Focus 1: Yingfang Micro - The company is planning a major asset restructuring by acquiring controlling stakes in Shanghai Xiaokeli Information Technology Co., Ltd., FIRST TECHNOLOGY CHINA LIMITED, and Shiqing Intelligent Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment [1] - The transaction is expected to constitute a significant asset restructuring but will not involve related transactions or restructuring listings. The company's stock will be suspended from trading starting January 6, 2026 [1] Focus 2: Nanxing Co. and Yinglian Co. - Nanxing Co. expects to achieve a net profit of 90 million to 120 million yuan for 2025, recovering from a loss of 175 million yuan in the previous year. The significant profit increase is attributed to reduced goodwill impairment in 2024 [2] - Yinglian Co. anticipates a net profit of 32 million to 42 million yuan for 2025, compared to a loss of approximately 39.67 million yuan in the previous year, driven by growth in the fast-moving consumer goods metal packaging sector [2] Focus 3: Victory Energy - The company has completed its stock trading suspension review and will resume trading on January 6, 2026. No undisclosed significant information affecting stock prices was found during the review [3] Performance Highlights - Whirlpool expects a net profit of approximately 505 million yuan for 2025, a 150% increase from the previous year, due to ongoing transformation and efficiency improvements [4] - Taotao Automotive forecasts a net profit of 800 million to 850 million yuan for 2025, representing an 85.5% to 97.1% increase year-on-year, driven by enhanced operational efficiency and market demand [4] - China National Materials Technology anticipates a net profit of 1.55 billion to 1.95 billion yuan for 2025, a growth of 73.79% to 118.64% compared to the previous year, supported by improved product pricing and sales [4] Investment and Restructuring - Weigao Blood Products plans to issue shares to acquire 100% of Weigao Group Medical Polymer Co., Ltd. for 8.511 billion yuan, significantly enhancing the company's asset scale and profitability [6] - Haopeng Technology is set to raise up to 800 million yuan through a private placement to fund energy storage battery projects [6] Control Changes - Hengshi Technology's control has changed following agreements with New Base Information Technology Group, with the new controlling entity holding 9.55% of the total shares [7] Major Projects - Fulian Precision plans to invest 6 billion yuan in a project to produce 500,000 tons of high-end lithium iron phosphate for energy storage [10] - Penghui Energy's board approved plans to issue H-shares and list on the Hong Kong Stock Exchange [11] Other Announcements - The company intends to repurchase A-shares for employee stock ownership plans, with a total budget of 50 million to 100 million yuan [12] - The company reported a 14.75% year-on-year decline in pig sales, with a revenue drop of 36.06% due to market fluctuations [12]

Core Viewpoint - The announcement by Zhongmin Energy regarding the inclusion of its solar power projects in the Fujian Province solar power development list indicates a strategic move towards expanding its renewable energy portfolio and aligns with regional energy policies [1] Group 1: Company Developments - Zhongmin Energy has announced that three of its solar power projects have been included in the Fujian Province solar power development project list for 2025 [1] - The specific projects listed are: - Zhongmin Fuzhou Port Head 100MW land-based fish-solar complementary photovoltaic power station - Zhongmin Fuzhou Jingjiang Aquaculture Area 50MW land-based fish-solar complementary photovoltaic power station - Zhongmin Fuzhou Yuxi 100MW land-based fish-solar complementary photovoltaic power station [1] Group 2: Industry Context - The inclusion of these projects in the development list reflects the growing emphasis on renewable energy sources within the region, particularly solar energy [1] - The announcement aligns with broader governmental initiatives to promote sustainable energy solutions and enhance energy security in Fujian Province [1]

中闽能源股份有限公司 证券代码：600163 证券简称：中闽能源 公告编号：2026-001 序号 项目名称 项目类型 所属市 项目规模 （MW） 1 中闽福清港头 100MW 陆上渔光互补 光伏电站 陆上渔光互补 福州市 100 2 中闽福清迳江养殖区 50MW 陆上渔 光互补光伏电站 陆上渔光互补 福州市 50 3 中闽福清渔溪 100MW 陆上渔光互补 光伏电站 陆上渔光互补 福州市 100 合计 － － － 250 一、项目情况 局，提升公司新能源装机规模。 三、风险提示 1、上述项目尚处于前期筹备阶段，项目建设前尚需获得项目备案、用地审 批、电力接入等有关主管部门的批复，相关审批手续办理存在不确定性。 关于公司申报的光伏电站项目列入福建省 光伏电站开发建设项目清单的公告 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法律责任。 近日，福建省发展和改革委员会发布《关于公布光伏电站开发建设项目清单 的通知》（闽发改新能〔2025〕565 号），中闽能源股份有限公司（以下简称"公 司"）申报的中闽福清港头 100MW 陆上渔光互补光 ...

Core Viewpoint - Company has successfully included three solar power projects in the Fujian Province's development list, enhancing its position in the renewable energy sector and aligning with carbon neutrality strategies [1] Group 1: Project Inclusion - The Fujian Provincial Development and Reform Commission announced the inclusion of three solar power projects submitted by the company in the "Fujian Province Solar Power Station Development Project List (2025 Edition)" [1] - The projects include the 100MW land-based fishery-solar complementary power station at Fujian Fuzhou Port, the 50MW land-based fishery-solar complementary power station at Fujian Fuzhou Jiangjiang Aquaculture Area, and the 100MW land-based fishery-solar complementary power station at Fujian Fuzhou Yuxi [1] Group 2: Strategic Implications - The inclusion of these projects allows the company to seize opportunities presented by the dual carbon strategy and deepen its layout in the solar power generation business within Fujian Province [1] - This move is expected to enhance the company's renewable energy installed capacity [1]

格隆汇1月5日丨中闽能源(600163.SH)公布，近日，福建省发展和改革委员会发布《关于公布光伏电站 开发建设项目清单的通知》（闽发改新能〔2025〕565号），公司申报的中闽福清港头100MW陆上渔光 互补光伏电站、中闽福清迳江养殖区50MW陆上渔光互补光伏电站和中闽福清渔溪100MW陆上渔光互 补光伏电站列入《福建省光伏电站开发建设项目清单（2025年版）》。 公司申报的3个光伏电站项目列入《福建省光伏电站开发建设项目清单（2025年版）》，有利于公司紧 抓双碳战略机遇，深化福建省内光伏发电业务布局，提升公司新能源装机规模。 ...

Core Viewpoint - The announcement from Zhongmin Energy indicates that the company has successfully included three solar power projects totaling 250MW in the list published by the Fujian Provincial Development and Reform Commission, which could enhance its photovoltaic business in the province [1] Group 1: Project Details - The projects include: - Zhongmin Fuzhou Port Head 100MW - Jingjiang Aquaculture Area 50MW - Yuxi 100MW land-based fish-solar complementary photovoltaic power station [1] - The total scale of these projects is 250MW [1] Group 2: Strategic Implications - If the projects progress smoothly, they will benefit the company's expansion in the local photovoltaic business and increase its new energy installed capacity [1] Group 3: Uncertainties - The projects are currently in the preparatory stage and require approval from relevant authorities - Investment decisions will also need to be reviewed by the board of directors or shareholders, indicating potential uncertainties [1]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

Market Overview - The Shanghai Composite Index closed at 3968.84 points, with a slight increase of 0.09% [1] - The total trading volume of A-shares reached 2461.743 billion yuan [1] Technical Analysis - A total of 167 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Sanfu New Science (三孚新科) with a difference of -1.68% [1] - Tianjian Technology (天箭科技) with a difference of -1.66% [1] - Zhongmin Energy (中闽能源) with a difference of -1.30% [1] Individual Stock Performance - Sanfu New Science (688359) decreased by 0.25% with a trading turnover of 1.57% [1] - Tianjian Technology (002977) saw a significant drop of 9.99% with a trading turnover of 2.27% [1] - Zhongmin Energy (600163) declined by 2.17% with a trading turnover of 1.33% [1] - Other notable stocks include: - Hainan Ruize (002596) increased by 0.94% [1] - Weidao Nano (688147) decreased by 1.54% [1] - Eighty Billion (688181) increased by 0.31% [1] Additional Stock Movements - Stocks such as Xiling Information (300588) and Zhaolong Interconnect (300913) also showed minor declines of 0.11% and 1.55% respectively [1] - The performance of ST stocks included: - ST Huaxi (002630) with a decrease of 0.40% [1] - ST Meicheng (300237) with a decline of 1.90% [1]

Market Overview - The Shanghai Composite Index is at 3973.01 points, with a change of 0.20% [1] - The total trading volume of A-shares is 11103.90 billion yuan [1] Stocks with Death Cross - A total of 180 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Tianjian Technology: 5-day MA is -1.66% below the 10-day MA [1] - Hainan Ruize: 5-day MA is -1.30% below the 10-day MA [1] - Zhongmin Energy: 5-day MA is -1.25% below the 10-day MA [1] Individual Stock Performance - Tianjian Technology (002977): Decreased by 9.99% with a trading turnover of 1.10% [1] - Hainan Ruize (002596): Increased by 0.56% with a trading turnover of 4.69% [1] - Zhongmin Energy (600163): Decreased by 1.62% with a trading turnover of 0.62% [1] - Other notable stocks include: - Xiling Information (300588): Decreased by 1.18% [1] - ST Huake (600608): Decreased by 0.30% [1] - Eighty Billion Space (688181): Increased by 0.74% [1] Additional Stock Data - The following stocks also show a decline in their 5-day moving averages compared to their 10-day moving averages: - ST Meicheng (300313): Decreased by 3.05% [1] - ST Huasheng (002630): Increased by 0.40% [2] - Other stocks with minor declines include: - Green Energy Huichong (600212): Decreased by 0.87% [2] - Xilong Health (002105): Decreased by 1.49% [2]