Core Viewpoint - As of December 30, a total of 110 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Net Buying Days - The stocks with the longest consecutive net buying days are Tianlong Co., Ltd. and Jiamei Packaging, both of which have seen net buying for 13 consecutive trading days [1] - Other stocks with significant net buying days include Zhenai Meijia, Dongfang Electric, China Nuclear Construction, Huaneng Hydropower, Meike Home, Leo Planning, Jingwang Electronics, and Jiajia Yue [1]

Group 1 - The report indicates that China is entering a period of prosperity similar to Japan in 1978, driven by high industrial value added and export ratios, along with continued trade surpluses and wage growth [1][11] - The cash flow statements of the real economy in China have been damaged from 2022 to 2024 due to the Fed's interest rate hikes and a decline in real estate prices, leading to capital outflows and reduced cash flow [2][12] - The resumption of the Fed's interest rate cuts is expected to reverse the outflow of cross-border capital, thereby repairing the cash flow statements of enterprises and households [3][13] Group 2 - The report emphasizes the necessity of debt restructuring in China, drawing parallels with Japan's experience in the 1990s, where failure to act led to prolonged economic stagnation [4][14] - The potential for the Fed's quantitative easing (QE) to provide the necessary liquidity for China's central bank to undertake debt restructuring is highlighted, which could alleviate external constraints on the yuan [4][14] - The year 2026 is projected to mark the beginning of a new prosperity phase for China's economy, with a cyclical shift expected in manufacturing and consumption sectors [6][15] Group 3 - The report recommends a selection of stocks for January 2026, including Huafeng Aluminum, Zijin Mining, and TCL Technology, among others, indicating a focus on sectors poised for growth [9][10] - The automotive sector is highlighted, with Great Wall Motors and Leap Motor being noted for their strategic positioning in high-end and global markets [32][38] - In the chemical sector, Dongfang Tower is recognized for its growth potential driven by increasing potassium and phosphorus production [41][43]

Core Viewpoint - The successful development of a floating wind power hydrogen production platform by Dongfu Research Institute marks a significant technological breakthrough in China's deep-sea renewable energy equipment sector, paving the way for commercial applications of floating wind power hydrogen production [4][12]. Group 1: Technological Advancements - The platform has received the Approval in Principle (AIP) certificate from the China Classification Society, making it the world's first floating wind power hydrogen production platform to achieve this certification [4]. - The platform utilizes a novel method for direct electrolysis of seawater to produce hydrogen, overcoming long-standing challenges related to corrosion and impurities in seawater [6][12]. - The technology involves a membrane that separates seawater from the electrolyte, allowing pure water molecules to enter the electrolyte without additional energy consumption [6]. Group 2: Market Potential - China's offshore wind power capacity has ranked first globally for four consecutive years, with significant potential in deep-sea wind energy resources estimated to exceed 1.2 billion kilowatts [5]. - The shift from nearshore to deep-sea wind energy presents both opportunities and challenges, including increased technical difficulties and costs [5][12]. Group 3: Strategic Collaborations - A strategic partnership was formed between the team led by Academician Xie Heping and Dongfang Electric Group shortly after the publication of their research, facilitating knowledge sharing and collaborative problem-solving [9][11]. - This collaboration has accelerated the transition from laboratory research to practical applications in offshore environments [11]. Group 4: Future Developments - The project team plans to develop scaled-down prototypes and conduct further testing to enhance the platform's reliability and cost-effectiveness [13]. - Ongoing research will focus on large-scale offshore wind power, new wave energy generation equipment, and integrated energy utilization for islands [13].

证券日报网讯12月29日，东方电气（600875）在互动平台回答投资者提问时表示，公司将有效利用国家 大规模设备更新政策机遇，加快重大设备更新。 ...

证券日报网讯12月29日，东方电气（600875）在互动平台回答投资者提问时表示，公司现金储备充裕， 未出现现金流短缺情况。 ...

Core Insights - The joint research team of Dongfang Electric and Academician Xie Heping has achieved a significant breakthrough in the scale-up verification of seawater desalination-free direct electrolysis hydrogen production, completing long-term operation validation of a newly developed modular system capable of producing 110 standard cubic meters per hour, with total operation time exceeding 1000 hours, marking a key step towards industrialization [1][7]. Development Timeline - In May 2023, the joint team successfully completed the world's first offshore wind power coupled seawater desalination-free direct electrolysis hydrogen production sea trial in the Fujian Xinghua Bay, achieving a production rate of 1.2 standard cubic meters per hour, and immediately began scaling up the corresponding engineering research [3][9]. - By July 2024, the team developed a prototype of the new modular system with a capacity of 10 standard cubic meters per hour, which underwent 240 hours of continuous operation testing to further validate the reliability of the core technology route [4][9]. - In September 2024, the new modular system for seawater direct hydrogen production at 110 standard cubic meters per hour was completed and achieved stable operation for the first phase over 240 hours, representing a hundredfold scale-up within 16 months [5][9]. Technological Innovations - The joint team has continuously innovated around key aspects such as efficient electrolysis, energy-free mass transfer, and module integration, gradually establishing a comprehensive independent research and development system covering "theory-technology-engineering" [5][9]. - The equipment system features a highly integrated modular design that is compact, mobile, and adaptable to various application scenarios; it also incorporates a visual monitoring system for real-time tracking and intelligent control of operational status, significantly enhancing system reliability and environmental adaptability [5][9].

Core Viewpoint - The company, Dongfang Electric (600875), has developed a comprehensive hydrogen energy solution encompassing the entire industry chain from production, storage, and utilization [1] Group 1 - Dongfang Electric has established a full industry chain solution for hydrogen energy, which includes production, storage, and utilization services [1]

证券日报网讯12月29日，东方电气（600875）在互动平台回答投资者提问时表示，公司定增已于2025年 4月发行完成，相关信息可参阅东方电气公告。 ...

证券日报网讯12月29日，东方电气（600875）在互动平台回答投资者提问时表示，应收账款与行业交易 特性及公司规模增长相关，公司将持续加强收款力度、强化回款考核举措。 ...

证券日报网讯12月29日，东方电气（600875）在互动平台回答投资者提问时表示，股东户数可参阅东方 电气发布的定期报告。 ...