Major Announcements - Huayi Co., Ltd. has applied for a 5-day extension to respond to the Shanghai Stock Exchange's inquiry regarding its acquisition matters due to the need for further confirmation and improvement of certain issues [1] - Shuaifeng Electric is expected to report a net loss of 43 million to 62 million yuan for 2025, with revenue projected between 210 million and 250 million yuan, potentially leading to a delisting risk warning for its stock [1] - Zijin Mining's second phase of the Julong Copper Mine has commenced production, increasing its total production capacity to 350,000 tons per day, with plans for a third phase that could significantly enhance copper output [1] Performance Forecasts - Yongchun Intelligent expects a net profit of 128 million to 155 million yuan for 2025, representing a year-on-year increase of 721.57% to 894.86% [3] - Fuda Alloy anticipates a net profit of 100 million to 146 million yuan for 2025, with a growth of 119.14% to 219.95% driven by expanding demand in emerging sectors [4] - Xiling Power forecasts a net profit of 90 million to 110 million yuan for 2025, reflecting a year-on-year increase of 77.82% to 117.33% due to rising sales in automotive parts [4] - Haoshi Electromechanical expects a net profit of 128 million to 165 million yuan for 2025, with a growth of 54.4% to 99.03% attributed to increased demand in the PCB market [4] - Shenkong Co., Ltd. predicts a net profit of 90 million to 110 million yuan for 2025, with a growth of 118.71% to 167.31% driven by the recovery in the semiconductor market [5] - Lianchuang Optoelectronics anticipates a net profit of 435 million to 532 million yuan for 2025, representing a growth of 80.36% to 120.57% [5] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan for 2025, with a growth of 81.77% to 134.78% driven by demand for enterprise-level storage products [6] - Shuangyi Technology forecasts a net profit of 155 million to 172 million yuan for 2025, reflecting a growth of 80% to 100% [6] - Feirongda anticipates a net profit of 360 million to 420 million yuan for 2025, with a growth of 57.23% to 83.43% [8] - Jingfang Technology expects a net profit of 365 million to 385 million yuan for 2025, representing a growth of 44.41% to 52.32% [9] - Youbuxun predicts a net profit of 72 million to 107 million yuan for 2025, marking a turnaround from a loss of 150 million yuan in the previous year [10] - Zhongwei Company anticipates a net profit of 2.08 billion to 2.18 billion yuan for 2025, with a growth of 28.74% to 34.93% [11] Loss Forecasts - Shanying International expects a net loss of 850 million to 1 billion yuan for 2025, compared to a loss of 451 million yuan in the previous year [12] - Baiyin Nonferrous Metals anticipates a net loss of 450 million to 675 million yuan for 2025, a significant decline from a profit of 8.08 million yuan in the previous year [13] - Zhengzhou Coal Electricity plans to stop production at the Chao Hua Coal Mine due to resource depletion, expecting to recognize a 311 million yuan impairment loss [17] - Changcheng Electric forecasts a net loss of approximately 315 million yuan for 2025, compared to a loss of 225 million yuan in the previous year [17] - Standard Co. expects a net loss of 120 million to 140 million yuan for 2025, with a reduction in losses compared to the previous year [17] - Hongqingtian anticipates a net loss of 100 million to 150 million yuan for 2025, with a decline in revenue due to weak consumer demand [17]

Group 1 - The company, Lianchuang Optoelectronics, forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 435 million to 532 million yuan, representing an increase of approximately 194 million to 291 million yuan compared to the previous year, with a year-on-year growth of 80.36% to 120.57% [1] - The significant increase in performance is primarily attributed to the company's strategic shift from traditional industries to technology-leading industries, with a notable growth in the laser business and a substantial reduction in losses in the backlight source business segment [1]

Core Viewpoint - Lianchuang Optoelectronics (600363) expects a significant increase in net profit for 2025, projecting a range of 435 million to 532 million yuan, representing a year-on-year growth of 80.36% to 120.57% [1] Group 1 - The company's laser business is expected to achieve substantial growth during the reporting period [1] - The backlight source business segment has significantly reduced its losses [1]

Core Viewpoint - Lianchuang Optoelectronics (600363.SH) expects a significant increase in net profit for the year 2025, driven by growth in its laser business and a reduction in losses from its backlight source segment [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 435 million yuan and 532 million yuan for 2025, representing a year-on-year growth of 80.36% to 120.57% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 383 million yuan and 492 million yuan, indicating a growth of 100.70% to 157.82% [1] Business Strategy - The company is committed to its established development strategy, focusing on the transformation and upgrading of traditional industries into technology-leading sectors [1] - The primary reason for the anticipated significant growth in performance is the substantial increase in the laser business, alongside a notable reduction in losses from the backlight source business segment [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between CNY 435 million and CNY 532 million, representing a year-on-year increase of 80.36% to 120.57%[2] - The projected net profit after deducting non-recurring gains and losses is expected to be between CNY 383 million and CNY 492 million, indicating a year-on-year growth of 100.70% to 157.82%[4] - The net profit for the year 2024 was CNY 241.19 million, with a total profit of CNY 304.95 million[6] - The earnings per share for 2024 was CNY 0.53[7] - The performance forecast is based on preliminary calculations by the finance department and has not yet been audited by registered accountants[9] - The financial data provided is preliminary and the final audited figures will be disclosed in the official 2025 annual report[10] Business Growth and Strategy - The company achieved significant growth in its laser business, which is a key focus area, while the backlight source segment has substantially reduced losses[8] - The company is committed to transforming traditional industries into technology-leading sectors as part of its established development strategy[8] Performance Forecast Accuracy - The company emphasizes that there are no significant uncertainties affecting the accuracy of the performance forecast as of the announcement date[9] - The performance forecast period is from January 1, 2025, to December 31, 2025[3]

Core Viewpoint - Lianchuang Optoelectronics (600363.SH) forecasts a net profit attributable to shareholders of 435 million to 532 million yuan for the year 2025, representing a year-on-year growth of 80.36% to 120.57% [1] Group 1: Business Performance - The significant growth in the company's laser business has contributed to the overall performance increase [1] - The backlight source business segment has substantially reduced its losses, further driving the year-on-year performance improvement [1]

Investment Rating - The report maintains a "Recommended" rating for the controllable nuclear fusion industry, indicating an expectation of significant growth in the sector over the next 3-6 months [3][49]. Core Insights - The 2026 Nuclear Fusion Energy Technology and Industry Conference held in Hefei is expected to accelerate the industrialization of nuclear fusion, with major procurement projects and collaborative laboratory projects being signed [1][8]. - Star Ring Fusion has completed a 1 billion yuan Series A financing round, which will expedite the commercialization of nuclear fusion technology, with plans to complete engineering validation by 2028 and establish a demonstration reactor by around 2032 [9][1]. - The report anticipates that the domestic nuclear fusion projects will see a total investment of approximately 146.5 billion yuan, with capital expenditures expected to enter an expansion phase from 2025 to 2028, leading to increased orders in the industry chain [8][1]. Summary by Sections Industry Overview - The report highlights the significant participation of over 1,500 attendees from various sectors, including government, academia, and finance, at the 2026 Nuclear Fusion Energy Technology and Industry Conference [8]. - The conference aims to foster collaboration across innovation, industry, finance, and talent chains to build a synergistic nuclear fusion energy ecosystem [8]. Financing and Investment - Star Ring Fusion's 1 billion yuan financing round was led by Shanghai Guotou and other investment groups, focusing on developing a unique high-temperature superconducting spherical tokamak technology [9][1]. - The report notes that the nuclear fusion industry is entering a capital expenditure upcycle, with significant investments expected to drive order volumes in the supply chain [1][8]. Market Performance - The report provides a performance review of the nuclear fusion sector, noting that several companies have seen substantial stock price increases, with top performers including New Wind Power (+42%) and China Nuclear Construction (+27%) [22][26]. - The report also tracks bidding activities, indicating a total bidding amount of 1.28 billion yuan in early January 2026, with several high-value projects being awarded [12][15]. Recommended Companies - The report continues to recommend companies such as Hezhong Intelligent and Lianchuang Optoelectronics, while suggesting attention to Guoguang Electric [3][23]. - It emphasizes the importance of the magnet segment, recommending companies like Western Superconducting and Yongding Co., which have significant value contributions in the nuclear fusion supply chain [33][3].

Core Viewpoint - The controlling shareholder, Jiangxi Electronic Group Co., Ltd., plans to reduce its stake in Lianchuang Optoelectronics through a block trade due to the need to repay pledged loans and for its own operational development [1]. Group 1: Shareholding and Reduction Plan - Jiangxi Electronic Group intends to sell up to 9,017,769 shares, which represents no more than 2% of the total share capital of Lianchuang Optoelectronics [1]. - As of the announcement date, Jiangxi Electronic Group holds 94,736,092 shares, accounting for 21.01% of the total share capital [1]. - The estimated cash amount from this reduction, based on the closing price of 68.99 yuan per share on January 16, is approximately 622 million yuan [1]. Group 2: Pledged Shares - Jiangxi Electronic Group has pledged a total of 75,731,973 shares, which is 79.94% of its holdings and 16.80% of the total share capital of Lianchuang Optoelectronics [1][2]. - The previous cumulative pledged shares were 60,131,973, indicating an increase in pledged shares [2].

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [26]. Core Insights - The controlled nuclear fusion sector is experiencing significant growth, with increasing procurement demands and notable financing activities, such as the completion of a 1 billion RMB Series A funding round by Star Ring Fusion [3][22]. - The 2026 Nuclear Fusion Technology and Industry Conference highlighted advancements in plasma technology, including the successful operation of the "Xuanlong-50U" hydrogen-boron plasma high-confinement mode discharge, marking a significant milestone in fusion research [16][19]. - The establishment of the Fusion Financial Institutions Alliance aims to facilitate the transition of nuclear fusion from laboratory research to engineering and commercialization, involving 130 financial and technology service institutions [24][25]. Summary by Sections Market Performance - During the week of January 12-16, the nuclear fusion index fell by 3.22%, underperforming the broader market indices [8][11]. Tender and Bid Information - Significant procurement activities were reported, focusing on superconducting materials and structural components, with total procurement amounts nearing 100 million RMB [10][13]. Domestic and International News - The 2026 Nuclear Fusion Technology and Industry Conference, held in Hefei, attracted over 1,500 participants and featured major procurement projects and collaborations [14][19]. - Japan announced the opening of three top fusion research facilities to private enterprises, marking a shift towards public-private collaboration in fusion technology [19][20]. Investment Dynamics - Star Ring Fusion's 1 billion RMB Series A financing is one of the largest in the domestic fusion energy sector, indicating strong confidence in the commercialization of next-generation energy technologies [22]. - The Fusion Financial Institutions Alliance was formed to enhance capital efficiency and support the commercialization of nuclear fusion technologies [24][25]. Investment Recommendations - The report suggests focusing on key components of controlled nuclear fusion, including magnets, power supplies, and structural components, with specific companies highlighted for potential investment [26].

Economic Information - Several smartphone manufacturers, including Xiaomi, OPPO, vivo, and Transsion, have lowered their annual shipment forecasts, with Xiaomi and OPPO reducing by over 20%, vivo by nearly 15%, and Transsion to below 70 million units [2] - Silver prices have surged over 50% in one month and over 150% in six months, impacting the photovoltaic industry, which consumes a significant amount of silver. The cost of raw materials for solar cells has increased by nearly 20% due to rising silver prices [2] - The company Xibei is expected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026, leading to the closure of 102 stores, accounting for 30% of its total outlets [2] Company Alerts - Shenghong Technology anticipates a net profit increase of 260%-295% year-on-year for 2025, although Q4 performance fell short of expectations [4] - Cambridge Technology expects a net profit increase of 51%-67% year-on-year for 2025, with Q4 results also below expectations [4] - Multiple companies, including Weimait and Youyan Silicon, have announced plans to reduce their shareholdings by up to 4.98% and 3% respectively [4][11] Overseas Alerts - The three major U.S. stock indices collectively declined last Friday, with the Nasdaq China Golden Dragon Index dropping by 1.15%. Notable declines were seen in Chinese stocks such as Alibaba and JD.com [5] - The European Union is considering imposing tariffs on U.S. goods worth 93 billion euros in response to U.S. tariffs on eight European countries, which could take effect on February 6 if no agreement is reached [5]