2026.01. 28 本文字数：2709，阅读时长大约4.5分钟 作者 | 第一财经 周楠 当前正值上市公司年报预告披露期，不同于以往的绩优股抢先发布业绩，今年财报季里，一批亏损公司正在 密集"交卷"。 1 月 26 日 晚 间 ， 百 余 家 A 股 公 司 披 露 了 2025 年 业 绩 预 告 ， 多 家 亏 损 公 司 在 列 。 其 中 ， 大 禹 生 物 （920970.BJ）、ST英飞拓（002528.SZ）等续亏；二六三（002467.SZ）、恒基达鑫（002492.SZ）等首 亏。 另据Wind统计，截至1月26日，共计1165家A股公司已披露2025年业绩预告，业绩下滑的有709家，占比约 六成，当期预计亏损的有500多家。从行业来看，预亏幅度较大的企业扎堆房地产、建筑行业，涉及华夏幸 福（600340.SH）、绿地控股（600606.SH）等。华夏幸福预计去年亏损160亿元至240亿元，暂时成为"亏 损王"。 一些业绩"滑坡"的公司，遭遇投资者"用脚投票"。至纯科技（603690.SH）预计去年亏损3亿元至4.5亿元， 或出现上市以来的首次归母净利润亏损，消息披露后公司股票一度跌停。 ...

Core Viewpoint - Elon Musk's SpaceX has announced free access to its Starlink satellite internet service for Iranian users amid political turmoil, raising international concerns about the implications of commercial satellite constellations on global security and governance [1] Group 1: Impact of Starlink on Warfare - The Starlink system, initially designed for commercial satellite internet, has evolved into a quasi-military tool for the U.S., significantly influencing modern warfare dynamics, as evidenced by its rapid deployment to support Ukrainian forces during the Russia-Ukraine conflict [1] - The U.S. military has integrated Starlink with various operational units, enhancing its combat capabilities and creating a closed-loop information system for military operations [2] Group 2: Strategic Dependency and National Security - The reliance on Starlink technology by smaller nations creates a strategic dependency, posing risks to national sovereignty and security, as seen in past instances where the U.S. leveraged Starlink to exert pressure on countries like Ukraine [3] - The trend of countries, particularly in Europe and Japan, developing their own low-Earth orbit satellite constellations reflects a response to the vulnerabilities associated with dependency on foreign technology [3] Group 3: Challenges of Space Resource Management - Starlink's rapid expansion, with over 10,000 satellites in orbit, has led to monopolistic control over near-Earth orbital resources, increasing the risk of satellite collisions and space debris [4] - The lack of regulatory frameworks allows entities like Starlink to operate with impunity, potentially leading to a new arms race in outer space, as existing international laws struggle to address these emerging challenges [4] Group 4: Call for International Cooperation - There is a pressing need for the international community to establish binding guidelines for space activities to prevent militarization and ensure that space technology serves humanity's welfare [5] - Developing countries are encouraged to pursue autonomous technological paths and strengthen collaboration to build a secure space community [5]

Group 1 - A significant number of loss-making companies are disclosing their performance forecasts during the annual report season, contrasting with previous years where profitable companies led the announcements [1][2] - As of January 26, 1165 A-share companies have disclosed their performance forecasts, with approximately 60% (709 companies) reporting a decline in performance, and over 500 companies expected to incur losses [1][3] - The real estate and construction sectors are particularly affected, with companies like Huaxia Happiness expected to report losses between 16 billion to 24 billion yuan, making it the "loss king" [1][5] Group 2 - The trend of loss-making companies proactively disclosing their forecasts reflects a transformation in the A-share market, indicating a more rational market behavior [2][15] - The majority of companies facing performance declines are concentrated in the real estate, construction, and pharmaceutical sectors, with 53 companies expected to report losses exceeding 1 billion yuan [4][6] - The solar energy sector is also experiencing significant losses, with leading companies like Tongwei Co. and Longi Green Energy projecting substantial net profit losses [7][18] Group 3 - Following the disclosure of poor performance forecasts, stock prices of several companies have dropped significantly, with Yanghe Co. and Zhichun Technology experiencing notable declines [10][11] - The termination of acquisitions and restructuring efforts has further compounded the challenges for some companies, leading to sharp declines in their stock prices [14] - Investors are urged to adjust their stock selection logic, focusing on the quality of earnings and cash flow, as well as aligning investments with high-growth sectors [16][17]

Group 1 - The core viewpoint of the article highlights the significant impact of AI innovation on market structure, particularly emphasizing the increasing demand for storage as a critical resource in AI infrastructure [1] - The storage industry is projected to experience a 134% year-on-year growth in value by 2026, driven by the expanding data storage requirements due to AI [1] - The demand for computing power is surging, leading to increased value across various segments including servers, AI chips, optical chips, storage, and PCB boards [1] Group 2 - ASM International, a chip equipment manufacturer, reported that its order volume for Q4 2025 exceeded expectations, primarily due to a rebound in Chinese orders and stable growth in advanced logic/foundry business [1] - The next three years will focus on "advanced process expansion" as a key strategy for self-controlled development, with CoWoS and HBM becoming crucial in the AI industry trend [1] - There is a positive outlook for the recovery of upstream sectors represented by passive components, digital SoC, RF, storage, packaging, and panels [1] Group 3 - The 信创ETF (159537) tracks the 国证信创指数 (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors from the Shanghai and Shenzhen markets to reflect the overall performance of the information technology innovation sector [2]

Core Viewpoint - Hengli Hydraulic's stock performance shows a slight increase in the short term, with a notable rise in revenue and net profit year-on-year, indicating a positive financial trajectory for the company [1][2]. Group 1: Stock Performance - On January 27, Hengli Hydraulic's stock rose by 2.01%, reaching 113.74 CNY per share, with a trading volume of 564 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 152.5 billion CNY [1]. - Year-to-date, Hengli Hydraulic's stock price has increased by 3.48%, with a 0.99% decline over the last five trading days, a 4.72% increase over the last 20 days, and an 18.75% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hengli Hydraulic achieved a revenue of 7.79 billion CNY, representing a year-on-year growth of 12.31%, and a net profit attributable to shareholders of 2.09 billion CNY, which is a 16.49% increase compared to the previous year [2]. - Since its A-share listing, Hengli Hydraulic has distributed a total of 6.18 billion CNY in dividends, with 3.11 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hengli Hydraulic is 36,900, a decrease of 15.76% from the previous period, while the average number of circulating shares per person increased by 18.70% to 36,379 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 118 million shares, an increase of 15.19 million shares from the previous period [3].

Group 1 - The latest price of Electric Science Chip is 24.78 yuan, with a price increase of 9.99%, and a trading volume of 294,500 hands, resulting in a transaction amount of 714 million yuan [1] - Electric Science Chip focuses on the design and development of wireless RF chips, with mass production achieved for Ka-band phased array T/R chip sets used in low Earth orbit satellite constellations [1] - The company is a key partner for Honor in the development of satellite communication SoC chips, providing support for dual-mode voice satellite communication and Beidou short message SoC chips [1] Group 2 - The global low Earth orbit satellite network is entering a phase of intensive construction, drawing attention to the satellite communication industry chain, with several companies achieving technological breakthroughs and large-scale shipments in low Earth orbit satellite chips [1] - Microsoft has launched the next-generation AI chip, Maia 200, which utilizes TSMC's 3nm process technology, offering 30% higher performance than competing products at the same price point [1] - The global PCB market is expected to exceed 100 billion USD by 2026, driven by the increasing demand for AI servers and high-performance computing, pushing the PCB industry towards higher value and advanced development [1]

智通财经APP获悉，中信证券发布研报称，展望2026年医药投资趋势，无论是中国医药企业在创新领域 的集中兑现，还是政策端出台支持创新药械、优化集采、推动商保等一系列产业支持政策，医疗健康产 业的内外因催化因素都有望延续，医疗健康产业开始逐步重新回归到临床价值和需求导向的市场价格定 价体系，带来稳定且持续的国内医药市场环境和长坡厚雪的发展主基调，上市公司也有望迎来持续且稳 定的业绩增长趋势，带来行业成长高确定性的贝塔。 因此该行认为医药行业将是有望继续维持超配的行业，从横向维度上，建议2026年围绕以下几条主线进 行布局：1)创新驱动和国际化——在反内卷的国内政策环境下，关注创新驱动和国际化出海的相关标 的;2)自主可控——该行预计在未来可能还会陆续面临地缘政治扰动带来的风险，应更多关注自主可控 下核心零部件、试剂、科研上游的进口替代进程加速的相关标的;3)新政新气象——受益于集采优化、 医保三个支付、消费刺激政策和国企改革的相关标的。 中信证券主要观点如下： 25Q4/H2医疗健康产业整体来看业绩表现预期较为稳健，同时该行看到医药和医疗企业的创新正在加速 兑现为业绩端的增长 该行对重点覆盖的76家医药公司25 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025 [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in semiconductor manufacturing, equipment, and design, which are areas of low domestic production [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB and AI optical modules, suggesting investment in companies like Shenghong Technology, Huitian Technology, and others [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," are seen as having good value due to recent price corrections, with potential for performance and valuation recovery driven by AIoT and automotive electronics [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, with PCB manufacturers achieving significant breakthroughs in AI server applications [22] - The market for AI chips is expected to grow, with the Chinese market projected to reach approximately 342.46 billion yuan by 2024, reflecting a 10.7% year-on-year growth [44] Semiconductor and PCB Industry - The semiconductor industry is experiencing a shift towards more diverse application scenarios, with automotive electronics and IoT driving growth [18] - The PCB equipment market is expected to reach 29.025 billion yuan in 2024, growing by 11.89% year-on-year, and is projected to reach 34.709 billion yuan by 2026 [27] Consumer Electronics - The CIS market is recovering, driven by demand from smartphones, security, and automotive sectors, with a focus on high-end products [46] - AI is providing new growth potential for consumer electronics, with ODM companies gaining competitive advantages [47]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025. This sector is projected to benefit from continued growth in domestic computing capital investment and increasing penetration of edge applications, becoming one of the fastest-growing areas in the electronics and technology industries [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in the semiconductor manufacturing and equipment sectors, where the domestic production ratio is currently low. Companies such as Cambricon, SMIC, North Huachuang, Haiguang Information, and Zhongwei Company are recommended for attention [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB (semiconductors) and AI optical modules. Companies like Shenghong Technology, Huitian Technology, and others are highlighted for their potential [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," have become more cost-effective due to macroeconomic impacts on stock prices. Leading companies in the fruit chain and ODM sectors are expected to leverage demand in AIoT, humanoid robots, and automotive electronics to achieve performance and valuation improvements in the second half of the year [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, leading to significant breakthroughs for PCB manufacturers in the AI server field. The overall market for AI chips is expected to grow, with China being a major consumer market [18][22] - The AI-driven demand for computing power is pushing the development of various applications, including automotive electronics and IoT, which are expected to drive growth in the chip industry [18] Semiconductor and Equipment - The semiconductor manufacturing sector is projected to see substantial growth, with companies like SMIC and North Huachuang showing promising revenue and profit growth rates [17] - The PCB equipment market is expected to grow significantly, with a projected market size of 290.25 billion yuan in 2024, increasing to 347.09 billion yuan by 2026 [27] Consumer Electronics - The CIS market is experiencing a recovery, driven by demand from smartphones, security, and automotive applications. Domestic manufacturers are increasing their market presence with high-end products [46] - The SoC market is expected to grow, with AI technology becoming a crucial component for various applications, including smart home devices and automotive electronics [44]

1月26日，科创综指ETF国泰（589630）涨超1.8%，技术演进与产业链需求引关注 兴业证券指出，AI的创新带来市场结构性变化，数据的存取量持续扩大，存储器已成为AI基础架 构中不可或缺的关键资源。在有限产能下必须达成更多分配，带动报价不断上涨，预估2026年存储器产 业产值同比增长134%。AI浪潮带动算力需求爆发，服务器、AI芯片、光芯片、存储、PCB板等环节价 值量将大幅提升。同时，芯片设备制造商ASM International受中国订单反弹推动，2025年第四季度订单 量超出预期，国产设备先进工艺突破与验证持续推进；未来3年，"先进工艺扩产"将成为自主可控主 线。此外，CoWoS及HBM卡位AI产业趋势，先进封装重要性凸显。端侧AI潜力巨大，耳机和眼镜有望 成为端侧AI Agent的重要载体。持续看好被动元件、数字SoC、射频、存储、封测、面板为代表的上游 领域的复苏趋势。 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅限制达20%，该指数覆盖 了在上海证券交易所科创板上市的所有符合条件的股票，以反映科创板整体表现。指数成分股以科技创 新型企业为主，行业分布侧重于 ...