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【Top News】 Historic Record! Spot gold breaks through $5,000 for the first time, with institutions targeting $6,600. The price of spot gold surpassed $5,000 per ounce for the first time, rising 0.5% intraday and extending its previous sharp rally. This surge is attributed partly to the reshaping of the international relations landscape by U.S. President Donald Trump's policies, and partly to investors flocking away from sovereign bond and foreign exchange markets. Gold prices climbed again during early Monday trading. Last week, gold prices accumulated a gain of 8.5%, with a weak dollar further boosting demand for the precious metal. The Bloomberg Dollar Spot Index fell 1.6% for the week, marking its largest weekly decline since May, making gold and silver cheaper for most global buyers.
Nearly 500 billion yuan net outflow from equity ETFs over 8 trading sessions; market turnover may be the core factor behind it. Amid the volatile market conditions of the past two weeks, trading volume in equity ETFs continued to swell, with some broad-based ETFs seeing turnover hit record highs since their listing. From a fund flow perspective, broad-based ETFs experienced significant redemptions; over the past 8 trading sessions, net outflows from equity ETFs approached 500 billion yuan. Looking at share changes, the latest share totals for several broad-based ETFs have already fallen below the levels held by Central Huijin at the end of 2025.
The frontrunner for the next Federal Reserve Chair is revealed! The identity of the next Federal Reserve Chair has recently been a nerve-wracking topic for markets. U.S. President Trump's public praise this week for Rick Rieder, an executive at global asset management giant BlackRock, has rapidly elevated this Wall Street veteran to the status of frontrunner for the Fed Chair position. On prediction platforms, the probability of Rieder's nomination has surged from around 4% to approximately 50%. President Trump stated in an interview with U.S. media on Wednesday that he had recently met with Rieder and was "very impressed." Following Trump's remarks, market expectations for Rieder's nomination as Fed Chair subsequently climbed.
Fenglong Co., Ltd. and Jiamei Packaging: Severe abnormal stock price fluctuations; trading halt for review starting January 26. On the evening of January 25, Fenglong Co., Ltd., which had seen 18 consecutive trading limit-ups, announced that its stock would be halted for trading starting from the market open on January 26 for a review. Fenglong Co. also cautioned that its stock price had severely deviated from the company's fundamentals and that there was a risk of a rapid price decline in the future. Also on the same evening, Jiamei Packaging announced that its stock price had risen significantly in the short term, deviating from the company's fundamentals, and would be halted from trading starting January 26. In the secondary market, since December 17 last year, Jiamei Packaging's stock price has accumulated a gain of over 400%.
A wave of deposit maturities is approaching! An unprecedented wealth migration begins, with 'fixed income+' and FOF products being snapped up. An unprecedented wealth migration is beginning. Changes are happening on one side at banks. One customer lamented, "Three years ago, I bought a 200,000 yuan certificate of deposit with an annual interest rate of 3.1%; now, upon renewal, it's only 1.55%." After deposit interest rates were halved, more and more people are starting to calculate: where should the money go after deposits mature? Is there an option that is relatively stable but can earn a bit more than deposit interest? Changes are happening on the other side in funds. In the fourth quarter of 2025, the combined scale of public money market funds and bond funds increased by over 1 trillion yuan quarter-on-quarter. Once lukewarm "fixed income+" and FOF products have recently even seen scenes of large investors making single purchases of millions of yuan.
Multiple institutions predict that over 50 trillion yuan in medium-to-long-term household time deposits will mature in 2026. Under the combined effects of continued interest rate declines, the accelerated transition to net-value-based bank wealth management products, and the emergence of赚钱效应 in the stock market, the concept of "deposit flight" is becoming a reality. Some believe that once this trend starts, it could reshape the landscape of household asset allocation.
M&A activity in the A-share semiconductor sector remains robust. Since the beginning of the year, M&A activity among A-share listed companies in the semiconductor industry has remained active. Companies such as Shenghong Technology (Huizhou) Co., Ltd., Shanghai Bright Power Semiconductor Co., Ltd., and Yingfang Microelectronics Co., Ltd. have successively disclosed M&A-related plans and progress.
Too hot! Commercial space investors are in short supply. A human resources head at a leading institution displayed the resume of a sought-after candidate on their phone, illustrating the concrete definition of "highly sought-after": this investor has only three years of experience, hasn't always focused on aerospace, and their background covers the intersection of "aerospace/marine/aviation high-end manufacturing + AI," having led or participated in a few related projects like aerospace/defense, low-altitude economy complete aircraft, and marine propulsion systems. Even with such a profile, they are already a key recruitment target for multiple top-tier RMB funds and industrial capital simultaneously. "What does this indicate? It shows that there are very few pure commercial space investors in the market with over three years of focused experience. Everyone has to settle for the next best thing and compete for those who have 'touched upon' the field," the HR manager explained. Behind this phenomenon lies a severe gap in industry understanding and the long cycle of talent cultivation. As mentioned by the investment firm partner: in the industry's 1.0 era, investors had to endure prolonged market education, explaining the possibilities and boundaries of commercial space to every potential LP. "In the early days, we actively went out to introduce and promote; it was very hard work, but the results were limited."
Musk: Space-based solar power could be implemented within two to three years! Musk emphasized the application potential of photovoltaic and energy storage technologies in the United States. He stated clearly: "Photovoltaics and energy storage alone are sufficient to meet half of the United States' annual energy consumption, requiring a negligible amount of land area. Europe can replicate this path – sparsely populated areas like Spain and Sicily could produce all the electricity Europe needs." Simultaneously, Musk pointed out that high tariffs are becoming a major obstacle to advancing related plans in the U.S. "Within the next three years, the photovoltaic production capacity of SpaceX and Tesla's factories will reach 100 GW per year. I also encourage other companies to enter this field," he added. "Despite tariff barriers, solar cells produced in China still possess a significant cost advantage."
Global commodities may enter an unexpectedly strong cycle; fund managers strategically increase allocations to non-ferrous metals and chemicals. As international gold prices hover just steps away from $5,000/oz, as spot silver in London doubled in just two months, as copper, aluminum, lead, zinc, and tin上演 a 'periodic table' rally, as sulfur prices doubled in a year and lithium carbonate prices repeatedly hit new highs... These seemingly independent market pulses are converging into a powerful trend, signaling that the global commodity market is entering a new super-cycle. "The intensity and duration of this cycle may far exceed our imagination," several fund managers recently expressed similar views. Resonating factors include global monetary oversupply, a U.S. dollar credit crisis, demand from technological revolution and innovation, and supply chain restructuring triggered by geopolitical conflicts. Global commodities may welcome a cyclical wave far exceeding market expectations. Sharp-sighted public funds are already moving, turning their investment compass towards the 'blood' and 'cornerstone' of modern industry – non-ferrous metals and basic chemicals. While positioning the historical coordinates of this global commodity feast, they are also seeking specific paths to profit within the underlying industrial trends.
Three companies list at the start of the year; NEEQ total market capitalization approaches 1 trillion yuan. Since the beginning of 2026, the NEEQ has welcomed three new listings: Kema Materials, Aishelun, and Guoliang New Materials, while Meidele and Nongda Technology have entered the issuance process. The NEEQ is becoming an important platform for serving innovative small and medium-sized enterprises. As of January 23, the number of listed companies on the NEEQ reached 290, with a total market capitalization of 967.053 billion yuan, approaching the 1 trillion yuan mark. Meanwhile, NEEQ IPO reviews maintain a high frequency. Several brokerages believe that against the backdrop of deepening NEEQ market system reforms, subsequent IPOs are expected to maintain a rapid pace.
【Topic Companies】 The Spring Festival Gala's designated embodied AI model robot is 'unveiled'. On January 25, China Media Group announced that Galaxy General Robot has officially become the designated embodied AI model robot for the 2026 CMG Spring Festival Gala. Galaxy General was established in May 2023. Leveraging its self-developed embodied AI model system and highly reliable humanoid robot platforms, it has built a 'robot service ecosystem' covering retail, industrial, medical, cultural tourism, and other fields. Galaxy General has R&D centers in Beijing, Shenzhen, Suzhou, and Hong Kong, and has established joint laboratories/research centers with Peking University, Beijing Academy of Artificial Intelligence, Xuanwu Hospital, and Beijing Zhongguancun College, respectively.
The core supplier of aerospace power systems is here! Diankelantian is a core domestic supplier of aerospace power systems. Diankelantian's public offering consists of 173.70 million shares, with an online subscription upper limit of 27,500 shares. A top-tier subscription requires a Shanghai market value allocation of 275,000 yuan. Diankelantian is primarily engaged in the R&D, production, sales, and service of electric energy products and systems. It possesses complete solutions for power generation, energy storage, control, and system integration. Its products cover a wide range from deep sea (1 km underwater) to deep space (225 million km from Earth). The company's main business encompasses three sectors: aerospace power, special power supplies, and new energy applications and services.
Spring Festival Red Packet Grab! Tencent Yuanbao to distribute 10 billion yuan, Baidu to distribute 5 billion yuan. A CMBI research report stated that in the Chinese market, the competitive landscape of the AI assistant track is still in its early stages and dynamically changing. It is optimistic that ByteDance, Tencent, Alibaba, and DeepSeek will form the first tier. Doubao currently leads in user scale, while Yuanbao and Qianwen lag in user numbers. However, as these two companies elevate the priority of consumer-facing AI applications and increase investment in R&D and user acquisition, they are expected to narrow the user scale gap with Doubao in the future.
What does the embrace of capital markets by the 'Four Little Dragons of Domestic GPUs' signify? Recently, Moore Threads and Muxi Co., Ltd. have successively listed on the A-share market, while Biren Technology has knocked on the door of the Hong Kong Stock Exchange. Furthermore, the IPO application of Enflame Technology on the STAR Market has recently been accepted. For a time, the domestic GPU sector is having its moment in the spotlight. Enflame Technology, along with Moore Threads, Muxi Co., Ltd., and Biren Technology, are collectively known as the 'Four Little Dragons of Domestic GPUs'. Their collective embrace of capital markets demonstrates that China's computing power industry is actively breaking through, driven by the pursuit of autonomy and the AI wave. It also signifies that the domestic GPU industry is advancing from point breakthroughs to ecosystem building. From a business logic perspective, domestic GPU companies embracing capital markets is an inevitable result of the convergence of technological breakthroughs and market demand.
【Industry Hotspots】 Institutions intensively research AI marketing concept stocks! Leading stock up nearly 60% within the month; list of popular stocks with high recent reception volume is here. CCL industry sees wave of capacity expansion; core material import substitution accelerates. Strong downstream market demand; multiple lithium battery industry chain companies forecast significant profit growth. Brokerages research 440 A-share companies at the start of the year;热度 rises in power equipment and chemical sectors.
【Market Strategy】 Latest strategies from ten major brokerages: Overall赚钱效应 is approaching highs; searching for 'strong承接力'. Redemptions in broad-based ETFs continued to amplify last week, with no signs of slowing down yet. Under concentrated large redemptions of broad-based ETFs, the承接力 varies greatly across different sectors and individual stocks, with sectors and stocks where institutions are underweighted being noticeably more affected. As market confidence continues to recover, sectors that are at relatively low levels, can present a logical narrative, and are not heavily weighted in broad-based indices are expected to recover. Among these, the timing for increasing allocations in the consumption chain is from now until around the Two Sessions, primarily driven by expectation trades. The property chain may also see significant recovery during this phase, and building materials sectors insensitive to domestic new starts have already begun to move. Adhering to the basic premise of 'resource + traditional manufacturing pricing revaluation', a core portfolio built around chemicals, non-ferrous metals, new energy, and power equipment remains an anti-anxiety配置 choice amidst the矛盾 between '人心思涨' and regulatory counter-cyclical adjustments. On this basis, one can opportunistically increase allocations to non-bank financials while enhancing returns through select domestic demand品种 (e.g., duty-free, aviation, building materials) or high-growth品种.
【Announcements Summary】 【Trading Halts】 300391 *ST Changyao 603729 Longyun Co., Ltd. 002969 Jiamei Packaging 002931 Fenglong Co., Ltd. 【Trading Resumptions】 002155 Hunan Gold 【Major Events】 Fenglong Co., Ltd.: Will review stock trading fluctuations; trading halted from January 26. Fenglong Co., Ltd. (002931) issued an announcement on January 25 regarding abnormal trading volatility risks and a trading halt for review. The company's stock had experienced 17 consecutive daily limit-ups from December 25, 2025, to January 23, 2026, with a price increase of 405.74%, repeatedly triggering abnormal trading volatility conditions. The stock price has risen significantly in the short term, accumulating substantial trading risks and明显偏离 from market trends, posing a potential risk of rapid decline. To protect investor interests, the company will conduct a review of the trading fluctuations. Upon application, trading will be halted from January 26, resuming after the review concludes and an announcement is made, with an expected halt not exceeding 5 trading days.
Jiamei Packaging: Will review stock trading fluctuations; trading halted from January 26. Jiamei Packaging (002969) announced that its stock price increased by 408.11% during the period from December 17, 2025, to January 23, 2026, repeatedly triggering abnormal trading volatility conditions. The stock price has risen significantly in the short term, deviating from the company's fundamentals. To protect investor interests, the company will conduct a review of the trading fluctuations. Trading will be halted from January 26, with an expected halt not exceeding 5 trading days.
Bayi Iron & Steel: Company stock may face delisting risk warning. Bayi Iron & Steel (600581) announced on January 25 that it expects a 2025 net loss of 1.85 billion to 2.05 billion yuan; after deducting non-recurring gains/losses, the loss is expected to be 1.9 billion to 2.1 billion yuan; it expects negative net assets of -1.76 billion to -1.95 billion yuan at the end of 2025. These预计 figures would trigger the condition for imposing a delisting risk warning on stock trading under SSE Listing Rules Article 9.3.2 (2): 'negative net assets as of the end of the most recent fiscal year according to the audited annual report, or negative net assets as of the end of the most recent fiscal year after retrospective restatement.' After the 2025 annual report is disclosed, the company's stock may be subject to a delisting risk warning.
Hunan Gold: Plans to acquire 100% of Huangjin Tianyue and Zhongnan Smelting; trading resumes January 26. Hunan Gold (002155) announced on January 25 its intention to acquire 100% of Huangjin Tianyue from the sellers Hunan Gold Group and Tianyue Investment Group, and 100% of Zhongnan Smelting from Hunan Gold Group, through a share issuance. It also plans to issue shares to no more than 35 specific investors to raise supporting funds. Huangjin Tianyue is primarily engaged in mining rights integration and exploration in the Wanggu mining area, as well as mining, processing, and sales of some gold mines, with its main product being gold concentrate. Zhongnan Smelting focuses on specialized smelting and processing of refractory gold concentrates with high arsenic and sulfur content, covering an integrated business system from raw material procurement, smelting processing, product sales, to technical services. Through this transaction, the company will integrate both the mining/processing and smelting segments of gold resources, further increase resource reserves, enhance control over high-quality assets and the industry chain, and boost profit margins. Trading will resume at the market open on January 26.
Yongjie New Materials: Plans to acquire 100% of Alcoa Qinhuangdao and 95% of Alcoa Kunshan. Yongjie New Materials (603271) announced on January 25 its intention to acquire 100% of Alcoa Qinhuangdao and 95% of Alcoa Kunshan from Alcoa China via cash payment. The preliminary total consideration for the transaction is set at a RMB amount equivalent to $180 million (converted at the exchange rate applicable on the agreed closing date).
【Performance Preview】 Lead Intelligent: 2025 net profit预计同比增长424.29%—529.15%. Lead Intelligent (300450) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders of 1.5 billion to 1.8 billion yuan, a year-on-year increase of 424.29% to 529.15%. In 2025, the global power battery market continued to recover, demand in the energy storage sector grew strongly, and overall industry demand持续复苏. As domestic leading battery manufacturers increased utilization rates and orderly accelerated capacity expansion, the company's order scale rebounded rapidly year-on-year, with order fulfillment and project acceptance节奏同步提速, driving a bottoming out and rapid growth in operating performance, and a significant improvement in overall profitability.
Zhongwei Semiconductor: 2025 net profit预计同比增长约107.55%. Zhongwei Semiconductor (688380) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders of approximately 284 million yuan, a year-on-year increase of approximately 107.55%. During the reporting period, new product launches enhanced product competitiveness, and product shipments continued to climb; the proportion of 32-bit MCU shipments and revenue expanded; floating收益 from holding Dianke Chip stock increased significantly.
Yuyuan Co., Ltd.: 2025 annual operating performance will show a loss. Yuyuan Co., Ltd. (600655) announced on January 25 that, based on preliminary calculations by the finance department, the company expects net profit attributable to shareholders for the 2025 fiscal year to be negative, indicating that operating performance for 2025 will incur a loss.
Laier Technology: 2025 net profit同比增长13.67%. Laier Technology (688683) released an业绩快报 on January 25. The company achieved operating revenue of 962 million yuan in 2025, a year-on-year increase of 82.79%; net profit attributable to shareholders of 42.4641 million yuan, a year-on-year increase of 13.67%; basic EPS of 0.28 yuan. During the reporting period, significant revenue growth from the carbon-coated foil business drove a notable increase in operating revenue. Coupled with product structure optimization, gross profit grew simultaneously, continuously solidifying the profit foundation.
Hefu China: 2025预计亏损2500万元 to 3600万元. Hefu China (603122) announced on January 25, expecting 2025 annual net profit attributable to shareholders to be a loss of 25 million to 36 million yuan, compared to a net profit of 27.5663 million yuan in the previous year. During the reporting period, with changes in the domestic macroeconomic environment and the gradual nationwide implementation of medical policies like centralized procurement in the in-vitro diagnostics industry, affected by industry policy adjustments, the competitive landscape is reshaping. Procurement prices from the company's hospital customers have decreased, and order scales have fluctuated compared to the previous year, posing阶段性挑战 to sales revenue and gross profit levels.
Changjiu Logistics: 2025预计亏损5000万元 to 7500万元. Changjiu Logistics (603569) announced on January 25, expecting 2025 annual net profit attributable to shareholders to be a loss of 50 million to 75 million yuan, compared to a net profit of 79.5655 million yuan in the previous year. During the reporting period, affected by multiple factors including intensified market competition, slower-than-expected market development progress, and high costs of前期采购 like battery cells, the profitability of the company's new energy business segment was significantly impacted;整车运价 in the first three quarters of 2025 had not yet returned to reasonable levels, leading to lower-than-expected profitability in the整车运输业务 for 2025.
Actions Technology: 2025 net profit预计同比增长91.4%. Actions Technology (688049) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders of 204 million yuan, an increase of 91.40% year-on-year. During the reporting period, driven by the industry wave of AI integration in edge devices, the company's product matrix continued to enrich and improve: edge AI processor chips were applied in high-end speakers, party speakers, etc., from leading audio brands, with market penetration率大幅提高 and related sales revenue achieving multiples of growth; demand for low-latency, high-fidelity wireless audio products was strong, with sales growing rapidly; the penetration rate of Bluetooth speaker SoC chips系列 steadily increased among leading audio brands.
Huangshan Gujie: 2025 net profit预计同比下降45.5%—54.43%. Huangshan Gujie (301581) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders of 51 million to 61 million yuan, a decrease of 45.50% to 54.43% year-on-year. During the reporting period, the company expects operating revenue to increase compared to the same period last year. However, due to factors such as fierce industry competition, declining product prices, and rising raw material costs, current period profit decreased significantly compared to the same period last year.
Smartsens Technology: 2025 net profit预计同比增长149% to 162%. Smartsens Technology (688213) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders of 976 million to 1.031 billion yuan, an increase of 149% to 162% year-on-year. During the reporting period, in the smartphone sector, cooperation with multiple customers continued to deepen comprehensively. Products met the application needs of more flagship phone primary cameras, secondary cameras, and multi-spectral cameras. Shipments of several primary camera high-end 50MP products based on the innovative Lofic HDR®2.0 technology increased substantially, and newly developed mid-to-high-end HS series 50MP products began volume production and shipment, driving a significant increase in smartphone sector revenue.
Aidea Pharma: 2025预计亏损约1600万元 to 2400万元. Aidea Pharma (688488) announced on January 25, expecting 2025 net profit attributable to shareholders to be a loss of approximately 16 million to 24 million yuan, compared to a loss of 141 million yuan in the previous year. During the reporting period, due to increased efforts in new drug promotion and the consolidation of operating data from Nanda Pharma, selling expenses increased by approximately 92 million yuan compared to the same period last year.
Newdot Software: 2025 net profit预计同比下降80.61% to 87.08%. Newdot Software (688232) announced on January 25, expecting 2025 net profit attributable to shareholders of 26.4 million to 39.6 million yuan, a decrease of 80.61% to 87.08% year-on-year. During the reporting period, the smart government business declined significantly, mainly affected by customer budgets, slowing the overall progress of some projects from initiation to acceptance; to seize industry development opportunities and consolidate core technological advantages, the company maintained strategic investments in areas like high-end talent recruitment and technological innovation R&D.
Aucma: 2025预计亏损1.7亿元 to 2.2亿元. Aucma (600336) issued a performance forecast on January 25, expecting 2025 annual net profit attributable to shareholders to be a loss of approximately 170 million to 220 million yuan, compared to a loss of 48.5254 million yuan in the previous year. During the reporting period, the smart home appliance industry was affected by various adverse factors including insufficient effective domestic demand, diminishing marginal effects of the national 'old-for-new' subsidy policy, fluctuations in bulk raw material prices, and intensified industry price competition. Operating performance fell short of expectations, leading to an overall decline in company revenue, a drop in gross profit, and an expansion of operating losses.
Zhaojin Gold: Expects 2025 net profit of 122 million—182 million yuan, turning profitable year-on-year. Zhaojin Gold (000506) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders of 122 million to 182 million yuan, compared to a loss of 127 million yuan in the previous year. During the reporting period, the company's subsidiary, Fiji Vatukoula Gold Mine Ltd., actively promoted technical upgrades, increasing production and efficiency. Coupled with rising gold prices, gross profit improved significantly.
Zhitong Technology: 2025预计亏损3亿元 to 4.5亿元. Zhitong Technology (603690) announced on January 25, expecting 2025 annual net profit attributable to shareholders to be a loss between 300 million and 450 million yuan, compared to a net profit of 23.5975 million yuan in the previous year. The change in performance is mainly due to a year-on-year decrease in revenue, growth in R&D expenses, provision for specific credit impairment losses, and a decrease in non-recurring gains/losses.
Zhengzhou Coal & Electricity: 2025预计亏损约9.16亿元. Zhengzhou Coal & Electricity (600121) issued a performance announcement on January 25, expecting 2025 net profit attributable to shareholders to be a loss of approximately 916 million yuan, compared to a net profit of 283 million yuan in the previous year. During the reporting period, affected by market supply and demand dynamics, coal market prices continued to decline, with the average selling price of coal falling 15.6% year-on-year, leading to a significant decrease in coal sales revenue.
MGI: 2025预计亏损2.21亿元 to 2.73亿元. MGI (688114) issued a performance forecast on January 25. Based on preliminary calculations, the company expects 2025 net profit attributable to shareholders to be a loss of 221 million to 273 million yuan. Compared with the same period last year, the loss is expected to decrease by 328 million to 380 million yuan. During the reporting period, due to fluctuations in USD and EUR exchange rates, exchange gains generated from holding foreign currency monetary items increased year-on-year.
China National Accord Medicines: 2025 net profit预计同比增长64.20%—89.11%. China National Accord Medicines (000028) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders of 1.055 billion to 1.215 billion yuan, a year-on-year increase of 64.20% to 89.11%. During the reporting period, the distribution business, as the cornerstone of the company's operations, continued stable growth. Guoda Pharmacy strengthened its commercial procurement system, optimized product structure, strategically adjusted store布局, and effectively improved operational quality.
Anda Intelligent: Expects 2025 net profit loss of 100 million to 140 million yuan. Anda Intelligent (688125) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders to be a loss of 100 million to 140 million yuan, compared to a loss of 30.7452 million yuan in the previous year. During the reporting period, the company is in a transition period between old and new growth drivers, with new markets and products not yet scaling up. To accelerate the expansion into new markets and products, the company maintained a high level of investment in technological innovation and market development, leading to an increase in period expenses.
Fuda Co., Ltd.: 2025 net profit预计同比增长67.31% to 78.11%. Fuda Co., Ltd. (603166) issued a performance announcement on January 25, expecting 2025 net profit attributable to shareholders of 310 million to 330 million yuan, an increase of 67.31% to 78.11% year-on-year. The main reasons for the performance growth are: firstly, the company actively promoted the enhancement of crankshaft and forging capacity, effectively driving business revenue growth compared to the same period last year; secondly, the company continued to deepen quality and efficiency improvement initiatives with tangible results; thirdly, the company transferred its entire equity stake in a joint venture, further optimizing resource allocation structure and driving a year-on-year increase in investment income.
Haimuxing: 2025预计亏损8.5亿元 to 9.1亿元. Haimuxing (688559) issued a performance forecast on January 25, expecting 2025 net profit attributable to shareholders to be a loss of 850 million to 910 million yuan, compared to a loss of 163 million yuan in the previous year. During the reporting period, affected by overcapacity in the lithium battery and photovoltaic industries, industry competition intensified, product prices remained low, and coupled with increased difficulty in cost control, operations were under pressure. Simultaneously, in accordance with accounting standards and the prudence principle, the company conducted impairment tests on projects in delivery and recognized corresponding impairment losses, impacting current period profit.
【Shareholding Changes】 Medicilon: Shareholder plans to reduce holdings by no more than 0.6% of company shares. Medicilon (688202) announced on January 25 that shareholder Lin Changqing plans to reduce holdings of no more than 800,000 company shares (not exceeding 0.60% of the total share capital) within 3 months after 15 trading days, via集中竞价 or大宗交易.
Shanghai Hugong: Mingxin Guangchu plans to reduce holdings by no more than 3% of company shares. Shanghai Hugong (603131) announced on January 25 that shareholder Mingxin Guangchu, holding 7.51%, plans to reduce holdings totaling no more than 3% of the company's total shares (i.e., no more than 10.1072 million shares) within 3 months after 15 trading days, via集中竞价 and大宗交易.
【Major Contracts】 Delijia: Plans 5 billion yuan investment to build R&D and manufacturing project for wind power gearboxes above 10 MW. Delijia (603092) announced on January 25 that it has reached cooperation with Wuxi Wanshanhu Industrial Development Co., Ltd. and Yangjian Town People's Government and signed the 'Delijia 10MW+ Wind Power Gearbox R&D and Manufacturing Project Investment Cooperation Agreement' to expand the company's wind power gearbox production capacity. The total project investment is 5 billion yuan. The implementation of this project will effectively enhance the company's production scale and delivery capability, further consolidating and strengthening its market competitiveness and industry position in the wind power gearbox field.
Huadong Heavy Machinery: Receives letter of award from India's Adani Group and signs contracts for domestic intelligent port handling equipment projects. Huadong Heavy Machinery (002685) announced on January 25 that it recently received a letter of award from India's Adani Group and signed several domestic intelligent port handling equipment project contracts. The total value of the domestic and international projects amounts to approximately RMB 1.25 billion. The company has not yet signed a formal contract for this awarded project. If successfully signed subsequently, the project is expected to be delivered in batches from 2027 to 2029 and will have a positive impact on the company's future operating performance.
【Refinancing】 Zhongcheng Co., Ltd.: Proposal to issue shares to purchase assets and raise supporting funds passes SZSE review. Zhongcheng Co., Ltd. (000151) announced on January 25 its intention to acquire 100% of Zhongji Jiangsu Clean Energy Co., Ltd. held by China National Technical Import & Export Corporation by issuing shares, and to issue shares to no more than 35 specific investors to raise supporting funds. The SZSE M&A and Reorganization Review Committee held a meeting on January 23 to review the application. The review result was that the transaction meets重组 conditions and information disclosure requirements. The transaction still requires approval from the CSRC before implementation.
Tatfook Technology: Plans to apply for registration and issuance of no more than 300 million yuan in Sci-Tech Innovation Corporate Bonds. Tatfook Technology (300134) announced on January 25 its intention to apply to the SZSE for a private issuance of no more than 300 million yuan in Sci-Tech Innovation Corporate Bonds to professional investors. The raised funds will be used to meet company production and operational needs, including repaying company debt, supplementing working capital, replacing Sci-Tech innovation field investment expenditures, project construction and operation, and other uses compliant with laws and regulations.
【Others】 Weichai Heavy Machinery: Currently, the company has no medium-speed gas engines entering the North American power generation market. Weichai Heavy Machinery (000880) issued a stock trading异常波动 announcement on January 25. The company's stock had accumulated a closing price deviation exceeding 20% over three consecutive trading days. Recently, the company noted numerous online rumors: that the company's medium-speed gas engines are entering the North American power generation market and undergoing order testing with relevant customers. After verification, the company澄清 as follows: The above rumors are untrue. Currently, the company has no medium-speed gas engine products entering the North American power generation market and is not conducting order testing with relevant customers.
Zhongpet Co., Ltd.: Plans 100 million—200 million yuan share repurchase. Zhongpet Co., Ltd. (002891) announced on January 25 its plan to repurchase shares worth 100 million to 200 million yuan for the conversion of the company's issued convertible bonds. The repurchase price will not exceed 78 yuan per share.
Fangsheng Pharmaceutical: Loxoprofen Sodium Gel Plaster obtains drug registration certificate. Fangsheng Pharmaceutical (603998) announced on January 25 that on January 23, its wholly-owned subsidiary, Jianmeng Pharmaceutical, received the 'Drug Registration Certificate' approved and issued by the NMPA. The Loxoprofen Sodium Gel Plaster has obtained drug approval and can be produced. Loxoprofen Sodium Gel Plaster is indicated for the anti-inflammatory and analgesic treatment of osteoarthritis, muscle pain, and post-traumatic swelling and pain. The active ingredient is Loxoprofen Sodium, a propionic acid类 non-steroidal anti-inflammatory drug (NSAID) with significant anti-inflammatory and analgesic effects, particularly strong in analgesia.
Xinbang Pharmaceutical: The company and its subsidiaries need to pay additional taxes and滞纳金 totaling 50.7869 million yuan. Xinbang Pharmaceutical (002390) announced on January 25 that, based on self-inspection, the company and its subsidiaries need to pay additional taxes and滞纳金 totaling 50.7869 million yuan. These additional payments will be recorded in the company's 2025 current period profit and loss.
CIMC Vehicles: Subsidiaries and three affiliated companies involved in countervailing and anti-dumping investigations initiated by the U.S. Department of Commerce. CIMC Vehicles (301039) announced on January 25 that on U.S. time January 21, 2026, in response to an application previously submitted by the American Trailer Manufacturers Coalition to the U.S. International Trade Commission (ITC) and the U.S. Department of Commerce (DOC) for initiating countervailing and anti-dumping investigations on Van-type trailers and subassemblies thereof from Mexico, Canada, and China, the U.S. Department of Commerce officially announced the initiation of these 'countervailing, anti-dumping' investigations.
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