- The report discusses a **quantitative timing model based on volume signals**, which indicates a "bullish" view for all major indices except the ChiNext Index as of January 23, 2026[30][31][33] - A **momentum sentiment indicator** is introduced, calculated as the proportion of stocks in the CSI 300 Index with positive returns over the past N days. The indicator is smoothed using two moving averages (N1=50, N2=35). When the short-term average exceeds the long-term average, it signals a bullish market sentiment[32][34][36] - The **moving average sentiment indicator** is based on the eight moving averages (8, 13, 21, 34, 55, 89, 144, 233). The indicator assigns values of -1, 0, or 1 based on the position of the current price relative to these moving averages. A value greater than 5 indicates a bullish signal for the CSI 300 Index[40][44] - The **cross-sectional volatility factor** is analyzed, showing that the CSI 300 Index's cross-sectional volatility increased week-over-week, indicating an improved short-term alpha environment. Conversely, the cross-sectional volatility for the CSI 500 and CSI 1000 indices decreased, suggesting a deteriorated alpha environment[45][46] - The **time-series volatility factor** is also evaluated, revealing that the time-series volatility for the CSI 300, CSI 500, and CSI 1000 indices decreased week-over-week, indicating a worsening alpha environment. Over the past quarter, the CSI 300 Index's volatility was in the lower range of the past six months, while the CSI 500 and CSI 1000 indices were in the middle range[46][49]

Core Viewpoint - The article highlights the recent institutional research activities on various stocks, emphasizing the potential growth opportunities in sectors such as offshore wind energy, mining, and medical technology. Group 1: Institutional Research Highlights - Over 190 stocks were researched by institutions in the past week, with Dajin Heavy Industry receiving the most attention from 209 institutions, including 46 fund companies and 44 securities firms [2] - Dajin Heavy Industry's focus on offshore wind energy in Europe is driven by high wind speeds and shallow waters in regions like the North Sea and the Baltic Sea, indicating significant growth potential in this sector [2] - The recent AR7 auction in the UK for offshore wind projects exceeded market expectations, with a total of 8.4GW auctioned, leading to increased developer participation due to higher fixed prices compared to previous rounds [2] Group 2: Company-Specific Developments - Nepean Mining announced a $45 million investment to acquire a 22.5% stake in the Alacran copper-gold-silver mine in Colombia, with estimated reserves valued at approximately 50 billion yuan [3] - Meihua Medical is advancing its brain-machine interface and humanoid robot businesses, leveraging its experience in cochlear implants to collaborate with innovative clients in the brain-machine interface sector [5][7] - The company has initiated product technology layouts in humanoid robotics, focusing on materials and components that enhance product performance [7] Group 3: Performance and Market Trends - Among the stocks researched, nine are expected to see net profit growth exceeding 100% in 2025, with Baiwei Storage leading with a projected increase of over five times [9] - The average increase for researched stocks in the past week was over 5%, with some stocks like Longxin Zhongke and Dike Co. rising by more than 20% [9] - Dike Co. highlighted its competitive advantages in storage technology and market collaboration, which enhance its product offerings [10] - Qixiang Tengda reported price increases in several products due to market supply-demand imbalances, with its acetone production capacity being the largest globally [10]

Group 1: Industry Research Highlights - The most focused industries for institutional research from January 19 to January 23, 2026, are machinery equipment, electronics, automotive, and basic chemicals, with machinery and electrical equipment receiving the highest attention in the past five days [9][12]. - Over the past 30 days, the industries with the most institutional research are machinery equipment, electronics, basic chemicals, electrical equipment, and automotive, with machinery and computers having the most research institutions [12]. Group 2: Popular Companies in Institutional Research - The companies with the highest number of institutional research in the past five days, with more than 10 ratings, include Jiemai Technology, Honglu Steel Structure, and Naipu Mining Machinery [16]. - In the past 30 days, the companies with the most institutional research and more than 10 ratings include Ice Wheel Environment, Huichuan Technology, and Jiemai Technology [20][21]. Group 3: Key Company Research Insights 1. **Dajin Heavy Industry** - The core focus of the research is on the expected high growth in 2025, with a projected net profit of 1.05 to 1.20 billion yuan, representing a year-on-year increase of 121.58% to 153.23% [23]. - The growth is driven by strong overseas business, with export revenue accounting for nearly 79% in the first half of 2025, and holding over 10 billion yuan in orders [24]. - The company is transitioning from a single product supplier to a comprehensive service provider, enhancing profitability [24]. 2. **Naipu Mining Machinery** - The research highlights the global launch of a new high-alloy forged composite liner, which is expected to significantly improve efficiency and lifespan [25]. - The company is advancing its overseas production capacity, with a factory in Chile set to start production soon and a project in Peru funded by convertible bonds [26]. - The issuance of 450 million yuan in convertible bonds will support capacity expansion and liquidity [27]. 3. **Jiemai Technology** - The research indicates that the industry is currently experiencing high demand, with core products achieving full production and sales [28]. - The Tianjin production base is expected to begin trial production in the first quarter of 2026, enhancing service capabilities for strategic customers [28]. - The company is also entering the new energy materials sector, with significant production capacity planned [28].

Investment Rating - The report suggests a positive outlook for the mining machinery industry, indicating a potential upward trend in demand due to expectations of a global mining machinery demand turning point in 2026 [1][23]. Core Insights - The global mining machinery market is projected to be valued between 100 to 150 billion USD, with a balanced structure across various segments including drilling, crushing, mineral processing, open-pit, and underground equipment [5][8]. - The report highlights a shift in the business model of equipment companies from "manufacturing" to "operational services and resource development," driven by increased competition in the domestic market [20][23]. - The anticipated decline in interest rates by the Federal Reserve is expected to boost capital expenditures in the mining sector, leading to increased sales of mining machinery [18][20]. Market Overview - The mining machinery industry consists of 477 listed companies with a total market capitalization of 552.5 billion CNY, representing 4.9% of the market [2]. - The report notes that the mining machinery sector is a significant high-end segment within the broader engineering machinery market, with a steady growth trajectory expected as the industry enters a new replacement cycle [8][20]. Demand Outlook - Global capital expenditures by leading mining companies are projected to stabilize, with a potential recovery in demand for mining machinery as commodity prices strengthen [5][20]. - The report cites that in the first half of 2025, global leading mining companies' capital expenditures are expected to be 13.8 billion USD, reflecting a year-on-year decrease of 5.48% [20]. Industry Trends - The report identifies a trend where mining machinery companies are increasingly extending their business models to include operational and investment services, as evidenced by recent partnerships and equity acquisitions in mining projects [20][23]. - The report emphasizes the importance of high-end, automated products in the competitive landscape of the mining machinery sector, as companies adapt to changing market demands [20]. Investment Recommendations - The report recommends focusing on companies leading in open-pit mining machinery and those making significant progress in international markets, such as XCMG, SANY International, and others [23]. - It also suggests monitoring companies that are evolving their business models towards operational services and resource development, including Nape Mining Machinery and Zhejiang Mining [23].

Group 1 - Nep Mining Machine's stock increased by 5.16%, reaching 43.80 CNY per share, with a trading volume of 91.38 million CNY and a turnover rate of 1.96%, resulting in a total market capitalization of 7.39 billion CNY [1] - The company, Jiangxi Nep Mining Machine Co., Ltd., was established on October 14, 2005, and listed on February 12, 2020. Its main business involves the research, production, sales, and service of heavy mining beneficiation equipment and wear-resistant parts [1] - The revenue composition of the company includes: 71.25% from mining rubber wear parts, 14.05% from mining metal parts, 10.44% from beneficiation equipment, 3.69% from mining pipelines, and 0.57% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Industrial Bank has a significant position in Nep Mining Machine. The fund, Industrial Advantage Industry Mixed A (010181), reduced its holdings by 18,300 shares in the fourth quarter, maintaining 64,800 shares, which represents 4.01% of the fund's net value, ranking as the eighth largest holding [2] - The fund has a total scale of 36.33 million CNY and has achieved a return of 5.75% this year, ranking 4,172 out of 8,847 in its category. Over the past year, it has returned 36.52%, ranking 3,454 out of 8,099 [2] Group 3 - The fund manager of Industrial Advantage Industry Mixed A (010181) is Zhang Chao, who has been in the position for 2 years and 259 days. The total asset scale of the fund is 463 million CNY, with the best return during his tenure being 62.63% and the worst being 35.64% [3]

基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据。基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。1.22日共有16位基金经理发生任职变动。 根据巨灵统计的数据，近30天（12.23-1.22）共有595只基金产品的基金经理发生离职。其中今天（1.22）日有18只基金产 品发布基金经理离职公告，涉及8名基金经理。从变动原因上来看，有5位基金经理是由于工作变动而从管理的7只基金产品 中离职。有1位基金经理是由于产品到期而从管理的1只基金产品中离职。有1位基金经理是由于辞职而从管理的2只基金产 品中离职。有1位基金经理是由于个人原因而从管理的8只基金产品中离职。 | | | 基金代码 | 公告日期 | | | | | --- | --- | --- | --- | --- | --- | --- | | ■開切/し | | 005607 | 2026/1/22 | 20: | | | | | 华宝中证500增强C | 005608 | 2 ...

江西耐普矿机股份有限公司（以下简称"发行人"）向不特定对象发行可转 换公司债券（以下简称"可转债"）已获得中国证券监督管理委员会证监许可〔2025〕 3021 号文同意注册。国金证券股份有限公司（以下简称"保荐人（主承销商）"） 为本次发行的保荐人（主承销商）。本次发行的可转债简称为"耐普转 02"， 债券代码为"123265"。 本次发行的可转债规模为 45,000.00 万元，每张面值为人民币 100 元，共计 4,500,000 张，按面值发行。本次向不特定对象发行的可转债向发行人在股权登 记日（2026 年 1 月 15 日，T-1 日）收市后中国证券登记结算有限责任公司深圳 分公司（以下简称"中国结算深圳分公司"）登记在册的原股东优先配售，原股 东优先配售后余额部分（含原股东放弃优先配售部分）通过深圳证券交易所（以 下简称"深交所"）交易系统网上向社会公众投资者发行。认购金额不足 45,000.00 万元的部分由保荐人（主承销商）余额包销。 一、本次可转债原股东优先配售结果 本次发行原股东优先配售的缴款工作已于 2026 年 1 月 16 日（T 日）结束。 证券代码：300818 证券简称：耐普矿 ...

Group 1 - The core point of the article is that Nepe Mining Machine has reported its shareholder count as of January 20, 2026, which stands at 8,615 households [2]

Market Performance - On January 21, the three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.08% to 4116.94 points, the Shenzhen Component Index rising by 0.7% to 14255.13 points, and the ChiNext Index up by 0.54% to 3295.52 points [1] Fund Manager Changes - On January 21, there were 25 fund manager changes, with 23 fund products announcing departures of fund managers, involving 11 managers. In the past 30 days (December 22 to January 21), 587 fund products experienced manager changes [3] - The reasons for the changes included 9 managers leaving due to job changes and 2 due to product expiration [3] New Fund Managers - On January 21, 32 fund products announced new fund manager appointments, involving 14 managers. Notably, Xu Chengcheng from Industrial Bank has managed funds totaling 2.169 billion yuan, with the highest return of 758.05% from the Guotai Guozheng Food and Beverage Industry Fund [5] Fund Research Activity - In the past month (December 22 to January 21), Huaxia Fund conducted the most company research, engaging with 54 listed companies, followed by Bosera Fund with 45 and Southern Fund with 39 [6][7] - The automotive parts industry was the most researched sector, with 173 instances, followed by the chemical products industry with 149 [6][7] Recent Company Focus - In the last week (January 14 to January 21), the most researched company was Naipu Mining, with 41 fund institutions participating in the research. Other notable companies included Tiancheng Technology and Dike Co., with 36 and 31 fund institutions respectively [8][9]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 207 companies were investigated by institutions, with notable interest in companies like Haitai Ruisheng, Naipu Mining, and Meihao Medical, indicating a trend of concentrated institutional research activity in specific sectors [1]. Group 1: Institutional Research Activity - 85.51% of the companies investigated had participation from securities firms, with 177 companies being researched by them [1]. - Fund companies conducted research on 160 companies, while private equity firms investigated 91 companies, showing a diverse range of institutional interest [1]. - Haitai Ruisheng received the highest attention with 204 institutions participating in its research, followed by Naipu Mining with 132 institutions [1]. Group 2: Research Frequency and Fund Flow - Tianlu Technology was the most frequently researched company, receiving four institutional investigations, while Suzhou Bank and Binglun Environment were each investigated three times [1]. - Among the stocks with over 20 institutions involved, 15 saw net capital inflows in the past five days, with Hangzhou Bank attracting the most significant net inflow of 508 million yuan [1]. Group 3: Market Performance - Out of the stocks investigated, 31 experienced price increases, with the highest gains seen in Aiko Optoelectronics (34.13%), Dike Co. (26.44%), and Tietuo Machinery (23.29%) [2]. - Conversely, 17 stocks saw declines, with the largest drops in Olin Biology (-13.20%), Aipeng Medical (-12.19%), and Meihao Medical (-11.89%) [2]. Group 4: Earnings Forecasts - Among the stocks investigated, seven companies released earnings forecasts, with four expecting profit increases. Runfeng Co. projected the highest net profit of 1.1 billion yuan, reflecting a year-on-year increase of 144.40% [2].