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].

中经记者 陈家运 北京报道 财务数据显示，2022年至2024年，八一钢铁的归母净利润分别亏损13.62亿元、11.63亿元、17.52亿元， 亏损规模呈现扩大趋势。 2025年前三季度，八一钢铁曾出现阶段性减亏迹象。当期，其实现营业收入146.17亿元，同比下降 1.39%，归母净利润亏损5.72亿元，同比增长60.43%，扣非归母净利润亏损6.06亿元，同比增长 58.27%。 然而，在2025年第四季度八一钢铁业绩却大幅亏损。根据业绩预告测算，八一钢铁第四季度归母净利润 亏损额高达12.78亿元至14.78亿元，远超前三季度亏损总和。 2026年1月25日，八一钢铁（600581.SH）公告披露，预计2025年归母净利润亏损18.50亿元至20.50亿 元，扣非归母净利润亏损19亿元至21亿元。这已是八一钢铁连续第四年亏损。并且，其预计2025年末净 资产为-17.60亿元至-19.50亿元，触及《上海证券交易所股票上市规则》第9.3.2条规定的退市风险警示 情形。 八一钢铁方面表示，当前钢铁行业处于"减量发展、存量优化"的深度调整期，"供需双弱"叠加环保政策 收紧、原燃料与钢材价格"剪刀差"、产能过剩 ...

Core Viewpoint - The report indicates a decline in China's pig iron production, with a projected output of 60 million tons in December 2025, representing a year-on-year decrease of 9.9% and a cumulative production of 840 million tons for the year, down 3% compared to the previous year [1]. Group 1: Industry Overview - The report is based on data from the National Bureau of Statistics, highlighting a significant downward trend in pig iron production in China [1]. - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research and strategic investment reports [1]. Group 2: Company Implications - The companies listed, including Baosteel Co., Ltd. (600019), Maanshan Iron & Steel Co., Ltd. (600808), and others, may face challenges due to the declining production trends in the pig iron sector [1]. - The report suggests that the industry may need to adapt its strategies in response to the projected decrease in production and market demand [1].

资金流向方面，今日该股主力资金净流入7062.55万元，其中，特大单净流入5991.94万元，大单资金净 流入1070.61万元。近5日主力资金净流入4612.64万元。 融资融券数据显示，该股最新（1月26日）两融余额为7783.69万元，其中，融资余额为7783.01万元，融 券余额为0.68万元。近5日融资余额合计增加208.94万元，增幅为2.76%。融券余额合计减少273.00元， 降幅3.86%。 2025年10月27日公司发布的三季报数据显示，前三季度公司共实现营业收入146.17亿元，同比下降 1.39%，实现净利润-5.72亿元。 八一钢铁(600581)今日下跌7.72%，全天换手率12.01%，成交额5.50亿元，振幅8.56%。龙虎榜数据显 示，沪股通净买入585.70万元，营业部席位合计净卖出75.77万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-7.89%上榜，沪股通净买入585.70万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.49亿元，其中，买入成交额为7696.19 万元，卖出成交额为7186.27万元，合计净买入509.93万元。 具体来看，今 ...

| 601001 | 晋控煤业 | -3.20 | 1.15 | -821.43 | | --- | --- | --- | --- | --- | | 603113 | 金能科技 | -3.06 | 2.14 | -808.77 | | 600117 | 西宁特钢 | -2.33 | 0.91 | -808.08 | | 600180 | 瑞茂通 | -1.61 | 1.61 | -633.76 | | 601225 | 陕西煤业 | -2.65 | 0.55 | -609.66 | | 000552 | 甘肃能化 | -2.46 | 1.84 | -593.07 | | 601101 | 昊华能源 | -2.44 | 0.96 | -567.01 | | 001286 | 陕西能源 | -1.51 | 1.28 | -556.15 | | 600348 | 华阳股份 | -1.28 | 1.71 | -492.85 | | 002535 | 林州重机 | -0.97 | 2.86 | -488.80 | | 600740 | 山西焦化 | -3.38 | 1.13 | -486.85 | | 002691 ...

Market Overview - The steel sector experienced a decline of 1.45% on January 27, with Ba Yi Steel leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Wu Jin Bu Xiu (603878) saw a closing price of 9.62, with an increase of 3.44% and a trading volume of 503,200 shares, totaling a transaction value of 479 million yuan [1] - Ba Yi Steel (600581) closed at 2.99, down 7.72%, with a trading volume of 1,840,600 shares and a transaction value of 550 million yuan [2] - Other notable performers include Hangang Co. (600126) with a closing price of 9.11, up 1.11%, and Xin Xing Casting (000778) at 4.71, up 0.43% [1][2] Capital Flow Analysis - The steel sector saw a net outflow of 504 million yuan from main funds, while retail investors contributed a net inflow of 352 million yuan [2] - The main funds showed a net inflow of 53.82 million yuan into Ba Yi Steel, but overall, it had a negative net flow of 69.97 million yuan from retail investors [3] - Other stocks like Lingang Co. (600231) and An Yang Steel (600569) also experienced significant net outflows from main funds [3]

Market Overview - The three major A-share indices opened lower on January 27, with the Shanghai Composite Index closing at 4139.9 points, up 0.18% [2] - The ChiNext Index rose by 0.71% to 3342.6 points, while the Sci-Tech 50 Index increased by 1.51% to 1555.98 points [2] Trading Activity - A total of 1928 stocks rose, while 3450 stocks fell, with 91 stocks remaining flat [3] - The total trading volume was 28.949 billion yuan, a decrease of 3.533 billion yuan from the previous trading day [3] Sector Performance - Semiconductor stocks saw significant gains, with over 20 stocks hitting the daily limit or rising more than 10% [5] - Gold stocks also performed well, with several stocks reaching the daily limit or increasing by over 10% [5] - Coal and basic metal sectors experienced notable declines, with major coal stocks dropping over 4% [6] Market Sentiment and Predictions - Financial analysts suggest that the A-share market may continue to experience fluctuations in the short term due to increased overseas uncertainties and pressure at previous high levels [7] - The current market is viewed as a short-term adjustment risk, with expectations for continued upward movement in the medium term [7] - Long-term perspectives indicate that the current market trend is still in its mid-stage, with potential for a "slow bull" market to continue [8][9] Investment Recommendations - Analysts recommend focusing on sectors such as technology, particularly AI and robotics, as well as industries benefiting from price increases like chemicals and non-ferrous metals [8][9] - Short-term investment opportunities are suggested in power equipment and photovoltaic sectors, which are supported by market demand and policies [10]

Core Viewpoint - The A-share market is experiencing a surge in performance forecasts, with several companies issuing "*ST" warnings, indicating potential delisting risks due to negative net assets [1][2]. Group 1: Company Announcements - Ba Yi Steel announced on January 25 that its stock may face delisting risk warnings due to expected negative net assets of between -1.95 billion to -1.76 billion yuan by the end of 2025 [2][3]. - As of January 26, a total of seven companies have disclosed potential "*ST" warnings, with five of them indicating negative net assets [2][3]. Group 2: Financial Projections - The five companies with expected negative net assets include Ba Yi Steel, ST Saiwei, Huaxia Happiness, Yijing Photovoltaic, and ST Huapeng, all of which are projected to have negative net assets by the end of 2025 [3][4]. - Huaxia Happiness is expected to report the largest loss, with projections ranging from -16 billion to -24 billion yuan, while Ba Yi Steel anticipates a loss of -1.85 billion to -2.05 billion yuan [5][6]. Group 3: Market Impact - Following the announcement, Ba Yi Steel's stock price fell to the limit down price of 3.24 yuan per share, resulting in a total market capitalization of 4.967 billion yuan [2][6]. - The overall market sentiment is affected as all seven companies are projected to report net losses for 2025, indicating a challenging financial environment [5][6].

Core Viewpoint - The A-share market is experiencing a surge in performance forecasts, with several companies issuing "*ST" warnings, indicating potential delisting risks due to negative net assets and expected losses in 2025 [1][2][5]. Group 1: Company Announcements - Ba Yi Steel announced on January 25 that its stock may face delisting risk warnings, with an expected net asset value of -1.76 billion to -1.95 billion yuan by the end of 2025 [2][9]. - As of January 26, a total of seven companies have disclosed potential "*ST" warnings, with five of them indicating negative net assets [2][10]. Group 2: Financial Forecasts - The five companies expected to have negative net assets include Ba Yi Steel, ST Saiwei, Huaxia Happiness, Yijing Photovoltaic, and ST Huapeng, all of which are facing mandatory delisting indicators due to financial performance [3][10]. - Huaxia Happiness is projected to incur the largest loss, with an estimated net loss of 16 billion to 24 billion yuan for 2025, while Ba Yi Steel and ST Saiwei are expected to report losses of 1.85 billion to 2.05 billion yuan and 720 million to 1.02 billion yuan, respectively [5][12]. Group 3: Market Impact - Following the announcement, Ba Yi Steel's stock price fell to the limit down price of 3.24 yuan per share, resulting in a total market capitalization of 4.967 billion yuan [2][6]. - The overall market sentiment is affected as all seven companies are expected to report net losses for 2025, indicating a challenging financial environment [5][12].

Core Viewpoint - The A-share market is experiencing a surge in performance forecasts, while several listed companies have issued "*ST" warnings, indicating potential delisting risks due to negative net assets [1][3]. Group 1: Company Announcements - On January 25, Bayi Steel (600581) announced that its stock may be subject to delisting risk warnings due to expected negative net assets [3]. - As of January 26, a total of 7 companies have disclosed potential "*ST" warnings, with 5 of them indicating negative net assets at the end of the period [1][5]. Group 2: Financial Forecasts - Bayi Steel expects its net assets to be between -1.76 billion to -1.95 billion yuan by the end of 2025, which triggers delisting risk warnings under the Shanghai Stock Exchange rules [3]. - Other companies, including Huaxia Happiness and ST Saiwei, also forecast negative net assets, with Huaxia Happiness projecting a range of -15 billion to -10 billion yuan [5][7]. Group 3: Market Impact - Following the announcement, Bayi Steel's stock price fell to the limit down price of 3.24 yuan per share, resulting in a total market capitalization of 4.967 billion yuan [4]. - The overall market sentiment is affected, as all 7 companies are expected to report net losses for 2025, with Huaxia Happiness leading with a projected loss of 16 billion to 24 billion yuan [7]. Group 4: Company Profiles - ST Saiwei, which has previously faced delisting risks, is now again under scrutiny due to financial performance issues, with expected net assets of -870 million to -620 million yuan [5][8]. - Tianjian Technology and Shuai Feng Electric are also facing delisting risks due to financial metrics, with Tianjian expecting a total loss of 170 million to 242 million yuan for 2025 [6][7].