消息面上，1月26日，哈尔滨电气发布公告，预期该公司2025财政年度取得归属于母公司所有者的净利 润约人民币26.5亿元(上年同期取得约人民币16.86亿元)，较上年同期大幅提升。主要原因是公司2025财 政年度营业收入较去年同期有所增长，产品盈利能力进一步提高。 哈尔滨电气(01133)盈喜后高开逾5%，截至发稿，涨5.26%，报20港元，成交额564万港元。 ...

Core Insights - The report emphasizes the focus on service industry expansion in 2026, with a particular emphasis on telecommunications, healthcare, and education sectors, aiming for market access and openness [5][8] - The A-share market is experiencing slight fluctuations, with various sectors such as finance, pharmaceuticals, and non-ferrous metals showing strong performance, while aerospace and semiconductor sectors lag behind [9][10] - The report highlights the growth potential in the AI sector, with significant advancements expected from new models like DeepSeek V4, which could reshape the global AI competitive landscape [21][22] Market Performance - The A-share market indices showed slight declines, with the Shanghai Composite Index closing at 4,132.61, down 0.09%, and the Shenzhen Component Index at 14,316.64, down 0.85% [3] - International markets also faced declines, with the Dow Jones down 0.67% and the S&P 500 down 0.45% [4] Industry Analysis - The report discusses the performance of the agricultural sector, noting a weak fluctuation in pig prices, with an average price of 11.58 CNY/kg in December 2025, down 0.09% month-on-month and down 26.76% year-on-year [15][16] - The pet food export sector is highlighted for its growth, with December 2025 exports reaching 3.77 million tons, a year-on-year increase of 15.49% [15] - The report also covers the new energy vehicle market, which saw production and sales reach 1.662 million units in 2025, reflecting a year-on-year growth of 29% [26] Investment Recommendations - The report suggests a "stronger than market" investment rating for the AI sector, particularly focusing on companies that can leverage advancements in AI technology and cloud services [23] - In the automotive sector, the report recommends focusing on smart driving technologies and the integration of robotics, as these areas are expected to see significant growth [27] - The electrical equipment sector is advised to focus on companies that can benefit from the substantial investment planned by the State Grid, which is expected to reach 4 trillion CNY during the 14th Five-Year Plan [28][31]

【重大事项】 东鹏饮料(09980)1月26日至1月29日招股 预计2月3日上市 紫金矿业(02899)：紫金黄金国际拟约55亿加元收购Allied Gold Corporation 100%股权 亚信科技(01675)与ABB机器人共建"具身智能实验室" 东阳光药(06887)与深圳晶泰订立战略合作协议，拟成立合资公司，共建AI驱动药物研发平台 豪威集团(00501)拟斥资不超过5000万美元认购爱芯元智首次公开发行股份 奇点国峰(01280)与沐曦股份达成GPU分销合作协议进军国产AI算力市场 国锐生活(00108)与明智医疗订立战略合作备忘录 共同推动"医疗+科技+场景"的深度融合与产业升级 【财报数据】 均胜电子(00699)发盈喜，预期年度归母净利润约13.5亿元 同比增长约40.56% 国泰君安国际(01788)发盈喜 预计年度净利润为12.80亿至13.80亿港元之间 同比大幅飙升265%至293% 天岳先进(02631)预期年度营业收入14.5亿元至15亿元 中国电力(02380)2025年合并总售电量为约1.26亿兆瓦时 中铝国际(02068)2025年新签合同总额为468.36亿元 同比增 ...

（文章来源：证券日报） 证券日报网讯 1月26日，永贵电器在互动平台回答投资者提问时表示，公司近几年逐步加大数据中心相 关产品研发投入，并在积极推进数据中心相关配套产品快速研发及市场化转化，以迅速响应客户需求。 ...

哈尔滨电气(01133)公布，预期该公司2025财政年度取得归属于母公司所有者的净利润约人民币26.5亿元 (上年同期取得约人民币16.86亿元)，较上年同期大幅提升。主要原因是公司2025财政年度营业收入较去 年同期有所增长，产品盈利能力进一步提高。 ...

智通财经APP讯，哈尔滨电气(01133)公布，预期该公司2025财政年度取得归属于母公司所有者的净利润 约人民币26.5亿元(上年同期取得约人民币16.86亿元)，较上年同期大幅提升。主要原因是公司2025财政 年度营业收入较去年同期有所增长，产品盈利能力进一步提高。 ...

Group 1: Report Industry Investment Rating - No information provided in the given content. Group 2: Core Viewpoints of the Report - In 2026, focus on provinces with large maturity scales of industrial bonds, such as Inner Mongolia, Heilongjiang, and Jilin, and avoid entities with industry downturns, weakened profitability, and financing channels, or those with non - bond debt risks [2]. - The broad private real estate developers still face challenges, and other industries have a low probability of concentrated risks, but entities with weak competitiveness, significant profit decline, cash - flow pressure, and concentrated debt maturities should be focused on [2]. - For convertible bonds, weak - quality entities with low - priced underlying stocks and high conversion premiums may face difficulties in exiting through conversion, and potential losses should be watched out for [2]. Group 3: Summary by Relevant Catalogs 1. Overall Bond Market Situation - As of January 6, 2026, the national credit bond balance was 36.18 trillion yuan, with urban investment bonds at 17.73 trillion yuan (49.00%) and industrial bonds at 18.45 trillion yuan (51.00%, down from 54.57% last year) [5]. - Beijing has the largest bond balance, followed by Jiangsu, Guangdong, Zhejiang, and Shandong. Inner Mongolia has the highest short - term bond maturity ratio at 81.09%, followed by Heilongjiang at 40.39% [5]. 2. Urban Investment Bonds - Since 2023, with a series of policies and measures, the debt pressure of urban investment platforms has been relieved, the issuance cost and credit spread of urban investment bonds have decreased, the financing cost is generally below 3%, and the debt term has been significantly extended [10]. 3. Industrial Bonds Provincial - level Analysis - Excluding urban investment bonds, Beijing has the largest industrial bond scale at over 7 trillion yuan, mainly central - enterprise bonds. Inner Mongolia has the highest short - term industrial bond maturity ratio at 82.64%, followed by Tibet, Heilongjiang, Tianjin, and Jilin [11]. - Inner Mongolia, Heilongjiang, and Jilin have a bond issuance coverage ratio of less than 1 for the next - year's maturity scale, indicating weak refinancing ability [14]. Industry - level Analysis - In 2025, default industries included 12 sectors such as automobile services and real estate development. The industrial holding and power industries have the largest bond balances, over 2 trillion yuan each [15]. - The paper - making, automobile services, medical devices, medical services, and publishing media industries have a short - term debt ratio of over 50%, with poor debt term structures [15]. - Industries with large short - term debt repayment pressures include rail transit, packaging, heating, furniture and home appliances, textiles, automobile services, and information technology [15]. 4. Real Estate Industry - In 2025, the default rate of real estate development entities remained high, with Vanke and Zhengxinglong defaulting. As of January 6, 2026, the real estate development enterprise bond balance was 11,528.76 billion yuan, mainly held by local and central state - owned enterprises [18]. - The short - term bond maturity pressure of public, Sino - foreign joint - venture, and private enterprises is over 40%. The broad private enterprises still face pressure, with an issuance amount of only 234.38 billion yuan in the past year, 76.93% of the next - year's maturity amount [20]. - In 2026, private real estate enterprises to focus on are Longfor and Yida Development [23]. 5. Loss - making Industrial Entities - Large - loss entities (losses over 10 billion yuan in 2024 and still in losses in the first three quarters of 2025) are mainly in the real estate development industry, including state - owned enterprises such as Overseas Chinese Town Group and financial street - related companies, as well as steel giant Ansteel Group [24]. - Entities with losses between 5 and 10 billion yuan involve industries such as electrical equipment, chemical, steel, and airport [26]. 6. ABS Market - From 2023 - 2025, the default rate of CSRC - regulated ABS was 1.10%, 0.77%, and 0.88% respectively. As of January 6, 2026, the ABS balance was 25,021.96 billion yuan, with a one - year maturity amount of 3,541.59 billion yuan (14.15%). The 2025 issuance amount covered the next - year's maturity amount 3.97 times, with good continuation [32]. 7. Convertible Bond Market - Since 2024, the convertible bond repayment risk has increased. As of January 6, 2026, the convertible bond balance was 5553.51 billion yuan, a 22.89% year - on - year decrease. The broad private enterprises accounted for 64.73%, with a relatively large proportion [33]. - Entities such as Anhui Honglu Steel Structure, Shenzhen Huayang International Engineering Design, and Shanghai Kehua Bio - Engineering face large convertible bond repayment pressures, but the conversion mechanism can reduce credit risks to some extent [35]. - Entities such as Dongfang Fashion Driving School, Hainan Pulili Pharmaceutical, and Jiangsu Fumiao Technology, although not facing immediate repayment pressures, have negative information such as business fluctuations, financial fraud, and equity freezes, and their dynamic changes should be continuously monitored [36].

（记者 曾健辉） 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 每经AI快讯，和顺电气1月26日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润亏损4200 万元~4920万元。上年同期归属于上市公司股东的净利润亏损2676.88万元。公司2025年度经营业绩亏损 的主要原因：报告期内公司电力配套等传统行业业务竞争激烈，产品销售及毛利率下降导致利润下降； 为拓展新业务发展机会，公司持续加快推进新产品研发进程，研发费用较高影响当期利润；公司因实施 股权激励计划确认股份支付费用较高影响当期利润；信用减值损失及资产减值损失计提金额较大影响当 期利润。 ...

证券日报网讯 1月26日，泰永长征在互动平台回答投资者提问时表示，公司的AI应用技术聚焦电力智能 化场景：TYT FUTURE平台融合AI算法，实现负荷预测、故障预警与能效优化；固态断路器集成AI故 障预测功能，为AI服务器配电等场景提供智能保障，赋能设备全生命周期数字化运维等。 （编辑 楚丽君） ...

南财智讯1月26日电，和顺电气发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为亏 损4200万元—4920万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏损4260 万元—4980万元。公司2025年度经营业绩亏损的主要原因：报告期内，公司电力配套等传统行业业务竞 争激烈，产品销售及毛利率下降导致利润下降；为拓展新业务发展机会，公司持续加快推进新产品研发 进程，研发费用较高影响当期利润；公司因实施股权激励计划确认股份支付费用较高影响当期利润；信 用减值损失及资产减值损失计提金额较大影响当期利润。报告期内，影响净利润的非经常性损益金额约 为60万元。 ...