Core Viewpoint - The stock of Asia Xiang System Integration Technology (Suzhou) Co., Ltd. has experienced abnormal trading fluctuations, with a cumulative increase of 24.26% from December 31, 2025, to January 6, 2026, and a total increase of 172.16% since November 2025, raising concerns about potential market overreaction and irrational speculation [2][10]. Group 1: Stock Trading Abnormalities - The company's stock price has deviated significantly, with a cumulative increase exceeding 20% over three consecutive trading days, qualifying as an abnormal trading situation according to Shanghai Stock Exchange regulations [2][4]. - As of January 6, 2026, the closing price of the company's stock was 115.56 yuan, with a price-to-book ratio of 13.21, which is significantly higher than the industry average of 5.06 [3][10]. Group 2: Company Operations and Financials - The company reported a revenue of 3.109 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of 29.63% [3][9]. - The company has confirmed that its operational status is normal, and there are no undisclosed significant matters affecting stock price fluctuations [5][6]. Group 3: Market Sentiment and Risks - The stock price's short-term increase has diverged from the company's fundamentals, indicating potential risks of market sentiment overheating and irrational speculation [2][10]. - The company has not identified any media reports or market rumors that require clarification or response [8].

证券代码：603929 证券简称：亚翔集成 公告编号：2026-001 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"）股票于 2025 年 12 月 31 日、2026 年 1 月 5 日、1 月 6 日连续三个交易日内日收盘价 格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日， 确认不存在应披露而未披露的重大信息。 公司股价短期上涨幅度较大，已偏离上市公司基本面，未来存在较大 下跌风险。公司股票价格于 2025 年 12 月 31 日至 2026 年 1 月 6 日期间累计 上涨 24.26%，自 2025 年 11 月以来累计上涨 172.16%。当前可能存在市场情 绪过热、非理性炒作风险。 二级市场交易风险：截至 2026 年 1 月 6 日收盘，公司收盘价格为 115.56 元。根据中证指数网（www.csindex.com.cn） ...

Summary of Key Points Core Viewpoint - On January 6, a total of 54 stocks were involved with institutional investors, with 30 stocks showing net buying and 24 stocks showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Aerospace Electronics: Net buying amount of 451.14 million yuan, with a daily increase of 10.02% [1][2] - Yaxiang Integration: Net buying amount of 139.34 million yuan, with a daily increase of 10.00% [1][2] - Liou Co., Ltd.: Net buying amount of 135.20 million yuan, with a daily increase of 6.94% [1][2] Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Tongyu Communication: Net outflow amount of 2.35 billion yuan, with a daily increase of 3.38% [1][4] - Yingliu Co., Ltd.: Net outflow amount of 1.75 billion yuan, with a daily decrease of 5.55% [1][4] - Haike Xinyuan: Net outflow amount of 1.40 billion yuan, with a daily decrease of 3.77% [1][4]

Group 1 - The A-share market opened positively on January 5, 2026, with major indices rising, and the Guozhen Free Cash Flow Index increasing by approximately 0.4% [1] - Notable stocks such as Fenghuo Communication reached the daily limit, with others like Yaxiang Integration, Salt Lake Co., and China Aluminum also seeing gains [1] - The largest free cash flow ETF (159201) experienced a net inflow of over 450 million yuan in the last 10 trading days, bringing its total size to 8.596 billion yuan, indicating significant capital inflow [1] Group 2 - CICC's strategy team defined 2026 A-shares as "riding the momentum," highlighting the strengthening logic of international monetary order reconstruction and the critical application phase of the AI revolution [1] - The performance of China's innovative industries is expected to continue supporting asset performance, with the importance of fundamentals in A-shares increasing after a period of valuation repair [1] - The free cash flow ETF (159201) and its linked funds are designed to closely track the Guozhen Free Cash Flow Index, selecting stocks with positive and high free cash flow, indicating high quality and strong risk resistance suitable for long-term investment [1]

Core Viewpoint - The professional engineering sector experienced a significant increase of 3.18% on January 6, with Zhitex New Materials leading the gains, reflecting a positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1]. - Zhitex New Materials (300986) saw a remarkable increase of 19.97%, closing at 16.10, with a trading volume of 672,100 shares and a transaction value of 1.036 billion [1]. - Other notable performers included Yaxiang Integration (603929) with a 10.00% increase, closing at 115.56, and Chalco International (601068) with a 9.93% increase, closing at 5.98 [1]. Group 2: Capital Flow - The professional engineering sector experienced a net inflow of 398 million in main funds, while retail investors saw a net outflow of 64.22 million [2]. - The main funds showed significant interest in Zhitex New Materials with a net inflow of 1.83 billion, representing 17.66% of its trading volume [3]. - Yaxiang Integration also attracted main fund inflows of 1.30 billion, accounting for 15.53% of its trading volume, despite a net outflow from retail investors [3].

Group 1 - The core point of the article is that Yaxiang Integrated (603929) has stated on its interactive platform that the number of its shareholders is expected to reach 25,005 by December 31, 2025 [1]

Group 1 - The professional engineering sector increased by 1.14% on January 5, with *ST Tianlong leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] - Notable stocks in the professional engineering sector included *ST Tianlong, which rose by 20.04% to a closing price of 5.39, and Zhi Te New Materials, which also increased by 20.04% to 13.42 [1] Group 2 - The professional engineering sector saw a net inflow of 327 million yuan from institutional investors, while retail investors experienced a net outflow of 161 million yuan [2] - Major stocks with significant net inflows included Yaxiang Integration, which had a net inflow of 152 million yuan, and Zhi Te New Materials with a net inflow of 126 million yuan [3] - The overall market showed a mixed trend, with some stocks like Feifei Shishang declining by 5.51% to a closing price of 65.65 [2]

Group 1 - The core viewpoint of the article emphasizes the performance of the "brokerage golden stocks" and their ability to track the performance of mixed equity funds, showcasing the analytical capabilities of brokerage firms [2][7][28] - In December 2025, the top-performing stocks in the brokerage golden stock pool included XW Communication, Maiwei Co., and Yaxiang Integration, with significant monthly increases [1][3][4] - The top three brokerages by monthly returns were Huachuang Securities, Guojin Securities, and Changcheng Securities, with returns of 17.26%, 12.74%, and 11.36% respectively, compared to 3.06% for the mixed equity fund index and 2.28% for the CSI 300 index [6][10] Group 2 - The brokerage golden stock pool showed a high allocation in the electronics (14.04%), non-ferrous metals (9.93%), and basic chemicals (8.96%) sectors, with notable increases in non-ferrous metals (+3.13%) and defense industry (+1.93%) [25][18] - The performance of the brokerage golden stock performance enhancement portfolio yielded an absolute return of 5.24% for December 2025 and 40.66% for the year, outperforming the mixed equity fund index by 2.18% and 7.47% respectively [33][27] - The article highlights the importance of analyst recommendations, noting that stocks with fewer prior recommendations tend to gain more market attention once included in the golden stock pool [22][20]

- The report highlights that in December 2025, the top-performing factors in the broker's gold stock pool were single-quarter ROE, net analyst upgrades, and net operating cash flow, while volatility, single-quarter revenue growth, and intraday returns performed poorly[3][27] - Throughout 2025, the best-performing factors were total market capitalization, single-quarter revenue growth, and single-quarter ROE, while EPTTM, expected dividend yield, and volatility performed poorly[3][27] - The broker's gold stock performance enhancement portfolio achieved an absolute return of 5.24% in December 2025, with an excess return of 2.18% relative to the mixed equity fund index[5][41] - For the year 2025, the broker's gold stock performance enhancement portfolio achieved an absolute return of 40.66%, with an excess return of 7.47% relative to the mixed equity fund index, ranking in the 32.60th percentile among active equity funds[5][41] - The construction of the broker's gold stock performance enhancement portfolio involves selecting stocks from the broker's gold stock pool, optimizing the portfolio to control deviations in individual stocks and styles, and using the industry distribution of all public funds as the industry allocation benchmark[42] - The historical performance of the broker's gold stock performance enhancement portfolio from 2018 to 2025 shows an annualized return of 21.71%, with an annualized excess return of 14.18% relative to the mixed equity fund index, consistently ranking in the top 30% of active equity funds each year[43][46]

Group 1 - The professional engineering sector increased by 0.41% on December 31, with Zhitex New Materials leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Zhitex New Materials saw a closing price of 11.18, with a rise of 8.97%, and a trading volume of 238,800 shares, amounting to a transaction value of 258 million yuan [1] Group 2 - The professional engineering sector experienced a net outflow of 4.46 million yuan from institutional funds, while retail investors saw a net inflow of 17.18 million yuan [2] - The stock with the highest net inflow from institutional funds was Zhitex New Materials, with 51.47 million yuan, representing 19.94% of its trading volume [3] - Hangxiao Steel Structure had a significant net outflow of 96.36 million yuan from institutional funds, accounting for 14.13% of its trading volume [3]