| 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300748 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | 第 1 頁 共 10 頁 v 1.1.1 本月底法定/註冊股本總額： RMB 1,372,131,923 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | -- ...

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing down 0.94% at 26,458.95 points and a total turnover of HKD 2,761.34 million [1] - The Hang Seng China Enterprises Index fell by 1.14% to 9,138.75 points, while the Hang Seng Tech Index decreased by 1.49% to 5,738.52 points [1] - Zheshang International noted that the fundamentals of the Hong Kong market remain weak, with a decline in the funding environment, while Goldman Sachs maintains an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 5.92% to HKD 36.12, contributing 11.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Innovent Biologics (01801) up 5.38% and WuXi AppTec (02359) up 4.91%, while Alibaba (09988) fell 3.25%, dragging the index down by 65.17 points [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector continued its upward trend, with notable gains from Rongchang Biologics (09995) up 12.93% and Tigermed (03347) up 8.88% [3] - The National Medical Products Administration reported that 76 innovative drugs are expected to be approved by 2025, significantly surpassing the 48 approved in 2024, with a total transaction value exceeding USD 130 billion [4] Nickel Sector - Nickel stocks showed strong performance, with Xinjiang Xinxin Mining (03833) rising 12.28% and Zhongwei New Materials (02579) up 10% [4] - Nickel prices surged over 20% in the past two weeks, driven by supply constraints from Indonesia, which plans to reduce nickel mining quotas by 2026 [4] Paper Sector - Paper stocks saw significant gains, with Nine Dragons Paper (02689) up 8.97% and Lee & Man Paper (02314) up 6.92% [5] - Several paper companies announced price increases, indicating a reduction in production pressure and a more favorable market environment [5] Coal Sector - Coal stocks generally rose, with Shougang Resources (00639) up 5.98% and China Qinfa (00866) up 5.92% [6] - The Dalian Commodity Exchange saw a surge in coal futures, and analysts expect improvements in supply-demand dynamics for the coal industry [6] Optical Communication Sector - Optical communication stocks rebounded, with Yangtze Optical Fibre (06869) rising 6.75% [6] - The sector was buoyed by strong performances in the U.S. market, particularly from Lumentum and Coherent [7] Notable Stocks - Yadea Group (01585) announced a profit increase, leading to a 4.63% rise in its stock price [8] - Jinli Permanent Magnet (300748) was active, rising 3.65% amid news of potential export restrictions on rare earth materials to Japan [9] - Jitu Express (01519) reached a new high, with a 3.39% increase, reporting significant growth in package volume [10] - GF Securities (01776) faced pressure, dropping 4.09% after announcing a share placement and convertible bond issuance to raise funds for international business development [11]

本月底法定/註冊股本總額： RMB 1,372,131,923 第 1 頁 共 10 頁 v 1.1.1 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300748 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,144,491,123 | RMB | | 1 RMB | | 1,144,491,123 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The meeting held on January 7 focused on regulating competition in the power and energy storage battery industry, aiming to establish a more rational market environment and ensure sustainable development in the sector [1]. Group 1: Industry Developments - A joint meeting was convened by multiple departments to discuss the regulation of competition in the power and energy storage battery industry, with participation from over ten leading companies in the sector [1]. - The meeting emphasized a policy direction for comprehensive rectification of irrational competition, which is expected to help market prices return to a reasonable range and protect corporate profit margins [1]. - The policy will provide scientific guidance on capacity expansion, preventing supply-demand imbalances similar to those experienced in the photovoltaic industry, thereby promoting sustainable development and healthy competition in the energy storage sector [1]. Group 2: ETF Performance - The Huaxia New Energy ETF (159368) on the ChiNext board experienced a slight decline of 0.26%, while some of its holdings, such as Weikang Co., saw an increase of over 11% [1]. - The Huaxia New Energy ETF is the largest ETF tracking the ChiNext New Energy Index, which includes various segments of the new energy and electric vehicle industries, such as batteries and photovoltaics [1]. - The ETF has high elasticity with a potential increase of up to 20%, the lowest fee structure with a total management and custody fee of only 0.2%, and a total scale projected to reach 676 million yuan by December 30, 2025 [1].

Group 1 - The Chinese government is considering tightening the export license review for medium and heavy rare earth items scheduled for April 4, 2025, due to Japan's recent poor performance [3] - The Ministry of Commerce has announced a ban on all dual-use items exported to Japanese military users and any end-users that enhance Japan's military capabilities, in accordance with the Export Control Law of the People's Republic of China [3]

Group 1 - The core viewpoint of the news highlights the increasing demand and supply constraints in the rare earth industry, leading to price increases and investment opportunities [2][3]. Group 2 - As of January 7, the Shanghai Composite Index fell by 0.02%, while the rare earth industry index rose by 2.55%, with several stocks experiencing significant gains, including Zhong Rare Earth and Greenland Technology [1]. - The rare earth ETF managed by Jiashi (516150) increased by 2.66%, with a trading volume of 228 million yuan and a turnover rate of 2.79%. Over the past six months, this fund has seen a growth of 64.35% [1]. Group 3 - China is considering tightening export license reviews for medium and heavy rare earths, which could significantly impact Japan, as it relies almost entirely on China for these materials. If restrictions last for three months, Japan could face a loss of 660 billion yen, escalating to 2.6 trillion yen if prolonged for a year [2]. - Myanmar's Kachin State plans to halt all rare earth mining activities by December 31, 2025, which previously contributed about 40% of the global supply of medium and heavy rare earths. This will lead to an 80% year-on-year decline in rare earth exports to China [2]. Group 4 - The domestic mining quota for medium and heavy rare earths has been frozen at 19,200 tons per year for five consecutive years, with no increase planned for 2026. The global demand for medium and heavy rare earths is projected to exceed 40,000 tons in 2026, while supply is estimated at around 24,000 tons, resulting in a supply gap of 16,000 to 20,000 tons [2]. Group 5 - Prices for rare earth elements are rising due to supply constraints, with the average price of dysprosium reported at 1,762,500 yuan per ton, increasing by 10,000 yuan in a single day. The average price of dysprosium oxide is 1,352,500 yuan per ton, up by 2,500 yuan [2]. Group 6 - Demand for rare earths is surging in sectors such as electric vehicles, wind power, and humanoid robots, with projected demand for rare earth permanent magnets in the electric vehicle sector reaching 88,000 tons by 2026, and 44,000 tons in the wind power sector [3]. - The overall strength in the non-ferrous metals sector is expected to create a synergistic effect, with upward adjustments in economic growth forecasts for major global economies and a weaker US dollar providing a favorable macro environment for rising prices [3].

Group 1: Market Overview - The Hang Seng Index fell by 1.01%, down 270 points, closing at 26,439 points, while the Hang Seng Tech Index dropped by 1.65%. The early trading volume in Hong Kong was HKD 148.6 billion [1] Group 2: CRO Sector - The CRO sector is experiencing a quarterly acceleration in new orders due to the benefits from innovative drug BD going overseas and stable financing recovery, with double-digit growth in project volume expected. Companies like Kelaiying (06821) rose over 7%, Tigermed (03347) increased by 5.9%, and Zhaoyan Pharmaceutical (06127) gained 4% [1] Group 3: Paper Industry - Major paper companies, including Nine Dragons, have announced price adjustments, indicating a strategic shift in China's paper industry. Paper stocks saw significant gains, with Nine Dragons Paper (02689) up 9.94% and Lee & Man Paper (02314) rising over 6% [1] Group 4: Nickel Market - The ongoing production control orders in Indonesia continue to support nickel prices, leading to substantial increases in stocks such as Zhongwei New Materials (02579), which rose over 15%, and Likang Resources (02245), which increased by over 8% [1] Group 5: Rare Earth Sector - Jinli Permanent Magnet (06680) saw an increase of over 5% amid reports that China is considering tightening the review of export licenses for rare earths to Japan [1] Group 6: Strategic Partnerships - InnoSilicon (03696) achieved a new high with a rise of over 4% after announcing an $888 million collaboration with Siweiya [2] Group 7: Aerospace Sector - Hard Egg Innovation (00400) surged over 12% following the release of its self-developed new products aimed at the commercial aerospace frontier. The optical communication sector also rebounded, with Lumentum rising over 11%, and companies like Yangtze Optical Fibre and Cable (06869) and Cambridge Technology (06166) increasing by over 7% and 3%, respectively [3] Group 8: Ride-Hailing Industry - Cao Cao Travel (02643) increased by over 7% after acquiring Yao Travel and Geely Travel, with Citigroup noting that the strategic acquisitions enhance its competitiveness [4] Group 9: Financing Activities - GF Securities (01776) fell by over 3% as it plans to raise nearly HKD 4 billion through a discounted share placement and an additional HKD 2.15 billion via convertible bonds [5]

Core Viewpoint - The rare earth and precious metals sectors are experiencing significant price increases, driven by supply constraints and strong demand, particularly in the context of China's regulatory measures and global economic conditions [1][2]. Group 1: Market Performance - The National Securities Nonferrous Metals Industry Index (399395) rose by 1.88%, with notable gains in individual stocks such as Rare Earth (600259) up 10.00%, Shengtun Mining (600711) up 9.01%, and Xingye Silver Tin (000426) up 7.57% [1]. - The Nonferrous ETF Fund (159880) increased by 2.01%, marking its fifth consecutive rise, with the latest price reported at 2.13 yuan [1]. Group 2: Supply and Demand Dynamics - On the supply side, domestic rare earth supply regulation is expected to smooth out the issuance of quotas, while overseas supply is projected to continue growing as new projects come online [2]. - Demand for rare earths is anticipated to remain strong, particularly from the electric vehicle sector and robotics, further emphasizing the scarcity of resources and potentially driving prices higher [2]. Group 3: Gold and Silver Market Insights - Global central banks continue to increase their gold holdings, which supports the ongoing bullish trend in gold prices, especially during periods of interest rate cuts [2]. - Silver ETF holdings are expected to rise significantly by 2025, driven by its financial attributes, which will likely contribute to an increase in silver prices [2]. Group 4: Index Composition - As of December 31, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index (399395) include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 51.65% of the index [3].

Core Viewpoint - The three major indices collectively rose in early trading, with significant gains in various sectors, particularly semiconductor equipment and rare earth permanent magnets, while some sectors like oil and gas experienced declines [1] Market Performance - As of midday, the Shanghai Composite Index increased by 0.29%, the Shenzhen Component Index by 0.35%, the ChiNext Index by 0.41%, and the North China 50 Index by 0.91% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 185.36 billion yuan, an increase of 57.5 billion yuan compared to the previous day [1] - Over 2,500 stocks in the market saw an increase [1] Sector Highlights - The semiconductor equipment sector experienced a significant surge, with stocks like ChipSource Microelectronics hitting the daily limit, and companies such as Tuojing Technology, Zhongwei Company, and Northern Huachuang reaching historical highs [1] - The rare earth permanent magnet sector also showed strength, with stocks like China Rare Earth and Jinli Permanent Magnet seeing notable gains [1] - The controllable nuclear fusion sector was active, with companies like China Nuclear Engineering and Wangzi New Materials hitting the daily limit [1] - Other sectors that performed well included non-ferrous metals, storage chips, and CRO concept stocks [1] Declining Sectors - The oil and gas sector saw a decline, with China National Offshore Oil Corporation dropping over 4%, along with other companies like Zhongman Petroleum and Sinopec Oilfield Services [1] - The digital currency and cross-border payment sectors experienced adjustments, with stocks such as Sifang Precision and Cuivai Co. seeing declines [1]

Group 1 - Jinli Permanent Magnet (300748) (06680) saw a rise of over 4%, currently up 3.75% at HKD 20.18, with a trading volume of HKD 165 million [1] - According to reliable sources cited by China Daily, the Chinese government is considering tightening the export license review for medium and heavy rare earth items listed for April 4, 2025, due to Japan's recent poor performance [1] - The Ministry of Commerce previously announced a ban on all dual-use items exported to Japanese military users and any end-users that contribute to enhancing Japan's military capabilities, in accordance with the Export Control Law of the People's Republic of China [1]