Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - In November, the newly installed solar power capacity increased by 75% month-on-month, indicating a significant recovery in the solar energy sector [4] - The report highlights the need for comprehensive regulation to address "involutionary" competition in key industries such as new energy vehicles, lithium batteries, and photovoltaics, aiming to enhance industry concentration and maintain fair competition [5] Summary by Relevant Sections Investment Recommendations - Recommended stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Bowei Alloy (601137.SH) - Buy - A [2] Market Performance - The solar power industry has shown a strong performance over the past year, with a notable increase in installed capacity and a focus on improving product consistency and reducing costs in the sensor market [3][4] Price Tracking - The report provides insights into the pricing trends of key components in the solar energy supply chain, including polysilicon, silicon wafers, battery cells, and modules, indicating a mixed outlook with some price increases and stability expected in the near term [6][8][9]

Core Viewpoint - The controlling shareholder of Hengdian East Magnetic (002056.SZ), Hengdian Group Holdings, plans to reduce its stake by up to 16.26 million shares, representing 1% of the total share capital, marking the first reduction plan in 11 years since December 2014 [2][10]. Company Overview - Hengdian East Magnetic is a leader in the iron oxide magnetic industry and one of the first companies to receive low-carbon certification for photovoltaic components. Its main business includes magnetic materials and new energy products, with photovoltaic products contributing 67.47% of revenue in the first half of 2025, magnetic materials 16.24%, and lithium batteries and related products 10.77% [6][14]. Shareholding Structure - As of December 24, the controlling shareholder holds 82.3 million shares, accounting for 50.59% of the total share capital. If the maximum reduction of 16.26 million shares is executed, the holding percentage will decrease to 49.59%, still maintaining control of the company [6][14]. Business Expansion and Financial Needs - The company is actively expanding its production capacity and global footprint, with a 3GW battery base in Indonesia already operational, and new facilities in Vietnam and Thailand under development. These expansions require significant financial support [6][14]. - The company plans to increase the scale of the Dong Magnetic Fund by 300 million yuan (approximately 28.7 million), focusing on artificial intelligence, magnetic materials, and semiconductor integration [6][14]. Financial Metrics - The company's debt levels have increased due to expansion efforts, with the debt-to-asset ratio rising from 30.27% in 2018 to 57.97% by the end of Q3 2025. Despite having ample cash reserves and a low proportion of interest-bearing debt, there are concerns about future debt repayment capacity if performance does not meet expectations [7][15]. Raw Material Price Risks - The company is significantly dependent on upstream raw materials such as silicon and lithium, with the average price of polysilicon rising by 38.9% since the beginning of 2025. Predictions indicate that the global lithium market may face tighter supply due to surging demand from energy storage [8][16]. - As of September 2025, the company's inventory reached 4.967 billion yuan, accounting for 19.37% of total assets, reflecting a 32.49% year-on-year increase. High inventory levels may pose a risk of impairment if future demand falls short [8][16]. Industry Trends - The domestic photovoltaic installation market is experiencing fluctuations, with a significant increase in installations in the first half of 2025 followed by a decline in the latter half. Forecasts suggest that 2026 may see the first negative growth in new installations [8][16]. - The industry is facing challenges such as slower capacity clearance and intensified competition, which may compress product profit margins [8][16].

Core Viewpoint - Hengdian Group, known for its film and tourism industry, has diversified into various sectors including electronics and pharmaceuticals, with a total asset exceeding 100 billion yuan and a revenue of 942 billion yuan in 2024 [5][14]. Group 1: Film and Tourism Industry - Hengdian has become the largest film shooting base globally, generating over 35 billion yuan annually from its film and tourism industry [4]. - The company offers free filming locations to attract film crews, resulting in a loss of approximately 20 million yuan annually, but this strategy has significantly boosted the local film service and hospitality industries [8]. - In 2023 and 2024, Hengdian Film City is expected to receive 15.24 million and 13.93 million visitors, with revenues of 2.638 billion yuan and 2.867 billion yuan respectively [9]. Group 2: Business Diversification - Hengdian Group has evolved from a silk factory to a conglomerate with interests in film, electronics, pharmaceuticals, and modern services, holding six publicly listed companies [5][12]. - The electronics sector, particularly magnetic materials, once dominated the market but has seen a decline in market share to around 30% [23]. - The pharmaceutical sector, represented by Prolo Pharmaceutical, has been a significant contributor to the group's revenue since its inception [12]. Group 3: Financial Performance - In 2024, Hengdian Group reported a revenue of 942 billion yuan, with total assets reaching 1,039.78 billion yuan and a net profit of 3.124 billion yuan [14]. - The group has also ventured into financial services, holding a 4.99% stake in Zheshang Bank and recently listing Nanhua Futures on the Hong Kong Stock Exchange [14]. Group 4: Ownership Structure - Hengdian Group operates under a unique corporate structure where ownership is held by community organizations rather than individual shareholders, emphasizing collective wealth creation [21][22]. - The founder, Xu Wenrong, has consistently refused to appear on wealth rankings, asserting that the group's wealth belongs to the collective rather than individuals [16][21]. Group 5: Challenges and Future Outlook - The rise of short dramas poses a challenge to traditional film productions, prompting Hengdian to adapt by developing vertical filming spaces [23]. - The group is investing in new projects, including a 12GW battery production facility and the expansion of Hengdian Airport, with total investments in ongoing projects amounting to 11.678 billion yuan [23][24].

12月26日，横店东磁盘中上涨2.05%，截至10:51，报19.91元/股，成交2.31亿元，换手率0.72%，总市值 323.88亿元。 资金流向方面，主力资金净流入1553.00万元，特大单买入1290.53万元，占比5.59%，卖出708.86万元， 占比3.07%；大单买入4859.66万元，占比21.05%，卖出3888.32万元，占比16.84%。 横店东磁今年以来股价涨63.99%，近5个交易日涨0.40%，近20日涨2.15%，近60日涨9.84%。 机构持仓方面，截止2025年9月30日，横店东磁十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股8816.45万股，相比上期增加3871.53万股。南方中证500ETF（510500）位居第五大流通股 东，持股1182.09万股，相比上期减少21.32万股。光伏ETF（515790）位居第六大流通股东，持股925.37 万股，相比上期减少22.75万股。广发国证新能源车电池ETF（159755）位居第七大流通股东，持股 913.45万股，为新进股东。嘉实中证稀土产业ETF（516150）位居第八大流通股东，持股875.36万股， ...

Core Viewpoint - Hengdian East Magnetic (002056.SZ) announced that its controlling shareholder, Hengdian Group Holdings, plans to reduce its stake in the company by selling up to 16.26 million shares, representing 1% of the total share capital, within three months after a 15 trading day period from the announcement date [1] Group 1 - Hengdian Group Holdings intends to sell its shares through centralized bidding or block trading, with the estimated amount from the sale being approximately 324.87 million yuan based on the closing price of 19.98 yuan per share on December 24, 2025 [1] - As of the announcement date, Hengdian Group Holdings holds 82.3 million shares, accounting for 50.59% of Hengdian East Magnetic's total share capital, and 51.39% when excluding shares in the repurchase account [1] - Since its first reduction on January 14, 2008, Hengdian Group Holdings has cumulatively reduced its holdings by 3 million shares, realizing approximately 10.2 million yuan [1][2] Group 2 - The company plans to issue convertible bonds with a total fundraising amount not exceeding 3.2 billion yuan, which will be used for projects including a new factory for high-efficiency battery cells and a photovoltaic module production line [2]

Group 1 - Guangqi Technology's controlling shareholder proposed a share buyback of 50 million to 100 million yuan for employee stock ownership plans or equity incentives [1] - Xingyuan Zhuomai received a supplier designation from a domestic electric vehicle manufacturer to develop and supply reducer shell components, with expected sales of approximately 575 million yuan over four years from 2027 to 2030 [2] - Weigao Bio's application for clinical trials of subcutaneous human immunoglobulin has been accepted by the National Medical Products Administration, targeting primary immunodeficiency diseases [3] Group 2 - Hongda Electronics disclosed uncertainty regarding the IPO progress of its associate Jiangsu Zhanxin, in which it holds a 13.79% stake [4] - Kangchen Pharmaceutical received FDA approval to conduct clinical trials for its KC1086 project, aimed at treating advanced recurrent or metastatic solid tumors [5] - Kweichow Moutai adjusted its share buyback price ceiling to 1863.67 yuan per share, effective from December 19, 2025 [6] Group 3 - Mousse Co. announced that its controlling shareholder and actual controllers committed not to reduce their holdings within one year [7] - Tongxingbao's subsidiary signed a business contract worth 43.166 million yuan for a cloud expansion project [8] - Kaifa Electric announced plans for three shareholders to collectively reduce their holdings by 0.6999% [9] Group 4 - Longpan Technology plans to increase the production capacity of lithium iron phosphate cathode materials from 62,500 tons per year to 100,000 tons per year [10] - Zhuhai Guanyu announced plans for two shareholders to reduce their holdings by up to 3% [11] - Jiaheng Home Textiles is planning a change in control, leading to a temporary suspension of its stock [12] Group 5 - Kehua Bio's subsidiary received a medical device registration certificate for a gene polymorphism detection kit [13] - Saitex New Materials' actual controller plans to reduce holdings by up to 3% [14] - Sanhui Electric announced a shareholder's plan to reduce holdings by up to 2% [15] Group 6 - Binhua Co. plans to establish a venture capital fund with a total scale of 400 million yuan, focusing on strategic emerging industries [16] - Jindun Co. announced plans for two shareholders to reduce their holdings by up to 4% [17] - Hengdian East Magnetic's controlling shareholder plans to reduce holdings by up to 1% [18][19] Group 7 - Luxin Investment's controlling shareholder plans to reduce holdings by up to 1% [20] - Huakang Clean announced a joint bid for a hospital procurement project worth 157 million yuan [21] - Xuedilong plans to reduce its repurchased shares by up to 488,560 shares [22] Group 8 - Enhua Pharmaceutical's subsidiary signed an exclusive commercial cooperation agreement for three long-acting antipsychotic products [23] - Aier Eye Hospital plans to acquire partial equity in 39 institutions for a total of 963 million yuan [24] - Gaozheng Mining plans to acquire 100% equity of Overseas Explosives for 510 million yuan [25] Group 9 - Donghong Co. plans to repurchase shares worth 30 million to 60 million yuan for employee stock ownership plans [26] - Bear Electric's controlling shareholder plans to reduce holdings by up to 0.64% [27] - *ST Zhengping announced the initiation of pre-restructuring by the Xining Intermediate Court [28][29] Group 10 - Caesar Travel's shareholder plans to reduce holdings by up to 3% [30] - Lianchuang Electronics announced a change in controlling shareholder to Jiangxi State-owned Assets Supervision and Administration Commission [31] - Beixin Road and Bridge plans to transfer 5.33% equity in Henan Yuhang for 243 million yuan [32] Group 11 - Fenglong Co. is planning a change in control, with stock resuming trading [33]

Group 1 - Shenghui Integration (603163.SH): The stock price has risen significantly in the short term, deviating from the company's fundamentals, indicating a potential risk of decline in the future [1] - Victory Energy (001331.SZ): The company does not engage in robotics-related business [1] - Aerospace Engineering (603698.SH): The company does not involve in commercial aerospace [1] Group 2 - Wankai New Materials (301216.SZ): The controlling subsidiary plans to provide lightweight components and structural parts related to humanoid robot arms and humanoid assembly services to Lingxin Qiaoshou [1] - Huakang Clean (301235.SZ): The consortium is pre-awarded the procurement project for special departments of Huian County Hospital (Phase I) [1] - Tongda Co., Ltd. (002560.SZ): Pre-awarded a 154 million yuan project from the State Grid [1] Group 3 - Aier Eye Hospital (300015.SZ): Plans to acquire partial equity in 39 institutions including Bozhou Aier and Lianyungang Aier [1] - Aucma (600336.SH): Plans to transfer 55% equity of the Information Industry Park company [1] - Donghong Co., Ltd. (603856.SH): Plans to repurchase shares with an investment of 30 million to 60 million yuan [1] Group 4 - Caesar Travel (000796.SZ): Jingu Trust plans to reduce its holdings by no more than 3% [1] - Jindun Co., Ltd. (300411.SZ): High-tech Investment and Founder Securities plan to collectively reduce their holdings by no more than 4% [1] - Hengdian East Magnetic (002056.SZ): The controlling shareholder plans to reduce its holdings by no more than 1% [1] Group 5 - Lianchuang Electronics (002036.SZ): Plans to raise no more than 1.63 billion yuan through a private placement to Jiangxi State-owned Capital Venture [1] - Xingyuan Zhuomag (301398.SZ): Received project designation notification from a client [1]

Summary of Key Points Core Viewpoint - On December 24, several A-share listed companies disclosed their shareholding changes, with notable increases in holdings from companies like Guizhou Moutai and others, while 18 companies reported reductions in their shareholdings [1][3]. Group 1: Shareholding Increases - **Biological Shares**: Major shareholder obtained a commitment letter for a special loan to increase holdings [2]. - **Marter Shares**: The controlling shareholder and chairman Liu Aisen plans to increase holdings by no less than 100 million yuan [2]. - **Guizhou Moutai**: Plans to repurchase shares through centralized bidding [2]. - **Donghong Shares**: Plans to repurchase shares worth between 30 million to 60 million yuan [2]. Group 2: Shareholding Reductions - **Kaifa Electric**: Shareholders Zhao Le, Wen Guowang, and Zhang Xiaoyi plan to reduce holdings by no more than 0.70% [2]. - **Zhuhai Guanyu**: Shareholders Ningbo Huijin and Zhuhai Lengquan plan to reduce holdings by no more than 3% [2]. - **Lite New Materials**: Controlling shareholder Wang Kunming plans to reduce holdings by no more than 3% [2]. - **Sanhui Electric**: Shareholder Wu Baofu plans to reduce holdings by no more than 2% [2]. - **Xuedilong**: Plans to reduce no more than 4.8856 million shares of repurchased stock [2]. - **Jindun Shares**: Shareholder Gaoxin Investment plans to reduce holdings by no more than 1%, and Founder Securities plans to reduce by no more than 3% [2]. - **Tianhai Defense**: China Great Wall Asset reduced holdings by 3.0278 million shares from December 22 to December 23 [2]. - **Zhangyuan Tungsten**: Controlling shareholder's reduction plan has been completed [2]. - **Chaojie Shares**: Controlling shareholder reduced 974,400 shares from December 8 to December 24 [2]. - **Hengdian East Magnetic**: Controlling shareholder plans to reduce holdings by no more than 1% [2]. - **Luxin Investment**: Controlling shareholder Luxin Group plans to reduce holdings by no more than 1% [2]. - **Sunglow Power**: Four shareholders collectively reduced 423,700 shares [2]. - **He富中国**: Controlling shareholder He富 Hong Kong reduced 9,000 shares on December 24 [2]. - **Tuojing Technology**: The largest shareholder, the National Fund, reduced 1.83 million shares from December 17 to December 24 [2]. - **Little Bear Electric**: Shareholder Long Shaohong plans to reduce holdings by no more than 0.64% [2]. - **Chao Xun Communication**: Shanghai Jiuyi Investment Management reduced holdings to 4.99% [2]. - **Caesar Travel**: The third largest shareholder, Jingu Trust, plans to reduce holdings by no more than 3% [2].

森特股份：公司控股股东、董事长刘爱森拟增持不低于1亿元公司股份 (本文来自第一财经) 鲁信创投：控股股东鲁信集团拟减持不超1%股份 横店东磁：控股股东横店控股拟减持不超1%股份 金盾股份：股东高新投拟减持不超1%股份 方正证券拟减持不超3%股份 珠海冠宇：股东宁波汇锦诚和珠海冷泉拟合计减持不超3%股份 小熊电器：控股股东一致行动人龙少宏拟减持不超0.64%股份 ...

证券日报网讯 12月24日，横店东磁发布公告称，公司第九届董事会第二十七次会议审议通过《公司关 于增加产业基金规模暨关联交易的议案》。 （文章来源：证券日报） ...