Market Overview - On January 12, the A-share market opened high and experienced a steady upward trend, with the Shanghai Composite Index facing resistance around 4156 points[3] - The Shanghai Composite Index closed at 4165.29 points, up 1.09%, while the Shenzhen Component Index rose 1.75% to 14,366.91 points[8] - The total trading volume for both markets reached 36,450 billion yuan, indicating an increase compared to the previous trading day[8] Sector Performance - The cultural media, internet services, software development, and gaming sectors performed well, while the oil, insurance, fertilizer, and mining sectors lagged behind[4] - Over 70% of stocks in the two markets saw gains, with software development and internet services attracting significant capital inflow[8] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.87 times and 52.69 times, respectively, above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments[4] - The trading volume is above the median of the past three years, indicating a resurgence in market activity[4] Economic Indicators - The domestic risk-free interest rate continues to decline, and there is a trend of household deposits moving towards equity markets, providing ample liquidity[4] - The Consumer Price Index (CPI) in December 2025 showed a slight increase year-on-year, indicating marginal improvement in domestic demand[4] Investment Strategy - The report suggests a dual focus on technology innovation and the recovery of traditional industries for investment strategies[4] - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments[4]

Core Viewpoint - Huaci Co., Ltd. has received approval from the Shenzhen Stock Exchange for a specific issuance of securities aimed at raising funds for the Vietnam ASEAN Ceramic Valley project. Group 1: Issuance Details - The issuance will involve specific investors, including the controlling shareholder Zhiyu Investment, with a total fundraising amount not exceeding 700 million yuan [4][5]. - The issuance will be conducted through a pricing inquiry method, with the issue price set at no less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing date [5]. - The shares to be issued are domestic listed RMB ordinary shares (A-shares) with a par value of 1.00 yuan per share, and the total number of shares issued will not exceed 30% of the company's total share capital prior to the issuance [5][6]. Group 2: Project Funding - The total investment for the Vietnam ASEAN Ceramic Valley project is approximately 143.84 million yuan, with the company planning to use the entire amount raised from this issuance for the project [6]. - Zhiyu Investment, as the controlling shareholder, will subscribe to the shares for a total of 30 million yuan, constituting an associated transaction [4][7]. Group 3: Shareholding Structure - As of the date of the fundraising prospectus, the total share capital of the company is 25,186,670 shares, with Zhiyu Investment holding 11,400,000 shares, accounting for 45.26% of the total share capital [7]. - The issuance is not expected to change the control of the company, as Zhiyu Investment will remain the controlling shareholder post-issuance [7].

Core Insights - The report highlights the positive momentum in the A-share market, driven by strong performance in sectors such as aerospace, software development, and internet services, while traditional sectors like insurance and shipbuilding lag behind [8][9][10] - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, indicating a favorable environment for medium to long-term investments [8][9][10] - The report emphasizes the importance of monitoring macroeconomic data, overseas liquidity changes, and policy developments as key factors influencing market performance [8][9][10] Domestic Market Performance - The Shanghai Composite Index closed at 4,120.43 with a gain of 0.92%, while the Shenzhen Component Index rose by 1.15% to 14,120.15 [3] - The A-share market has shown resilience with a trading volume of 31,526 billion, above the three-year average, indicating strong investor interest [8][9][10] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced slight declines, with the Dow down by 0.67% and the S&P 500 down by 0.45% [4] Economic Policies and Strategies - The State Council's recent meeting focused on enhancing consumer spending and optimizing loan policies to boost service sector growth, reflecting a proactive approach to stimulate the economy [8] - The report notes that the application for satellite frequency resources has reached a strategic national level, indicating a significant investment in space technology [8] Industry Analysis - The report identifies the media and software sectors as leading performers, with a notable increase in demand for gaming and animation films, which are driving box office growth [6][18][21] - The food and beverage sector has faced challenges, with a 4.05% decline in December, particularly in traditional categories like liquor and meat products, while emerging categories like snacks and health products continue to perform well [16][19] - The semiconductor industry is experiencing robust growth, with global sales increasing by 27.2% year-on-year, highlighting the sector's resilience and potential for investment [23] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as aerospace, software development, and consumer goods, while also considering high-dividend stocks for stable returns [8][9][10] - Specific investment opportunities are recommended in the food and beverage sector, particularly in snacks, health products, and soft drinks, which are expected to perform well in the coming months [19][21]

Group 1 - Southbound funds reduced their holdings in Zhongzhou Securities (01375.HK) by 1.191 million shares on January 9 [1] - Over the past 5 trading days, southbound funds have reduced their holdings for 4 days, with a total net reduction of 10.818 million shares [1] - In the last 20 trading days, there have been 13 days of reductions, totaling a net decrease of 23.57 million shares [1] - Currently, southbound funds hold 693 million shares of Zhongzhou Securities, accounting for 57.98% of the company's issued ordinary shares [1] Group 2 - Zhongyuan Securities Co., Ltd. is a Chinese company engaged in securities brokerage business, operating eight divisions [2] - The securities brokerage division handles client transactions for stocks, funds, and bonds [2] - The proprietary business division focuses on equity and fixed income investments [2] - The investment banking division includes equity underwriting and sponsorship, as well as bond underwriting [2] - The credit business division provides margin financing, repurchase agreements, and stock pledge services [2] - The investment management division encompasses asset management, private fund management, and alternative investments [2] - The futures business division covers futures brokerage, trading consulting, and risk management services [2] - The company also operates an overseas business division and a headquarters and other business division [2]

Group 1 - The company *ST Taihe (605081.SH) closed at 10.85 yuan, with a decline of 2.43% [1] - Shanghai Taihe Water Technology Development Co., Ltd. was listed on the Shanghai Stock Exchange on February 9, 2021, with an issuance of 19.53 million shares at a price of 43.30 yuan per share [1] - The highest price recorded on the first day of trading was 62.35 yuan, indicating that the stock is currently in a state of decline [1] Group 2 - The total amount raised from the initial public offering (IPO) was 84.5649 million yuan, with a net amount of 77.81094 million yuan [1] - The funds raised are intended for supplementing working capital for engineering construction, as well as for the headquarters operation center and information technology construction projects [1] - The total issuance costs for the IPO amounted to 6.75396 million yuan, including underwriting and sponsorship fees of 5.23725 million yuan [1] Group 3 - On May 26, 2022, the company announced a cash dividend distribution of 1 yuan per share (including tax) and a capital reserve increase of 0.45 shares per share, resulting in a total distribution of 78.101429 million yuan in cash dividends and an increase of 35.145643 million shares [2] - After the distribution, the total share capital increased to 113.247072 million shares [2] - The stock name changed from "Taihe Water" to "*ST Taihe" on April 29, 2025 [2]

Market Performance - The A-share market has shown slight fluctuations, with the Shanghai Composite Index closing at 4,082.98, down 0.07%, and the Shenzhen Component Index at 13,959.48, down 0.51% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.76 and 51.97, respectively, indicating a suitable environment for medium to long-term investments [9][14] - The trading volume in the two markets has remained above the median level for the past three years, with significant interest in sectors such as aerospace, shipbuilding, and internet services [8][9] Economic and Policy Insights - The Ministry of Commerce has emphasized the importance of compliance with Chinese laws for foreign investments and technology exports, particularly in the context of Meta's acquisition of Manus [4][5] - The government is committed to expanding high-level openness, with the Hainan Free Trade Port serving as a key initiative [5] - The macroeconomic strategy indicates a continuation of moderately loose monetary policy, with expectations for credit growth and supportive measures for consumption [10][11] Industry Analysis - The aerospace and shipbuilding sectors have led the A-share market, while the financial and materials sectors have shown weaker performance [9][13] - The food and beverage sector has faced challenges, with a notable decline in traditional categories like liquor, while emerging categories such as snacks and health products have performed better [16][17] - The gaming industry is experiencing steady growth, with animation films significantly contributing to box office revenues [20][22] Investment Recommendations - Investment opportunities are recommended in sectors such as soft drinks, health products, and baked goods, with specific stocks highlighted for potential growth [18] - The semiconductor industry continues to show robust growth, with global sales increasing significantly, indicating a strong market outlook [25] - The new materials sector is expected to benefit from ongoing demand and technological advancements, with a recommendation to focus on leading companies in this space [26][27] Sector-Specific Developments - The electric power sector has seen a mixed performance, with the overall index underperforming compared to the broader market, but specific segments like wind and solar power are gaining traction [30][31] - The photovoltaic industry is experiencing price increases for silicon wafers and batteries, driven by supply-demand dynamics and cost pressures [33][35] - The livestock sector is stabilizing, with pig prices showing signs of recovery, while pet food exports continue to grow [37][38]

Core Insights - The report highlights a continuous increase in China's gold reserves, reaching 7.415 million ounces by the end of December, marking a month-on-month increase of 30,000 ounces, which is the 14th consecutive month of growth [5][8] - The report discusses a meeting held by multiple departments regarding the power and energy storage battery industry, focusing on regulating competition and protecting patents among leading companies [5][8] - The Ministry of Industry and Information Technology has issued an action plan to promote the integration of industrial internet and artificial intelligence, aiming for significant improvements in this area by 2028 [5][8] Market Performance - The A-share market showed slight upward movement, with the Shanghai Composite Index closing at 4,085.77, up 0.05%, and the Shenzhen Component Index at 14,030.56, up 0.06% [4] - The report notes that the average P/E ratios for the Shanghai Composite and ChiNext indices are 16.76 and 51.81, respectively, indicating a favorable long-term investment environment [12][13] - The report indicates that the financial and non-ferrous metal sectors are leading the market, with significant interest in coal, non-ferrous metals, and power equipment sectors [12][13] Industry Analysis - The report mentions a significant increase in pig prices, with a month-on-month rise observed, while the supply of live pigs remains ample [15][34] - The gaming industry is noted for steady growth, with animation films leading box office revenues, indicating a shift in consumer preferences [19][21] - The report highlights the establishment of a committee for humanoid robots, suggesting a growing focus on this technology as a key area in the U.S. tech strategy [25][26] Investment Recommendations - The report suggests focusing on sectors such as soft drinks, health products, and baked goods for investment opportunities, particularly in light of the recent performance of these segments [15][34] - It recommends monitoring the semiconductor and AI sectors, as these are expected to see continued growth and investment potential [11][27] - The report emphasizes the importance of stable dividend-paying stocks in traditional engineering machinery and shipbuilding sectors, alongside emerging technologies like humanoid robots [27][28]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 2. 股份分類 | ...

Group 1 - Hong Kong brokerage stocks experienced a decline in the afternoon session, with Guotai Junan International falling over 5% [1] - Other notable declines included GF Securities and Huatai Securities, both dropping over 4% [1] - Additional firms such as China Merchants Securities, Xinguang International, and Zhongzhou Securities also saw their stock prices decrease [1]