Group 1 - The core focus of the market this week is on companies with overseas expansion concepts, with a significant interest in Daikin Heavy Industries, which received over 200 institutional inquiries [1][2] - Since the beginning of the year, nearly 500 listed companies have disclosed institutional investor research records, with Daikin Heavy Industries leading with 209 inquiries [1][2] - The top ten A-share companies by the number of institutional inquiries include Daikin Heavy Industries, Xiangyu Medical, and Haitai Ruisheng, indicating a strong interest in sectors such as heavy electrical equipment and medical devices [1][2] Group 2 - Daikin Heavy Industries is focusing on its bidding progress in the European and other overseas markets for offshore wind projects, with significant expectations for Germany, Japan, the Netherlands, and Poland [3] - The company has a high market share in the German offshore wind foundation sector and has secured a port in Cuxhaven for localized services [3] - Xiangyu Medical is also exploring overseas business opportunities, prioritizing products that have obtained FDA and CE certifications for international markets [3] Group 3 - Haitai Ruisheng has integrated a data annotation base in Southeast Asia, which is expected to contribute millions in revenue by 2025, marking a new phase in its overseas delivery capabilities [4] - Over 800 institutions have conducted research on A-share listed companies this week, with CITIC Securities and Guotai Junan Securities leading in the number of inquiries [4] - Fund companies such as Bosera Fund and GF Fund have shown strong interest in Daikin Heavy Industries, indicating a robust demand for insights into the company [5] Group 4 - Daikin Heavy Industries has forecasted a net profit of 1.05 billion to 1.2 billion yuan for 2025, representing a year-on-year growth of 121.58% to 153.23% [5] - The company attributes its growth to a rapid increase in the number and value of projects delivered in the overseas offshore wind market, along with higher product construction standards [6] - The provision of systematic services for offshore wind equipment construction, transportation, and localized installation has further enhanced the company's profitability [6]

依据上市申请材料，公司的收益绝大部分来自楼宇建造工程。公司收益的其余部分主要来自建造业 的劳工供应、宿舍租金收入及其他配套服务所产生的收益。2023年、2024年以及2025年，公司的总收入 分别约为0.3亿新元、0.2亿新元及0.22亿新元，公司建造项目的收益分别约为0.29亿新元、0.19亿新元及 0.21亿新元。 2023年、2024年以及2025年，公司净利润分别约为44.6万新元、278.5万新元以及106万新元。 公司已确认收益的项目的平均周期约15个月。目前，公司共有11个手头项目。（手头项目指：已动 工但未竣工的项目以及公司已获授但未动工的项目。） 1月23日，长乐控股有限公司（简称"长乐控股"）向港交所递交上市申请材料，这也是公司第二次 向港交所递交上市申请材料。2025年6月22日，长乐控股第一次递表港交所，后因申请到期失效。 上市申请材料显示，2025年，公司业绩出现较为明显的"增收不增利"现象。2025年，公司总收入和 净利润分别约为0.22亿新元以及106万新元，营业收入小幅增长但净利润同比出现"腰斩"。 公司在上市申请材料中提到，公司部分供应商位于马来西亚及中国。公司从多个国家聘用 ...

与2024年相比，2025年理财市场在规模稳步增长的同时，结构持续优化，高质量发展根基进一步夯 实。 为应对收益下行压力，机构正在积极调整资产配置结构。截至2025年末，债券投资比例已从2024年 末的57.89%下降至51.93%，减少个6百分点；公募基金配置比例则从2.9%大幅提升至5.1%。 从产品类型来看，相较2024年，2025年固收类产品规模占比微降0.24个百分点，混合类产品占比则 上升0.17个百分点至2.61%，权益类、商品及金融衍生品类产品占比也均有小幅增长，折射出理财资金 向多资产、多策略探索的倾向。 从风险等级来看，截至2025年末，风险等级为二级（中低）及以下的理财产品存续规模为31.87万 亿元，占全部理财产品存续规模的比例为95.73%；风险等级为四级（中高）及以上的理财产品存续规 模为0.08万亿元，占全部理财产品存续规模的比例为0.24%。 市场结构持续优化 银行业理财登记托管中心日前发布的《中国银行业理财市场年度报告（2025年）》显示，截至2025 年末，银行理财市场存续规模33.29万亿元，创历史新高，同比增长3.34万亿元，增幅11.15%。 另一方面，2025年理财 ...

Core Viewpoint - The commercial rocket company Zhongke Aerospace has completed its IPO counseling work, indicating readiness for public listing and highlighting the importance of capital in the commercial space industry [1]. Group 1: Company Developments - Zhongke Aerospace's counseling status has changed from "counseling acceptance" to "counseling work completed" as of January 24 [1]. - The company signed a counseling agreement with Guotai Junan Securities in August 2025, completing two phases of counseling by December 2025 [1]. - Zhongke Aerospace, established in December 2018, focuses on the development of medium to large rockets and has successfully launched its "Lijian" series rockets, with the "Lijian No. 1" rocket completing 11 flights and delivering 84 satellites into orbit by the end of 2025 [1]. Group 2: Industry Trends - The commercial space industry is seeing increased IPO activity, with companies like Xinghe Power, Xingji Glory, and Tianbing Technology updating their IPO counseling progress [2]. - The Shanghai Stock Exchange has provided clear pathways for commercial rocket companies to meet the fifth set of listing standards, emphasizing the importance of successful orbital launches using reusable technology [2]. - 2026 is expected to be a pivotal year for multiple commercial rocket companies, with several new main models set for their first flights or critical tests [3][6]. Group 3: Technological Advancements - Blue Arrow Aerospace's "Zhuque No. 3" reusable rocket successfully completed its first flight by the end of 2025, achieving successful orbital insertion of its second stage [4]. - Xinghe Power's reusable rocket "Zhishen No. 1" plans to conduct recovery tests in 2026, while its "Zhishen No. 2" rocket's main engine has recently completed full system hot testing [4]. - Other companies like Dongfang Space and Tianbing Technology are also advancing their projects, with significant milestones expected in 2026 [5][6].

Core Viewpoint - The stock of Fenglong Co., Ltd. has experienced significant abnormal fluctuations, leading to a suspension of trading and subsequent risk warnings from the Shenzhen Stock Exchange. Following the resumption of trading, the stock has seen consecutive price increases, raising concerns about potential market manipulation and investor behavior [1][2]. Group 1: Stock Performance and Trading Activity - Fenglong Co., Ltd. has achieved an 18-day consecutive price increase since December 17, 2025, with a total rise of 456.34%, reaching a stock price of 99.53 yuan per share and a market capitalization of 21.7 billion yuan as of January 23, 2026 [1]. - The trading volume for Fenglong Co., Ltd. reached a record high of 3.846 billion yuan, indicating heightened investor interest and activity [1]. - The stock was suspended from trading on December 18, 2025, due to a planned change in control, with a subsequent announcement from Yubis selected to acquire approximately 43% of Fenglong's shares [1][2]. Group 2: Corporate Changes and Future Outlook - Following the share transfer, the controlling shareholder of Fenglong Co., Ltd. changed from Chengfeng Investment to Yubis, with the actual controller shifting from Dong Jiangang to Zhou Jian [2]. - The company confirmed that its main business activities, including the research, production, and sales of garden machinery parts, automotive parts, and hydraulic components, remain unchanged [2]. - Yubis has no plans for restructuring or asset reorganization involving Fenglong Co., Ltd. in the next 36 months, nor any asset restructuring plans in the next 12 months [2]. Group 3: Risk Warnings and Regulatory Actions - Fenglong Co., Ltd. has issued warnings regarding the significant price increase of its stock, indicating a potential for rapid price declines and market volatility due to irrational speculation [3]. - The Shenzhen Stock Exchange has taken self-regulatory measures against 326 instances of abnormal trading behavior, including price manipulation and false declarations, highlighting broader market concerns [3].

Company News - China Electric Power Construction announced that the largest sodium-ion battery energy storage station in China, with a capacity of 100 MW/200 MWh, has passed completion acceptance. The first phase has a storage capacity of 50 MW/100 MWh and includes the construction of a new 50 MW substation and a 110 kV line, contributing to the development of the regional sodium-ion storage and new power system [2] - Wuliangye stated that the white liquor industry is expected to gradually enter a recovery phase due to the continuous improvement of the macro economy, rising consumer demand, and supportive industrial policies [2] - CATL signed a strategic cooperation framework agreement with Fujian Motor Transport Group to collaborate on vehicle aftermarket services, urban battery swap network construction, and vehicle-to-grid (V2G) technology [3] - China Rare Earth Group emphasized the importance of strategic innovation and reform during its 2026 technology work meeting, aiming to enhance the integration of rare earth economic and strategic value through technological advancements [3] - Tesla announced new purchase incentives for the Model 3, including an insurance subsidy of 8,000 yuan for orders placed before February 28, 2026, along with other promotional offers [3] Industry News - The China Securities Regulatory Commission approved the IPO registration of Da Pu Wei, marking the first unprofitable company to receive approval for an IPO on the ChiNext board [1] - Beijing's economic and information technology departments released measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030, aiming to create a highland for satellite application services and foster new products and services [1] - The annual report from the China Banking Wealth Management Registration and Custody Center indicated that the banking wealth management market is expected to reach a record high of 33.29 trillion yuan by the end of 2025, with a year-on-year increase of 3.34 trillion yuan, representing an 11.15% growth. However, the average yield of wealth management products is projected to drop to 1.98% in 2025, down from 2.65% in 2024 [1]

1月23日，长乐控股有限公司(简称"长乐控股")向港交所递交上市申请材料，这也是公司第二次向港交 所递交上市申请材料。2025年6月22日，长乐控股第一次递表港交所，后因申请到期失效。 上市申请材料显示，2025年，公司业绩出现较为明显的"增收不增利"现象。2025年，公司总收入和净利 润分别约为0.22亿新元以及106万新元，营业收入小幅增长但净利润同比出现"腰斩"。 公司在上市申请材料中提到，公司部分供应商位于马来西亚及中国。公司从多个国家聘用工人，包括中 国、孟加拉、印度、缅甸及菲律宾。此外，公司披露的董事名单中，王成剑、梁嘉雯、何力钧均为中国 国籍。 手头项目合共有11个 客户集中度较高 上市申请材料显示，2023年、2024年以及2025年，以收益计的五大客户应占总收益的百分比分别约为 81%、57.8%及54.7%，最大客户应占收益分别约为0.16亿新元、0.027亿新元及0.04亿新元，占同期总收 益的百分比分别约为53.4%、13.5%及18.2%。 公司董事会认为，有关客户集中度就新加坡建筑公司而言并非罕见，而有关客户集中度并不会影响业务 可持续性。 公司在上市申请材料中提示多项风险，包括： ...

Group 1 - Institutional research enthusiasm remains high, with nearly 500 companies disclosing investor research records this year, and Dajin Heavy Industry receiving the most attention with 209 institutional inquiries [3][4] - The top ten A-share companies by the number of institutional inquiries include Dajin Heavy Industry, Xiangyu Medical, and Haitai Ruisheng, indicating a strong interest in sectors such as heavy electrical equipment and medical devices [4][6] - The focus on overseas expansion is a key theme, with Dajin Heavy Industry highlighting its expectations for offshore wind project tenders in Europe and other markets, particularly in Germany, Japan, and Poland [7][8] Group 2 - Dajin Heavy Industry anticipates significant growth in its overseas offshore wind market, projecting a net profit of 1.05 billion to 1.2 billion yuan for 2025, representing a year-on-year increase of 121.58% to 153.23% [12][13] - The company attributes its profit growth to an increase in the number and value of projects delivered in the offshore wind sector, as well as enhanced service offerings that include construction, transportation, and localized installation [13] - Other companies, such as Xiangyu Medical, are also focusing on overseas strategies, prioritizing products with FDA and CE certifications for international markets, and exploring opportunities in cross-border e-commerce [7][8]

Core Viewpoint - The commercial rocket company Zhongke Yuhang has completed its IPO counseling work, indicating readiness for public listing and highlighting the importance of capital in the commercial space industry [1] Group 1: Company Progress - Zhongke Yuhang's counseling status has changed from "counseling acceptance" to "counseling work completed" as of January 24 [1] - The company was established in December 2018 and focuses on the development of medium to large rockets, customized space launches, and suborbital scientific experiments, with its main product being the "Lijian" series of launch vehicles [1] - As of December 2025, the "Lijian No. 1" rocket has completed 11 flights and successfully launched 84 satellites into orbit, with a total payload mass exceeding 11 tons, indicating a shift to large-scale production and regular operations [1] Group 2: Industry Trends - The commercial space industry is seeing increased IPO activity, with several leading companies like Xinghe Power, Xingji Glory, and Tianbing Technology updating their IPO counseling progress [2] - The Shanghai Stock Exchange has provided clear pathways for commercial rocket companies to meet the fifth set of listing standards, emphasizing the importance of successful orbital launches as a key condition [2] - 2026 is expected to be a pivotal year for the industry, with multiple new generation rocket models anticipated to conduct their maiden flights or critical tests [3][6] Group 3: Technological Developments - Blue Arrow Aerospace's "Zhuque No. 3" reusable rocket successfully completed its maiden flight by the end of 2025, achieving successful orbital insertion of its second stage [4] - Xinghe Power's reusable rocket "Zhishen No. 1" plans to conduct recovery test validations in 2026, while its "Zhishen No. 2" rocket's main engine has recently completed full system hot testing [4] - Other companies like Dongfang Space and Tianbing Technology are also advancing their projects, with significant milestones expected in 2026 [5][6]

Group 1 - The core point of the article is that multiple listed companies, including Furi Co., are launching shareholder reward activities to enhance investor relations and provide incentives for holding shares [1][2][4][5] Group 2 - Furi Co. announced a shareholder reward activity where shareholders holding 10000 shares or more as of January 21 can participate [1][3] - Shareholders with 200,000 shares or more will receive gift boxes valued at 5000 yuan, while those with 10,000 to 200,000 shares will receive gift boxes valued at 500 yuan [3] - The activity will take place from January 28 to January 30, and shareholders must apply personally or designate a representative to claim their gifts [3] Group 3 - Other companies like Shouxiangu, Haoxiangni, and Suyanjingshen are also engaging in similar shareholder reward activities, offering exclusive products at discounted prices [2][4][5] - Shouxiangu is providing special purchase options for its products during the Spring Festival, while Haoxiangni is offering exclusive gift boxes at reduced prices for shareholders [4] - Suyanjingshen is celebrating its 10th anniversary by offering free experience gift boxes to shareholders who provide feedback on the company's development [5] Group 4 - Furi Co.'s main business includes home textile and new materials, with a reported revenue of 3.841 billion yuan for the first three quarters of 2025, a decrease of 4.45% year-on-year, and a net profit of 296 million yuan, down 12.05% year-on-year [3]