 677 million year-on-year [1] Market Conditions - The domestic steel market is expected to experience a deep adjustment in supply and demand dynamics, with the construction materials sector showing particularly weak performance [1] - The company has indicated that some of its assets are showing signs of impairment, leading to plans for impairment testing and the provision for asset impairment in accordance with relevant accounting standards [1]

Core Viewpoint - Chongqing Steel (601005) is expected to report a net loss of RMB 2.5 billion to RMB 2.8 billion for the fiscal year 2025, indicating a reduction in losses compared to the previous year [1] Financial Performance - The company anticipates a net loss attributable to shareholders of RMB 2.5 billion to RMB 2.8 billion, which is a decrease in losses by RMB 396 million to RMB 696 million compared to the previous year [1] - The net loss after excluding non-recurring items is projected to be between RMB 2.53 billion and RMB 2.83 billion, reflecting a reduction in losses by RMB 377 million to RMB 677 million year-on-year [1] Market Conditions - The domestic steel market in 2025 is expected to experience significant structural adjustments, with a particularly weak performance in the construction materials sector [1] - The company has indicated that some of its assets are showing signs of impairment, and it plans to conduct impairment testing and make provisions for asset impairment in accordance with relevant accounting standards [1]

Group 1 - The core viewpoint of the news is that Chongqing Steel's stock has experienced a decline in price and trading activity, reflecting a challenging market environment for the company [1] - As of January 16, Chongqing Steel's stock price was 1.45 yuan per share, with a market capitalization of 12.835 billion yuan [1] - The company has seen a net outflow of main funds amounting to 354,000 yuan, with significant buying and selling activity from large orders [1] Group 2 - For the year-to-date, Chongqing Steel's stock price has decreased by 0.68%, with a 3.33% drop over the last five trading days [1] - The company reported a total revenue of 19.091 billion yuan for the first nine months of 2025, a year-on-year decrease of 7.32%, while the net profit attributable to shareholders was -218 million yuan, an increase of 83.82% year-on-year [2] - Chongqing Steel has not distributed any dividends in the last three years, with a total payout of 520 million yuan since its A-share listing [3]

Core Viewpoint - Chongqing Steel Co., Ltd. anticipates a net loss for the fiscal year 2025, projecting a net profit attributable to shareholders of between -2.8 billion to -2.5 billion yuan, indicating a reduction in losses compared to the previous year [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The expected net profit attributable to shareholders for 2025 is projected to be between -2.8 billion to -2.5 billion yuan, which is an improvement of 396 million to 696 million yuan compared to the previous year [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -2.83 billion to -2.53 billion yuan, with an anticipated reduction in losses of 377 million to 677 million yuan compared to the previous year [4]. Group 2: Previous Year Performance - In the previous year, the net profit attributable to shareholders was -3.196 billion yuan, and the net profit after deducting non-recurring gains and losses was -3.207 billion yuan [6]. - The earnings per share for the previous year were -0.36 yuan per share [7]. Group 3: Reasons for Performance Decline - The domestic steel market in 2025 is expected to experience significant adjustments in supply and demand, particularly with a weak performance in the construction materials market [8]. - The company plans to conduct impairment tests on certain assets due to indications of impairment and will make provisions for asset impairment in accordance with relevant accounting standards [8]. - To improve operational performance and address long-term industry downturn risks, the company is focusing on extreme efficiency and meticulous process control, optimizing raw material structures, enhancing smelting efficiency, and developing high-value-added products [8].

Major Events - Giant Bio (02367) received the Medical Device Registration Certificate from the National Medical Products Administration for its recombinant type I α1 collagen and sodium hyaluronate composite solution [1] - Jitu Express-W (01519) plans to subscribe for 226 million H shares of SF Holding and issue 822 million Class B shares to SF Holding [1] - Zijin Mining (02899) signed a cooperation and equity transfer agreement for the Shapingou Molybdenum Mine project [1] - Jiangxi Copper (00358) subsidiary signed an Investment Option Agreement with First Quantum for exploration cooperation in Kazakhstan's mining projects [1] - Derin Holdings (01709) received conditional approval from the CSRC for Derin Securities to provide virtual asset consulting services [1] - GAC Group (02238) subsidiary GAC Trumpchi received 100 million yuan in funding for industrial transformation and development [1] - Juteng International (03336) suspected of a cyber attack and has initiated a comprehensive investigation [1] Operating Performance - China Southern Airlines (01055) increased passenger capacity input by 11.89% year-on-year in December [1] - Air China (00753) reported a 10% year-on-year increase in passenger turnover in December [1] - China Eastern Airlines (00670) saw a 7.61% year-on-year increase in passenger turnover in December [1] - China Metallurgical Group (01618) new contract amount for 2025 is 1,113.6 billion yuan, a decrease of 10.8% year-on-year [1] - ZhongAn Online (06060) projected total original insurance premium income of approximately 35.643 billion yuan for 2025, an increase of 6.66% year-on-year [1] - China General Nuclear Power Corporation (01164) produced a total of 702.5 tons of natural uranium in the fourth quarter [1] - Jiuxing Holdings (01836) reported a 0.8% year-on-year increase in comprehensive income to 388.6 million USD in the fourth quarter [1] - Luoyang Molybdenum (03993) issued a profit warning, expecting annual net profit attributable to shareholders to be between 20 billion and 20.8 billion yuan, an increase of 47.80% to 53.71% year-on-year [1] - Chongqing Iron and Steel (01053) issued a profit warning, expecting a net loss of 2.5 billion to 2.8 billion yuan for 2025 [1] - Huiju Technology (01729) issued a profit warning, expecting annual net profit to increase by approximately 60% to 70% year-on-year [1]

Group 1 - The company expects a net loss attributable to shareholders of RMB 2.5 billion to RMB 2.8 billion for the year 2025, which represents a reduction in loss of RMB 396 million to RMB 696 million compared to the previous year [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, is projected to be RMB 2.53 billion to RMB 2.83 billion, indicating a reduction in loss of RMB 377 million to RMB 677 million year-on-year [1] - The domestic steel market in 2025 is anticipated to experience a turbulent adjustment in supply and demand structure, particularly with a weak performance in the construction materials market [1] Group 2 - To improve operational performance and address long-term industry downturn risks, the company is focusing on extreme energy efficiency and meticulous process control [2] - The company aims to optimize raw material structure, enhance smelting efficiency, and develop high value-added products to systematically promote cost reduction and efficiency improvement [2] - The company is implementing strategies such as local procurement to ensure stable supply while reducing inventory and procurement costs, and optimizing customer and product structure to enhance market competitiveness and customer loyalty [2]

Core Viewpoint - The company expects a net loss attributable to shareholders of RMB 2.5 billion to RMB 2.8 billion for the year 2025, indicating a reduction in losses compared to the previous year [1] Group 1: Financial Performance - The projected net loss for 2025 represents a decrease in losses by RMB 396 million to RMB 696 million compared to the previous year [1] - The net loss after excluding non-recurring items is expected to be between RMB 2.53 billion and RMB 2.83 billion, also reflecting a reduction in losses by RMB 377 million to RMB 677 million year-on-year [1] Group 2: Market Conditions - The domestic steel market in 2025 is anticipated to experience a turbulent adjustment in supply and demand structure, with the construction materials market showing particular weakness [1] - The company has identified signs of asset impairment and plans to conduct impairment testing and provision for asset impairment in accordance with relevant accounting standards [1] Group 3: Strategic Initiatives - To improve operational performance and address long-term industry downturn risks, the company is focusing on extreme energy efficiency and meticulous process control [2] - The company aims to optimize raw material structure, enhance smelting efficiency, and develop high value-added products to systematically promote cost reduction and efficiency improvement [2] - The company is implementing strategies to strengthen supply channels, enhance quality control, and reduce inventory and procurement costs while improving customer and product structure to mitigate market risks [2]

格隆汇1月15日丨重庆钢铁股份(01053.HK)公告，公司预计2025年度实现归属于上市公司股东的净亏损 为人民币25亿元至人民币28亿元，与上年同期相比，预计减亏人民币3.96亿元至人民币6.96亿元；归属 于上市公司股东的扣除非经常性损益后的净亏损为人民币25.3亿元至人民币28.3亿元，与上年同期相 比，预计减亏人民币3.77亿元至人民币6.77亿元。 ...