Group 1 - The A-share market is experiencing a year-end rally with accelerated rotation of hot sectors, including commercial aerospace, brain-computer interfaces, storage chips, controllable nuclear fusion, and photolithography [1] - In December 2025, a total of 155 public fund institutions participated in A-share research, with Huaxia Fund leading with 100 research sessions [1][5] - As of January 11, 2026, stocks with multiple hot concepts have shown significant price increases, resulting in several "double stocks," while some stocks have experienced rapid declines due to short-term speculation [1] Group 2 - The brain-computer interface concept stock, Entropy Technology, was the most researched in early 2026, with 132 institutions participating in three research sessions [2] - Entropy Technology received a warning letter from the Guangdong Securities Regulatory Commission for five major violations, including inaccurate revenue recognition and related party transaction disclosures [2] - Superjet Co., involved in commercial aerospace, attracted 109 institutions for three research sessions in January, discussing its rocket structure component production line [3] - Guanglian Aviation, a leading private enterprise in aerospace equipment, also attracted significant attention with 79 institutions participating in two research sessions [3] - Dineike, focusing on smart home and medical communication devices, engaged 60 institutions in research, with a focus on its brainwave interaction technology [4] Group 3 - In December 2025, public fund institutions conducted over 3,400 research sessions across 451 stocks in 29 primary industries [5] - Notable strong stocks since December 2025 include Superjet Co. and Hualing Cable, with price increases exceeding 150%, while others like Guanglian Aviation and Haoshi Electromechanical saw increases over 120% [6] - Some popular stocks, such as Tianming Technology, experienced significant price corrections due to clarifications regarding their business focus [6]

Group 1 - The A-share market is experiencing a year-end rally with accelerated rotation of hot sectors, including commercial aerospace, brain-computer interfaces, storage chips, controllable nuclear fusion, and photoresist [1][3] - In December 2025, a total of 155 public fund institutions participated in A-share research, with Huaxia Fund leading with 100 research sessions [1][7] - Notably, stocks with multiple hot concepts have shown significant price increases, resulting in several "double stocks," while some stocks have experienced rapid declines due to short-term speculation [1][8] Group 2 - The brain-computer interface concept stock, Entropy Technology, has been the most researched since the beginning of 2026, attracting 132 institutions, including 36 public funds [3] - Superjet Co., involved in commercial aerospace, has also gained attention, with 109 institutions participating in its research sessions, focusing on its rocket structure component production line [4] - Guanglian Aviation, a leading private enterprise in aerospace equipment structure, has attracted 79 institutions for its research, emphasizing its participation in national projects [4] Group 3 - Companies like Dineike, focusing on smart home and medical communication devices, have attracted 60 institutions, with interest in their brainwave interaction technology [5] - Other notable companies include Guojijiang Precision Engineering and Tangyuan Electric, which are involved in commercial aerospace and robotics, respectively, attracting significant institutional interest [5] - Prior to the year-end rally, institutions had already begun research layouts, with 71 public institutions conducting at least 20 research sessions each in December 2025 [7] Group 4 - Since December 2025, several stocks have shown strong performance, with Superjet Co. and Hualing Cable seeing price increases of over 150%, while others like Guanglian Aviation and Haoshi Electromechanical have risen over 120% [8] - Conversely, some stocks, such as Tianming Technology, have experienced significant price corrections due to clarifications regarding their business focus, leading to a nearly 20% decline in early January 2026 [8]

Group 1 - A total of 134 listed companies were investigated by institutions from January 5 to January 9, with Shangji Technology receiving the most attention from 218 institutions [1] - Chaojie Co., Guanglian Aviation, and Chengdu Xian Dao were also notable, receiving inquiries from 109, 79, and 69 institutions respectively [1] - In terms of industry focus, institutions continued to concentrate on sectors such as industrial machinery, electronic equipment and instruments, and electronic components [1]

Core Viewpoint - The company, Entropy Technology, has received a warning letter from the Guangdong Securities Regulatory Bureau due to five major violations related to financial reporting and disclosures [2][4]. Group 1: Violations Identified - The company has inaccurately recognized revenue, leading to a cross-period revenue recognition of 369,500 yuan for 2024 due to inconsistent rebate periods [2]. - There is an inadequate provision for bad debts, as the company failed to assess certain customers with significant credit risk and only used aging categories for provisions, resulting in insufficient bad debt provisions [2]. - Research and development expenses were inaccurately accounted for, including non-R&D personnel salaries, which were improperly included in R&D costs without proper project hour registration [3]. Group 2: Inventory and Related Party Transactions - The company inaccurately calculated inventory impairment provisions, using a sales expense rate of 15% from a different subsidiary instead of the actual 57% from ZKTECOUSALLC, leading to an overestimation of net realizable value [3]. - There was a discrepancy in the disclosure of related party transactions, with the actual sales amount to ZKTECO SOLUTIONS INC. being 18,907,200 yuan, significantly higher than the disclosed amount of 11,344,300 yuan [3]. Group 3: Regulatory Actions and Company Background - The Guangdong Securities Regulatory Bureau has decided to issue a warning letter to the company and its key executives, emphasizing the need for effective corrective measures and a written report within 30 days [4]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2022, focusing on biometric technology and providing intelligent terminals and software for smart spaces, offices, and digital identity verification [4]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported an operating income of 1.401 billion yuan, a year-on-year decrease of 0.68%, while the net profit attributable to shareholders increased by 6.24% to 128 million yuan [5].

- The report discusses a volume-timing model that has issued buy signals for major broad-based indices, indicating a positive market sentiment[1][2][22] - The volume-timing model is constructed by analyzing the volume indicators of major broad-based indices and their ETFs, which have shown an increase in trading volume, suggesting a bullish market outlook[1][2][22] - The specific construction process of the volume-timing model involves tracking the trading volume of major indices and ETFs, and when the volume increases significantly, the model issues a buy signal[1][2][22] - The evaluation of the volume-timing model indicates that it is effective in capturing market sentiment and providing timely buy signals[1][2][22] - The report also introduces a sentiment indicator based on the proportion of rising stocks within the CSI 300 index, which helps gauge market sentiment by tracking the number of stocks with positive returns over a specified period[23][24] - The construction process of this sentiment indicator involves calculating the proportion of CSI 300 index constituent stocks with positive returns over a given period, and using this proportion to assess market sentiment[23][24] - The evaluation of this sentiment indicator suggests that it is useful for quickly capturing market upturns, although it may miss out on gains during prolonged bullish phases and has limitations in predicting market downturns[23][24] - Another sentiment indicator discussed in the report is the moving average sentiment indicator, which uses the eight moving averages of the CSI 300 index to determine market trends[30][31] - The construction process of the moving average sentiment indicator involves calculating the eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) of the CSI 300 index closing prices, and assigning values based on the number of moving averages the current price exceeds[30][31] - The evaluation of the moving average sentiment indicator indicates that it provides a clearer understanding of the market trends and is effective in identifying bullish phases[30][31] - The report includes backtesting results for the volume-timing model, showing that the model has consistently issued buy signals for major indices such as the Shanghai Composite Index, SSE 50, CSI 300, CSI 500, CSI 1000, and the ChiNext Index[23] - The sentiment indicator based on the proportion of rising stocks within the CSI 300 index has shown that the proportion of rising stocks is around 74%, indicating a positive market sentiment[24] - The moving average sentiment indicator shows that the CSI 300 index is currently in a bullish phase, as the short-term moving average is above the long-term moving average[30][31]

Core Viewpoint - The article highlights the recent institutional research activities focusing on specific companies, particularly emphasizing the advancements and market potential of companies like Entropy Technology and Superjet Co. [1] Group 1: Entropy Technology - Entropy Technology has been the subject of research by 132 institutions, including 38 fund companies, 8 securities firms, 21 private equity firms, and 13 insurance companies [1] - The company is exploring intelligent brain-machine technology through its Entropy Cloud Brain Machine, focusing on sectors such as elderly care, healthcare, and education to support industrial intelligence upgrades [1] - The prototype of the brain-machine is progressing as planned, with initial efforts concentrated on marketing and brand promotion, which is not expected to significantly impact overall revenue in the short term [1] - While the company is optimistic about the market potential of the brain-machine business, there remains uncertainty regarding its future contribution to revenue and performance [1] Group 2: Superjet Co. - Superjet Co. has attracted research interest from over 100 institutions [1] - In terms of market performance, stocks that have undergone institutional research have seen an average increase of nearly 8% over the past week, with specific companies like Pulit, Chengdu Xian Dao, Leo Holdings, and Borui Communication experiencing gains exceeding 30% [1]

Core Viewpoint - Entropy Technology Co., Ltd. received a warning letter from the Guangdong Securities Regulatory Bureau due to multiple inaccuracies in financial information, including revenue recognition and related party transaction disclosures [1][4][5] Group 1: Financial Inaccuracies - The company inaccurately recognized revenue, resulting in a cross-period revenue recognition of 36.95 thousand yuan due to inconsistencies in the timing of customer rebates [4] - Insufficient provision for bad debts was noted, as the company only used aging categories for certain clients with significant credit risk, failing to make individual provisions [4] - Research and development expenses were inaccurately accounted for, including salaries of non-R&D personnel and lack of proper time tracking for R&D projects [4] Group 2: Inventory and Related Party Transactions - The provision for inventory impairment was inaccurately calculated, with the company using a sales expense rate of 15% from another subsidiary instead of the actual 57% from ZKTECO USA LLC, leading to an overestimation of net realizable value [4] - There was a discrepancy in the disclosure of related party transactions, with the reported amount of 11.34 million yuan differing from the actual sales amount of 18.91 million yuan to ZKTECO SOLUTIONS INC. [5] Group 3: Regulatory Response - The Guangdong Securities Regulatory Bureau issued a warning letter to the company and its key executives, including the chairman and CFO, for failing to fulfill their diligence obligations as per the regulations [5] - The company is required to submit a written report to the regulatory bureau within 30 days of receiving the decision [5] - The company stated that the regulatory measures would not affect its normal operations and emphasized its commitment to rectify the identified issues and enhance compliance [5]

Core Viewpoint - The company, Entropy Technology (301330), has received a warning letter from the Guangdong Securities Regulatory Bureau due to several compliance issues related to financial reporting and disclosures [1] Group 1: Compliance Issues - The warning letter indicates that the company has inaccuracies in revenue recognition [1] - There are discrepancies in the provision for bad debts [1] - The accounting for research and development expenses is not accurate [1] - The provision for inventory write-downs is incorrectly calculated [1] - There are inaccuracies in the disclosure of related party transactions [1]

Group 1 - The core point of the article is that Entropy Technology Co., Ltd. received a warning letter from the Guangdong Securities Regulatory Commission due to various violations related to revenue recognition, bad debt provision, R&D expense accounting, inventory impairment provision, and disclosure of related party transactions [2][3] Group 2 - The warning letter indicates that Entropy Technology inaccurately recognized revenue of 36.95 thousand yuan due to inconsistencies in the timing of rebates for certain customers [3] - There are significant credit risk concerns for some customers, and Entropy Technology did not insure these customers, leading to insufficient bad debt provisions based solely on aging categories rather than individual assessments [3] - The company improperly included salaries of non-R&D personnel in R&D expenses, with these personnel not recording project hours, resulting in inaccurate reporting of R&D costs [3] - In inventory impairment testing, Entropy Technology used a sales expense rate of 15% from a different subsidiary, ZK TECHNOLOGY LLC, instead of the actual 57% from ZKTECOUSA LLC, leading to overestimation of net realizable value and inaccurate inventory impairment provisions [3] - The actual sales amount to related party ZKTECO SOLUTIONS INC. was reported as 18.9072 million yuan, which did not match the disclosed amount, indicating discrepancies in related party transaction disclosures [3] Group 3 - Entropy Technology operates in the multimodal "computer vision and biometrics" (BioCV) sector, focusing on smart access control, smart identity verification, and smart office solutions, while also actively expanding into the smart retail cloud service area [4]

Core Viewpoint - The company has received a warning letter from the Guangdong Securities Regulatory Commission regarding several compliance issues related to financial reporting and disclosures [1] Group 1: Compliance Issues - The warning letter highlights inaccuracies in revenue recognition, bad debt provision, research and development expense accounting, inventory impairment provision, and related party transaction disclosures [1] - The company and responsible individuals are required to submit a written report and rectify the issues within 30 days [1]