While the stock market is influenced by a combination of factors including tightened leverage regulations, concentrated profit-taking, capital divergence, and external disturbances, leading to a two-day high-level consolidation for A-shares with major indices adjusting on January 15, industry insiders believe the pullback in previously hot sectors represents a "cooling adjustment" after an overheated market rather than a trend reversal. The foundation for a slow bull market remains intact. For industries supported by policies, such adjustments actually present opportune moments to position, especially for new industries that have embarked on high-growth trajectories with clear future potential.
Despite a noticeable correction in the technology sector on January 15, the industrial opportunities brought by AI + Industrial Internet are not fading. IDC research indicates that the proportion of Chinese industrial enterprises applying large models and intelligent agents will rise from 9.6% in 2024 to 47.5% in 2025. The China Academy of Information and Communications Technology also forecasts that the penetration rate of leading industrial AI will reach 60% within the next three years.
The commercialization of AI applications possesses vast room for development. After hitting a fresh ten-year high during trading on January 14, major indices including the Shanghai Composite, Shenzhen Component, and Beijing Stock Exchange 50 Index underwent high-level adjustments on January 15. The core reasons primarily stem from the combined impact of regulatory tightening on leverage, concentrated profit-taking, capital divergence, and external disturbances.
Around midday on January 14, the Shanghai, Shenzhen, and Beijing Stock Exchanges simultaneously raised the margin requirement ratio for margin trading from 80% to 100%, directly reducing the scale of leveraged funds by approximately 20%. Currently, with both the indices and sectors at elevated levels—the Shanghai Composite having risen from 3800 points to above 4100 points, and hot sectors like AI applications and commercial space experiencing significant short-term gains—the selling pressure from concentrated profit-taking is evident. Furthermore, although northbound funds recorded net inflows against the trend over the past two trading days, this was insufficient to counter selling pressure from domestic capital, with this divergence suppressing market risk appetite. Compounding this, the collective decline of the three major US stock indices and weakness in tech stocks on January 14 transmitted negative sentiment to the A-share market, creating psychological pressure on tech and growth sectors.
However, positive news emerged on multiple fronts. For instance, on January 14, Alibaba announced a press conference for its "Qianwen" App at 10:00 on January 15, showcasing how AI is "opening the era of handling affairs." Previously, on November 17, 2025, Alibaba unveiled its "Qianwen" project, marking a full-scale entry into the AI-to-C market. Its同名APP public beta version launched the same day, offering free services to users. By December 10, 2025, Alibaba announced that merely 23 days after the public beta began on November 17, the monthly active users for Qianwen (including APP, Web, and PC endpoints) had surpassed 30 million, making it the fastest-growing AI application globally.
On January 13, the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)" issued by the Ministry of Industry and Information Technology proposed that by 2028, significant progress will be made in the high-quality development of industrial internet platforms. The multi-tiered platform system comprising "specialized + industry-specific + collaborative" types will continue to expand, with over 450 platforms achieving a certain level of influence. The capability of platforms to connect factor resources will be substantially enhanced, with key platforms seeing significant improvements in data value-added services, model accumulation, and AI development and application capabilities. The number of connected industrial equipment is targeted to exceed 120 million units (sets), and the platform penetration rate is expected to surpass 55%, basically establishing a new generation industrial internet platform ecosystem characterized by ubiquitous connectivity, digital-intelligent integration, deep collaboration, and open source.
Market participants indicate that the AI industry is currently experiencing continuous catalysts, and the commercialization of AI applications has broad development potential. Directions represented by generative search (GEO) are continuously being explored and developed. Simultaneously, besides content generation, content interaction is also becoming an important breakthrough point.
Overall A-share earnings for 2025 are expected to return to positive growth. Beyond investment opportunities in tech stocks, the official disclosure of 2025 annual reports for A-share listed companies will commence on January 20. Mainboard Shenzhen-listed company, Worway Pharmaceutical, is expected to "fire the first shot" of the earnings season, followed by创业板company Compass, scheduled to complete its formal annual report disclosure on January 31. Only these two companies have scheduled formal annual report disclosures for January.
However, the A-share market has recently entered a peak period for preliminary earnings forecasts. On January 15 alone, 40 companies issued performance forecasts, following 40 and 36 companies on January 14 and January 13, respectively. To date, 214 companies across the Shanghai, Shenzhen, and Beijing exchanges have released preliminary annual reports.
Categorizing the forecast types, 87 companies pre-announced positive results (including pre-increase, slight increase, continued profit, and turning a profit), while 122 companies pre-announced negative results (including pre-decrease, slight decrease, first loss, and continued loss). An additional 5 companies have uncertain profitability. Pre-announced positive companies currently account for approximately 40.65% of the total disclosures.
However, the latest research report from China International Capital Corporation (CICC) suggests that full-year 2025 A-share profits are expected to end a four-year consecutive decline in growth rate and turn positive. Analyzing Q4 2025 macroeconomic data: on the domestic demand front, retail sales growth continued to slow in Q4, with total retail sales from January to November up 4% year-on-year, affected by the fading impact of trade-in policies. The real estate market showed weakness in volume and price, with developers remaining cautious on investment. On the price level, Q4 2025 saw marginal improvement, with the CPI turning positive to 0.6% year-on-year from -0.2% in Q3, and the PPI year-on-year decline narrowing to -2.1%. Regarding external demand, RMB-denominated export values for October and November were -0.8% and 5.7% year-on-year, respectively, with the high base in 2024 being a major disturbance, while overall demand remained stable. Considering the low base effect in Q4 2024 for non-financial profits due to impairments, single-quarter profits in Q4 are expected to show year-on-year improvement. For the first three quarters of 2025, the profit growth rates for all A-shares, the financial sector, and the non-financial sector were 5.4%, 9.5%, and 1.7%, respectively. Synthesizing Q4 conditions, full-year 2025 profit growth for A-share non-financial enterprises is expected to further improve compared to the first three quarters. The financial sector, especially non-bank financials, is likely to benefit from market activity, with full-year profit growth for the financial sector potentially approaching 10%. Overall A-share profit growth for 2025 is estimated to be around 6.5%.
40 companies pre-announced earnings doubling or more. Focusing on individual stock performance forecasts, 40 companies are expected to achieve a doubling or more of their full-year profit (see attached table). Wuhan Hvsen Biotechnology Co.,Ltd. stands out with the most impressive pre-increase幅度, projecting net profit attributable to shareholders of 235 million to 271 million yuan for the full year. This represents not only a turnaround from losses but also a massive estimated increase of 1265.93% to 1444.54% compared to 2024.
Regarding the reasons for the substantial earnings growth, the company stated it primarily benefited from actively exploring domestic and international markets, achieving revenue growth both at home and abroad, thereby promoting net profit growth. Simultaneously, factors such as technological innovation and upgrades, improved capacity utilization for formulations and active pharmaceutical ingredients (APIs), and rising API prices also drove the enhancement of profitability.
Catalyzed by the positive pre-announcement, the company's stock price has continued to rise since the beginning of 2026, accumulating a gain of over 20%.
As a leading company in veterinary pharmaceuticals, it is among the first to benefit against the backdrop of an overall recovery in the veterinary drug industry. Assessing whether a company's profits are substantial or merely on paper hinges critically on cash flow. Data from the Q3 2025 report shows the company's net cash flow from operating activities surged over 24-fold, reaching 182 million yuan, basically matching the net profit figure. This indicates the profits are backed by real cash, not just a pile of accounts receivable.
If traditional business forms the foundation, then pet medicine is the most striking new growth star for Wuhan Hvsen Biotechnology Co.,Ltd. As the pet healthcare market experiences explosive growth, the company has keenly seized this trend. Data shows its pet medicine segment generated revenue of approximately 180 million yuan in 2024, accounting for only 15% of total revenue but registering a staggering year-on-year increase of 280%, making it the fastest-growing business segment internally.
Even more promising is the company's strategic layout. It has already collaborated with over 500 pet hospitals and plans to build its own pet hospitals, aiming to create an ecological closed-loop integrating "pharmaceuticals + diagnosis/treatment." This blue ocean market could very well become the company's greatest source of future potential.
Apart from companies successfully turning losses into profits,佰维存储 is poised to achieve rapid growth of approximately 427.19% to 520.22% in net profit attributable to shareholders, building upon sustained profitability. Its astonishing earnings爆发力benefits not only from the stabilization and recovery of memory prices but also stems from its rapid growth in the AI edge computing domain and the continuous strengthening of its wafer-level advanced packaging capabilities. In the secondary market, the company's stock price also hit a fresh historical high on January 15 (see attached chart).
佰维存储 is one of the earliest companies in the industry to lay out an integrated R&D and packaging/testing strategy and is currently the world's only independent storage solutions provider possessing wafer-level advanced packaging and testing capabilities. Leveraging packaging expertise reminiscent of SK Hynix, the company has secured business with North American tech giants like Meta, becoming an隐形王者in the AI glasses market.
AI glasses are extremely sensitive to power consumption.佰维存储not only provides hardware but also optimizes read/write paths and sleep modes through self-developed firmware algorithms, helping clients save power. This kind of one-stop "hardware + algorithm + packaging" service cannot be offered by purely trading-oriented module factories, while wafer fabrication-focused original manufacturers are not adept at such detailed work. This has created a unique ecological niche for佰维存储.
Financial data shows that in 2024, the company's revenue from AI glasses products was approximately 106 million yuan. According to the outlook in the company's Q1 2025 report, revenue from AI glasses products in 2025 is expected to increase by over 500% year-on-year. This indicates that the volume ramp-up for AI glasses is just beginning, and佰维存储has already secured a strong position.
Furthermore, beyond Meta,佰维存储's布局in the AI edge computing space is comprehensive. In the wearable device领域, it covers smartwatches in addition to AI glasses. In the AI smartphone领域, it has made breakthroughs with vivo and Honor, and maintains deep cooperation with OPPO, Transsion, and Motorola. In the PC领域, it has newly entered小米and continues to cooperate with major manufacturers like Lenovo, Acer, and HP.
Industry insiders believe that the explosive growth in佰维存储's业绩illustrates two points: firstly, the memory industry has indeed entered a super-cycle characterized by rising volumes and prices; secondly, the company's operating leverage effect is materializing. As revenue scale expands, the previously invested R&D and production line costs are being diluted, resulting in significant profit elasticity.
(Mentioned stocks are for illustrative analysis only and do not constitute buying or selling recommendations.)
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