Group 1: ON RRP Liquidity Management - The report introduces the ON RRP (Overnight Reverse Repurchase Agreement) tool, which is a mechanism used by the Federal Reserve to manage liquidity by selling securities to qualified counterparties and agreeing to repurchase them the next day [3] - Since its introduction in 2013, ON RRP has played a crucial role in maintaining the minimum interest rate level in the market during periods of excess liquidity, with its scale growing from hundreds of billions to over $2.5 trillion at its peak in 2022 [4] - The report discusses the potential for a similar tool in China, suggesting that while the need for such a mechanism is not strong due to the current liquidity conditions, it could serve as a supplement to existing interest rate corridor mechanisms [4] Group 2: DingTong Technology - DingTong Technology forecasts a revenue of approximately 1.593 billion yuan for 2025, representing a year-on-year growth of about 54.37%, and a net profit of 242 million yuan, up 119.59% [6][8] - The growth is attributed to the rapid increase in demand for high-speed optical modules and the penetration of liquid cooling technologies, indicating a dual increase in both volume and price [6][8] - The company’s product range includes high-speed connectors used in data centers and communication devices, with significant upgrades in transmission speeds from 56G to 112G and 224G [8] Group 3: GuoCi Materials - GuoCi Materials is a leading manufacturer of MLCC (Multi-Layer Ceramic Capacitor) materials, with expected revenue from this segment to reach 624 million yuan in 2024, driven by demand from the automotive, AI, and robotics sectors [12][13] - The catalytic materials segment is poised for growth due to upgraded emission standards, with projected revenue of 787 million yuan in 2024, benefiting from domestic substitution opportunities [14] - The precision ceramics segment is also expanding, with expected revenue of 351 million yuan in 2024, supported by the increasing demand for low-orbit satellite applications [15] Group 4: Core Insights on KeRui International - KeRui International's traditional offline business is performing well, with a significant increase in flexible staffing and high-end talent recruitment, showing a revenue growth of 29.31% in the first half of 2025 [19] - The HeWa platform has seen substantial growth, with operational positions reaching 46,700 and a 73% increase in offer generation year-on-year [20] - The Mira Agent, an AI-driven recruitment tool, has streamlined the talent matching process, reducing the time from two days to a few minutes, enhancing operational efficiency [21]

Group 1 - Investment Rating: Buy (Maintain) [1] - Current Price: 30.12 CNY, Market Capitalization: 30,031.09 million CNY [5] - Recent Performance: The stock has shown a significant increase of 79.2% over the past 12 months compared to the CSI 300 index [7] Group 2 - Core Viewpoint: The report highlights the company's multi-field applications and the continuous growth ceiling, focusing on the demand from sectors like electric vehicles, AI, and robotics for MLCC products [8] - MLCC Demand Growth: The company is a leading manufacturer of MLCC ceramic powders, with expected revenue of 624 million CNY in 2024, driven by increasing demand from new products [9] - Catalytic Materials Opportunity: The upgrade of exhaust emission standards presents a significant opportunity for the company's catalytic materials segment, with projected revenue of 787 million CNY in 2024 [10] - Precision Ceramics Growth: The precision ceramics segment is expected to achieve revenue of 351 million CNY in 2024, with a strong growth rate of 41.68% [11] - New Materials Development: The company is actively developing solid-state electrolytes and other new materials, with expected revenues of 45.53 billion CNY, 57.52 billion CNY, and 70.56 billion CNY from 2025 to 2027 [30][31] Group 3 - Revenue Forecast: The company anticipates revenues of 45.53 billion CNY in 2025, 57.52 billion CNY in 2026, and 70.56 billion CNY in 2027, with corresponding net profits of 7.05 billion CNY, 9.13 billion CNY, and 11.36 billion CNY [30][31] - Market Position: The company is positioned to benefit from the growing demand in the new materials sector, with a focus on technological advancements and product development [30][31] - Strategic Development: The company is enhancing its product offerings and expanding its market share in response to the evolving needs of the electronics and automotive industries [70]

每经AI快讯，国瓷材料1月26日晚间发布公告称，公司第六届第六次董事会会议于2026年1月26日在公 司会议室以通讯会议的方式召开。会议审议了《关于募投项目结项并将节余募集资金永久补流的议案》 等文件。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

山东国瓷功能材料股份有限公司 关于募投项目结项并将节余募集资金永久补流的公告 证券代码：300285 证券简称：国瓷材料 公告编号：2026-005 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"或"国瓷材料"）于 2026 年 1 月 26 日召开第六届董事会第六次会议，审议通过了《关于募投项目结 项并将节余募集资金永久补流的议案》，公司 2020 年向特定对象发行股票所涉 及的所有募集资金投资项目（以下简称"募投项目"）均已实施完毕，达到预 定可使用状态，公司决定对涉及的募投项目结项，并将节余募集资金用于永久 补充公司日常经营所需的流动资金。同时，公司将授权管理层办理相关募集资 金专户销户手续，募集资金专户注销后，公司与保荐机构、开户银行签署的募 集资金监管协议随之终止。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》的相关规定，上述事项在董事会审议权限范围内，无需提交公司股 东会审议。现将相关事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会下发的证监许可[2020] ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"或"国瓷材料"）于 2026 年 1 月 23 日以邮件形式发出了《山东国瓷功能材料股份有限公司第六届董事会第六 次会议的通知》。本次会议于 2026 年 1 月 26 日在公司会议室以通讯会议的方式召 开。会议应出席董事 9 名，实际出席董事 9 名，公司高级管理人员列席了会议。本次 会议的召集、召开符合《中华人民共和国公司法》及《公司章程》的有关规定，会议 合法有效。本次会议由公司董事长张曦先生主持。 本次董事会对以下议案内容进行了表决，表决情况如下： 1.00 审议通过了《关于募投项目结项并将节余募集资金永久补流的议案》 证券代码：300285 证券简称：国瓷材料 公告编号：2026-004 山东国瓷功能材料股份有限公司 第六届董事会第六次会议决议公告 董 事 会 2026 年 1 月 26 日 公司 2020 年向特定对象发行股票所涉及的募投项目已达到预定可使用状态，可 按实施计划结项，同意将募投项目结项并将节余募集资金 3,034,957.47 元（含利息收 入净 ...

中天国富证券有限公司 关于山东国瓷功能材料股份有限公司 募投项目结项并将节余募集资金永久补流的核查意见 中天国富证券有限公司（以下简称"中天国富""保荐人"）作为山东国瓷 功能材料股份有限公司（以下简称"国瓷材料""公司"）向特定对象发行股票 的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票 上市规则》《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，对公司募投项目结项并将节余 募集资金永久补流事项进行了核查，具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会下发的证监许可[2020]2945 号《关于同意山东国 瓷功能材料股份有限公司向特定对象发行股票注册的批复》文件批复，公司于 2020 年 12 月向特定对象张曦发行股份 40,469,279 股，每股发行价格为 20.67 元， 募集资金总额为 836,499,996.93 元，根据有关规定扣除发行费用 14,196,669.12 元（不含税）后，实际募集资金净额为 822,303,327.81 元。该募集资金已于 2020 年 12 月到位。上述资金 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 证券代码：300285 证券简称：国瓷材料 公告编号：2026-006 山东国瓷功能材料股份有限公司 回购股份报告书 1、山东国瓷功能材料股份有限公司（以下简称"公司"）拟使用自有和自筹 资金以集中竞价交易的方式回购部分公司股份，用于股权激励计划或员工持股计 划。本次回购的资金总额不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含），回购价格不超过人民币 30 元/股（含）。按照总额上限、回购价格上 限测算，预计可回购股份总数为 666.67 万股，约占公司当前总股本（997,048,299 股）的 0.6686%；按照总额下限、回购价格上限测算，预计可回购股份总数为 333.33 万股，约占公司当前总股本（997,048,299 股）的 0.3343%。具体回购股份的 数量及占公司总股本的比例以实际回购期满时实际回购的股份数量和占公司总股本 的比例为准，本次回购股份的实施期限自董事会审议通过本回购股份方案之日起不 超过 12 个月。 2、本次回购方案已经公司 2025 年 1 ...

Core Insights - The AI Fund Changjiang New Energy Industry Mixed A (011446) reported a profit of 12.24 million yuan for Q4 2025, with a weighted average profit per fund share of 0.1594 yuan. The fund's net value growth rate for the reporting period was 10.18%, and the fund size reached 123 million yuan by the end of Q4 2025 [2][13]. Fund Performance - As of January 21, the fund's unit net value was 1.932 yuan. Over the past year, the fund achieved a cumulative growth rate of 76.8%, outperforming its peers [2]. - The fund's performance over different time frames includes a 27.27% growth rate over the past three months, ranking 7 out of 621 comparable funds, and a 59.78% growth rate over the past six months, ranking 27 out of 621 [3]. Investment Strategy - The fund focuses on the new energy industry and its upstream and downstream sectors, seeking opportunities in supply-demand reversals and technological advancements within the industry. The management plans to continue tracking and identifying investment opportunities in these areas [2]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.6629, ranking 173 out of 526 comparable funds [7]. - The maximum drawdown over the past three years was 43.48%, with the largest single-quarter drawdown occurring in Q2 2022 at 21.13% [9]. Portfolio Composition - As of December 31, the fund's average stock position over the past three years was 78.37%, compared to the industry average of 85.83%. The fund reached its highest stock position of 86.26% at the end of 2021 and its lowest of 72.55% by the end of Q3 2024 [12]. - The top ten holdings of the fund include Tianqi Lithium, Huayou Cobalt, CATL, Tianhua New Energy, Yongxing Materials, China National Materials, Liyuanheng, Guoci Materials, Sifang Co., and Keda Technology [16].

Group 1 - The core viewpoint of the article highlights the performance and adjustments of the fund managed by Zhu Shaoxing, with a net asset value of 22.484 billion yuan as of Q4 2025 [1] - The fund's performance during the reporting period shows a return of 1.12% for both the A/B and D classes, while the C class returned 0.91%, compared to a benchmark return of -0.09% across all classes [1][2] - The top ten holdings of the fund include notable companies such as Ningbo Bank, Jerry Holdings, CATL, and Kweichow Moutai, indicating a diversified investment strategy [1][2] Group 2 - Zhu Shaoxing's recent adjustments in the portfolio include a reversal on Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half, now ranking as the seventh largest holding [2] - The fund has reduced its exposure to the new energy vehicle sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its stake in CATL [2] - The analysis indicates that the current monetary policy remains accommodative, and the fiscal policy is actively supporting the market, leading to improved investor risk appetite [3] Group 3 - The A-share market is noted to have seen a significant increase in overall valuations, yet it remains within a reasonable range in a long-term cycle, suggesting continued attractiveness of equity assets [3] - The focus on selecting stocks with strong corporate governance and management is emphasized as a strategy for future value creation, aligning with the fund's growth-oriented investment approach [3]

Core Viewpoint - The report highlights the performance and asset allocation of the fund managed by Zhu Shaoxing, indicating a strategic shift in investment focus and a positive outlook on certain sectors amid a changing economic environment [1][3]. Fund Performance - As of the end of Q4 2025, the net asset value of the fund managed by Zhu Shaoxing is 22.484 billion yuan [1]. - The performance of various fund classes during the reporting period shows: - Fund Class A/B: 1.12% return, benchmark return: -0.09% - Fund Class C: 0.91% return, benchmark return: -0.09% - Fund Class D: 1.12% return, benchmark return: -0.09% [1]. Top Holdings - The top ten holdings of the fund include: 1. Ningbo Bank (002142.SZ) - 6.25% of net asset value 2. Jerry Holdings (002353.SZ) - 4.98% 3. CATL (300750.SZ) - 4.90% 4. Kweichow Moutai (600519.SH) - 4.90% 5. Chuanfeng Power (603129.SH) - 3.70% 6. Zhongchuang Zhiling (601717.SH) - 2.84% 7. Zijin Mining (601899.SH) - 2.53% 8. Ruifeng New Materials (300910.SZ) - 2.52% 9. Guocer Materials (300285.SZ) - 2.19% 10. Xugong Machinery (000425.SZ) - 2.05% [2]. Investment Strategy - Zhu Shaoxing indicates a clear adjustment in investment strategy, with a notable reversal in the position of Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half [2]. - The fund has reduced its holdings in the new energy sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its position in CATL during Q4 2025 [2]. - The report emphasizes a favorable economic outlook, with a focus on sectors such as communications, electronics, and non-ferrous metals, which are expected to perform well [3]. Market Outlook - The current A-share market is described as having risen in valuation but still within a reasonable range for long-term investment [3]. - The report suggests that equities remain attractive compared to other asset classes, and emphasizes the importance of selecting individual stocks with strong corporate governance and management to maximize future value creation [3].