25Q4 业绩扭亏，多领域持续发力 海目星(688559) 25 年业绩预告点评 公司 25 年业绩整体承压，25Q4 单季度扭亏，盈利拐点已至。公司在手订单充足、 非锂电领域持续拓展，未来业绩有望改善。 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | [Table_Target] 目标价格： | 88.22 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | | | 投资要点： 本报告导读： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | ...

Group 1: Currency and Economic Indicators - The US dollar index experienced a significant drop, reaching a low of 95.5542, the lowest since February 2022, following comments from Trump expressing indifference towards the dollar's decline [1] - The People's Bank of China reported that by the end of Q4 2025, the total balance of RMB loans was 271.91 trillion yuan, a year-on-year increase of 6.4%, with a total increase of 16.27 trillion yuan for the year [5] Group 2: Corporate Developments - The actual controller of Dongcai Technology, Yichang Technology, and Gaomeng New Materials, Xiong Haitao, is under investigation by the Sichuan Provincial Supervisory Committee [3] - Multiple semiconductor companies announced price increases, with prices for certain products rising by 15% to 50% for Zhongwei Semiconductor and up to 80% for Guokewi [3] - A number of A-share companies reported their 2025 earnings forecasts, with Shijia Photon expecting a revenue increase of approximately 98.13% and a net profit increase of about 425.95% [20] - Vanke A announced that its largest shareholder, Shenzhen Metro Group, will provide a loan of up to 2.36 billion yuan to repay bond principal and interest [25] - Di'er Laser is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy [29] Group 3: Regulatory and Policy Changes - The Ministry of Natural Resources, the Ministry of Civil Affairs, and the National Health Commission jointly issued 18 measures to support the development of elderly care services, including encouraging mixed-use land development [7] - The revised Drug Administration Law will take effect on May 15, emphasizing the importance of clinical value in drug research and introducing exclusive market periods for pediatric and rare disease drugs [12] - The Ministry of Human Resources and Social Security announced plans to implement employment support measures in response to the impact of artificial intelligence [9]

今日热点导览 TOP 3 大新闻 大批中成药将退出市场 中成药淘汰赛序幕拉开，大批中成药将退出市场。距离2026年7月1日仅剩半年时间，国家药监局《中药 注册管理专门规定》第七十五条的落地进入最后窗口期。 这一被业内称为中成药"生死条款"的规定明确，自2023年7月1日施行满三年起，说明书【禁忌】【不良 反应】【注意事项】任意一项仍标注"尚不明确"的中成药，再注册申请将依法不予通过。这意味着，国 内现存约5.7万个中成药有效批准文号中，超70%存在安全信息标注问题的批文将面临淘汰，一场由监 管驱动的中药产业深度出清正式进入攻坚阶段。 此次监管新政的核心，是彻底终结中成药说明书长期以来的"尚不明确"时代，倒逼药品持有人补齐上市 后安全数据短板。（21世纪经济报道） 汽车行业利润率降至历史最低 乘联分会秘书长崔东树最新披露的数据显示，2025年1~12月汽车行业销售利润率降至4.1%，创下历史 新低。其中12月1.8%的利润率也创下近期低点，环比下降2.6个百分点，同比下降2.3个百分点。（第一 财经） 妙可蓝多回应"罢免"创始人 近日，妙可蓝多（600882.SH）公告称，公司创始人柴琇于1月23日被免去副董事 ...

•《药品管理法实施条例》将于5月15日起施行 压实药品网络交易第三方平台提供者责任 •美元指数跌至近四年新低 黄金续刷新高 转自：新华财经 •中微半导发布涨价通知函 相关产品涨价幅度15%~50% •从全国贸促工作会议上获悉，第四届中国国际供应链促进博览会将于2026年6月22日至26日在北京举行。坚持质量第一、创新为要，本届链博会将按照链式 逻辑遴选优质参展企业，突出展示中外企业创新合作，展现中国产供链对全球支撑作用。（新华社） •深圳市南山区八届人大六次会议27日开幕。记者从会上获悉，2025年南山区成功迈入"万亿城区"。南山区成为我国首个GDP过万亿元的地市辖区。（新华 社） •香港特区政府统计处27日公布的数据显示，2025年香港全年整体出口货值与进口货值均实现双位数增长，其中整体出口货值创下历史新高。数据显示， 2025年，香港商品整体出口货值较2024年上升15.4%。同时，商品进口货值上升15.5%。2025年全年录得有形贸易逆差4466亿港元。（新华社） •恒生银行在香港联交所的上市地位27日正式撤销。恒生银行于1972年上市。退市后，恒生银行成为香港上海汇丰银行有限公司（简称"汇丰亚太"）和 ...

中微半导发布涨价通知函相关产品涨价幅度15%~50% 《药品管理法实施条例》将于5月15日起施行压实药品网络交易第三方平台提供者责任 美元指数跌至近四年新低黄金续刷新高 国务院总理李强日前签署国务院令，公布修订后的《中华人民共和国药品管理法实施条例》，自2026年5月15日起施行。其中提出，规范药品经营和使用。 完善药品网络销售管理制度，压实药品网络交易第三方平台提供者责任。加强医疗机构药事管理，保障使用环节药品质量。明确医疗机构配制制剂审批流 程，规定医疗机构制剂调剂使用条件和程序，支持配制儿童用医疗机构制剂，满足儿童患者用药需求。（新华社） 从人力资源社会保障部获悉，我国将实施稳岗扩容提质行动，推出重点行业就业支持举措，出台应对人工智能影响促就业文件。强化重点群体就业支持，印 发高校毕业生等青年就业文件，出台统筹城乡就业体系意见，建立常态化防止返贫致贫就业帮扶机制。（新华社） 中国人民银行统计，2025年四季度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增加16.27万亿元。（新华财经） 国家统计局27日发布数据显示，2025年，全国规模以上工业企业实现利润总额739 ...

Group 1 - Heng Rui Medicine's HRS-5346 tablets have been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [30][30] - Yuguang Jin Lead announced a significant short-term stock price increase of 45.01% over five consecutive trading days, raising concerns about the uncertainty of future silver prices [31] - Dongcai Technology's actual controller and vice chairman has been detained and investigated, but the company states that this will not significantly impact its normal operations [32] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [33] - Jingpin Special Equipment has been banned from participating in procurement activities for the armed police force for three years, which will have a limited impact on its overall revenue [34] - Nanhua Futures' overseas subsidiary has obtained membership approval for the Nodal Exchange, allowing it to trade and clear related products [35] Group 3 - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss of 299 million yuan in the previous year due to market recovery and operational improvements [38] - Deep South Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by growth in AI computing power and storage market demand [39] - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from a loss of 954 million yuan the previous year [40] Group 4 - Nanya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to the recovery in the copper-clad laminate industry [41] - CanSino Biologics expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [42] - Zhiguang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a loss of 326 million yuan due to rapid growth in its energy storage business [43] Group 5 - Dongfang Securities expects a net profit increase of 67.8% in 2025, supported by growth in its core investment banking and wealth management businesses [44] - King Long Motors forecasts a net profit of approximately 463.26 million yuan in 2025, reflecting a 193.68% increase due to steady growth in overseas markets [45] - Zhenray Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits and satellite communication markets [46] Group 6 - Yongding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, representing an increase of 225.66% to 388.48% due to investment income from its joint ventures [47] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase driven by rising prices of tungsten and rare earth materials [48] - Guodun Quantum expects to achieve a net profit of around 5 million yuan in 2025, reversing a loss from the previous year due to growth in the quantum computing sector [49] Group 7 - Shijia Photon anticipates a net profit of approximately 342 million yuan in 2025, reflecting a growth of around 426% due to increased orders in optical chips and cables [50] - Ningbo Fubang expects a net profit of 50 million to 70 million yuan in 2025, with a significant increase of 3099.59% to 4379.43% driven by rising silver prices and non-recurring gains [51] - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share, reflecting confidence in its future development [52]

当前，我国城市发展正从大规模增量建设转向存量提质改造的新阶段。城市副中心作为承载非首都功能 疏解、推动区域协调发展的重要载体，其建设不仅是空间形态的更新，更是治理体系和治理能力现代化 的深刻实践。 城市更新，是推动发展动能转换与民生福祉改善的关键一环。而北京，是全国首座实现减量发展的超大 城市。2026年北京市政府工作报告指出，2025年，北京深入推进城市更新，老旧小区改造完工1225个， 精细化治理1411条背街小巷，完成燕莎桥等251座桥系桥下空间整治，宛平城等20处重点区域环境面貌 显著提升……2026年，北京市将加快超大城市发展方式转型，提升城市精细化治理水平。1月27日，在 政协北京市第十四届委员会第四次会议期间，多位委员围绕城市更新的"北京模式"建言献策。 市政协委员黄孝斌： 强化建筑运行阶段精细化节能管理 "城市更新"是对城市空间形态和功能的持续改善活动，核心目标是实现从"大规模增量扩张"向"存量提 质增效"转变。其中，老旧小区、城中村改造等属"硬件基础"。对此，来自共青团和青联界的市政协委 员、北京市工商联副主席、北京市时代凌宇股份有限公司董事长黄孝斌强调精准规划与综合协同的重要 性。建议利用 ...

Group 1 - Zhenray Technology expects a net profit increase of 530%-642% in 2025, driven by growth in satellite communication and special integrated circuit demand [10][11] - Ganfeng Lithium anticipates a net profit of 1.1 billion to 1.65 billion yuan in 2025, marking a turnaround from a loss of 2.074 billion yuan in the previous year [12][13] Group 2 - Yingxin Development plans to acquire 60% of Changxing Semiconductor for 520 million yuan, aiming to enhance its business structure and mitigate operational risks [2] - Xinda Securities will have 2.551 billion shares released for trading on February 2, 2026, which constitutes 78.67% of its total share capital [2] Group 3 - *ST Boda forecasts a net profit of 6 million to 8 million yuan for 2025, but expects a loss of 4.5 million to 6.5 million yuan when excluding non-recurring items [3] - Dongcai Technology's actual controller is under investigation, which may impact the company's operations [4] Group 4 - Aisen Co. plans to invest 2 billion yuan in a semiconductor materials manufacturing base in East China, with production expected to start in 2028 [6] - Beixin Road and Bridge has won a project worth 1.221 billion yuan for road construction, with a duration of 1096 days [7] Group 5 - Pizaihuang has initiated a Phase I clinical trial for its innovative drug PZH2113, targeting non-Hodgkin lymphoma, with no similar drugs approved globally [8][9] - Muxi Co. expects a revenue of 1.6 billion to 1.7 billion yuan in 2025, despite a projected loss of 650 million to 798 million yuan [9] Group 6 - New Guodu anticipates a net profit of 400 million to 500 million yuan in 2025, reflecting a growth of 70.79%-113.49% [12] - Yahua Group expects a net profit of 600 million to 680 million yuan in 2025, an increase of 133.36%-164.47% [12] Group 7 - Hunan Huasheng anticipates a net profit of 2.4 billion to 3 billion yuan in 2025, a significant reduction in losses compared to the previous year [17] - Cloud From Technology expects a loss of 490 million to 590 million yuan in 2025, despite revenue growth [18] Group 8 - Shennan Circuit expects a net profit increase of 68%-78% in 2025, driven by demand in AI computing and storage markets [19] - Chengdu Xiandao forecasts a net profit of 1.04 billion to 1.27 billion yuan in 2025, reflecting a growth of 102.5%-147.29% [21] Group 9 - Guodian Quantum anticipates a net profit of around 5 million yuan in 2025, marking a return to profitability [26] - Xiamen Tungsten expects a net profit of 2.311 billion yuan in 2025, a 35.08% increase year-on-year [27]

格隆汇1月27日丨帝尔激光(300776.SZ)公布，为深入推进国际化战略布局，打造多元化资本运作平台， 提升国际品牌形象及全球市场综合竞争力，加快海外业务发展，正在筹划发行境外上市外资股（H股） 股票并申请在香港联合交易所有限公司（简称"香港联交所"）主板挂牌上市。截至目前，公司正与相关 中介机构就本次发行H股并上市的相关工作进行商讨，相关细节尚未确定。本次发行H股并上市不会导 致公司控股股东和实际控制人发生变化。 ...

Group 1 - Heng Rui Medicine's HRS-5346 tablet has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [2] - Yu Guang Jin Lead announced a significant stock price increase of 45.01% over five trading days, expressing uncertainty about the future price of silver [3] - Dongcai Technology's actual controller and vice chairman has been detained for investigation, but the company states that this will not significantly impact its normal operations [4] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [5] - Jingpin Special Equipment has been banned from participating in procurement activities for three years, but the impact on overall operations is considered limited [6] - Nanhua Futures' overseas subsidiary has obtained membership at the Nodal Exchange, allowing it to trade and clear related products [7] Group 3 - Di'er Laser is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy [8] - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss from the previous year due to market improvements [10] - Shen Nan Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by demand in AI computing and smart automotive sectors [11] Group 4 - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from the previous year's loss [12] - Nan Ya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to a recovery in the copper-clad laminate industry [13] - CanSino expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [14] Group 5 - Zhi Guang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a previous loss due to growth in its energy storage business [15] - Dongfang Securities expects a net profit increase of 67.8% in 2025, benefiting from capital market opportunities [17] - Jinlong Automobile forecasts a net profit increase of 193.68% in 2025, supported by growth in overseas markets [18] Group 6 - Zhen Lei Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits [19] - Yong Ding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, reflecting significant growth from investment income [20] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase year-on-year [21] Group 7 - Guo Dun Quantum expects a net profit of 5 million yuan in 2025, marking a return to profitability [22] - Shi Jia Photon forecasts a net profit increase of approximately 426% in 2025, driven by growth in optical chip orders [23] - Ningbo Fubang anticipates a net profit increase of 3099.59% to 4379.43% in 2025, largely due to rising silver prices and significant non-recurring gains [24] Group 8 - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share [26] - Aonong Biological announced plans for multiple shareholders to reduce their stakes [28] - Pizaihuang's controlling shareholder intends to increase its stake by 300 million to 500 million yuan [29]