华夏幸福公告称，为落实《债务重组计划》，公司拟以信托计划受益权份额抵偿"兑抵接"类金融债权人 合计不超240.01亿元金融债务，该交易构成重大资产重组及关联交易，已获股东大会通过。截至公告披 露日，资产归集和设立信托已于2023年11月完成；已签署《信托受益权转让协议》或实施信托抵债交易 的金额为223.48亿元，相关受益人变更登记仍在进行；仍有16.52亿元信托受益权份额未被领受，公司将 在预重整临时管理人监督下处理剩余抵债工作。 ...

Core Viewpoint - The real estate sector experienced a volatile rebound on January 29, with several companies, including Dayue City and Sanxiang Impression, hitting the daily limit for stock price increases. Other companies such as New Town Holdings, Binjiang Group, Jingtou Development, and Huaxia Happiness also saw significant gains. [1] Group 1 - The regulatory requirement for companies to report the "three red lines" indicators on a monthly basis has been lifted for many firms, indicating a potential easing of regulatory pressure in the real estate sector. [1] - Some distressed real estate companies are still required to regularly report their asset-liability ratios and other financial indicators to specialized teams in their respective headquarters cities. [1]

Group 1 - The real estate sector is experiencing a volatile rebound, with major companies like Dayue City and Sanxiang Impression hitting the daily limit up [1] - Other companies such as New Town Holdings, Binjiang Group, Jingtou Development, and Huaxia Happiness are also seeing significant gains [1]

Core Viewpoint - The A-share market is undergoing a new wave of "delisting risk inspection" as companies disclose their 2025 annual performance forecasts, with over 20 companies already indicating potential delisting risk warnings due to financial indicators not meeting standards, major violations, or abnormal audit opinions [1][9]. Financial Indicators Not Meeting Standards - According to the latest rules from the Shanghai and Shenzhen Stock Exchanges, main board companies will trigger financial delisting risk warnings if their "net profit for the most recent accounting year is negative and operating revenue is below 300 million yuan" or if "net assets at the end of the period are negative" [2][10]. - Companies such as Bayi Steel, Shuaifeng Electric, Tianjian Technology, Yijing Optoelectronics, and Huaxia Happiness have announced that their stocks may face delisting risk warnings due to financial issues [2][10]. Specific Company Financial Issues - Bayi Steel expects its net assets to be between -1.76 billion yuan and -1.95 billion yuan by the end of 2025, which will trigger delisting risk warnings [3][11]. - Yijing Optoelectronics anticipates a net asset of -68 million to -130 million yuan for 2025, also leading to potential delisting risk warnings [3][11]. - Huaxia Happiness is expected to have negative net assets by the end of 2025, which may result in delisting risk warnings [3][11]. Revenue and Profit Shortfalls - Shuaifeng Electric forecasts a total profit loss of between -57 million and -38 million yuan for 2025, with a net profit loss of -62 million to -43 million yuan, and operating revenue expected to be between 21 million and 25 million yuan, below the 300 million yuan threshold [4][12]. - Tianjian Technology projects a total profit loss of between -170 million and -242 million yuan for 2025, with a net profit loss of -176 million to -250 million yuan, and negative operating revenue expected [4][12]. Internal Control Issues - Companies like Digital People and Tianye Co. face potential delisting risk warnings due to unresolved internal control issues highlighted in their audit reports for 2024 [5][13][14]. - Digital People received a negative opinion on its internal controls, which could lead to delisting risk warnings if similar issues persist in 2025 [5][13]. Importance of 2025 Audit Opinions - For companies already under delisting risk warnings, the audit opinions for 2025 will be critical. For instance, *ST Panda has indicated that unresolved non-standard audit opinions may lead to further delisting risks if not addressed [7][15]. - *ST Zhengping has also warned that unresolved audit issues could result in termination of listing if not rectified by the 2025 audit report [7][16].

Group 1 - A significant number of A-share companies are reporting losses, with over 500 companies expected to post losses for 2025, reflecting a shift in the market where loss-making companies are disclosing their financials earlier than usual [1][3][22] - The real estate and construction sectors are particularly affected, with companies like Huaxia Happiness expected to report losses between 16 billion to 24 billion yuan, making it the "loss king" [4][24] - The overall performance of A-share companies is under pressure, with 709 out of 1165 companies reporting declining performance, which is approximately 60% [1][22] Group 2 - The trend of loss-making companies disclosing their financials is seen as a sign of market rationalization, with companies aiming to manage expectations and release financial pressures [2][21] - The solar energy sector is facing significant challenges, with leading companies like Tongwei Co. and Longi Green Energy expected to report substantial losses due to overcapacity and price competition [6][24] - The real estate sector is also experiencing widespread losses, with over 30 A-share real estate companies reporting poor performance, and only a few showing positive results [7][25] Group 3 - Companies like Zhichun Technology and Siyuanjie are facing severe stock price declines following their loss announcements, indicating investor reactions to poor financial forecasts [12][30] - The overall market sentiment is expected to be negatively impacted in the short term due to the concentration of negative financial disclosures, but this could lead to improved market pricing efficiency in the long run [15][32] - The performance of A-share companies is anticipated to show a "total pressure, structural brilliance" pattern, with traditional industries like real estate and solar energy under significant strain [16][33][34]

2026.01. 28 本文字数：2709，阅读时长大约4.5分钟 作者 | 第一财经 周楠 当前正值上市公司年报预告披露期，不同于以往的绩优股抢先发布业绩，今年财报季里，一批亏损公司正在 密集"交卷"。 1 月 26 日 晚 间 ， 百 余 家 A 股 公 司 披 露 了 2025 年 业 绩 预 告 ， 多 家 亏 损 公 司 在 列 。 其 中 ， 大 禹 生 物 （920970.BJ）、ST英飞拓（002528.SZ）等续亏；二六三（002467.SZ）、恒基达鑫（002492.SZ）等首 亏。 另据Wind统计，截至1月26日，共计1165家A股公司已披露2025年业绩预告，业绩下滑的有709家，占比约 六成，当期预计亏损的有500多家。从行业来看，预亏幅度较大的企业扎堆房地产、建筑行业，涉及华夏幸 福（600340.SH）、绿地控股（600606.SH）等。华夏幸福预计去年亏损160亿元至240亿元，暂时成为"亏 损王"。 一些业绩"滑坡"的公司，遭遇投资者"用脚投票"。至纯科技（603690.SH）预计去年亏损3亿元至4.5亿元， 或出现上市以来的首次归母净利润亏损，消息披露后公司股票一度跌停。 ...

Group 1: Domestic News - The UK Prime Minister Starmer will visit China from January 28 to 31, marking the first visit by a UK Prime Minister in eight years, with discussions on trade and investment cooperation expected [2] - The Ministry of Human Resources and Social Security plans to expand the scale of entrusted investment of the basic pension insurance fund, with the total income of three social insurance funds reaching 9.1 trillion yuan and total expenditure at 8.1 trillion yuan by the end of 2025 [2] - By the end of 2025, the loan acquisition rate for technology-based small and medium-sized enterprises reached 50.2%, an increase of 2 percentage points from the previous year [3] Group 2: Economic Indicators - The profits of industrial enterprises above designated size in China increased by 0.6% year-on-year in 2025, reversing a three-year decline, with significant contributions from equipment manufacturing and high-tech industries [3] - Jilin Province has successfully exited the list of key local debt provinces, achieving the standards set in its 14th Five-Year Plan [4] Group 3: International News - The Federal Reserve is expected to pause interest rate cuts for the first time since September, maintaining the benchmark rate between 3.5% and 3.75% [5] - India and the EU have finalized a historic free trade agreement, with India agreeing to eliminate tariffs on over 90% of EU goods, marking a significant shift in trade relations [6] Group 4: Market Dynamics - The bond market showed fluctuations with the stock market's performance, as the yield on the 10-year government bond rose by 0.70 basis points to 1.8320% [11] - The convertible bond market saw a collective increase in major indices, although most individual convertible bonds experienced declines, with 162 bonds rising and 207 falling [14] Group 5: Commodity Prices - International crude oil prices increased, with WTI crude rising by 2.90% to $62.39 per barrel, while natural gas prices saw a slight decline [7] Group 6: Financial Operations - The central bank conducted a reverse repurchase operation of 402 billion yuan at a fixed rate, resulting in a net injection of 78 billion yuan into the market [8] - The money market showed improvement with the DR001 rate decreasing by 5.00 basis points to 1.367% [9]

Group 1 - A significant number of loss-making companies are disclosing their performance forecasts during the annual report season, contrasting with previous years where profitable companies led the announcements [1][2] - As of January 26, 1165 A-share companies have disclosed their performance forecasts, with approximately 60% (709 companies) reporting a decline in performance, and over 500 companies expected to incur losses [1][3] - The real estate and construction sectors are particularly affected, with companies like Huaxia Happiness expected to report losses between 16 billion to 24 billion yuan, making it the "loss king" [1][5] Group 2 - The trend of loss-making companies proactively disclosing their forecasts reflects a transformation in the A-share market, indicating a more rational market behavior [2][15] - The majority of companies facing performance declines are concentrated in the real estate, construction, and pharmaceutical sectors, with 53 companies expected to report losses exceeding 1 billion yuan [4][6] - The solar energy sector is also experiencing significant losses, with leading companies like Tongwei Co. and Longi Green Energy projecting substantial net profit losses [7][18] Group 3 - Following the disclosure of poor performance forecasts, stock prices of several companies have dropped significantly, with Yanghe Co. and Zhichun Technology experiencing notable declines [10][11] - The termination of acquisitions and restructuring efforts has further compounded the challenges for some companies, leading to sharp declines in their stock prices [14] - Investors are urged to adjust their stock selection logic, focusing on the quality of earnings and cash flow, as well as aligning investments with high-growth sectors [16][17]

会议资料 （600340） 二〇二六年二月五日 2026 年第一次临时股东会会议资料目录 | 2026 年第一次临时股东会会议议程 | 2 | | --- | --- | | 2026 年第一次临时股东会会议须知 | 3 | | 议案一：关于公司解聘 2025 | 年度会计师事务所的议案 4 | | 议案二：关于公司聘任 2025 | 年度会计师事务所的议案 6 | | 议案三：关于选举非独立董事的议案 | 10 | | 2026 年第一次临时股东会投票表决办法 | 11 | 华夏幸福基业股份有限公司 2026年第一次临时股东会 1 2026 年第一次临时股东会会议议程 会议时间：2026年2月5日（星期四）下午15:00 会议地点：河北省廊坊市固安科创中心二层会议室8 会议主持人：董事兼总裁赵威先生 会议议程： 2 一、会议主持人宣布会议开始并宣读本次股东会须知 二、董事会秘书黎毓珊女士报告会议出席情况 三、会议主持人宣读提交本次会议审议的议案 1.关于公司解聘2025年度会计师事务所的议案 2.关于公司聘任2025年度会计师事务所的议案 3.关于选举非独立董事的议案 四、股东及股东代理人发言 五、记名投票 ...

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]