Group 1 - The Guozheng Free Cash Flow Index fell by 2.86% as of January 30, 2026, with mixed performance among constituent stocks, led by Fostar, while Nanshan Aluminum experienced the largest decline [1] - CICC pointed out that the supply-demand gap for electrolytic aluminum continues to widen, and with global fiscal and monetary policies resonating, aluminum prices are expected to reach new highs, with profit per ton of aluminum likely to expand as prices rise [1] - Guotai Junan Securities noted that while copper prices are currently affected by macro sentiment and AI-related demand adjustments, the long-term outlook remains strong due to ongoing tight supply of copper mines and declining spot processing fees [1] Group 2 - The National Grid's fixed asset investment for the "14th Five-Year Plan" is expected to reach 4 trillion yuan, a 40% increase compared to the previous plan, which supports the copper price outlook [1] - Yingda Securities emphasized the importance of following the "14th Five-Year Plan" and subsequent policy directions, suggesting a focus on technology growth stocks with earnings support, as well as cyclical varieties, domestic consumption, dividend stocks, and sectors with improving economic conditions [1] - The top ten weighted stocks in the Guozheng Free Cash Flow Index as of December 31, 2025, include China National Offshore Oil Corporation, SAIC Motor, Gree Electric Appliances, and others, accounting for 51.95% of the index [2]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metals and oil sectors, driven by rising commodity prices and geopolitical tensions [1] - Spot gold has reached a historical high of $5080.60 per ounce, with a 2% increase, while spot silver briefly surpassed $108 per ounce, showing a daily increase of over 4.6% [1] - The cash flow index's focus on "strong cyclical resources" like non-ferrous metals and chemicals reflects its structural advantages and precise value in the market [1] Group 2 - The CSI All-Share Free Cash Flow Index (932365) has risen by 0.81%, with significant gains in constituent stocks such as silver non-ferrous (up 10.03%), Nanshan Aluminum (up 7.08%), and China National Offshore Oil Corporation (up 5.86%) [1] - The CSI All-Share Free Cash Flow ETF (512130) has increased by 1.84%, marking its sixth consecutive rise, with the latest price at 1.33 yuan [1] - As of December 31, 2025, the top ten weighted stocks in the CSI All-Share Free Cash Flow Index include China National Offshore Oil Corporation, SAIC Motor, and Gree Electric Appliances, collectively accounting for 53.78% of the index [2]

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong is expected to continue into 2026, driven by multiple favorable policies, with 11 companies already announcing their intentions within the first three weeks of the year [1]. Group 1: A-share Companies Planning to List - As of January 22, 2026, 11 A-share companies, including Huichuan Technology and Xingye Silver, have announced plans for Hong Kong listings, with 9 of these companies having a market capitalization exceeding 10 billion yuan, accounting for over 80% [1][3]. - The leading company by market capitalization among these is Huichuan Technology, valued at approximately 214.2 billion yuan, followed by Xingye Silver at 935.05 billion yuan and Desay SV at 766.53 billion yuan [2][4]. Group 2: Financial Performance - Over 80% of the 11 companies planning to list in Hong Kong are expected to be profitable by the third quarter of 2025, with 9 companies reporting profits [5]. - Huichuan Technology leads in profitability with an estimated profit of 4.25 billion yuan, followed closely by Zhengtai Electric with approximately 4.18 billion yuan [5][6]. - Two companies, Haitai Bio and Xianle Health, reported losses, with net profits of approximately -103 million yuan and -158 million yuan, respectively [5]. Group 3: Market Trends and Future Outlook - The Hong Kong market is seeing a rise in hard technology companies, with 4 out of the 11 companies in the power equipment sector [5]. - The "A+H" listing model is becoming a mainstream choice for companies' global strategies, with over 100 A-share companies currently in the queue for Hong Kong listings, representing over 30% of the total 343 companies waiting to go public [7]. - The IPO market in Hong Kong is expected to remain active in 2026, with the "A+H" model continuing to thrive alongside the return of Chinese concept stocks and specialized technology companies [8].

（来源：江苏省可再生能源行业协会） 现场发布核心成果《中非能源创新合作加速器项目案例集报告》，正泰新能"赞比亚伊亭皮60MW地面光伏电站项目" 经过多轮评审遴选后，作为六个典型 项目案例之一入选并荣获"优秀案例奖"，为更多契合非洲需求的中小型能源项目落地提供经验借鉴与模式参考。非盟驻华常驻代表哈吉·巴赫大使与水电 总院总经理易跃春现场为入选案例颁奖，正泰新能中企海外事业部二部总经理白金亮代表公司接受奖项。 项目路演环节，白金亮详细介绍了赞比亚伊亭皮光伏电站项目：该项目位于赞比亚经济与用电负荷中心——铜带省基特韦地区，占地31.5公顷，总装机容 量60MW，于2024年2月15日成功并网发电。赞比亚总统哈凯恩德·希奇莱马亲自出席发电仪式并为项目揭牌剪彩，并盛赞其对赞比亚能源转型的重要意 义。 该项目全部采用正泰新能自主研发的ASTRO系列高效光伏组件，该系列具备卓越的发电性能、极高的环境适应性与可靠性，成为应对非洲高温、高辐照 环境的理想选择。伊亭皮光伏电站并网后，年发电量达5600余万度，有效缓解赞比亚长期存在的电力短缺问题，为数以万计的家庭和企业提供稳定、清洁 的电力，同时减少碳排放，助力该国能源结构优化与 ...

Investment Rating - The report provides a neutral investment rating for the industry [59]. Core Insights - Solid State Circuit Breakers (SSCB) represent a significant technological advancement in circuit protection, transitioning from traditional electromechanical structures to power electronic devices, which better meet the demands of DC systems for high-speed, frequent operations, and compact designs [4][21]. - The necessity for SSCBs in AI Data Centers (AIDC) is emphasized, as they are critical components in the 800V DC ecosystem, enhancing the system's capacity to handle high power density loads and ensuring safety and rapid fault protection [5][30]. - The report identifies key players in the SSCB market, including companies like ABB, Eaton, and domestic firms such as Liangxin, Chint, and Taiyong Changzheng, highlighting their innovations and contributions to the industry [32][36][39][41][43]. Summary by Sections 1. What is a Solid State Circuit Breaker? - SSCBs utilize power semiconductor devices like IGBT, MOSFET, and SiC MOSFET to achieve current interruption, addressing challenges faced by traditional mechanical circuit breakers in DC systems [4][21]. - The advantages of SSCBs include extremely fast interruption speeds, no arcing or contact wear, excellent adaptability to DC systems, and high electrical longevity and reliability [16][21]. 2. Why AIDC Needs Solid State Circuit Breakers? - The evolution of data center power supply architecture is moving towards DC systems, which reduce energy conversion losses and improve efficiency [24][26]. - The report outlines the transition from traditional AC systems to a centralized DC supply model, which enhances power density and reliability [26][30]. 3. Related Companies - **ABB**: A leading provider of electrical solutions, ABB's SACE Infinitus solid state circuit breaker offers rapid fault interruption and significant power loss reduction [36]. - **Eaton**: Known for its power management solutions, Eaton's Polaris solid state circuit breaker features fast fault interruption and is designed for data centers and renewable energy applications [39]. - **Liangxin**: A domestic leader in low-voltage electrical products, Liangxin is focusing on smart distribution and has developed solid state circuit breakers for high power density applications [41]. - **Chint**: A major player in the low-voltage electrical industry, Chint is expanding its product line to include solid state circuit breakers to meet the growing demand in renewable energy and data centers [43]. - **Taiyong Changzheng**: This company has been an early adopter of SSCB technology, offering products that enhance the reliability and safety of DC power systems [49].

Group 1 - The core viewpoint of the article highlights a significant increase in the power grid equipment sector, which rose by 6.94% on the trading day, with YN Power leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - A detailed table of individual stock performances within the power grid equipment sector shows various stocks with their closing prices, percentage changes, trading volumes, and transaction amounts [1] Group 2 - The net inflow of main funds into the power grid equipment sector was 6.472 billion yuan, while retail funds experienced a net outflow of 2.429 billion yuan [3] - A breakdown of fund flows indicates that major stocks like TBEA and China XD Electric saw significant net inflows of 2.408 billion yuan and 1.807 billion yuan, respectively, while retail investors withdrew funds from these stocks [3] - The table of fund flows provides insights into the net inflows and outflows for various stocks, highlighting the contrasting behaviors of institutional and retail investors [3]

Group 1 - The core viewpoint of the article highlights the active performance of sectors such as chemicals, steel, energy storage, and power grid equipment, with the National Free Cash Flow Index rising by 1.4% as of 14:35 on January 19 [1] - Among the constituent stocks, Pinggao Electric reached the daily limit, Weichai Power increased by over 7%, and both Chint Electric and Inner Mongolia Erdos rose by over 5% [1] - The Free Cash Flow ETF, E Fund (159222), saw a net subscription of 3 million units during the trading session, achieving net subscriptions on 9 out of the last 10 trading days [1] Group 2 - The National Free Cash Flow Index selects stocks based on free cash flow rate and adjusts quarterly, with the top three industries being automotive, oil and petrochemicals, and home appliances, focusing on high-quality "cash cow" companies that offer strong defensive attributes [1] - The E Fund Free Cash Flow ETF aims to achieve excess returns through refined management while closely tracking the National Free Cash Flow Index, reporting an excess return of 2.43% relative to the index over the past six months, ranking first among peers, with a tracking error of only 0.06% [1] - The management fee rate for the ETF is set at 0.15% per year, providing investors with a low-cost tool for core allocation in a volatile market [1]

Core Viewpoint - The A-share market experienced fluctuations with the photovoltaic leader ETF (516290) seeing a significant increase of 1.37%, with a trading volume exceeding 30 million yuan, marking a four-day consecutive rise in daily performance [1]. Group 1: Market Performance - The photovoltaic leader ETF (516290) showed mixed performance among its constituent stocks, with TBEA rising over 7%, Maiwei Co. and Chint Electric increasing over 5%, while Longi Green Energy and Jiejia Weichuang experienced pullbacks [3]. - The top ten constituent stocks of the photovoltaic leader ETF include TBEA, which rose by 7.07%, and TCL Technology, which increased by 2.90%, while Longi Green Energy fell by 2.24% [4]. Group 2: Industry Developments - Junda Co. announced a 30 million yuan investment in Shanghai Xingyi Chip Energy Technology Co., aiming to leverage opportunities in the low-orbit satellite networking and space computing industry, enhancing capabilities in photovoltaic industrialization and perovskite technology [5]. - Space photovoltaic energy is highlighted as a strategic solution for commercial space and high-end applications, with the potential to supply energy to satellites and space stations, marking a pivotal moment for the industry [5]. Group 3: Future Outlook - Huaxi Securities emphasizes that photovoltaic technology is the only viable energy solution in space, with advantages over traditional fossil fuels and nuclear energy, making it suitable for extreme environments [5]. - According to CITIC Securities, the space photovoltaic market is expected to reach a trillion yuan scale, with satellite launches projected to increase from 5,000 to 50,000 between 2025 and 2040, driving demand for photovoltaic batteries from 0.024 GW to 1.8 GW [5]. - Guojin Securities expresses strong confidence in "space photovoltaic" becoming a dominant theme in the energy sector through 2026, driven by surging demand and the urgency for resource competition [6].

Core Viewpoint - The enthusiasm for "A+H" listings is increasing, with several A-share companies planning to issue H-shares and list on the Hong Kong Stock Exchange, driven by supportive policies and regulatory improvements [1][2]. Group 1: Market Trends - Companies such as Jucheng Co., Zhengtai Electric, and Penghui Energy are actively planning to issue H-shares and list on the Hong Kong Stock Exchange [1]. - The first "A+H" company to list in 2026 was Haowei Group, followed by Zhaoyi Innovation, indicating a growing trend of dual listings [1]. - The China Securities Regulatory Commission (CSRC) has released measures to support leading domestic companies in listing in Hong Kong, enhancing the development of A-share companies [1]. Group 2: Regulatory Environment - The collaboration between regulatory bodies in both regions has improved the efficiency of the listing application process for A-share companies, creating a more favorable environment for listings [2]. - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have optimized the approval process for new listings, further facilitating A-share companies' access to the market [1][2]. Group 3: Strategic Motivations - Companies are motivated to list in Hong Kong to enhance their global strategy, improve international competitiveness, and create platforms for overseas capital operations [2][3]. - The sectors represented by companies planning to list include high-end electronics, new energy, artificial intelligence, and smart transportation, often featuring industry leaders or technology-driven firms [3]. - The "A+H" model serves not only as a financing tool but also as a strategic configuration that allows companies to mitigate market risks and advance their internationalization efforts [3].

Core Insights - The Ninth World Zhejiang Business Forum and the 2025 Shanghai Zhejiang Chamber of Commerce Annual Meeting will open on January 18 at the Shanghai International Conference Center, focusing on the theme "Surging" which highlights the resilience, innovation, and aspirations of Zhejiang merchants in the context of China's economic waves [3][22] - The forum aims to facilitate a two-way engagement between scientists and entrepreneurs, promoting high-quality development [3][22] Group 1: Key Themes and Speakers - The theme "Surging" symbolizes the pulse of Zhejiang merchants in sync with the times, representing a spirit forged through challenges in the business world [3][22] - Notable speakers include Zheng Qinghua, Wang Jianyu, Guo Guangchang, Lu Chaoyang, Xie Xin, Zhu Junhong, Zhao Yanping, and Ren Bin, who will share insights to propel Zhejiang merchants forward [3][22] - Zheng Qinghua, an academician, will discuss the transformative power of AI and its applications in driving global change [4][22] Group 2: Perspectives on Innovation and Future Directions - Xie Xin, CEO of Feishu, will present on how AI is increasingly understanding business needs, reflecting an "AI-first" approach [6][24] - The forum will explore diverse perspectives in the hard technology sector, emphasizing the collaboration between scientific exploration and practical innovation [9][27] - South Cunhui, a prominent figure in Zhejiang's business community, will address the crossroads faced by Zhejiang merchants in the context of AI trends and international expansion [11][29] Group 3: Commitment to Progress - Guo Guangchang, honorary chairman of the chamber, will highlight the pioneering spirit of Zhejiang merchants as they navigate the global market [15][33] - Li Xiande, the rotating chairman, will emphasize the importance of ambition and leadership in achieving high-quality development [17][35]