Group 1 - New stock subscriptions: Agricultural University Technology subscription code 920159, issue price 25 yuan/share, subscription limit 720,000 shares. Zhenstone Co. subscription code 780112, issue price 11.18 yuan/share, subscription limit 54,500 shares [6] - The China Securities Regulatory Commission (CSRC) held a system work meeting on January 15, 2026, emphasizing the need to maintain market stability and enhance monitoring and regulation to prevent market volatility [7] - The CSRC is investigating Rongbai Technology for misleading statements regarding a major contract, which the company estimated at a total of 120 billion yuan with CATL [9] Group 2 - Minexplosion Optoelectronics plans to acquire Xiamen Zhizhi Precision and Jiangxi Maida, both focusing on core consumables in PCB manufacturing [10] - Yanjing Co. intends to purchase 98.54% equity of Yongqiang Technology, expanding its business into high-end electronic interconnection materials for integrated circuits [11] - Qizhong Technology plans to invest 50 million yuan in a stake in He Xin Integrated, a company in the advanced packaging and testing field [12] Group 3 - Tianyuan Intelligent's actual controller and chairman, Wu Yizhong, has been detained [14] - Tian Tie Technology's actual controller, Xu Jiding, has had his compulsory measures changed to bail pending trial [15] - Guolian Minsheng expects a net profit increase of approximately 406% year-on-year for 2025 [16] Group 4 - Oke Yi anticipates a net profit increase of 67.53% to 91.96% year-on-year for 2025 [17] - I Love Home expects a net profit increase of 40.78% to 56.42% year-on-year for 2025 [17] - Longi Green Energy expects a net profit loss of 6 billion to 6.5 billion yuan for 2025 [17]

Economic Information - Several smartphone manufacturers, including Xiaomi, OPPO, vivo, and Transsion, have lowered their annual shipment forecasts, with Xiaomi and OPPO reducing by over 20%, vivo by nearly 15%, and Transsion to below 70 million units [2] - Silver prices have surged over 50% in one month and over 150% in six months, impacting the photovoltaic industry, which consumes a significant amount of silver. The cost of raw materials for solar cells has increased by nearly 20% due to rising silver prices [2] - The company Xibei is expected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026, leading to the closure of 102 stores, accounting for 30% of its total outlets [2] Company Alerts - Shenghong Technology anticipates a net profit increase of 260%-295% year-on-year for 2025, although Q4 performance fell short of expectations [4] - Cambridge Technology expects a net profit increase of 51%-67% year-on-year for 2025, with Q4 results also below expectations [4] - Multiple companies, including Weimait and Youyan Silicon, have announced plans to reduce their shareholdings by up to 4.98% and 3% respectively [4][11] Overseas Alerts - The three major U.S. stock indices collectively declined last Friday, with the Nasdaq China Golden Dragon Index dropping by 1.15%. Notable declines were seen in Chinese stocks such as Alibaba and JD.com [5] - The European Union is considering imposing tariffs on U.S. goods worth 93 billion euros in response to U.S. tariffs on eight European countries, which could take effect on February 6 if no agreement is reached [5]

Core Viewpoint - On January 18, no A-share listed companies disclosed any increase in shareholding, while nine companies announced share reductions, indicating a trend of selling among certain stakeholders in the market [1]. Group 1: Share Reduction Details - Yunda Lifi: Some directors and senior management personnel reduced their shareholdings [2]. - Sifangda: Controlling shareholder and concerted actors plan to reduce holdings by no more than 4.8801 million shares [2]. - Chuhuan Technology: Pre-IPO employee shareholding platform intends to reduce no more than 3% of its shares [2]. - He’s Eye Hospital: Advanced Manufacturing Fund plans to reduce no more than 1.97% of its shares [2]. - Sandam Membrane: Qingyuan China intends to reduce no more than 3% of its shares [2]. - Anbiping: Nanjing Qianjing plans to reduce no more than 1.61% of its shares [2]. - Weisi Medical: Controlling shareholder's concerted actors plan to reduce no more than 3% of its shares [2]. - Aidi Te: Shareholders Junlian Xinkang and HAL plan to reduce no more than 3% of their shares [2].

Core Viewpoint - Kins Environment (688466.SH) announced that its major shareholder, Victorious Joy Water Services Limited, plans to reduce its stake due to funding needs, indicating potential changes in shareholder structure and market sentiment [1] Shareholder Reduction Plan - Victorious Joy Water Services Limited intends to reduce its holdings by up to 1,025,200 shares, which represents no more than 0.83% of the company's total share capital [1] - The reduction will occur through centralized bidding transactions over a period of three months, starting from February 9, 2026, to May 8, 2026 [1] - The selling price will be determined based on market conditions at the time of the sale [1]

Group 1 - The core point of the article is that Jinko Environment (688466.SH) announced that its shareholder, Lixin Water, plans to reduce its stake in the company by up to 1.0252 million shares, which represents no more than 0.83% of the company's total share capital [1]

Core Viewpoint - Jinko Environment (688466.SH) announced that its shareholder, Lixin Water, plans to reduce its stake in the company by up to 1.0252 million shares, which represents no more than 0.83% of the company's total share capital [1] Group 1 - The reduction of shares will be executed through centralized bidding transactions [1] - The maximum number of shares to be sold is specified as 1.0252 million [1] - The percentage of total share capital being reduced is noted as 0.83% [1]

Core Viewpoint - Kins Environment (688466.SH) announced a share reduction plan from its major shareholder, Victorious Joy Water Services Limited, due to its own funding needs [1] Group 1: Shareholder Actions - Victorious Joy Water Services Limited plans to reduce its holdings by up to 1,025,200 shares, which represents no more than 0.83% of the company's total share capital [1] - The reduction will be executed through centralized bidding transactions within a period starting from February 9, 2026, to May 8, 2026, following a 15 trading day notice period from the announcement date [1] - The selling price will be determined based on market conditions [1]

持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 证券代码：688466 证券简称：金科环境 公告编号：2026-001 金科环境股份有限公司 重要内容提示： 大股东持股的基本情况 截至本公告披露日，Victorious Joy Water Services Limited（以下简称"利欣 水务"）持有金科环境股份有限公司（以下简称 "公司"）股份 8,675,171 股，占 公司总股本的 7.05%。 减持计划的主要内容 公司于近日收到持股 5%以上股东利欣水务发来的减持计划告知函，因其自 身资金需求，利欣水务计划通过集中竞价交易的方式减持公司股份不超过 1,025,171 股，即不超过公司总股本的 0.83%，自本公告披露之日起 15 个交易日 后的 3 个月内进行，拟减持期间为 2026 年 2 月 9 日起至 2026 年 5 月 8 日。减持 价格按市场价格确定。 现将具体情况公告如下： | 股东名称 | Victorious Joy Water Services L ...

金科环境公告称，截至公告披露日，持股5%以上股东利欣水务持有公司股份867.52万股，占总股本 7.05%。因自身资金需求，利欣水务计划自2026年2月9日至5月8日，通过集中竞价交易方式减持不超 102.52万股，即不超总股本0.83%，减持价格按市场价确定。此次减持计划存在实施的不确定性，不会 导致公司控制权变更。 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].