Major Events - Hualing Cable announced the termination of the acquisition of control over Xingxin Aerospace due to failure to reach consensus on specific agreement terms, stating that this decision will not adversely affect its operations or financial status [1] - Xianglu Tungsten Industry expects a net profit of 125 million to 180 million yuan for 2025, driven by continuous price increases in tungsten raw materials and improved market conditions [1] Company Announcements - Zhongwei Semiconductor is set to launch its first non-volatile memory chip, a low-power SPI NOR Flash with a capacity of 4M bits, filling a product gap in the Flash sector [2] - Nanshan Aluminum plans to invest approximately 437 million USD in a 250,000-ton electrolytic aluminum project in Indonesia [4] - Xinfengming intends to acquire a 35% stake in Dushan Port Development to enhance its supply chain capabilities [5] - Jiangxi Copper signed a cooperation framework agreement with China Ordnance Material Group for the purchase and sale of copper and nickel products [6] Performance Forecasts - Wan Tong Development expects a net loss of 500 million to 750 million yuan for 2025, attributed to strategic shifts and increased impairment losses [12] - Hunan YN anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, driven by growth in lithium battery materials [13] - Tianjian Technology forecasts a net loss of 176 million to 250 million yuan for 2025, with potential delisting risk due to financial performance [14] - Leading companies like Guotou Securities and Xiangcai Securities project significant profit growth for 2025, with Guotou expecting 3.42 billion yuan, a 35.18% increase [27][28] Industry Trends - The tungsten market is experiencing improved supply-demand dynamics, benefiting companies like Xianglu Tungsten [1] - The photovoltaic industry continues to face challenges, with companies like Trina Solar projecting substantial losses due to market pressures [19] - The aluminum sector is seeing investment growth, particularly in overseas projects, as indicated by Nanshan Aluminum's plans [4] Stock Movements - Hualing Cable's stock will not be adversely affected by the termination of the acquisition [1] - Companies like Hunan YN and Guotou Securities are expected to see positive stock performance due to favorable profit forecasts [13][27]

中利集团（002309）(002309.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损3500 万元至6000万元，扣除非经常性损益后的净亏损2.4亿元至3.5亿元。 ...

Group 1 - The company, Zhongli Group (002309.SZ), has disclosed its performance forecast for the year 2025, expecting a net loss attributable to shareholders of between 35 million and 60 million yuan [1] - The net loss after deducting non-recurring gains and losses is projected to be between 240 million and 350 million yuan [1]

整体来看，2025年光伏行业产业链各环节竞争依然激烈，市场需求增长乏力，国际贸易保护政策加剧。 面对外部环境的挑战，中利集团积极提升运营管理水平、采取降本提质行动、剥离低效无效资产、改善 资产质量，持续推动产品与技术迭代创新，并进一步优化全球业务布局，不断增强自身抵御风险的能力 与经营韧性。 （文章来源：证券日报） 本报讯 （记者陈红）1月19日晚间，江苏中利集团股份有限公司（以下简称"中利集团"）发布了一份凸 显经营韧性的2025年度业绩预告。公告显示，预计2025年度公司实现归属于上市公司股东的净利润 为-0.6亿元至-0.35亿元，与上年同期相比，预计减亏11.1亿元至11.4亿元，此次业绩亏损大幅收窄，标 志着中利集团主营业务盈利能力正稳步回升。 记者注意到，此前中利集团披露的第三季度报告显示，公司前三季度归属于上市公司股东的净利润 为-1.4亿元，这意味着公司第四季度延续了年内经营向好的趋势。 ...

Group 1 - The company, Zhongli Group, forecasts a net profit attributable to shareholders of -60 million to -35 million yuan for 2025, compared to -1,174.1261 million yuan in the same period last year [1] - The basic earnings per share are expected to be between -0.02 and -0.013 yuan [1] - The main reasons for the performance change include intensified competition in the photovoltaic industry, weak market demand, and the impact of international trade protection policies, which have limited the company's market expansion and profitability [1] Group 2 - Despite the losses, the company has significantly reduced its losses year-on-year by improving operational management, implementing cost reduction and quality enhancement actions, divesting inefficient assets, and improving asset quality [1]

Core Viewpoint - The company, Zhongli Group, anticipates a net profit loss attributable to shareholders ranging from 35 million to 60 million yuan for 2025, indicating a significant reduction in losses compared to the previous year's loss of 1.174 billion yuan [1] Group 1: Financial Performance - The expected loss for 2025 represents a year-on-year improvement, as the company aims to reduce its losses significantly from the previous year's figures [1] - The company reported a loss of 1.174 billion yuan in the same period last year, highlighting the scale of the improvement in financial performance [1] Group 2: Industry Challenges - The photovoltaic industry is facing intensified competition, weak effective demand in the market, and the impact of international trade protection policies, which have constrained the company's market expansion and profitability [1] - These industry challenges have contributed to the overall performance decline of the company [1] Group 3: Strategic Measures - The company is implementing measures to enhance operational management, reduce costs, improve quality, and divest inefficient assets to mitigate losses [1] - These strategic actions are aimed at achieving a substantial reduction in losses compared to the previous year [1]

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025, with a projected net profit attributable to shareholders ranging from -60 million to -35 million yuan, compared to a loss of 1.174 billion yuan in the same period last year [1] Financial Performance - The net profit excluding non-recurring gains and losses is anticipated to be between -350 million and -240 million yuan, down from a loss of 2.252 billion yuan in the previous year [1] Industry Context - The photovoltaic industry is experiencing intensified competition, leading to weak effective market demand [1] - International trade protection policies are impacting the company's ability to expand its photovoltaic business and profitability [1]

Financial Projections - The company expects a net profit in the range of -60 million to -35 million CNY for the fiscal year 2025, compared to -35 million CNY in the same period last year[5]. - The net profit attributable to shareholders is projected to be -60 million CNY, a significant increase in loss compared to -117.41 million CNY from the previous year[5]. - The net profit after deducting non-recurring gains and losses is expected to be between -350 million and -240 million CNY, compared to -225.18 million CNY in the previous year[5]. - Basic earnings per share are projected to be -0.02 CNY, compared to -0.013 CNY in the same period last year[5]. Operational Challenges - The company attributes the expected losses to intensified competition in the photovoltaic industry and weak market demand, compounded by international trade protection policies[7]. - The company has implemented measures to improve operational management, reduce costs, and divest inefficient assets to mitigate losses[7]. Financial Reporting - The financial data presented is preliminary and has not yet been audited by the accounting firm, with final figures to be confirmed in the 2025 annual audit report[8].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - During the 14th Five-Year Plan, the State Grid Corporation of China is expected to invest 4 trillion yuan, a 40% increase compared to the previous plan, to drive high-quality development of the new power system supply chain [39][43] - The report highlights the focus on green transformation and the establishment of a new energy system, aiming for a 25% share of non-fossil energy consumption and 35% of electricity in final energy consumption by 2025 [39][43] - The electric equipment sector has shown strong performance, with the wind power equipment sector rising by 17.61% and the grid equipment sector by 11.91% in the last two weeks [16][17] Summary by Sections Market Review - As of January 15, 2026, the electric equipment industry has increased by 5.06%, outperforming the CSI 300 index by 2.43 percentage points, ranking 12th among 31 industries [11] - The wind power equipment sector has seen a significant increase of 17.61%, while the battery sector has only increased by 0.96% [16][17] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.83 times, with sub-sectors like electric motors at 61.47 times and photovoltaic equipment at 31.57 times [23][24] - The report provides a detailed valuation comparison, indicating that the current valuation is above the one-year average for most sub-sectors [24] Industry News - The report discusses the expected investment by the State Grid Corporation and its implications for the electric equipment industry, emphasizing the importance of technological advancements and leading companies in the sector [39][43] - It also mentions the ongoing trends in the photovoltaic market, including price stability and the cautious outlook from upstream and downstream companies [39] Company Announcements - The report includes various company announcements, such as share reductions by major stakeholders and financial forecasts indicating potential losses for some companies [42]

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].