Group 1 - The majority of Hong Kong power equipment stocks experienced an increase, with Northeast Electric (00042.HK) rising over 5% [1] - Shanghai Electric (02727.HK) saw an increase of over 4% [1] - Dongfang Electric (01072.HK) rose by more than 2% [1]

Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2][3]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, followed by Zhejiang Shibao (01057) at 410.57% and Hongye Futures (03678) at 280.30% [1][2]. - The top three stocks with the highest deviation values are Zhejiang Shibao (01057) at 94.61%, Goldwind Technology (02208) at 24.92%, and Great Wall Motors (02333) at 18.99% [1][4]. Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -13.21%, China Merchants Bank (03968) at -2.19%, and Heng Rui Medicine (01276) at 0.61% [1][3]. - The bottom three stocks with the lowest deviation values are Nanjing Panda Electronics (00553) at -71.12%, Northeast Electric (00042) at -54.56%, and GAC Group (02238) at -17.80% [1][6]. Group 3: Additional Insights on Premium and Deviation - The report provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, showcasing the volatility and potential investment opportunities in the market [2][3][4]. - The deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, indicating potential market trends [6].

致：香港交易及結算所有限公司 公司名稱: 東北電氣發展股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00042 | 說明 | 香港聯交所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 257,950,000 RMB | | | 1 RMB | | 257,950,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 257,950,000 RMB | | | 1 RMB | | 257,950,000 | | 2. 股份分類 | 普通股 | 股份類 ...

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 847.37%, Zhejiang Shibao (01057) at 398.38%, and Hongye Futures (03678) at 286.02% [1] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -14.50%, China Merchants Bank (03968) at -5.83%, and Heng Rui Medicine (01276) at -3.71% [1] - The highest deviation values are for Zhejiang Shibao (01057) at 86.11%, Guanghe Tong (00638) at 17.07%, and China Shipbuilding Defense (00317) at 11.89% [1] Group 2 - The lowest deviation values are for Northeast Electric (00042) at -40.60%, New China Life Insurance (01336) at -13.42%, and GAC Group (02238) at -13.31% [1] - The top ten AH stocks by premium rate include Sinopec Oilfield Service (01033) at 275.36% and Beijing Jingcheng Machinery Electric Company (00187) at 266.34% [2] - The bottom ten AH stocks by premium rate include Midea Group (00300) at 4.83% and WuXi AppTec (02359) at 7.50% [1][2]

Core Viewpoint - The report highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies, with notable outliers in both categories [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 900.00%, followed by Zhejiang Shibao (01057) at 402.44% and Hongye Futures (03678) at 294.14% [1]. - The top three companies with the highest deviation values are Zhejiang Shibao (01057) at 98.41%, Jin Feng Technology (02208) at 27.90%, and Hongye Futures (03678) at 19.75% [1][2]. Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -12.98%, followed by China Merchants Bank (03968) at -4.49% and Heng Rui Medicine (01276) at 0.14% [1]. - The bottom three companies with the lowest deviation values are GAC Group (02238) at -24.57%, Zhongwei New Materials (02579) at -9.99%, and Chenming Paper (01812) at -9.89% [1][3]. Group 3: Additional Insights on Premium Rates - The report includes a detailed ranking of the top ten and bottom ten AH shares based on premium rates and deviation values, providing a comprehensive overview of market performance [1][2][3]. - Companies like Jiangsu Ningshu Highway (00177) and Agricultural Bank (01288) also show significant deviations, indicating potential investment opportunities or risks [3].

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Hongye Futures leading in premium rates, while CATL, China Merchants Bank, and Heng Rui Medicine are at the bottom of the list [1][2]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 428.73% and Hongye Futures (03678) at 283.73% [1]. - The lowest premium rates are observed in CATL (03750) at -11.13%, China Merchants Bank (03968) at -3.84%, and Heng Rui Medicine (01276) at 3.17% [1]. Deviation Value Summary - The highest deviation values are recorded for Zhejiang Shibao (01057) at 136.00%, Junda Co. (02865) at 40.42%, and Nanjing Panda Electronics (00553) at 24.71% [1][2]. - The lowest deviation values are seen in Northeast Electric (00042) at -35.46%, GAC Group (02238) at -26.23%, and Nanhua Futures (02691) at -17.44% [1][3]. Top and Bottom AH Shares - The top ten AH shares by premium rate include companies like Sinopec Oilfield Service (01033) with a premium rate of 271.43% and Fudan Zhangjiang (01349) at 250.53% [1]. - The bottom ten AH shares by premium rate include Weichai Power (02338) at 9.88% and WuXi AppTec (02359) at 10.47% [1].

Market Overview - A-shares opened mixed with active sectors including non-ferrous metals, chemical fiber, shipbuilding, commercial retail, and gold concepts, while sectors like paper printing, pharmaceutical commerce, glass fiber, insurance, and semiconductors saw declines [1][10] - In the Hong Kong market, both the Hang Seng Index and the Hang Seng Tech Index rose, with notable gains in stocks such as Jiangxi Copper and Xpeng Motors [1][10] Non-Ferrous Metals - Jiangxi Copper shares surged over 10%, and the company plans to invest up to £764 million to fully acquire Solgold [8][17] Carbon Fiber Sector - The carbon fiber concept saw initial gains with companies like Guangwei Composite and Jilin Carbon Valley rising over 10%, and Jilin Chemical Fiber hitting the daily limit [2][11] - Toray Industries announced a price increase for its TORAYCA brand carbon fiber products by 10% to 20% starting January 2026, driven by rising demand in wind power and aerospace sectors [4][13] Sodium Battery Concept - The sodium battery sector was active with stocks like Chuan Yi Technology hitting the daily limit, following announcements from CATL about large-scale applications in various fields by 2026 [5][14] Brain-Computer Interface - The brain-computer interface sector showed strength with companies like Xiangyu Medical rising over 10%, supported by successful space trials of a wireless implanted brain-computer interface system [6][15] Wind Power Sector - The wind power sector experienced a rally with Goldwind Technology hitting the daily limit, alongside gains in other related companies [16] Robotics Sector - In the robotics sector, companies like UBTECH Robotics saw significant increases, following the establishment of a standardization committee for humanoid robots and embodied intelligence [9][18] New Energy Vehicles - The new energy vehicle sector in Hong Kong saw widespread gains, with Xpeng Motors and Li Auto rising significantly, supported by government initiatives promoting high-quality development in the automotive industry [9][18]

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric (00042), Zhejiang Shibao (01057), and Junda Co. (02865) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Hansoh Pharmaceutical (01276) are at the bottom of the list [1]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 900.00% with an H-share price of 0.270 HKD and an A-share price of 2.25 CNY [1]. - Zhejiang Shibao (01057) shows a premium rate of 472.95% with H-share at 4.880 HKD and A-share at 23.34 CNY [1]. - Junda Co. (02865) has a premium rate of 286.59% with H-share priced at 17.000 HKD and A-share at 54.87 CNY [1]. - CATL (03750) has a negative premium rate of -11.39% with H-share at 508.500 HKD and A-share at 376.18 CNY [1]. - China Merchants Bank (03968) has a premium rate of -3.20% with H-share at 51.600 HKD and A-share at 41.7 CNY [1]. Deviation Value Summary - Zhejiang Shibao (01057) leads in deviation value at 187.01% [1]. - Junda Co. (02865) follows with a deviation value of 94.84% [1]. - Nanjing Panda Electronics (00553) has a deviation value of 36.09% [1]. - GAC Group (02238) has the lowest deviation value at -22.30% [1]. - Changfei Optical Fiber (06869) has a deviation value of -19.89% [1]. Additional Insights - The report includes a detailed table of the top ten and bottom ten AH shares based on premium rates and deviation values, providing a comprehensive overview of the current market situation [2][3].

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 900.00%, Zhejiang Shibao (01057) at 420.90%, and Hongye Futures (03678) at 283.78% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -11.39%, China Merchants Bank (03968) at -3.02%, and Heng Rui Medicine (01276) at 3.29% [1] - The article provides a detailed table of the top ten AH stocks by premium rate, showing significant variations in premium rates and deviation values among the listed companies [1] Group 2 - The highest deviation values are recorded for Zhejiang Shibao (01057) at 140.12%, Junda Co. (02865) at 62.43%, and Nanjing Panda Electronics (00553) at 31.93% [1] - The lowest deviation values are for GAC Group (02238) at -23.39%, Changfei Optical Fiber (06869) at -13.75%, and CIMC (02039) at -8.60% [1] - The article includes a second table listing the top ten AH stocks by deviation value, indicating the disparity between current and historical premium rates [2]

证券代码：400114 证券简称：东北电 3 主办券商：山西证券 公告编号：2025-022 东北电气发展股份有限公司变更 2025 年度境内审计机构公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 涉及会计师事务所提供的资料、信息，会计师事务所应保证其提供、报送或 披露的资料、信息真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗 漏。 一、聘任境内审计机构的基本情况 公司聘任深圳长江会计师事务所（普通合伙）为 2025 年度境内审计机构。 会计师事务所名称：深圳长江会计师事务所（普通合伙） 成立日期：2005 年 9 月 9 日 组织形式：普通合伙 注册地址：深圳市前海深港合作区南山街道听海大道 5059 号前海鸿荣源中 心 A 座 1001C 首席合伙人：易明露 2024 年度末合伙人数量：6 人 2024 年度末注册会计师人数：18 人 2024 年度末签署过证券服务业务审计报告的注册会计师人数：4 人 2024 年收入总额（经审计）：646.64 万元 2024 年审计业务收入（经审计 ...