第1笔成交价格为30.04元，成交11.00万股，成交金额330.44万元，溢价率为0.00%，买方营业部为华泰 证券股份有限公司上海分公司，卖方营业部为机构专用。 1月15日，航天发展收跌7.48%，收盘价为30.04元，发生1笔大宗交易，合计成交量11万股，成交金额 330.44万元。 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为330.44万元。该股近5个交易日累 计下跌18.44%，主力资金合计净流出34.08亿元。 责任编辑：小浪快报 ...

1月15日，建科智能装备制造(天津)股份有限公司（以下简称"建科智能"）以现场调研形式接待了中信 建投证券的特定对象调研。公司副总经理、董事会秘书林琳出席并与投资者就公司主营业务、研发团队 激励机制及核电项目应用等核心议题展开深入交流。作为钢筋加工装备行业首家上市公司及领军企业， 建科智能在智能化钢筋加工机器人装备领域的技术实力、市场布局及应用案例成为本次调研焦点。 调研基本情况 本次投资者关系活动类别为特定对象调研，于2026年1月15日（周四）上午10:00-11:30在天津市北辰区 陆路港物流装备产业园陆港五纬路7号（建科智能厂内）举行。参与单位为中信建投证券，参与人员包 括王翔、于文慧；上市公司接待人员为副总经理、董事会秘书林琳。 公司概况：深耕行业二十余年 引领智能化钢筋加工装备发展 林琳在调研中介绍，建科智能成立于2002年，深耕智能化钢筋加工机器人装备行业二十余年，目前已发 展成为国内最大、全球前列的智能化钢筋加工机器人装备企业之一，同时也是该行业首家上市公司。公 司专注于各类智能化中高端数控钢筋加工机器人装备及配套软件的研发、设计、生产和销售，并提供钢 筋加工智能工厂整体解决方案，产品广泛应用 ...

Core Insights - The 2026 Global and China Capital Market Outlook Forum highlighted the theme of "following the direction of credit expansion" as the core narrative for global and Hong Kong markets in 2026, emphasizing that excess liquidity is intensifying structural differentiation in the market [1][2] Group 1: Market Dynamics - The fundamental logic of the current market remains unchanged, driven by three main factors: valuation, economic direction, and capital, with capital playing an increasingly critical role leading to significant sector rotation [1] - In the Hong Kong stock market, 2025 is expected to exhibit a "one style per quarter" characteristic, with sectors like internet, new consumption, and innovative pharmaceuticals taking turns, indicating that misjudging the timing could lead to losses even in a bull market [1][2] Group 2: Credit Cycle and Asset Performance - The credit cycle framework is essential for understanding market changes over the past three years, with 2024 focusing on dividend assets for stable returns, 2025 seeing a rise in sectors driven by an upward credit cycle, and 2026 expected to show a "mixed bag" where the strength of the credit cycle will dictate capital flows [2] - From a global perspective, the impact of credit expansion is pervasive, with the M7 sector in the US stock market showing significant gains closely tied to capital expenditure expectations, and the dollar's performance linked to fiscal expansion expectations in Europe and the US [2]

Group 1 - The core viewpoint of the news is that Min Dong Power's stock has experienced fluctuations, with a recent decline of 2.04% and a total market value of 5.724 billion yuan [1] - As of January 15, the stock price is reported at 12.50 yuan per share, with a trading volume of 153 million yuan and a turnover rate of 2.76% [1] - The net outflow of main funds is 17.5465 million yuan, with significant selling pressure observed [1] Group 2 - Year-to-date, Min Dong Power's stock price has increased by 4.34%, with a recent 5-day increase of 0.40% and a 20-day decline of 3.62% [2] - The company, established on December 30, 1998, primarily engages in electricity production and development, focusing on hydropower and wind power [2] - The revenue composition shows that electricity sales account for 88.20%, real estate sales for 8.58%, and other sources for 3.22% [2] Group 3 - As of December 10, the number of shareholders has increased by 12.37% to 57,500, while the average circulating shares per person have decreased by 11.01% to 7,649 shares [2] - For the period from January to September 2025, Min Dong Power achieved a revenue of 490 million yuan, representing a year-on-year growth of 8.81%, and a net profit attributable to shareholders of 151 million yuan, up by 32.38% [2] Group 4 - Since its A-share listing, Min Dong Power has distributed a total of 246 million yuan in dividends, with 91.5903 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 2.4865 million shares, an increase of 959,800 shares from the previous period [3]

Core Viewpoint - Zhongji Xuchuang's stock has shown a slight increase in recent trading, with significant trading volume and a notable market capitalization, indicating investor interest and potential growth in the telecommunications equipment sector [1]. Financial Performance - For the period from January to September 2025, Zhongji Xuchuang achieved a revenue of 25.005 billion yuan, representing a year-on-year growth of 44.43% [2]. - The company's net profit attributable to shareholders reached 7.132 billion yuan, marking a substantial increase of 90.05% compared to the previous year [2]. Stock Performance and Trading Activity - As of January 15, Zhongji Xuchuang's stock price was 604.97 yuan per share, with a trading volume of 13.875 billion yuan and a turnover rate of 2.12% [1]. - The stock has experienced a year-to-date decline of 0.82%, but has increased by 1.60% over the last five trading days, 9.64% over the last twenty days, and 37.03% over the last sixty days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongji Xuchuang was 132,300, an increase of 3.11% from the previous period [2]. - The average number of tradable shares per shareholder was 8,353, which decreased by 3.02% compared to the previous period [2]. Dividend Distribution - Since its A-share listing, Zhongji Xuchuang has distributed a total of 1.943 billion yuan in dividends, with 1.512 billion yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 59.2726 million shares, an increase of 17.9674 million shares from the previous period [3]. - The top ten circulating shareholders include various ETFs, with some experiencing a decrease in holdings [3].

Group 1 - The core viewpoint of the news is that Tianmu Pharmaceutical has shown a positive stock performance with a 3.52% increase year-to-date and a significant rise in revenue and net profit for the first nine months of 2025 [1][2] Group 2 - As of January 15, Tianmu Pharmaceutical's stock price was 17.92 CNY per share, with a market capitalization of 2.182 billion CNY and a trading volume of 21.8786 million CNY [1] - The company experienced a net inflow of main funds amounting to 299,600 CNY, with large orders accounting for 5.87% of total purchases [1] - The company's revenue for the first nine months of 2025 reached 159 million CNY, reflecting a year-on-year growth of 27.48%, while the net profit attributable to shareholders was 14.21 million CNY, up 484.48% year-on-year [2] Group 3 - Tianmu Pharmaceutical's main business revenue composition includes health products (48.01%), circulation goods (23.21%), raw materials (15.98%), traditional Chinese medicine (11.47%), Western medicine (0.89%), training (0.32%), and others (0.12%) [1] - The company has not distributed any dividends in the last three years, with a total payout of 59.6313 million CNY since its A-share listing [3]

Core Viewpoint - Yandong Microelectronics has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite recent fluctuations in the stock performance [1][2]. Group 1: Stock Performance - As of January 15, Yandong Microelectronics' stock price rose by 2.09% to 33.22 CNY per share, with a trading volume of 3.31 billion CNY and a turnover rate of 1.31%, resulting in a total market capitalization of 474.25 billion CNY [1]. - Year-to-date, the stock price has increased by 14.79%, but it has experienced a decline of 8.00% over the last five trading days [1]. - Over the past 20 days, the stock has risen by 23.63%, and over the past 60 days, it has increased by 28.36% [1]. Group 2: Financial Performance - For the period from January to September 2025, Yandong Microelectronics reported a revenue of 1.167 billion CNY, reflecting a year-on-year growth of 18.03% [2]. - The company recorded a net profit attributable to shareholders of -134.004 million CNY, which represents a year-on-year increase of 89.02% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yandong Microelectronics reached 21,200, an increase of 24.34% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 19.58% to 27,621 shares [2]. - The company has distributed a total of 47.9642 million CNY in dividends since its A-share listing [3]. Group 4: Institutional Holdings - As of September 30, 2025, Yandong Microelectronics' top ten circulating shareholders include Yongying Semiconductor Industry Intelligent Selection Mixed Fund, which is the seventh largest shareholder with 13 million shares, marking a new entry [3]. - The ninth largest shareholder, Harvest SSE STAR Market Chip ETF, holds 6.4795 million shares, an increase of 779,600 shares compared to the previous period [3].

Core Viewpoint - The company "I Love My Home" has shown a positive stock performance recently, with a notable increase in share price and trading volume, indicating investor interest and potential growth in the real estate service sector [1]. Group 1: Stock Performance - As of January 15, the stock price of "I Love My Home" increased by 2.03%, reaching 3.01 CNY per share, with a trading volume of 5.17 billion CNY and a turnover rate of 7.69%, resulting in a total market capitalization of 70.90 billion CNY [1]. - Year-to-date, the stock has risen by 3.08%, with a 1.69% increase over the last five trading days, a 3.08% increase over the last twenty days, and a 2.38% increase over the last sixty days [1]. Group 2: Financial Performance - For the period ending September 30, 2025, "I Love My Home" reported a revenue of 8.165 billion CNY, reflecting a year-on-year decrease of 6.81%, while the net profit attributable to shareholders was 42.327 million CNY, showing a significant year-on-year increase of 398.75% [2]. Group 3: Shareholder Information - As of December 31, the number of shareholders for "I Love My Home" reached 81,900, an increase of 3.79% from the previous period, with an average of 27,541 shares held per shareholder, a decrease of 3.65% [2]. - The company has distributed a total of 530 million CNY in dividends since its A-share listing, with cumulative distributions of 10.129 million CNY over the past three years [3]. - Notable institutional shareholders include Huazhang Media Internet Mixed Fund, which is the fourth largest shareholder with 48.098 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 11.6772 million shares to 36.6339 million shares [3].

Core Viewpoint - ZhiChun Technology's stock has shown fluctuations in price and trading volume, reflecting investor sentiment and market conditions, with a notable increase in shareholder numbers and a decrease in average shares held per shareholder [1][2]. Group 1: Stock Performance - On January 15, ZhiChun Technology's stock rose by 2.02%, reaching 32.34 CNY per share, with a trading volume of 4.92 billion CNY and a turnover rate of 4.03%, resulting in a total market capitalization of 12.385 billion CNY [1]. - Year-to-date, the stock price has increased by 2.83%, with a 1.19% decline over the last five trading days, an 11.10% increase over the last 20 days, and a 5.02% decline over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, ZhiChun Technology reported a revenue of 2.367 billion CNY, a year-on-year decrease of 10.33%, and a net profit attributable to shareholders of 84.697 million CNY, down 56.08% year-on-year [2]. Group 3: Shareholder and Institutional Holdings - As of October 31, the number of shareholders for ZhiChun Technology reached 110,800, an increase of 43.52% from the previous period, while the average number of shares held per shareholder decreased by 30.32% to 3,457 shares [2]. - The company has distributed a total of 248 million CNY in dividends since its A-share listing, with 136 million CNY distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 6.6843 million shares, and Guotai Junan's ETF is the ninth largest with 2.8115 million shares, both being new shareholders [3].

Group 1 - The core viewpoint of the news is that Changchuan Technology has shown significant stock price growth and strong financial performance in recent months, indicating a positive market sentiment towards the company [1][2]. - As of January 15, Changchuan Technology's stock price increased by 30.02% year-to-date, with a 6.53% rise in the last five trading days and a 50.43% increase over the past 20 days [2]. - The company reported a revenue of 3.779 billion yuan for the period from January to September 2025, representing a year-on-year growth of 49.05%, and a net profit of 865 million yuan, which is a 142.14% increase compared to the previous year [2]. Group 2 - Changchuan Technology's main business involves the research, production, and sales of integrated circuit equipment, with revenue composition being 57.68% from testing machines, 32.73% from sorting machines, and 9.59% from other sources [2]. - The company has distributed a total of 305 million yuan in dividends since its A-share listing, with 187 million yuan distributed in the last three years [3]. - As of September 30, 2025, the top ten circulating shareholders of Changchuan Technology include Hong Kong Central Clearing Limited and E Fund's Growth Enterprise Board ETF, with notable changes in their holdings [3].