技术驱动的增长与周期拖累的亏损同样醒目。 | 作者 | | 迷宫 | | --- | --- | --- | | 编辑 | | 小白 | 本研报基于截至2026年1月26日A股上市公司发布的业绩预告公告，筛选出值得关注的标的。 业绩增速亮眼标的 01 中微公司（688012） 业绩预告类型： 同向上升 • 先进逻辑器件中段 关键刻蚀工艺和先进存储器件超高深宽比刻蚀工艺 实现量产 预告日期：2026年1月23日 预计净利润区间： 208,000万元～218,000万元 同比变化： 增长28.74%～34.93% 核心原因摘要： • 等离子体刻蚀设备在国内外持续获得更多客户的认可，针对先进逻辑和存储器件制造中关键刻蚀工 艺的高端产品新增付运量显著提升 预告日期：2026年1月23日 预计净利润区间： 43,500万元～53,200万元 同比变化： 增长80.36%～120.57% 核心原因摘要： • 市场需求急剧增长，公司 先进产品实现量产 • 公司出售了部分持有的上市公司股票，投资收益增加 亮点/风险点分析： • 亮点： 半导体设备行业龙头，技术壁垒高；受益于AIoT市场快速增长和端侧AI技术创新；营业收 入首 ...

来源：钛媒体 一、市场概览 1月23日，A股市场呈现普涨格局，三大指数集体收涨，沪指涨0.33%报4136.16点，深成指涨0.79%报14439.66点，创业板指涨0.63%报3349.50点，北证50指 数更是大涨超3%。市场量能显著放大，沪深两市成交额达3.09万亿元，较前一交易日增加近4000亿元，创阶段新高。板块方面，光伏设备、商业航天、AI 应用等赛道强势领涨，光伏板块单日涨幅超9%，隆基绿能、钧达股份等30余股涨停；贵金属延续强势，白银有色4连板，中国黄金跟涨。下跌板块集中于保 险、银行等金融股，油气开采及服务、半导体等板块回调。全市场超3900只个股上涨，涨停121家，跌停仅2家，市场情绪明显回暖。 1.江苏有线（600959）：区域传媒龙头，深度折价下估值修复空间显著 公司作为江苏省内广电网络运营核心企业，主营有线电视网络建设运营、数字电视增值业务及融媒体业务，是区域传媒领域的核心标的。受益于广电网络整 合升级及融媒体商业化落地，公司营收端逐步企稳回升。1 月 23 日该股涨停，收盘价 4.07 元，近五日涨幅 6.82%，属于低估值传媒股估值修复行情。 | 代码 | 名称 | 收盘 | 涨 ...

Group 1: Low Altitude Economy - The recent draft policy aims to promote the development of low-altitude economy and civil aviation in China, including support for new international routes and the construction of general airports [1] - Analysts believe that the low-altitude economy represents a significant investment opportunity, with potential for a trillion-dollar market as it accelerates its implementation [1][2] Group 2: Robotics - Tesla's CEO Elon Musk shared a video of the Optimus humanoid robot achieving a personal record, indicating advancements in production speed for the robot [1] - The robotics industry is expected to see significant innovations across the supply chain, with humanoid robots poised to become a disruptive product following computers and electric vehicles [2] Group 3: TV Panels - TV panel prices for various sizes are projected to stabilize by December 2025, with slight decreases expected for larger sizes [3] - Research indicates that the industry may achieve higher operational rates and price stabilization due to inventory replenishment and upcoming sports events [3] Group 4: Prebaked Anodes - The price of prebaked anodes has surged, reaching an average of 5638 yuan/ton, marking a significant increase over recent days [3] - The demand for prebaked anodes is expected to remain strong due to rising electrolytic aluminum prices and increased production capacity [3] Group 5: Copper - Copper prices reached a historical high of 11,434 USD/ton, driven by a weaker dollar and supply concerns [4] - Analysts predict that copper prices may continue to rise, potentially reaching 12,000 USD/ton, supported by strong market sentiment [4] Group 6: AI Chips - Amazon has launched its latest AI chip, Trainium3, which is designed to be more cost-effective and efficient than Nvidia's GPUs [6] - The development of AI chips by Amazon signifies a competitive shift in the AI computing market, challenging Nvidia's dominance [6][5] Group 7: Deep Sea Economy - The Chinese government is focusing on advancing deep-sea exploration and development, aiming for breakthroughs in technology and resource management [7] - The deep-sea economy is projected to grow significantly, with an expected market size of 3.25 trillion yuan by 2025, driven by technological advancements and industrialization [7][6] Group 8: Tourism and Aviation Integration - The Ministry of Culture and Tourism, along with the Civil Aviation Administration, has issued a plan to enhance the integration of tourism and aviation services [8] - The plan encourages airlines to offer bundled travel packages and collaborate with various tourism-related entities to enhance consumer options [8]

Core Points - The stock of Suotong Development fell by 5.03% on November 17, trading at 27.02 CNY per share with a transaction volume of 609 million CNY and a turnover rate of 4.43%, resulting in a total market capitalization of 13.459 billion CNY [1] Company Overview - Suotong Development Co., Ltd. is located in the Hengyuan Economic Development Zone, Linyi County, Shandong Province, established on August 27, 2003, and listed on July 18, 2017 [1] - The company's main business involves the research, production, and sales of prebaked anodes, with revenue composition as follows: prebaked anodes 90.75%, other (supplementary) 4.57%, negative materials 3.68%, and capacitors 0.99% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under GF Fund holds Suotong Development shares. The GF Guozheng 2000 ETF (159907) held 45,600 shares in the third quarter, accounting for 0.61% of the fund's net value, ranking as the seventh largest heavy stock [2] - The GF Guozheng 2000 ETF (159907) was established on June 3, 2011, with a latest scale of 198 million CNY. Year-to-date return is 30.73%, ranking 1651 out of 4217 in its category; the one-year return is 29.77%, ranking 1250 out of 3957; and since inception, the return is 82.09% [2] - The fund manager of GF Guozheng 2000 ETF is Huo Huaming, who has been in position for 8 years and 214 days, with a total asset scale of 65.92 billion CNY. The best fund return during his tenure is 81.17%, while the worst is -28.81% [2]

Group 1: Market Strategy and Economic Outlook - The current market is transitioning from a "technology bull" to a "wealth bull," indicating a favorable time to invest in cyclical sectors [6][10] - The third quarter of 2025 shows a recovery in profitability, with A-share cumulative profit growth expected to reach 11% in 2026, marking a shift to an earnings-driven bull market [14] - The "15th Five-Year Plan" suggests a need for GDP growth of at least 4.1% annually, indicating a supportive environment for cyclical industries [7] Group 2: Industry Performance Insights - The computer industry experienced a revenue increase of 10.5% year-on-year in the first three quarters of 2025, with net profit rising by 47.77% [19] - The materials and manufacturing sectors showed a significant improvement in free cash flow, with a year-on-year increase of 1,100 million yuan in the third quarter [16] - The TMT sector's capital expenditure (CAPEX) expansion is impacting cash flow, with a notable decrease in free cash flow by 928 million yuan in the third quarter [15] Group 3: Company-Specific Analysis - Huada Jiutian reported a revenue of 8.05 billion yuan in the first three quarters of 2025, with a significant decline in net profit due to reduced government subsidies [46][47] - Jiuzhou Pharmaceutical achieved a revenue of 41.60 billion yuan, with a net profit increase of 18.51%, driven by a stable CDMO business [50][51] - New Dairy's revenue for the first three quarters reached 84.34 billion yuan, with a net profit increase of 31.48%, indicating strong operational performance [53][54]

Core Viewpoint - The strategic cooperation between Suotong Development and Sinopec aims to enhance the long-term partnership in the petroleum coke sector, focusing on technological research and resource supply for prebaked anode materials, which are crucial for the aluminum industry [1][5]. Group 1: Strategic Cooperation - Suotong Development and Sinopec have signed an agreement to deepen their long-term strategic cooperation, leveraging their respective strengths in the supply chain [1]. - The collaboration will focus on the research and development of specialized petroleum coke for prebaked anodes, resource assurance, and industry chain synergy [1][2]. Group 2: Importance of Petroleum Coke - Petroleum coke is a key material in the production of prebaked anodes, with its purity and composition directly affecting the performance of the final product and the efficiency of the aluminum industry [1][3]. - The demand for high-quality, specialized petroleum coke is increasing due to the "carbon peak and carbon neutrality" goals, highlighting its strategic importance and high value in the industry [1][3]. Group 3: Innovation and Research Support - The cooperation aims to establish a joint innovation platform to enhance research support for carbon materials used in prebaked anodes, aligning with the industry's needs under the dual carbon goals [2]. - The partnership will facilitate the development of high-performance prebaked anodes, expanding market opportunities in high-tech applications such as aerospace and high-purity aluminum [2][4]. Group 4: Resource Security and Industry Impact - The strategic relationship will provide long-term stability in resource supply, mitigating risks associated with market fluctuations in raw materials [3]. - The collaboration is expected to transform the petroleum coke industry from a resource-driven model to a technology-driven one, enhancing resource utilization efficiency and industry value [5].

Company and Industry Summary Company Overview - The company is a leading player in the pre-baked anode industry, focusing on high-quality development strategies that emphasize carbon neutrality and technological innovation [1][4]. Key Financial Performance - In 2024, the company achieved a revenue of 13.75 billion yuan, marking a significant turnaround from a loss of 795 million yuan in 2023 to a profit of 449 million yuan in 2024 [4][5]. - The net profit margin improved, with a scale net profit reaching 272 million yuan [5]. - The company reported a 10.25% increase in pre-baked anode production volume to 3.2645 million tons and an 11.35% increase in sales volume to 3.3169 million tons [6]. Strategic Initiatives - The company is investing approximately 2.7 billion yuan in two new projects to expand market share and maximize shareholder value [3]. - The company plans to maintain a balanced approach to shareholder returns while focusing on long-term growth [3]. - A digital transformation initiative is underway, aiming to enhance production efficiency and automate key processes [9]. Market Position and Opportunities - The company has maintained its position as the largest exporter of commercial pre-baked anodes in China for 17 consecutive years, leveraging its technological and scale advantages to capture market opportunities [2]. - The global demand for electrolytic aluminum is expected to grow, presenting new strategic opportunities for the company [2]. Future Outlook - For 2025, the company has set ambitious targets, including a production goal of 3.4 million tons of anodes and 350 million tons in sales [8]. - The company aims to enhance its competitive edge through technological innovation and service upgrades, positioning itself as a leader in quality and cost balance within the industry [9]. - The company is also focused on advancing its ESG (Environmental, Social, and Governance) initiatives, having published sustainability reports for three consecutive years [7]. Additional Insights - The company has successfully reduced its operational costs, with total expenses decreasing by 15% year-on-year [5]. - The company emphasizes the importance of investor relations and transparency, ensuring timely and accurate information disclosure to protect investor rights [3]. Conclusion - The company is poised for growth in a challenging market environment, with a clear strategy focused on innovation, market expansion, and sustainable practices, aiming to transition from a national leader to a global powerhouse in the pre-baked anode sector [10].

Core Viewpoint - A-share companies are reporting impressive earnings, with some experiencing profit increases exceeding 3000% in the first half of the year, particularly in the rare earth sector [1][3][5]. Group 1: Earnings Performance - Huahong Technology expects a net profit of 70 million to 85 million yuan for the first half of 2025, representing a year-on-year increase of 3047.48% to 3721.94% [3]. - China Rare Earth anticipates a net profit of 136 million to 176 million yuan, turning a profit from a loss of 244 million yuan in the same period last year [3]. - Shenghe Resources projects a net profit of 305 million to 385 million yuan, an increase of 374 million to 454 million yuan compared to the previous year [4]. - Northern Rare Earth expects a net profit of 900 million to 960 million yuan, a year-on-year increase of 1882.54% to 2014.71% [5]. - Other companies like Te Yi Pharmaceutical, Qianfang Technology, and Fenglong Co. also reported significant profit increases, with Te Yi's net profit expected to grow by 1164.22% to 1312.95% [8][9]. Group 2: Market Trends and Insights - Research institutions indicate that industries with strong mid-year earnings typically perform better in stock prices during July and August, suggesting a strategic focus on companies with positive earnings surprises [2]. - The rare earth market is experiencing a price recovery due to improved supply-demand dynamics and supportive national policies, which is expected to enhance the profitability of companies in this sector [3][5]. - The U.S. Department of Defense's investment in MP Materials and the establishment of a minimum price for rare earth products highlight the strategic importance of rare earth resources and may influence domestic pricing expectations [6][7]. Group 3: Future Outlook - Analysts suggest that the market may enter a new upward phase, with a focus on sectors expected to outperform based on mid-year earnings, including domestic consumption, technology independence, and dividend stocks [11].