Over 700 billion yuan has fled broad-based ETFs; how much has the "national team" reduced its holdings? Is the regulatory layer implementing "precise cooling" on an overheated market? Since the beginning of the year, the broad-based ETF market has presented a scene of "ice and fire interwoven," with trading volume remaining fervent while capital quietly exits. Wind data shows that as of January 26, the average daily turnover of equity ETFs this year reached 242.7 billion yuan, doubling year-on-year, with many broad-based ETFs seeing their turnover hit record highs. Conversely, broad-based ETFs have experienced large-scale redemptions, with net outflows accumulating to 738.2 billion yuan year-to-date. Many broad-based ETFs showed significant capital outflows. According to calculations by CBN based on periodic reports, the fund units of just 9 key broad-based ETFs decreased by nearly 87 billion units compared to the holdings of the "national team," including Central Huijin, at the end of last year. This change also confirms the reduction actions taken by the "national team" early in the year.
The US will conduct an Air Force readiness exercise in the Middle East. US Central Command, responsible for US military operations in the Middle East, issued a statement on the 27th saying that its Ninth Air Force will conduct a multi-day Air Force readiness exercise to demonstrate its capabilities for rapid deployment, dispersed deployment, and sustained operations within the CENTCOM area of responsibility. The statement said this exercise aims to enhance the ability to disperse military equipment and personnel, strengthen regional partnerships, and prepare for flexible response actions within the CENTCOM area of responsibility. During the exercise, the US military will deploy small teams to multiple contingency locations and, with support from small, efficient support and sustainment, validate processes for rapid deployment, mission execution, and withdrawal.
The US dollar suddenly crashed! Hitting a new four-year low, Trump says the dollar's value is "very good." When asked on Tuesday whether he thought the US dollar had depreciated too much, US President Trump stated that the dollar's value is "very good," putting additional pressure on the dollar which had already hit a new four-year low. Recent weakness in the dollar stems from multiple factors: expectations for continued Fed rate cuts, uncertainty around tariffs, policy instability—including threats to Fed independence and rising fiscal deficits—all of which are eroding investor confidence in the stability of the US economy. Although Trump indicated he does not want further dollar depreciation, a weaker dollar also benefits US exporters. He said: "I want it... just to seek its own level."
The high prosperity of the memory chip industry is expected to continue into 2026; global manufacturers are busy expanding production. As the peak period for listed companies' 2025 performance forecasts arrives, the profitability growth of companies in the memory chip industry chain has become a highlight in the market. Investigation reveals that the primary reason for the performance growth of memory chip companies is the industry entering a high-growth cycle and sustained product price increases, driven by the development of AI and computing power. Interviews reveal that globally, the memory chip industry's high prosperity is expected to continue into 2026, with price increases likely to persist throughout the year. Particularly, driven by AI demand, the high prosperity of the HBM (High Bandwidth Memory) sector is expected to extend until 2028.
Will the Nipah virus outbreak trigger a pandemic? How to prevent it early? National Disease Control Bureau: Impact on China is relatively small. The recent Nipah virus disease outbreak in India has drawn attention. A relevant official from the National Disease Control Bureau stated that no Nipah virus disease cases have been discovered in China so far. Based on a comprehensive assessment, the impact of this Indian Nipah virus disease outbreak on China is relatively small. The official stated that this Nipah virus disease outbreak in India primarily occurred in West Bengal, which does not share a land border with China. Furthermore, Nipah virus disease is mainly transmitted through direct contact with infected animals, patients, and contaminated materials; the virus has weak survivability in the environment, so the chance of infection for the general public is low. It is reported that provincial CDC centers currently possess Nipah virus laboratory testing capabilities and can conduct timely Nipah virus detection and confirmation. Following the outbreak in India, China's disease control departments have been closely monitoring the overseas epidemic situation, conducting timely risk assessments, providing training for medical institution and CDC professionals, and strengthening surveillance and testing. They will continue to closely track overseas epidemic dynamics, conduct timely risk assessments, and prepare for potential outbreak responses.
The Drug Administration Law Implementation Regulations undergo their first comprehensive revision in 23 years, introducing innovation incentives for children's drugs and orphan drugs. On January 27, the newly revised "Implementing Regulations of the People's Republic of China Drug Administration Law" were released and will officially take effect on May 15, 2026. This marks the first comprehensive revision since the regulations were promulgated and implemented in 2002, aiming to summarize recent drug regulatory reform experience, refine the institutional measures stipulated in the Drug Administration Law, and deepen drug regulatory reform. The "Regulations" explicitly state that the state supports the research, development, and innovation of pediatric drugs and orphan drugs, and for the first time introduce a market exclusivity period system for pediatric drugs and orphan drugs.
Down payment of 45,900 yuan for a Tesla, 49,900 yuan for a Xiaomi YU7... Auto makers launch a "financial war," promoting 7-year low-interest car purchases; salesperson: Let more people "get on the car." The "7-year low-interest policy" mentioned by the aforementioned salesperson has become one of the focal points of competition in the new energy vehicle market since the start of 2026. Entering January, brands like Tesla, Xiaomi Auto, Li Auto, and XPeng have all introduced or further strengthened low-interest car purchase financial plans with terms of up to 7 years. This move extends the traditional auto loan cycle by 2 to 3 years. Benefiting from the longer loan terms, consumers' monthly repayments are significantly reduced: Xiaomi Auto YU7 monthly payments start as low as 2,593 yuan; XPeng Auto full lineup monthly payments start as low as 1,355 yuan; Li Auto monthly payments start as low as 2,578 yuan; Tesla Model 3/Y/Y L monthly payments start as low as 1,918 yuan.
Yingxin Development plans to acquire memory chip assets! Major shareholders step in; these 13 companies will see shareholding increases. Since the beginning of the year, activity in the A-share market has continued to increase, with many listed companies announcing plans for shareholding increases by major shareholders. Shareholding increases by major shareholders not only demonstrate firm confidence in the company's operational development but also convey a clear signal of valuation recognition to the market, becoming a standout phenomenon in the capital market at the start of the year. According to Securities Times · Databao statistics, as of the close on January 27, a total of 13 listed companies have disclosed plans for shareholding increases by major shareholders (excluding internal transfers among concerted actors) since January. There are 3 companies each from the pharmaceuticals/biology and automobile industries.
A January pause on rate cuts is almost certain; the game between the Fed and the White House introduces numerous variables. The Fed will announce its interest rate decision in the early hours of January 29, Beijing time. Against the backdrop of resilient US economic performance intertwined with inflationary pressures, the market widely expects the Fed to pause its rate-cutting cycle. According to CME's "FedWatch Tool," as of January 27, Beijing time, the probability of a 25-basis-point rate cut in January is only 2.8%, while the probability of maintaining rates unchanged is 97.2%. For the market, the "pause" is certain; what is uncertain is the signal the Fed will send. Furthermore, the escalating game between the Fed and the White House in recent times has added more uncertainty to the Fed's subsequent decision-making.
Maximum increase of 4379%! A-share market welcomes a wave of performance forecasts: over 100 companies see net profit double. Wind data shows that as of 17:00 on January 27, a total of 1,201 A-share listed companies have disclosed their full-year 2025 performance forecasts, of which 475 pre-reported positive results, and 107 companies expect their full-year 2025 net profit attributable to shareholders to double year-on-year. From an industry perspective, companies in non-ferrous metals, automobiles and components, chemicals, semiconductors, and related sectors showed relatively clear signs of performance recovery, with leading companies in these industries performing particularly well. After the release of performance forecasts, many listed companies received intensive research from institutions. Based on the content of institutional research, institutions generally focused on the volume of new and existing orders, the construction progress of new production lines, and positive changes occurring within the respective industries.
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China Vanke resolves crisis as three bonds totaling 6.8 billion yuan successfully extended. China Vanke has temporarily removed the sword of Damocles hanging over its head. China Vanke (000002.SZ) has made significant progress in resolving its debt issues. The extension proposals for two medium-term notes, "22 Vanke MTN004" and "22 Vanke MTN005," totaling 5.7 billion yuan, have both been approved. Coupled with the previously settled extension plan for the "21 Vanke 02" bond with a balance of 1.1 billion yuan, this means China Vanke has successfully extended three bonds totaling 6.8 billion yuan, temporarily averting a default crisis. Simultaneously, its largest shareholder, Shenzhen Metro Group, provided a loan of up to 2.36 billion yuan specifically for repaying the principal and interest of the company's publicly traded bonds, offering financial support for this bond repayment. Analysts point out that the extension plans for these two medium-term notes included multiple arrangements such as fixed repayment schedules, partial principal prepayments, a one-year extension, and credit enhancement, which were key to the proposals' approval. However, the successful extension does not mean Vanke is completely in the clear. The company still faces a debt repayment peak in the next two years, and coupled with the impact of the extension on its credit, its subsequent path of debt resolution remains challenging.
Back-to-back announcements! Two A-share chip companies plan price hikes, up to 80%. Regarding the reasons for the price increase, Microduino stated that factors such as the current industry-wide chip supply shortage and rising costs have led to longer delivery cycles for packaged finished products, with costs significantly higher than before. Costs for frames, packaging, and testing have also continued to rise. Microduino also emphasized that if costs experience significant changes again, prices will be adjusted accordingly. Shenzhen Microduino Co., Ltd. is a platform-type chip design company focused on the R&D and design of microcontrollers (MCUs), providing chip-level one-stop overall solutions for consumer electronics, smart home appliances, industrial control, and automotive electronics.
The first major move after Yingxin Development's restructuring: Plans to acquire 60% stake in Changxing Semiconductor for 520 million yuan, with a premium rate as high as 521%. On the evening of January 27, the listed company announced its intention to acquire a 60% equity stake in Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan in cash. It was noted that this transaction might represent the first substantial step following Yingxin Development's establishment of its "culture & tourism + technology" dual-drive strategy. The announcement shows that the target company, Changxing Semiconductor, has a valuation as high as 926.5 million yuan, with an appraisal value increase rate of 520.69%. While proposing this high valuation, the counterparty to the transaction has also committed to a performance promise of cumulative net profit no less than 240 million yuan over three years. However, facing the cyclical fluctuations of the semiconductor industry, high levels of goodwill, and potential performance pains following the judicial transfer of the original major shareholder's shares, whether Yingxin Development can achieve a "leap" through this cross-border M&A still awaits market verification.
Suspected of crime, "outstanding female entrepreneur" Xiong Haitao detained for investigation; 3 listed companies issue urgent announcements! She and her husband both appeared on the rich list, with wealth reaching 14 billion yuan. Dongcai Technology stated that on January 27, 2026, it received a notice from Gaojin Technology Industry Group Co., Ltd. (hereinafter referred to as "Gaojin Group") that Gaojin Group recently received a notice from the Sichuan Provincial Supervisory Commission regarding the detention and filing of an investigation against the company's actual controller and vice chairman, Xiong Haitao. As of the announcement date, the company has not been required to assist in the investigation.
Commodity price increase list released; performance of these beneficiary stocks expected to surge significantly (with list). Nipah virus outbreak draws attention; multiple A-share companies rapidly develop testing solutions. Crazy silver: Surges over 60% in less than a month; mixed feelings across the industry chain. Major shareholders step in; these 13 companies will see shareholding increases.
Last week, influenced by diverging investor sentiment, small-cap stocks led the gains in the A-share market, with ongoing sector rotation. "Looking ahead, the flexibility of capital flows and the direction of subsequent rotation have become core market concerns." He Kang, Chief Strategist and Co-Head of Financial Engineering at Huatai Securities Research Institute, believes that although the scale of outflows from broad-based ETFs since mid-January has been relatively high, institutional investors like insurance funds still have incremental funds entering the market. Coupled with existing investor arbitrage demand, capital still possesses relay momentum against the backdrop of sustained high market turnover. The direction of market rotation may gradually shift from thematic speculation to sectors with earnings support. Historical reviews show that during the performance forecast disclosure period, industries with the capacity for sustained earnings recovery often achieve certain excess returns, a characteristic particularly evident since 2010. Specifically, He Kang stated that since 2010, during the performance forecast disclosure period from mid-January to the end of January each year, the probability of market gains is about 50%, with overall trends being relatively volatile, possibly mainly influenced by domestic policy direction and domestic/foreign liquidity conditions. Structurally, the earnings growth rate and its subsequent sustainability are key clues for sectors to obtain excess returns. If the earnings growth rate of the main sectors in the spring rally is relatively high, their gains are likely to continue, and funds may further concentrate in these areas, as seen in the power equipment sector in 2020-2021 and the liquor sector in 2018. If the earnings growth rate of the main spring rally sectors is relatively weak, they may face short-term adjustments, at which time sectors with earnings recovery potential are expected to gain market advantage.
Regarding investment strategy, Zhang Gang, Macro Strategy Analyst at Central China Securities, stated that as the disclosure of listed companies' annual report performance forecasts enters a密集 stage, the market's driving logic is shifting towards verifying earnings growth and profit improvement. He recommends that investors adopt a more balanced asset allocation strategy. While continuing to focus on tech growth themes like AI and high-end manufacturing, they can also actively explore potential investment opportunities in pro-cyclical, resource, and some consumer sectors. He expects the Shanghai Composite Index will likely maintain a slight upward trend with fluctuations, advising investors to closely monitor macroeconomic data, changes in overseas liquidity, and policy direction.
Qiu Xiang, Chief A-share Strategist at CITIC Securities, believes that a basic portfolio constructed around the fundamental idea of "resource + traditional manufacturing pricing power revaluation," focusing on chemicals, non-ferrous metals, new energy, and power equipment, remains a配置 choice with anti-anxiety attributes against the矛盾 backdrop of "investors yearning for gains" and regulatory counter-cyclical adjustments. On this basis, investors can increase allocations to securities and insurance stocks on dips, while also seeking to enhance returns by布局 domestic demand and high-growth sectors.
【Trading Halt】 002462 Jiashitang 【Trading Resumption】 None 【Major Events】 Hengrui Medicine: HRS-5346 Tablets included in the Breakthrough Therapy Variety List. Hengrui Medicine announced that recently, HRS-5346 tablets from its subsidiary Shandong Shengdi Medicine Co., Ltd. were included in the Breakthrough Therapy Variety List by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA). Elevated Lipoprotein(a) [Lp(a)] levels represent one of the most common monogenic lipid disorders globally and are a typical manifestation of lipoprotein disorders. HRS-5346 is an oral small molecule inhibitor of Lp(a). Inquiries indicate that there are currently no similar products approved for marketing domestically or internationally. As of now, cumulative R&D investment related to HRS-5346 tablets is approximately 76.3 million yuan (unaudited).
Yuguang Gold & Lead: Uncertainty exists regarding whether silver prices will continue to rise or maintain high levels in the future. Yuguang Gold & Lead announced that its stock price has increased significantly in the short term, with a cumulative increase of 45.01% over five consecutive trading days, indicating trading risks. Recently, the price of the company's product, silver, has experienced substantial increases. Whether silver prices will continue to rise or maintain high levels in the future is uncertain. The company's operating conditions have not undergone major changes. Investors are advised to be aware of secondary market trading risks and make rational, prudent investment decisions.
Dongcai Technology: Company's actual controller and vice chairman detained. Dongcai Technology announced that on January 27, 2026, it received a notice from Gaojin Group that Gaojin Group recently received a notice from the Sichuan Provincial Supervisory Commission regarding the detention and filing of an investigation against the company's actual controller and vice chairman, Xiong Haitao. As of the announcement date, the company has not been required to assist in the investigation. As of this announcement date, other directors and senior management of the company are performing their duties normally, the Board operates normally, and production and operations are normal. The aforementioned matter is not expected to have a significant impact on the company's normal production and operations.
Aisenpo: Plans to invest 2 billion yuan to build East China manufacturing base project for integrated circuit materials. Aisenpo announced that the company intends to establish a wholly-owned subsidiary in Nantong Economic and Technological Development Area to invest in the construction of the Aisen Integrated Circuit Materials East China Manufacturing Base project, with a total estimated investment of 2 billion yuan. The project will be constructed in two phases: Phase I is expected to commence production in 2028, Phase II in 2030, and the entire project is expected to reach full capacity by 2035. The implementing entity will be the wholly-owned subsidiary Nantong Aisen Core Materials Technology Co., Ltd., to be established by the company. Funding sources include the company's own funds and self-raised funds, with potential future debt or equity financing.
Jingpin Special Equipment: Company banned from participating in procurement activities for materials, engineering, and services within the PAP for 3 years. Jingpin Special Equipment announced that on January 26, 2026, the Military Procurement Network published an announcement stating that the PAP procurement management department, according to relevant regulations on military supplier management, has prohibited the company from participating in procurement activities for materials, engineering, and services within the PAP from January 26, 2026, for a period of 3 years. Currently, the company's overall operations are normal, and all product procurement contracts signed with the PAP prior to the prohibition date have been fully fulfilled. During the prohibition period, the company cannot participate in the aforementioned PAP procurement activities. This disciplinary outcome has a certain impact on the company, but revenue related to military materials, engineering, and services within the PAP scope accounts for a relatively small proportion of the company's total operating revenue. The company will further optimize its business layout, actively expand into other business areas, strive to ensure operational stability and sustainable development, and simultaneously strengthen tender management and agent management, strictly adhering to relevant laws, regulations, and procurement norms.
Nanhua Futures: Overseas grandson company obtains trading membership资格 on US Nodal Exchange. Nanhua Futures announced that its overseas wholly-owned grandson company, Nanhua USA LLC, has been approved as a trading member of Nodal Exchange and is already a clearing member of Nodal Clear. After approval, Nanhua USA LLC can trade and clear relevant products listed on Nodal Exchange.
DR Laser: Planning to issue H-shares and list on the Hong Kong Stock Exchange. DR Laser announced that the company is planning to issue overseas-listed foreign shares (H-shares) and apply for a listing on the Main Board of The Stock Exchange of Hong Kong Limited. This aims to advance the company's internationalization strategy, create a diversified capital operation platform, enhance its international brand image and comprehensive competitiveness in the global market, and accelerate the development of its overseas business. Relevant details have not been finalized. The issuance and listing of H-shares will not lead to changes in the company's controlling shareholder and actual controller. This matter still requires submission to the company's Board and shareholders' meeting for deliberation, and needs to obtain filing, approval, or ratification from relevant regulatory authorities.
【Performance Overview】 China Rare Earth & Nonferrous Metals: Expects 2025 net profit of 100 million - 130 million yuan, turning profitable year-on-year. China Rare Earth & Nonferrous Metals announced, expecting 2025 net profit attributable to shareholders to be 100 million to 130 million yuan, compared to a loss of 299 million yuan in the same period last year, achieving a turnaround to profit. The main reasons are the overall rise in the rare earth market in 2025, the company's strengthened market analysis and marketing synergy, driving growth in smelting separation and permanent magnet material production and sales; simultaneously, optimizing the asset structure by clearing inefficient assets and exiting loss-making enterprises, and benefiting from increased investment income due to rising copper, sulfur, and tungsten prices at its associate company, Dabao Mountain Company.
Shennan Circuits: 2025 net profit预计 to increase 68%-78% year-on-year. Shennan Circuits announced, expecting 2025 net profit attributable to shareholders to be 3.154 billion to 3.342 billion yuan, an increase of 68.00% to 78.00% compared to the same period last year. During the reporting period, the company fully seized the three major growth opportunities of AI computing power upgrades, growing storage market demand, and automotive electrification/intelligence. By strengthening market development efforts and enhancing market competitiveness, it promoted product structure optimization. Simultaneously, deeply advancing digital transformation and intelligent manufacturing upgrades improved operational management capabilities, contributing to year-on-year growth in the company's revenue scale and profit.
Hai Xin Neng Ke: Expects 2025 net loss of 450 million - 640 million yuan. Hai Xin Neng Ke announced, expecting 2025 net profit attributable to shareholders to be between -640 million yuan and -450 million yuan, compared to a loss of -954 million yuan in the same period last year. During the reporting period, the company's environmental materials and chemical products business faced challenges. Affected by cyclical adjustments in the petroleum refining and coal chemical industries, the domestic market environment for catalyst/purifier businesses was under pressure; simultaneously, in coal gas clean utilization (LNG) and neopentyl glycol industries, phased capacity expansion outpaced demand growth, exacerbating industry competition due to supply-demand imbalance. Under the combined influence of these factors, the operating revenue and net profit of this business segment declined year-on-year.
Nan Ya New Materials: 2025 net profit预计 to increase 337%-417% year-on-year; recovery in CCL industry demand drives product sales growth. Nan Ya New Materials announced, expecting 2025 net profit attributable to shareholders to be 220 million to 260 million yuan, an increase of 337.20% to 416.69% compared to the same period last year. During the reporting period, benefiting from the demand recovery in the CCL (Copper Clad Laminate) industry, the company actively seized market opportunities, continuously strengthened market expansion efforts, and drove growth in product sales volume. At the same time, by optimizing marketing strategies and adjusting the product mix, the company increased the sales proportion of high-margin products. These measures collectively led to effective improvement in the company's overall效益.
CanSino Biologics: Expects 2025 net profit of 24.5 million - 29 million yuan, turning profitable year-on-year. CanSino Biologics announced, expecting 2025 net profit attributable to shareholders to be 24.5 million to 29.0 million yuan, achieving a turnaround to profit compared to the same period last year. During the reporting period, revenue from Menhycia®, China's first quadrivalent meningococcal conjugate vaccine, maintained continuous growth. Cost reduction and efficiency enhancement measures yielded significant results, expense control was strengthened, and optimized production-sales coordination led to improved gross margin; simultaneously, the company obtained substantial non-recurring gains such as government and international special funds.
Zhiguang Electric: Expects 2025 net profit of 110 million - 160 million yuan, turning profitable year-on-year. Zhiguang Electric announced, expecting 2025 net profit attributable to shareholders to be 110 million to 160 million yuan, compared to a loss of 326 million yuan in the same period last year, achieving a turnaround to profit. During this reporting period, the company's energy storage business developed rapidly, with order volume and revenue increasing significantly, and the independently operated energy storage stations already put into operation performed well, leading to a substantial increase in gross profit. Furthermore, influenced by the valuation change of its indirectly invested Yuexin Semiconductor, the company's fair value change损益 increased significantly.
Oriental Securities: 2025 net profit预计 to increase 67.8% year-on-year. Oriental Securities announced, expecting to achieve 2025 operating revenue of 15.34 billion yuan, an increase of 26.0% year-on-year; net profit attributable to parent company shareholders of 5.62 billion yuan, an increase of 67.8% year-on-year. The performance change is attributed to the company seizing opportunities in capital market development, focusing on the goal of building a first-class modern investment bank, making continuous efforts in the areas of wealth management, investment banking, and institutional business, leading to year-on-year growth in various main business revenues and achieving relatively good year-on-year growth in operating performance.
King Long Automobile: 2025 net profit预计 to increase 193.68% year-on-year. King Long Automobile announced, expecting 2025 net profit attributable to shareholders to be approximately 463.26 million yuan (unaudited), an increase of 193.68% compared to the same period last year. During the reporting period, benefiting from steady growth in overseas markets, export business revenue and its proportion increased, leading to improved company performance.
ZhenRui Technology: 2025 net profit预计 to increase 529.64%-642.26% year-on-year. ZhenRui Technology announced, expecting 2025 net profit attributable to shareholders to be 123 million to 145 million yuan, an increase of 529.64% to 642.26% year-on-year. The company's products and technologies are mainly applied in special fields such as data links, electronic warfare, wireless communication terminals, new-generation radios, and phased array communications, as well as civilian fields like mobile communication systems and satellite internet. Influenced by the domestic special industry cycle, downstream customer demand for products in the special integrated circuit industry increased. Simultaneously, the company actively seized market opportunities in the satellite communication field, steadily accelerated its market expansion pace, significantly improved project delivery capabilities, collectively driving rapid growth in the company's sales revenue.
Yongding Co., Ltd.: 2025 net profit预计 to increase 225.66%-388.48% year-on-year. Yongding Co., Ltd. announced, expecting to achieve 2025 net profit attributable to shareholders of 200 million to 300 million yuan, an increase of 225.66% to 388.48% year-on-year. The company's equity method investment income from its associate, Dongchang Investment, increased year-on-year during this period, mainly due to gains generated from the disposal of project subsidiaries by Dongchang Investment's main real estate segment.
Xiamen Tungsten: 2025 performance快报: Net profit of 2.311 billion yuan, up 35.08% year-on-year. Xiamen Tungsten released its 2025 performance快报. The company achieved 2025 operating revenue of 46.469 billion yuan, an increase of 31.37% year-on-year; net profit attributable to shareholders of 2.311 billion yuan, an increase of 35.08% year-on-year. During the reporting period, the company's main businesses—tungsten & molybdenum, rare earths, and battery materials—were affected by rising prices of major raw materials like tungsten, cobalt, and praseodymium-neodymium oxide, leading to corresponding price increases for major products. Coupled with year-on-year sales volume growth for most major products, the company's operating revenue and profit increased accordingly.
QuantumCTek: Expects 2025 net profit of 5 million yuan, turning profitable year-on-year. QuantumCTek announced, expecting to achieve 2025 operating revenue of approximately 310 million yuan; expecting 2025 net profit attributable to parent company shareholders to achieve a turnaround to profit compared to the same period last year, realizing net profit attributable to parent company shareholders of approximately 5 million yuan. During the reporting period, the company's revenue in the quantum computing field grew.
Shijia Photons: 2025 net profit预计 to increase around 426% year-on-year; product orders for optical chips & devices, indoor optical cables, and cable polymer materials increased year-on-year. Shijia Photons released its 2025 annual performance forecast, expecting net profit attributable to shareholders to be approximately 342 million yuan, an increase of approximately 425.95% compared to the same period last year. During the reporting period, driven by AI development, the data communications market grew rapidly. Order volumes for the company's optical chips and devices, indoor optical cables, and cable polymer materials products increased to varying degrees year-on-year, highlighting product competitive advantages. Simultaneously, strengthened cost reduction and efficiency improvements, along with enhanced yield rates, significantly boosted profitability.
Ningbo Fubang: 2025 net profit预计 to increase 3099.59%-4379.43% year-on-year. Ningbo Fubang announced, expecting to achieve 2025 net profit attributable to parent company shareholders of 50 million to 70 million yuan, an increase of 3099.59% to 4379.43% compared to the same period last year. During the reporting period, the company's core electrical contact products business, driven by factors such as rising silver prices, saw rapid improvement in both operating revenue and profitability. The company's non-recurring gains/losses increased significantly compared to the same period last year, primarily due to the disposal of its 2.5% equity stake in Ningbo Zhonghua Paper Co., Ltd. to Gold Hong Paper (China) Investment Co., Ltd. for 370 million yuan, resulting in substantial gains from the fair value change of this equity stake.
【Share Repurchases】 Huasheng Lithium Battery: Plans to adjust the maximum repurchase share price from 32 yuan/share to no more than 150 yuan/share. Huasheng Lithium Battery announced that, based on confidence in the company's future stable development and recognition of its value, and to ensure the smooth implementation of the share repurchase, the company plans to adjust the maximum repurchase price from 32.00 yuan/share to 150.00 yuan/share. Except for this adjustment, other contents of the repurchase plan remain unchanged. This adjustment of the maximum repurchase price does not require submission to the company's shareholders' meeting for deliberation.
【Shareholding Changes】 Aonong Bio: Multiple shareholders plan to reduce their shareholdings. Aonong Bio announced that as of the disclosure date, China Foreign Economy and Trade Trust holds 65 million shares, representing 2.4972%; Xiamen Trust holds 123 million shares, representing 4.7254%; Beijing Yawen holds 20 million shares, representing 0.7684%. The three parties plan, starting 15 trading days later until May 25, 2026, to reduce their holdings via centralized bidding by no more than 15.666 million shares, 5.5433 million shares, and 4.8203 million shares respectively, with the total proportion not exceeding 1% of the company's total share capital.
Pien Tze Huang: Controlling shareholder Jiulongjiang Group plans to increase its shareholding by 300 million - 500 million yuan. Pien Tze Huang announced that its controlling shareholder, Jiulongjiang Group, plans from February 1, 2026, to July 31, 2026, to increase its shareholding in the company through centralized bidding, with a total intended increase amount of no less than 300 million yuan and no more than 500 million yuan. The increase aims to demonstrate confidence in the company's future development and recognition of its long-term investment value. This increase does not set a price range and will be implemented based on market conditions.
Suoling Shares: Shareholder holding 8.86% plans to reduce holdings by no more than 3%. Suoling Shares announced that shareholder High-tech Investment Group, holding 8.86% (76,566,957 shares), due to capital needs, plans from February 26, 2026, to May 25, 2026, to reduce its holdings by no more than 25,916,769 shares (not exceeding 3% of total shares) through a combination of block trades and centralized bidding. Among these, reductions via centralized bidding will not exceed 1%, and via block trades will not exceed 2%. The shares to be reduced originated from the company's 2021 restructuring, where High-tech Investment Group acquired them through debt-for-equity swaps and participation in the bankruptcy reorganization. The reduction price will be determined based on market prices, and this reduction will not lead to a change in the company's control.
Fujie Technology: Multiple shareholders plan to reduce their shareholdings. Fujie Technology announced that the company's actual controllers Huang Wenjun, Sun Weidong, Xu Taiming, Wu Yan, and their concerted actor Shanghai Zhongjie Investment collectively hold 46.998 million shares, representing 31.75%; they plan from February 27, 2026, to May 26, 2026, to reduce their holdings via centralized bidding by no more than 296,100 shares each, totaling no more than 1.4803 million shares, representing 1.00% of the total share capital.
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