Group 1 - The core point of the news is that Yongding Co., Ltd. experienced a stock price increase of 5.27%, reaching 14.38 yuan per share, with a trading volume of 798 million yuan and a turnover rate of 3.85%, resulting in a total market capitalization of 21.023 billion yuan [1] - Yongding Co., Ltd. is based in Suzhou, Jiangsu Province, and was established on June 30, 1994, with its stock listed on September 29, 1997. The company specializes in the research, production, and sales of communication products and software, overseas power engineering contracting, automotive wiring harnesses, and superconducting materials [1] - The revenue composition of Yongding Co., Ltd. includes automotive wiring harnesses (34.63%), power engineering (29.96%), optical communication (18.93%), superconducting and copper conductors (15.91%), and big data applications (0.58%) [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has a significant position in Yongding Co., Ltd. The Jiashi Zhongzheng 2000 ETF holds 3,700 shares, accounting for 0.31% of the fund's net value, ranking as the tenth largest holding [2] - The Jiashi Zhongzheng 2000 ETF was established on September 14, 2023, with a latest scale of 15.2579 million yuan. The fund has achieved a year-to-date return of 27.83%, ranking 1237 out of 4208 in its category, and a one-year return of 22.88%, ranking 1351 out of 3981 [2]

Core Viewpoint - The controlled nuclear fusion sector experienced a significant short-term surge, with multiple companies seeing notable stock price increases following the launch of a new international scientific initiative in Hefei, China [1][2]. Group 1: Stock Performance - Zhongtian Rocket (003009) saw a price increase of 10.00%, with a market capitalization of 85.62 billion and a current price of 55.10 [2]. - Srei New Materials (688102) increased by 49.45%, with a market capitalization of 185.47 billion and a current price of 23.97 [2]. - Yongding Co., Ltd. (600105) rose by 45.34%, with a market capitalization of 210.4 billion and a current price of 14.43 [2]. - Ha Welding Huayuan (301137) increased by 5.25%, with a market capitalization of 75.82 billion and a current price of 41.69 [2]. - Changfu Co., Ltd. (920396) rose by 4.09%, with a market capitalization of 22.247 billion and a current price of 30.80 [2]. - Hezhu Intelligent (603011) increased by 3.74%, with a market capitalization of 98.73 billion and a current price of 19.97 [2]. - Zhongzhou Special Materials (300963) rose by 3.46%, with a market capitalization of 84.947 billion and a current price of 18.52 [2]. - Juguang Technology (688167) increased by 3.45%, with a market capitalization of 110.1 billion and a current price of 122.47 [2]. - Dongfang Ling V (000a62) rose by 3.35%, with a market capitalization of 129.47 billion and a current price of 25.64 [2]. - Yingjie Electric (300820) increased by 3.04%, with a market capitalization of 132.0 billion and a current price of 59.58 [2]. Group 2: International Collaboration - The Chinese Academy of Sciences officially launched the International Scientific Program on Combustion Plasma in Hefei, coinciding with the global release of the research plan for the compact fusion energy experimental device BEST [2]. - Scientists from over ten countries, including France, the UK, Germany, and Italy, gathered in Hefei to sign the "Hefei Fusion Declaration," calling for enhanced international cooperation to advance fusion energy research [2].

Group 1 - The A-share controllable nuclear fusion sector experienced a short-term surge, with companies such as Haheng Huaton, Sry New Materials, and Hezhuan Intelligent rising over 6% [1] - Other companies including Yongding Co., China Nuclear Engineering, and Shanghai Electric also saw increases in their stock prices [1]

Group 1 - The core point of the news is that Yongding Co., Ltd. experienced a 5.03% drop in stock price, closing at 13.77 yuan per share, with a trading volume of 1.57 billion yuan and a turnover rate of 7.67%, resulting in a total market capitalization of 20.132 billion yuan [1] - Yongding Co., Ltd. is based in Suzhou, Jiangsu Province, and was established on June 30, 1994, with its listing date on September 29, 1997. The company specializes in the research, production, and sales of communication products and software, overseas power engineering contracting, automotive wiring harnesses, and superconducting materials [1] - The main revenue composition of Yongding Co., Ltd. includes automotive wiring harnesses (34.63%), power engineering (29.96%), optical communication (18.93%), superconducting and copper conductors (15.91%), and big data applications (0.58%) [1] Group 2 - From the perspective of fund holdings, one fund under Jiashi Fund has a significant position in Yongding Co., Ltd. The Jiashi Zhongzheng 2000 ETF (159535) held 3,700 shares in the third quarter, accounting for 0.31% of the fund's net value, ranking as the tenth largest holding [2] - The Jiashi Zhongzheng 2000 ETF (159535) was established on September 14, 2023, with a latest scale of 15.2579 million. The fund has achieved a year-to-date return of 32.97%, ranking 1196 out of 4208 in its category, and a one-year return of 28.46%, ranking 1220 out of 3972 [2]

Market Overview - The communication equipment sector rose by 0.45% on November 20, with Ruisi Kanda leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Top Gainers - Ruisi Kanda (603803) closed at 10.81, up 9.97% with a trading volume of 349,700 shares and a transaction value of 360 million yuan [1] - Shida Group (600734) closed at 4.20, up 9.95% with a trading volume of 2,955,400 shares and a transaction value of 1.217 billion yuan [1] - Dekeli (688205) closed at 109.46, up 9.53% with a trading volume of 187,400 shares and a transaction value of 1.956 billion yuan [1] Top Losers - Yongding Co., Ltd. (600105) closed at 14.50, down 8.69% with a trading volume of 2,042,700 shares and a transaction value of 3.059 billion yuan [2] - Changfei Fiber (601869) closed at 78.41, down 6.30% with a trading volume of 166,600 shares and a transaction value of 1.34 billion yuan [2] - Huiyuan Communication (000586) closed at 12.90, down 5.77% with a trading volume of 221,000 shares and a transaction value of 284 million yuan [2] Capital Flow - The communication equipment sector saw a net inflow of 281 million yuan from institutional investors, while retail investors contributed a net inflow of 295 million yuan [2] - The sector experienced a net outflow of 575 million yuan from speculative funds [2] Individual Stock Capital Flow - Tianfu Communication (300394) had a net inflow of 706 million yuan from institutional investors, while it saw a net outflow of 264 million yuan from speculative funds [3] - Ruisi Kanda (603803) experienced a net inflow of 104 million yuan from institutional investors, but a net outflow of 56.98 million yuan from speculative funds [3] - Dekeli (688205) had a net inflow of 92.046 million yuan from institutional investors, with a net outflow of 60.955 million yuan from speculative funds [3]

Core Viewpoint - Yongding Co., Ltd. has seen a stock price increase of 5.11%, reaching 16.26 CNY per share, with a total market capitalization of 23.772 billion CNY, indicating strong market interest and performance [1]. Company Overview - Yongding Co., Ltd. was established on June 30, 1994, and listed on September 29, 1997. The company is located in Suzhou, Jiangsu Province, and specializes in the research, production, and sales of communication products and software, overseas power engineering contracting, automotive wiring harnesses, and superconducting materials [1]. - The revenue composition of Yongding Co., Ltd. is as follows: automotive wiring harnesses 34.63%, power engineering 29.96%, optical communication 18.93%, superconducting and copper conductors 15.91%, and big data applications 0.58% [1]. Fund Holdings - Xin Yuan Fund has a significant holding in Yongding Co., Ltd., with its Xin Yuan Clean Energy Mixed Fund A (014574) reducing its stake by 29,800 shares in the third quarter, now holding 532,800 shares, which constitutes 8.04% of the fund's net value, making it the third-largest holding [2]. - The Xin Yuan Clean Energy Mixed Fund A was established on January 26, 2022, with a current size of 31.61 million CNY. The fund has achieved a year-to-date return of 27.37% and a one-year return of 32.6% [2]. Fund Manager Profile - The fund manager of Xin Yuan Clean Energy Mixed Fund A is Chen Li, who has a tenure of 12 years and 100 days. The total asset size of the fund is 510 million CNY, with the best return during his tenure being 220.76% and the worst being -22.36% [3].

Market Overview - The Shanghai Composite Index fell by 0.81% on November 18, with only four industries experiencing gains, led by Media and Computer sectors, which rose by 1.60% and 0.93% respectively [2] - The coal and electric equipment sectors saw the largest declines, with drops of 3.17% and 2.97% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 88.764 billion yuan, with only four industries seeing net inflows [2] - The Computer industry had the highest net inflow of 2.730 billion yuan, followed by the Media industry with a net inflow of 2.434 billion yuan [2] - A total of 27 industries experienced net capital outflows, with the Electric Equipment sector leading with a net outflow of 24.670 billion yuan, followed by the Non-ferrous Metals sector with 11.707 billion yuan [2] Communication Industry Performance - The Communication industry closed flat, with a net capital inflow of 1.147 billion yuan, comprising 124 stocks, of which 54 rose and 66 fell [3] - The top three stocks with significant net inflows were NewEase, Cambridge Technology, and Yongding Co., with inflows of 758 million yuan, 542 million yuan, and 362 million yuan respectively [3] - The stocks with the highest net outflows included Zhongfutong, Data Port, and Sanwei Communication, with outflows of 377 million yuan, 195 million yuan, and 107 million yuan respectively [5]

Group 1 - The A-share market saw a rebound in CPO concept stocks, with Cambridge Technology rising over 7% [1] - Yongding Co. increased by more than 6% [1] - Robotech and Kechuan Technology both rose over 4% [1] - Changxin Bochuang and Xinyisheng experienced an increase of over 3% [1]

Core Viewpoint - The CPO concept continues to rebound during trading, with several companies experiencing significant stock price increases [1] Company Performance - Yuanjie Technology saw its stock price rise by over 10% [1] - Cambridge Technology reached its daily limit increase [1] - Yongding Co., Dongshan Precision, Dekoli, and New Yi Sheng also reported notable gains [1]

Core Viewpoint - The company announced an internal adjustment of guarantee limits among its subsidiaries, reallocating unused guarantee amounts to support the business operations of its controlling subsidiary, Eastern Superconducting Technology (Suzhou) Co., Ltd. [1][2][12] Summary by Sections Guarantee Adjustment Overview - The company’s board approved a total guarantee limit of up to RMB 438,500 million for its subsidiaries for the year 2025, effective for 12 months from the approval date [2][3]. - The adjustment involves transferring RMB 20,000 million in guarantee limits from two wholly-owned subsidiaries to the controlling subsidiary [1][3]. Details of Guarantee Adjustment - Wuhan Yongding Huigu Technology Co., Ltd. will transfer RMB 6,000 million of unused guarantee limits, leaving it with RMB 18,000 million [1][3]. - Jiangsu Yongding Precision Optical Materials Co., Ltd. will transfer RMB 14,000 million of unused guarantee limits, leaving it with RMB 1,000 million [1][3]. Basic Information of Guaranteed Companies - **Wuhan Yongding Huigu Technology Co., Ltd.** - Registered Capital: RMB 5,000 million - Total Assets (as of September 30, 2025): RMB 20,599.11 million - Total Liabilities: RMB 16,675.06 million - Net Profit (1-9 months 2025): RMB 17.12 million [4][5][6] - **Jiangsu Yongding Precision Optical Materials Co., Ltd.** - Registered Capital: RMB 3,000 million - Total Assets (as of September 30, 2025): RMB 17,103.72 million - Total Liabilities: RMB 12,998.34 million - Net Profit (1-9 months 2025): RMB 710.78 million [5][6] - **Eastern Superconducting Technology (Suzhou) Co., Ltd.** - Registered Capital: RMB 6,420 million - Total Assets (as of September 30, 2025): RMB 38,816.38 million - Total Liabilities: RMB 42,680.66 million - Net Profit (1-9 months 2025): -RMB 2,816.12 million [9][10] Necessity and Reasonableness of Guarantee Adjustment - The internal guarantee adjustment is deemed necessary to support the normal business development of the controlling subsidiary, which has a good credit status and no major default history [12]. - The adjustment is not expected to affect the company's ongoing operational capability or harm the interests of minority shareholders [12]. Cumulative External Guarantee Status - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 306,375.09 million, representing 98.90% of the company's latest audited net assets [13]. - There are no overdue guarantees reported [13].