（文章来源：每日经济新闻） 兰生股份（600826.SH）1月12日在投资者互动平台表示，尊敬的投资者，您好！公司未直接持有蓝箭 航天和微纳星空，公司参股设立的上海东瑞慧展私募投资基金合伙企业（有限合伙）分别持有蓝箭航天 0.2550%的股份及微纳星空1.31%的股份，股权比例均比较小。感谢您的关注。 每经AI快讯，有投资者在投资者互动平台提问：金风科技持有蓝箭航天股份（重复回收火箭），越秀 资本持有中科宇航（重复回收火箭），这两家公司近期市值得到重估，股价飙升。请问贵司也持有蓝箭 航天和微纳星空（重复回收火箭）的股份，会不会也迎来新的价值重估？ ...

从公司的费用率和资产负债率来看，公司的经营相对保守、稳健。导致公司低ROE 的两个因素主要是 资产周转率和权益乘数较低，其中低资产周转率主要是因为公司在过去几年煤价高位运行的过程中囤积 了大量现金，权益乘数较低主要是因为公司的资产负债率在同行业公司内的排名较低，大部分公司均为 50%以上，而首钢资源的资产负债率仅为20%左右。而实际上，从毛利率和净利率角度看，公司盈利能 力较强。 煤炭资源禀赋较好，吨煤毛利较高 公司吨煤售价是同行业公司内偏高的，或呈现其高煤质特征。虽然短期受到煤质波动带来的负面影响， 但公司仍通过实施严格煤质监督管理、强化矿井及洗煤厂现场煤质管控，促使商品煤质量稳步提升。从 近几年的数据上看，公司在成本控制上也做出了一定努力，折旧及摊销、精焦煤加工费两项均呈现下滑 趋势。在高煤质拉动的高煤价以及成本控制两重背景下，公司实现了行业内较高的吨煤毛利。 盈利预测与估值 我们预测2025-2027 年归母净利润分别为10.67/13.28/14.74 亿港元，EPS分别为0.21/0.26/0.29 元。我们选 取山西焦煤、淮北矿业、平煤股份、潞安环能作为估值可比公司，2025E 平均PE 为23. ...

根据此前公告，由于公司控股股东江西鑫盛投资有限公司（下称"江西鑫盛"）正在筹划有关协议转让所 持有的公司部分股权等事宜，可能导致公司控股股东、实控人变更，公司于12月18日停牌，预计停牌时 间不超过2个交易日。 而两日之后的12月21日，公司公告称，整体方案仍在协商，交易各方尚未签署正式协议，公司自12月22 日（星期一）开市起继续停牌，预计停牌时间不超过3个交易日。 从业务结构看，联创电子长期深耕光学镜头、影像模组及触控显示器件领域，产品广泛应用于智能终 端、智能汽车及智慧家庭场景。 然而，在光电行业技术迭代加速的背景下，公司近年业绩表现显著承压。2023年到2024年，公司两年归 母净利润持续亏损，亏损总额达15.45亿元。2025年前三季度，公司实现营业收入64.89亿元，同比下降 16.20%，实现归母净利润5092万元，同比增长210.26%，虽实现扭亏，但微薄的利润对比前两年的亏损 可以说是杯水车薪。 2025年12月21日，联创电子科技股份有限公司（下称"联创电子"）披露《关于筹划控制权变更事项进展 暨继续停牌的公告》。 根据此前公告，由于公司控股股东江西鑫盛投资有限公司（下称"江西鑫盛"）正在 ...

Core Viewpoints - The company benefited from the simultaneous increase in gold and copper prices, achieving a revenue of 86.49 billion yuan in Q3 2025, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 14.57 billion yuan, a year-on-year increase of 57.1% and a quarter-on-quarter increase of 11.0% [1] - On September 30, 2025, Zijin Gold International successfully listed on the Hong Kong Stock Exchange, setting multiple records for mining company IPOs, allowing the company to share in the future growth and potentially enhance its overall market value through revaluation [1] Financial Performance - In Q3 2025, the company achieved a gold production of 24 tons, a quarter-on-quarter increase of 7%, while copper production decreased by 6% to 260,000 tons due to the flooding incident at the KK copper mine in the Democratic Republic of Congo [2][3] - For the first three quarters of 2025, the company reported a net profit of approximately 37.9 billion yuan, with gold and copper production increasing by 20% and 5% year-on-year, respectively [2] Price Trends - In Q3 2025, the sales price of gold ingots (excluding tax) was 746 yuan per gram, a year-on-year increase of 44%, while the sales price of copper concentrate was 60,900 yuan per ton, a year-on-year increase of 8% [3] IPO Success - The successful listing of Zijin Gold International on the Hong Kong Stock Exchange raised approximately 28.7 billion HKD, marking the largest IPO in the global gold mining industry to date and the second-largest IPO globally in 2025 [4] - The gold business accounted for 40.4% of the company's gross profit in the first three quarters of 2025, significantly enhancing the company's performance [4] Future Outlook - The company expects net profits attributable to shareholders to reach 50.4 billion yuan, 64.3 billion yuan, and 71.9 billion yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 15.64, 12.26, and 10.96 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for the first three quarters of 2025 reached 31 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to shareholders was 3.5 billion yuan, a slight decrease of 1.4% year-on-year, primarily due to a significant drop in coal prices [1][2] - The profitability of the electrolytic aluminum segment is expected to improve in Q3 due to rising aluminum prices and decreasing electricity costs, with the average domestic aluminum price at 20,711 yuan per ton, up 6% year-on-year [1] - The coal segment shows signs of recovery, with the price of lean coal in Xuchang, Henan, at 1,009 yuan per ton, down 19% year-on-year but up 8% quarter-on-quarter [2] Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 5.3 billion yuan, with a corresponding P/E ratio of 9.7 [3][4] - The company's revenue is expected to grow from 37.6 billion yuan in 2023 to 44.1 billion yuan in 2025, reflecting a growth rate of 15% [4] - The net profit is forecasted to increase from 5.9 billion yuan in 2023 to 5.3 billion yuan in 2025, with a year-on-year growth rate of 22.6% [4] Share Buyback and Market Confidence - The company has initiated a share buyback program with a total amount not less than 250 million yuan and not exceeding 450 million yuan, demonstrating confidence in its operations [2] - As of September 30, 2025, the company has repurchased 15.42 million shares, accounting for 0.686% of the total share capital [2]

Core Viewpoint - The ongoing equity battle for China Baoan has intensified, with Shaoguan High-tech increasing its stake to 18%, closely trailing behind Shenzhen State-owned Assets, which holds 18.58% [2][4][6]. Group 1: Shareholding Changes - Shaoguan High-tech acquired 25,792,106 shares of China Baoan from September 12 to September 24, 2025, representing a 1.00% increase in total shareholding [3][6]. - Following this transaction, Shaoguan High-tech's total shareholding rose to 464,258,571 shares, accounting for 18.00% of the total share capital [5][6]. Group 2: Market Reaction - Following the announcement of the share increase, China Baoan's stock price surged over 6%, bringing its market capitalization to 31.131 billion [2][6]. Group 3: Historical Context - The equity struggle for China Baoan began in 2020, with Shaoguan High-tech initially increasing its stake to 10% and later surpassing other shareholders to become the largest stakeholder by 2021 [4][7]. - The competition has evolved into a strategic battle between Shaoguan High-tech, backed by Guangdong's private investment platform, and Shenzhen State-owned Assets, which aims to maintain influence over local enterprises [7][8]. Group 4: Financial Performance - In the first half of the year, China Baoan reported total revenue of 10.839 billion, an increase of 8.07% year-on-year, and a net profit of 244 million, reflecting a 24.51% growth compared to the previous year [9].

Core Viewpoint - The company is experiencing a significant decline in construction revenue while maintaining stable growth in operational business and a rapid increase in heating supply. The dividend per share (DPS) is steadily increasing, indicating potential for future dividend growth and company value reassessment [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of HKD 14.304 billion, a year-on-year decline of 8%, and a net profit attributable to shareholders of HKD 2.207 billion, down 10% year-on-year due to a significant drop in construction revenue and foreign exchange losses [2]. - Operational service revenue increased by 5% to HKD 9.943 billion, with specific growth in environmental energy (6%), environmental water (13%), and green environmental services (1%) [2]. - Construction service revenue decreased by 49% to HKD 1.844 billion, accounting for 13% of total revenue, with notable declines in environmental energy (70%), environmental water (17%), and green construction services (74%) [2]. Group 2: Profitability and Efficiency - The increase in operational service revenue contributed to an overall gross margin improvement of 5.53 percentage points to 44.26%, and the net profit margin improved by 0.84 percentage points to 19.44% [2]. - The company's asset-liability ratio decreased by 0.97 percentage points to 63.30%, indicating improved financial stability [2]. - The volume of municipal solid waste processed increased by 2% to 28.57 million tons, and the steam supply volume grew by 39%, reflecting enhanced operational efficiency [2]. Group 3: Dividend and Cash Flow - The DPS for H1 2025 is HKD 0.15, up 7% from HKD 0.14 in the same period of 2024, with a payout ratio of 41.76% [3]. - The company is maintaining a trend of increasing total dividends despite declining performance, signaling optimism for future dividend potential [3]. - Capital expenditures are being reduced due to the significant drop in construction revenue, leading to an improvement in free cash flow [3].

Core Viewpoint - Kunlun Energy reported a revenue of 97.5 billion yuan for 1H25, representing a year-on-year increase of 5.0%, while the net profit attributable to shareholders was 3.16 billion yuan, down 4.4% year-on-year, which was below the forecast of 3.41 billion yuan by Huatai Securities [1] Group 1: Financial Performance - The retail gas volume for 1H25 increased by 2.2% year-on-year to 16.67 billion cubic meters, with industrial gas volume growing by 8.0%, while commercial and residential gas volumes decreased by 1.5% and 3.6% respectively [2] - The average selling price difference for 1H25 decreased by 1 cent year-on-year to 0.44 yuan, influenced by changes in sales gas structure and rising contract gas prices in Q2 [2] - The tax pre-profit for the natural gas sales segment decreased by 10.6% year-on-year, primarily due to a decline in distribution and connection gross profit [2] Group 2: LNG Segment - The LNG factory achieved a tax pre-profit of 140 million yuan in 1H25, marking a historical high, with an average processing load rate of 57.1% across 14 operational factories [3] - The average load rate for LNG receiving stations was 86.8% in 1H25, an increase of 1.4 percentage points year-on-year, with expectations for the load rate to remain around 90% from 2025 to 2027 [2][3] - The company is constructing a 3 million tons/year LNG receiving station in Fujian, expected to contribute profit increments post-2027, and the Jiangsu LNG receiving station's third phase is anticipated to add 6.25 million tons/year of unloading capacity by 2029 [3] Group 3: Future Projections and Valuation - The profit forecast for Kunlun Energy's net profit attributable to shareholders for 2025-2027 has been revised down by 8.0%, 10.4%, and 13.2% to 6.15 billion, 6.49 billion, and 6.84 billion yuan respectively, with corresponding EPS of 0.71, 0.75, and 0.79 yuan [3] - The target price has been adjusted to 8.58 HKD from a previous value of 9.21 HKD, based on an 11x PE for 2025E, which is higher than the three-year average of 7.6x PE [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported lower-than-expected performance for the first half of 2025, with revenue of 97.5 billion yuan (up 5.0% year-on-year) and net profit attributable to shareholders of 3.16 billion yuan (down 4.4% year-on-year) [1][4] - The company plans to distribute an interim dividend of 0.166 yuan per share, representing a payout ratio of 45.5% [1] - The long-term value reassessment of the company is viewed positively, with expectations for dual growth in earnings and dividends [1] Summary by Sections Financial Performance - In 1H25, the company's natural gas retail volume increased by 2.2% year-on-year to 16.67 billion cubic meters, with industrial volume up 8.0% but commercial and residential volumes down by 1.5% and 3.6% respectively [2] - The average selling price difference for natural gas decreased by 1 cent year-on-year to 0.44 yuan, influenced by changes in sales structure and rising contract gas prices in Q2 [2] - The tax pre-profit for the natural gas sales segment decreased by 10.6% year-on-year, primarily due to declining distribution and connection gross margins [2] LNG Segment - The company's LNG receiving station average load factor was 86.8% (up 1.4 percentage points year-on-year) in 1H25, with expectations to maintain an average load factor of 90% from 2025 to 2027 [3] - The LNG segment achieved a tax pre-profit of 140 million yuan in 1H25, with expectations for a year-on-year profit increase of 5.6% in 2025 [3] Profit Forecast Adjustments - The profit forecasts for 2025-2027 have been adjusted downwards, with net profit estimates reduced by 8.0%, 10.4%, and 13.2% to 6.15 billion, 6.49 billion, and 6.84 billion yuan respectively [4] - The target price has been lowered to 8.58 HKD from a previous 9.21 HKD, based on an 11x PE for 2025E [4]

Core Viewpoint - China Hongqiao (1378.HK) is optimistic about long-term aluminum prices and plans to enhance its asset value through a significant acquisition and restructuring strategy [1][2] Group 1: Acquisition and Restructuring - Hongchuang Holdings, a subsidiary of China Hongqiao, intends to acquire 100% of Hongtuo Industrial for approximately 63.518 billion yuan, which will dilute the company's shareholding from 95.30% to about 88.99% [1] - The acquisition targets Hongtuo Industrial, which has an electrolytic aluminum production capacity of 6.46 million tons and an approved alumina production capacity of 19 million tons [1] - The restructuring is expected to enhance the company's asset securitization level and market influence, alongside a significant increase in dividend payout ratio to over 60% in 2024 [1] Group 2: Cost Reduction and Production Contributions - The decline in coal prices is expected to lower the company's electricity costs, with the average coal price at Qinhuangdao Port being 703 yuan/ton in the first five months of 2025, down from 872 yuan/ton in 2024 [1] - The Simandou iron ore project in Guinea, in which the company has a stake, is expected to commence production by the end of 2025, contributing significantly to the company's performance [2] Group 3: Market Outlook and Profit Forecast - Despite potential short-term demand fluctuations in electrolytic aluminum, the supply side is constrained, and demand from sectors like new energy vehicles remains strong, leading to a tight supply-demand balance [2] - The company maintains a profit forecast of 16.129 billion yuan, 17.751 billion yuan, and 21.285 billion yuan for 2025-2027, respectively, with a target price of 15.37 HKD based on an 8.5x PE valuation for 2025 [2]