Market Overview - The environmental governance sector experienced a decline of 0.55% on December 30, with Huicheng Environmental 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 environmental governance sector included: - Zhenghe Ecology (Code: 605069) with a closing price of 14.85, up 10.00% and a trading volume of 310,900 shares, totaling 453 million yuan [1] - Fulongma (Code: 603686) also rose by 10.00% to 31.58, with a trading volume of 1,419,400 shares, amounting to 4.237 billion yuan [1] - Huaxin Environmental (Code: 301265) increased by 7.17% to 13.15, with a trading volume of 148,700 shares, totaling 19.2 million yuan [1] - Conversely, Huicheng Environmental (Code: 300779) saw a significant decline of 9.01%, closing at 130.85 with a trading volume of 95,400 shares, amounting to 1.271 billion yuan [2] - Other notable decliners included: - Saince (Code: 688480) down 4.49% to 50.61 [2] - Qingshuiyuan (Code: 300437) down 4.39% to 16.55 [2] Capital Flow - The environmental governance sector saw a net inflow of 97.1234 million yuan from institutional investors, while retail investors experienced a net outflow of 41.0087 million yuan [2] - Key stocks with significant capital flow included: - Fulongma with a net inflow of 46.114 million yuan from institutional investors, but a net outflow of 28.1 million yuan from retail investors [3] - Yuhe Tian (Code: 300815) had a net inflow of 39.3351 million yuan from institutional investors, with retail investors seeing a net outflow of 25.3029 million yuan [3]

Group 1 - A-share "Ma" stocks experienced significant upward movement, with Fulongma hitting the daily limit, while Wanlima, Sanyangma, and Tianyima also surged [1] - The market activity occurred in the afternoon session on December 30 [1] - This trend indicates a potential interest in the "Ma" themed stocks within the A-share market [1]

Summary of Key Points Core Viewpoint - On December 26, 2025, Fulongma executed a block trade of 930,000 shares, amounting to 21.734 million yuan, which represented 0.67% of the total trading volume for the day. The transaction price was 23.37 yuan, reflecting an 18.2% discount compared to the market closing price of 28.57 yuan [1]. Group 1: Transaction Details - The block trade involved a total of 930,000 shares at a price of 23.37 yuan per share [1]. - The total transaction value was 21.734 million yuan [1]. - The transaction accounted for 0.67% of the total trading volume on that day [1]. Group 2: Price Comparison - The transaction price of 23.37 yuan was 18.2% lower than the market closing price of 28.57 yuan [1].

Market Performance - The environmental governance sector increased by 0.16% compared to the previous trading day, with Beijete leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up by 0.1%, while the Shenzhen Component Index closed at 13603.89, up by 0.54% [1] Top Gainers - Beijete (300774) closed at 20.17, with a rise of 11.75% and a trading volume of 333,900 shares [1] - Sains (688480) closed at 54.40, up by 10.55% with a trading volume of 39,500 shares [1] - Fulongma (603686) closed at 28.57, increasing by 10.01% with a trading volume of 1,154,800 shares [1] - Qingshuiyuan (300437) closed at 18.26, up by 9.08% with a trading volume of 564,000 shares [1] Top Losers - Huicheng Environmental (300779) closed at 144.83, down by 3.39% with a trading volume of 45,200 shares [2] - Che Jin (688701) closed at 8.51, decreasing by 3.19% with a trading volume of 44,100 shares [2] - Qidi Environment (000826) closed at 2.23, down by 3.04% with a trading volume of 583,900 shares [2] Capital Flow - The environmental governance sector saw a net inflow of 552 million yuan from institutional investors, while retail investors experienced a net outflow of 212 million yuan [2] - The main capital inflow was concentrated in Fulongma, which had a net inflow of 942 million yuan, accounting for 29.39% of its trading volume [3] - Qingshuiyuan had a net inflow of 74.32 million yuan, representing 7.32% of its trading volume [3]

Group 1 - The core viewpoint of the news is that Fulongma's stock has shown significant performance this year, with a year-to-date increase of 158.64% and notable trading activity, including a recent net inflow of funds [1][2] - As of December 26, Fulongma's stock price reached 26.49 yuan per share, with a total market capitalization of 11.005 billion yuan and a trading volume of 714 million yuan [1] - The company has been actively featured on the trading leaderboard, appearing 23 times this year, with the latest instance on December 9, where it recorded a net buy of 61.51 million yuan [1] Group 2 - Fulongma's main business involves the research, production, and sales of environmental sanitation equipment, including waste collection and new energy sanitation equipment, with revenue composition being 77.01% from environmental industry ecological operations, 20.70% from intelligent equipment, and 1.30% from other sources [1] - As of September 30, the number of shareholders increased by 33.02% to 100,000, while the average circulating shares per person decreased by 24.82% to 4,156 shares [2] - For the period from January to September 2025, Fulongma reported a revenue of 3.599 billion yuan, a year-on-year decrease of 5.07%, and a net profit attributable to shareholders of 113 million yuan, down 1.83% year-on-year [2] Group 3 - Fulongma has distributed a total of 933 million yuan in dividends since its A-share listing, with 273 million yuan distributed over the past three years [3]

Market Performance - The environmental governance sector increased by 0.4% compared to the previous trading day, with Fuke Technology leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Individual Stock Performance - Fuke Technology (688335) closed at 23.81, up 4.06% with a trading volume of 39,400 shares and a transaction value of 91.83 million yuan [1] - Other notable performers include: - Fulongma (603686) at 25.97, up 3.14% with a transaction value of 153.5 million yuan [1] - Shangaohuaneng (000803) at 7.25, up 2.84% with a transaction value of 106 million yuan [1] - Tongyuan Environment (688679) at 26.72, up 2.69% with a transaction value of 89.44 million yuan [1] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 281 million yuan from institutional investors, while retail investors saw a net inflow of 345 million yuan [2] - The capital flow for individual stocks shows: - Fulongma had a net inflow of 116 million yuan from institutional investors [3] - Qidi Environment (000826) had a net inflow of 19.58 million yuan from institutional investors [3] - Fuke Technology had a net inflow of 10.32 million yuan from institutional investors [3]

Core Viewpoint - The city of Longyan in Fujian Province is taking the lead in the development and application of low-speed unmanned vehicles, with a focus on ensuring road safety through newly established regulations for testing and demonstration operations [1]. Group 1: Regulatory Framework - The Longyan Municipal Transportation Bureau, Public Security Bureau, and Industrial and Information Technology Bureau jointly issued the "Implementation Measures for Road Testing and Demonstration Operation Management of Low-Speed Unmanned Vehicles in Longyan City (Trial)" [2]. - A city-level joint working mechanism office has been established to oversee the management of unmanned vehicle road testing and demonstration applications within Longyan [1]. Group 2: Testing and Licensing Requirements - Companies with capabilities in manufacturing, R&D, testing, or operation of unmanned vehicles must submit a self-declaration of safety, along with relevant materials, to obtain a road testing or demonstration application license [2]. - To qualify for a demonstration application, unmanned vehicles must have completed at least 240 hours or 1,000 kilometers of road testing without traffic violations or accidents for which they are responsible [2]. - Companies that have already been approved for demonstration activities in other provinces can initiate demonstration applications after completing at least 120 hours or 500 kilometers of road testing in the proposed areas [2]. Group 3: Current Participants - Four companies, including Fulongma and Shanghai Mofu, have submitted applications for road testing of unmanned sanitation or logistics vehicles [2]. - Fulongma's 12 low-speed unmanned sanitation vehicles (models SD15 and SD22) have successfully passed the review and are among the first to receive road testing licenses in Longyan [2].

Group 1 - The company, Fulongma, is the first domestic mainboard-listed company focused on the sanitation sector [2] - The company is committed to the development of environmental sanitation and is continuously deepening its layout in the urban services field [2] - Fulongma's core business segments include intelligent equipment manufacturing and ecological operation in the environmental industry [2] Group 2 - The company aims to create a better living environment through technology and innovation [2] - Fulongma is actively expanding into application fields such as highways, airports, docks, mining areas, and emergency firefighting [2] - The company is focused on innovation in its product lineup and is working to cultivate new growth by exploring new scenarios [2]

Company Overview - Xiamen Deep Blue Power Intelligent Energy Co., Ltd. was recently established with a registered capital of 28.57 million RMB [1][2] - The legal representative of the company is Wei Wenshen [2] - The company is classified as a limited liability company with natural person investment or control [2] Shareholding Structure - The shareholding structure includes: - Jianyi (Xiamen) Investment Co., Ltd. holding 35.0018% - Fulongma Group Co., Ltd. holding 35.0018% - Xiamen Deep Blue Power Technology Co., Ltd. holding 29.9965% [1] Business Scope - The company's business scope includes: - Contract energy management - Technical services, development, consulting, exchange, transfer, and promotion - Technology intermediary services - Sales of charging piles and electric vehicle charging infrastructure operation - Research and development, manufacturing, and sales of distribution switch control equipment - Software development and information technology consulting services - Investment activities with self-owned funds [1]

Group 1 - The core transaction involved 90,000 shares of Fulongma, with a total transaction value of 2.1564 million yuan, representing 0.14% of the total trading volume for the day [1] - The transaction price was 23.96 yuan per share, which is a discount of 10.36% compared to the market closing price of 26.73 yuan [1]