Shenwan Hongyuan Securities·2026-02-13 11:11Group 1 - The report highlights that in January 2026, there were 11 major asset restructuring plans announced, predominantly in the non-ferrous metals industry, with over 70% currently in the board proposal stage [10][19]. - Notable cases include Hunan Gold's plan to acquire 100% stakes in Zhongnan Smelting and Golden Tianyue, which aims to enhance its integrated advantages by consolidating mining and smelting operations [19][24]. - Another significant case is Yingfang Micro's acquisition of 100% stakes in Shanghai Xiaokeli and Fujide China, which is expected to strengthen its semiconductor distribution business and improve profitability [25]. Group 2 - The report indicates that in January 2026, 34 new equity incentive plans were released, with the mechanical equipment industry leading in the number of plans [37]. - Approximately 91% of the equity incentive plans published in the past year have begun implementation, with most plans concentrated in the 1% to 2% range of total share capital [32][37]. - Companies of interest include Guangyun Da with an incentive ratio of 8.8%, and Anlian Ruishi with 3.2%, indicating a strong commitment to incentivizing core talent [46][47].