Core Viewpoint - The company, Goldwind Technology, has announced the termination of its public REITs application process, which was initiated in 2021 for three wind power projects, later adjusted to focus on one project [1] Group 1: Company Actions - The board of directors of Goldwind Technology has approved the decision to halt the public REITs application for infrastructure [1] - The initial plan included three wind power projects: Quan Nan Tian Pai Shan, Chong Yi Long Gui, and Chong Yi Tian Xing, but was later revised to focus solely on the Quan Nan Tian Pai Shan project [1] - The application materials were submitted to the China Securities Regulatory Commission and the Shenzhen Stock Exchange in September 2023 and were accepted [1] Group 2: Reasons for Termination - The termination of the REITs application is attributed to the need for resource integration and optimization of operational management [1] - The company has stated that this decision will not impact its operational and financial performance [1]

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and renewable energy sectors, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Stock Performance and Fund Outflows - The top stock with the largest fund outflow is Xinye Technology, with a decrease of 20.21 billion yuan and a drop of 5.01% [2] - Zhongji Xuchuang follows with an outflow of 18.09 billion yuan and a decline of 3.22% [2] - Yangguang Electric Power experienced an outflow of 15.07 billion yuan, with a decrease of 5.25% [2] - Shenghong Technology saw a fund outflow of 14.52 billion yuan and a drop of 5.02% [2] - China Satellite had an outflow of 13.92 billion yuan, with a significant decline of 7.84% [2] Group 2: Sector Analysis - The communication equipment sector is notably affected, with multiple companies like Xinye Technology, Zhongji Xuchuang, and Fenghuo Communication experiencing substantial fund outflows [2][3] - The photovoltaic equipment sector, represented by Yangguang Electric Power and Longi Green Energy, also shows significant outflows, indicating potential challenges in this industry [2][3] - The electronic components sector, including Shenghong Technology and Huadian Co., is facing similar trends with notable fund withdrawals [2][3]

Group 1 - Hong Kong's Hang Seng Index fell by 0.04%, down 11 points, closing at 26,552 points, while the Hang Seng Tech Index decreased by 0.66% with a trading volume of HKD 129.8 billion in the morning session [1] - Pop Mart (09992) surged over 8% as the company repurchased shares worth HKD 251 million [1] - Major airlines continued to rise, with strong expectations for industry growth; China Southern Airlines (01055) increased by 3.72%, China Eastern Airlines (00670) by 4.56%, and Air China (00753) by 2.5% [1] Group 2 - Weisheng Holdings (03393) rose nearly 9%, reaching new highs as the State Grid increased its investment scale, indicating a favorable phase for smart meter investments [2] - Health Road (02587) increased by over 4% after the controlling shareholder extended the lock-up period, and the company repurchased 327,000 shares recently [3] - Blucube (00325) rose against the trend by 3.95%, benefiting from the expansion of China's trendy toy industry and the enrichment of its IP system and product matrix [4] Group 3 - Hou Shang Ayi (02589) saw a rise of over 10% as its 25-year performance forecast exceeded expectations, with net profit expected to grow by up to 60% year-on-year [5] - Gigadevice (03986) increased by over 5%, reaching a new high as Micron reported worsening shortages of memory chips, indicating that supply tightness will persist beyond this year [6] - Damai Entertainment (01060) rose over 4% after announcing its entry into the museum sector, positioning itself to benefit from the upgrading of consumer structures [7] Group 4 - The commercial aerospace sector experienced declines, with Asia Pacific Satellite (01045) dropping by 6.9% and Goldwind Technology (02208) falling by over 3% [8] - Jiayuan Ankang-B (02617) fell over 9% as it proposed a placement to raise HKD 190 million, primarily for core product development [9]

Group 1 - The insurance sector saw significant gains, with China Life (02628) up 3.81%, China Pacific Insurance (02601) up 2.31%, and Ping An (02318) up 1.17%. Notably, major insurance companies reported a doubling in premium income through bancassurance channels as of January 8, 2026 [1] - The commercial aerospace sector experienced a notable decline, with companies like JunDa Co. (02865) down 7.19% and Asia Pacific Satellite (01045) down 5.94%. This follows a period of intense adjustments and risk warnings from several listed companies in the sector [1] - The real estate sector showed active performance, with companies like R&F Properties (02777) up 4% and Greentown China (03900) up 5.79%. Data from the National Bureau of Statistics indicated a 0.3% month-on-month decline in new residential sales prices in first-tier cities for December 2025, a slight improvement from the previous month [2] Group 2 - HuShang Ayi (02589) reported an expected net profit of 495 million to 525 million RMB for 2025, reflecting a year-on-year growth of 50% to 60% [3] - Yi Communications Group (08031) saw a surge of over 70% upon resuming trading, with a current increase of 53.85%. The company announced a share acquisition deal involving 210 million shares at a price of 0.276 HKD per share, which is a 15.08% discount from the pre-suspension closing price [3] - Guorui Life (00108) experienced an increase of over 11% after announcing a deal to acquire 78.29% of Chunyu Doctor for 269 million RMB, marking its entry into the digital healthcare sector [4]

Core Viewpoint - The commercial aerospace sector is experiencing significant declines, with several listed companies facing sharp drops in stock prices, indicating a period of adjustment and risk warnings within the industry [1] Group 1: Stock Performance - JunDa Co., Ltd. (02865) fell by 9.13%, trading at 21.5 HKD [1] - Asia-Pacific Satellite (01045) decreased by 6.68%, trading at 3.77 HKD [1] - Goldwind Technology (02208) dropped by 3.58%, trading at 14.54 HKD [1] - AVIC Industry (02357) declined by 2.75%, trading at 4.25 HKD [1] Group 2: Market Context - The commercial aerospace sector has seen a concentrated release of clarifications and risk warnings from related listed companies, marking the most intense period of risk alerts since the sector's recent rally began in December of the previous year [1] - Commentary from China National Radio suggests that regulatory "cooling" is not about stifling the market but rather about eliminating bubbles and directing funds towards quality assets [1] - Economic Daily emphasizes the importance of avoiding speculative trading that could mislead the commercial aerospace sector [1] Group 3: Policy Support - Longcheng Securities notes that despite the adjustments in the commercial aerospace sector, there is clear support from national policies for the industry [1] - On January 17, the IPO guidance status of leading commercial aerospace company CASIC was updated to "guidance acceptance," making it the second commercial rocket company to initiate the IPO process under the fifth set of standards of the Sci-Tech Innovation Board, following Blue Arrow Aerospace [1] - This recent development may serve as a driving force for the sector [1]

Core Viewpoint - The commercial aerospace sector is experiencing significant declines, with several companies facing sharp drops in stock prices amid a wave of clarifications and risk warnings from listed firms [1] Group 1: Stock Performance - JunDa Co., Ltd. (002865) has seen a decline of 9.13%, trading at 21.5 HKD [1] - Asia Pacific Satellite (01045) dropped by 6.68%, now at 3.77 HKD [1] - Goldwind Technology (002202) fell by 3.58%, currently at 14.54 HKD [1] - AVIC Industry (02357) decreased by 2.75%, trading at 4.25 HKD [1] Group 2: Market Sentiment and Regulatory Environment - The commercial aerospace sector is undergoing a significant adjustment, with the highest frequency of risk warnings since the sector's last surge in December [1] - Central media outlets suggest that regulatory "cooling" is aimed at eliminating speculation and directing funds towards quality investments rather than suppressing the market [1] - Economic Daily emphasizes the importance of avoiding speculative practices that could mislead the commercial aerospace sector [1] Group 3: Policy Support and Future Outlook - Longcheng Securities (002939) notes that despite the recent adjustments, there is clear policy support from the government for the industry [1] - On January 17, the IPO guidance status for leading commercial aerospace company CASIC was updated to "guidance acceptance," marking it as the second commercial rocket company to initiate an IPO process under the STAR Market's fifth set of standards [1] - This development is expected to potentially drive the sector forward in the near future [1]

Market Overview - On January 19, A-shares showed significant index differentiation: the Shanghai Composite Index rose by 0.29% to 4114.0 points, while the Shenzhen Component Index increased by 0.09%. The ChiNext Index fell by 0.7%, and the STAR 50 Index decreased by 0.48% [1] - A total of 3409 stocks rose, while 1665 stocks declined, with a total trading volume of 2.71 trillion yuan, a decrease of approximately 317.89 billion yuan compared to the previous day [1] - The net outflow of main funds was 42.41 billion yuan, with the highest net inflow in the power grid equipment sector and the largest net outflow in the internet services sector [1] Key Stocks and Sectors - TBEA became a market hotspot due to its alignment with policy directions, benefiting from accelerated domestic UHV construction and ongoing overseas grid upgrades [2] - Haige Communication gained attention for its involvement in multiple hot sectors, including brain-computer interfaces and satellite internet, supported by policy and demand growth [2] - China XD Electric's rise was driven by concentrated policy benefits, with significant investment in the power grid during the 14th Five-Year Plan, amounting to an expected 4 trillion yuan [2] - Goldwind Technology's popularity stemmed from its dual focus on commercial space and favorable wind power fundamentals, with its stake in Blue Arrow Aerospace attracting market interest [2] - Yanshan Technology was highlighted for its engagement in trending tech sectors, including AI applications and smart driving, with a focus on self-developed large models [2] Additional Notable Stocks - Hanchang Co.'s rise was fueled by direct policy support from the State Grid's 4 trillion yuan fixed asset investment plan, enhancing the overall activity in the power grid equipment sector [3] - Baobian Electric gained market focus due to a combination of policy benefits, industry demand, and company strengths, with expectations of business integration under state-owned enterprise reforms [3] - Wuzhou New Spring attracted attention for its humanoid robot and reducer concepts, benefiting from a comprehensive smart manufacturing supply chain [3] - The top ten popular stocks in A-shares included TBEA, Haige Communication, China XD Electric, Goldwind Technology, Yanshan Technology, Hanchang Co., Baobian Electric, Wuzhou New Spring, Senyuan Electric, and Sanbian Technology [4]

Core Insights - The data reveals significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, with notable increases and decreases in ownership percentages. Group 1: Increased Holdings - Zhongqing Holdings (01855) saw the largest increase in stock holdings, rising by 3.01% to a total holding of 13.35% [2] - Kanglong Chemical (03759) experienced a 2.91% increase, bringing its holding to 56.33% [2] - Haotian International Investment (01341) increased by 2.35%, with a current holding of 62.91% [2] - Other notable increases include Juxing Legend (06683) at +1.68% (19.00%), and Zhongwei New Materials (02579) at +1.41% (13.14%) [2] Group 2: Decreased Holdings - Goldwind Technology (02208) had the largest decrease, down by 2.28% to a holding of 47.98% [3] - China Cosco Shipping Energy Transportation (01138) decreased by 1.61%, now holding 59.13% [3] - Shandong Molong Petroleum Machinery (00568) saw a reduction of 1.59%, with a current holding of 57.08% [3] - Other significant decreases include Junda Co., Ltd. (02865) at -1.04% (48.24%) and Nanjing Panda Electronics (00553) at -0.93% (45.78%) [3] Group 3: Five-Day Changes - Junda Co., Ltd. (02865) had the highest five-day increase in holdings, up by 19.19% to 48.24% [4] - Zhongqing Holdings (01855) increased by 5.23%, reaching 13.35% [4] - Baidu's subsidiary, Baidu Apollo (02315), saw a 4.45% increase, with a holding of 19.50% [4] - Other notable increases include Zhaoyan Pharmaceutical (06127) at +4.08% (63.10%) and Weimob Group (02013) at +3.96% (30.41%) [4] Group 4: Five-Day Decreases - Huaxia Hengsheng Technology (03088) experienced the largest five-day decrease, down by 14.16% to 6.06% [4] - GF Securities (01776) decreased by 6.64%, now holding 53.59% [4] - Goldwind Technology (02208) saw a reduction of 5.22%, with a current holding of 47.98% [4] - Other significant decreases include Nanjing Panda Electronics (00553) at -4.80% (45.78%) and Chifeng Gold (06693) at -3.53% (40.57%) [4] Group 5: Twenty-Day Changes - Junda Co., Ltd. (02865) had a notable increase of 16.48%, reaching a holding of 48.24% [5] - Zhongwei New Materials (02579) increased by 10.89% to 13.14% [5] - Lion Holdings (02562) saw a rise of 9.50%, with a holding of 51.61% [5] - Other significant increases include Junsheng Electronics (00699) at +7.77% (16.56%) and Shandong Molong (00568) at +6.69% (57.08%) [5] Group 6: Twenty-Day Decreases - Huaxia Hengsheng Technology (03088) had the largest decrease of 14.15%, now holding 6.06% [5] - China Metallurgical Group (01618) decreased by 6.38%, with a holding of 35.53% [5] - GF Securities (01776) saw a reduction of 5.56%, now at 53.59% [5] - Other notable decreases include Beijing Mechanical and Electrical Holdings (00187) at -4.73% (44.59%) and China Cosco Shipping Energy Transportation (01138) at -4.66% (59.13%) [5]

Core Viewpoint - Goldwind Technology (02208) announced that its wholly-owned subsidiary, Goldwind International Holdings (Hong Kong) Limited, through its subsidiary Goldwind Energy Italy S.r.l., signed a Wind Turbine Supply and Installation Agreement with Eolico San Vito S.r.l. for the provision of wind turbine supply, installation, commissioning, and defect liability services [1] Group 1: Agreement Details - The agreement involves Goldwind Italy supplying wind turbines to the project site and providing related services [1] - A parent company guarantee agreement was signed to secure the performance obligations under the wind turbine supply and installation agreement, with a guarantee amount of €36.72 million, equivalent to approximately RMB 298 million [1] Group 2: Financial Implications - Following the guarantee, the total external guarantees provided by the company and its subsidiaries will amount to RMB 1.114 billion, representing 2.89% of the company's most recent audited net assets [1] - The guarantees provided to entities outside the consolidated financial statements will total RMB 261 million, accounting for 0.68% of the company's most recent audited net assets [1] Group 3: Current Status - As of now, the company and its subsidiaries have no overdue guarantees or guarantees involved in litigation [1]

Core Viewpoint - Goldwind Technology (金风科技) has signed a wind turbine supply and installation agreement with Eolico San Vito S.r.l. through its wholly-owned subsidiary Goldwind Energy Italy S.r.l. [1] Group 1: Agreement Details - The agreement includes the supply of wind turbines to the project site, installation, debugging, trial operation, and services during the defect liability period [1] - The company has also signed a parent company guarantee agreement to secure the performance obligations under the wind turbine supply agreement, with a guarantee amount of €36.72 million, equivalent to approximately RMB 298 million [1] Group 2: Financial Implications - The signing date of the parent company guarantee agreement is January 19, 2026, and it is located in Beijing [1] - After this guarantee is fully executed, the total external guarantees provided by the company and its subsidiaries will amount to RMB 1.114 billion, accounting for 2.89% of the company's most recent audited net assets [1] - Among these, the guarantees provided to entities outside the consolidated financial statements will be RMB 261 million, representing 0.68% of the company's most recent audited net assets [1] - Currently, the company and its subsidiaries have no overdue guarantees or guarantees involved in litigation [1]