A股上市公司业绩预告加速披露。Wind数据显示，截至1月23日16时，A股共有710家上市公司对外披露 2025年全年业绩预告，284家预喜，预喜比例为40%。从报喜的上市公司所在行业角度看，有色金属、 半导体、生物医药、硬件设备、化工、汽车与零配件等行业表现亮眼。 ● 本报记者 董添 近70家企业净利同比增逾100% 南方精工预计2025年全年实现归属于上市公司股东的净利润为3亿元至3.7亿元，同比增长1130%至 1417%。报告期内，公司归属于上市公司股东的净利润增长，主要源于公司对持有的江苏泛亚微透科技 股份有限公司等投资项目进行了公允价值评估，产生的公允价值变动收益在本报告期对公司税前利润的 影响金额预计为3亿元至3.2亿元之间，该公允价值变动收益属于非经常性损益。 净利润数值方面，共有106家上市公司预计2025年归属于上市公司股东的净利润下限超过1亿元，49家预 计超过3亿元，33家预计超过5亿元，13家预计超过10亿元。紫金矿业、药明康德、洛阳钼业、立讯精 密、盐湖股份等公司预计2025年归属于上市公司股东的净利润数值居前。 药明康德预计2025年全年实现营业收入约为454.56亿元，同比增长 ...

证券日报网讯 1月23日，药明康德在互动平台回答投资者提问时表示，公司持续聚焦自身独特的 CRDMO业务模式，高效极致服务全球客户，造福全球病患。通过CRDMO业务模式，公司能够迅速产 生行业洞见，及时服务客户新分子需求，保证公司长期发展。 （编辑 王雪儿） ...

前十大沽空偏离值排行 | 股票名称 | 沽空金额 | 沽空比率 | 偏离值↓ | | --- | --- | --- | --- | | 京东集团-SWR(89618) | 7.10 万元 | 100.00% | 37.56% | | 中国平安-R(82318) | 464.94 万元 | 71.16% | 33.98% | | 中国罕王(03788) | 9310.21 万元 | 41.31% | 33.27% | | 商汤-WR(80020) | 3.76 万元 | 85.00% | 32.05% | | 李宁-R(82331) | 52.54 万元 | 93.21% | 31.52% | | 药明康德(02359) | 1.99 亿元 | 50.15% | 31.18% | | 百度集团-SWR(89888) | 132.06 万元 | 57.80% | 25.83% | | 华润啤酒-R(80291) | 5.72 万元 | 100.00% | 25.22% | | OSL集团(00863) | 1581.75 万元 | 55.70% | 22.71% | 新意网集团(01686) 1.33 亿元 3 ...

2025年四季度，A股市场在相对高位震荡。天相投顾数据显示，相对于去年三季度末，公募整体权益仓 位在去年四季度末小幅降低，股票型基金和混合型基金平均仓位分别为89.06%和81.05%。 中际旭创成头号重仓股 天相投顾数据显示，在公募基金重仓股中，截至2025年底，光模块龙头中际旭创和新易盛，超越宁德时 代和腾讯控股，成为公募基金前两大重仓股。紫金矿业史无前例地挤进前五大重仓股。 从基金重仓股情况来看，截至2025年底，光模块龙头中际旭创和新易盛，超越宁德时代和腾讯控股，成 为公募基金前两大重仓股。矿业巨头紫金矿业也史无前例地挤进前五大重仓股。在前十大重仓股中， AI相关概念股还有寒武纪和东山精密。 多只主动权益基金显著提升仓位 天相投顾数据显示，截至2025年四季度末，可比基金平均仓位为82.16%，较三季度末的83.06%微降0.89 个百分点。其中，股票型开放式基金和混合型开放式基金的平均仓位分别为89.06%和81.05%，较三季 度末分别降低0.08个百分点和1个百分点。 去年四季度，A股市场在经历了前三季度的强势上涨后，进入震荡阶段，市场呈现结构性分化特征，科 技与周期品表现相对突出。在此过程中， ...

业绩增幅榜前三为回盛生物、南方精工、上海谊众，预计归母净利润增幅上限分别达1444.54%、 1417.00%、903.54%。 作为"预增王"，回盛生物在业绩预告中表示，海内外市场营收双升叠加技术升级、产能利用率提升及原 料药涨价，共同推动盈利能力大幅改善，预计全年归母净利润达2.35亿元至2.71亿元。 本报记者 张晓玉 A股市场迎来上市公司业绩预告密集发布期。 据Wind数据统计，截至1月22日12时30分，已有640家A股公司披露2025年业绩预告或业绩快报，其中 248家公司预喜（含预增、略增、扭亏、续盈），占比38.75%。 从增长幅度看，130家公司预计归母净利润最高增幅超过100%，其中，29家公司增幅超300%，11家公 司增幅超500%。 从盈利规模来看，行业龙头仍展现出强劲韧性。101家公司预计2025年年报最高净利润超5亿元，其中， 64家超10亿元，35家超20亿元，11家超50亿元，7家超100亿元。紫金矿业以520亿元的预计净利润暂居 榜首，洛阳钼业、药明康德分别以208亿元、191.51亿元位居第二和第三。 中国企业联合会特约研究员胡麒牧对《证券日报》记者表示："当前市场对新质 ...

Investment Rating - The report maintains a positive outlook on the CXO sector for the year 2026, indicating strong demand and recovery in global orders [3][26]. Core Insights - Illumina's release of the Billion Cell Atlas marks a significant advancement in life sciences, transitioning from static genomic data to a comprehensive dataset that integrates AI for drug discovery [3][8]. - Regulatory developments in China and the US are accelerating drug approval processes, with China's implementation of eCTD and the US FDA's support for Bayesian methods enhancing clinical trial efficiency [3][23]. - The CXO sector is expected to see robust growth, supported by major players like Lonza and WuXi AppTec, who are expanding capacity and reporting increased order volumes [3][26]. Summary by Sections Industry Frontiers - Illumina's Billion Cell Atlas is the largest human genome perturbation dataset to date, aimed at accelerating drug discovery through AI [3][8]. - Regulatory dynamics indicate a race for faster drug approvals, with China's NMPA adopting eCTD and the FDA endorsing Bayesian statistical methods for clinical trials [3][23]. - The global order recovery is evident, with a positive outlook for the CXO sector throughout 2026, as major companies report growth and increased demand [3][26]. Capital Trends - GSK's acquisition of RAPT Therapeutics for $2.2 billion focuses on developing an anti-IgE monoclonal antibody for food allergies, highlighting the potential in the allergy treatment market [4][31]. - Novartis has entered a $1.5 billion agreement with SciNeuro to advance a new antibody project targeting Alzheimer's disease, indicating ongoing investment in neurodegenerative treatments [4][36]. Weekly Perspective - The report emphasizes the transition to an AI-driven era in drug discovery, suggesting that previous advantages in research may diminish as the landscape evolves [5][37]. - The demand for CXO services is expected to remain strong, driven by AI-enabled drug discovery and regulatory advancements [5][38].

Core Viewpoint - The report highlights the current premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Junda Co. leading in premium rates, while CATL, Hengrui Medicine, and China Merchants Bank are at the bottom of the list [1][2]. Premium Rate Rankings - Northeast Electric (00042) has a premium rate of 815.25%, followed by Zhejiang Shibao (01057) at 378.67% and Junda Co. (02865) at 342.63% [2]. - The lowest premium rates are recorded for CATL (03750) at -13.79%, Hengrui Medicine (01276) at -2.52%, and China Merchants Bank (03968) at -2.22% [1][2]. Deviation Values - Junda Co. (02865) has the highest deviation value at 104.89%, followed by Goldwind Technology (02208) at 23.62% and Guanghetong (00638) at 20.17% [1][2]. - The lowest deviation values are for Northeast Electric (00042) at -35.64%, Chenming Paper (01812) at -16.87%, and China Life (02628) at -15.34% [1][4]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3][4].

Core Viewpoint - The company has released its 2025 performance forecast, projecting revenue of 45.46 billion yuan (+15.8%) and a net profit attributable to shareholders of 19.15 billion yuan (+102.7%), indicating better-than-expected performance [1] Revenue and Profit Forecast - For 2025, the company expects revenue of 45.46 billion yuan, with a 15.8% year-on-year growth, and a net profit of 19.15 billion yuan, reflecting a 102.7% increase [2] - The projected revenue for 2026 and 2027 is 51.55 billion yuan (+13.4%) and 58.82 billion yuan (+14.1%), respectively [2] Business Growth and Performance - The growth rate of the continuing operations revenue is forecasted at 21.4%, exceeding previous guidance of 17-18% [1] - The company anticipates that the Chemistry business will maintain rapid growth, driven by TIDES and other business segments [1] Quarterly Performance Insights - In Q4 2025, the company expects revenue of 12.6 billion yuan (+9.2%) and a net profit of 7.08 billion yuan (+142.5%) [1] - The Non-IFRS net profit margin for Q4 2025 is projected to be 35.1%, showing stability compared to Q3 2025 and significant improvement from Q4 2024 [1] Future Profitability Potential - The company expects to generate approximately 4.16 billion yuan from the sale of equity interests and 1.43 billion yuan from the sale of clinical CRO and SMO businesses in 2025 [1] - The profitability potential for 2026 remains promising due to anticipated large orders and a stable recovery in overseas demand [1]

Market Overview - The precision medicine sector experienced a decline of 1.69% on January 20, with WuXi AppTec leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers included: - ST Xiangxue, closing at 9.72 with a rise of 7.05% and a trading volume of 193,900 shares [1] - Zhaoli Pharmaceutical, closing at 17.50 with a rise of 3.18% and a trading volume of 270,200 shares [1] - Major decliners included: - WuXi AppTec, closing at 99.46 with a decline of 2.86% and a trading volume of 481,100 shares [2] - Guomai Technology, closing at 11.56 with a decline of 2.45% and a trading volume of 361,100 shares [2] Capital Flow - The precision medicine sector saw a net outflow of 346 million yuan from institutional investors, while retail investors had a net inflow of 400 million yuan [2][3] - Specific stock capital flows indicated: - DIAN Diagnostics had a net inflow of 62.76 million yuan from institutional investors [3] - ST Xiangxue experienced a net outflow of 22.01 million yuan from retail investors [3]

Market Overview - The Hong Kong stock market experienced fluctuations today, with all three major indices closing lower. The Hang Seng Index fell by 0.29% or 76.39 points to 26,487.51 points, with a total turnover of HKD 2,377.66 million. The Hang Seng China Enterprises Index decreased by 0.43% to 9,094.76 points, and the Hang Seng Tech Index dropped by 1.16% to 5,683.44 points [1] Blue Chip Performance - Pop Mart (09992) led the blue-chip stocks, rising by 9.07% to HKD 197.2, contributing 19.52 points to the Hang Seng Index. The company announced a share buyback of 1.4 million shares for HKD 2.51 million at prices between HKD 177.7 and HKD 181.2. Morgan Stanley noted that this buyback could attract more investors [2] - Other notable blue-chip performances included China Life (601628) (02628) up 4.31% to HKD 33.4, contributing 16.6 points, and China Resources Land (01109) up 3.71% to HKD 29.64, contributing 5.52 points. Conversely, WuXi AppTec (603259) (02359) fell by 4.13% to HKD 113.7, detracting 3.73 points, and SMIC (00981) dropped by 3.25% to HKD 74.5, detracting 18.11 points [2] Sector Highlights - The technology sector showed mixed results, with Baidu rising by 0.95% while Tencent fell over 1%. Gold stocks rebounded, with spot gold surpassing USD 4,700 for the first time, and consumer stocks gained traction due to favorable consumption policies. Notably, Pop Mart's buyback led to a price increase of over 10% [3] - Gold stocks saw a recovery, with Zijin Mining International (02259) up 5.47% to HKD 179.4, Chifeng Jilong Gold Mining (600988) (06693) up 3.6% to HKD 33.94, Shandong Gold Mining (600547) (01787) up 2.73% to HKD 43.7, and China National Gold International (600916) (02099) up 2.04% to HKD 195 [3] Real Estate Sector - The National Bureau of Statistics reported a 0.3% month-on-month decline in new residential sales prices in first-tier cities for December 2025, with the decline narrowing by 0.1 percentage points from the previous month. Shenwan Hongyuan believes that the real estate sector has undergone deep adjustments, and recent central government directives to stabilize the market may lead to positive policy changes [5] - The real estate sector showed positive performance, with China Overseas Land & Investment (00081) up 4.93% to HKD 2.13, and China Resources Land (01109) up 3.71% to HKD 29.64 [4][5] Insurance Sector - The insurance sector performed well, with China Pacific Insurance (00966) up 4.39% to HKD 23.8, China Life (02628) up 4.31% to HKD 33.4, and New China Life Insurance (601336) (01336) up 2.72% to HKD 62.35. Reports indicated that major insurance companies saw significant growth in premium income through bancassurance channels [4][5] Aviation Sector - The aviation sector continued its upward trend, with China Southern Airlines (600029) (01055) up 4.57% to HKD 6.18, China National Aviation (601111) (00753) up 3.91% to HKD 7.45, and Cathay Pacific (00293) up 1.63% to HKD 12.49. Analysts expect strong demand during the upcoming Spring Festival travel season, with improved ticket pricing and revenue management driving profitability [6] Notable Stock Movements - Youjia Innovation (02431) saw a significant increase of 7.21% to HKD 15.77 after signing a memorandum of understanding with India's Sterling Tools Ltd. to focus on the automotive market [7] - Nanshan Aluminum International (02610) reached a new high, rising 6.04% to HKD 71.95, as the company plans to initiate a 250,000-ton electrolytic aluminum project with an estimated investment of USD 436.6 million [8] - GigaDevice Semiconductor (603986) (03986) continued to rise by 5.52% to HKD 306, benefiting from a tight supply of memory chips [9] - Shanghai Petrochemical (600688) (00338) issued a profit warning, expecting a net loss of approximately RMB 1.289 billion to RMB 1.576 billion for the year ending December 31, 2025 [10]