74家公司公布了全年业绩预告，业绩预增公司有58家，占比78.38%。 证券时报·数据宝统计显示，截至1月9日，已经有74家公司公布了2025年度业绩预告。业绩预告类型显示，预增公司58家、预盈4家，合计报喜公 司比例为83.78%；业绩预降、预亏公司分别有7家、1家。 业绩预喜公司中，以预计净利润增幅中值统计，共有18家公司净利润增幅超100%；净利润增幅在50%~100%之间的有13家。具体到个股看，中泰 股份预计净利润增幅最高。公司预计全年实现净利润增幅中值为677.22%；中科蓝讯、传化智联预计全年净利润同比增幅中值分别为371.51%、 308.82%，增幅位列第二、第三。 分行业看，业绩增幅预计翻倍股主要集中在电子、医药生物、基础化工等行业，分别有3只、2只、2只个股上榜；所属板块来看，业绩预计翻倍股 中，主板、创业板、科创板分别有11只、5只、2只。 证券时报·数据宝统计显示，业绩预计翻倍股今年以来平均上涨10.46%，表现强于沪指。个股来看，今年以来涨幅最大的是北方导航，累计上涨 36.64%；南兴股份、盈趣科技今年以来分别上涨22.09%、18.54%紧随其后。 全年业绩预计暴增股名单 | ...

| 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 通信 | 41.44 | -4.31 | 2.37 | 1.24 | 47.52 | | 煤炭 | 37.28 | 36.86 | 2.85 | 2.47 | 18.70 | | 综合 | 5.75 | 13.04 | 3.51 | 3.86 | 2.79 | | 轻工制 造 | 27.32 | -7.41 | 3.21 | -0.13 | 1.41 | | 美容护 理 | 2.03 | -14.86 | 1.99 | -1.03 | -0.74 | | 公用事 业 | 43.22 | -1.43 | 1.06 | 0.12 | -1.63 | | 建筑装 饰 | 44.00 | -3.14 | 1.56 | 0.59 | -2.61 | | 社会服 务 | 18.11 | 2.68 | 3.94 | 0.29 | -3.40 | | 房地产 | 46.40 ...

55家公司公布了全年业绩预告，业绩预增公司有46家，占比83.64%。 证券时报·数据宝统计显示，截至1月6日，已经有55家公司公布了2025年度业绩预告。业绩预告类型显 示，预增公司46家、预盈2家，合计报喜公司比例为87.27%；业绩预降、预亏公司分别有3家、1家。 业绩预喜公司中，以预计净利润增幅中值统计，共有8家公司净利润增幅超100%；净利润增幅在 50%~100%之间的有12家。具体到个股看，传化智联预计净利润增幅最高。公司预计全年实现净利润增 幅中值为308.82%；百奥赛图、英联股份预计全年净利润同比增幅中值分别为303.57%、193.27%，增幅 位列第二、第三。 （文章来源：证券时报网） 证券时报·数据宝统计显示，业绩预计翻倍股今年以来平均上涨3.88%，表现强于沪指。个股来看，今年 以来涨幅最大的是南兴股份，累计上涨10.02%；百奥赛图、传化智联今年以来分别上涨4.66%、4.65% 紧随其后。（数据宝） 全年业绩预计暴增股名单 | 代码 | 简称 | 业绩预告日 | 预计净利润增幅中值 | 最新收盘价 | 今年以来涨跌幅 | 行业 | | --- | --- | --- | --- ...

证券研究报告 2025 年 12 月 29 日 星期一 【A 股市场大势研判】 沪指八连阳 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3963.68 | 0.10% | 4.06 | | | 深证成指 | 13603.89 | 0.54% | 72.48 | | | 沪深 300 | 4657.24 | 0.32% | 14.70 | | | 创业板 | 3243.88 | 0.14% | 4.53 | | | 科创 50 | 1345.83 | -0.24% | -3.23 | | | 北证 50 | 1463.04 | 0.35% | 5.07 | | 周五三大指数继续震荡上行，沪指收获八连阳。A 股三大指数早盘冲高回落，不过午 后三大指数再度重拾升势，震荡拉升翻红，最终三大指数集体收涨，沪指收获八连阳。盘 面上，市场热点快速轮动，全市场超 3400 只个股下跌。有色金属、电力设备、钢铁、国 防军工和商贸零售等板块涨幅靠前；电子、轻工制造、通信、综合和食品饮料等板块跌幅 靠前。概念 ...

Report Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - This week, both the convertible bond market and the equity market declined. Since the beginning of 2025, both markets have been on an upward trend. Currently, the remaining term of outstanding convertible bonds has shortened, and the number of high - quality individual bonds has decreased. High - price and high - valuation convertible bonds may face certain adjustment pressures, and trading convertible bonds is quite difficult. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds in a refined manner, and pay attention to new bond opportunities in industries with high prosperity [4] Summary by Directory Market行情 - From November 17 to November 21, 2025 (5 trading days), the change rate of the CSI Convertible Bond Index was - 1.78% (last week's change rate was + 0.52%), and the change of the CSI All - Share Index was - 5.05% (last week's change rate was - 0.53%). Since 2025, the change rate of the CSI Convertible Bond Index has been + 16.50%, and the change rate of the CSI All - Share Index has been + 17.36% [1] - By rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) all declined this week, with medium - rated bonds having the largest decline [1] - By convertible bond scale, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) all declined this week, with medium - scale convertible bonds having the largest decline [2] - By parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) had different performance this week, with ultra - high - parity bonds having the highest increase [2] Convertible Bond Price, Parity, and Conversion Premium Rate - As of November 21, 2025, there were 411 outstanding convertible bonds (412 at the end of last week), with a balance of 563.719 billion yuan (566.85 billion yuan at the end of last week) [3] - The average convertible bond price was 131.61 yuan (133.30 yuan at the end of last week), and the percentile was 96.56% (from the beginning of 2023 to November 21, 2025) [3] - The average convertible bond parity was 101.20 yuan (105.52 yuan at the end of last week), and the percentile was 88.67% [3] - The average convertible bond conversion premium rate was 31.88% (27.12% at the end of last week), and the percentile was 38.31% [3] Convertible Bond Performance and Allocation Direction - Currently, the remaining term of outstanding convertible bonds has shortened, and the number of high - quality individual bonds has decreased. High - price and high - valuation convertible bonds may face certain adjustment pressures, and trading convertible bonds is quite difficult. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds in a refined manner, and pay attention to new bond opportunities in industries with high prosperity [4]

Core Insights - As of October 24, the market's latest financing balance reached 24,398.18 billion yuan, an increase of 58.95 billion yuan compared to the previous trading day [1] - Among the 17 primary industries under Shenwan's classification, the electronic industry saw the largest increase in financing balance, rising by 68.38 billion yuan [1] - The industries with notable increases in financing balance also include communication, computer, and non-bank financial sectors, with increases of 12.18 billion yuan, 3.84 billion yuan, and 3.37 billion yuan respectively [1] - Conversely, 14 industries experienced a decrease in financing balance, with the automotive, machinery equipment, and electric equipment sectors seeing the largest declines of 6.27 billion yuan, 4.02 billion yuan, and 3.82 billion yuan respectively [1] Industry Financing Balance Changes - The electronic industry has a latest financing balance of 3,614.76 billion yuan, with a day-on-day increase of 68.38 billion yuan, reflecting a growth rate of 1.93% [1] - The communication industry has a financing balance of 1,088.79 billion yuan, increasing by 12.18 billion yuan, with a growth rate of 1.13% [1] - The computer industry shows a financing balance of 1,816.85 billion yuan, with a slight increase of 3.84 billion yuan, resulting in a growth rate of 0.21% [1] - The non-bank financial sector has a financing balance of 1,929.39 billion yuan, with an increase of 3.37 billion yuan, reflecting a growth rate of 0.17% [1] - The comprehensive industry recorded the highest increase in financing balance at 43.82 billion yuan, with a growth rate of 2.74% [1] - The automotive industry has a financing balance of 1,198.29 billion yuan, decreasing by 6.27 billion yuan, with a decline rate of 0.52% [2] - The machinery equipment sector has a financing balance of 1,283.52 billion yuan, with a decrease of 4.02 billion yuan, resulting in a decline rate of 0.31% [2] - The electric equipment industry shows a financing balance of 2,018.02 billion yuan, decreasing by 3.82 billion yuan, with a decline rate of 0.19% [2]

Market Performance - The Shanghai Composite Index closed at 3950.31 points, up 0.71%, with a trading volume of 858.5 billion yuan [1] - The Shenzhen Component Index closed at 13289.18 points, up 2.02%, with a trading volume of 1115.718 billion yuan [1] - The ChiNext Index closed at 3171.57 points, up 3.57%, with a trading volume of 529.69 billion yuan [1] - The STAR 50 Index closed at 1462.22 points, up 4.35%, with a trading volume of 98.9 billion yuan [1] - The total trading volume of both markets reached 1974.218 billion yuan, an increase of 330.34 billion yuan compared to the previous trading day [1] Sector Performance - Strong performance in sectors such as electronics, communications, defense, power equipment, computers, non-ferrous metals, automobiles, and machinery [2] - Active concepts included storage chips, CPO, space stations, AI phones, PCB, satellite internet, passive components, and nano-silver [2] - Weak performance in sectors like oil and petrochemicals, coal, food and beverages, real estate, transportation, and steel [2] Fund Flow - Net inflow of main funds in the Shanghai and Shenzhen markets was 14.886 billion yuan, with the ChiNext seeing a net inflow of 8.675 billion yuan [3][4] - The electronic sector had the highest net inflow of main funds at 11.426 billion yuan, followed by power equipment, defense, communications, and automobiles [4] - The pharmaceutical sector experienced the largest net outflow of main funds at 1.673 billion yuan [4] Individual Stock Performance - A total of 2530 stocks saw net inflows of main funds, with 107 stocks receiving over 1 billion yuan [5][6] - Lixun Precision received the highest net inflow of 1.987 billion yuan, followed by Yangguang Electric, Zhongji Xuchuang, and others [6] - 2624 stocks experienced net outflows, with 67 stocks seeing outflows exceeding 1 billion yuan, led by Huagong Technology with a net outflow of 1.048 billion yuan [7][8] Institutional Activity - Institutions had a net selling of approximately 283 million yuan, with 12 stocks seeing net purchases and 16 stocks net sold [9][10] - The stock with the highest net purchase by institutions was ShenNan Circuit, with a net inflow of about 198 million yuan [10]

Core Viewpoint - The industrial enterprises above designated size in August showed signs of recovery in revenue and profit, with revenue growth of 1.9% year-on-year and a significant profit increase of 20.4% compared to the previous year, indicating a potential stabilization in the industrial sector [1][7][8]. Revenue and Profit Trends - In August, the revenue of industrial enterprises increased by 1.9% year-on-year, marking a 1.0 percentage point acceleration from the previous month. Cumulatively, the revenue growth for the first eight months remained at 2.3%, consistent with prior values, ending a four-month slowdown [1][6][7]. - The profit total for August saw a substantial year-on-year increase of 20.4%, a recovery from a decline of 1.5% in the previous month. The cumulative profit growth for the first eight months turned positive at 0.9% [1][8][25]. Price and Volume Dynamics - The improvement in revenue in August was primarily driven by price increases, with a structure characterized by "volume contraction and price increase." The Producer Price Index (PPI) improved from -3.6% to -2.9% year-on-year, supporting profit margins [2][10][11]. - The revenue profit margin for January to August was 5.24%, showing a slight year-on-year decline of 0.06 percentage points, but significantly better than the declines observed in June and July [2][10][11]. Industry Performance Disparities - Profit growth varied significantly across industries, with notable increases in sectors such as non-ferrous metals, utilities, essential consumer goods, electrical machinery, and transportation equipment. Conversely, industries like coal, black metal mining, petrochemicals, and light manufacturing experienced the largest profit declines [3][15][16]. - In August, profit growth improvements were concentrated in upstream industries, with coal, steel, and non-metallic minerals showing low-level recoveries. The beverage and tea industry saw a significant rebound in profits due to seasonal demand [3][18]. Inventory and Debt Levels - As of the end of August, nominal inventory for industrial enterprises grew by 2.3% year-on-year, while actual inventory saw a decline of 0.8 percentage points, reflecting a continuous reduction trend [4][19][20]. - The asset-liability ratio for industrial enterprises remained stable at 58%, with a slight increase of 0.1 percentage points month-on-month. Capital expenditure showed a small rebound in August, indicating potential growth in investment despite low capacity utilization [4][22]. Future Outlook - The profit growth for industrial enterprises is expected to remain supported in the coming months due to low profit bases from the previous year. If sustained, this could mark the first return to positive profit growth since 2022 [5][25]. - However, the current operational conditions of enterprises are not yet solid, with ongoing uncertainties in price trends and profit structures, necessitating continued policy support to enhance cash flow and profit recovery [5][26].

Investment Rating - The report indicates a positive outlook for the industry, suggesting an "Overweight" rating based on expected performance exceeding the market benchmark by more than 10% over the next 6-12 months [33]. Core Insights - The North Exchange A-shares saw a trading volume of 27.45 billion yuan on July 21, 2025, an increase of 4.99 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1452.34, up 2.38% [2][9]. - The report highlights significant market drivers, including the launch of the 1.2 trillion yuan Yarlung Tsangpo River hydropower project, which is expected to stimulate related industries such as tunnel equipment and engineering consulting [4][20]. - The report emphasizes the importance of focusing on high-scarcity and strong alpha attributes in specialized and innovative enterprises, particularly in new power equipment and smart hardware sectors [4]. Summary by Sections Market Review - On July 21, 2025, the North Exchange A-shares had 268 companies, with 208 rising, 4 flat, and 56 declining. The top five gainers included Iron Tuo Machinery, Jikang Instruments, and Wuxin Tunnel Equipment, each rising by 30% [2][16]. - The North Exchange Specialized and Innovative Index closed at 2477.21, up 2.0% [2][9]. Important News - A humanoid robot project by UBTECH won a record bid of 90.51 million yuan, with plans to deliver 500 units within the year, indicating a growing market for robotics [19]. - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is set to begin construction, which may open growth opportunities in related sectors [20]. Key Company Announcements - Runpu Food announced that its major shareholder plans to reduce its stake by up to 1.76 million shares, representing 1.99% of the total share capital [21]. - Xuchang Intelligent won 13 projects from the State Grid, totaling 153 million yuan, enhancing its market presence [29].

Market Overview - The Shanghai Composite Index fell by 0.21% today, with a trading volume of 651.13 million shares and a total transaction value of 783.06 billion yuan, a decrease of 10.72% compared to the previous trading day [1]. Industry Performance - The real estate sector showed the highest increase, rising by 1.69%, with a transaction value of 117.37 billion yuan, up by 72.06% from the previous day. The leading stock in this sector was Yuhua Development, which increased by 10.04% [1]. - The light industry manufacturing sector increased by 1.55%, with a transaction value of 148.75 billion yuan, up by 0.85%. The leading stock was Hengxin Life, which rose by 13.25% [1]. - The comprehensive sector rose by 1.34%, with a transaction value of 16.28 billion yuan, up by 14.03%. The leading stock was Dongyangguang, which increased by 4.12% [1]. - The coal industry experienced the largest decline, falling by 3.92%, with a transaction value of 50.67 billion yuan, down by 2.09%. The leading stock was China Shenhua, which decreased by 2.96% [2]. - The telecommunications sector fell by 0.96%, with a transaction value of 389.43 billion yuan, down by 12.25%. The leading stock was Youfang Technology, which dropped by 12.05% [2]. - The pharmaceutical and biological sector decreased by 0.90%, with a transaction value of 742.28 billion yuan, down by 1.91%. The leading stock was Sinovac Biotech, which fell by 9.29% [2].