出品｜公司研究室 å文｜雪岩 据不完全统计，截至1月21日收盘时，A股共有587家上市公司披露了2025年度业绩预告。从净利润增幅上限来看，超五成上市公司业绩预喜（包括预增、略 增、续盈、扭亏）。 二级市场对个股业绩关注度升温，但 不少投资者不知道如何参与。目前，参与预喜机会的高效工具当属买进对应主题的投资基金。究竟哪些行业预喜公司 较为集中？哪些基金值得关注？应该如何买入？ 业绩预喜公司 主要集中在哪些行业？ 根据沪深两市业绩预告（尤其是2025年三季度及全年预告），A股预喜公司数量排名前五的行业是：电子、基础化工、汽车、医药生物、机械设备。这五大 行业的预喜公司合计数量，占目前已披露预喜公司总数的近56.6%。这主要反映了上述行业上市公司基数大、景气面广的特点。 从预喜率看，有色金属、钢铁、汽车、家用电器、基础化工这五大行业非常高。 此外，随着国家电网"十五五"期间投资4万亿更新设备的消息发布，电力设备&电网/核电相关公司成为市场热点。除了国家电网"十五五"投资预期升温，AI 数据中心高耗电推动核电采购（谷歌、微软、Meta布局），特高压、柔性直流输电项目落地也是重要原因。 业内人士分析，眼下正处于年报季 ...

Group 1 - The core focus of the news is on the performance and characteristics of various ETFs tracking the STAR Market indices, highlighting their composition and sector allocations [2][3][4]. - The STAR 50 ETF consists of 50 large-cap stocks with a significant focus on "hard technology," particularly in the semiconductor sector, which accounts for over 65% of the index [2]. - The STAR 100 ETF is composed of 100 mid-cap stocks, with over 75% of its composition in the electronics, power equipment, and pharmaceutical sectors, indicating a strong emphasis on small and medium-sized innovative enterprises [3]. - The STAR 200 ETF includes 200 smaller-cap stocks, with nearly 70% of its composition in electronics, pharmaceuticals, and machinery sectors, showcasing a focus on growth potential in smaller companies [4]. Group 2 - The STAR 50 ETF has a rolling P/E ratio of 179.8 times, while the STAR 100 ETF has a rolling P/E ratio of 219.8 times, and the STAR 200 ETF has a rolling P/E ratio of 358.1 times, indicating varying valuations across these indices [2][3][4]. - The STAR 50 ETF experienced a slight decline of 0.4%, while the STAR 100 ETF increased by 1.8%, and the STAR 200 ETF rose by 1.4%, reflecting different market dynamics among these ETFs [2][3][4].

融资担保比例提高后，交易型资金如何反应？ ——资金行为研究双周报（2026/01/09-2026/1/22） 证券研究报告/策略定期报告 2026 年 01 月 23 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 1、《A H 股市场周度观察（1 月第 2 周）》2026-01-17 2、《从春节到两会，市场轮动的节奏 将如何演绎？》2026-01-17 3、《开年市场新高后或如何演绎？》 2026-01-11 请务必阅读正文之后的重要声明部分 报告摘要 分析师：王永健 市场资金流向概览：机构流出动能阶段性收敛，市场共识重新凝聚。1 月 12 日后机构 资金流出一度加速，但于 20 日后趋于收敛；散户资金对全 A 及创业板的流入在高位 后亦于 14 日起斜率放缓。全 A 与创业板资金加速度在 13 日及 21 日前后出现剧烈波 动，显示存量博弈依然活跃。截至 1 月 22 日，三大指数散户与机构净流入率差额显 著收窄并向零轴收敛，市场进入力量均衡期。 相 ...

Group 1 - A total of 717 companies have announced their annual performance forecasts for 2025, with 232 companies expecting profit increases, accounting for 32.36% [1] - Among the companies forecasting profit increases, 136 expect a net profit growth of over 100%, while 119 anticipate growth between 50% and 100% [1] - The highest expected net profit growth is from Huisheng Biological, with a median increase of 1355.24%, followed by Southern Precision Engineering at 1273.50% and Shanghai Yizhong at 831.86% [1] Group 2 - The average increase in stock prices for companies expecting profit growth has been 13.25% this year, outperforming the Shanghai Composite Index [2] - The stock with the highest increase is Jinhaitong, which has risen by 88.03% year-to-date, followed by Baiwei Storage and Zhongtai Co., which have increased by 63.60% and 58.73% respectively [2] - Among the companies with declining stock prices, Penghui Energy has seen the largest drop at 15.67%, with Hongyuan Green Energy and Defu Technology also experiencing significant declines of 13.77% and 12.82% respectively [2] Group 3 - The list of companies expecting significant profit increases includes Huisheng Biological (1355.24%), Southern Precision Engineering (1273.50%), and Shanghai Yizhong (831.86%) [3][4] - Other notable companies with high expected profit growth include Jin'an Guoji (763.47%), Zhongtai Co. (677.22%), and Southern Power Source (667.73%) [3][4] - The sectors with the most companies expecting profit growth include electronics, basic chemicals, and pharmaceutical biology, with 20, 19, and 15 companies respectively [1]

Group 1 - A total of 654 stocks have been newly added to the fund's heavy holdings list, with 12 stocks having a new holding ratio exceeding 3% [1] - Among the newly added stocks, 362 are from the Shanghai and Shenzhen main boards, 186 from the ChiNext, 60 from the Sci-Tech Innovation Board, and 45 from the Beijing Stock Exchange [1] - The sectors with the highest number of newly added stocks include machinery equipment, basic chemicals, and electronics, with 83, 65, and 63 stocks respectively [1] Group 2 - The stock with the highest new holding ratio is Bai'ao Saitou, which was included in 53 fund heavy holdings with a total holding of 7.7342 million shares, accounting for 21.55% of its circulating shares [2] - Li Tong Technology follows with 11 funds holding a total of 10.4283 million shares, representing 12.60% of its circulating shares [2] - Other notable stocks with high holding ratios include Xingtu Measurement and Control, Chaojie Co., Ltd., and Dafeng Industrial, with holding ratios of 10.03%, 7.36%, and 4.84% respectively [2] Group 3 - Stocks with high new holdings have seen an average increase of 58.85% since the fourth quarter of last year, with notable gainers including Chaojie Co., Ltd. (285.08%), Qianyan Biology-U (80.32%), and Lixing Co., Ltd. (77.77%) [3] - Bai'ao Saitou is expected to report a net profit increase of 303.57%, with a median net profit forecast of 135 million yuan [3] - The stocks with the highest number of funds holding them include Biobetter-U with 72 funds, Bai'ao Saitou with 53 funds, and Xingtu Measurement and Control with 30 funds [2][3]

Core Viewpoint - A total of 83 companies listed on the Sci-Tech Innovation Board have provided earnings forecasts for 2025, with 26 companies expecting losses, 26 expecting profit increases, 22 expecting reduced losses, 6 expecting profit declines, and 3 expecting profits [1]. Group 1: Earnings Forecasts - Among the 83 companies, 34.94% are expected to report positive earnings, with 26 companies forecasting profit increases and 3 companies forecasting profits [1]. - The companies with the highest expected net profit growth include Shanghai Yizhong with a median growth of 831.86%, followed by Baiwei Storage at 473.71% and Zhongke Lanyun at 371.51% [1][3]. - Industries with significant profit growth include electronics, machinery, and biomedicine, with 9, 6, and 5 companies respectively expected to see net profit increases of over 50% [1]. Group 2: Stock Performance - Stocks with high earnings growth have averaged a 19.67% increase this year, with Baiwei Storage leading at a 63.60% increase, followed by Lanke Technology at 42.53% and Xinqi Microelectronics at 36.96% [1]. - In terms of capital flow, major inflows in the past five days were seen in Lanke Technology, Dingtong Technology, and Huarui Precision, with net inflows of 601 million, 175 million, and 85.92 million respectively [2]. Group 3: Detailed Earnings Forecasts - The detailed earnings forecast table lists companies with their respective expected profit growth percentages, including: - Shanghai Yizhong (831.86%), Baiwei Storage (473.71%), Zhongke Lanyun (371.51%) [3][4]. - Other notable mentions include St. Norbio (242.48%) and SIRUI (188.48%) [3]. - Companies expecting losses include Roop Tech (-1.41%), Xi'an Yicai (-0.05%), and Rejing Biotech (-15.18%) [5].

融资担保比例提高后，交易型资金如何反应？ ——资金行为研究双周报（2026/01/09-2026/1/22） 证券研究报告/策略定期报告 2026 年 01 月 23 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 1、《A H 股市场周度观察（1 月第 2 周）》2026-01-17 2、《从春节到两会，市场轮动的节奏 将如何演绎？》2026-01-17 3、《开年市场新高后或如何演绎？》 2026-01-11 请务必阅读正文之后的重要声明部分 策略定期报告 报告摘要 分析师：王永健 市场资金流向概览：机构流出动能阶段性收敛，市场共识重新凝聚。1 月 12 日后机构 资金流出一度加速，但于 20 日后趋于收敛；散户资金对全 A 及创业板的流入在高位 后亦于 14 日起斜率放缓。全 A 与创业板资金加速度在 13 日及 21 日前后出现剧烈波 动，显示存量博弈依然活跃。截至 1 月 22 日，三大指数散户与机构净流入率差额显 著收窄并向零轴收敛，市场进入力 ...

融资余额降幅前20只个股 证券时报·数据宝统计显示，截至1月22日，沪市两融余额13767.95亿元，较前一交易日增加21.87亿元； 深市两融余额13391.33亿元，较前一交易日增加17.66亿元；北交所两融余额89.85亿元，较前一交易日 减少0.62亿元；深沪北两融余额合计27249.13亿元，较前一交易日增加38.90亿元。 具体到个股来看，融资余额出现增长的股票有1756只，占比46.55%，其中，311股融资余额增幅超过5% 。融资余额增幅最大的是中超控股，该股最新融资余额6.12亿元，较前一交易日增幅达119.34%；股价 表现上，该股当日上涨10.04%，表现强于沪指；融资余额增幅较多的还有华新精科、潍柴重机，融资 余额增幅分别为57.00%、51.33%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨6.95%，涨幅居前的有特瑞斯、三角防务、富 满微，涨幅分别为29.98%、19.99%、15.19%。跌幅居前的有聚胶股份、广钢气体、汇隆活塞，跌幅分 别为8.16%、6.44%、5.05%。 融资余额增幅前20只个股 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 ...

Group 1 - In the fourth quarter of last year, 464 Sci-Tech Innovation Board stocks appeared in the fund's heavy holdings list, with 60 new additions, 193 increased holdings, and 207 reduced holdings compared to the previous quarter [1] - The total shareholding amount for these stocks reached 4.801 billion shares, with a total market value of 536.151 billion yuan at the end of the period [1] - Major stocks held by funds include SMIC, Hu Silicon Industry, and Lanke Technology, with respective holdings of 377 million shares, 295 million shares, and 268 million shares [1] Group 2 - The stocks with the highest fund holdings include Baijie Shenzhou, Baili Tianheng, and Zhongke Feicai, with fund ownership ratios of 26.20%, 25.07%, and 24.51% respectively [2] - A total of 184 stocks were held by more than 10 funds, while 80 stocks saw collective new investments from 5 to 9 funds [1][2] - The stock with the most fund holders is Cambricon, with 1,067 funds collectively holding 5.935 million shares, accounting for 14.19% of its circulating shares [1][2] Group 3 - In terms of new investments, 60 stocks were newly added, with Frontier Biotech, Baio Saitu, and New Xiangwei having the largest new holdings of 11.3733 million shares, 7.7342 million shares, and 7.1080 million shares respectively [2] - The stocks with the highest increase in holdings include Shenkong Co., Fangyuan Co., and Longda Co., with Shenkong Co. seeing a staggering increase of 59,020.96% in holdings [2] - Significant reductions were noted in stocks such as Tiejian Heavy Industry, Sikan Technology, and Electric Wind Power, with reductions of 100.00%, 99.91%, and 99.63% respectively [2]

Group 1 - In the fourth quarter of last year, a total of 2,977 stocks appeared on the list of heavily held stocks by funds, with 107 stocks having a fund holding ratio exceeding 10% [1] - Among the stocks with a fund holding ratio over 10%, 14 stocks had a holding ratio exceeding 20%, while 93 stocks had a holding ratio between 10% and 20% [1] - The stock with the highest fund holding ratio is Xinyi Technology, held by 1,396 funds, with a total holding of 289 million shares, accounting for 32.67% of its circulating share capital [1] Group 2 - A total of 56 stocks saw an increase in fund holdings in the fourth quarter, with the largest increases in holdings for ShenGong Co., Tianhua New Energy, and Maiwei Co., with increases of 59,020.96%, 15,808.35%, and 959.13% respectively [1] - Conversely, 48 stocks experienced a decrease in fund holdings, with the largest reductions for Nuocheng Jianhua-U, Kaitai Co., and Keda Li, with decreases of 43.91%, 41.04%, and 39.95% respectively [1] - Three new stocks entered the fund holding list, with the highest holding ratios for BaiAo SaiTu, LiTong Technology, and XingTu CeKong at 21.55%, 12.60%, and 10.03% respectively [1] Group 3 - Among stocks with a fund holding ratio over 10%, 42 stocks were held by more than 100 funds, while 29 stocks were held by 50 to 99 funds [2] - The stock with the most fund holders is Ningde Times, held by 2,056 funds with a total holding ratio of 11.63% [2] - The industry distribution of heavily held stocks is primarily concentrated in electronics, biomedicine, and power equipment, with 28, 20, and 11 stocks respectively [2] Group 4 - A total of 21 stocks have announced performance forecasts for 2025, with 16 expecting profit increases, 2 expecting profit decreases, and 2 expecting losses [2] - The stock with the highest expected net profit growth is Baiwei Storage, with an anticipated year-on-year increase of 473.71%, followed by Changxin Bochuang and BaiAo SaiTu with expected increases of 378.70% and 303.57% respectively [2]