Market Overview - On December 30, the motorcycle and other sectors experienced a decline of 0.25% compared to the previous trading day, with Xilong Health leading the drop [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] Stock Performance - Notable gainers in the motorcycle and other sectors included: - Zhenghe Industrial (003033) with a closing price of 76.55, up 4.48% and a trading volume of 80,900 shares, totaling 616 million yuan [1] - Zhang (603766) closed at 15.85, up 1.67% with a trading volume of 190,400 shares, totaling 302 million yuan [1] - Conversely, Xilong Health (002105) led the declines with a closing price of 7.37, down 1.99% and a trading volume of 146,700 shares, totaling 109 million yuan [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 79.19 million yuan from institutional investors, while retail investors contributed a net inflow of 71.26 million yuan [2] - The detailed capital flow for selected stocks showed: - Taotao Automotive (301345) had a net inflow of 13.75 million yuan from institutional investors, but a net outflow of 33.80 million yuan from retail investors [3] - Zhenghe Industrial (003033) experienced a net inflow of 10.05 million yuan from institutional investors, with retail investors contributing a net inflow of 1.33 million yuan [3]

证券日报网讯12月29日，爱玛科技（603529）在互动平台回答投资者提问时表示，公司上市后在广西贵 港和重庆投资建设了新的生产基地，并分别于2024年和2025年投入使用。新的生产基地在场地、工艺、 设备、设计产能等方面相比广东生产基地有较大提升。 ...

Core Viewpoint - The article emphasizes the strong performance of quality stocks since October, particularly those with low price-to-earnings ratios and attractive dividend yields, suggesting that these stocks will continue to attract attention as the year ends and the new year begins [3]. Group 1: Market Trends - Quality stocks have shown robust performance, with the low price-to-earnings index rising over 8% and the performance index for quality stocks increasing over 6% [3]. - The market is expected to focus on quality stocks, especially those with good dividend yields and trading at lower valuations [3]. Group 2: Investment Recommendations - Tianfeng Securities suggests three main investment themes for the upcoming spring market: 1. Technology AI sector led by DeepSeek breakthroughs and open-source initiatives 2. Economic recovery driven by both domestic and international factors, continuing the "stronger gets stronger" trend in the bull market, with opportunities in cyclical sectors 3. The ongoing rise of undervalued dividend stocks [4]. Group 3: Notable Stocks - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced more than 30% from their yearly highs, excluding ST stocks [4]. - Notable companies include: - Transsion Holdings, valued at nearly 80 billion, is a leader in the African mobile phone market, benefiting from the transition from feature phones to smartphones [4]. - Huali Group, valued at nearly 60 billion, is a leading sports shoe manufacturer, expected to maintain rapid growth through expansion and new client acquisition [4]. - Aima Technology and Lianmei Holdings have shown significant net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% year-on-year [4]. Group 4: Institutional Interest - Certain stocks have gained favor among institutional investors, with Transsion Holdings, Huali Group, and Ganyuan Foods seeing significant holdings valued over 100 million as of the end of Q3 [5]. - Companies like Huali Group, Jinyu Medical, and Aima Technology are highlighted as favorites among institutional investors [5]. Group 5: Dividend Performance - Companies such as Ousheng Electric, Transsion Holdings, and Lianmei Holdings have shown substantial cumulative dividend rates exceeding 190% over the past three years [5]. - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually in the last three years [5].

Event Overview - The 2026 (6th) Qidian Lithium Battery Two-Wheeled Vehicle Battery Swap Conference and the Luban Award Ceremony for Lightweight Power Batteries will be held on April 10, 2026, in Shenzhen [2][4] - The theme of the event is "Co-creating a New Chapter in Lightweight Power and Leading the Future of Two-Wheeled Battery Swapping" [2] Agenda Highlights - The conference will feature a variety of sessions including: - Opening ceremony and Luban Award presentation [3] - Specialized sessions on battery swapping and technology, focusing on topics such as the release of the "2026 China Lightweight Power/Two-Wheeled Vehicle Battery Swap TOP20 Ranking and Industry White Paper" [3][5] - Discussions on innovations in battery swapping business models and lifecycle management strategies [5] - Specialized sessions on electric motorcycles and bicycles, addressing battery applications and safety standards [5] Participation and Scale - The event is expected to host over 400 companies and 600 guests, including major players in the electric two-wheeled vehicle and battery sectors [4][6] - Notable participating companies include Yadi, Aima, and Niu Technologies among others [6][7] Registration and Fees - Registration options include SVIP for 3188 RMB, VIP for 2188 RMB, and a free option contingent on social media promotion [9] - The registration deadline is March 31, 2026, with no on-site registration allowed [9]

Group 1 - High-quality stocks have shown strong performance since October, with low P/E index rising over 8% and performance stocks index increasing over 6% [1] - Tianfeng Securities suggests focusing on three investment themes for the upcoming spring market: AI technology breakthroughs, economic recovery driven by internal and external resonance, and the rise of undervalued dividend stocks [1] - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced over 30% from their yearly highs, excluding ST stocks [1] Group 2 - Aima Technology and Lianmei Holdings have reported significant year-on-year net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% [2] - Lianmei Holdings is positioned as a comprehensive energy service provider with significant growth potential, supported by its strategic location and successful investment ventures [2] - Institutions have shown interest in stocks like Transsion Holdings and Huali Group, with insurance funds holding over 100 million yuan in these stocks as of the end of Q3 [2] Group 3 - Companies like Ousheng Electric, Transsion Holdings, and Lianmei Holdings have demonstrated substantial dividend payouts over the past three years, with cumulative dividend rates exceeding 190% [3] - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually [3] - Lianmei Holdings has announced multiple shareholder return plans, highlighting its commitment to investor returns [3] Group 4 - The table lists high dividend yield stocks with significant cumulative dividends over three years, including Ousheng Electric (4.58% yield, 249.05% cumulative dividend), Transsion Holdings (4.46% yield, 214.61% cumulative dividend), and Lianmei Holdings (4.54% yield, 199.10% cumulative dividend) [4] - Other notable stocks include Ganyuan Food (5.02% yield), Huali Group (4.48% yield), and Aima Technology (3.09% yield) [4]

Market Performance - The motorcycle and other sectors increased by 0.2% compared to the previous trading day, with Zhenghe Industrial leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Zhenghe Industrial (code: 003033) closed at 73.27, with a rise of 10.00% and a trading volume of 44,500 shares [1] - Qianhui Motorcycle (code: 000913) rose by 3.76% to close at 15.73, with a trading volume of 103,700 shares [1] - Huayang Jizhu (code: 920058) increased by 3.02% to 33.80, with a trading volume of 13,200 shares [1] - Qianli Technology (code: 601777) rose by 1.77% to 10.90, with a trading volume of 341,200 shares [1] - Chuncheng Power (code: 603129) increased by 0.86% to 280.72, with a trading volume of 9,876 shares [1] - Other notable stocks include Jiuyi Co. (code: 600689) down by 2.22% and Longxin General (code: 603766) down by 1.83% [3] Fund Flow Analysis - The motorcycle and other sectors experienced a net outflow of 69.04 million yuan from institutional funds and 60.62 million yuan from retail funds, while retail investors saw a net inflow of 130 million yuan [2] - Zhenghe Industrial had a net inflow of 28.22 million yuan from institutional funds, while Qianli Technology saw a net inflow of 23.77 million yuan [4] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2][4]

Core Insights - Sunac Services Group has entered a strategic partnership with Aima Technology Group, winning a comprehensive property service project for Aima's headquarters in Tianjin, covering over 870,000 square meters, marking a significant milestone in the smart manufacturing sector for Sunac Services [1][9] Company Overview - Aima Technology Group, established in 1999 and listed on the Shanghai Stock Exchange in 2021, specializes in the research, production, and sales of electric bicycles and motorcycles, with over 30,000 retail outlets globally and ten manufacturing bases across China [1] - Sunac Services is a nationally qualified property service enterprise, recognized as a leading company in the property management sector, focusing on high-quality development strategies and offering a diverse range of services including industrial park services, commercial operations, and residential management [2][3] Service Capabilities - Sunac Services has developed specialized service solutions tailored for high-end manufacturing and corporate office environments, leveraging extensive experience from servicing top global technology and manufacturing firms [5] - The company employs a "zero interference" service model and comprehensive asset management capabilities, which are critical factors for high-end industrial clients when selecting long-term partners [5] Strategic Collaboration - The partnership between Sunac Services and Aima Technology reflects a shared commitment to quality service and local collaboration, leveraging their mutual understanding of regional culture and management practices [9] - Sunac Services aims to transform Aima's Tianjin headquarters into a model for "safe, efficient, and intelligent" manufacturing services and plans to replicate its standardized service system across Aima's national operations [9][10]

在消费复苏与产业升级并行的当下，电动两轮车行业正加速迈入规范发展新阶段。 电动两轮出行行业头部企业爱玛科技（603529）披露2025年三季报。前三季度，爱玛科技营收210.93亿 元、净利润19.46亿元，毛利率较去年同期稳步提升，高端化与智能化布局成效初显。 同时，新版电动自行车安全技术规范全面落地带来行业洗牌机遇，叠加公司持续稳定的分红政策，爱玛 科技以扎实的经营表现，展现出在行业变革中的发展韧性。 核心数据表现稳健 面对行业竞争加剧、原材料价格波动等挑战，爱玛科技2025年三季度依然交出了一份亮眼的经营答卷。 报告显示，公司前三季度实现营业收入210.93亿元，较上年同期增长20.78%；实现净利润19.46亿元， 较上年同期增长23.50%，盈利增速略高于营收增速，展现出良好的增长质量。 单季度来看，第三季度作为电动两轮车销售旺季，爱玛科技精准把握市场节奏，实现营业收入80.62亿 元，同比增长17.30%；归母净利润6.95亿元，同比增长15.24%，市场份额进一步巩固。 业绩增长的背后，离不开公司全产业链布局的支撑。半年报显示，爱玛科技在国内拥有天津、河南、广 西、江苏、重庆、浙江、山东等数个生 ...

Group 1 - The home appliance industry has shown a cumulative increase of 8.06% in 2025, underperforming the CSI 300 index by 10.43 percentage points, ranking 21st among 31 sub-industries [11] - The performance of various sub-sectors in the home appliance industry varies significantly, with white goods, black goods, small appliances, kitchen and bathroom appliances, lighting equipment, and appliance components showing respective changes of -1.12%, 12.55%, 9.52%, -0.74%, 11.87%, and 64.69% [11] - The industry is experiencing a high base effect from previous government subsidies, leading to a slowdown in growth rates [11] Group 2 - The home appliance sector's operating performance in 2025 has shown a trend of high performance in the first half of the year followed by a decline, with revenue and net profit growth rates of 7.34% and 10.17% respectively in the first three quarters [17] - The white goods sector remains stable, while the small appliances sector shows signs of stabilization; kitchen and lighting appliances are struggling due to a lack of growth momentum linked to the real estate market [18] - The overall market is witnessing a structural decline in product prices, with increased concentration in the industry as leading brands capture more market share [49][56] Group 3 - The government subsidy policy's marginal effect is diminishing, with retail sales of home appliances showing a year-on-year increase of 20.10% from January to October 2025, but a significant drop to -14.60% in October [37] - The sales of air conditioners and washing machines have shown steady growth, with respective online and offline retail sales growth rates of 10.00% and 8.00% for air conditioners [41] - Emerging categories like cleaning appliances are expected to perform well, with significant growth in sales for products like robotic vacuum cleaners and washing machines [44] Group 4 - The current valuation of the home appliance sector is at a low point, with a PE ratio of 16.09, which is in the 27.20th percentile of the past decade, indicating potential for upward adjustment [25] - The fluctuation in raw material prices has a limited impact on profitability, with the overall gross margin for the industry at 24.28% and net margin at 8.19% as of Q3 2025 [33] - The industry is adapting to rising costs through product structure upgrades and supply chain management, maintaining a strong profitability despite cost pressures [36]

Core Insights - Tianjin is leveraging technological innovation as a core engine for high-quality development, with the local securities regulatory authority actively guiding capital market resources to support the growth of tech enterprises [1][2][10] Group 1: Capital Market Support for Tech Innovation - The Tianjin Securities Regulatory Bureau has facilitated the listing of 14 new companies in the past five years, with nearly 80% being tech firms, showcasing the increasing "tech content" in Tianjin's capital market [2][10] - The successful listing of Danna Biotech on the Beijing Stock Exchange marks a significant milestone as it becomes the first company in the in vitro diagnostics sector to be listed there, highlighting the supportive role of the capital market in fostering tech innovation [2][10] - The Tianjin Securities Regulatory Bureau is enhancing its regulatory services to help tech companies adapt to market and regulatory requirements, ensuring steady progress in the capital market [3][10] Group 2: Financing Tools and Mechanisms - Various financing tools in the capital market are acting as accelerators for companies in Tianjin to optimize resource allocation and shift towards tech innovation [4][10] - Aima Technology successfully issued 2 billion yuan in convertible bonds, which not only provided long-term funding but also established a positive cycle of financing, R&D, and commercialization [4][5] - The issuance of "tech innovation" and "green" bonds by Chuangye Environmental and other companies illustrates the effectiveness of capital markets in meeting tech innovation needs [7][8] Group 3: Private Equity and Venture Capital - Private equity funds are playing a crucial role as "patient capital" for early-stage and growth-stage tech companies, helping them overcome R&D bottlenecks [9][10] - Huyuan Biotechnology, a leader in the CAR-T field, has benefited from private equity funding, which has supported its clinical applications and industrialization processes [9][10] Group 4: Collaborative Ecosystem Development - The Tianjin Securities Regulatory Bureau is working with multiple departments to optimize the regulatory environment and enhance the development ecosystem for tech companies [11][10] - A comprehensive policy framework has been established to support high-quality development in the capital market, including measures for venture capital and mergers and acquisitions [11][10] - The establishment of service platforms and databases aims to facilitate the growth of listed companies and improve the overall investment climate in Tianjin [11][10]