Core Viewpoint - The company has maintained a leading position in the data cable market for several consecutive years, with a broad market coverage and a complete product line and certifications [1] Group 1: Market Position and Product Offering - The company's data cable products have consistently ranked as market leaders over the years [1] - The product line has expanded from cables and connection products to wiring systems [1] - The company has established stable long-term partnerships with customers [1] Group 2: Technological Integration and Solutions - The company integrates optical and copper interconnection technology into its wiring systems [1] - It has developed end-to-end solutions that cover diverse scenarios including data centers, enterprise networks, industrial manufacturing, and smart buildings [1]

Market Overview - The A-share market experienced fluctuations on January 15, with the Shanghai Composite Index briefly falling below 4100 points before recovering at the close. The Shanghai Composite Index fell by 0.33%, while the Shenzhen Component Index rose by 0.41%, and the ChiNext Index increased by 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets was 29.388 billion yuan, significantly down by over 10 billion yuan compared to the previous day [1] Sector Performance Electronics Sector - The electronics sector saw a strong rally in the afternoon, with the electronic ETF (515260) rising by 1.88%, recovering its 5-day moving average. The sector attracted a net inflow of 16.862 billion yuan from institutional investors, leading all 31 primary industries [3][6] - Key stocks in the electronics sector included Unigroup Guowei, which hit a daily limit up of 10%, and Huazhong Microelectronics, which rose by 7.58% [4][5] Chemical Sector - The chemical sector also performed well, with the chemical ETF (516020) reaching a peak increase of 2.42% during the day and closing up by 1.43%, marking a new three-year high. The sector attracted 14.7 billion yuan in net inflows, leading the market [9][11] - Notable stocks included Tongcheng New Materials, which hit the daily limit up, and Hongda Co., which surged by 6.25% [9][13] AI and Robotics Sector - The AI and robotics sectors faced some challenges, with the general aviation ETF (159231) dropping by 3.56%. However, the ChiNext AI ETF (159363) and the Sci-Tech AI ETF (589520) also saw declines, indicating a mixed performance in this area [1][15] Investment Insights - Analysts from Huajin Securities believe that the recent adjustment of financing margin ratios will have a limited impact on A-share trends, as the market is currently in a slow bull phase supported by structural recovery in profits and low credit levels [2] - The electronics sector is expected to benefit from the U.S. government's recent imposition of tariffs on certain semiconductors, which may enhance domestic substitution sentiment [6] - The chemical industry is anticipated to experience a rebound in profitability as supply-demand dynamics stabilize, with AI-driven production capabilities expected to lead to new growth opportunities [13][14]

Core Viewpoint - The communication equipment sector experienced a mixed performance, with a slight overall increase of 0.88% on January 15, while the Shanghai Composite Index fell by 0.33% and the Shenzhen Component Index rose by 0.41% [1]. Group 1: Stock Performance - Shenyu Co., Ltd. led the gains in the communication equipment sector with a closing price of 42.62, reflecting a rise of 10.39% and a trading volume of 396,000 shares, amounting to a transaction value of 1.671 billion [1]. - Other notable performers included: - Sega Technology with a closing price of 39.50, up 10.00% [1]. - Shijia Photon with a closing price of 87.43, up 7.30% [1]. - Lian Te Technology with a closing price of 197.00, up 7.01% [1]. - Zhaolong Interconnect with a closing price of 57.55, up 6.67% [1]. Group 2: Declining Stocks - The sector also saw significant declines, with Guangha Communication dropping 17.15% to a closing price of 28.98 [2]. - Other stocks that faced losses included: - Fujida down 10.68% to 44.90 [2]. - Xinkemobile down 10.66% to 17.76 [2]. - Huanghuo Communication down 10.01% to 43.07 [2]. Group 3: Capital Flow - The communication equipment sector experienced a net outflow of 1.058 billion from institutional investors and 2.280 billion from retail investors, while retail investors saw a net inflow of 3.338 billion [2]. - The capital flow for specific stocks indicated: - Zhongji Xuchuang had a net inflow of 1.832 billion from institutional investors [3]. - Xinyi Sheng saw a net inflow of 1.208 billion [3]. - Shijia Photon had a net inflow of 516 million [3].

Industry Overview - The patch panel industry is a critical component industry connecting communication, power, and automation equipment, with a market size of approximately 5.791 billion yuan in 2024, representing a year-on-year growth of 6.53% [1][6] - The growth is primarily driven by new infrastructure and digitalization trends, particularly the deployment of 5G networks, data center construction, and the advancement of the industrial internet, creating a stable market increment for patch panel products [1][6] Industry Chain - The upstream of the patch panel industry chain includes raw materials such as copper, steel, stainless steel, engineering plastics, and optical fibers, while the midstream involves the production and manufacturing of patch panels [4] - Downstream applications include data centers, equipment rooms, and floor management rooms, connecting horizontal cables (like twisted pairs and optical fibers) to network devices, facilitating quick connections and supporting fault diagnosis and line changes [4] - Rising copper prices, projected to reach 82,800 yuan per ton by November 2025, pose significant cost pressures on the patch panel industry, as key raw materials are highly dependent on copper [4][5] Market Size - The patch panel industry in China is expected to reach a market size of approximately 5.791 billion yuan in 2024, with a year-on-year growth of 6.53%, benefiting from the new infrastructure and digitalization wave [6][7] Key Companies Performance - Zhejiang Zhaolong Interconnect focuses on high-density wiring solutions, with its SG Matrix series supporting 144 cores, catering to the dynamic expansion needs of data centers. The company reported a revenue of 1.518 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.28% [7] - Shenzhen Zhishang Technology, established in 2009, offers a range of products including MTP/MPO optical fiber jumpers and has reported a revenue of 749 million yuan in the first three quarters of 2025, a year-on-year increase of 3.24% [7] Technological Trends - The industry is witnessing a shift towards intelligent patch panels that integrate high-precision sensors and IoT modules for real-time monitoring and enhanced operational efficiency [9] - The demand for high-speed and fiber-based solutions is accelerating technological iterations, with companies like Zhaolong Interconnect producing 400Gbps high-speed cable components and preparing for 800Gbps capabilities [10] - Prefabricated delivery and modular assembly are becoming mainstream, reducing on-site construction time and error rates, while environmental pressures are driving the adoption of green manufacturing practices [11]

Core Viewpoint - Zhaolong Interconnect (300913) has announced a temporary shareholders' meeting scheduled for January 30, 2026, to discuss several key resolutions, including the use of idle funds for cash management and amendments to the company's articles of association [1]. Group 1: Stock Performance - As of January 14, 2026, Zhaolong Interconnect's stock closed at 53.95 yuan, up 0.86% from the previous trading day, with a total market capitalization of 18.493 billion yuan [1]. - The stock opened at 53.49 yuan, reached a high of 55.18 yuan, and a low of 52.99 yuan, with a trading volume of 413 million yuan and a turnover rate of 2.98% [1]. Group 2: Shareholders' Meeting - The shareholders' meeting will review multiple proposals, including the use of temporarily idle raised funds for cash management, adjustments to the cash management limits and terms for idle self-owned funds, changes to the company's registered capital, and amendments to the articles of association [1]. - The amendment to the articles of association is classified as a special resolution, requiring approval from more than two-thirds of the voting rights held by attending shareholders [1]. - The record date for shareholders to participate in the meeting is set for January 26, 2026, and the voting will include separate counting for small investors [1]. Group 3: Recent Announcements - A list of recent announcements includes adjustments to the amount of raised funds for investment projects, the use of letters of credit and self-owned foreign exchange for project funding, and various verification opinions from CITIC Jianchao Securities [2]. - Other announcements cover the confirmation of related party transactions for 2025 and expected transactions for 2026, as well as notices regarding the upcoming shareholders' meeting [2].

Group 1 - The company, Zhaolong Interconnect, announced that it will hold its first extraordinary general meeting of shareholders for 2026 on January 30, 2026 [2]

Group 1 - The company, Zhaolong Interconnect, announced the approval of several proposals during its 15th meeting of the third board of directors, including adjustments to the investment amount of raised funds [2] - The proposals also include the use of raised funds to replace pre-invested project funds and cover issuance expenses with self-raised funds [2] - Additionally, the company plans to utilize part of the temporarily idle raised funds for cash management [2]

Core Viewpoint - The company Zhaolong Interconnect announced a plan to use part of its temporarily idle raised funds for cash management, subject to shareholder approval [2] Group 1 - The company will hold its third board meeting on January 14, 2026, to review the cash management proposal [2] - The proposal allows the company to use up to RMB 600 million of temporarily idle raised funds for cash management, ensuring it does not affect the construction of investment projects or the safety of the raised funds [2] - The usage period for these funds will be valid for 12 months from the date of shareholder approval, and the funds can be used in a rolling manner within the specified limit [2]

（文章来源：证券日报） 证券日报网讯 1月14日，兆龙互连发布公告称，公司于2026年1月14日召开第三届董事会第十五次会 议，审议通过了《关于调整募集资金投资项目拟投入募集资金金额的议案》，同意公司对募集资金投资 项目拟投入募集资金金额进行适当调整。 ...

兆龙互连公告称，公司已召开董事会，同意使用26,974.79万元募集资金置换预先投入募投项目及已支付 发行费用的自筹资金。截至2025年12月31日，公司以自筹资金预先投入募投项目26,839.60万元、预先支 付发行费用135.19万元。该置换事项已获会计师事务所和保荐人认可，符合相关规定，不影响募投项目 进行，也未变相改变资金用途，且无需提交股东会审议。 ...