Core Viewpoint - The A-share annual report performance forecast season is unfolding with a notable difference from previous years, as companies with poor performance are disclosing their losses earlier than usual, alongside profit warnings from companies with better performance [1]. Group 1: Performance Forecast Trends - As of January 13, 2026, 105 listed companies have released their performance forecasts for 2025, accounting for 70.9% of recent disclosures, with 57 companies (54.29%) predicting losses [1]. - Traditionally, companies with good performance tend to report positive forecasts early, while those with poor performance delay their disclosures. However, this trend has been disrupted in January 2026, with loss announcements appearing simultaneously with profit increases [1][3]. Group 2: Industry Impact and Loss Distribution - The current wave of loss announcements is characterized by "uneven scale and industry concentration," with traditional cyclical industries being the hardest hit. The real estate sector has shown particularly poor performance, with all six companies that disclosed forecasts reporting losses [3]. - Among the 57 companies predicting losses, two are expected to lose over 10 billion, while others fall into various loss brackets, with the real estate giant Greenland Holdings projected to lose between 16 billion to 19 billion yuan, marking its third consecutive year of losses [3][4]. Group 3: Specific Company Forecasts - Yonghui Supermarket is expected to report a negative net profit for the fifth consecutive year, while the vaccine leader Zhifei Biological Products anticipates a loss of 10.698 billion to 13.726 billion yuan, representing a year-on-year decline of 630% to 780%, marking its first annual loss in 25 years [4]. - Other companies, such as Sanan Optoelectronics and Zhuosheng Micro, are also forecasting significant losses, with declines in their respective sectors [5]. Group 4: Profit Growth in Certain Sectors - In contrast to the loss announcements, companies in the resource and technology sectors are experiencing significant profit growth, driven by rising commodity prices and technological innovations. For instance, Zijin Mining expects a net profit of 51 to 52 billion yuan, a year-on-year increase of 59% to 62% [8]. - The technology sector is also seeing growth, with companies like Sanhua Intelligent Control projecting a profit increase of 25% to 50% due to advancements in their automotive parts business [8][9]. Group 5: Market Reactions and Future Outlook - Analysts suggest that the early disclosure of losses is a strategy to manage investor expectations and prevent market volatility during the concentrated reporting period. This reflects a regulatory focus on transparency and investor protection [14]. - Looking ahead to 2026, there is a positive sentiment among institutions regarding market recovery, with expectations of improved corporate earnings driven by macroeconomic recovery and increased investor confidence [15].

Core Viewpoint - The A-share annual report performance forecast season is witnessing an unusual trend where companies announcing losses are doing so simultaneously with those reporting gains, breaking the traditional pattern of early positive disclosures and delayed negative ones [1][2]. Group 1: Pre-Loss Companies - As of January 13, 2026, 105 companies have released performance forecasts for 2025, with 57 companies (54.29%) announcing losses, including 42 continuing losses and 15 first-time losses [1][3]. - The losses are concentrated in traditional cyclical industries, particularly real estate, where all six companies that disclosed forecasts reported losses, resulting in a 100% loss rate [3]. - Leading real estate company Greenland Holdings is projected to incur a net loss of 16 billion to 19 billion yuan for 2025, marking its third consecutive year of losses due to declining asset prices and insufficient market demand [3][4]. Group 2: Pre-Gain Companies - In contrast, companies reporting gains are primarily from resource and technology sectors, benefiting from rising commodity prices and technological innovations [8]. - The non-ferrous metals industry is a key driver of profit growth, with Zijin Mining expected to achieve a net profit of 51 billion to 52 billion yuan, a year-on-year increase of 59% to 62% [9]. - Technology firms like Sanhua Intelligent Control are also expected to see significant profit increases, with projected growth of 25% to 50% due to advancements in automotive components for new energy vehicles [9][10]. Group 3: Market Dynamics - The unusual disclosure pattern is attributed to increased regulatory pressure and a push for greater market transparency, encouraging companies to disclose negative information earlier to mitigate stock price volatility [14]. - Economic factors and industry cycles are contributing to a widening loss landscape, with demand falling short of expectations, particularly in traditional consumer sectors [14]. - Market sentiment is improving, with expectations for a recovery in corporate earnings in 2026, driven by increased investor confidence and capital inflows [15].

21财经1月13日电，A股年报业绩预告季，正以一种显著区别于往年的节奏拉开序幕。传统上，业绩向 好的公司往往更乐于率先"报喜"，而业绩不佳者则倾向于延迟披露。然而，本轮预告潮初期，预亏、续 亏公告却呈现密集"抢跑"态势，21快讯记者查询同花顺数据显示，截至2026年1月13日上午，当月已有 105家上市公司发布2025年度业绩预告，占近期披露总数的70.9%。其中，续亏公司42家、首亏公司15 家，合计57家预亏相关企业，占当月披露总数的54.29%.消费零售行业的永辉超市也于1月12日晚间披露 预亏公告，预计2025年度归母净利润为负值，将是公司连续第5年亏损。同行业的中央商场在续亏预告 中提及，亏损受行业周期波动、资产减值、门店暂停营业等因素影响。查看原文：预告季"画风突变"！ 亏损公告罕见"抢跑"，永辉超市陷5年连亏困局刚刚 ...

Economic News - The Ministry of Commerce stated that multiple rounds of consultations have been held between China and the EU to address the EU's case against Chinese electric vehicles, agreeing to provide general guidance on price commitments for Chinese exporters [1] - The U.S. has escalated sanctions against Iran, imposing a 25% tariff on any country conducting business with Iran [1] - The National Development and Reform Commission issued guidelines to strengthen government investment fund planning, focusing on supporting emerging industries such as new information technology and new energy [1] - The Ministry of Agriculture aims to increase soybean oil production capacity and self-sufficiency, promoting higher yields in grain and oil crops [1] - The U.S. Federal Reserve chair candidates are being interviewed, with Rick Rieder from BlackRock being a notable candidate [1] - Tianjin's housing authority has mandated that new home prices cannot fluctuate more than 10% from the registered price to prevent rapid price declines [1] - The official confirmation of the J-10CE fighter jet achieving combat success, marking a significant milestone for China's export aircraft [1] - The Ministry of Health and other departments released regulations on the management of deceased patients' services, emphasizing that medical institutions should not engage in funeral services [1] - The Ministry of Industry and Information Technology plans to enhance the role of enterprises in technological innovation and implement new policies to support high-quality development of specialized small and medium-sized enterprises [1] - The State Administration for Market Regulation released 160 national standard samples to improve product quality and promote technological advancement [1] Company Insights - WuXi AppTec expects to achieve a revenue of 45.456 billion yuan in 2025, a year-on-year increase of 15.84%, with a net profit of 19.151 billion yuan, up 102.65% [4] - Zhitex New Materials' stock has seen a continuous rise, with a 198.57% increase over six trading days, leading to a temporary suspension of trading [4] - Jinlongyu plans to invest approximately 1.2 billion yuan in a new solid-state battery production line in Shenzhen [4] - Yonghui Supermarket anticipates a negative net profit for 2025, indicating a potential operational loss [4] - Blue Arrow Electronics intends to acquire at least 51% of Chengdu Xinyi Technology Co., with a valuation not exceeding 675 million yuan [4] Industry Analysis - The securities industry is expected to see improved performance in 2026 due to supportive policies and accelerated consolidation, despite challenges from global geopolitical events and trade issues [5][6] - The average daily trading volume has increased since early 2025, indicating improved market activity and investor engagement [6] - Regulatory support for technology growth companies has led to increased IPO and financing activities, benefiting brokerage revenues [7] - The stability and sustainability of proprietary investments are crucial for brokerage performance, with a focus on balancing high returns and risk management [8] - The securities industry is likely to experience further consolidation, with notable mergers already occurring among major firms [10]

Core Viewpoint - Yonghui Supermarket (601933) announced a projected net loss for the fiscal year 2025, marking the fifth consecutive year of losses for the company, which has been implementing the "Fat Donglai" business model for approximately 20 months [1] Company Overview - Yonghui Supermarket Co., Ltd. was established in April 2001, with a registered capital of approximately 9.075 billion RMB. The company is involved in the retail and wholesale of agricultural products, seafood, grains, oils, food and beverages, and other related services [1] - The legal representative of the company is Zhang Xuansong, and its shareholders include Guangdong Jun Cai International Trade Co., Ltd., Zhang Xuansong, Zhang Xuanning, and Linzhi Tencent Technology Co., Ltd. [1] Business Operations - The company directly holds stakes in over 80 enterprises, with 65 of them currently operational, including Fujian Huato Bank Co., Ltd., Yonghui Cloud Creation Technology Co., Ltd., and Yonghui Colorful Food Development Co., Ltd. [1] - Yonghui has applied for multiple trademarks, including "Fat Yonghui" and "Fat Xiaohui," with several "Fat Yonghui" trademarks successfully registered [1]

消费日报-今朝新闻讯 1月13日，永辉超市（601933）公告，经公司财务部门初步测算，预计2025年度 归属于上市公司股东的净利润为负值，2025年度经营业绩将出现亏损。公司将严格遵循《上海证券交易 所股票上市规则》等相关规定，加快推进财务核算工作，尽快披露2025年度业绩预告。最终财务数据请 以公司正式披露的2025年年度报告为准。 来源：消费日报-今朝新闻 图片：北京丰台官方发布、永辉超市 ...

Core Viewpoint - Yonghui Supermarket Co., Ltd. is expected to report a negative net profit attributable to shareholders for the fiscal year 2025, indicating an anticipated operational loss [2] Financial Performance - For the first three quarters of 2025, Yonghui Supermarket achieved revenue of 42.434 billion yuan, a year-on-year decline of 22.21% [4] - The net profit attributable to shareholders was -710 million yuan, while the net profit excluding non-recurring items was -1.502 billion yuan [4] Legal Issues - As of December 6, 2025, Yonghui Supermarket reported new litigation and arbitration cases totaling 495 million yuan, which is 11.14% of the audited net assets for 2024 [4] - The majority of the disputes, over 90%, involve the company as a defendant, primarily related to lease contract disputes with real estate developers and supply disputes with vendors [4] Shareholding Changes - Yonghui Supermarket has significantly reduced its stake in Hongqi Chain, completing three reductions between April and October 2025 [4] - On December 22, 2025, it announced plans to further reduce its holdings by up to 13.6 million shares, leading to an 8.07% drop in Hongqi Chain's stock price the following day [4]

Core Viewpoint - Yonghui Supermarket has launched its 2026 New Year goods festival strategy at the SM Plaza store, which is significant as this store has achieved annual sales exceeding 400 million yuan and is considered the "store king" among Yonghui's over 300 remodeled stores [2][10]. Group 1: Store Features and Consumer Experience - The SM Plaza store has a complete property layout with an area of approximately 3,500-4,000 square meters, allowing for a compact display of various product categories, enhancing consumer navigation [3][9]. - The store features a high proportion of "3R" products (Ready to Cook, Ready to Heat, Ready to Eat), which account for 45% of top-selling items, and overall, food-related products make up over 60% of the offerings [3][6]. - The store emphasizes consumer experience with ample tasting services in the bakery, fruit, and prepared food sections, ensuring a positive shopping atmosphere [6][14]. Group 2: Product Offerings and Pricing Strategy - Yonghui offers a wide range of seafood products, from affordable options like live grass carp at 9.8 yuan per jin to high-end items like Boston lobsters priced at 399 yuan and king crabs at 998 yuan, ensuring a good price-quality ratio [6][8]. - The supermarket has partnered with major brands like Yili and Mengniu to provide high-quality, cost-effective products, such as yogurt at 9.9 yuan per kg and premium milk at 4.0 yuan [8][12]. - The New Year goods festival will feature a core offering of "30 million-level quality explosive products" and "120 major New Year items" to cater to various consumer segments [8][10]. Group 3: Strategic Focus and Employee Engagement - The launch of the New Year goods festival marks Yonghui's entry into a new phase of self-operation focused on "product strength + scene strength," aiming to enhance consumer experience through systematic integration of product upgrades and service improvements [8][10]. - The SM Plaza store has implemented a profit-sharing model for employees, distributing over 3 million yuan in bonuses, and has trained nearly 100 certified skilled workers to enhance service quality [14][12]. - Yonghui's strategy emphasizes creating a rich "eating and drinking scene," which requires more employee involvement and skill enhancement, moving away from merely reducing operational complexity [14][12].

Group 1 - US stock market showed slight gains with the Dow Jones up 0.17%, Nasdaq up 0.26%, and S&P 500 up 0.16%, with both Dow and S&P reaching new closing highs [3] - Major tech stocks had mixed performance, with Oracle up 3.1%, Google up 1.1%, and Tesla up 0.9%, while Meta and Intel saw declines of 1.7% and 3.1% respectively [3] - Financial sector declined over 1%, led by a drop in major banks following President Trump's announcement of a 10% cap on credit card interest rates starting January 20 [3] Group 2 - Precious metal prices surged due to risk aversion, with COMEX gold futures rising 2.54% to $4604.30 per ounce and silver futures up 7.26% to $84.61 per ounce [4] - Industrial metals also saw a rebound, with copper prices returning to $6 per pound and other metals like aluminum and nickel increasing by over 1% [4] Group 3 - Guizhou Moutai has set contract prices for some products for 2026, with significant price reductions for various types of Moutai liquor, including a drop from 2969 yuan to 1859 yuan per bottle for premium Moutai [8] - The company is adjusting its pricing strategy in response to market conditions, which may impact its revenue and profitability [8] Group 4 - The commercial aerospace sector remains active, with multiple stocks experiencing significant movements, although some companies clarified they are not involved in commercial aerospace [9] - Companies like North Navigation and Aerospace Changfeng have issued announcements regarding their business layouts in response to market interest [9] Group 5 - The market liquidity is currently abundant, and thematic trading is expected to continue, indicating a positive outlook for certain sectors [11] - Analysts suggest that the cross-year market trend may continue, although there is an increased risk of short-term technical corrections [10]

Group 1 - The Trump administration's pressure on the Federal Reserve to lower interest rates raises concerns about the central bank's independence, potentially leading to higher long-term interest rates and borrowing costs [1] - Ctrip's mass sending of "layoff notices" to employees was clarified as a system testing error, not an actual layoff, following strong performance in revenue and net profit growth [1] - Planet Labs achieved a historic high in stock price after signing a multi-year contract worth "low nine figures" with the Swedish Armed Forces, highlighting the value of its satellite data services in defense and intelligence [1] Group 2 - The Adriatic oil pipeline will resume oil supply to Serbia's Pančevo refinery after a nearly 100-day interruption, with the first batch of approximately 85,000 tons expected to arrive soon [2] - Many regions in China are increasing the upper limit for farmers' pension contributions, but this alone will not resolve the low pension issue, which requires coordinated efforts from personal income and fiscal subsidies [3] - Surgical robot company Precision Medicine saw a stock price increase of over 30% on its first day of trading on the Hong Kong Stock Exchange, despite facing challenges such as ongoing losses and high R&D costs [3] Group 3 - Yonghui Supermarket expects a net profit loss for 2025, accumulating over 8 billion yuan in losses over three years due to intense industry competition and costs from store adjustments [4] - The Chinese restaurant and bar brand "Huan Shi" is facing negative same-store sales growth and has declared an 80 million yuan special dividend before its IPO, despite a significant reduction in cash reserves [5] - Kweichow Moutai has reduced the ex-factory prices of several core products, with the highest drop being 1,990 yuan, aiming to expand consumer base and transition products from luxury to high-frequency consumption [5] Group 4 - Reliance Industries in India has suspended its local lithium-ion battery cell manufacturing plan due to the lack of technical support from Chinese battery companies, highlighting challenges in building a self-sufficient clean energy supply chain [6]