Summary of Key Points Core Viewpoint - As of January 16, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 8.981 billion yuan, a decrease of 157 million yuan from the previous trading day, marking a continuous decline for two consecutive trading days [1]. Financing and Margin Data - The margin balance on January 16 was 8.981 billion yuan, down by 157 million yuan from the previous day, while the securities lending balance was 84.6 thousand yuan, an increase of 0.08 thousand yuan [1]. - The stocks with the highest margin balances included Jinbo Biological (4.08 billion yuan), Better Ray (3.28 billion yuan), and Shuguang Shuchuang (2.95 billion yuan), with an average margin balance to market capitalization ratio of 1.44% [1]. Net Buying and Selling Trends - On January 16, 117 stocks had net margin purchases, with 32 stocks having net purchases exceeding 1 million yuan. The top net purchase was for Hengdongguang at 34.8645 million yuan, followed by Naconoer and Guangxin Technology with net purchases of 13.9741 million yuan and 12.1128 million yuan, respectively [1]. - The stocks with the highest net margin sales included Meideng Technology, Xingtou Measurement Control, and Kaihua Materials, with net sales of 44.2609 million yuan, 18.6269 million yuan, and 17.1534 million yuan, respectively [1]. Industry Performance - In terms of industry statistics, the sectors with the most stocks exceeding 1 million yuan in net margin purchases were power equipment, machinery, and computers, with 9, 7, and 2 stocks respectively [2]. - The average increase for stocks with net margin purchases exceeding 1 million yuan on January 16 was 11.28%, with notable increases from Kema Materials (371.27%), Tietuo Machinery (10.16%), and Hualing Co. (5.76%) [2]. Trading Activity - The weighted average turnover rate for stocks with net margin purchases exceeding 1 million yuan was 7.95%, with Kema Materials, Tietuo Machinery, and Caneng Power leading in turnover rates at 96.14%, 34.91%, and 29.65% respectively [2]. - The average daily turnover rate for BSE stocks on January 16 was 4.73% [2].

Core Insights - The report highlights the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand feedback, leading to a recovery in prices across the industry chain [3][4] - The report maintains a "recommended" rating for the NEV industry, emphasizing the potential for excess returns in sectors such as solid-state batteries, autonomous driving, and battery materials [4] - The lithium price has seen significant increases, with carbonate lithium and hydroxide lithium prices rising by 12.7% and 12.8% respectively, indicating a bullish trend in the industry [5][34] Market Tracking - In December, China's NEV production and sales reached 1.718 million and 1.71 million units respectively, marking year-on-year increases of 12.3% and 7.2% [3][49] - The NEV market accounted for 47.9% of total new car sales in 2025, reflecting a 7 percentage point increase from the previous year [3][49] - The report notes that the NEV index, lithium battery index, and charging pile index have shown positive growth, with respective weekly increases of 1.29%, 1.50%, and 3.16% [5][22] Lithium Battery Industry Price Tracking - The report details that lithium carbonate prices have increased to 157,900 CNY/ton, while lithium hydroxide prices reached 148,900 CNY/ton, both reflecting significant weekly increases [34][37] - The price of phosphoric iron lithium has risen to 52,400 CNY/ton, up 11.3% from the previous week, indicating strong demand in this segment [34][37] - The report also notes stable prices for aluminum-plastic films and separators, with no significant changes observed [37] Industry Dynamics - The report mentions that the Ministry of Industry and Information Technology aims to accelerate breakthroughs in solid-state battery technology and autonomous driving by 2026 [6][67] - Key developments include the launch of L3-level autonomous driving trials by BAIC New Energy and a partnership between Yuanrong Qixing and an international OEM for L3-level technology [6][67] - The report emphasizes the importance of enhancing the self-controllable capabilities of the supply chain and accelerating the development of key technologies in the NEV sector [67] Key Company Announcements - Haopeng Technology forecasts a revenue of 5.7 to 6 billion CNY for 2025, with a net profit increase of 113.69% to 141.09% [71] - The company plans to invest approximately 1.2 billion CNY in solid-state battery production, aiming to capitalize on the growth opportunities in the sector [72] - The report highlights a significant procurement agreement between Rongbai Technology and CATL for the supply of phosphoric iron lithium materials, valued at over 120 billion CNY [72]

邢台纳科诺尔精轧科技股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 证券代码：920522 证券简称：纳科诺尔 公告编号：2026-001 股东名称 股东身份 持股数量 （股） 持股比 例（%） 当前持股股份来源 京津冀产业协同 发展投资基金（有 限合伙） 持股 5%以 上股东 12,548,879 8.0056% 北交所上市前取得（含 权益分派转增股） 一、 减持主体减持前基本情况 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | 股东名称 | 减持数量 | 减持数量占 总股本比例 | | 减持 | | 减持 | | 减持价格区 | 已减持总金额 | 减持计 划完成 | 当前持股 | 当前持股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （股） | （%） | | 方式 | 期间 | ...

Group 1: Chaohongji (潮宏基) Overview - Chaohongji is expected to achieve a net profit attributable to shareholders of 436-533 million yuan in 2025, representing a year-on-year growth of 125%-175% [2][8] - The company plans to reach a total of 1,668 jewelry stores by the end of 2025, with a net increase of 163 stores during the year [2][8] - The brand focuses on young consumers by emphasizing "non-heritage," "beading," and "trending" categories, which is expected to enhance its market performance [2][9] Group 2: Babi Food (巴比食品) Overview - Babi Food is a leading chain brand in the breakfast bun market, expanding from 2,074 stores in 2016 to 5,685 stores in the first half of 2025 [11][12] - The national bun market is projected to grow from 704 billion yuan in 2024 to 740 billion yuan in 2025, with a year-on-year increase of 5.1% [12][14] - The competitive landscape is fragmented, providing significant room for consolidation, with Babi Food being the largest player in the market [13][14] Group 3: Minshida (民士达) Overview - Minshida is positioned to benefit from the growing demand for aramid paper in the aerospace sector, with China applying for frequency and orbital resources for 203,000 new satellites [3][15] - The company’s aramid paper is recognized for its high strength, lightweight, heat resistance, and insulation properties, making it suitable for various aerospace applications [15][16] - The demand for transformers is expected to rise due to the aging power grids in North America and Europe, which will further drive the need for Minshida's products [16][17] Group 4: Nakanor (纳科诺尔) Overview - Nakanor has successfully delivered dry electrode equipment for space power applications, enhancing its technological innovation capabilities [20][21] - The company is advancing its production capacity with a new 1,500-ton production line that began trial production in June 2025, achieving a 50% operating rate by September 2025 [18][21] - Nakanor is establishing a regional headquarters in Hainan to facilitate global strategic layout and enhance its international market competitiveness [22][23]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has successfully delivered dry electrode equipment for space power-related institutions, enabling technological innovation in solid-state battery laboratories [5] - The company is positioned as a leader in dry electrode technology and equipment, with significant experience and has provided equipment to numerous domestic and international battery and vehicle manufacturers [5] - The establishment of a regional headquarters in Hainan aims to enhance global strategic layout and the solid-state battery laboratory is expected to accelerate technological innovation [5] Financial Performance - The company's projected net profit for 2025-2027 is estimated at 99 million, 159 million, and 230 million yuan respectively, with corresponding P/E ratios of 115, 72, and 50 times [5][7] - Revenue for 2025 is expected to be 946 million yuan, with a year-on-year growth rate of -10.16%, followed by a recovery with 28.90% growth in 2026 and 27.02% in 2027 [7] - The company anticipates maintaining its leading position in the domestic lithium battery production equipment market while actively seeking expansion into multiple fields [5]

Group 1 - The core transaction on January 14 involved 164,200 shares of Naconor, with a total transaction value of 10.1513 million yuan, executed at a price of 61.82 yuan, representing a 15.00% discount compared to the closing price of the day [2][3] - In the past month, Naconor has recorded a total of 14 block trades, accumulating a total transaction value of 84.5154 million yuan [3] - The closing price of Naconor on the day of the transaction was 72.73 yuan, reflecting a 5.10% increase, with a turnover rate of 5.59% and a total trading volume of 519 million yuan [3] Group 2 - Naconor was established on January 6, 2000, with a registered capital of 1.5675 billion yuan [3]

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 每经讯，2026年1月14日，北交所上市公司纳科诺尔（920522，收盘价：72.73元）发生一笔大宗交易，成交价61.82元/股，成交 数量16.42万股，成交金额1015.13万元，折价15%。买入营业部是华泰证券股份有限公司深圳前海证券营业部，卖出营业部是国 投证券股份有限公司江苏分公司。 ...

Group 1 - The core event involves a block trade of Naconor (stock code: 920522) on the Beijing Stock Exchange, with a closing price of 69.2 yuan per share [1] - The block trade occurred on January 13, 2026, at a transaction price of 58.82 yuan per share, representing a discount of 15% [1] - The total volume of the transaction was 81,700 shares, amounting to 4.8056 million yuan [1] Group 2 - The buying brokerage was Shenwan Hongyuan Securities Co., Ltd., specifically the Huangshi Hubin Avenue Securities Office [1] - The selling brokerage was Guotou Securities Co., Ltd., Jiangsu Branch [1]

Group 1 - The core point of the article highlights a significant block trade involving Naconor (920522) on January 12, with a transaction volume of 272,500 shares and a transaction value of 16.1593 million yuan, executed at a price of 59.30 yuan, which represents a discount of 15.01% compared to the closing price of the day [2][3] - In the past month, Naconor has recorded a total of 12 block trades, accumulating a total transaction value of 69.5586 million yuan [3] - As of January 12, Naconor's closing price was 69.77 yuan, reflecting an increase of 5.49%, with a daily turnover rate of 5.45% and a total transaction amount of 500 million yuan for the day [3] Group 2 - Naconor was established on January 6, 2000, with a registered capital of 1.5675 billion yuan [3]

Group 1 - The core event involves a block trade of Naconor (stock code: 920522) on the Beijing Stock Exchange, occurring on January 12, 2026, at a closing price of 69.77 yuan per share [1] - The block trade was executed at a price of 59.3 yuan per share, with a total volume of 272,500 shares, resulting in a transaction value of 16.1592 million yuan, reflecting a discount of 15.01% [1] - The buying brokerage was Shenwan Hongyuan Securities Co., Ltd., specifically the Huangshi Hubin Avenue Securities Office, while the selling brokerage was Guotou Securities Co., Ltd., Jiangsu Branch [1]