Summary of Key Points Core Viewpoint - On January 12, several companies disclosed their shareholding changes, with notable increases in shareholdings from 恒实科技 and 奥锐特, while 16 A-share listed companies announced share reductions [1][2]. Group 1: Shareholding Increases - 恒实科技's controlling shareholder, 新基集团, plans to increase its stake by 1.5% to 3% [2]. - 奥锐特 intends to adjust its share repurchase price ceiling to no more than 35 yuan per share [2]. Group 2: Shareholding Reductions - 立中集团's five executives plan to reduce their holdings by no more than 0.0642% [2]. - 钧达股份's second largest shareholder, 控股股东锦迪科技, intends to reduce its stake by no more than 3% [2]. - 南兴股份's controlling shareholder, 南兴投资, has reduced its holdings by a total of 366,900 shares as of January 12 [2]. - 中国核建's second largest shareholder reduced its holdings by 7,866,600 shares from January 7 to 9, bringing its stake down to 10% [2]. - 天银机电's largest shareholder, 澜海瑞兴, reduced its holdings by 1,245,300 shares on January 12 [2]. - 信维通信's actual controller and chairman, 彭浩, plans to reduce his stake by no more than 1% [2]. - 中电港's fourth largest shareholder recently reduced its holdings by 7,596,900 shares, bringing its stake below 5% [2]. - 佰维存储's second largest shareholder, 国家集成电路基金二期, plans to reduce its stake by no more than 2% [2]. - 青木科技's largest and third largest shareholders recently reduced their holdings by a total of 1,937,400 shares [2]. - 长芯博创's shareholders plan to reduce their holdings by no more than 2.55% [2]. - 趣睡科技's shareholders plan to reduce their holdings by no more than 2.6% [2]. - 卓越新能's controlling shareholder, 龙岩卓越投资, plans to reduce its stake by no more than 3% [2].

Group 1: Company Buybacks - Hengshi Technology's controlling shareholder, New Base Group, plans to increase its stake by 1.5%-3% [1][2] - Aorite intends to adjust the maximum repurchase price of its shares to no more than 35 yuan per share [2] Group 2: Company Sell-offs - Lichong Group's five executives plan to reduce their holdings by no more than 0.0642% of the company's shares [2] - Junda Co., the second-largest shareholder, intends to reduce its stake by no more than 3% [2] - Nanxing Co. has reduced its holdings by a total of 3.669 million shares as of January 12 [2] - China Nuclear Engineering's second-largest shareholder reduced its holdings by 7.8666 million shares from January 7 to 9, lowering its stake to 10% [2] - Tianyin Machinery's largest shareholder, Lanhai Ruixing, reduced its holdings by 1.2453 million shares on January 12 [2] - XW Communication's actual controller and chairman, Peng Hao, plans to reduce his stake by no more than 1% [2] - Aerospace Development's controlling and fourth-largest shareholders reduced their holdings during periods of significant stock price fluctuations [2] - Tianfu Communication's senior management has completed a reduction of 80,000 shares [2] - Zhongdian Port's fourth-largest shareholder recently reduced its holdings by 7.5969 million shares, bringing its stake below 5% [2] - Baiwei Storage's 20th largest shareholder, the National Integrated Circuit Fund Phase II, plans to reduce its stake by no more than 2% [2] - Qingmu Technology's largest and third-largest shareholders have recently reduced their holdings by a total of 1.9374 million shares [2] - Changxin Bochuang's shareholders plan to reduce their holdings by no more than 2.55% [2] - Qusleep Technology's shareholders plan to reduce their holdings by no more than 2.6% [2] - Zhuoyue New Energy's controlling shareholder, Longyan Zhuoyue Investment, plans to reduce its stake by no more than 3% [2]

天孚通信(300394.SZ)公告称，公司高级管理人员陈凯荣和吴文太的股份减持计划已实施完毕。陈凯荣1 月9日和1月2日合计减持5.6万股，占总股本0.0072%；吴文太1月9日减持2.4万股，占总股本0.0031%。 减持后，陈凯荣持有16.98万股，吴文太持有7.2万股。 ...

（记者 曾健辉） 每经AI快讯，天孚通信1月12日晚间发布公告称，近日，公司收到陈凯荣、吴文太先生出具的《关于股 份减持计划实施完毕的告知函》。公司股东陈凯荣、吴文太减持计划实施完毕，共减持公司股份8万 股，减持股份占公司总股份为0.0103%。截至本公告披露日，陈凯荣、吴文太先生本次股份减持计划已 实施完毕。 每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 ...

证券代码：300394 证券简称：天孚通信 公告编号：2026-001 苏州天孚光通信股份有限公司 关于高级管理人员股份减持计划实施完毕的公告 高级管理人员陈凯荣、吴文太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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 苏州天孚光通信股份有限公司（以下简称"公司"或"天孚通信"）于2025 年12月2日在巨潮资讯网(http://www.cninfo.com.cn)披露了《关于董事、高 级管理人员减持股份的预披露公告》（公告编号：2025-056），公司高级管理 人员陈凯荣先生持有公司225,792股（占公司总股本比例0.0290%），公司高级 管理人员吴文太先生持有公司96,040股（占公司总股本比例0.0124%），因其股 权激励归属认购、缴纳股权激励相关税款及其他个人资金需求计划在减持计划预 披露公告之日起十五个交易日后的三个月内进行减持，即2025年12月24日至 2026年3月23日（根据法律法规禁止减持的期间除外、窗口期不减持），陈凯荣 先生以集中竞价方式减持公司股份不超过56,000股（不超过公司总股本 ...

Group 1 - Tianfu Communication's stock increased by 1.92% on January 9, with a trading volume of 6.754 billion yuan. The financing buy amount was 814 million yuan, while the financing repayment was 759 million yuan, resulting in a net financing purchase of 54.55 million yuan. The total financing and securities balance reached 4.776 billion yuan as of January 9 [1] - The financing balance of Tianfu Communication on January 9 was 4.753 billion yuan, accounting for 3.07% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level [1] - On the same day, the company had a securities lending repayment of 4,200 shares and a securities lending sell of 11,200 shares, with a selling amount of 2.2288 million yuan. The securities lending balance was 22.7584 million yuan, also exceeding the 80th percentile level over the past year [1] Group 2 - As of December 31, the number of shareholders of Tianfu Communication reached 127,100, an increase of 3.17% from the previous period. The average circulating shares per person decreased by 3.07% to 6,102 shares [2] - For the period from January to September 2025, Tianfu Communication achieved an operating income of 3.918 billion yuan, representing a year-on-year growth of 63.63%. The net profit attributable to the parent company was 1.465 billion yuan, with a year-on-year increase of 50.07% [2] - Since its A-share listing, Tianfu Communication has distributed a total of 2.172 billion yuan in dividends, with 1.536 billion yuan distributed in the last three years [2] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Tianfu Communication included Hong Kong Central Clearing Limited as the third-largest shareholder with 14.8 million shares, a decrease of 3.17 million shares from the previous period. E Fund's ChiNext ETF ranked fourth with 9.6313 million shares, down by 1.1404 million shares [3] - Other notable shareholders included Huatai-PB CSI 300 ETF in fifth place with 7.9389 million shares, a decrease of 401,200 shares, and new entrants such as AVIC Opportunity Leading Mixed Fund A with 6.9758 million shares and Yongying Technology Smart Selection Mixed Fund A with 6.1639 million shares [3] - Several funds exited the top ten circulating shareholders list, including Wan Jia Quality Life A, Huaan ChiNext 50 ETF, and Harvest CSI 300 ETF [3]

Group 1 - The core viewpoint of the news highlights the significant net inflow of funds into the defense and computer industries, each exceeding 1.1 billion yuan, amidst a mixed performance of A-share indices on January 8 [1] - The A-share market saw a total net outflow of 37.435 billion yuan, with 12 industries experiencing net inflows, including defense, computer, banking, building materials, and automotive sectors [1] - The electronic industry faced the largest net outflow, amounting to 14.155 billion yuan, followed by communication, non-ferrous metals, and power equipment sectors, each exceeding 3 billion yuan in outflows [1] Group 2 - Individual stocks showed that 61 had net inflows exceeding 200 million yuan, with 10 stocks receiving over 500 million yuan in net inflows [2] - Notable individual stock inflows included Aerospace Science and Technology, Hailanxin, Hand Information, and Qian Zhao Optoelectronics, with net inflows of 910 million yuan, 887 million yuan, 847 million yuan, and 730 million yuan respectively [3] - Hailanxin's stock reached a "20cm" limit up, focusing on marine electronic technology products and systems [3] Group 3 - Hand Information submitted an application for overseas listing (H-shares) to the Hong Kong Stock Exchange on December 29, 2025 [4] - A total of 90 stocks experienced net outflows exceeding 200 million yuan, with significant outflows from stocks like Zhongji Xuchuang, Luxshare Precision, and Aerospace Development, each exceeding 1 billion yuan [4] Group 4 - At the market close, the total net outflow was 658 million yuan, with the power equipment sector seeing a net inflow exceeding 1 billion yuan [5] - Individual stocks such as Goldwind Technology and Qian Zhao Optoelectronics had substantial net inflows exceeding 400 million yuan at the close [5] - Stocks like Zhongji Xuchuang, New Yisheng, and Huhua Electric experienced net outflows exceeding 200 million yuan at the close [6]

进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为2637.18万元。该股近5个交易日累 计下跌8.10%，主力资金合计净流出34.74亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月8日，天孚通信收跌3.43%，收盘价为195.25元，发生1笔大宗交易，合计成交量1.2万股，成交金额 234.3万元。 第1笔成交价格为195.25元，成交1.20万股，成交金额234.30万元，溢价率为0.00%，买方营业部为机构 专用，卖方营业部为中信证券股份有限公司泉州温陵北路证券营业部。 ...

Market Overview - The Shanghai Composite Index fell by 0.07% on January 8, with 20 industries experiencing gains, led by defense and military industry with a rise of 4.18% and media with a rise of 2.00% [1] - The non-bank financial and non-ferrous metals industries saw the largest declines, with drops of 2.81% and 1.56% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 45.304 billion yuan, with 9 industries experiencing net inflows [1] - The defense and military industry had the highest net inflow of capital at 6.773 billion yuan, followed by the computer industry with a net inflow of 3.917 billion yuan and a daily increase of 1.27% [1] Communication Industry Performance - The communication industry declined by 0.95%, with a total net outflow of 6.820 billion yuan [2] - Out of 124 stocks in the communication sector, 95 stocks rose, including 2 that hit the daily limit, while 28 stocks fell [2] - The top three stocks with the highest net inflow in the communication sector were ZTE Corporation with 561 million yuan, China Unicom with 362 million yuan, and FiberHome Technologies with 303 million yuan [2] Communication Industry Capital Outflow - The communication industry saw significant capital outflows, with the top three stocks being Zhongji Xuchuang with a net outflow of 3.156 billion yuan, Newray Technology with 1.205 billion yuan, and Tianfu Communication with 1.090 billion yuan [4] - Other notable stocks with capital outflows included Nanjing Panda Electronics and China Mobile, with outflows of 434 million yuan and 326 million yuan respectively [4]

Core Viewpoint - The A-share market is experiencing a historic moment with the Shanghai Composite Index recording a 14-day winning streak, while the Hong Kong market shows weakness, particularly in technology stocks. However, innovative drug ETFs are performing well, indicating strong investor interest in the healthcare sector [1][3][4]. ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has risen over 3%, marking three consecutive days of gains, while the overall market shows mixed results. The Pharmaceutical ETF (562050) also recorded three consecutive daily gains, indicating a strong performance in the pharmaceutical sector [1][3][4]. - The largest medical ETF in the market (512170) is approaching its six-month line, reaching a new 20-day high, reflecting positive momentum in the healthcare sector [1][3][4]. Sector Highlights - The pharmaceutical sector is significantly outperforming the broader market, with leading innovative drug companies like Rongchang Bio surging over 11%. The overall performance of the pharmaceutical ETF indicates a strong bullish sentiment among investors [3][4]. - The AI application sector is also gaining traction, with the Entrepreneurial Board AI ETF (159363) reaching a new high, supported by strong performance in AI hardware and applications [9][11]. Market Outlook - Huaxi Securities suggests that the current market dynamics indicate an early spring rally, maintaining a bullish outlook. Key investment themes include emerging growth sectors and opportunities arising from anti-involution trends, particularly in AI, robotics, and renewable energy [2][20]. - The outlook for the metals sector remains optimistic, driven by macroeconomic factors such as potential interest rate cuts by the Federal Reserve and strong demand in traditional and emerging industries [13][15]. Investment Recommendations - Analysts recommend focusing on sectors benefiting from policy support, such as AI computing chains, robotics, and domestic replacements, as well as sectors poised for price increases like chemicals and non-ferrous metals [2][20]. - The innovative drug and medical device sectors are highlighted as key areas for investment, with a focus on companies that are expected to maintain strong growth trajectories through 2026 [7][20].