Core Viewpoint - The report highlights the performance and portfolio adjustments of the Jiashi Value Select Equity Fund managed by Tan Li, indicating a shift in top holdings and a focus on commodity prices and market dynamics in the context of investment strategies. Group 1: Fund Holdings - As of the end of Q4 2025, the top ten holdings of the Jiashi Value Select Equity Fund include Zijin Mining, Hualu Hengsheng, Chifeng Jilong Gold, and others, with notable new entries being Ninebot and Binjiang Group, while Chengdu Bank exited the top ten [1][2]. - The fund's stock position was reported at 91.88% at the end of Q4 [2]. Group 2: Performance Metrics - The net asset value per share for Jiashi Value Select Equity A was 2.2893 yuan, with a growth rate of -0.32%, while the C share had a net asset value of 2.2825 yuan and a growth rate of -0.48%, against a benchmark return of -2.06% [3]. Group 3: Market Analysis - In Q4, there was a significant increase in the prices of gold and industrial metals, influenced by factors such as resource nationalism and strategic metal reserves in developed countries, leading to a widening supply-demand gap [3]. - The A-share market saw a rebound in Q3 2024 and a substantial rise in Q3 2025, with the Sci-Tech Innovation Board and Growth Enterprise Market achieving around 50% gains year-to-date, driven by a strong technology narrative and high market risk appetite [4]. - The report indicates a structural adjustment in the portfolio, with increased allocation to non-ferrous metals and a realization of profits in precious metals, while maintaining overall allocation ratios [4].

Group 1 - The core viewpoint of the article highlights significant portfolio adjustments by well-known fund managers in anticipation of growth in sectors like AI, non-ferrous metals, and lithium battery materials for 2026 [1][4] - Fund manager Fu Pengbo indicates that high-growth sectors such as AI and non-ferrous metals will see substantial growth, while manager Li Xiaoxing emphasizes that AI remains the main theme of global technological innovation [1][7] - Manager Yang Jinjing advocates for avoiding currently popular but overvalued sectors, focusing instead on blue-chip stocks that are expected to show long-term performance turning points [1][5] Group 2 - In the fourth quarter of 2025, the top ten holdings of the Ruiyuan Growth Value Fund managed by Fu Pengbo and Zhu Lin saw minor changes, with Maiwei Co. replacing China Mobile, and significant adjustments in holdings of companies like Tencent and Alibaba [2] - The Silver华心怡 Fund, managed by Li Xiaoxing and Zhang Ping, underwent substantial adjustments, with new entries including Tencent, Alibaba, and Meituan, while exiting positions in China Mobile and HSBC [2] - The Yongying Ruixin Fund, managed by Gao Nan, also made notable adjustments, adding companies like WISCO and Haier, while reducing positions in companies like Zhongji Xuchuang [3] Group 3 - Fu Pengbo and Zhu Lin plan to reduce investments in companies with weak fundamentals and increase holdings in data center-related companies based on industry trends and individual stock research [2][4] - Gao Nan focuses on company growth potential and performance realization, aiming for a diversified portfolio while capturing growth opportunities [4] - Yang Jinjing emphasizes a contrarian investment approach, seeking undervalued stocks and avoiding following irrational market trends [4][5] Group 4 - Li Xiaoxing believes that the domestic equity market presents more opportunities than risks, with AI continuing to drive technological innovation and domestic internet giants expected to maintain stable growth [7][8] - The domestic consumption sector, which underperformed in 2025, is viewed as having high potential, with many quality consumer stocks offering attractive dividend yields [8] - Long-term prospects for the domestic innovative pharmaceutical sector are positive, with a focus on companies with data catalysts and explosive performance potential [8]

（编辑 丛可心） 证券日报网讯 1月21日，九号公司发布公告称，公司2021至2024年限制性股票激励计划部分归属条件成 就，本次合计110528.3股基础股票按1股/10份转换为1105283份存托凭证，将于2026年1月27日上市流 通，占归属前总股本0.15%。 ...

1月21日，财政部、税务总局、中国证监会发布《关于延续实施创新企业境内发行存托凭证试点阶段有关税收政策的公告》。 其中提到，自2026年1月1日至2027年12月31日，对个人投资者转让创新企业CDR取得的差价所得，暂免征收个人所得税。对个人投资者持有创新企业 CDR取得的股息红利所得，实施股息红利差别化个人所得税政策，具体参照《财政部国家税务总局证监会关于实施上市公司股息红利差别化个人所得税 政策有关问题的通知》（财税〔2012〕85号）、《财政部国家税务总局证监会关于上市公司股息红利差别化个人所得税政策有关问题的通知》（财税 〔2015〕101号）的相关规定执行，由创新企业在其境内的存托机构代扣代缴税款，并向存托机构所在地税务机关办理全员全额明细申报。对于个人投资 者取得的股息红利在境外已缴纳的税款，可按照个人所得税法以及双边税收协定（安排）的相关规定予以抵免。 这并非全新政策，是对2023年启动的CDR税收优惠政策延期两年，体现了国家对科技创新企业融资渠道建设的持续支持。中国存托凭证 (ChineseDe- positoryReceipt，CDR)，是指在境外(包括中国香港)上市公司将部分已发行上市的股 ...

Core Viewpoint - The company is advancing its construction projects, including a new electric vehicle factory in Zhuhai and a headquarters office building in Beijing, to enhance production capacity and operational efficiency [1] Group 1: Construction Projects - The construction funds are allocated for the Zhuhai smart electric vehicle factory, which will serve as the company's second production base, scheduled to start production gradually in 2026 [1] - The Zhuhai factory will work in tandem with the existing factory in Changzhou, creating a dual-base synergy in East and South China [1] - The total production capacity for electric two-wheelers is expected to increase to 11 million units, supporting seasonal business peaks and ongoing growth demand [1] Group 2: Operational Efficiency - The funds are also directed towards the construction of the Beijing headquarters office building, aimed at resolving the current issue of dispersed rental office spaces [1] - This new office building is intended to enhance management efficiency and better support the company's long-term development [1]

证券代码：689009 证券简称：九号公司 公告编号：2026-002 九号有限公司 2021 年至 2024 年限制性股票激励计划 部分归属结果暨存托凭证上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次存托凭证上市类型为股权激励存托凭证；存托凭证认购方式为网下，上 市存托凭证数量为1,105,283份。 本次归属股票对应存托凭证数量：110,528.3 股基础股票，按照 1 股/10 份存 托凭证的比例进行转换后，本次存托凭证上市流通总数为1,105,283份。 本次存托凭证上市流通日期为2026 年 1 月 27 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，九号有限公司（以下简称"公司"）于 近日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司完成了 2021 年限制性股票激励计划第二次预留授予部分第二个归属期第一批 次、2022 年限制性股票激励计划首次授予部分第三个归属期第三批次、2023 年 ...

九号公司回复称，公司目前的在建工程款一方面是用于九号珠海智能电动车工厂的建设，作为公司第二 生产基地，该项目正按计划推进，2026年开始逐步投产，与常州工厂形成华东、华南双基地协同布局。 随着产能逐步爬坡，未来双基地电动两轮车总产能将提升至1100万台，支撑业务旺季及持续增长需求。 另一方面是北京总部研发办公大楼的建设，旨在解决当前办公场所分散租赁的问题，以提升管理效率， 更好地支持公司长期发展。 格隆汇1月21日｜有投资者在互动平台向九号公司提问：贵司的在建工程款主要用于哪些项目？ ...

Investment Rating - The report maintains a "Buy" rating for Yadea Holdings (1585.HK) with a target price of HKD 16.43, indicating a potential upside of 37.5% from the current price of HKD 11.95 [1][7][14]. Core Insights - The company announced a significant profit increase for 2025, with an expected net profit of at least RMB 2.9 billion, representing a growth of over 128% compared to RMB 1.27 billion in 2024. This increase is attributed to higher sales of electric two-wheelers and optimized product structure [4][9]. - The new national standard for electric bicycles is set to stabilize the market post-Chinese New Year 2026, as the transition period for old standard products ends, which is expected to restore consumer purchasing willingness [5][10]. - Yadea is focusing on long-term growth through continuous investment in R&D and marketing, enhancing its product competitiveness and global marketing capabilities. In H1 2025, the company sold approximately 8.79 million electric scooters and bicycles, a year-on-year increase of about 37.8%, with a gross margin rising to 19.6% [6][11]. Financial Summary - Revenue projections for Yadea from 2025 to 2027 are RMB 35.78 billion (+26.7%), RMB 40.48 billion (+13.1%), and RMB 45.59 billion (+12.6%) respectively. The net profit forecasts are RMB 2.99 billion (+135%), RMB 3.25 billion (+8.8%), and RMB 3.55 billion (+9.3%) [12][8]. - The company's gross margin is expected to improve from 18.7% in 2025 to 19.8% in 2027, reflecting ongoing enhancements in product structure and sales volume [8].

Investment Rating - The report maintains a "Buy" rating for Yadea Holdings, with a target price of HKD 16.43, indicating a potential upside of 37.5% from the current price of HKD 11.95 [1][7][14]. Core Insights - The company has announced a significant profit increase for 2025, with an expected net profit of at least RMB 2.9 billion, representing a growth of over 128% compared to RMB 1.27 billion in 2024. This increase is attributed to higher sales of electric two-wheelers and optimized product structure [4][9]. - The new national standard for electric bicycles is set to stabilize the market post-Chinese New Year 2026, as the transition period for old standard products will end, leading to a gradual recovery in consumer purchasing willingness [5][10]. - Yadea is focusing on long-term growth through continuous investment in R&D and marketing, enhancing its product competitiveness and global marketing capabilities. In H1 2025, the company sold approximately 8.79 million electric scooters and bicycles, a year-on-year increase of about 37.8%, with a gross margin rising to 19.6% [6][11]. Financial Summary - Revenue projections for Yadea from 2025 to 2027 are RMB 35.78 billion (+26.7%), RMB 40.48 billion (+13.1%), and RMB 45.59 billion (+12.6%) respectively. The net profit forecasts are RMB 2.99 billion (+135%), RMB 3.25 billion (+8.8%), and RMB 3.55 billion (+9.3%) [12][8]. - The company's gross margin is expected to improve from 18.7% in 2025 to 19.8% in 2027, reflecting ongoing enhancements in product structure and sales volume [8][12].

Group 1 - The motorcycle and other sectors experienced a decline of 1.89% on January 20, with Zhenghe Industrial leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Major stocks in the motorcycle sector showed mixed performance, with Aima Technology up by 1.50% and Zhenghe Industrial down by 4.16% [1][2] Group 2 - The net outflow of main funds in the motorcycle and other sectors was 182 million yuan, while retail investors saw a net inflow of 126 million yuan [2] - The table of fund flows indicates that XD Longxin Tong had a main fund net inflow of 17.44 million yuan, while Shanghai Phoenix had a net inflow of 5.63 million yuan [3] - Retail investors showed a positive net inflow in several stocks, including New Day Co. with a net inflow of 463.27 million yuan [3]