Market Overview - The diversified financial sector experienced a decline of 1.09% on January 16, with Aijian Group leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Jiuding Investment (600053) saw a significant increase of 10.00%, closing at 23.10 with a trading volume of 227,700 shares and a turnover of 503 million yuan [1] - ST Rendo (002647) rose by 4.99% to close at 9.46, with a trading volume of 229,800 shares and a turnover of 215 million yuan [1] - Guowang Yingda (600517) increased by 3.13% to 6.58, with a trading volume of 1,221,400 shares and a turnover of 820 million yuan [1] - Aijian Group (600643) fell by 7.75% to 5.12, with a trading volume of 509,300 shares and a turnover of 267 million yuan [2] - Lakala (300773) decreased by 5.37% to 28.56, with a trading volume of 1,018,900 shares and a turnover of 2.978 billion yuan [2] Capital Flow - The diversified financial sector saw a net outflow of 792 million yuan from main funds, while retail investors contributed a net inflow of 466 million yuan [2] - The main funds showed a net inflow in Jiuding Investment of 62.62 million yuan, while Guowang Yingda had a net inflow of 53.86 million yuan [3] - ST Rendo experienced a net inflow of 34.81 million yuan from main funds, but also saw significant outflows from retail investors [3]

Market Overview - The diversified financial sector experienced a decline of 1.73% on January 13, with Ailian Development leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable gainers in the diversified financial sector included: - *ST Nengmao: Closed at 8.72, up 4.93% with a trading volume of 73,800 shares and a turnover of 63.17 million yuan [1] - Jianyuan Trust: Closed at 3.05, up 4.45% with a trading volume of 2.8035 million shares and a turnover of 871 million yuan [1] - *ST Rendo: Closed at 8.87, up 2.78% with a trading volume of 313,500 shares and a turnover of 281 million yuan [1] - Conversely, significant decliners included: - Yelian Youzhan: Closed at 5.65, down 10.03% with a trading volume of 371,400 shares and a turnover of 217 million yuan [2] - Lakala: Closed at 26.73, down 6.54% with a trading volume of 903,500 shares and a turnover of 2.471 billion yuan [2] - Ruida Futures: Closed at 25.41, down 5.82% with a trading volume of 178,900 shares and a turnover of 466 million yuan [2] Capital Flow - The diversified financial sector saw a net outflow of 1.042 billion yuan from institutional investors, while retail investors contributed a net inflow of 833 million yuan [2] - Key stocks in terms of capital flow included: - Jianyuan Trust: Experienced a net inflow of 139 million yuan from institutional investors, but a net outflow of 91 million yuan from retail investors [3] - Wukuang Capital: Had a net inflow of 20.94 million yuan from institutional investors, with a net outflow of 36.21 million yuan from retail investors [3] - Sichuan Shuangma: Recorded a net inflow of 10.96 million yuan from institutional investors, but a net outflow of 28.99 million yuan from retail investors [3]

Group 1 - Sichuan Shuangma's stock increased by 5.07%, reaching 26.94 CNY per share, with a trading volume of 170 million CNY and a turnover rate of 0.84%, resulting in a total market capitalization of 20.567 billion CNY [1] - Sichuan Shuangma was established on October 20, 1998, and listed on August 24, 1999. The company is primarily engaged in the building materials industry and private equity fund investment management [1] - The revenue composition of Sichuan Shuangma includes private equity fund management at 33.36%, cement at 32.46%, biomedicine at 23.08%, and aggregates at 11.10% [1] Group 2 - The Fuguo Zhongzheng All-Index Building Materials ETF (516750) has increased its holdings in Sichuan Shuangma by 114,200 shares, bringing the total to 183,400 shares, which represents 2.55% of the fund's net value, making it the ninth largest holding [2] - The Fuguo Zhongzheng All-Index Building Materials ETF was established on October 28, 2021, with a current size of 154 million CNY. Year-to-date returns are 2.59%, ranking 4341 out of 5488 in its category, while the one-year return is 17.2%, ranking 3528 out of 4192 [2] - The fund manager of Fuguo Zhongzheng All-Index Building Materials ETF is Yin Qinyi, who has been in the position for 1 year and 169 days, managing assets totaling 6.717 billion CNY, with the best fund return during the tenure being 86.34% and the worst being -7.52% [3]

Group 1 - Sichuan Shuangma announced that as of the date of the announcement, Hesheng Hengyuan holds approximately 202 million shares, accounting for 26.52% of the company's total share capital [1] - Hesheng Hengyuan and its concerted parties, Tianjin Saikehuan Enterprise Management Center (Limited Partnership) and LAFARGE CHINA OFFSHORE HOLDING COMPANY LTD., collectively hold about 389 million shares, representing 50.98% of the total share capital [1] - Hesheng Hengyuan has pledged approximately 112 million shares, which is 14.67% of the company's total share capital [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川和谐双马股份有限公司(简称"公司"或"本公司"）于近日接到控股 股东北京和谐恒源科技有限公司（以下简称"和谐恒源"）的函告，获悉和谐恒 源将所持有的本公司的部分股份办理了质押及解除质押的手续，具体事项如下： 一、本次股份质押的基本情况 | 股 | 是否为控股股 | | | | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 东或第一大股 | 本次质押 | 占其所持 | 占公司总 | 为限 | 为补 | 质押起 | 质押到 | 质权人 | 质押 | | 名 | 东及其一致行 | 数量（股） | 股份比例 | 股本比例 | 售股 | 充质 | 始日 | 期日 | | 用途 | | 称 | 动人 | | | | | 押 | | | | | | 和 谐 | 是 | | | | 否 | 否 | 2026年 | 2026年 | 国金证券 资产管理 | 偿还 | | 恒 | | 12,66 ...

Core Viewpoint - The announcement reveals that the controlling shareholder, Harmony Hengyuan, has pledged 12.6673 million shares to Guojin Securities Asset Management Co., Ltd., which accounts for 3.25% of its holdings and 1.66% of the total share capital, for debt repayment purposes [1] Group 1 - The pledge period is from January 5, 2026, to December 18, 2026 [1] - Harmony Hengyuan has also released a pledge of 14.03 million shares, representing 3.60% of its holdings and 1.84% of the total share capital [1] - As of the announcement date, Harmony Hengyuan holds 26.52% of the company's shares, and together with its concerted parties, the total holding is 50.98% [1] Group 2 - The cumulative pledged shares by Harmony Hengyuan account for 14.67% of the total share capital [1]

Summary of Sichuan Shuangma Conference Call Company Overview - Sichuan Shuangma has transformed from a single cement enterprise to a dual-main business company focusing on equity investment and biomedicine, continuously divesting cement assets and actively entering the biomedicine sector through acquisitions like Shenzhen Jianyuan and participation in the acquisition of Wuxi Shengji [2][5]. Core Business Structure - The company's main business structure is divided into three parts: private equity investment (approximately 30% of revenue), biomedicine (approximately 28%), and cement/building materials (approximately 42%) by 2025. The profit contribution from private equity investment is expected to reach around 90%, while the remaining profit will mainly come from biomedicine, with the cement business being flat or slightly loss-making [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are expected to be CNY 1.455 billion, CNY 1.802 billion, and CNY 2.587 billion, representing year-on-year growth of 35.37%, 23.85%, and 43.58% respectively. Net profit attributable to the parent company is projected to be CNY 491 million, CNY 1.132 billion, and CNY 1.475 billion, with growth rates of 58.32%, 131.03%, and 30.32% respectively [2][9]. Investment and Growth Strategy - The company has a strong focus on biomedicine as its second main business, with significant acquisitions aimed at accelerating its presence in the sector. The acquisition of Shenzhen Jianyuan for CNY 1.6 billion and participation in the acquisition of Wuxi Shengji are key steps in this strategy [5][8]. Market Perception and Valuation - The market perceives uncertainty regarding the company's equity investment business, particularly due to the low current contribution of the biomedicine sector to overall revenue and profit. Concerns include potential declines in management fee income as the first batch of funds enters the exit phase and the uncertain scale and timing of excess return realizations [2][6]. Value Reassessment Opportunities - There is a belief that Sichuan Shuangma has opportunities for value reassessment due to the high certainty of cash returns from its equity investment business. IDG Capital's strong investment management capabilities and the successful IPOs of several hard-tech projects are expected to provide substantial cash returns, estimated at CNY 10.4 billion from two managed funds [7][9]. Historical Context and Strategic Shift - The entry of IDG in 2016 marked a significant shift for Sichuan Shuangma, transitioning from a cement-focused company to one that also manages equity funds. The company has been divesting outdated cement assets since 2017, with only one cement plant remaining as of 2024 [4]. Conclusion - Sichuan Shuangma's strategic focus on biomedicine and equity investment, combined with strong projected financial growth and potential for value reassessment, positions the company favorably for future performance despite current market uncertainties [2][7].

Core Viewpoint - The diversified financial sector experienced a rise of 0.58% on January 5, with Zhejiang Dongfang leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4023.42, up by 1.38% [1]. - The Shenzhen Component Index closed at 13828.63, up by 2.24% [1]. Group 2: Individual Stock Performance - Zhejiang Dongfang (600120) closed at 6.59, with a gain of 6.81% and a trading volume of 2.1745 million shares, amounting to a transaction value of 1.424 billion [1]. - Yuexiu Capital (000987) closed at 8.59, up by 5.53%, with a trading volume of 1.4263 million shares, totaling 1.225 billion [1]. - Sichuan Shuangma (000935) closed at 25.44, increasing by 2.42%, with a trading volume of 80,800 shares, resulting in a transaction value of 205 million [1]. - Guowang Yingda (600517) closed at 6.15, up by 2.33%, with a trading volume of 358,600 shares, totaling 219 million [1]. - Zhongliang Capital (002423) closed at 11.90, increasing by 1.71%, with a trading volume of 185,500 shares, resulting in a transaction value of 219 million [1]. Group 3: Fund Flow Analysis - The diversified financial sector saw a net outflow of 433 million from main funds, while retail investors contributed a net inflow of 368 million [2]. - The main funds' net inflow for Zhejiang Dongfang was 263.14 million, accounting for 18.48% of its trading volume [3]. - Retail investors showed a net inflow of 368 million into the diversified financial sector, indicating strong interest from smaller investors [2].

Core Viewpoint - The acceleration of digital RMB implementation and the formal introduction of new fund sales fee regulations are expected to optimize the financial ecosystem and payment system [1][2]. Securities Sector - The People's Bank of China will officially implement a new action plan for digital RMB management and related financial infrastructure by January 1, 2026, which is expected to enhance monetary policy transmission efficiency and support the internationalization of the RMB [2]. - The new fund sales fee regulations, effective December 31, 2025, will allow differentiated redemption fees for bond funds, significantly reducing the pressure from short-term redemptions and encouraging long-term holding by investors [2]. Investment Recommendations for Securities - Focus on undervalued brokers for potential rebound during the spring market, with strong recommendations for quality brokers with significant valuation and performance mismatches, particularly Guotai Junan and Haitong Securities [3]. - Attention should be given to Sichuan Shuangma, which is positioned in the technology sector and is expected to benefit from venture capital opportunities in gene therapy [3]. - Highlighting multi-financial firms with impressive growth rates, such as Yixin Group, Far East Horizon, and Jiufang Zhitu Holdings [3]. Insurance Sector - The tax base switch is expected to have minimal impact on insurance companies' net profits and net assets, with high proportions of tax-exempt income and deferred tax liabilities [4]. - The new tax guidelines for insurance contracts will require companies to follow new standards starting in 2026, but the actual taxable income is projected to remain low due to high tax-exempt income ratios [4]. Investment Recommendations for Insurance - The high growth in liabilities is expected to drive valuation shifts, with the insurance sector benefiting from increased demand for savings and the rising market share of leading companies [5]. - The upcoming insurance market rally is supported by stable or improving conditions in the stock market and interest rates, which will enhance the balance sheets of major insurance companies [5].

Group 1 - The core viewpoint of the report is that Sichuan Shuangma Technology is positioned for significant growth in the investment and pharmaceutical manufacturing sectors, indicating a potential rise for the technology leader [1] Group 2 - In the private equity investment management business, the company estimates a conservative valuation based on future fund exits, projecting a total cash return of 10.4 billion yuan from the management of funds such as Hexie Jinyu and Hexie Jinhong over the next 2-3 years, assuming a total investment return of 3 times [1] Group 3 - For the biopharmaceutical business, comparable companies include ST Nuotai, Shengnuo Biotech, and Hanyu Pharmaceutical, with average valuation multiples projected at 25x, 21x, and 17x for the years 2025-2027 [1] - The estimated price-to-earnings (PE) ratios for the company are projected to be 39x, 17x, and 13x for the years 2025-2027, based on the closing price on December 31, 2025 [1] - The report initiates coverage with a "Buy" rating for the company [1]