Core Viewpoint - The total margin balance of the STAR Market reached 287.78 billion yuan on January 12, with an increase of 5.172 billion yuan compared to the previous trading day [1] Group 1: Margin Balance Details - The financing balance amounted to 286.71 billion yuan, increasing by 5.147 billion yuan from the previous trading day [1] - The securities lending balance was 1.07 billion yuan, which is an increase of 25 million yuan compared to the previous trading day [1] Group 2: Individual Stock Performance - On January 12, 379 stocks on the STAR Market experienced net financing purchases, with 18 stocks having net purchases exceeding 100 million yuan [1] - Western Superconducting Technology Co., Ltd. topped the list with a net financing purchase of 314 million yuan [1] - Other notable stocks with significant net financing purchases include Guosheng Quantum, Yuanjie Technology, Guokai Military Industry, Shijia Photon, Cambrian-U, and Ruichuang Micro-Nano [1]

Group 1 - The concept of controlled nuclear fusion is gaining significant attention due to its potential as a "ultimate energy" source, characterized by abundant raw materials, environmental cleanliness, high safety, and low costs [2][5] - The Wande Nuclear Fusion Concept Index rose by 4.97% on January 12, with several stocks reaching their daily limit, and the index has seen a cumulative increase of nearly 20% in just six trading days [1] - Recent advancements in nuclear fusion technology include the successful excitation of a high-temperature superconducting magnet to 20.8 Tesla by Energy Singularity, marking a significant milestone in the field [2][3] Group 2 - Energy Singularity has developed a 20 Tesla material performance measurement platform, which allows for efficient testing of superconducting materials, addressing the limitations of existing commercial measurement systems [3] - The East Experimental Fusion Reactor, known as the "artificial sun," has confirmed the existence of a density-free zone, providing important physical evidence for high-density operation in magnetic confinement fusion devices [4] - Companies like Xibu Superconductor and China Aviation Optical-Electrical are positioning themselves within the nuclear fusion supply chain, with Xibu supplying materials for international fusion projects and China Aviation Optical-Electrical developing components for fusion systems [6][7] Group 3 - The FRC (Field-Reversed Configuration) approach is gaining traction among domestic and international commercial fusion companies, with notable advancements from Nova Fusion and Hanhai Energy, which are focusing on modular reactor designs [7][8] - Nova Fusion has completed a 500 million yuan angel round of financing, indicating strong investor interest in the FRC technology route [7] - Helion Energy, a U.S. company utilizing the FRC approach, has accelerated its progress with plans to construct the world's first fusion power plant, aiming to deliver fusion electricity by 2028 [8]

Core Viewpoint - The market is experiencing a bullish atmosphere, particularly in the commercial aerospace and satellite navigation sectors, with significant gains in related ETFs and stocks [1][8]. Group 1: ETF Performance - The General Aviation ETF Huabao (159231) opened with strong momentum, reaching an intraday high of 9.65% and closing up 8.71%, marking its largest single-day gain since inception [1][8]. - The ETF attracted a net subscription of 36 million units in a single day, indicating strong investor interest [1][8]. Group 2: Stock Performance - Among the 50 constituent stocks of the ETF, 49 showed positive performance, with notable stocks like Huali Chuantong, Zhongke Xingtou, and Tianyin Electromechanical hitting the daily limit up of 20% [11]. - Other stocks such as Aerospace Hongtu, Western Superconducting, and Aerospace Huanyu increased by over 10%, while Beidou Starlink, Aerospace Electronics, China Satellite, and Haige Communication also reached the 10% limit up [11]. Group 3: Industry Insights - The commercial aerospace sector is identified as a trillion-yuan market, with significant government support and strategic initiatives outlined in national plans for 2024 and 2025 [2][10]. - The industry is expected to grow rapidly, with projections indicating that the market size could reach 8 trillion yuan by 2030 [3][10]. - The U.S. currently leads in the number of operational spacecraft, holding 75.94% of the global share, while China accounts for approximately 9.43% [3][10]. Group 4: ETF Composition - The General Aviation ETF covers a wide range of sectors, including low-altitude economy, commercial aerospace, satellite navigation, large aircraft, and military aircraft, with significant weights in low-altitude economy (over 88%) and commercial aerospace (over 65%) [4][10].

Core Viewpoint - The commercial aerospace and satellite navigation sectors are experiencing significant growth, with the Huabao General Aviation ETF (159231) achieving its highest single-day increase since its launch, closing up 8.71% on January 12, 2024, and attracting a net subscription of 36 million units in a single day [1]. Group 1: Market Performance - The Huabao General Aviation ETF opened at 0.762 and reached a high of 0.820, reflecting a daily trading volume of 554,700 units and a turnover of approximately 43.5 million [1]. - Among the 50 constituent stocks of the ETF, 49 showed positive performance, with several stocks, including Hualichuangtong, Zhongke Xingtou, and Tianyin Jidian, hitting the daily limit of 20% [1][2]. Group 2: Industry Insights - The commercial aerospace sector is identified as a trillion-yuan market, with significant government support and strategic initiatives outlined in national policies, including the inclusion of commercial aerospace in the government work reports for 2024 and 2025 [2][3]. - The Chinese commercial aerospace industry is projected to reach a market size of 8 trillion yuan by 2030, driven by the rapid development of commercial launch vehicles and satellite companies [3]. Group 3: ETF Composition - The Huabao General Aviation ETF covers a wide range of sectors, including low-altitude economy, commercial aerospace, satellite navigation, large aircraft, drones, and military aircraft, with over 88% exposure to low-altitude economy and over 65% to commercial aerospace [3].

Core Viewpoint - The aviation equipment sector experienced a significant increase of 4.11% on January 12, with Jianghang Equipment leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1]. - Jianghang Equipment (688586) saw a closing price of 18.16, with a remarkable increase of 17.01% and a trading volume of 563,600 shares, amounting to a transaction value of 9.51 billion [1]. - Other notable performers included Xibu Superconductor (688122) with a closing price of 106.21, up by 14.27%, and Huamai Technology (688281) at 104.01, up by 12.29% [1]. Group 2: Fund Flow Analysis - The aviation equipment sector experienced a net outflow of 1.313 billion from institutional investors, while retail investors saw a net inflow of 852 million [2]. - The individual stock fund flow indicated that Guangwei Composite (300699) had a net inflow of 2.39 million from institutional investors, while it faced a net outflow of 28.2 million from retail investors [3]. - Zhongjian Technology (300777) reported a net inflow of 102 million from institutional investors, contrasting with a net outflow of 36.97 million from retail investors [3].

Core Viewpoint - The controllable nuclear fusion concept stocks experienced a significant surge, with the sector index rising over 4% as of the report's publication [1]. Group 1: Stock Performance - Tianli Composite (azo576) saw a remarkable increase of 28.20%, with a total market value of 134.1 billion and a current price of 122.83 [2]. - Zhongtai Co., Ltd. (300435) achieved a 20.02% rise, with a total amount of 14.49 million and a market value of 121.9 billion, currently priced at 31.60 [2]. - Sry New Materials (688102) increased by 19.95%, with a total amount of 30.04 billion and a market value of 435.1 billion, currently priced at 56.15 [2]. - Guoguang Electric (688776) rose by 17.81%, with a total amount of 11.96 million and a market value of 149.4 billion, currently priced at 137.88 [2]. - Superconductor (688122) increased by 16.73%, with a total amount of 66.02 million and a market value of 704.9 billion, currently priced at 108.38 [2]. - Other notable performers include Shangda Co., Ltd. (301522) with a 14.77% increase, Hahai Huaton (301137) with an 11.68% rise, and Changfu Co., Ltd. (agозае) with a 10.35% increase [2][3]. Group 2: Market Trends - The surge in stock prices is attributed to the strong performance of several companies in the nuclear fusion sector, with multiple stocks reaching their daily limit up, including China Nuclear Construction, Snowman Group, Antai Technology, and Hezhu Intelligent [3].

Group 1 - The commercial aerospace sector is experiencing significant growth, with the launch of the Ceres-1 rocket scheduled between January 16-18, 2026, targeting a launch window at approximately 4 AM [1] - China has submitted an application for frequency resources for over 200,000 satellites by December 2025, indicating a strong push in satellite deployment [1] - Key events such as increased launch density, technology validation milestones, and accelerated constellation networking are expected to catalyze the commercial aerospace market [1] Group 2 - The China Defense Index (399973) has seen a strong increase of 4.57%, with notable stock performances from companies like Guobo Electronics (up 19.99%) and Zhongke Xingtou (up 17.52%) [1] - The Defense ETF (512670) has also risen by 4.55%, marking its third consecutive increase, with the latest price reported at 1.08 yuan [1] - The top ten weighted stocks in the China Defense Index as of December 31, 2025, include Aerospace Electronics and AVIC Shenyang Aircraft, collectively accounting for 42.34% of the index [2]

Core Viewpoint - The non-ferrous metal sector continues to surge, with a net inflow of 17.5 billion yuan on January 9, ranking third among 31 first-level industries in the Shenwan classification [1][8] - The popular ETF, Huabao Non-Ferrous ETF (159876), saw its price rise over 3.5% during the day, closing up 3.24%, reaching a new historical high [1][8] - The ETF's trading volume exceeded its listing high, indicating a potential buying signal for investors [1][8] Fund Inflows and Performance - Huabao Non-Ferrous ETF experienced a net subscription of 57.6 million units, with a total net inflow of 194 million yuan over the past five days, and 279 million yuan over the last ten days [1][8] - The trading volume for the ETF reached 88.1 million yuan, showing a slight increase compared to previous periods [1][8] Market Trends and Analysis - The U.S. non-farm payroll report released on January 9 indicates potential for further interest rate cuts by the Federal Reserve, which could lead to a super cycle for industrial metals like copper and aluminum [2][8] - Recent price increases in various minor metals, particularly tungsten, are attributed to supply constraints and rising global demand for strategic resources [2][8] - Analysts predict that under conditions of loose liquidity and frequent supply disruptions, prices for copper, aluminum, gold, and battery metals are likely to continue rising through 2026 [2][8] Sector Highlights - Leading stocks in the non-ferrous metal sector, such as Yunnan Zinc Industry and Xiamen Tungsten Industry, have shown significant gains, with some stocks reaching their daily limit [3][10] - The Huabao Non-Ferrous ETF covers a wide range of industries, including precious metals, strategic metals, and industrial metals, allowing for better exposure to the sector's performance [4][8]

Group 1 - The company, Western Superconducting Technologies Co., Ltd., is convening its first extraordinary shareholders' meeting of 2026 on January 26, 2026 [2][5] - The meeting will be held at 14:30 in the company's conference room [5] - Shareholders can vote through both on-site and online methods, with online voting available from 9:15 to 15:00 on the day of the meeting [3][5] Group 2 - The company will utilize the Shanghai Stock Exchange's online voting system for the meeting [5][6] - Specific resolutions to be discussed include special resolutions and those requiring separate counting for minority investors [6] - Shareholders must register to attend the meeting, with registration available from January 23, 2026 [10][12] Group 3 - The company will provide a reminder service for small and medium investors to ensure participation [7] - Voting rights can be exercised through multiple accounts, but only the first vote will be counted if repeated [8] - All voting must be completed before submission [9]

Group 1 - The company, Western Superconducting Technologies Co., Ltd., announced that it will hold its first extraordinary general meeting of shareholders in 2026 on January 26 [2]