格隆汇1月23日丨光大证券(601788.SH)公布2025年度业绩快报，2025 年，公司坚守功能性定位，持续推 动服务实体经济和国家重大战略落实落细，紧扣监管政策要求与市场机遇，全力推进各项经营计划落地 见效，夯实稳健经营根基。全年实现营业收入108.63亿元、同比增长 13.18%，归属于上市公司股东的 净利润37.29 亿元、同比增长 21.92%。 公司利润总额增长主要由于 2025 年中国整体经济稳中向好，内地及香港地区资本市场交投活跃度显著 提升、主要股指呈上行态势，公司牢牢把握高质量发展主线，持续夯实客户基础、抓住投融资改革机 遇，财富管理、投资交易、资产管理业务板块收入同比增长。公司继续深入践行集约化、精细化成本管 理，在支持业务发展的基础上，继续推进提质增效，提升资源利用效率。 ...

证券代码：601788 股票简称：光大证券 公告编号：临 2026-006 H 股代码：6178 H 股简称：光大证券 光大证券股份有限公司 2025 年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 一、2025 年度主要财务数据和指标 | 单位：人民币万元 | | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业收入 | 1,086,327 | 959,834 | 13.18 | | 营业利润 | 465,989 | 360,858 | 29.13 | | 利润总额 | 468,404 | 358,090 | 30.81 | | 净利润 | 376,257 | 308,567 | 21.94 | | 归属于上市公司股东的 净利润 | 372,899 | 305,846 | 21.92 | | 归属于上市公司股东的 扣除非经常性损益的净 | 356,178 | 300,807 | 18.41 | ...

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the fiscal year 2025, driven by a favorable economic environment and active capital market conditions in China and Hong Kong [1] Financial Performance - The company achieved an operating revenue of 10.863 billion yuan, representing a year-on-year growth of 13.18% [1] - The net profit reached 3.729 billion yuan, with a year-on-year increase of 21.92% [1] Market Conditions - The growth in profit is attributed to the overall improvement in China's economy, with increased trading activity in the capital markets of both mainland China and Hong Kong [1] - Major stock indices showed an upward trend, contributing to the company's performance [1] Business Strategy - The company focused on high-quality development, strengthening its customer base, and seizing opportunities from investment and financing reforms [1] - Revenue growth was noted across wealth management, investment trading, and asset management business segments [1] Cost Management - The company continued to implement intensive and refined cost management practices, enhancing resource utilization efficiency while supporting business development [1]

中国经济网北京1月23日讯 森林包装(605500.SH)昨日晚间发布2025年年度业绩预告。 经财务部门初步测算，森林包装预计2025年年度实现归属于母公司所有者的净利润5,300.00万元到 7,300.00万元，与上年同期相比，将减少72.60%到62.25%；预计2025年年度实现归属于母公司所有者的 扣除非经常性损益后的净利润4,500.00万元到6,500.00万元，与上年同期相比，将减少75.66%到 64.84%。 森林包装于2020年12月22日在上交所主板上市，发行数量为5000万股，发行价格为18.97元/股，保荐机 构为光大证券股份有限公司，保荐代表人为成鑫、宋财。 森林包装募集资金总额为9.49亿元，扣除发行费用后，募集资金净额为8.90亿元。其中，1.98亿元用于 绿色环保纸包装网上定制智能工厂建设项目，1.92亿元用于年产9000万平方米纸箱包装材料扩建项目， 3.76亿元用于绿色环保数码喷墨印刷纸包装智能工厂，1.24亿元用于补充流动资金。 森林包装本次上市发行费用为5893.00万元，其中保荐机构光大证券股份有限公司获得承销及保荐费用 3853.53万元，中汇会计师事务所（特 ...

Group 1 - The core viewpoint of the news is that Yema Battery (605378.SH) has projected a significant decline in its net profit for the fiscal year 2025, estimating a decrease of 58.00% to 70.00% compared to the previous year [1] - Yema Battery expects its net profit attributable to shareholders to be between 45.83 million yuan and 64.17 million yuan for 2025, which represents a reduction of 88.61 million yuan to 106.94 million yuan year-on-year [1] - The company anticipates that its net profit after deducting non-recurring gains and losses will range from 38.62 million yuan to 57.92 million yuan, reflecting a decline of 59.50% to 73.00% compared to the previous year [1] Group 2 - Yema Battery raised a total of 587.45 million yuan through its initial public offering, with a net amount of 544.68 million yuan after deducting issuance costs [2] - The funds raised are intended for projects including the expansion and technological upgrade of alkaline zinc-manganese battery production, the establishment of a research and testing center, and the construction of a smart factory [2] - The total issuance costs for Yema Battery's IPO amounted to 42.77 million yuan, which includes underwriting and sponsorship fees of approximately 26.52 million yuan [2] Group 3 - The actual controller and chairman of Yema Battery, Chen Yijun, reduced his holdings by 1,761,000 shares between October 10 and November 13, 2025, with a total transaction value of approximately 41.50 million yuan [3] - The general manager, Yu Gufeng, sold 3,734,900 shares from October 9 to December 1, 2025, totaling around 89.43 million yuan [3] - Another actual controller and vice general manager, Chen Kejun, reduced his holdings by 1,855,000 shares during the same period as Chen Yijun, with a total value of about 43.62 million yuan [3]

1月23日上午，A股三大指数集体上涨，上证指数盘中上涨0.36%，电力设备、有色金属、传媒等板块涨 幅靠前，家用电器、通信跌幅居前。机床板块走强，截至10:04，机床ETF（159663.SZ）上涨0.17%， 其成分股宇晶股份涨停，海目星上涨4.90%，昊志机电上涨4.82%，伟创电气上涨3.04%，绿的谐波上涨 2.76%。 2025年12月我国挖掘机（含出口）销量23095 台，同比增长 19.2%；出口同比增长26.9%；2025年全年 挖掘机出口销量116739台，同比增长16.1% 。出口金额方面，2025 年12月我国工程机械出口额为 64.2 亿美元，同比增长 27.2 % ；2025 年全年我国工程机械出口额为 601.7 亿美元，同比增长 13.8 %。 光大证券表示，出口销量表现亮眼，仍看好工程机械更新换代的持续增长对工程机械的销量拉动，行业 短期具备良好催化剂；积极的财政政策有望拉动基建投资，行业中期需求持续复苏有保障；同时随着工 程机械行业国际化、电动化进程不断推进，工程机械龙头企业有望量利齐升。 机床ETF（159663），紧密跟踪的中证机床指数，涵盖了我国制造业产业链中的关键一环 ...

Group 1 - The A-share market opened higher on January 23, with the Shanghai Composite Index rising by 0.18% and the ChiNext Index increasing by 0.16% [1] - The non-ferrous metals sector showed strong performance, with Hunan Silver rising over 6%, while oil and gas extraction and semiconductor sectors experienced the largest declines [1] Group 2 - Everbright Securities suggests that investors should maintain a steady approach before the Spring Festival, as the market is expected to cool down and enter a consolidation phase [1] - The firm recommends focusing on sectors such as electronics, power equipment, and non-ferrous metals, as well as themes like commercial aerospace [1] - Debon Securities notes that the market is currently driven by both policy catalysts and industrial trends, with sectors like commercial aerospace, AI computing power, and storage chips showing strong support [2] - As of January 21, over 587 listed companies have disclosed their 2025 performance forecasts, with more than half indicating positive net profit growth, which may attract more market attention [2] - Oriental Securities observes that the consensus on a continuing bull market is providing support at the market bottom, with a stable trading range since January 14 [3]

Market Overview - US stock market continues to rise, with Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Meta shares increased by 5.66%, marking the largest single-day gain since July 31 [1] - Tesla shares rose by 4.15%, while Microsoft and Amazon saw increases of at least 1.31% [1] Company Developments - Intel's Q1 guidance is disappointing, leading to a post-market drop of over 10% [2] - Nvidia completed a $5 billion investment in Intel in Q4 [2] - Tesla plans to sell humanoid robots to the public by the end of this year or next year [3] - OpenAI is quietly developing humanoid robots with a team of 100 in San Francisco [4] - Meta's Threads platform has surpassed 400 million monthly active users and is launching ads globally [5] Commodity Insights - Goldman Sachs raised its gold price target to $5,400, indicating that wealthy individuals are competing with central banks for limited physical reserves [6] - COMEX gold futures rose by 1.97%, while silver futures increased by 4.05%, both reaching historical highs [7] - US natural gas futures prices surged by 81% within three days, reaching the highest level since December 2022 [7] Regulatory and Policy Updates - The People's Bank of China (PBOC) Governor Pan Gongsheng stated there is still room for further interest rate cuts and reserve requirement ratio reductions this year [8] - The Ministry of Commerce and other departments encourage horizontal mergers and acquisitions in the pharmaceutical retail sector [12] - The State Council's Food Safety Office is drafting national standards for prepared dishes and will seek public opinions soon [12] Industry Trends - The semiconductor industry is seeing significant developments, with Alibaba's T-HEAD planning for an independent IPO [10] - The prepared food sector is undergoing a transformation, with a focus on quality and safety in the supply chain [11] - The retail pharmacy industry is expected to accelerate consolidation, with a projected decrease in the number of pharmacies by nearly 20,000 since Q4 2024 [13] Financial Projections - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year [17] - Shengmei Shanghai anticipates revenues between 6.68 billion and 6.88 billion yuan for 2025, reflecting a growth of 18.91% to 22.47% [18] - Runtu Co. forecasts a net profit of 600 million to 700 million yuan for 2025, representing a growth of 181.05% to 227.89% [18]

Group 1 - The core point of the article is that Chengda Pharmaceutical (301201.SZ) is currently experiencing a decline in stock price, with a closing price of 39.67 yuan and a drop of 4.16%, indicating that the stock is in a state of breaking its initial public offering (IPO) price [1] - Chengda Pharmaceutical was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on January 20, 2022, with an initial public offering of 24,174,035 shares at a price of 72.69 yuan per share [1] - On its first day of trading, the stock reached a peak price of 188.00 yuan, which remains the highest point since its listing [1] Group 2 - The total amount raised from the IPO was 1,757.21 million yuan, with a net amount of 1,621.45 million yuan after deducting issuance costs [1] - The actual net fundraising amount exceeded the originally planned amount by 1,108.17 million yuan, with the initial target set at 513.28 million yuan for projects including "pharmaceutical intermediates, raw materials, and R&D center expansion" as well as "supplementing working capital" [1] - The total issuance costs for the IPO were 135.76 million yuan, with underwriting fees amounting to 117.93 million yuan [2] Group 3 - The actual controllers of Chengda Pharmaceutical are Ge Jianli, Lu Gang, and Lu Jin, with Lu Jin being a Chinese national who holds permanent residency in Canada [3] - On July 3, 2023, the company announced its 2022 annual equity distribution plan, which involves a cash distribution of 3.00 yuan for every 10 shares and a capital reserve increase of 6.00 shares for every 10 shares [3] - The record date for the equity distribution was set for July 6, 2023, with the ex-dividend date on July 7, 2023 [3]

Core Viewpoint - The engineering machinery industry is expected to experience sustained growth in domestic sales and a significant recovery in non-excavator categories, driven by positive fiscal policies and ongoing internationalization and electrification trends [1][2][3]. Group 1: Domestic Sales Growth - In December 2025, domestic excavator sales continued to grow, with total excavator sales (including exports) reaching 23,095 units, a year-on-year increase of 19.2%, and domestic sales at 10,331 units, up 10.9% [1]. - For the entire year of 2025, total excavator sales (including exports) amounted to 235,257 units, reflecting a 17.0% year-on-year growth, while domestic sales reached 118,518 units, increasing by 17.9% [1]. - Non-excavator machinery categories showed a clear recovery trend, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% in December 2025 [1]. Group 2: Infrastructure Investment and Policy Support - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, which is expected to stimulate infrastructure investment and support downstream equipment demand [3]. - The meeting highlighted the need to optimize fiscal expenditure structures and enhance the management of local government special bond usage, which will further boost investment [3]. Group 3: Export Performance - In December 2025, excavator export sales reached 12,764 units, marking a 26.9% year-on-year increase, with total annual excavator exports at 116,739 units, up 16.1% [4]. - The export value of engineering machinery in December 2025 was $6.42 billion, a 27.2% increase year-on-year, while the total export value for the year was $60.17 billion, reflecting a 13.8% growth [4]. - The engineering machinery export market is expected to benefit from increased demand in Southeast Asia, Africa, and the Middle East, despite facing challenges such as U.S.-China tariff uncertainties [4]. Group 4: Electrification Trends - Electric loader sales in December 2025 reached 2,722 units, a significant year-on-year increase of 218.7%, with an electrification rate of 22.2%, up 13.2 percentage points [5]. - For the entire year of 2025, electric loader sales totaled 29,771 units, reflecting a 165.3% year-on-year growth, with an electrification rate of 23.2%, an increase of 12.9 percentage points [5]. - The industry is expected to accelerate its electrification process, which will enhance revenue and profit for major manufacturers [5]. Group 5: Major Projects Impact - The Yaxia Hydropower Project, with a total investment of approximately 1.2 trillion yuan, is anticipated to significantly boost demand for engineering machinery, with equipment demand potentially reaching 120 to 180 billion yuan [8]. - The project is expected to create a strong demand for large excavators, rock tunnel boring machines, cranes, and concrete machinery, further driving the engineering machinery industry [8]. Group 6: Investment Recommendations - Companies such as SANY Heavy Industry, XCMG, Zoomlion, Liugong, Shantui, and China Longgong are recommended for investment, along with component manufacturers like Hengli Hydraulic [9]. - The electrification and internationalization trends are expected to benefit traditional forklift manufacturers that have strong manufacturing and sales capabilities, with recommendations for Anhui Heli and Hangcha Group [9].