Guohai Securities·2026-01-30 01:05Group 1: ON RRP Liquidity Management - The report introduces the ON RRP (Overnight Reverse Repurchase Agreement) tool, which is a mechanism used by the Federal Reserve to manage liquidity by selling securities to qualified counterparties and agreeing to repurchase them the next day [3] - Since its introduction in 2013, ON RRP has played a crucial role in maintaining the minimum interest rate level in the market during periods of excess liquidity, with its scale growing from hundreds of billions to over $2.5 trillion at its peak in 2022 [4] - The report discusses the potential for a similar tool in China, suggesting that while the need for such a mechanism is not strong due to the current liquidity conditions, it could serve as a supplement to existing interest rate corridor mechanisms [4] Group 2: DingTong Technology - DingTong Technology forecasts a revenue of approximately 1.593 billion yuan for 2025, representing a year-on-year growth of about 54.37%, and a net profit of 242 million yuan, up 119.59% [6][8] - The growth is attributed to the rapid increase in demand for high-speed optical modules and the penetration of liquid cooling technologies, indicating a dual increase in both volume and price [6][8] - The company’s product range includes high-speed connectors used in data centers and communication devices, with significant upgrades in transmission speeds from 56G to 112G and 224G [8] Group 3: GuoCi Materials - GuoCi Materials is a leading manufacturer of MLCC (Multi-Layer Ceramic Capacitor) materials, with expected revenue from this segment to reach 624 million yuan in 2024, driven by demand from the automotive, AI, and robotics sectors [12][13] - The catalytic materials segment is poised for growth due to upgraded emission standards, with projected revenue of 787 million yuan in 2024, benefiting from domestic substitution opportunities [14] - The precision ceramics segment is also expanding, with expected revenue of 351 million yuan in 2024, supported by the increasing demand for low-orbit satellite applications [15] Group 4: Core Insights on KeRui International - KeRui International's traditional offline business is performing well, with a significant increase in flexible staffing and high-end talent recruitment, showing a revenue growth of 29.31% in the first half of 2025 [19] - The HeWa platform has seen substantial growth, with operational positions reaching 46,700 and a 73% increase in offer generation year-on-year [20] - The Mira Agent, an AI-driven recruitment tool, has streamlined the talent matching process, reducing the time from two days to a few minutes, enhancing operational efficiency [21]