【热点】 飞沃科技：公司近日完成收购新杉宇航60%股权；公司在商业航天领域的业务目前处于初始阶段。 【增减持】 中材科技：2025年净利润同比预增73.79%—118.64%。 惠而浦：2025年归母净利润同比预增150%左右。 长江电力：2025年公司境内所属六座梯级电站总发电量同比增长3.82%。 桂冠电力：2025年累计完成发电量同比增长26.68%。 宇通客车：2025年累计销售量同比增长5.54%。 涛涛车业：2025年净利同比预增85.5%—97.1%。 南兴股份：预计2025年净利9000万元—1.2亿元，同比扭亏。 汉马科技：2025年累计货车（含非完整车辆）销量同比增长58.45%。 赤峰黄金：2025年净利润同比预增约70%到81%。 绿联科技：2025年净利同比预增41.26%—58.56%。 牧原股份：2025年12月商品猪销售收入96.67亿元，同比下降36.06%。 宁波港：2025年预计累计完成集装箱吞吐量同比增长11.2%。 华友钴业：2025年净利润同比预增40.8%—55.24%。 赛力斯：2025年新能源汽车销量同比增长10.63%。 鼎泰高科：2025年净利润同比预增8 ...

重要的消息有哪些 1月6日（周二）申购提示 新股方面，至信股份申购代码732352，发行价21.88元/股，申购上限1.8万股。科马材料申购代码 920086，发行价11.66元/股，申购上限94.14万股。 投资有风险，申购需谨慎。 1．1月5日，中国证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。会议指出，党中 央国务院高度重视资本市场稳定健康发展，要充分认识财务造假背后的利益驱动和长期性复杂性，进一 步坚定信心，强化监管合力，继续共同扛起打击和防范资本市场财务造假的政治责任。证监会将继续主 动积极会同各部门以更实的举措持续增强综合惩防效率效果，不断推动提升上市公司质量和投资价值， 有效保护投资者合法权益，全力护航资本市场高质量发展，为中国式现代化贡献力量。 2．央行发布2025年12月中央银行各项工具流动性投放情况，2025年12月，央行通过中期借贷便利 （MLF）净投放1000亿元。 3．1月5日，商务部等9部门联合印发了《关于实施绿色消费推进行动的通知》，从丰富绿色产品供给、 提升绿色服务消费、创新绿色消费模式、推动绿色循环回收、优化绿色消费环境、夯实绿色消费基础、 加大政策支持力度等方 ...

Group 1 - Fulin Precision's subsidiary plans to invest 6 billion yuan to build a high-end lithium iron phosphate project with an annual production capacity of 500,000 tons [11] - Feiwo Technology has completed the acquisition of 60% of Xinsai Aerospace, focusing on metal 3D printing services for commercial aerospace [2] - Zhongcai Technology expects a net profit increase of 73.79% to 118.64% in 2025 [30] Group 2 - Hengrui Medicine has received approval for clinical trials of HRS9531 injection in combination with HRS-5817 injection for treating obesity [2] - Deyun Co. announced that its actual controller has been arrested for illegal public deposit collection, but the company's operations remain normal [3] - Hengshi Technology's control is set to change as it enters a strategic cooperation agreement with New Base Information Technology Group [4] Group 3 - Zhejiang Mining plans to acquire 100% of Alaigyr Company, which holds core assets in lead-silver mines [5][6] - Guizhou Tire intends to invest in a project in Morocco to produce 6 million semi-steel radial tires annually, with a total investment of 299 million USD [7] - Dongfang Zircon plans to invest in a project to produce 10,000 tons of high-purity composite zircon oxide for new energy batteries [8] Group 4 - Xingsheng Group has received a project designation notice from a North American electric vehicle manufacturer, with a total sales amount of approximately 7.8 billion yuan [18] - Jin Di Co. plans to acquire a 3.36% stake in Baoshilai New Materials Technology for 21.6 million yuan [10] - Huayi Technology has signed a strategic cooperation agreement with Fujian Fuyou University to enhance research and development in alloy materials [6] Group 5 - Juxing Technology expects a net profit increase of 5% to 20% in 2025 [23] - Huayou Cobalt anticipates a net profit increase of 40.8% to 55.24% in 2025 [24] - Chifeng Gold expects a net profit increase of approximately 70% to 81% in 2025 [25]

证券研究报告 从宏微观维度观测市场节奏 春潮涌动，万木争春 证券分析师 ：芦哲 执业证书编号：S0600524110003 联系邮箱：luzhe@dwzq.com.cn 证券分析师 ：唐遥衎 执业证书编号：S0600524120016 联系邮箱：tangyk@dwzq.com.cn 2026年1月5日 请务必阅读正文之后的免责声明部分 ✓ 2026年1月市场行情展望 ✓ 基金配置建议： 风险提示：发生预期外重大宏观事件；宏观数据不及预期；市场环境变化时，模型存在失效风险。 2 摘要 ✓ 观点：1月宏微观模型结果，呈现开门红评分 ➢ 1月整体走势判断：2026年1月，宏观择时模型的月度评分是0分，历史上该分数万得全A指数全月上涨概率为76.92%，平均涨幅为 3.18%。叠加日历效应中春季躁动的提前启动，我们对后续1月A股权益整体走势持非常乐观的观点。如果后续出现调整，温和调整的 概率偏高，不必过于担忧。结构上依旧推荐关注我们报告中的ETF组合。 ➢ 2025年最后一周大盘指数的日均成交量突破两万亿元，说明交易情绪逐步回暖。ETF资金流向中，本周机器人、工业有色、卫星通信 等方向的ETF净流入金额排名靠前，可以 ...

Group 1 - Whirlpool expects a net profit of approximately 505 million yuan for 2025, representing a year-on-year increase of about 150% due to increased orders and revenue growth in its main business [1] - Xusheng Group received a notification from a North American electric vehicle manufacturer for a project with an estimated total sales amount of about 7.8 billion yuan over an 8-year lifecycle, starting mass production by the end of 2026 [1] - Nanjing Xingsheng anticipates a net profit of 90 million to 120 million yuan for 2025, a significant recovery from a loss of 175 million yuan in the previous year, driven by growth in its IDC business [2] Group 2 - Tianchen Medical signed a strategic cooperation agreement with Inspur Digital Technology to promote innovation in medical robotics and smart manufacturing [3] - ST Renfu's HW221043 tablet for late-stage solid tumor treatment has received clinical trial approval, with no similar drugs approved in the domestic and international markets [3] - Defu Technology's subsidiary signed a cooperation letter with a leading domestic CCL company to supply high-end electronic circuit copper foil products, expected to positively impact the company's performance in 2026 [4] Group 3 - Chifeng Gold forecasts a net profit of 3 billion to 3.2 billion yuan for 2025, an increase of approximately 70% to 81%, driven by a 49% rise in the sales price of its gold products [5] - Quartz Holdings' subsidiary was fined 2.7 million yuan for violating trade secrets, but the company does not expect significant adverse effects on its profits [6] - Postal Savings Bank plans to distribute a total cash dividend of 14.772 billion yuan for the first half of 2025, with a record date of January 9, 2026 [6] Group 4 - Fulmin Precision plans to invest a total of 87 billion yuan in three lithium iron phosphate projects, including a 500,000-ton high-end energy storage project [7] - Changjiang Electric Power expects a 3.82% increase in power generation for 2025 [8] - Taotao Vehicle anticipates a net profit increase of 85.50% to 97.10% for 2025 [8]

(本文来自第一财经) 山东章鼓：2025年净利同比预增0.65%—11.83% 巨星科技：2025年净利同比预增5%—20% 大连重工：2025年净利同比预增11.97%—23.92% 立中集团：2025年净利同比预增17.38%—23.04% 华友钴业：2025年净利同比预增40.8%—55.24% 赤峰黄金：2025年净利同比预增70%—81% 中材科技：2025年净利同比预增74%—119% 鼎泰高科：2025年净利同比预增80.72%—102.76% ...

Suspension and Resumption - ChuanYin High-Tech: The stock is suspended as the offer period for the acquisition by China Seed Group has expired [1] Private Placement - Weigao Blood Purification: Plans to issue shares to acquire 100% equity of Weigao Purui at a transaction price of 8.511 billion yuan [2] - Haopeng Technology: Plans to raise no more than 800 million yuan through a private placement for energy storage battery construction projects and steel shell stacked lithium battery projects [2] Equity Transfer and Increase - Tengya Precision: The controlling shareholder intends to transfer 5.7% of shares at a price of 14.47 yuan per share [3] - JinFang Energy: Yang Jianxun and his concerted parties plan to transfer a total of 10.46% of shares [4] - Hengyi Petrochemical: The controlling shareholder and concerted parties adjusted the share buyback price range from no more than 10 yuan per share to no more than 15 yuan per share [4] Daily Operations and External Investments - Fulian Precision: A subsidiary plans to invest a total of 8.7 billion yuan to build a project with an annual production capacity of 500,000 tons of high-end lithium iron phosphate for energy storage [5] - Defu Technology: A wholly-owned subsidiary signed a cooperation intention agreement with a well-known domestic CCL enterprise to supply high-end electronic circuit copper foil products [5] - Tianchen Medical: Signed a strategic cooperation agreement with Inspur Digital Technology (Shanghai) to jointly invest in R&D resources for medical robots [5] - Xusheng Group: Recently received a notification from a North American electric vehicle manufacturer for supplying components, with a project lifecycle of about 8 years and a total sales amount of approximately 7.8 billion yuan [5] - Jinguang Equipment: Plans to invest about 581 million yuan in the construction of the third phase of the complete equipment industrialization project for filtration [7] - Guizhou Tire: Plans to invest 299 million USD in Morocco to build an intelligent manufacturing project for semi-steel radial tires [9] - Zhejiang Mining: Plans to acquire 100% equity of Alaigyr Company, which owns lead-silver mines in Kazakhstan [10] - Feiwo Technology: Recently completed the acquisition of 60% equity in liquid rocket engine component company Xinsai Aerospace [11] - Tianci Materials: Plans to suspend production for maintenance on the 150,000-ton liquid lithium hexafluorophosphate production line at the Longshan North base [12] Performance Changes - Chifeng Gold: Expects a net profit of 3 billion to 3.2 billion yuan in 2025, an increase of approximately 70% to 81% year-on-year [13] - Dingtai High-Tech: Expects a net profit of 410 million to 460 million yuan in 2025, a year-on-year growth of 81% to 103% [13] - China National Materials: Expects a net profit of 1.55 billion to 1.95 billion yuan in 2025, a year-on-year increase of 73.79% to 118.64% [13] - Ugreen Technology: Expects a net profit of 653 million to 733 million yuan in 2025, a year-on-year growth of 41.26% to 58.56% [13] - Huayou Cobalt: Expects a net profit of 5.85 billion to 6.45 billion yuan in 2025, a year-on-year increase of 40.80% to 55.24% [13]

★ 宏观动态 ★ 特朗普接连向多国发出威胁 据央视新闻，美国总统特朗普1月4日在总统专机"空军一号"上面对媒体，向委内瑞拉、哥伦比亚、古巴、伊 朗、墨西哥等国发出威胁。谈及委内瑞拉时，特朗普称，美国"必须获得（对委内瑞拉资源的）完全准入"。特 朗普自称美国已"掌控"委内瑞拉。"别问我现在谁掌权，因为我会给你一个答案，而且这个答案会非常有争 议。"当记者追问时，特朗普说："我的意思就是，现在由我们掌控。"特朗普称，委内瑞拉代理总统罗德里格 斯"如果不做正确的事，将面临比马杜罗更糟糕的处境"。更多军事干预方案已摆在桌面上。"如果他们不守规 矩，我们将发动第二轮打击。" 国家铁路运输总收入首次破万亿 据中国新闻网，1月5日，记者从中国国家铁路集团有限公司获悉，国家铁路2025年完成运输总收入10204亿 元、同比增长3.1%，首次突破1万亿元。2025年，国铁集团较预算节支197亿元，非运输业完成利润296亿元， 国铁控股运营合资铁路公司总体盈利约260亿元。截至2025年底，国铁集团资产负债率降至62.5%，较上年末 下降1个百分点。 四川：围绕专用芯片、大模型、智能终端等重点方向，全力突破先进计算等方面关键核心 ...

Group 1 - Postal Savings Bank announced a cash dividend distribution of 14.772 billion yuan for the first half of 2025, with a dividend of 1.23 yuan per 10 shares [1] - Xinke Mobile plans to reduce its shareholding by up to 1%, amounting to a maximum of 34.1875 million shares, due to funding needs [1] - Defu Technology signed a cooperation letter with a leading domestic CCL company to supply high-end electronic circuit copper foil products, which is expected to positively impact the company's performance in 2026 [1] Group 2 - Sanxia New Materials intends to acquire 40% equity of Lingang New Materials for a transaction amount of 0 yuan, which constitutes a related party transaction [2] - Fulim Precision plans to invest a total of 87 billion yuan in projects for the production of high-end lithium iron phosphate for energy storage, with the main project estimated at 60 billion yuan [3] - Heng Rui Pharmaceutical received approval for clinical trials of HRS9531 injection in combination with HRS-5817 injection for treating obesity in adults [3] Group 3 - Quartz Co. was fined 2.7 million yuan for commercial secret infringement, with the company being the victim in this case [5] - ST Renfu received approval for clinical trials of HW221043 tablets for late-stage solid tumors, with no similar drugs approved domestically or internationally [6] - Tianchen Medical signed a strategic cooperation agreement with Inspur Digital Technology to promote innovation in medical robotics and smart manufacturing [6] Group 4 - Xusheng Group received a notification from a North American electric vehicle manufacturer for a project with an estimated total sales amount of approximately 7.8 billion yuan over its lifecycle [6] - Deyun Co. announced that its actual controller was arrested for illegal public deposit collection, but this does not significantly impact the company's operations [7] - Shengyang Technology's subsidiary is advancing a project with a global satellite operator in South America, focusing on software licensing and product delivery [7] Group 5 - Hefei China announced a 1% reduction in shares by its controlling shareholder, who terminated the reduction plan early to express confidence in the company's future [8] - Weigao Blood Purification plans to acquire 100% equity of Weigao Purui for 8.511 billion yuan, which will expand its business into drug delivery systems [10]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - Precious metals are recommended for strong holding due to expected market volatility and political events that may drive demand for safe-haven assets [4] - Copper prices are expected to rise, with a recommendation to buy on dips due to anticipated supply tightness in 2026 [5] - Aluminum is also recommended for buying on dips, supported by government policies aimed at stimulating demand [5] - Cobalt prices have shown a solid upward trend, with strong support expected due to supply constraints [6] - Lithium prices have surged, and it is advised to buy on dips as demand remains stable [6] Summary by Sections Industry Overview - The closing index for the industry is at 8408.59, with a weekly high of 8408.59 and a low of 4295.55 [2] Price Movements - Basic metals saw price increases: Copper up 3.00%, Aluminum up 1.37%, Zinc up 1.28%, Lead up 0.30%, while Tin decreased by 4.75% [19] - Precious metals experienced declines: Gold down 3.85%, Silver down 1.25%, Palladium down 8.79%, and Platinum down 26.92% [19] - New energy metals saw significant increases: Nickel up 7.15%, Cobalt up 12.41%, and Lithium up 16.75% [20] Inventory Changes - Global visible inventory changes included an increase of 38,474 tons in copper, a decrease of 4,067 tons in aluminum, and various changes in other metals [30][32]