Asia Pacific Equity Research 26 January 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Zijin-A/H Key beneficiary with gold at 5k; Recent call takeaways reaffirming our constructive view We hosted Zijin Mining's IR representative for a call last Friday ...

南财智讯1月29日电，惠天热电发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-7000万元至-3800万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为-32604 万元至-27604万元。业绩变动原因说明：本报告期，公司收到政府补助约2.5亿元（具体内容详见公司 于2025年12月25日刊登在《中国证券报》《证券时报》《上海证券报》和巨潮资讯网上的《关于获得政 府补助的公告》，公告编号2025-96）。本项为非经常性损益，属与收益相关的政府补助，计入2025年 损益。本报告期，公司充分利用煤炭长协价格政策，有效控制煤炭采购成本；在储运环节，加强调度， 控制运输成本；实施节能降耗显成效。 ...

ST应急公告，预计2025年度净利润为1389.59万元～2084.37万元，同比增长60.81%～141.21%。报告期 内，归属于上市公司股东的净利润同比上升，主要原因：一是多渠道争取外部研发资金，相应减少了自 主研发支出，引起研发费用下降；二是实施可转换公司债券提前赎回，大部分债券转换为股票，引起利 息费用下降，财务费用减少；三是深化成本工程，推进精细化管理，成本控制取得成效。 ...

宝丰能源 20260128 摘要 聚烯烃是重要化工品，中国 2023 年表观消费量约为 7,500 万吨，并保 持每年 3-5%的增长。国内聚乙烯存在约 30%的进口依赖，聚丙烯基本 无进口，主要因海外原油成本优势导致聚乙烯价格更具竞争力。 聚乙烯生产工艺主要有油头、煤头和气头路线。油头是主流，占比约 65%，但能耗高；煤头在中国发展较好，因煤炭资源丰富；气头通过轻 质裂解制得。煤制烯烃在油价上涨时具优势，油价低于 60 美元/桶时， 油头路线更具优势。 宝丰能源作为煤制烯烃龙头，单吨盈利优势明显，单吨毛利高于同业 1,500 元以上。2016-2024 年数据显示，其单吨成本比神华低 960 元， 比中煤低 1,440 元，成本优势来自原材料、燃料及动力、人工、折旧等 方面。 宝丰能源通过优化能耗和工艺改进，弥补了原材料采购价格上的劣势， 使其达到了与升华基本相当的水平。在折旧方面，采用 DMTO 三代技术， 单吨投资强度显著降低，内蒙古项目降至 1.6 万元每吨。 Q&A 宝丰能源近期的股价表现如何？其背后的核心原因是什么？ 国内产能方面，2023 年聚乙烯产能约 3,700 万吨，产量 2,800 万吨 ...

Core Insights - The smartphone market in 2026 is undergoing significant changes due to rising prices and supply chain challenges, with manufacturers needing to enhance their collaborative response capabilities [1] - The competition is shifting from merely pricing to a multidimensional battle involving supply chain resilience, cost control, AI technology implementation, and new hardware innovation [1] Supply Chain and Cost Dynamics - The ongoing rise in storage prices is creating a bottleneck for the smartphone industry, with manufacturers facing pressure to select long-term, value-recognizing clients for storage chips [2] - Despite recent expansions in storage capacity by overseas manufacturers, relief from tight supply is not expected until late 2027, maintaining the pressure on prices [2] - The increase in storage costs significantly impacts the bill of materials (BOM), particularly affecting models priced below $100, while higher-end models may adjust through configuration changes and marketing strategies [3] - Chinese smartphone brands are hesitant to pass on increased storage costs to consumers, leading to downward adjustments in business plans to compel other component suppliers to lower prices [3] New Hardware and Market Trends - The search for new hardware forms, such as foldable phones, smart glasses, and handheld imaging devices, is becoming crucial as the smartphone market matures [5] - The global foldable phone shipment is expected to rise to 25 million units in 2026, largely driven by Apple's entry into the market [6] - The price of foldable phones is likely to increase due to rising memory costs, limiting their market to high-end users [7] - The development of AI glasses is rapidly evolving, with a competitive landscape emerging among various manufacturers, indicating a promising market outlook for 2026 [11] Future Outlook - The smartphone industry is expected to see accelerated development in emerging categories like action cameras, catering to younger consumers' preferences for outdoor and lifestyle documentation [12] - The competition in 2026 will hinge on the ability to navigate supply chain fluctuations and leverage AI and hardware convergence to create differentiated user experiences [12]

格隆汇1月28日｜摩根大通分析师在研报中指出，LVMH集团2025年第四季度及全年业绩表现虽参差不 齐，但其展现了严格成本控制能力，可帮助抵消营收波动。分析师表示，尽管这家法国奢侈品巨头第四 季度销售额大体符合摩根大通预期，但可能仍弱于投资者的期待。优于预期的盈利能力或带来短期缓 和，但由于销售增长起伏不定且估值仍高于历史平均水平，该股当前料将维持区间震荡走势。 ...

Core Viewpoint - The company expects a significant improvement in net profit for 2025, projecting a range of 12 million to 17.5 million yuan, compared to a loss of 118 million yuan in the same period last year [1] Revenue Performance - The company's operating revenue is anticipated to decline by 15% to 20% year-on-year [1] - The vacuum blood collection system products are primarily affected by a decrease in sales, leading to a downward trend in revenue [1] - Revenue from reagents, software products, and services is also expected to see a year-on-year decline [1] Cost Management - The company has implemented systematic cost optimization measures and refined management practices, effectively reducing manufacturing costs [1] - Despite a downward trend in product prices, the company has successfully achieved a slight increase in gross margin year-on-year [1] - The total expenses and expense ratio have decreased year-on-year due to reasonable control of expenditures and continuous optimization of the expense structure [1]

新浪财经1月28日消息，全球奢侈品联盟LVMH（路易威登集团）发布2025年全年业绩报告，2025年实 现营收808.1亿欧元，较2024年同比下降约4.6%。全年经常性业务利润为177.55亿欧元，同比下降9%； 集团净利润为108.78亿欧元，同比下降13%。尽管利润承压，但其运营自由现金流表现强劲，同比增长 8%至113.33亿欧元。董事会将提议派发每股13欧元的年度股息。 LVMH董事长兼首席执行官伯纳德·阿尔诺表示，尽管环境仍不确定，集团对未来保持信心，并将继续 专注于品牌建设和成本控制。 尽管整体业绩受汇率及地缘政治影响有所波动，在亚洲（除日本）地区，LVMH称其业务趋势在下半年 已"明显改善"并恢复增长。 新浪财经1月28日消息，全球奢侈品联盟LVMH（路易威登集团）发布2025年全年业绩报告，2025年实 现营收808.1亿欧元，较2024年同比下降约4.6%。全年经常性业务利润为177.55亿欧元，同比下降9%； 集团净利润为108.78亿欧元，同比下降13%。尽管利润承压，但其运营自由现金流表现强劲，同比增长 8%至113.33亿欧元。董事会将提议派发每股13欧元的年度股息。 LVMH董事 ...

Group 1 - The core viewpoint of the article is that Kimberly-Clark reported its Q4 2025 earnings, showing a slight miss in net sales but a beat in adjusted earnings per share due to cost control and stable demand for its products [1] Group 2 - The company reported net sales of $4.08 billion, slightly below analyst expectations of $4.09 billion [1] - Adjusted earnings per share were $1.86, exceeding analyst expectations of $1.81 [1] - The company anticipates a double-digit growth in adjusted earnings per share for 2026, while analysts project a growth of 3.1% [1]

证券日报网讯1月27日，三川智慧（300066）在互动平台回答投资者提问时表示，铜价的上涨，对公司 铜表壳的成本产生一定影响。近年来，公司不断通过技术改进、工艺优化、战略采购、新材料替代等方 式，提升成本控制能力，致力于平滑原材料价格波动对经营的影响。 ...