Group 1 - The core viewpoint of the article is that Lu'an Environmental Energy (601699) has announced an expected decline in net profit for the year 2025, projecting a range of 1.08 billion to 1.32 billion yuan, which represents a year-on-year decrease of 46.12% to 55.92% [1]

（编辑 王雪儿） 证券日报网讯 1月23日，潞安环能发布公告称，公司从高新技术企业认定管理机构获悉，根据《高新技 术企业认定管理办法》和《高新技术企业认定管理工作指引》有关规定，以及2025年山西省高新技术企 业认定流程，目前对公司高新技术企业申报材料的复核已完成，并已上报国家工信部。 ...

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个别及连带责任。 近日，公司从高新技术企业认定管理机构获悉，根据《高新技术 企业认定管理办法》和《高新技术企业认定管理工作指引》有关规定， 以及 2025 年山西省高新技术企业认定流程，目前对我公司高新技术 企业申报材料的复核已完成，并已上报国家工信部。后续公司将根据 认定结果及时对外公告，敬请广大投资者注意投资风险。 特此公告。 山西潞安环保能源开发股份有限公司董事会 2026 年 1 月 24 日 证券代码：601699 证券简称：潞安环能 编号：2026-004 山西潞安环保能源开发股份有限公司 关于高新技术企业认定进展的公告 ...

2025年，公司归属于母公司所有者的净利润同比出现较大幅度下滑，主要原因：（一）受煤炭市场整体 价格下行周期影响，国内商品煤市场供需宽松格局加剧，公司2025年商品煤综合售价同比显著下降。 （二）公司部分主力生产矿井受地质构造复杂、煤层赋存条件变化、采掘衔接等因素制约，同时叠加安 全环保管控趋严等外部要求，煤炭产销量同比减少。 格隆汇1月23日丨潞安环能(601699.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润为10.80亿元至13.20亿元，与上年同期相比将减少11.30亿元至13.70亿元，同比下降 46.12%至55.92%。预计2025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为8.39亿元至 10.79亿元，与上年同期相比将减少13.05亿元至15.45亿元，同比下降54.74%至64.81%。 ...

潞安环能1月23日公告，经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润为10.80 亿元至13.20亿元，与上年同期相比将减少11.30亿元至13.70亿元，同比下降46.12%至55.92%。 ...

2025年，公司归属于母公司所有者的净利润同比出现较大幅度下滑，主要原因：（一）受煤炭市场整体 价格下行周期影响，国内商品煤市场供需宽松格局加剧，公司2025年商品煤综合售价同比显著下降。 （二）公司部分主力生产矿井受地质构造复杂、煤层赋存条件变化、采掘衔接等因素制约，同时叠加安 全环保管控趋严等外部要求，煤炭产销量同比减少。 格隆汇1月23日丨潞安环能(601699.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润为10.80亿元至13.20亿元，与上年同期相比将减少11.30亿元至13.70亿元，同比下降 46.12%至55.92%。预计2025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为8.39亿元至 10.79亿元，与上年同期相比将减少13.05亿元至15.45亿元，同比下降54.74%至64.81%。 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders for 2025 to be between CNY 1.08 billion and CNY 1.32 billion, a decrease of CNY 1.13 billion to CNY 1.37 billion compared to the previous year, representing a decline of 46.12% to 55.92%[5]. - The expected net profit after deducting non-recurring gains and losses for 2025 is projected to be between CNY 839 million and CNY 1.08 billion, a decrease of CNY 1.30 billion to CNY 1.54 billion year-on-year, indicating a decline of 54.74% to 64.81%[6]. - In the previous year, the total profit was CNY 4.107 billion, with a net profit attributable to shareholders of CNY 2.450 billion and a net profit after deducting non-recurring gains and losses of CNY 2.384 billion[8]. Factors Affecting Performance - The decline in performance is primarily due to the overall downward trend in coal market prices, leading to a significant decrease in the average selling price of coal products[10]. - The company faced production challenges due to complex geological conditions and stricter safety and environmental regulations, resulting in a year-on-year decrease in coal production and sales[10]. Earnings Forecast and Audit Status - The earnings forecast is based on preliminary calculations by the finance department and has not yet been audited by external auditors[7]. - The company has communicated with the auditing firm regarding the earnings forecast and has not identified any major uncertainties affecting the accuracy of the forecast[11]. - The data provided is preliminary and the final financial figures will be disclosed in the audited 2025 annual report[12].

潞安环能公告，预计2025年度实现归属于母公司所有者的净利润为10.8亿元至13.2亿元，与上年同期相 比将减少11.3亿元至13.7亿元，同比下降46.12%至55.92%。预计2025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为8.39亿元至10.79亿元，与上年同期相比将减少13.05亿元至15.45亿元，同 比下降54.74%至64.81%。 ...

该基金属于灵活配置型基金。截至1月21日，单位净值为2.398元。基金经理是黄海，目前管理的3只基金近一年均为正收益。其中，截至1月21日，万家新利 近一年复权单位净值增长率最高，达15.69%；万家宏观择时多策略A最低，为9.56%。 基金管理人在四季报中表示，展望 2026 年一季度，从资金角度，一季度险资有望实现"开门红"、居民定期存款集中到期、外资年初季节性配置规律，整体 来看，我们预计一季度市场增量资金相对充裕，主要宽基指数有望呈现偏强震荡的格局，结构性机会较多。 投资策略上，中期看，我们认为当前以中美博弈为核心的全球宏观和地缘政治已经陷入高波动的状态，为应对不确定性，各国前期大概率进一步加大财政和 货币扩张力度，而弱化债务和通胀风险，但这又进一步导致未来更大的宏观动荡风险。因此，投资策略上我们"以不变应万变"，我们认为高现金流、高股息 的红利资产，依然是从绝对收益角度，能够抵御内外高宏观波动的稀缺优质资产。从投资方向上，我们维持此前的判断，我国经济的主要矛盾已经从房地产 周期转向制造业的产能周期，未来"扩内需"需配合"反内卷"协同发力。考虑当前国内宏观经济投资端的疲弱已传导至消费，因此，我们判断基 ...

Core Viewpoint - The AI Fund Baodao Dividend Zhihang Stock A (019124) reported a profit of 7.3612 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0309 yuan. The fund's net value growth rate was 3.1%, and the total fund size reached 306 million yuan by the end of Q4 2025 [3][15]. Fund Performance - As of January 22, the unit net value of the fund was 1.219 yuan. The fund managers, Liu Weiming and Liu Zhaoyang, have managed two funds that both achieved positive returns over the past year. The highest growth rate for Baodao Consumer Zhihang A was 32.25%, while Baodao Dividend Zhihang Stock A had a minimum growth rate of 20.06% [3]. - The fund's net value growth rates over different periods are as follows: 2.83% over the last three months (ranked 142 out of 167), 4.83% over the last six months (ranked 152 out of 167), and 20.06% over the last year (ranked 147 out of 165) [3]. Investment Strategy - The fund maintained a multi-factor stock selection model based on the CSI Dividend Index during the reporting period. Looking ahead to 2026, the fund anticipates a positive policy environment and a potential recovery in nominal GDP, which may lead to improved corporate earnings [3]. Risk Metrics - The fund's Sharpe ratio since inception is 0.8772, indicating a favorable risk-adjusted return [7]. The maximum drawdown since inception is 14.13%, with the largest quarterly drawdown occurring in Q3 2024 at 11.76% [10]. Portfolio Composition - The average stock position since inception has been 91.39%, compared to the industry average of 88.27%. The fund reached its highest stock position of 92.29% at the end of Q3 2025 and its lowest of 89.6% at the end of 2024 [13]. - As of Q4 2025, the top ten holdings of the fund include China COSCO Shipping, Zhonggu Logistics, Western Mining, Lu'an Environmental Energy, Shanxi Coal International, Yanzhou Coal Mining, Shanghai Bank, Youngor Group, CITIC Bank, and Junxin Shares [18].