南财智讯1月29日电，赤天化发布业绩预亏公告，预计2025年年度实现归属于母公司所有者的净利润 为-28,800万元到-38,000万元，与上年同期（法定披露数据）相比，将出现连续亏损。业绩预亏的主要 原因：（一）主营业务影响：1.医疗服务业务板块亏损因素：公司旗下医院尚处于发展初期，虽然营业 收入较上年同期增长约60%，但营业收入中药品、耗材收入占比较大，药品、耗材无利润，导致医院毛 利较低，加之仍处于市场、口碑培育期，人力成本、折旧等固定成本摊销较高等因素，致医院仍处于亏 损阶段；2.煤炭业务板块亏损因素：（1）安佳矿业2025年受生产系统设备改造、瓦斯治理工程施工、 区域性安全管理等因素影响有效开采时间，致原煤产量偏低，综合成本偏高；（2）煤炭销售单价下 降；（3）根据《企业会计准则》及公司会计政策的相关规定，基于会计谨慎性原则，审慎反映资产质 量，对存在减值迹象的长期资产进行减值测试，预计计提减值准备；3.化工业务板块：因2025年停产大 修致产量减少，收入减少，大修费用增加，导致桐梓化工净利润同比上期减少。（二）非经营性损益的 影响：本报告期非经营性损益影响主要是取得的政府补助及其他营业外收支净收益 ...

注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。提及个股仅用于行业事件分析，不构成 任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩的承诺 或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提及基金风险收益特征各不相同， 敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承 受能力匹配的产品，谨慎投资。 每日经济新闻 券商研报指出，高股息方向仍可持续，机构资金持续加仓红利资产，预计红利策略不会缺席本轮"牛 市"。在"反内卷"政策推动下，部分行业"增收不增利"困境有望缓解，推动规上工业企业利润增速向规 上企业工业增加值增速靠拢。高股息资产具备稳健现金流和分红优势，在经济弱复苏背景下吸引力凸 显。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨 ...

Group 1 - The recent cold wave has led to increased daily coal consumption at power plants, resulting in a reduction of coal inventory, while spot prices for coal remain stable, with Qinhuangdao Shanxi Q5500 thermal coal prices stabilizing at 685 yuan/ton [1] - Supply constraints are expected as coal mines will begin to close for the upcoming Spring Festival, making it difficult to increase coal supply in the short term. However, medium-term improvements in coal supply are anticipated due to policy changes and capacity reductions [1] - The demand for coal is expected to improve due to rising electricity consumption for heating during winter, with predictions of multiple cold air processes in the coming month [1] Group 2 - The coal industry shows strong valuation and dividend potential, with the China Securities Coal Index having a price-to-book ratio of only 1.59 and a dividend yield of 5.82%, making it attractive in the current low-interest-rate environment [2] - The only coal ETF (515220) has a scale exceeding 8 billion yuan and tracks the China Securities Coal Index, which has a dividend yield exceeding 6% over the past 12 months, highlighting its investment value in a declining risk-free interest rate environment [2]

Group 1 - The A-share market closed at 4151.24 points, with three major indices in the green, but over 3600 stocks fell, indicating a disconnect between index performance and individual stock performance [1][3] - The resource and cyclical sectors dominated the market, with significant gains in precious metals, jewelry, non-ferrous metals, coal, and oil and gas extraction, driven by rising global commodity prices [3][4] - The price of gold surged past $5200 per ounce, up over $400 from early January, prompting a bullish sentiment in related A-share stocks [3][11] Group 2 - The semiconductor sector saw a brief rally, attributed to increased demand for storage chips driven by AI hardware needs, although the overall tech sector remained weak [6][11] - Mid-cap stocks, particularly those in the CSI 500 index, showed stronger performance compared to large-cap stocks, indicating a shift in investor preference [7][11] - The market is experiencing a structural adjustment, with record trading volumes in ETFs, suggesting a significant reallocation of funds among different sectors [6][11] Group 3 - The market is characterized by a widening gap between high-performing large-cap stocks and underperforming small-cap stocks, with many previously popular speculative stocks continuing to decline [4][12] - Investor sentiment is polarized, with those holding resource stocks celebrating gains while others express frustration over stagnant portfolios [12]

Group 1 - The A-share market experienced narrow fluctuations, with a focus on potential interest rate cuts by the Federal Reserve and the possibility of a reserve requirement ratio reduction in China [1][4] - The macroeconomic improvement and rising corporate earnings are seen as the main drivers for the market's mid-term upward trend, although a comprehensive bull market requires solid fundamental support [1][4] - The recent regulatory measures aim to temper speculative sentiment in the market, promoting a healthier and more sustainable "slow bull" market [4][5] Group 2 - The A-share market showed significant sector rotation, with resource-related cyclical stocks rising while technology-focused stocks experienced a decline [5] - The market is expected to maintain a small upward trend, with investors advised to closely monitor macroeconomic data and changes in overseas liquidity [4][5] - There are structural opportunities in the market despite the rapid rotation, and a cautious approach is recommended when the index rises too quickly or approaches support levels [5]

机构观点 宁证期货：焦煤下游企业冬储仍在进行，供应端煤矿临近假期产量也有下滑预期，焦煤基本面将延续边际改善，现货仍有小幅上涨动力，但盘面 在前期集中交易补库逻辑后进一步上行驱动有限，预计震荡运行。 中原期货：口岸贸易企业现货出货不佳，下游询盘偏低，采购意愿不足，甘其毛都口岸保持高库存。产地焦煤竞拍流拍率3成左右，铁水暂稳，河 北天津部分钢厂接受焦炭首轮提涨，计划1月30日执行。但基于下游补库动作趋缓，双焦上行动力有限，仍以震荡行情对待。 1月29日，焦煤期货行情呈现震荡上行走势，截至发稿主力合约报1152.5元/吨，涨幅达2.81%。 【消息面汇总】 本周，统计523家炼焦煤矿山样本核定产能利用率为89.1%，环比减0.2%。原煤日均产量197.8万吨，环比减1.6万吨，原煤库存549.6万吨，环比减 10.9万吨，精煤日均产量77.1万吨，环比增0.1万吨，精煤库存267.2万吨，环比减7.2万吨。 1月29日蒙古国ER公司炼焦煤进行线上竞拍，蒙3#精煤A11、V20-28、S0.85、G75、Mt10起拍价800元/吨，挂牌数量1.28万吨全部成交，成交价格 870元/吨，较昨日上涨10元/吨，以上价格均 ...

FICC日报 | 2026-01-29 关注股指企稳时机 市场分析 美联储按兵不动。宏观方面，截至2025年底，央企资产总额突破95万亿元，完成固定资产投资5.1万亿元，其中战 略性新兴产业投资2.5万亿元；全年实现利润总额2.5万亿元。国务院国资委表示，将扎实做好新央企组建和战略性 重组，研究起草推动央企培育新兴支柱产业工作文件，探索组建"AI+"产业共同体。海外方面，美联储维持基准利 率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。鲍威尔在新闻发布会上表示，加息 并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。 指数分化。现货市场，A股三大指数震荡分化，上证指数涨0.27%收于4151.24点，创业板指跌0.57%。行业方面， 板块指数涨多跌少，有色金属、石油石化、煤炭行业涨幅超3%，传媒、国防军工、美容护理行业跌幅居前。当日 沪深两市成交额升至约3万亿元。海外方面，美国三大股指收盘涨跌不一，纳指涨0.17%报23857.45点。 期指保持升水。期货市场，基差方面，IF、IC、IM基差延续回升，当月合约保持升水。成交持仓方面，股 ...

证券研究报告 特变电工 (600089 CH) 多业务板块景气共振开启价值重估 2026 年 1 月 29 日│中国内地 首次覆盖特变电工公司并给予"买入"评级，目标价 33.31 元，对应 26 年 PE 22X。我们认为公司 26 年多业务板块步入景气上行阶段，输变电业务有 望充分受益于全球高压设备紧缺外溢实现加速出海；黄金业务量价齐升；煤 炭、多晶硅拐点齐现，我们预计公司 26-27 年具备较强的向上盈利弹性。 输变电：出海有望加速突破，国内主网周期向上 公司是国内民营主变龙头，是国内少数具备"高压电缆+附件+施工"一体 化集成服务能力的企业。海外方面，全球高压电力设备持续紧缺，AIDC 进 一步放大供需缺口，国内高压电力设备企业拥抱出海新时代。公司海外订单 高速增长，23 年、24 年、25H1 公司国际市场产品分别实现签约超 7 亿美 元、超 12 亿美元、11.20 亿美元，25H1 同比增长 65.9%；截至 25H1，公 司输变电国际成套项目在手合同金额超 50 亿美元。25 年 8 月斩获沙特约 164 亿元框架标。伴随海外高盈利市场收入占比提升与供给紧张下产品价格 有望进一步推升，公司变压 ...

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 1 月 29 日 0 / 49 研究所 期货眼·日迹 | 股指期货：承接进一步加强 4 | | --- | | 国债期货：增量信息依旧有限 5 | | 蛋白粕：供应扰动增加 | 美豆走势偏强 6 | | --- | --- | | 白糖：外盘价格下调，国内价格强势 6 | | | 油脂板块：原油带动油脂继续上涨 8 | | | 玉米/玉米淀粉：北港现货回落，盘面偏弱震荡 8 | | | 生猪：供应压力增加 | 价格下行增加 9 | | 花生：花生现货稳定，花生盘面底部震荡 10 | | | 鸡蛋：临近节前备货，蛋价有所上涨 11 | | | 苹果：节前走货尚可，苹果价格坚挺 12 | | | 棉花-棉纱：整体变化不大 | 棉价有所支撑 13 | | 钢材：需求边际转弱，钢价延续震荡 14 | | --- | | 双焦：驱动不明显，关注资金扰动 14 | | 铁矿：终端需求低位，矿价震荡运行 15 | | 铁合金：估值偏低存在修复需求，短期震荡偏强 16 | | 金银：美联储稍显鹰派 但金银不改强势 17 | | --- | | 铂钯：联储议息会 ...

Investment Rating - The report initiates coverage on TBEA Co., Ltd. with a "Buy" rating and sets a target price of 33.31 RMB, corresponding to a 2026 PE of 22X [1][7]. Core Views - The report highlights that TBEA's multiple business segments are entering a phase of upward momentum, with the power transmission and transformation business expected to benefit from global high-pressure equipment shortages, leading to accelerated international expansion [1][17]. - The gold business is experiencing simultaneous increases in both volume and price, while coal and polysilicon sectors are also showing signs of recovery, indicating strong upward profit elasticity for the company in 2026-2027 [1][17]. - The report emphasizes that TBEA is a leading player in the energy equipment sector, with a diversified portfolio that includes power transmission, energy, new energy, and new materials, positioning the company for robust growth [23]. Summary by Sections Power Transmission and Transformation - TBEA is a leading private transformer manufacturer in China, with integrated capabilities in high-voltage cables, accessories, and construction services. The company is witnessing rapid growth in overseas orders, with international market product contracts exceeding 7 billion USD in 2023 and 12 billion USD in 2024, reflecting a year-on-year growth of 65.9% in the first half of 2025 [2][18]. - The domestic market is also expected to see a significant increase in grid investment during the 14th Five-Year Plan, with TBEA's market share in main grid tenders continuing to rise, providing a solid foundation for future growth [2][18]. Resource Products - The gold mining segment is currently in a rapid capacity release phase, with projected production increasing from 2.2 tons in 2024 to 3.6 tons in 2027, potentially generating revenues of 19.8 billion RMB to 46.4 billion RMB during this period, with year-on-year growth rates of 65.9% to 29.2% [3][19]. - TBEA's coal business benefits from low-cost open-pit mining resources, with a production cost of only 177 RMB per ton in the first half of 2025. The company is also developing a coal-to-gas project that is expected to enhance profitability [3][20]. - The polysilicon segment is anticipated to achieve significant cost reductions, with cash costs expected to decrease by approximately 18% in the first half of 2025, allowing the company to return to cash flow breakeven [4][21]. Market Perspective - The report notes a divergence from market perceptions, indicating that TBEA's diverse business segments are now in an upward cycle, contrary to the prevailing view that the company is being dragged down by its renewable energy and coal businesses [5][22]. - The company is positioned to leverage its strengths in various sectors, including power transmission, coal-to-gas, gold production, and polysilicon, to drive future growth and profitability [5][22].