Core Insights - The report highlights the investment potential of MTR Corporation (0066.HK), emphasizing its "Rail + Property" model which is expected to drive growth in line with the recovery of the Hong Kong economy [4][11] - The projected net profits for MTR Corporation from 2025 to 2027 are estimated at HKD 162.03 billion, HKD 201.66 billion, and HKD 101.38 billion respectively, with corresponding P/E ratios of 12x, 9x, and 19x [4][11] - The report assigns a target price of HKD 35.55 per share for MTR Corporation, indicating a potential upside of 19% from the current market value, and recommends an "Outperform" rating [4][11] Company Overview - MTR Corporation has evolved into the core operator of Hong Kong's rail transit since its establishment in 1975, with significant expansions including the merger with Kowloon-Canton Railway Corporation in 2007 and acquiring franchises in cities like Beijing and Hangzhou [11] - The Hong Kong government, represented by the Financial Secretary, holds a 74.45% stake in MTR Corporation, with the remainder owned by public and institutional investors [11] Business Model and Market Position - The "Rail + Property" development strategy allows MTR Corporation to finance railway projects through the development of land along railway lines, which is crucial given the high costs and long payback periods associated with railway construction [11] - The recovery of the Hong Kong real estate market is expected to enhance MTR's long-term property development prospects, with significant revenue recognition anticipated in 2025 and 2026 [11] - MTR's core operations in Hong Kong are supported by a fare adjustment mechanism, and the business is expected to benefit from a gradual recovery in passenger traffic [11] Dividend Policy and Valuation - MTR Corporation has adopted a progressive dividend policy, with dividends per share increasing from HKD 1.06 in 2015 to HKD 1.31 in 2024, and is expected to maintain this level in the coming years [11] - The overall enterprise value of MTR Corporation is estimated at HKD 2,766 billion, with a 20% discount applied due to its diversified operations, leading to a calculated equity value of HKD 2,213 billion [4][11]

●招商局能源运输股份有限公司（以下简称"公司"）预计2025年度实现归属于上市公司股东的净利润为 人民币600,000~660,000万元，与上年同期相比，预计增加89,300-149,300万元，同比增加17%~29%。 2025年四季度实现归属于上市公司股东的净利润与上年同期相比，预计增加96,200-156,200万元，预计 增加55% ~90%。 ●预计公司2025年度实现归属于上市公司股东的扣除非经常性损益的净利润为人民币500,500~560,500万 元，与上年同期相比，预计增加-1,000 ~59,000万元，同比增加-0.2% ~12%。2025年四季度实现归属于 上市公司股东的扣除非经常性损益的净利润与上年同期相比，预计增加37,700~97,700万元，增加22% ~57%。 一、本期业绩预告情况 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。 重要内容提示： （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、公司预计2025年度实现归属于上市公司股东的净利润为人民 ...

航运板块 2026 年度策略：油散共振弹性可期，重点推荐 油轮板块 20260108 摘要 游轮需求端强劲，原油价格下行激发补库需求，预计 2026 年运价保持 高位。老船占比大，或大规模出清，制裁冲突可能短期推高运价。 几内亚西芒杜铁矿投产和铝土矿出口增长有望拉长干散货运距，俄乌、 巴以冲突后重建或提升干散货需求。关注海通发展、招商轮船。 集装箱航运需求受欧美需求不振和中美贸易摩擦影响，增量依赖东南亚 新兴市场。供给端持续宽松压制运价，警惕红海复航释放运力。 2025 年集装箱航运市场供需关系转松，运价显著回落。1-11 月 CCFI、SEFI 终值同比下跌 22%、36%。关注东南亚市场潜力，警惕红 海通航风险。 2025 年干散货市场受气候因素影响波动，运价中枢约为 2000 点。关 注几内亚铁矿发运，其运输距离远超澳大利亚，将显著增加运输需求。 干散货供给端无宽松预期，在手订单量低，老船占比高，新增供给困难。 预计 2026 年干散货市场首次进入供需平衡状态。 招商轮船主营超大型游轮 VLOC 及超大型矿砂船 VLOC，有望受益于油 散共振大周期。锦江航运向东南亚扩张，抢占区域先机。 Q&A 2026 ...

招商轮船（601872）1月8日发布2025年业绩预增公告，预计实现净利润为60.00亿元~66.00亿元，净利 润同比增长17.00%~29.00%。 证券时报·数据宝统计显示，招商轮船今日收于9.60元，上涨6.55%，日换手率为1.98%，成交额为15.40 亿元，近5日上涨6.90%。 资金面上，该股今日主力资金净流出1.27亿元，近5日资金净流出2.83亿元。最新（1月7日）两融余额 13.29亿元，其中，融资余额13.26亿元，环比前一交易日增长2.73%，近5日融资余额累计增长2.52%。 （数据宝） （文章来源：证券时报网） ...

（文章来源：证券日报） 证券日报网讯 1月8日，招商轮船发布公告称，公司预计2025年度实现归属于上市公司股东的净利润为 人民币600，000万元—660，000万元，与上年同期相比，预计增加89，300万元—149，300万元，同比 增加17%—29%。 ...

艾比森：预计2025年净利润同比增长105.32%至148.09% 艾比森公告称，预计2025年度净利润为2.4亿元至2.9亿元，同比增长105.32%至148.09%。报告期内，公司实现营业收入约为41.56亿元，同比增长13.46%。 每经记者｜陈晴 每经编辑｜金冥羽 黄博文 并购重组 北方长龙：拟支付现金购买顺义科技51.00%股份 北方长龙公告称，公司拟以支付现金方式购买沈阳顺义科技股份有限公司（简称"顺义科技"）51.00%股份。本次交易尚处于筹划阶段，公司与顺义科技股 东签署的《支付现金购买资产意向协议》仅为意向性协议，具体的交易方式及交易条款尚需交易各方进一步协商和论证。 业绩披露 恒宇信通：控股股东、实际控制人的一致行动人淄博恒宇拟减持不超3%股份 恒宇信通公告称，公司控股股东、实际控制人的一致行动人淄博恒宇同德信息咨询合伙企业（有限合伙）（简称"淄博恒宇"）持有418.05万股，占公司总 股本的6.97%，拟减持股份不超180万股，占公司总股本的3%。股份来源为公司首次公开发行前取得，减持原因为淄博恒宇各合伙人资金需求。 来伊份：控股股东拟减持不超过3%公司股份 来伊份公告称，公司控股股东上 ...

Group 1 - Jinli Permanent Magnet expects a net profit of 660 million to 760 million yuan for 2025, representing a year-on-year growth of 127% to 161% [1] - Wens Foodstuffs anticipates a net profit of 5 billion to 5.5 billion yuan for 2025, a decrease of 40.73% to 46.12% compared to the previous year [2] - New Open Source plans to repurchase shares worth 40 million to 50 million yuan, with a maximum repurchase price of 25.77 yuan per share [3] Group 2 - Fosun Pharma's subsidiary has had a drug registration application accepted for a new drug targeting ALK-positive non-small cell lung cancer [4] - Leike Film reported a net profit of -86 million yuan for the first three quarters of 2025, indicating a potential annual loss [5] - Crown Stone Technology's application for a specific issuance of A-shares has been accepted by the Shanghai Stock Exchange [6] Group 3 - Dongxin Technology has completed the business registration change for its subsidiary, Lishuan Technology, and has invested 211 million yuan in it [7] - Tianci Materials has increased its commodity futures hedging business limit from 150 million to 300 million yuan [8] - Gaode Infrared's actual controller has reduced his shareholding by 0.54%, bringing his stake down to 62.95% [9] Group 4 - Tianyong Intelligent expects a net profit of 10 million to 15 million yuan for 2025, marking a turnaround from losses [10][11] - China Merchants Energy anticipates a net profit of 6 billion to 6.6 billion yuan for 2025, an increase of 17% to 29% year-on-year [18] - Guangdong Electric Power A's Huizhou Power Plant's Unit 5 has been put into commercial operation, with an investment of 8.05 billion yuan [19] Group 5 - Jianghuai Automobile reported a 42.24% year-on-year increase in sales volume for December 2025 [25] - China Pharmaceutical's subsidiary has received a drug registration certificate for a new medication [26] - TianNeng Co. plans to use up to 12 billion yuan of its own funds for entrusted wealth management [27] Group 6 - Luoyang Huizhong reported a 10.55% month-on-month decrease in sales revenue from live pigs for December 2025 [28] - Baolidi expects a net profit of 145 million to 152 million yuan for 2025, a year-on-year increase of 27.17% to 33.30% [30] - Changchun High-tech's subsidiary has had a melatonin granule registration application accepted [31] Group 7 - Zhongmin Energy reported a 4.46% year-on-year decrease in cumulative on-grid electricity for 2025 [32] - Huaxin Electronics reported a 7.79% year-on-year decrease in consolidated operating revenue for December 2025 [35] - Xiamen Airport reported a 2.79% year-on-year increase in passenger throughput for December 2025 [36] Group 8 - Baiyun Airport reported a 12.27% year-on-year increase in passenger throughput for December 2025 [37] - Pulaike has received a new veterinary drug registration certificate for a chewable tablet [38] - Yunnan Energy Holdings' subsidiary has reduced its stake to 84% after a capital increase [39] Group 9 - Gansu Energy Chemical's new thermal power project has successfully completed trial operation [41] - Zhenghong Technology reported a significant decrease in sales revenue from live pigs for December 2025 [42] - Huasheng Lithium Battery is planning to issue H-shares for listing on the Hong Kong Stock Exchange [43] Group 10 - Jincheng Mining has signed a mining production contract with an estimated total price of approximately 510 million yuan [44] - Microchip Biotech has received approval for clinical trials of a new drug for pancreatic cancer [45] - Yahon Pharmaceutical has completed the first patient enrollment for a Phase I clinical trial of its drug [46]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2025 to be between RMB 600,000 to 660,000 million, an increase of RMB 89,300 to 149,300 million, representing a year-on-year growth of 17% to 29%[3]. - For Q4 2025, the expected net profit attributable to shareholders is projected to increase by RMB 96,200 to 156,200 million, reflecting a growth of 55% to 90% compared to the same period last year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is anticipated to be between RMB 500,500 to 560,500 million, with a potential increase of RMB -1,000 to 59,000 million, indicating a year-on-year change of -0.2% to 12%[3]. - In Q4 2025, the net profit after deducting non-recurring gains and losses is expected to rise by RMB 37,700 to 97,700 million, which corresponds to a growth of 22% to 57% compared to the same quarter last year[4]. - The total profit for the previous year was RMB 595,234 million, with a net profit attributable to shareholders of RMB 510,745 million[5]. - The company reported earnings per share of RMB 0.63 for the previous year[6]. Growth Drivers - The primary reason for the expected growth in 2025 is the oil tanker fleet capitalizing on market recovery, with an anticipated increase in operating profit of 200% to 230% in Q4[7]. - The company expects significant growth in non-recurring gains during the reporting period, driven by factors such as the disposal of old vessels and gains from the acquisition of Antong shares[8]. - The dry bulk and ro-ro fleets are projected to experience a temporary decline in operating profits during the reporting period[9]. Forecast Validity - The performance forecast has not been audited by registered accountants, and the company emphasizes that there are no significant uncertainties affecting the accuracy of this forecast[10].

Core Viewpoint - The A-share market experienced fluctuations with the Shanghai Composite Index slightly down by 0.07%, marking a 15-day consecutive rise, driven by geopolitical conflicts that boosted the oil and gas sector [1] Group 1: Market Performance - The oil and gas ETF Huatai (159309) rose over 1.6% with a net inflow of 1.17 million yuan, continuing its two-day capital attraction [1] - The performance of the underlying index components of the oil and gas ETF was mixed, with International Industry, Xue Ren Group, and Huibo Po hitting the daily limit, while China Petroleum and China Oil & Gas saw declines of over 1% [3] Group 2: Geopolitical Impact - Recent geopolitical tensions have led to a reassessment of Venezuela's role in global oil supply, with potential long-term implications for oil prices [6] - The expected recovery of Venezuelan oil production faces challenges such as aging oil fields, weak infrastructure, high costs, and political instability, making a return to historical production levels difficult [6] Group 3: Industry Outlook - The oil sector is experiencing a gradual recovery, with high dividend characteristics highlighted by Changjiang Securities, indicating a positive outlook for leading companies in the midstream and upstream sectors [7] - The sector's cash flow stability and high dividend yield are expected to attract renewed valuation, especially with the backdrop of economic recovery and potential interest rate cuts [7] Group 4: Investment Opportunities - The oil and gas ETF Huatai (159309) focuses on the upstream and downstream of the oil and gas industry, presenting significant long-term investment value amid external uncertainties [8]

Core Viewpoint - The company, China Merchants Energy Shipping Company (招商轮船), expects a significant increase in net profit for the fiscal year 2025, driven by market recovery and non-recurring gains [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between RMB 600 million and RMB 660 million for 2025, representing a year-on-year growth of 17% to 29% [1] - For the fourth quarter of 2025, the expected net profit attributable to shareholders is projected to increase by RMB 962 million to RMB 1,562 million, with a growth rate of 55% to 90% compared to the same period last year [1] - The net profit excluding non-recurring gains is expected to be between RMB 505 million and RMB 565 million, showing a slight decline of 0.2% to an increase of 12% year-on-year [1] - In the fourth quarter, the net profit excluding non-recurring gains is projected to rise by RMB 377 million to RMB 977 million, with an increase of 22% to 57% year-on-year [1] Growth Drivers - The anticipated growth in 2025 is primarily attributed to the oil tanker fleet capitalizing on market recovery, with expected operating profit growth of 200% to 230% in the fourth quarter [1] - The company expects a substantial increase in non-recurring gains during the reporting period, driven by factors such as the disposal of old vessels yielding good returns and the acquisition of Antong Holdings shares, which will start being accounted for using the equity method in the fourth quarter [1] - The dry bulk and ro-ro (roll-on/roll-off) fleets are expected to experience a temporary decline in operating profits during the reporting period [1]