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Selected A-share Announcement | Foxconn Industrial Internet (601138.SH) net profit in 2024 was 23.216 billion yuan, a year-on-year increase of 10.34%.

1. China Vanke Co., Ltd.: Announcement of Shenzhen Metro Group providing the company with a 4.2 billion yuan loan and related transactions China Vanke Co., Ltd. announced that its largest shareholder, Shenzhen Metro Group, plans to provide the company with a loan of 4.2 billion yuan. The purpose of the loan is for repaying the principal and interest of the bonds issued by the company in the public market. 2. National Silicon Industry Group: Planning to issue shares and pay cash to purchase assets, stock will be suspended from next Monday National Silicon Industry Group announced that the company is planning to purchase minority stakes in Shanghai Xinshengjing Investment Semiconductor Technology Co., Ltd., Shanghai Xinshengjing Technology Semiconductor Co., Ltd., and Shanghai Xinshengjing Rui Semiconductor Technology Co., Ltd. by issuing shares and paying cash, and raise matching funds. The relationships between the target companies and the company are that the company's wholly-owned subsidiary Shanghai Xinsheng Semiconductor Technology Co., Ltd. holds 53.2646% of Xinshengjing Investment, Xinshengjing Investment holds 50.8772% of Xinshengjing Technology, and Xinshengjing Technology holds 51.2195% of Xinshengjing Rui. The target companies are controlled subsidiaries within the company's consolidated financial statements. The transaction is expected to constitute a related party transaction and will not result in a change in the company's controlling interest. The company's stock will be suspended from February 24, 2025, and is expected to be suspended for no more than 5 trading days. 3. Foxconn Industrial Internet: Net profit of 23.216 billion yuan in 2024, a year-on-year increase of 10.34% Foxconn Industrial Internet announced that it achieved operating income of 609.135 billion yuan in 2024, a year-on-year increase of 27.88%; net profit attributable to the company's shareholders was 23.216 billion yuan, a year-on-year increase of 10.34%. In terms of AI business, the revenue of the cloud computing segment accounted for over 50% of the company's total revenue for the first time, with the revenue of AI servers growing by over 150% year-on-year, and cloud service provider server revenue growing by over 80% year-on-year, accounting for over half of the overall server revenue for the first time. The announcement revealed that the next generation of new products jointly developed by the company and its customers have been gradually shipped. 4. Hangzhou Hikvision Digital Technology: Net profit of 11.959 billion yuan in 2024, a year-on-year decrease of 15.23% Hangzhou Hikvision Digital Technology announced that the total operating income in 2024 was 92.486 billion yuan, a year-on-year increase of 3.52%; the net profit attributable to the company's shareholders was 11.959 billion yuan, a year-on-year decrease of 15.23%. The growth rate of the company's domestic business decreased, while the overseas market grew steadily. 5. JA Solar Technology: Planning to issue H shares and list on the Hong Kong Stock Exchange JA Solar Technology announced that as part of its global development strategy, the company plans to issue overseas listed foreign shares (H shares) and apply for listing on the main board of the Hong Kong Stock Exchange. The company has already held a board meeting to review relevant resolutions, but specific details have not yet been determined. The matter still needs to be submitted for shareholder approval and requires approval, authorization, or filing from relevant government agencies, regulatory authorities, and stock exchanges, with significant uncertainties. 6. Maxscend Microelectronics: Net profit of 432 million yuan in 2024, a year-on-year decrease of 62% Maxscend Microelectronics released its performance report, achieving total operating income of 4.491 billion yuan in 2024, a year-on-year increase of 2.58%; a net profit of 432 million yuan, a year-on-year decrease of 61.52%; and earnings per share of 0.81 yuan. During the reporting period, in order to expedite the implementation of its strategic plan, Maxscend continued to increase its research and development investment and talent reserves, leading to an increase in research and development expenses year-on-year. With changes in product structure, the fixed assets of Maxscend, and market competition, the gross profit margin decreased year-on-year. 7. 8 consecutive boards for Hangzhou Advance Gearbox Group: Obvious "hot potato" effect in stock trading, with a risk of sharp decline in the short term Hangzhou Advance Gearbox Group issued an announcement regarding severe abnormal fluctuations in stock trading and risk warnings. Currently, there are severe abnormal fluctuations in the company's stock, indicating overheated market sentiments and potential irrational speculation. There is an obvious "hot potato" effect in the company's stock trading, indicating a high trading risk and a risk of significant declines in the short term. According to the notice from the Zhejiang Provincial Department of Science and Technology on issuing the first batch of projects under the "Sharp Edge Leading Geese + X" Technology Plan in 2025 and the approved project list, the research and development cycle for the projects undertaken by the company is expected to be 2 years. Currently, these projects are in the early stages of research, and the research results of the projects have uncertainties, with no related products currently available for sale and no sales revenue expected in 2025 according to the project plan. 8. 8 consecutive boards for Tellhow Sci-Tech: Data center-related computing power has a limited impact on the sales and profit levels of the company's related products Tellhow Sci-Tech issued a stock trading risk warning announcement, noting the high market attention on the concept of data center-related computing power. The emergency backup power generator products provided by the company serve as backup power sources for facilities in the event of sudden power failures, but the scale and development speed of the data center-related computing power market itself has uncertainties. Additionally, the market is limited by factors such as the supply quantity and price of upstream core components, resulting in a limited impact on the current sales quantity and profit level of the company's related products. 9. 2 consecutive boards for Shanghai Mechanical & Electrical Indus: Focus on ramping up data center-related computing power has a limited impact on Companys related product sales and profitability. Try: not engaged in any business related to humanoid Siasun Robot&Automation.Shanghai Mechanical & Electrical Industry released a notice regarding abnormal trading fluctuations in their stock. The company noted the recent high market attention towards humanoid Siasun Robot&Automation concepts and clarified that their main business is elevator manufacturing, installation, and maintenance, and they do not engage in any business related to humanoid Siasun Robot&Automation. 10. Nantong Chaoda Equipment: Planning for changes in the company's controlling ownership matters Stock and convertible bonds suspended from trading since February 24th Nantong Chaoda Equipment announced that the controlling shareholder and actual controller, Feng Jianjun, is planning the transfer of the company's shares, which may lead to changes in the controlling shareholder and actual controller. The transaction of transferring shares requires prior approval from relevant departments. The company's stock and convertible bonds will be suspended from trading starting February 24th, 2025, with an expected suspension period not exceeding 2 trading days. 11. Lionhead Technology Development: Intending to purchase the controlling rights of Hangzhou Lipu Technology Co., Ltd. Stock suspended from trading Lionhead Technology Development announced that they are planning to acquire the controlling rights of Hangzhou Lipu Technology Co., Ltd. by issuing shares and paying cash. This transaction is expected to constitute a major asset restructuring but will not change the actual controller of the company and will not result in a restructuring for listing. To ensure fair information disclosure and protect investor interests, the company's stock will be suspended from trading starting February 24th, 2025, with an expected suspension period not exceeding 10 trading days. 12. Long Young Electronic: Intending to acquire 100% equity of Deyou New Materials This transaction is expected to constitute a major asset restructuring Long Young Electronic announced that they intend to purchase 100% equity of Deyou New Materials by paying cash, using part of the raised funds and own funds. This transaction is expected to constitute a major asset restructuring, without involving the issuance of shares, related party transactions, or changes in the controlling shareholder and actual controller of the company. 13. Hehui Optoelectronics: Planning to issue H shares and list on the Hong Kong Stock Exchange Hehui Optoelectronics announced that they intend to issue shares (H shares) overseas and list on the Main Board of the Hong Kong Stock Exchange to accelerate the company's internationalization strategy and overseas business layout, enhance overseas financing capabilities, and increase the production capacity of the company's high-end AMOLED panel products. The listing of H shares requires approval from the shareholders' meeting and relevant government and regulatory authorities for filing or approval. As of now, specific details about the offering and listing are yet to be determined. 14. China Southern Airlines: Subsidiary withdraws application for listing on the Main Board China Southern Airlines announced that its subsidiary, China Southern Airlines Logistics Co., Ltd., intends to withdraw its application for listing on the Main Board of the Shanghai Stock Exchange. Previously, the company had approved the spin-off listing plan through the board of directors and shareholders' meeting on March 28, 2023, and May 19, 2023, respectively. China Southern Airlines Logistics received acceptance notice from the Stock Exchange on December 31, 2023, but due to changes in the market environment and overall capital operation planning, the company decided to withdraw the application. This withdrawal will not have a significant adverse impact on the production, operations, financial condition, or strategic planning of the company and China Southern Airlines Logistics. 15. Shanghai Moons'Electric: In the first half of 2024, Siasun Robot&Automation-related applications account for about 8% of operating income, which is relatively low Shanghai Moons'Electric released a notice regarding abnormal trading fluctuations in their stock. The company noted that some media outlets have listed their stock as a "Siasun Robot&Automation concept stock," which may attract attention from the capital market. They provided further clarification on their business situation: 1. The company's main business is the research and operation of core technologies and systemic solutions in the field of intelligent equipment motion control, with the revenue from control motors and their drive systems accounting for over 90% of the total revenue. In the short term, the company's main business has not undergone any significant changes, and there have been no major adjustments in the market environment or industry policies. 2. The products under development and improvement by the company, such as brushless motor modules, slotless hollow cup joint motor modules, frameless/AC servo motor acceleration and deceleration machine modules, and their drive and control systems, hub/wheel motor modules, etc., are suitable for motion control modules of Siasun Robot&Automation. In the first half of 2024, Siasun Robot&Automation applications (including humanoid Siasun Robot&Automation) accounted for approximately 8% of operating income, which is relatively low and will not have a significant impact on the company's current operating performance. 16. Zhejiang Fulai New Material: The flexible sensor project has not generated any revenue or profit Zhejiang Fulai New Material released a notice regarding severe abnormal trading fluctuations in their stock. The company noted the high market attention towards their flexible sensor project. They are currently building a trial line for flexible sensors and have not received any orders for electronic skin from Siasun Robot&Automation. Currently and in the short term, there is no clear business demand release, with some variability and uncertainty in the ongoing research and development. As of now, the flexible sensor project has not generated any revenue or profit, and will not affect the company's performance.Jiangsu Leili Motor: The humanoid Siasun Robot & Automation parts products are still in the research and sample testing stage.Jiangsu Leili Motor issues announcement on abnormal fluctuations in stock trading. The company has noticed the high level of market attention on the concept of humanoid Siasun Robot & Automation recently. The company's humanoid Siasun Robot & Automation component products are still in the research and sample testing stage and have not yet been mass produced for the market. The future product collaboration is uncertain, and if there are significant developments, the company will fulfill its disclosure obligations in a timely manner. Considering the recent operating conditions and internal and external business environment analysis, there have been no significant changes in the company's fundamentals. Chengdu Qushui Science and Technology: The company currently does not have relevant business in the field of humanoid Siasun Robot & Automation components. Chengdu Qushui Science and Technology issues announcement on abnormal fluctuations in stock trading. The company has observed the high level of market attention on the topic of humanoid Siasun Robot & Automation recently. The company's main business is the research, design, production (outsourced) and sales of high-quality easy-to-install furniture, home textiles and other household products. The company currently does not have relevant business in the field of humanoid Siasun Robot & Automation components. Operational Performance: Capital: Net profit of 9.82 billion yuan in 2024, a year-on-year increase of 40.14% China State Construction Engineering Corporation: Total new contract amount of 392.5 billion yuan in January, a year-on-year increase of 3.9% Raytron Technology: Net profit of 6.1 billion yuan in 2024, a year-on-year increase of 23.07% Share Repurchase & Increase in Holdings: Shanghai Information2 Software Inc.: Shareholders plan to reduce their stake in the company by no more than 3% Other: China Bester Group Telecom: Wins bid for China Mobile Limited's 4.74 billion yuan centralized procurement project Zhejiang Whyis Technology: One of the actual controllers, directors, and general managers, Ye Jianbiao, has been detained and investigated Great Wall Motor: Wholly-owned subsidiary plans to acquire 80% of Wuxi Xindong's equity for 3.7922 million yuanMachinery: Signed contract for trackless rubber-tired vehicle with Shaanxi Shanmei Investment Management Co., Ltd.Shaanxi Construction Machinery announced that the company plans to sign a new product purchase and sale contract with Shaanxi Coal Investment, with the seller being the company and the buyer being Shaanxi Coal Investment. The total amount of the contract is 52.4031 million yuan. The original contract party was Shaanxi Xin Nenglian Hui Technology Co., Ltd., but due to changes in its business model to operating leasing, Shaanxi Coal Investment will purchase and lease the required equipment. This transaction constitutes a related party transaction and does not constitute a major asset restructuring. Beijing Certificate Authority: plans to publicly list the transfer of 36.6% equity of Banxin Tong, a subsidiary company Beijing Certificate Authority announced that the company plans to transfer its 36.6015% equity in Banxin Tong through the public listing on the Beijing Property Exchange. The transaction will be based on the evaluation results filed by the relevant state-owned assets institutions, and the initial listing price will be based on the net asset evaluation result of Banxin Tong, either provided by the evaluation institution and filed by the relevant state-owned assets institutions, or 102.4842 million yuan, whichever is higher. Banxin Tong is focused on the research and development of electronic copyright certification services, providing electronic copyright services to mobile developers as its main business. Appotronics Corporation: Receives notice from a leading international auto company for the development of designated optics Appotronics Corporation announced that the company has recently received a notice from a leading international auto company to become its supplier of automotive optical components, exclusively supplying static lights for its global market and full range of models. Mass production supply is expected by 2025, which will have a positive impact on the company's business performance. Sinomach Heavy Equipment Group: Signs agreements related to the Upper Dana Pumped Storage Hydroelectric Project in Cambodia Sinomach Heavy Equipment Group announced that its subsidiary, China Heavy Machinery, has officially signed the implementation agreement, the pumped storage agreement, and the land lease agreement with Cambodia for the Upper Dana Pumped Storage Hydroelectric Project. The project is expected to have a static investment of about 838 million US dollars, with a total investment of about 996 million US dollars. The investment project still needs to go through the company's internal decision-making process and approval procedures from domestic and foreign relevant departments and institutions, with the risk of not being approved. Additionally, the contract involves a large amount, with the risk of the contract not being carried out smoothly due to reasons from the other party, as well as risks of changes in project construction and breach of contract. Furthermore, the performance period of the investment project is long, and the specific construction start time of the project has not been determined yet, with construction period risks. This article is reprinted from "Tencent Stock Selection," edited by GMTEight: Chen Wenfang.
21/02/2025

A-share closing review | For the first time in two months! Trading volume breaks through two trillion RMB, what good news is stimulating?

Today, A-shares are strong and leading the rise in the sci-tech innovation board. Looking at the market, the technology sector is booming, with topics such as computing chips, liquid-cooled servers, data centers, and cloud services driving the rise in stock prices, with Horizon Robotics rising by 20% and approaching historical highs. Siasun Robot & Automation-related stocks continue to surge, while Hangzhou Advance Gearbox Group has seen an 8-day increase. The three major telecom operators are also strong, with China United Network Communications hitting a nearly 6-year high and China Telecom Corporation reaching a historical high. Additionally, concepts such as DeepSeek, digital economy, and autonomous driving are all going up. On the downside, sectors like consumer goods and pharmaceuticals are leading in declines. Overall, the market turnover exceeds 2.1 trillion, the first time since mid-December last year, with trading volume exceeding 430 billion compared to the previous day, with more stocks rising than falling in both markets. So, what exactly is driving this positive trend? According to Securities Times, analysts believe there are two main reasons: Firstly, the strong rise in the Chinese yuan. Goldman Sachs believes that the improvement in growth prospects and confidence could raise the fair valuation of the Chinese stock market by 15%-20%, potentially bringing in over 200 billion US dollars in funds. Secondly, Alibaba has significantly boosted market sentiment as its quarterly report showed a capital expenditure of 31.775 billion yuan, an 80% increase compared to the previous quarter. In addition, the investment in cloud and AI infrastructure in the next three years is expected to surpass the total investment of the past decade. Specifically, computing chip stocks continue to rise, with Horizon Robotics rising by 20% in the afternoon, along with other companies like Hygon Information Technology, Cloud Network Technology, and others. CMSC stated that the introduction of large domestic models such as DeepSeek R1 has sparked a heat in chip adaptation, promoting the development of domestic large models and computing chip ecosystem. In terms of individual stocks, 2872 stocks in both markets rose, 2352 fell, and 171 remained unchanged. There were a total of 120 stocks hitting the limit up and 4 locked down by the closing bell. By the end of the session, the Shanghai Composite Index rose by 0.85% to 3379.11 points, with a turnover of 855.7 billion yuan, while the Shenzhen Component Index rose by 1.82% to 10991.37 points, with a turnover of 1337 billion yuan. The ChiNext Index rose by 2.51% to 2281.51 points. Funds flow: Today, the main focus of funds is on semiconductor, communication equipment, and communication service sectors, with top net inflows from ZTE Corporation, China United Network Communications, East Money Information, and others. News Recap: 1. Shanghai: Employers of female employees on maternity leave can apply for a 50% subsidy for social security contributions. As per the news released on the implementation of policies to lighten the burden on enterprises in Shanghai in the year 2025, 21 measures were announced to lower labor costs and boost business confidence, aimed at promoting economic recovery. The measures include a phased reduction in employee medical insurance unit contribution rates by 1 percentage point starting from March. There will also be a phased reduction in unemployment insurance unit rates by 0.5 percentage points and the implementation of one-time employment subsidies and expansion incentives. Employers meeting certain conditions can apply for a 50% subsidy for social insurance contributions for female employees during their maternity leave. 2. DeepSeek will gradually open source 5 code repositories next week with new content unlocked daily. DeepSeek announced today that it will gradually open source 5 code repositories over the next week, with new content unlocked daily to further share progress. The company stated that the online service modules have been fully tested and deployed and are ready for production use. They defined themselves as a small company and mentioned that each sharing will become a powerful potential energy, accelerating the industry's development journey. They also emphasized that there is no ivory tower in this field, only the pure entrepreneurial spirit nurtured by the community. 3. The Office of the Spokesperson for the Standing Committee of the National People's Congress Law Committee responds to the progress of the Private Economy Promotion Law legislation. The Office of the Spokesperson for the Standing Committee of the National People's Congress Law Committee stated on February 21st that the 14th session of the Standing Committee of the National People's Congress will conduct a second review of the draft Private Economy Promotion Law. After the second review, the Law Committee will further seek opinions from various parties, modify and improve the draft, to ensure that the Private Economy Promotion Law is passed as soon as possible. Future Market Analysis: 1. Huachuan Securities: The spring frenzy is expected to continue, with technology and AI themes likely to dominate. Huachuan Securities pointed out that the spring frenzy is expected to continue, with mutual fund-driven profitable effects possibly driving a rebound in issuances, providing more space for equity market gains from the perspective of excess household savings. The macroeconomic recovery and industry trend logic behind the current strong AI trend is still in place, and the style is expected to continue. Economic recovery expectations cannot be falsified in the short term; both trading heat and valuation have some room to peak; the industrial chain continues to expand, accommodating growing fund volumes; the policy direction of "self-reliance in technology" will not change. Allocation: Technology AI + consumer demand + dividends. 2. Shenwan Hongyuan Group: Industry trend thematic market has not yet reached the extreme low cost-effective area. Shenwan Hongyuan Group pointed out that the industry trend thematic market has not yet reached the extremely low cost-effective area, the main market structure of A-shares remains unchanged, and the momentum market could continue.Focus on the direction without change: domestic AI computing power and applications (the short-term focus is on the diffusion of AI applications), humanoid Siasun Robot & Automation, and low-altitude economy. It is further suggested to pay attention to two types of opportunities in the first quarter report period: 1. The scarcity of improvement in the short-term supply-demand situation can still be verified, and may perform well first. Focus on new energy vehicle power batteries, innovative drugs, and CXO. 2. The long-term undervalued company market value management plan will be announced, focusing on repurchasing cancellation and merger themes.Huatai: Expectations for the Two Sessions policies and the verification of annual report performance may be the focus of the market in the future. Huatai pointed out that in the post-New Year market, the technology sector continues to receive favor from market funds. Although there have been fluctuations and volatility in the short term, the investment heat around themes such as AI and AI applications remains high and may run through the entire market this year. However, the transition from being driven by emotions to being driven by performance may still take a process. During this process, internal differentiation within sectors and market fluctuations may be inevitable. Currently, if the Shanghai Composite Index continues to stabilize above the 60-day moving average, coupled with sustained trading volume, there may be a possibility for the Index to launch an attack on the 3400 level. Expectations for the Two Sessions policies and the subsequent verification of annual report performance may be the focus of market attention in the future. This article is reproduced from "Tencent Stock Selection", edited by GMTEight: Liu Jiayin.
21/02/2025

A-share midday report | The Kechuang 50 Index rose more than 5% in half a day, with strong performances in the telecommunications sector.

On February 21st, in the morning, Chinese assets collectively rose, as for the Hong Kong stock market, as of the time of writing, the Hang Seng Index rose by over 2.7%, reaching a 3% increase to 23,256.55 points, the Hang Seng Tech Index is currently up by 4.7%. Among the component stocks, Alibaba rose by over 11%, HUA HONG SEMI rose by over 10%, and LENOVO GROUP rose by over 8%. As for A-shares, the indexes opened high and continued to rise. By midday closing, the Shanghai Composite Index rose by 0.77%, the Shenzhen Component Index rose by 1.62%, the ChiNext Index rose by 2.23%, and the Science and Technology Innovation 50 Index rose by 5.16%. In terms of the market, the technology sector continues to rotate, with liquid-cooled servers, computing power rental, data centers, cloud services, and other computing power industry chains leading the gains; the three major telecommunications operators saw surges, with China United Network Communications hitting the limit up, reaching a new high in almost 6 years, China Telecom Corporation also hit the limit up at one point, reaching a new all-time high. Alibaba Cloud concept stocks surged, with Hangzhou Zhongheng Electric, Shanghai AtHub, RunJian Co., Ltd. and others hitting the limit up; chip stocks rose, with Shenzhen Techwinsemi Technology hitting the limit up and reaching a new all-time high; brokerage stocks surged, with China Great Wall pushing for the limit up. On the downside, the consumer, pharmaceutical, and automotive sectors led the declines. In terms of fund flows, major funds flowed into industries such as semiconductors, communications equipment, communication services, batteries, and IT services II, while funds flowed out of consumer electronics, chemical materials, commercial vehicles, optical and optoelectronic industries, and advertising and marketing industries. Institutional Views Looking ahead, Shenwan Hongyuan Group pointed out that the main line structure of the A-share market remains unchanged and may continue the momentum. 1. Huachuang Securities: Spring frenzy expected to continue, technology AI theme still prominent Huachuang Securities pointed out that the spring frenzy is expected to continue, with the public offering effect expected to drive issuances, and in the perspective of excess household savings, the stock market may further open up upside potential, with clear returns for various types of funds. The macroeconomic recovery and industry trends behind the strong AI trend are still present, and the style is expected to continue. Economic recovery expectations cannot be disproved in the short term; trading activity and valuation still have room to peak; the industry chain continues to expand, carrying the expanding size of funds; the policy direction of "self-reliance and strengthening technology" will not change. Allocation: technology AI + consumer demand + dividends. 2. Shenwan Hongyuan Group: Industry trend theme has not evolved to the area of extreme low cost performance Shenwan Hongyuan Group pointed out that the industry trend theme has not evolved to the extreme low cost performance area, the main line structure of the A-share market remains unchanged, and the momentum trend may continue. The direction of optimism remains unchanged: domestic AI computing power and applications (the short-term focus is on the market of AI application diffusion), humanoid Siasun Robot & Automation, low-altitude economy. Continue to emphasize, during the first quarter reporting period, focus on two types of opportunities: 1. The direction where the short-term improvement of the supply and demand pattern can be verified is still scarce and may perform first. Focus on new energy vehicle power batteries, innovative drugs, and CXO. 2. The company value management plan of companies trading below net asset value for a long period will be announced in concentration, focusing on buyback cancellations and merger themes. 3. Huatai: Expectations of the two sessions' policies and the verification of annual reports may be the focus of the market Huatai pointed out that in this wave of post-New Year market activity, the technology sector continues to attract market funds. Although there have been fluctuations and shocks in the short term, the high investment enthusiasm around themes like AI and its applications may continue throughout the year. However, the process from emotion-driven to performance-driven may still have to go through a process, with the differentiation within the sector and the recurrence of trends being unavoidable. Judging from the trading volume of the four trading days this week, which has been consistently above 1.7 trillion yuan, market trading activity is relatively high. As of now, if the Shanghai Composite Index can continue to gain a foothold above the 60-day moving average, coupled with a sustained volume, the index may have the potential to attack 3400 points. Expectations of the two sessions' policies and the verification of annual reports may be the focus of the market going forward. Popular Sectors 1. Alibaba Cloud concept stocks surge Alibaba Cloud concept stocks surged, with multiple stocks like Hangzhou Zhongheng Electric, Shanghai AtHub, RunJian Co., Ltd. hitting the limit up, along with Guangdong Aofei Data Technology, Yimikang Tech. Group. Co., Ltd., Ruijie Networks, Beijing Asiacom Information Technology and others also surging. Analysis: In terms of news, Alibaba reported a revenue of 280.15 billion yuan in the third quarter of the 2025 fiscal year, an 8% year-on-year increase; net profit of 46.434 billion yuan, a 333% year-on-year increase. Capital expenditure for the quarter reached 31.8 billion, an 80% increase from the previous quarter. Alibaba's U.S. stocks closed up by over 8%, while Alibaba IDC partners Wanguo Data and Century Internet surged by over 12%. Shenwan Hongyuan Group securities pointed out that with the revaluation of the domestic cloud and AI value represented by Alibaba, the entire industry chain including cloud operators, telecommunications operators, IDC, and upstream equipment is expected to continue to benefit. 2. Strength in chip stocks Chip stocks saw strong gains and rises, with Shenzhen Techwinsemi Technology hitting the limit up and reaching a new high, along with Maxio Technology, Cambricon, Suzhou UIGreen Micro & Nano Technologies, JoulWatt Technology, Hygon Information Technology, Shenzhen.Newway Photomask Making is also rising.Review: CMSC stated that the launch of domestic large models like DeepSeek R1 has triggered a wave of large chip adaptation, promoting the ecological development of domestic large models and computing power chips. 3. Concept of Liquid-Cooled Servers Boosted Stocks related to the concept of liquid-cooled servers have seen a fluctuation and increase in value, with Suzhou Longway Electronic Machinery, Yimikang Tech. Group.Co.,Ltd., Kehua Data Co.,Ltd., Zhejiang Yinlun Machinery hitting the limit up, and FANGSHENG, Beijing Sinnet Technology, Nanfang Zhongjin Environment showing gains. Review: According to IDC's prediction, the size of China's liquid-cooled server market is expected to reach about 68.2 billion yuan from 2022 to 2027, with a compound annual growth rate of 56%. Market research company Global Market Insights predicts that the global data center liquid cooling market will grow from over 2 billion US dollars in 2022 to over 12 billion US dollars in 2032. This article is reprinted from "Tencent Stocks", GMTEight editor: Wang Qiujia.
21/02/2025

A-share market opening express | Index fluctuates in red! Alibaba Cloud concept stocks soar, AI glasses sector continues to be strong.

On February 21st, overnight Chinese assets rose, with the RMB soaring nearly 500 points at one point. In the morning, A-shares opened high and then fluctuated in the red, with the Shanghai Composite Index up 0.07%, the Shenzhen Component Index up 0.48%, and the ChiNext Index up 0.47% as of 9:40. In terms of the market, stocks related to Alibaba Cloud surged, with multiple stocks like Hangzhou Zhongheng Electric, Insigma Technology, Shanghai AtHub, and RunJian Co., Ltd. hitting their daily limit up; the AI glasses concept continued to be strong, with Shenzhen Zowee Technology hitting its daily limit up for the third consecutive day; in addition, liquid-cooled servers and computing power sectors were among the top gainers. On the downside, the automobile and pharmaceutical sectors experienced the biggest declines. Looking at fund flows, major funds flowed into industries such as communication services, communication equipment, diversified finance, computer equipment, and other power equipment; while funds flowed out of industries such as consumer electronics, software development, optical electronics, plastics, and commercial vehicles. Institutional Views: Looking ahead, Shenwan Hongyuan Group pointed out that the main theme of the A-share market structure remains unchanged and may continue the momentum rally. 1. Huachuang Securities: Spring excitement expected to continue, technology AI theme still dominant Huachuang Securities pointed out that the spring excitement is expected to continue, with the profitable effect of public funds likely to drive issuance recovery, the rise in excess savings for residents likely to further open up space for stock market increase, and various types of funds currently showing significant returns. The macroeconomic recovery behind the strong performance of AI is still there, and the style is expected to continue. Economic recovery expectations cannot be falsified in the short term; there is still some room for trading heat and valuation from its peak; the industrial chain continues to expand, and the capacity to accommodate funds continues to grow; the policy direction of "technological self-reliance" will not change. Configuration: Technology AI + domestic consumption + dividends. 2. Shenwan Hongyuan Group: Industrial trend thematic market has not yet evolved into a low value-for-money area Shenwan Hongyuan Group pointed out that the industrial trend thematic market has not yet evolved into a low value-for-money area, the main theme of the A-share market structure remains unchanged, and the momentum rally may continue. The directions to watch remain the same: domestic AI computing power and applications (short-term focus on the diffusion of AI applications), humanoid Siasun Robot & Automation, and low-level economy. It continues to suggest focusing on two types of opportunities during the first quarter: 1. The direction where the short-term improvement in supply and demand patterns can still be verified remains scarce, and may perform first. Focus on new energy vehicle power batteries, innovative drugs, and CXO. 2. The long-term undervalued company market value management solutions will be announced collectively, focusing on share buybacks, cancellations, and merger themes. Alibaba Cloud concept stocks surge Alibaba Cloud concept stocks surged, with Hangzhou Zhongheng Electric, Insigma Technology, Shanghai AtHub, RunJian Co., Ltd., and others hitting their daily limit up, while Guangdong Aofei Data Technology, Yimikang Tech. Group. Co., Ltd., Ruijie Networks, Beijing Asiacom Information Technology, and others followed suit. Comment: On the news front, Alibaba's revenue in the third quarter of the 2025 fiscal year was 280.15 billion yuan, an 8% year-on-year increase; net profit was 46.434 billion yuan, a 333% year-on-year increase. Capital expenditure for the quarter reached 31.8 billion, an 80% increase from the previous quarter. Alibaba's US stocks rose by over 8%, and Alibaba's IDC partners World Data and Century Interconnection rose by over 12%. Shenwan Hongyuan Group Securities pointed out that with the revaluation of domestic cloud and AI value led by Alibaba, the entire cloud service provider, telecommunications operator, IDC, and upstream equipment chains will continue to benefit. AI glasses concept remains strong The AI glasses concept remained strong, with Shenzhen Zowee Technology hitting its daily limit up for the third consecutive day, Ciwen Media Co., Ltd. hitting its daily limit up for the second consecutive day, Konka Group Co., Ltd. hitting its daily limit up, WINDA, Jiangxi Firstar Panel Technology rising by over 10%, and Shenzhen Jame Technology Corp., Shenzhen Rapoo Technology, Suzhou Victory Precision Manufacture, Emdoor Information, and others leading in terms of gains. Comment: Ping An Securities stated that the global shipment volume of AI smart glasses is expected to double year-on-year to 4 million pairs by 2025. By 2030, AI+AR technology is expected to mature, and AI+AR smart glasses will enter a period of rapid development, with global shipments of AI smart glasses expected to increase to 80 million pairs by 2030, with a CAGR of 134% from 2023 to 2030. This article is reproduced from "Tencent Stock Selection," edited by GMTEight: Jiang Yuanhua.
21/02/2025

GMTEight List of A-share restricted sales and lifting restrictions | February 21st

On February 21st, a total of 4 listed companies had restricted shares released, with a total market value of about 10.445 billion yuan. The specific details of the restricted shares released today are as follows: Stock Abbreviation Stock Code Restricted Share Type Number of Restricted Shares Released Hubei Energy Group 000883 Restricted shares from equity incentives 19.2779 million Elegant Home-Tech 603221 Restricted shares from equity incentives 2.29 million Jinhui Mining Incorporation 603132 Restricted shares from pre-IPO shares 818 million Lontium Semiconductor Corporation 688486 6.926 million
21/02/2025

Highlights of Brokerage Morning Meeting | AI Drives High-end Passive Component Demand Surge, Related New Materials Embrace Development Opportunities

The market hit bottom and rebounded yesterday, with the three major indexes showing mixed movements. The total turnover of the Shanghai and Shenzhen stock markets was 1.76 trillion yuan throughout the day, an increase of 35.6 billion yuan from the previous trading day. In terms of sectors, AI glasses, humanoid Siasun Robot & Automation, rubber products, and military electronic sectors performed well, while insurance, pork, gaming, and photovoltaic sectors saw declines. At the close of trading yesterday, the Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index rose by 0.2%, and the Growth Enterprise Index fell by 0.06%. At today's securities morning meeting, China Securities Co., Ltd. believes that AI has led to a surge in demand for high-end passive components, presenting development opportunities for related new materials; Sinolink stated that the expectations for supply-side reforms are gradually being realized, and they are optimistic about the rare earth permanent magnet sector. China Securities Co., Ltd.: AI Drives Surge in Demand for High-end Passive Components, Development Opportunities for Related New Materials China Securities Co., Ltd. believes that with the recovery of the consumer electronics industry and the improvement in industry sentiment, the "trade-in for new" policy has stimulated the replacement market, and with the development of new energy vehicles and AI, the demand for passive components has surged. The usage of MLCC in new energy vehicles is six times that of traditional fuel vehicles, and the demand for MLCC in AI servers, AI PCs, and AI smartphones has increased by approximately 100%, 40-60%, and 20% respectively. They also mentioned higher performance requirements such as higher power, frequency, reliability, and smaller size; the demand for inductors in AI servers needs to meet requirements for higher power, smaller size, and lower heat dissipation. The demand for passive components in the consumer electronics industry is growing due to the resurgence of demand and the resonance of new consumption driven by AI, leading to significantly increased demand and performance requirements for passive components. It is estimated that the average annual growth rate of MLCC and chip inductors in the AI field will exceed 30% by 2030, and they recommend focusing on investment opportunities in the passive components and upstream raw materials industries, especially integrated enterprises in the upstream and downstream sectors to fully benefit from the upgrade of the entire industry chain. Sinolink: Gradual realization of supply-side reforms, bullish on the rare earth permanent magnet sector Sinolink stated that the implementation of the "Total control management measures" marks the beginning of supply-side reforms in the rare earth industry. They believe that with the subsequent policy series and industry consolidation, the strategic value of rare earths is expected to further increase against the backdrop of global geopolitical fluctuations. The industry's fundamentals are also in a bottom-rebound phase, and rare earth groups and magnetic material targets in the humanoid Siasun Robot & Automation industry chain are expected to benefit significantly. This article is reposted from "Cailian News," GMTEight editor: Li Fo.
21/02/2025

Sino-Canada Fund: There is a high possibility of the current technology market fluctuating upwards. The allocation proportion of defensive dividend-based industries may be moderately reduced in the short term.

The Sino-Canadian Fund stated in a document that the trading sentiment in the A-share market last week continued to improve. From a fundamental perspective, domestic demand is still weak, while policy expectations remain high. In terms of funds, the market continued to trade at high volumes. Margin trading data remains high, but the consecutive two weeks of net outflow in ETF data reflects a divergence in the market. Overall, the current economy is still weak, with data showing a slight improvement but needing further validation of its sustainability. The social and economic operations remain stable, making it currently difficult to make a smooth linear extrapolation on the improvement in fundamentals. Therefore, it is believed that pro-cyclical related assets will cause market discrepancies, with low possibility of vying for the mainline position. The current technology market is likely to continue to fluctuate upwards, with its trading indicators not yet reaching historical extremes, and will continue to be the center of structural market fluctuations. The Sino-Canadian Fund stated that the AI market continues to deepen, with funds focusing on the "technology seven sisters, six small dragons" related assets, showing some divergence but overall maintaining an upward trend, driving a structural bull market. Looking ahead, factors supporting the AI market include: the current narrative of AI equality in China cannot be refuted, related catalysts continue to emerge, though still not reaching the stage of commercial application and fundamental verification, the continuous development of AI until achieving goals such as AGI, A-share tech stock valuation reevaluation, etc., can still be linearly extrapolated. Dragging factors include: international instability, exchange rate and geopolitical pressures still exist, the upcoming important conferences domestically, as AI assets reach high levels, funds may diverge, with some funds shifting from high positions to low positions in anticipation of economic catalysts. In terms of industries, for defensive dividend industries, the allocation ratio can be moderately reduced in the short term, and subsequently replenished in accordance with market fluctuations and the trend of mainline sectors. The low-interest-rate environment provides long-term liquidity support for the dividend style, and it still maintains high stability. It is recommended to allocate dividend assets with catalysts (transformation bonds, market value management, "two news and two weights" related catalysts are more dense, as well as small themes like the reconstruction of Ukraine, short-term allocation to more profitable P/E ratio SOEs), low valuation, stable cash flow sectors such as utilities, finance, precious metals, etc. For more offensive assets, continue to focus on A-share technology (with the highest certainty of catalysts, relatively less affected by economic policies, thematic opportunities continuously emerging, narratives and catalyst intensity increasing rather than decreasing, market expectations for events such as the economic symposium are rising, profit effects and momentum will continue, and the expected adjustment is not expected to be significant. Also, continue to pay attention to HK-listed internet companies, self-controllable technology, Siasun Robot & Automation, low altitude, intelligent driving, etc.), prosperity support and overseas-related assets (as the earnings season approaches, manufacturing with performance support and sustained expectations has the advantage of relatively small fluctuations, performance and expectations, including high-quality assets such as power equipment, consumer electronics, home appliances, etc. Trump's early pricing for trade negotiations is sufficient, and the actual landing may bring opportunities for undervalued overseas-related assets, but stock selection and timing have certain difficulties and need to judge the undervaluation at the fundamental level) related assets, pro-cyclical assets (high elasticity in terms of policy and fundamental expectations, but lower win rate compared to sectors like technology during the policy verification period. Allocate assets focused on consumption based on risk preference and catalyst).
20/02/2025

Sino-Canada Fund: The barbell strategy is more advantageous in the short term, and it is recommended to seize the opportunity to allocate to the upper end during the period of long bond box oscillation.

The China-Canada Fund believes that based on the latest monetary policy execution report, the "moderately loose" monetary policy tone does not necessarily mean that monetary policy will be loose in the first quarter. The central bank's policy is still subject to temporary constraints of stabilizing exchange rates and preventing risks. In the short term, the barbell strategy is more advantageous, and it is recommended to seize the opportunity to allocate to the upper limit during the volatility of long-term bond boxes, focusing on assets with positive interest rate differentials. In the convertible bond market, there has been a slight compression in the conversion premium rates in various parity ranges, reflecting some profit-taking pressure in the market. The outbreak of intelligent driving and AI applications, record high movie box office sales, continuous emergence of industry themes, suggest that the market may have entered the second stage of a rally dominated by equities resonance. Opportunities for tech sectors and other equities have increased in the short term, potentially weakening the requirements for conversion premium rates and actively participating in opportunities related to A-share themes. Primary Market Review Last week, the issuance scale of national government bonds, local government bonds, and policy financial bonds in the primary market was 353.6 billion, 161.5 billion, and 170.9 billion respectively, with net financing amounts of 228.6 billion, 146.5 billion, and 170.9 billion. Financial bonds (excluding policy financial bonds) had a total issuance scale of 62.2 billion and net financing amount of 26.4 billion. Non-financial credit bonds had a total issuance scale of 40.1 billion and net financing amount of -34.9 billion. Secondary Market Review Last week, bond yields rose, with the yield curve overall remaining flat. Major influencing factors included liquidity, the seesaw effect of stocks and bonds, and the central bank's monetary execution report. Liquidity Tracking Last week, the central bank continued to withdraw liquidity, causing the money market to tighten throughout the week. Ultimately, R001 and R007 rose by 20.5BP and 24.7BP respectively compared to the previous week. Policy and Fundamentals January credit data had a strong start, with front-loaded policies being the main driving force. High-frequency data indicates that high-frequency production indicators have seasonal recovery after the Spring Festival, weak infrastructure construction resumption, declining external demand sentiment, and internal differentiation in food and industrial product prices. Overseas Markets The US inflation performance exceeded expectations, Trump announced equivalent tariffs, and market concerns about implementing global tariffs of 10-20% in the US have decreased. The 10-year US bond closed at 4.47%, down 2BP from the previous week. Equity Market Influenced by DeepSeek, Chinese technology-listed companies performed well, with the Hang Seng Technology Index leading globally this year. Last week, the entire A-share market rose by 1.67%, with all major indexes rising, including the CSI 50 and CSI 1000 rising by 3.84% and 1.87% respectively. A-share trading volume increased significantly, with an average daily turnover of 1.75 trillion, a 1339.78 billion increase compared to the previous week. Market risk sentiment continued to rise slightly, with a focus on the short-term overheating risks in the technology growth sector. Bond Market Strategy Outlook Based on the latest monetary policy execution report, the "moderately loose" monetary policy tone does not necessarily mean that monetary policy will definitely be loose in the first quarter. The central bank's policy is still subject to temporary constraints of stabilizing exchange rates and preventing risks. The central bank deleted the expression "maintaining stable operation of money market interest rates" in the liquidity paragraph of the report, which may also imply its attitude towards the recent high fund prices. With the continuous deepening of negative interest rate differentials, the micro-vulnerability of the bond market has shown slightly, with more recent adjustments in short-term bonds. Considering that in the second half of February, the stock market is likely to remain hot with support from foreign capital and expectations of the Two Sessions, the pressure on the bond market may not have been completely relieved.
20/02/2025

Selected A-share Announcements | Seven Consecutive Boards: Hangzhou Advance Gearbox Group (601177.SH) Warns of Risks

Focus today 1. Wens Foodstuff Group Performance Express: Net profit in 2024 was 9.245 billion yuan, turning a loss year-on-year Wens Foodstuff Group released its performance express, achieving a total operating income of 104.906 billion yuan in 2024, a year-on-year increase of 16.66%; a net profit of 9.245 billion yuan, compared to a loss of 6.39 billion yuan in the same period last year; and a basic earnings per share of 1.39 yuan. During the reporting period, the company's core production indicators continued to improve, production continued to be good, and with the added impact of a decrease in feed raw material prices, the company's breeding costs decreased significantly year-on-year. In addition, the company's sales volume of fattening pigs increased year-on-year, while the sales price increased year-on-year. The company's profit from pig farming business increased significantly year-on-year, turning losses into profits. 2. Semiconductor Manufacturing International Corporation: The Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index Fund reduced its holdings of the company's shares by 2.81 million shares on February 19. Semiconductor Manufacturing International Corporation announced that on February 19, 2025, the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 Composite Open-Ended Index Securities Investment Fund reduced its holdings of Semiconductor Manufacturing International Corporation's domestic shares by 2.8103 million shares through transactions on the stock exchange. After the change, the fund holds 98.5991 million shares of Semiconductor Manufacturing International Corporation's domestic shares, accounting for 4.96% of the company's total domestic shares and 1.24% of the total shares. 3. Inner Mongolia Mengdian Huaneng Thermal Power Corporation: Intends to purchase 60% equity of Zhenglanqi Wind Power and 75.51% equity of Northern Duolun. The company's stock resumes trading Inner Mongolia Mengdian Huaneng Thermal Power Corporation announced that the company intends to purchase 60% of the equity of Zhenglanqi Wind Power and 75.51% of the equity of Northern Duolun held by Northern Company through a combination of share issuance and cash payment, and to issue shares to raise supporting funds for no more than 35 specific investors. The specific transaction price of this transaction has not yet been determined. After the completion of this transaction, the company's asset size, operating income, and net profit attributable to the parent company are expected to increase. The company's stock will resume trading starting from February 21, 2025. 4. 7 consecutive boards Hangzhou Advance Gearbox Group: There may be irrational speculation, extreme trading risks Hangzhou Advance Gearbox Group issued a notice on stock trading risk warning. The company's stock has had a short-term increase significantly higher than the industry index during the same period, indicating an overheated market sentiment and possible irrational speculation. There is a significant "hot potato" effect in the company's stock trading, leading to extreme trading risks and the risk of a significant short-term decline. According to the notice of the Zhejiang Provincial Department of Science and Technology on the issuance of the first batch of projects in the "Spearhead Lead Goose + X" Technology Plan for 2025, the company's projects with an R&D cycle are expected to be 2 years. Currently, the above-mentioned projects are still in the research initiation stage, and the research results of the project are uncertain. There are currently no related products generating sales revenue, and according to the project plan, no sales revenue will be generated in 2025. 5. 30CM 2 consecutive boards WANDA BEARING: Has not yet established a cooperation relationship with downstream humanoid Siasun Robot & Automation-related companies. WANDA BEARING issued a notice on abnormal stock trading fluctuations. Recently, the company noticed that some information on media platforms such as East Money Information stock forum linked the company to the concept of humanoid Siasun Robot & Automation. Upon verification, as of the date of this announcement, the company has not established a cooperation relationship with downstream humanoid Siasun Robot & Automation-related companies and has no related business income. According to the company's prospectus, the company has been continuously investing in the field of industrial Siasun Robot & Automation in the past few years, actively promoting the R&D and market expansion of industrial Siasun Robot & Automation special bearings to enhance its business revenue in the Siasun Robot & Automation sector. 6. 2 consecutive boards Kingfa Sci. & Tech.: The company indirectly holds a very low percentage of shares in Yushu Technology. Kingfa Sci. & Tech. issued a notice on abnormal stock trading fluctuations, stating that as of the date of this announcement, the company indirectly holds 0.42% of the shares in Hangzhou Yushu Technology Co., Ltd. 7. 2 consecutive boards Zhejiang Yunzhongma: The company's stake in Zhongxi New Materials (Anhui) Co., Ltd. is currently small and does not have a significant impact on the company's performance. Zhejiang Yunzhongma issued a notice on abnormal stock trading fluctuations, noting the recent market's high attention to the humanoid Siasun Robot & Automation concepts, with some institutions listing the company as a target under the Siasun Robot & Automation concept. The company clarified that in its 2024 interim report, it disclosed the situation of its external investment in Zhongxi New Materials (Anhui) Co., Ltd.At present, the company's subscribed registered capital in Zhongxi New Materials (Anhui) Co., Ltd. is 15714.848 million yuan, corresponding to a shareholding ratio of 8.1491%, with a relatively small stake, which does not have a significant impact on the company's performance.8. Zhejiang Sf Oilless Bearing Co., Ltd.: Does not have self-lubricating material bearing business in the humanoid Siasun Robot & Automation components field Zhejiang Sf Oilless Bearing Co., Ltd. issued a notice of abnormal changes, noting the high level of attention in the market recently on the humanoid Siasun Robot & Automation concept. The company's main business is the production and sale of self-lubricating material bearings. The company's main business has remained stable, with no significant fluctuations. The company currently does not have any business in the humanoid Siasun Robot & Automation components field. Investors are advised to invest rationally and be aware of risks. 9. Wuhan Sanzhen Industry Holding: Planning to issue shares and pay cash to purchase assets, stock trading halted Wuhan Sanzhen Industry Holding announced that Wuhan Urban Construction Investment Group is planning for Wuhan Sanzhen Industry Holding to acquire 100% equity of Wuhan Municipal Engineering Institute through a combination of issuing shares and paying partial cash, followed by fundraising. After this transaction is completed, the company will directly hold 100% equity of Wuhan Municipal Engineering Institute. This transaction constitutes a related party transaction and is not expected to be a major asset reorganization that would result in a change of the company's actual controller. The company's stock will be suspended from trading starting February 21, 2025, with the suspension expected to last no more than 10 trading days. 10. RunJian Co., Ltd.: Has not signed a service cooperation agreement with DeepSeek RunJian Co., Ltd. issued a notice on abnormal stock trading fluctuations, stating that there has been a high level of market attention on the DeepSeek concept recently. The company has clarified that it has not signed a service cooperation agreement with DeepSeek. There is no business cooperation with DeepSeek, and the impact of this matter on the company's future performance is uncertain. Investors are advised to be mindful of investment risks. 11. Guizhou BC&TV Information Network: Indirect controlling shareholder renamed and planning to merge with Duocai Guizhou Network Guizhou BC&TV Information Network announced that the company's indirect controlling shareholder, Guizhou Radio & Television Media Group Co., Ltd., has been renamed to Guizhou Radio & Television Network Media Group Co., Ltd., and was officially established on February 18. The Radio & Television Network Media Group will subsequently undergo a merger with Duocai Guizhou Network. Following the integration, the Radio & Television Network Media Group will be responsible for the provincial state-owned cultural enterprises' equity participation, according to the Guizhou Provincial State-owned Assets Supervision and Administration Commission. This renaming and integration do not involve any changes in the indirect controlling shareholder's equity holdings, and the company's controlling shareholder, indirect controlling shareholder, and actual controller remain unchanged, with no impact on the company's corporate governance and operational activities.Arts: The company's rolling ball screw products have only completed the relevant sample R&D and have not yet generated any revenue.The stock trading abnormal fluctuations announcement issued by Ningbo Shuanglin Auto Parts stated that as of now, the company's ball screw products have only completed the development of related samples and have not yet generated any operating income. 16. Est Tools Co., Ltd.: The company's related tools and measuring instruments in the field of ball screw processing are still in the early stages of development, trial production, and limited supply. Est Tools Co., Ltd. issued an investor relations activity record announcement, stating that the domestic market demand for human-shaped Siasun Robot&Automation ball screw processing manufacturing is still in its infancy, with a slow development pace and uncertainty that may affect the demand for ball screws and related tools and measuring instruments. The company's related tools and measuring instruments in the field of ball screw processing are still in the early stages of development, trial production, and limited supply, and have not yet formed a scale of sales, which will not have a significant impact on the company's operating performance in the short term. 17. Ningbo TIP Rubber Technology: Limited external circulation may pose irrational speculation risks. Ningbo TIP Rubber Technology issued a stock trading risk warning announcement, stating that as of February 20, 2025, the company's total share capital is 134 million shares, of which the controlling shareholders, Zhejiang Tianpu Holdings Co., Ltd., and You Jianyi collectively hold 100 million shares of the company, accounting for 74.59% of the total share capital; the remaining shares are in external circulation, with limited circulation, which may pose risks of irrational speculation. 18. Anhui Zhongding Sealing Parts: Signed a strategic cooperation agreement with Siasun Robot&Automation to cooperate on products related to human-shaped Siasun Robot&Automation. Anhui Zhongding Sealing Parts announced that the company has signed a strategic cooperation agreement with Siasun Robot&Automation to strengthen the cooperation relationship between the two parties and cooperate on products related to human-shaped Siasun Robot&Automation. The agreement is a framework agreement, and there is uncertainty in the specific implementation process, which will not have a significant impact on the company's operating performance for the current year. The impact on the company's future operating performance will depend on the implementation of the company's subsequent projects with the cooperation party. Performance 1. Yihai Kerry Arawana Holdings: Net profit for 2024 was 2.502 billion yuan, a decrease of 12.14% year-on-year. Yihai Kerry Arawana Holdings announced that in 2024, the operating income was 238.866 billion yuan, a decrease of 5.03% year-on-year; the net profit attributable to shareholders of the listed company was 2.502 billion yuan, a decrease of 12.14% year-on-year; the basic earnings per share was 0.46 yuan. During the reporting period, the operating income decreased compared to the previous year, mainly due to the impact of falling product prices exceeding the revenue contribution from sales growth. The sales volume of the company's kitchen food, feed ingredients, and oil technology products all grew compared to the previous year, but the prices of main products decreased due to the decline in prices of main raw materials such as soybeans and soybean oil. 2. Beijing Ultrapower Software: Net profit for 2024 was 1.44 billion yuan, an increase of 62.35% year-on-year. Beijing Ultrapower Software announced that the total operating income was 6.452 billion yuan, an increase of 8.21% year-on-year; operating profit was 1.65 billion yuan, an increase of 56.82% year-on-year; total profit was 1.643 billion yuan, an increase of 56.29% year-on-year; net profit attributable to shareholders of the listed company was 1.44 billion yuan, an increase of 62.35% year-on-year. This growth was mainly due to increased profits from the game business, stable development of software and information technology services, and interest income and exchange gains from stable USD interest rates and exchange rates. 3. Shanghai Huace Navigation Technology: Net profit for 2024 increased by 27.82% year-on-year. Shanghai Huace Navigation Technology announced that the total operating income was 3.216 billion yuan, an increase of 20.07% year-on-year; net profit attributable to shareholders of the listed company was 574 million yuan, an increase of 27.82% year-on-year. The company actively expanded product applications, increased research and development investment, and improved product competitiveness, leading to effective growth in operating income and net profit. 4. Shanghai Hanbell Precise Machinery: Net profit for 2024 increased by 2.25% year-on-year. Shanghai Hanbell Precise Machinery released its performance report, stating that the total operating income for 2024 was 3.702 billion yuan, a decrease of 3.91% year-on-year; the net profit attributable to shareholders of the listed company was 884 million yuan, an increase of 2.25% year-on-year. Buybacks & Equity Changes 1. Valiant Co., Ltd.: Luyin Investment Group plans to increase its holding of the company's shares by 125 million to 250 million yuan. Valiant Co., Ltd. announced that it has received a notice from shareholder Luyin Investment Group, holding more than 5% of the shares, stating that Luyin Investment Group plans to increase its shareholding in the company by 125 million to 250 million yuan within six months from February 21, 2025, through its own funds and special stock financing through competitive bidding or block trading. 2. GuangzhouRuoyuchen Technology: Intends to repurchase shares worth between 100 million to 200 million yuan.Guangzhou Ruoyuchen Technology Announcement, the company plans to use its own funds and stocks to repurchase special loan funds, to repurchase part of the shares through centralized competitive bidding trading, with a repurchase amount of no less than 100 million yuan and no more than 200 million yuan. The repurchase price does not exceed 42.40 yuan per share. Hainan Haiqi Transportation Group: Hainan Expressway plans to increase its holdings of the company's shares by 40-50 million yuan Hainan Haiqi Transportation Group announced that the company's second largest shareholder, Hainan Expressway, plans to use bank credit funds and its own funds to opportunistically increase its holdings of the company's shares through centralized competitive bidding. The increase amount will be no less than 40-50 million yuan. Industrial Bank Co., Ltd., Haikou Branch, has pledged to provide Hainan Expressway with a stock repurchase loan amounting to no more than 45 million yuan or up to 90% of the intended increase amount, with a loan term of no more than 3 years. Sinocare Inc.: Plans to repurchase shares worth 150-300 million yuan Sinocare Inc. announced that the company plans to repurchase shares worth 150-300 million yuan, to be used for employee stock ownership plans, equity incentives, or to convert into convertible bonds issued by listed companies. The repurchase price does not exceed 34 yuan per share. The repurchase funds come from the company's own funds and bank repurchase special loans, with the bank repurchase special loan amount not exceeding 90% of the total repurchase amount. As of the disclosure date of the announcement, the company has obtained a Loan Commitment Letter from China Minsheng Banking Corp., Ltd., Changsha Branch, agreeing to provide a stock repurchase loan of no more than 270 million yuan for the company, with a loan term of 3 years. Other: 1. Huadong Medicine: Wholly-owned subsidiary received acceptance notice for the marketing authorization application for Degludec Insulin Injection Huadong Medicine announced that its wholly-owned subsidiary, Zhongmei Huadong, has received an "Acceptance Notice" issued by the National Medical Products Administration for the marketing authorization application for Degludec Insulin Injection, used to treat adult type 2 diabetes. Degludec insulin is a long-acting insulin analogue with a unique molecular structure and mechanism of action, providing prolonged and stable basal insulin, with low blood sugar variability and risk of hypoglycemia, good safety, and flexible dosing times. 2. Beijing Jingneng Power: Acquires 39% equity of Daihai New Energy through public delisting Beijing Jingneng Power announced that its holding subsidiary, Daihai New Energy's joint-stock shareholder RONGTIC Co., Ltd. is transferring its 39% equity in Daihai New Energy through public listing on the Inner Mongolia Property Exchange Center, with a listing price of 949 million yuan. Beijing Jingneng Power has been identified as the acquirer of this listing, with a delisting price of 949 million yuan. After acquiring 39% of Daihai New Energy's equity through this delisting, Beijing Jingneng Power's shareholding will increase from 51% to 90%, while RONGTIC Co., Ltd.'s shareholding will decrease from 49% to 10%. 3. Hangzhou Toka Ink: Plans to acquire 60% of Zhejiang Dike's equity for 18 million yuan Hangzhou Toka Ink announced that it plans to use its own funds of 18 million yuan to acquire 60% of Zhejiang Dike Donghua Fine Chemical Co., Ltd.'s equity held by T & K Toka. After the completion of this transaction, Zhejiang Dike will become a wholly-owned subsidiary of the company and will be included in the company's consolidated financial statements. Through this transaction, the company aims to optimize its existing product structure system, expand into diverse downstream application areas, enhance product technological content and added value, and extend the company from its existing printing ink products to new materials for electronic chemicals. 4. China Securities Co., Ltd.: Chairman Wang Changqing resigns due to retirement age reasons China Securities Co., Ltd. announced that its Chairman and Executive Director Wang Changqing has resigned from the positions of Chairman and Executive Director of the company due to retirement age reasons. After the resignation, Wang Changqing will no longer serve as the legal representative of the company or hold any other positions in the company or its subsidiary. The resignation will take effect from the date when a new Executive Director is elected at the company's shareholders' meeting. 5. China Merchants Bank: Non-executive director Zhang Jian resigns China Merchants Bank announced that the board of directors has received a resignation letter from non-executive director Zhang Jian. Due to work-related changes, Zhang Jian has requested to resign from the positions of non-executive director and member of the Risk and Capital Management Committee of the board of directors, effective from February 20, 2025. 6. Jilin Liyuan Precision Manufacturing: Controlling shareholder changes from Wu Rui to Zhang Yuan Jilin Liyuan Precision Manufacturing announced that the company's controlling shareholder, Beiyouxin Intelligent, has signed a "Equity Transfer Agreement" with three natural person shareholders Wu Rui, Chen Yang, and Liu Jiang, transferring 100% equity of Beiyouxin Intelligent to Jiangsu Bubugao for 38 million yuan. As of the date of this announcement, Beiyouxin Intelligent holds 22.54% of the company's shares. If the transaction is completed successfully, Zhang Yuan will become the actual controller of Jiangsu Bubugao and indirectly control 22.54% of the company's shares through Jiangsu Bubugao. The actual controller of the company will change from Wu Rui to Zhang Yuan; the controlling shareholder of the company remains unchanged as Beiyouxin Intelligent. This article is reprinted from "Tencent Self-selected Stocks," GMTEight editor: Xu.Wen Qiang."Je ne comprends pas." "I do not understand."
20/02/2025

AMAC: As of the end of January 2025, the total assets under management of existing private equity funds amounted to 19.92 trillion yuan.

The Asset Management Association of China (AMAC) released the "Monthly Report on Registration and Filing of Private Fund Managers and Products (January 2025)". As of the end of January 2025, there were 20,025 private fund managers, managing a total of 144,071 funds with assets under management totaling 19.92 trillion yuan. Among them, there were 7,904 private fund managers for securities investment funds, 11,923 for private equity and venture capital funds, 6 for private asset allocation funds, and 192 for other private investment funds. I. Overall Situation of Private Fund Manager Registration 1. Monthly Registration of Private Fund Managers In January 2025, there were 13 institutions registered through the Asset Management Business Reporting Platform of the AMAC, including 5 private fund managers for securities investment funds and 8 for private equity and venture capital funds. In January 2025, 1 private fund manager registration application was suspended, and 277 private fund managers were deregistered. 2. Existing Private Fund Managers As of the end of January 2025, there were 20,025 existing private fund managers, managing a total of 144,071 funds with assets under management totaling 19.92 trillion yuan. Among them, there were 7,904 private fund managers for securities investment funds, 11,923 for private equity and venture capital funds, 6 for private asset allocation funds, and 192 for other private investment funds. 3. Geographical Distribution of Private Fund Managers As of the end of January 2025, the registered private fund managers were mainly concentrated in Shanghai, Beijing, Shenzhen, Guangdong (excluding Shenzhen), Zhejiang (excluding Ningbo), and Jiangsu, accounting for 72.14% of the total. Specifically, there were 3,731 in Shanghai, 3,247 in Beijing, 3,044 in Shenzhen, 1,607 in Guangdong (excluding Shenzhen), 1,599 in Zhejiang (excluding Ningbo), and 1,219 in Jiangsu. In terms of fund management scale, the top 6 regions were Shanghai, Beijing, Shenzhen, Guangdong (excluding Shenzhen), Jiangsu, and Zhejiang (excluding Ningbo), accounting for 74.97% of the total. Specifically, Shanghai had 49,215.10 billion yuan under management, Beijing had 46,588.45 billion yuan, Shenzhen had 19,450.40 billion yuan, Guangdong (excluding Shenzhen) had 12,912.75 billion yuan, Jiangsu had 11,612.50 billion yuan, and Zhejiang (excluding Ningbo) had 9,527.62 billion yuan. II. Overall Situation of Private Fund Filing 1. Monthly Filing of Private Fund Products In January 2025, there were 1,073 new private fund products filed, with a total filing size of 465.84 billion yuan. Among them, there were 743 securities investment funds, 116 private equity investment funds, and 214 venture capital funds. 2. Existing Private Fund Products As of the end of January 2025, there were 144,071 existing private funds with total assets under management of 19.92 trillion yuan. Among them, there were 87,764 existing securities investment funds, 30,122 existing private equity investment funds, and 25,295 existing venture capital funds.
20/02/2025
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