Group 1 - Heavy machinery stocks in Hong Kong have surged, with Senson International rising over 9% and Sany Heavy Industry increasing by 2.2%, reaching a new high during trading [1] - The engineering machinery industry has maintained stable orders in the first half of January 2026, with expectations for a sales peak after the Spring Festival [1] - Leading manufacturers such as XCMG, Sany Heavy Industry, Zoomlion, and LiuGong are prioritizing overseas market capacity expansion as a core task for next year [1] Group 2 - Since 2025, a domestic upcycle in engineering machinery has begun, driven by equipment renewal demand and construction progress, leading to increased excavator sales and continued positive growth in non-excavator products [1] - Analysts suggest that under the backdrop of global loose fiscal and monetary policies, the theme of going overseas is expected to become a popular annual trend, with engineering machinery benefiting significantly from this logic [1] - Currently, leading companies in the sector have an overseas profit contribution ratio of over 70%, and the engineering machinery sector is likely to benefit from potential catalysts such as future interest rate cuts by the Federal Reserve [1]

Core Findings - In 2025, a total of 170 Chinese companies with VC/PE backgrounds went public, marking a 27.82% increase from 133 in 2024, with a VC/PE penetration rate of 57.82% [10][7] - The electronic information sector reported an exit return of nearly 200 billion yuan, with the Hong Kong Stock Exchange's main board showing the highest exit returns [7][11] - A total of 294 Chinese companies successfully completed IPOs globally, with both the number of IPOs and the amount raised showing signs of recovery [20][23] VC/PE Investment Analysis - The scale of VC/PE exit returns reached 431.8 billion yuan in 2025, a 116% increase from 199.9 billion yuan in 2024, with an average return rate of 2.89 times [11][10] - The electronic information industry had the highest exit return at 182.81 billion yuan, while the consumer sector had the highest return multiple at 13.71 times [11][16] IPO Market Overview - In 2025, the total number of IPOs in A-shares, Hong Kong, and U.S. markets was 294, with a 29.52% year-on-year increase, and the total amount raised was 372.5 billion yuan, up 152% [20][23] - The Hong Kong Stock Exchange's main board led with 111 IPOs, while the Nasdaq Capital Market followed with 57 [23][38] Sector Performance - The electronic information sector led with 48 IPOs, followed by advanced manufacturing and healthcare with 47 and 41 IPOs, respectively [53][56] - The energy and mining sector raised the most funds at 784.38 billion yuan, while the average fundraising amount in the public utility sector surged by 6,935% [57][58] Regional Analysis - Jiangsu, Guangdong, and Hong Kong had the highest number of IPOs, with 46, 42, and 38 respectively, while Fujian led in fundraising with 571.78 billion yuan [59][64] - The number of IPOs in Inner Mongolia increased threefold, marking the highest growth rate [63][64] Notable IPOs - The top fundraising companies included Huadian New Energy, which raised over 100 billion yuan, and several electronic information companies like Moer Thread and Muxi Co., Ltd. [35][18]

Core Viewpoint - Daiwa has reassessed its A+H share valuation premium strategy, which involves selecting A+H shares with a minimum premium of 10% to construct a monthly A-share investment portfolio, indicating that this strategy typically yields strong returns when the overall A+H premium narrows rapidly [1] Group 1: Investment Strategy Performance - The latest results show that even when the valuation gap widens or the A-share market outperforms the H-share market, the investment strategy has performed well, with cumulative relative returns increasing from approximately 90% to 107.5% over the past two months [1] - The primary drivers of this performance are attributed to the rise in global metal prices and the recent renewal cycle in China's construction machinery sector, benefiting companies such as Luoyang Molybdenum (603993), Zijin Mining (601899), Sany Heavy Industry (600031), and Weichai Power (000338) [1] Group 2: Foreign Investment Trends - There is a sustained interest from overseas investors in Chinese technology companies; however, due to geopolitical concerns, investors generally prefer holding H-shares [1] - It is anticipated that the repatriation of foreign capital will drive the market capitalization of H-shares, which are significantly lower than their A-share counterparts, including Contemporary Amperex Technology (300750), leading to a potential rapid increase in stock prices post dual listing, which may create re-rating opportunities for their A-shares [1]

Group 1 - JPMorgan Chase & Co. reduced its stake in Sany Heavy Industry (06031.HK) by selling 457,500 shares at an average price of HKD 24.2006 per share, amounting to approximately HKD 11.072 million [2] - Following the reduction, JPMorgan's total holdings in Sany Heavy Industry decreased to 79,245,999 shares, representing a reduction in ownership from 11.06% to 10.99% [2]

Group 1 - JPMorgan Chase & Co. reduced its holdings in SANY Heavy Industry (06031.HK) by 457,492 shares at an average price of HKD 24.2006 per share, amounting to approximately HKD 11.072 million [1] - After the reduction, JPMorgan's total holdings in SANY Heavy Industry are now 79,245,999 shares, representing a decrease in ownership percentage from 11.06% to 10.99% [1][3]

Group 1 - JPMorgan Chase & Co. reduced its stake in SANY Heavy Industry (06031.HK) by selling 457,492 shares at an average price of HKD 24.2006 per share, amounting to approximately HKD 11.072 million [1] - Following the sale, JPMorgan's total holdings in SANY Heavy Industry decreased to 79,245,999 shares, representing a reduction in ownership from 11.06% to 10.99% [1][2]

Group 1 - The core point of the article is that JPMorgan has reduced its stake in Sany Heavy Industry by selling 457,492 shares at an average price of 24.2006 HKD per share, totaling approximately 11.0716 million HKD [1] - After the reduction, JPMorgan's remaining shareholding in Sany Heavy Industry is approximately 79.246 million shares, representing a holding percentage of 10.99% [1]

Group 1 - The core point of the article is that SANY Heavy Industry (06031) has completed the sale of 7.4081 million shares held by its employee stock ownership plan through block trading, which represents 0.0873% of the company's total share capital at the time of establishment [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SANY HEAVY INDUSTRY CO., LTD. 三一重工股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6031） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列三一重工股份有限公司於上海證券交易所網站( www.sse.com.cn )刊登的公 告如下，僅供參閱。 承董事會命 三一重工股份有限公司 執行董事兼董事長 向文波 中國香港，2026年1月16日 於本公告日期，董事會包括(i)執行董事向文波先生及俞宏福先生；(ii)非執行董事 梁穩根先生、梁在中先生及劉道君先生及(iii)獨立非執行董事伍中信先生、席卿 女士及藍玉權先生。 证券代码：600031 证券简称：三一重工 公告编号：2026-002 三一重工股份有限公司 关于 2021 年员工持股计划股票出售完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 ...

Core Viewpoint - Morgan Stanley has increased its stake in Sany Heavy Industry (06031) by purchasing 1.5262 million shares at a price of HKD 22.5908 per share, totaling approximately HKD 34.4781 million, raising its total holdings to about 79.5753 million shares, which represents a 11.04% ownership stake [1] Summary by Category Company Actions - Morgan Stanley acquired 1.5262 million shares of Sany Heavy Industry on January 6 [1] - The purchase price per share was HKD 22.5908, leading to a total investment of approximately HKD 34.4781 million [1] Ownership Structure - Following the acquisition, Morgan Stanley's total shareholding in Sany Heavy Industry is approximately 79.5753 million shares [1] - The new ownership percentage stands at 11.04% [1]