A股业绩预告加速披露。Wind数据显示，截至1月27日17时，A股共有1201家上市公司对外披露2025年 全年业绩预告，其中475家预喜，107家公司预计2025年全年归属于上市公司股东的净利润同比翻倍。从 行业角度看，有色金属、汽车与零配件、化工、半导体等行业相关上市公司业绩回暖较为明显，行业龙 头公司表现较为优异。 绩优公司获密集调研 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 ● 本报记者 董添 107家净利润翻倍 上述已发布业绩预告的1201家上市公司中，略增54家，扭亏115家，续盈5家，预增301家，整体业绩表 现分化明显。 净利润数值方面，上述已发布业绩预告的上市公司中，有371家上市公司预计2025年全年实现归属于上 市公司股东的净利润下限超过1亿元，84家预计超过10亿元，22家预计超过30亿元。紫金矿业、洛阳钼 业、药明康德、立讯精密、牧原股份、宝丰能源等公司预计2025年实现归属于上市公司股东的净利润数 值居前。 净利润增幅方面，剔除扭亏影响，上述1201家上市公司中，47 ...

｜2026年1月27日星期二｜ NO.1华泰证券：A股市场逐步切换向绩优方向 华泰证券指出，1月中旬以来，宽基ETF流出金额虽偏高，但考虑到险资等仍有增量、投资者存在套利 需求，市场持续放量下，资金侧仍有接力动能。轮动方向或由主题逐步切往存在业绩印证的方向，历史 复盘来看，业绩预告披露期内的，景气具备持续修复能力的行业通常具备一定超额收益，具体到本轮， 景气修复的线索或主要集中在涨价链、高端制造及AI链中，结合拥挤度进一步考量，配置上可关注电 力设备、基础化工、半导体设备等，适度增配周期型红利。 中信证券研报称，2026年1月印尼政府预计镍矿全年生产配额为2.5亿吨~2.6亿吨，较2025年的生产配额 大幅下滑。中信证券预计若2026年印尼镍矿生产配额真正落地，将导致印尼镍产量下滑至260万吨~270 万吨，全球镍行业供应短缺20万吨，LME镍价有望上涨至2.2万美元/吨。长期来看，印尼对采矿行业的 监管态度逐步严厉，镍矿产量增速有望下降，镍价有望从底部逐步回暖。 NO.3华泰证券：预计美联储1月大概率暂缓降息 华泰证券研报称，北京时间1月29日(周四)凌晨美联储将公布1月议息会议决定，预计美联储大概率暂缓 ...

Core Viewpoint - The article discusses the performance of the Chinese stock market in 2025, highlighting a "slow bull" trend with significant gains in A-shares and Hong Kong stocks, particularly noting the impressive performance of the ChiNext index with nearly 50% growth [2]. Group 1: Market Performance - By December 31, 2025, the average increase in A-shares was 38.15%, with 572 stocks doubling in value. In comparison, the "924 market" from 2024 saw an average increase of 87.84%, with 1586 stocks doubling [2]. - The number of "broken net" stocks decreased from 836 in the previous "924 market" to 303, representing only 5.54% of all A-shares, indicating a market recovery [3]. Group 2: Broken Net Stocks - The article categorizes broken net stocks into five groups: broken net + performance stocks, broken net + repurchase stocks, broken net stocks + state-owned holdings, broken net + high dividend stocks, and broken net + low price stocks [4]. - Among the 303 broken net stocks, only 15 were identified as performance stocks with significant revenue growth and profit increases of over 50% [4]. Group 3: Repurchase Stocks - Of the 303 broken net stocks, 72 companies engaged in stock repurchases, with 29 companies repurchasing over 100 million yuan. This indicates management's belief that their stock prices are undervalued [6][7]. - The top three companies by repurchase amount in 2025 were Jiuan Medical (925 million yuan), China State Construction (887 million yuan), and Youngor (693 million yuan) [7]. Group 4: High Dividend Stocks - There are 22 broken net stocks with a dividend yield of over 5%, enhancing their investment appeal due to potential capital appreciation and stable dividend income [9]. - Among these, Jizhong Energy had a net asset ratio of 0.99 and a dividend yield of 11.15%, despite a significant drop in revenue and profit [9]. Group 5: State-Owned Holdings - The "national team" held 95 broken net stocks in the third quarter, with significant investments in Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, indicating a focus on stabilizing these sectors [11][12]. - The national team increased its holdings in 17 broken net stocks, with six being newly added in the third quarter [11]. Group 6: Low Price Stocks - There are 34 broken net stocks priced below 3 yuan, with only 7 showing positive revenue and profit growth, indicating that many may not have strong underlying asset values [14].

Core Viewpoint - The trend of cash dividends from Q3 reports is becoming a new choice for high-performing stocks, highlighting their investment value and reflecting their operational achievements [1][3]. Group 1: Q3 Dividend Trends - Over 200 A-share companies plan to distribute more than 46 billion yuan in cash dividends, primarily among industry leaders and high-performing stocks [1]. - Cash dividends serve as a direct demonstration of a company's operational results, enhancing investor confidence and attracting long-term capital [1][2]. Group 2: Investor Perspective - Q3 dividends provide tangible returns for investors, allowing them to receive part of their investment returns in a shorter time frame, thus reducing investment uncertainty [1][2]. - The focus on dividends encourages a long-term investment mindset among investors, promoting stable market development [2]. Group 3: Corporate Benefits - A reasonable dividend policy can optimize a company's capital structure by reducing idle funds and improving capital efficiency [2]. - Cash dividends attract long-term value investors, enhancing the company's market image and providing more refinancing opportunities for further growth [2]. Group 4: Considerations for Investors - While Q3 dividends are a positive indicator, they are not the sole criterion for evaluating high-performing stocks; investors should consider various factors, including customer dependency and corporate governance [3]. - Regulatory bodies should guide and standardize dividend policies to ensure their rationality and sustainability, preventing excessive one-time dividends that could harm long-term interests [3].

Core Insights - The A-share market is currently in the disclosure window for Q3 reports, with several companies already releasing their Q3 2025 results and over a hundred companies issuing Q3 2025 performance forecasts, indicating significant profit growth for many firms [1] Group 1: Company Performance - Several companies have reported substantial net profit growth in the first three quarters, attracting early investments from public funds [1] - Notable companies such as Xian Da Co. and Ying Lian Co. have seen significant increases in their Q3 performance, leading to substantial purchases by fund companies [1] - High-performing companies like Bei Fang Rare Earth and Luxshare Precision are also being heavily held by multiple fund companies [1]

Core Viewpoint - The article highlights the significant recovery in the stock market since the "924" rally last year, with an average increase of 83.81% across 5429 stocks, and a notable reduction in the number of stocks trading below their net asset value (from 836 to 293) [2][3]. Group 1: Performance of Underperforming Stocks - Among the 293 underperforming stocks, only 13 have shown positive revenue growth and a net profit increase of over 50% in the first half of the year, indicating that performance-supported underperforming stocks are favored by the market [3][4]. - The average increase for the 293 underperforming stocks this year is 3.52%, while the 13 performance-supported underperforming stocks have an average increase of 16.32% [3][4]. Group 2: Stock Buybacks - A total of 58 underperforming stocks have actively engaged in buyback programs, suggesting that management believes their stock prices are undervalued [5][6]. - The top three companies by buyback amount this year are China State Construction, Baosteel, and Ji'an Medical, with buyback amounts of 0.887 billion, 0.543 billion, and 0.500 billion respectively [5][6]. Group 3: High Dividend Yield Stocks - There are 21 underperforming stocks with a dividend yield of over 5%, enhancing their investment appeal due to potential capital appreciation and stable dividend income [7][8]. - Bailong Oriental has a net asset ratio of 0.87 and a dividend yield of 7.48%, with a net profit increase of 67.53% in the first half of the year [7][8]. Group 4: National Team Holdings - The "national team" holds 71 underperforming stocks, with significant holdings in major banks such as China Construction Bank, Bank of China, and Agricultural Bank of China, indicating a focus on stabilizing these sectors [9][10]. - The national team increased its holdings in only three underperforming stocks in the second quarter, with the highest increase in Runtong Co., Ltd. [9][10]. Group 5: Low-Priced Underperforming Stocks - There are 28 underperforming stocks priced below 3 yuan, many of which have poor performance, suggesting that their real net asset values may not be as high as reported [10][12]. - Huachao City A has a net asset ratio of 0.41 and reported a significant revenue decline of 50.82% in the first half of the year [10][12].

Core Viewpoint - The article emphasizes that many investors have not achieved returns that match GDP growth, primarily due to a shift in investment strategies during bull markets, leading to significant losses in bear markets [1][2]. Group 1: Investment Strategies - During bull markets, investors often shift their portfolios from high-quality, stable growth stocks to lower-quality, high-growth stocks, resulting in a concentration of "junk stocks" by the end of the bull market [2][4]. - The experience from bear markets shows that while both quality and junk stocks decline, quality stocks tend to recover, whereas junk stocks often do not rebound, leading to substantial losses for those who invested in them [3][6]. Group 2: Quality vs. Junk Stocks - The article uses the analogy of "tennis balls" (quality companies) and "eggs" (junk stocks) to illustrate that quality stocks can bounce back after a fall, while junk stocks shatter and lose value permanently [5][11]. - Historical data indicates that 80% of quality stocks listed for over ten years have more than doubled in price over the past decade, while a significant portion of junk stocks has failed to recover their previous highs [12][13]. Group 3: Long-term Investment Success - Successful long-term investment is characterized by focusing on high-quality companies, as evidenced by the performance of stocks like 恒瑞医药, 格力电器, and 三一重工, which have shown remarkable growth [13][15]. - The article highlights that the key to investment success is not making complex decisions but rather avoiding poor choices, reinforcing the importance of maintaining a portfolio of quality stocks [8][10].

Core Viewpoint - The continuous improvement in the performance of high-quality stocks leads to rising valuations and attracts new investors, creating a virtuous cycle that supports stock price increases, embodying the essence of value investing [1][2]. Group 1: Performance Improvement - The sustained performance enhancement of high-quality stocks is fundamental to their virtuous cycle [1]. - Companies that excel in management, innovation, and market trend analysis are more likely to become high-quality stocks [1]. - Performance growth can stem from optimizing internal processes, increasing production efficiency, and investing in R&D to meet market demands [1]. Group 2: Valuation and Investor Participation - As performance improves, the valuations of high-quality stocks naturally rise, reflecting optimistic market expectations for future growth [1][2]. - The influx of new investors, attracted by strong performance and rising valuations, brings significant capital, further driving stock price increases [2]. - The rise in stock prices is not merely speculative but is supported by solid performance fundamentals, ensuring sustainability [2]. Group 3: Value Investing Philosophy - The virtuous cycle of performance improvement, valuation increase, new investor participation, and stock price growth is expected to become the norm for high-quality stocks [2]. - Value investing emphasizes uncovering a company's intrinsic value and pursuing long-term stable returns, aligning perfectly with the dynamics of high-quality stocks [2][3].

Core Insights - The article highlights the increasing focus of institutional investors on high-performing stocks, with 2,534 listed companies receiving attention from various institutions in the first four months of the year [1][5]. Group 1: Institutional Research Focus - High-performing stocks remain the primary target for institutional research, with 69 companies receiving over 200 institutional visits, and 36 of these companies showing year-on-year net profit growth [2]. - For instance, Lanke Technology reported a 59.20% year-on-year increase in revenue for 2024, reaching 3.639 billion yuan, and a 213.10% increase in net profit to 1.412 billion yuan [2]. - In April alone, Lanke Technology attracted 332 institutional visits, driven by its strong financial performance [2]. Group 2: Value Discovery - Institutions are exploring companies from multiple dimensions, including product offerings and future growth prospects [4]. - Lixun Precision, a leader in precision manufacturing, reported a nearly 50% increase in automotive sales for 2024, amounting to 13.7 billion yuan, with first-quarter sales also showing over 50% growth [4]. - The company anticipates that its wiring harness business will contribute significantly to its revenue, potentially making it the top player in China's wiring harness market [4]. Group 3: Market Dynamics - The extensive institutional research reflects a growing emphasis on the development capabilities of listed companies amid a complex global economic environment [5]. - Future research directions may shift based on market conditions and policy changes, indicating the need for investors to stay informed [5].