Core Insights - The report from Zhongyuan Securities indicates that China's optical module exports are projected to total 37.46 billion yuan in 2025, reflecting a year-on-year decline of 15.6% [1][3] - CignalAI forecasts that the total shipment of high-speed optical modules (400G and above) will reach 42 million units in 2025, with a compound annual growth rate (CAGR) exceeding 20% for the optical module market from 2024 to 2029 [1][3] - The supply of key materials in the optical communication industry, particularly optoelectronic chips, remains tight, which is expected to constrain market growth until the end of 2026 [3] Optical Module Market - The total export value of optical modules from China in December 2025 showed a slight year-on-year decrease of 0.5% [3] - In the first eleven months of 2025, the telecommunications business revenue reached 1.6096 trillion yuan, marking a year-on-year increase of 0.9% [1] - Major telecom operators are focusing on key sectors such as industrial manufacturing, digital government, healthcare, education, and energy, leveraging the integration of cloud and network technologies [1] Key Companies and Recommendations - Companies to watch in the optical chip/device/module sector include: - SourceJ Technology (688498.SH) - Shijia Photon (688313.SH) - Tianfu Communication (300394.SZ) - Taicheng Light (300570.SZ) - Zhongji Xuchuang (300308.SZ) - New Yisheng (300502.SZ) - Guangxun Technology (002281.SZ) - Huagong Technology (000988.SZ) [4] - In the optical fiber and cable sector, domestic manufacturers are expected to gain more market share due to technological and cost advantages [4] - For AI smartphones, companies such as Xinwei Communication (300136.SZ) and ZTE Corporation (000063.SZ) are recommended [4] - Telecom operators to consider include China Mobile (600941.SH), China Telecom (601728.SH), and China Unicom (600050.SH) [4]

Core Viewpoint - The domestic photovoltaic (PV) industry is experiencing a seasonal downturn in new installations, with significant cost pressures due to rising silver prices impacting battery and component pricing [1][4]. Group 1: Installation Capacity and Market Trends - In December 2025, the domestic new PV installed capacity reached 40.18 GW, representing a month-on-month increase of 82.47%, but a year-on-year decline of 43.30% [3]. - For the entire year of 2025, the total new PV installed capacity was 315.07 GW, showing a year-on-year growth of 13.67% [3]. - The PV industry index saw a strong rebound in January, increasing by 15.65%, significantly outperforming the CSI 300 index, with all sub-sectors experiencing growth [1]. Group 2: Cost and Supply Chain Dynamics - The domestic PV market is entering a seasonal low period, leading to reduced new orders and lower operational loads for polysilicon and silicon wafer production, resulting in a decrease in supply [4]. - A significant rise in silver prices has led to a notable increase in battery costs, forcing component manufacturers to raise their prices [4]. Group 3: Policy Changes and Industry Implications - The Ministry of Finance announced the cancellation of the VAT export rebate for PV products starting April 1, 2026, which is expected to accelerate the exit of high-cost production capacities from the market [2]. - The VAT export rebate for battery products will be reduced from 9% to 6% during 2026, with a complete cancellation set for January 1, 2027 [2]. Group 4: Investment Recommendations - The space photovoltaic sector is currently in the early stages of development, requiring validation of technology and economic benefits for large-scale commercial application [5]. - The industry remains undervalued historically, with recommendations to focus on perovskite solar cells, silicon-perovskite tandem cells, energy storage inverters, and leading integrated component manufacturers [5].

Group 1 - The major shareholder, Shanghai Huachong Equity Investment Fund Partnership, plans to reduce its stake in *ST Taihe by up to 3,397,411 shares, representing no more than 3% of the total share capital [1] - The reduction will occur over a period from February 25, 2026, to May 24, 2026, through both centralized bidding and block trading methods [1] - The shareholder currently holds 6,117,600 shares, which is 5.4020% of the total share capital, acquired before the IPO and through capital reserve conversion [2] Group 2 - *ST Taihe was listed on the Shanghai Stock Exchange on February 9, 2021, with an initial issuance of 19.53 million shares at a price of 43.30 yuan per share [2] - The stock reached a peak price of 62.35 yuan on its first trading day but is currently in a state of decline [2] - The total funds raised from the IPO amounted to 84.5649 million yuan, with a net amount of 77.81094 million yuan allocated for operational funding and project development [2][3] Group 3 - The total issuance costs for the IPO were 6.75396 million yuan, including underwriting and sponsorship fees of 5.23725 million yuan [3] - In 2022, the company distributed a cash dividend of 1 yuan per share and increased the share capital by 0.45 shares per share, resulting in a total share capital of 113,247,072 shares after the distribution [3] - The company's stock name changed from "Taihe Water" to "*ST Taihe" on April 29, 2025 [3]

Market Overview - On Thursday, January 22, the A-share market experienced a slight upward fluctuation after encountering resistance, with the Shanghai Composite Index facing resistance around 4140 points during the day [1][4] - The aerospace, mining, shipbuilding, and communication equipment sectors performed well, while the electronic chemicals, insurance, battery, and jewelry sectors showed weaker performance [1][4] - The ChiNext market outperformed the main board throughout the day [1][4] Future Market Outlook and Investment Recommendations - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and ChiNext Index are currently 16.88 times and 52.98 times, respectively, which are above the median levels of the past three years, indicating suitability for medium to long-term positioning [2][5] - The total trading volume on Thursday was 27,166 billion yuan, above the median daily trading volume of the past three years [2][5] - The central bank has indicated that there is still room for further interest rate cuts this year, aiming to support economic transformation and boost market confidence [2][5] - Regulatory measures are being implemented to encourage long-term capital inflow while maintaining market stability through adjustments in margin trading and transaction regulations [2][5] - The impact of regulatory cooling measures is being digested by the market, with limited short-term adjustment space expected [2][5] - Future market focus will shift back to performance and industry trends, accumulating strength for the next phase of market activity [2][5] - It is anticipated that the Shanghai Composite Index will maintain a slight upward trend, with investors advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments [2][5] - Short-term investment opportunities are suggested in the semiconductor, electronic components, communication equipment, and aerospace sectors [2][6]

Market Overview - The A-share market experienced slight fluctuations and upward movement on Friday, January 23, with the Shanghai Composite Index facing resistance around 4143 points during the day [1][2][4] - Industries such as photovoltaic equipment, energy metals, batteries, and aerospace performed well, while sectors like airports, insurance, banking, and shipbuilding showed weaker performance [1][2][4] Future Market Outlook and Investment Recommendations - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 16.88 times and 53.36 times, respectively, indicating they are above the median levels of the past three years, suggesting a suitable environment for medium to long-term investments [2][5] - The total trading volume on Friday was 31,184 billion yuan, which is above the median trading volume of the past three years [2][5] - The central bank has indicated that there is still room for further interest rate cuts and reserve requirement ratio reductions to support economic transformation and boost market confidence [2][5] - Regulatory measures are being implemented to encourage long-term capital inflow while maintaining market stability through adjustments in margin trading and transaction regulations [2][5] - The market is expected to focus on performance and industry trends for the next phase, with a likelihood of the Shanghai Composite Index maintaining slight upward movement [2][5][6] - Short-term investment opportunities are recommended in the photovoltaic equipment, energy metals, batteries, and aerospace sectors [2][6]

Group 1: Overview of New Energy Storage Industry - The global and Chinese new energy storage installed capacity has experienced rapid growth in recent years, with significant policy support and a multi-technology development approach, where lithium batteries dominate electrochemical storage, and flow batteries are growing rapidly [1] - By the end of 2024, global new energy storage installations are expected to reach 74.1 GW/177.8 GWh, representing year-on-year growth of 62.5% and 61.9%, respectively; China's new energy storage capacity is projected to be 43.7 GW/109.8 GWh, with year-on-year growth of 103% and 136% [1] Group 2: Policy Support for New Energy Storage - Since 2021, the central government has introduced a series of policy documents to encourage diversified technological development and standardize industry management, laying a foundation for storage development [2] - Key policies include the "Action Plan for High-Quality Development of New Energy Storage Manufacturing Industry" and the "Special Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)" [2] Group 3: Advantages of Lithium Batteries in Electrochemical Storage - In the first three quarters of 2025, China's lithium battery shipments for storage reached 430 GWh, a year-on-year increase of 99.07%, indicating that lithium batteries will continue to dominate new energy storage technology [3] - The expected shipment of flow batteries in China for 2024 is approximately 0.7 GW, with projections of reaching 20 GW by 2030; costs are expected to decline further, and the market scale is anticipated to double during the 14th Five-Year Plan [3] - Sodium-ion battery shipments are projected to be around 3.7 GWh in 2024, with a year-on-year growth of 428%, indicating a trend of decreasing costs and expanding application scenarios [3] Group 4: Henan Province's Energy Storage Policies and Industry Overview - In June 2023, the Henan Provincial Government issued opinions to accelerate the development of new energy storage, supporting various technologies including lithium, sodium, flow, and compressed air storage [4] - By 2030, Henan aims to achieve large-scale development of energy storage, with an installed capacity target of over 15 million kW, establishing a multi-faceted storage system for stable operation of the new power system [4] - The industry in Henan is primarily based on lithium iron phosphate batteries, with active development in sodium and all-vanadium flow batteries; key companies include Dofluor, Yicheng New Energy, Huqiang New Materials, Longbai Group, and Penghui Power Supply [4]

Group 1 - The core point of the news is that southbound funds have increased their holdings in Zhongzhou Securities (01375.HK) by 99,000 shares on January 22, 2026, with a total net increase of 6.501 million shares over the last five trading days [1][2] - Over the past 20 trading days, southbound funds have increased their holdings on 10 occasions, resulting in a cumulative net increase of 1.124 million shares [1][2] - As of now, southbound funds hold 704 million shares of Zhongzhou Securities, accounting for 58.9% of the company's total issued ordinary shares [1][2] Group 2 - Zhongzhou Securities Co., Ltd. is engaged in securities brokerage business in China, operating through eight divisions [2] - The securities brokerage division handles client transactions involving stocks, funds, and bonds, while the proprietary business division focuses on equity and fixed income investments [2] - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting services [2]

Core Viewpoint - The board of directors of Zhongyuan Securities has approved a new version of the "Work Regulations of the Risk Control Committee," aimed at enhancing the company's governance structure and the effectiveness of its comprehensive risk management system [1] Summary by Relevant Sections Governance Structure - The regulations define the Risk Control Committee as a specialized working body under the board of directors, responsible for overseeing the company's overall risk management [1] - The committee is composed of no fewer than three directors, with a term aligned with that of the board of directors [1] Responsibilities and Authority - The main responsibilities of the committee include reviewing the overall objectives, basic policies, and institutional setup of compliance and risk management [1] - The committee evaluates compliance management, comprehensive risk management basic systems, risk appetite, and major risk limits that require board approval [1] - It also provides opinions on risk solutions for major decisions and reviews effectiveness assessment reports, compliance reports, and risk assessment reports [1] Operational Procedures - The committee is tasked with supervising the training of directors and senior management regarding compliance and addressing significant compliance issues raised by the compliance director [1] - The regulations mandate that the committee must hold at least one meeting annually, with resolutions requiring approval from more than half of the committee members [1] - The company's risk management headquarters will serve as the operational body for the committee [1] Impact on Risk Management - The implementation of these regulations signifies Zhongyuan Securities' commitment to strengthening the board's supervisory role in risk management, which is expected to enhance the company's overall risk resilience and compliance operating level [1]

董事會風險控制委員會 工作規程 第一章 總則 第一條 為完善中原證券股份有限公司（以下簡稱「公司」）治理結構，加強 風險管理，有效防範和化解風險，根據《中華人民共和國公司法》《中華人民共 和國證券法》《證券公司監督管理條例》《證券公司治理準則》《上市公司獨立董 事管理辦法》《上海證券交易所股票上市規則》《香港聯合交易所有限公司證券 上市規則》（以下簡稱「香港上市規則」）等相關法律法規、規範性文件及《中原 證券股份有限公司章程》（以下簡稱「公司章程」），公司董事會設立董事會風險 控制委員會（以下簡稱「風險控制委員會」），並制定本工作規程。 第二條 風險控制委員會是董事會的專門工作機構，主要對公司的總體風 險管理進行監督，確保公司能夠對與公司經營活動相關聯的各種風險實施有 效的風險控制，向董事會報告，對董事會負責。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 第二章 人員組成 – 1 – 第三條 風險控制委員會由不少於三名董事組成。 ...

香港交易及結算所有限本公司及香港聯合交易所有限本公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：01375） 海外監管公告 本公告乃由中原證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中原證券股份有限公司第七屆董 事會第四十二次會議決議公告》，僅供參閱。 承董事會命 中原證券股份有限公司 董事長 張秋雲 中國，河南 2026年1月20日 於本公告日期，本公司的董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生、田聖春 先生及朱軍紅女士，陳志勇先生*、王輝先生*、王慧軒先生*及杜曉堂先生*。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） * 本公司獨立非執行董事 一、审议通过了《关于 2026 年度风险偏好和风险容忍度的议案》 证券代码： 60 ...