Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 27, 2026 [1][5] - China Gold (600916.SH) leads with a daily increase of 9.96% and a year-to-date increase of 36.81%, with a dividend yield of 3.45% [1][5] - Aotewei (688516.SH) shows a remarkable year-to-date increase of 120.95%, with a daily increase of 9.81% and a dividend yield of 2.31% [1][5] Group 2 - The index's historical price-to-earnings ratio is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 [2] - The dividend yield for the index over the past 12 months is noted as 1.34 times, indicating a strong return for investors [2] - The article mentions the formation of a MACD golden cross signal, suggesting positive momentum for the stocks listed [4][8]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

Core Insights - The company has successfully constructed and is currently testing the automated assembly welding production line at its intelligent hydraulic support factory, which is set to enhance production efficiency and stability [1][2] - The intelligent hydraulic support factory has been recognized as the first "lighthouse factory" in the coal machinery industry by the World Economic Forum, highlighting its commitment to digital and intelligent transformation [1] - The project, covering an area of 73,800 square meters, includes two core production lines: an intelligent welding production line and an intelligent assembly production line, marking a significant industry benchmark [1][4] Group 1 - The automated assembly welding production line is a key component of the intelligent welding production line, integrating 5G and IoT technologies for real-time data transmission and remote control [2] - The welding process is critical for product quality, and its digitization and automation are expected to enhance production efficiency and market competitiveness [2] - The intelligent hydraulic support assembly line is designed to achieve high levels of automation and intelligence, improving the assembly process from component handling to quality inspection [2][4] Group 2 - The intelligent hydraulic support assembly line is the first of its kind in the industry, with all equipment installed and currently undergoing testing to ensure compliance with design specifications [4] - Once operational, the assembly line is projected to have an annual capacity of over 20,000 hydraulic supports, significantly transforming traditional assembly methods and boosting efficiency [4] - The project is considered a phase two initiative of the "lighthouse factory," reinforcing the company's leading position in the coal machinery sector and promoting the transition of the manufacturing industry in Henan towards intelligence and high-end development [4]

（编辑 丛可心） 证券日报网讯 1月23日，中创智领在互动平台回答投资者提问时表示，公司在欧盟地区存在业务布局， 在欧盟地区的收入占公司整体营业收入的比重约为15%。在业务模式上，公司下属汽车零部件板块的索 恩格（SEG）是国际化的汽车零部件供应商和服务商，其在欧洲西班牙、匈牙利建立了制造基地，主要 面向欧盟地区开展业务。公司汽车零部件板块的亚新科是一家拥有丰富产品线的平台型汽车零部件集 团，其制造基地主要位于中国，并在欧洲设立了销售子公司，对外出口开拓欧洲市场。 ...

Group 1 - The core viewpoint of the article highlights that Zhengzhou Coal Mining Machinery Group Co., Ltd. (Zheng Coal Machine) has been recognized as one of the first companies in the mining machinery manufacturing industry in Henan Province to be included in the 2025 "Zero Carbon Factory" list due to its outstanding achievements in green manufacturing and sustainable development [1][2] - The "Zero Carbon Factory" selection is an important initiative by the Henan Provincial Department of Industry and Information Technology to promote energy conservation and carbon reduction, involving self-declaration by enterprises, city recommendations, expert reviews, and public announcements [1] - Zheng Coal Machine has implemented a series of measures for energy structure optimization, including the installation of a 7MW distributed photovoltaic power generation system, which has increased the proportion of renewable energy used directly to 29.18% [1] Group 2 - The company has effectively reduced natural gas consumption and carbon emissions during production through technological transformations such as heat recovery and water recycling [1] - Zheng Coal Machine has established a comprehensive carbon management system, utilizing a digital energy and carbon management center for real-time monitoring of energy consumption and emissions [1] - The company's main product, the "hydraulic support for coal mine comprehensive mining face," has obtained a product carbon footprint certificate, with a 9.49% reduction in carbon footprint in 2024 compared to the previous year [1] Group 3 - Zheng Coal Machine achieved a 100% offset of its carbon emissions for the year 2024 through the cancellation of green power certificates, ultimately reaching a "zero carbon" status [1] - As a national-level green factory and the first "lighthouse factory" in the global coal machinery industry, Zheng Coal Machine's inclusion in the "Zero Carbon Factory" list signifies its leadership in green low-carbon operations within the industry [2] - The Zhengzhou Economic Development Zone will continue to summarize and promote advanced experiences and typical practices, enhancing dynamic management and support for enterprises in implementing energy-saving and carbon reduction transformations [2]

Group 1 - The core viewpoint of the article highlights the performance and adjustments of the fund managed by Zhu Shaoxing, with a net asset value of 22.484 billion yuan as of Q4 2025 [1] - The fund's performance during the reporting period shows a return of 1.12% for both the A/B and D classes, while the C class returned 0.91%, compared to a benchmark return of -0.09% across all classes [1][2] - The top ten holdings of the fund include notable companies such as Ningbo Bank, Jerry Holdings, CATL, and Kweichow Moutai, indicating a diversified investment strategy [1][2] Group 2 - Zhu Shaoxing's recent adjustments in the portfolio include a reversal on Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half, now ranking as the seventh largest holding [2] - The fund has reduced its exposure to the new energy vehicle sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its stake in CATL [2] - The analysis indicates that the current monetary policy remains accommodative, and the fiscal policy is actively supporting the market, leading to improved investor risk appetite [3] Group 3 - The A-share market is noted to have seen a significant increase in overall valuations, yet it remains within a reasonable range in a long-term cycle, suggesting continued attractiveness of equity assets [3] - The focus on selecting stocks with strong corporate governance and management is emphasized as a strategy for future value creation, aligning with the fund's growth-oriented investment approach [3]

Core Viewpoint - The report highlights the performance and asset allocation of the fund managed by Zhu Shaoxing, indicating a strategic shift in investment focus and a positive outlook on certain sectors amid a changing economic environment [1][3]. Fund Performance - As of the end of Q4 2025, the net asset value of the fund managed by Zhu Shaoxing is 22.484 billion yuan [1]. - The performance of various fund classes during the reporting period shows: - Fund Class A/B: 1.12% return, benchmark return: -0.09% - Fund Class C: 0.91% return, benchmark return: -0.09% - Fund Class D: 1.12% return, benchmark return: -0.09% [1]. Top Holdings - The top ten holdings of the fund include: 1. Ningbo Bank (002142.SZ) - 6.25% of net asset value 2. Jerry Holdings (002353.SZ) - 4.98% 3. CATL (300750.SZ) - 4.90% 4. Kweichow Moutai (600519.SH) - 4.90% 5. Chuanfeng Power (603129.SH) - 3.70% 6. Zhongchuang Zhiling (601717.SH) - 2.84% 7. Zijin Mining (601899.SH) - 2.53% 8. Ruifeng New Materials (300910.SZ) - 2.52% 9. Guocer Materials (300285.SZ) - 2.19% 10. Xugong Machinery (000425.SZ) - 2.05% [2]. Investment Strategy - Zhu Shaoxing indicates a clear adjustment in investment strategy, with a notable reversal in the position of Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half [2]. - The fund has reduced its holdings in the new energy sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its position in CATL during Q4 2025 [2]. - The report emphasizes a favorable economic outlook, with a focus on sectors such as communications, electronics, and non-ferrous metals, which are expected to perform well [3]. Market Outlook - The current A-share market is described as having risen in valuation but still within a reasonable range for long-term investment [3]. - The report suggests that equities remain attractive compared to other asset classes, and emphasizes the importance of selecting individual stocks with strong corporate governance and management to maximize future value creation [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Yaxia Hydropower Project, with an expected investment of over RMB 2 trillion, will significantly boost the demand for high - end and large - scale construction machinery, serving as a key investment catalyst for the construction machinery industry [1][5][7] - The 14th Five - Year Plan sets the tone for the industry, promoting original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be gradually released, benefiting cyclical sectors such as construction machinery [1][12] - China's construction machinery export data has been growing rapidly. The Chinese market is at a cyclical inflection point, and exports are expected to rise from $234 billion in 2024 to $570 billion in 2030. Domestic companies' overseas revenue has increased significantly [1][17][22] - The CSI Construction Machinery Theme Index allows for one - click allocation of core construction machinery assets. It has high long - term returns, high volatility, and significant event - driven characteristics. The performance of its constituent stocks is expected to continue to improve [1][34][56] - The Huaxia CSI Construction Machinery ETF closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error [1][68] Summary by Directory 1. The 14th Five - Year Plan Sets the Tone for the Industry, and Domestic Brands Accelerate Overseas Expansion 1.1 The Yaxia Hydropower Project Starts, and Trillion - Dollar Investment Creates a Century - Long Project - The Yaxia Hydropower Project officially started in 2025. Its construction plan can be traced back to 2007, and it entered the implementation phase in 2024 [5] - Compared with the Three Gorges Project, the Yaxia Hydropower Project may have a dynamic investment of over RMB 2 trillion, and most of the investment will be used for power station construction and power transmission projects [7][9] 1.2 The 14th Five - Year Plan Sets the Tone for the Industry, and the Domestic and Overseas Sales of Excavators Continue to Improve Synchronously - The 14th Five - Year Plan emphasizes original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be released, benefiting cyclical sectors [12] - In November 2025, the sales of various excavators reached 20,027 units, a year - on - year increase of 13.90%. Domestic sales increased by 9.11% year - on - year, and exports increased by 18.84% year - on - year, indicating the recovery of the industry [13] 1.3 The Global Construction Machinery Market is Vast, and China's Export Data Shows High Growth - The global construction machinery market is expected to grow from $213.5 billion in 2024 to $296.1 billion in 2030. The Chinese market is at a cyclical inflection point, expected to rise from $234 billion in 2024 to $570 billion in 2030 [17] - The global excavator market is expected to reach $92.8 billion in 2030. In China, excavators will lead the industry recovery with a growth rate of 16.8% [17] - Overseas markets account for nearly 90% of the global construction machinery market. China's construction machinery export volume has increased from $18.894 billion in 2020 to $52.829 billion in 2024, with a CAGR of 29.33% [22] 1.4 The Construction Machinery Cycle Reaches the Bottom and Rebounds, and Domestic Brands Accelerate Overseas Expansion - The excavator industry has experienced two cycles and is now in a new upward cycle. In 2024, the annual sales volume increased by 3.1% year - on - year, and from January to November 2025, the growth rate expanded to 16.7% [24] - The overseas revenue of the four major domestic construction machinery manufacturers has increased significantly. In 2024, the overseas revenue ratios of Sany Heavy Industry and Zoomlion exceeded 50% [27] - International giants still dominate the global market. Chinese construction machinery manufacturers such as XCMG, Sany Heavy Industry, and Zoomlion still have room for improvement in global market share [29] 2. The CSI Construction Machinery Theme Index: One - Click Allocation of Core Construction Machinery Assets 2.1 Index Compilation: Selecting Core Leaders in the Construction Machinery Industry - The CSI Construction Machinery Theme Index was released on September 27, 2021, with a base date of June 30, 2016. It selects 50 representative listed companies in the construction machinery field as samples to reflect the overall performance of construction machinery - related stocks [34] - The index samples are adjusted semi - annually, on the next trading day after the second Friday of June and December each year [36] 2.2 Industry Market Value Characteristics: High Concentration in the Construction Machinery Sector, with Market Value Structure Dominated by Leading Companies - As of January 6, 2026, the index has 50 constituent stocks, with an average total market value of RMB 28.131 billion. Five stocks have a market value of over RMB 100 billion [37] - The top ten constituent stocks of the index account for 72.55% of the total weight. The top three stocks by weight are XCMG, Sany Heavy Industry, and Weichai Power [43] - The index focuses on the construction machinery, auto parts, and special equipment sectors, with a combined proportion of over 87%. The construction machinery industry has the highest weight, at 61.99% [46] 2.3 High Elasticity, Offensive Nature, and Long - Term Allocation Value - In the rising market, the CSI Construction Machinery Index has strong explosive power. For example, from January 31 to April 19, 2019, its cumulative return was 44.07%, significantly higher than that of broad - based indices [50] - Since the base date, the cumulative return of the index has reached 153.95%, and the annualized return is 10.60%, far exceeding that of major broad - based indices. It has high volatility and a large maximum drawdown, indicating its high - elasticity offensive characteristics [56] - The index shows a pattern of leading in the up - cycle and adjusting in the down - cycle. In 2019 and 2025, its annual returns were significantly higher than those of broad - based indices [62] 2.4 High - Level Operation Supported by Positive Expectations, Highlighting the Attention of Sector Allocation - As of January 5, 2026, the P/E ratio of the CSI Construction Machinery Index was 24.13, with a historical quantile of 79.59%, and the P/B ratio was 2.26, with a historical quantile of 94.49%. The valuation is at a relatively high level [65] - The market's positive expectations for the industry have been reflected in the valuation, highlighting the long - term certainty of sector allocation [65] 3. Huaxia CSI Construction Machinery ETF - The Huaxia CSI Construction Machinery ETF (fund code: 515970) closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error. It started raising funds on January 19, 2026, and ended on January 30, 2026, with Wang Xinwei as the fund manager [68]

Core Viewpoint - The company has announced a change in its website and investor contact email to better align with its development needs, effective immediately upon the announcement [1]. Group 1: Company Information - The new company website and investor contact email will be activated, while the old website will continue to be used by the company's wholly-owned subsidiary, Zhengzhou Coal Mining Machinery Group Co., Ltd [1]. - Emails sent to the old investor contact email will be forwarded to the new investor contact email [1]. - Other contact information such as investor phone, fax, and address will remain unchanged [1].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 變更公司網址及投資者聯繫郵箱 中創智領（鄭 州）工業技術集團股份有限公司（「本公司」或「公 司」）根據公司發展 實 際 需 要，對 公 司 網 址 及 投 資 者 聯 繫 郵 箱 進 行 了 變 更，自 本 公 告 發 佈 之 日 起 生 效。現 將 具 體 變 更 信 息 公 告 如 下： | 變更事項 | 變更前 | 變更後 | | --- | --- | --- | | 公司網址 | www.zmj.com | www.zczl.cn | | 投資者聯繫郵箱 | ir@zmj.com | ir@ ...