Core Viewpoint - Longqi Technology's stock performance has been declining since its listing, with significant price drops in both Hong Kong and A-share markets, indicating potential investor concerns and market volatility [1][2]. Group 1: Stock Performance - Longqi Technology's Hong Kong stock closed at HKD 31.00, down 0.322%, with an intraday low of HKD 29.90, marking a new low since its listing [1]. - The A-share price closed at CNY 46.95, reflecting a decline of 5% [1]. Group 2: Pricing and Discounts - As of January 26, the Hong Kong stock price was approximately 41.08% lower than the A-share price [2]. - The final offering price for Longqi Technology was set at HKD 31.00, with total proceeds amounting to HKD 1,620.0 million, and net proceeds after expenses of HKD 1,519.9 million [3]. Group 3: Fundraising and Use of Proceeds - Longqi Technology plans to use the funds raised for various projects, including the Huizhou smart hardware manufacturing project, Nanchang smart hardware manufacturing center renovation, and Shanghai R&D center upgrades [3]. - The total amount raised from the A-share issuance was CNY 156,000.00 million, with a net amount of CNY 144,067.93 million [3].

Core Viewpoint - The article emphasizes the shift in private equity firms from focusing solely on high returns to refining the risk-return ratio, with the Sharpe ratio being highlighted as a key indicator of risk-adjusted returns [3][4]. Summary by Sections Private Equity Performance - In 2025, private equity firms with over 10 billion in assets under management (AUM) showed a significant advantage in Sharpe ratios, with a mean Sharpe ratio of 2.27 for 657 products, compared to lower ratios for smaller firms [4]. - The average return for all private equity products in 2025 was 32.26%, with the highest returns coming from firms managing over 100 billion [4]. Top Performing Products - The top three subjective long products in terms of Sharpe ratio were from Yuanxin Investment, Jiuqi Investment, and Evolutionary Asset, with average returns of 21.43% and a Sharpe ratio of approximately 0.86 for 189 products [5][6]. - The leading subjective long product was "Yuanxin Steady Value B Class" managed by Yuanxin Investment, achieving a high Sharpe ratio [6]. Quantitative Long Products - Quantitative long products had an impressive average return of 51.28% and a Sharpe ratio of about 3.31 for 258 products in 2025 [8]. - The top two quantitative long products were from Evolutionary Asset and Longqi Technology, showcasing the effectiveness of systematic approaches in achieving stable returns [9][12]. Market Neutral Products - The average return for market-neutral products was 8.85%, with a Sharpe ratio of approximately 1.79 for 53 products [14]. - The leading market-neutral product was "Mingyuan Neutral 1A Class" managed by Mingyuan Investment, which maintained a consistent upward trend since its inception [15]. Multi-Asset Strategies - Multi-asset strategy products achieved an average return of 31.66% and a Sharpe ratio of about 2.43 for 78 products [18]. - The top product in this category was "Mingyuan Multi-Strategy Hedge 1C" managed by Mingyuan Investment, which has shown strong performance since its launch [20]. Quantitative CTA Strategies - Quantitative CTA strategies had an average return of 8.84% and a Sharpe ratio of approximately 1.62 for 26 products [21]. - The leading product was "Turing Linhai 6" managed by Turing Investment, which marked the firm's first entry into the 100 billion AUM category [23].

每日晨报│2026 年 1 月 26 日 -主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 26,749 | +0.45% | +4.37% | | 恒生科技指数 | 5,798 | +0.62% | +5.11% | | 国企指数 | 9,160 | +0.51% | +2.77% | | 沪深 300 | 4,702 | -0.45% | +1.57% | | 上证综合指数 | 4,136 | +0.33% | +4.22% | | 深证成份指数 | 14,439 | +0.79% | +6.76% | | 中小板指 | 8,883 | +0.69% | +7.50% | | 道琼斯指数 | 49,098 | -0.58% | +2.15% | | 标普 500 指数 | 6,915 | +0.03% | +1.02% | | 纳斯达克指数 | 23,501 | +0.28% | +1.12% | | 伦敦富时指数 | 10,143 | -0.07% | +2.14% | | CAC40 指数 | 8,143 ...

Core Viewpoint - Longqi Technology successfully listed on the Hong Kong Stock Exchange on January 22, 2026, marking the realization of its "A+H" dual capital platform strategy and the beginning of a new global development journey [1][2] Group 1: Company Overview - Longqi Technology, established in 2002, is a comprehensive technology enterprise engaged in the research, design, and manufacturing of smart products [2] - The company is a leading global ODM supplier of smart products, with a product portfolio that includes smartphones, AI PCs, automotive electronics, tablets, smartwatches, and smart glasses [2] - Longqi Technology ranked first in global smartphone ODM shipments in 2024 [2] Group 2: Financial Performance and Growth - In the first three quarters of 2025, Longqi Technology demonstrated robust growth momentum, focusing on quality growth alongside revenue scale expansion [2] - The company has built a full-chain service capability covering product research, design, manufacturing, and support, winning long-term trust from major global clients such as Xiaomi, Samsung, and Lenovo [2] Group 3: Strategic Significance of Listing - The listing on the Hong Kong market is a milestone following its A-share listing in 2024, further broadening international financing channels and serving as a key support for the company's globalization strategy [2] - This event is seen as recognition of the company's technological strength and industry position, showcasing its development potential to global investors [2]

Group 1 - The core viewpoint of the article highlights the recent trends in domestic investment and financing activities, indicating a decrease in the number of financing events compared to the previous week [7][5]. - A total of 62 financing events were disclosed in the domestic primary market this week, with a total financing scale of 2.382 billion RMB, averaging 104 million RMB per event [7]. - The most active sectors in terms of financing events were intelligent manufacturing, artificial intelligence, and healthcare, with 15, 14, and 8 events respectively [8]. Group 2 - In terms of disclosed financing amounts, artificial intelligence led with a total financing scale of approximately 1.231 billion RMB, including a notable A-round financing of 450 million RMB by "Zhejiang Renxing," a humanoid robot developer [10]. - The intelligent manufacturing sector followed with a disclosed financing total of 350 million RMB, highlighted by "Minggan Semiconductor," which completed an A-round financing of 110 million RMB [10]. - The geographical distribution of disclosed financing events was primarily concentrated in Jiangsu, Shanghai, and Beijing, with 14, 11, and 9 events respectively [14]. Group 3 - The stage distribution of the disclosed financing events showed that 49 were early-stage, 12 were growth-stage, and 1 was late-stage [18]. - The article also noted significant financing events, including a Pre-A round of 450 million RMB for a humanoid robot developer and several C rounds in the artificial intelligence sector [23]. - The article reported 14 completed merger and acquisition events, with a notable acquisition by Dongyangguang Technology for 28 billion RMB of Qinhuai Data, a data center solutions provider [34].

Core Insights - 2025 is a landmark year for quantitative investment, marked by the emergence of DeepSeek, which injects disruptive AI momentum into the field [3] - The A-share market has shown a significant upward trend, with small and mid-cap stocks outperforming, as evidenced by the over 36% and 80% increases in the CSI 2000 and micro-cap indices respectively [3] - The average return for quantitative private equity products in 2025 reached 30.28%, with a geometric excess return of 10.83% [3] Quantitative Strategy Performance - The top-performing quantitative long strategy products, totaling 806, achieved returns of 44.74% and geometric excess returns of 16.46% in 2025, leading among private equity secondary strategies [4] - Other strategies such as quantitative CTA and stock market neutral also performed well, with average returns of 20.21% and 9.58% respectively [4][5] Quantitative Stock Selection - The average return for quantitative stock selection products was 42.28% in 2025, with an average excess return of 17.70% [6] - The top three products in this category were from Hainan Gaia Qingke Private Equity, Water Mill Asset, and Hanrong Investment [6] Notable Products and Managers - Hainan Gaia Qingke's product "Gaia Qingke Cattail Progress A" achieved outstanding performance, with returns exceeding ***% [7] - Hanrong Investment's "Hanrong Ansheng Progress No. 1 B" also performed well, with returns exceeding ***% [8] - Longqi Technology's "Longqi Technology Innovation Selected No. 1 C" led the quantitative stock selection products with returns exceeding ***% [9] CSI 500 Index Enhancement - The average return for CSI 500 index enhancement products was 46.32% in 2025, with an average excess return of 12.22% [10] - The top three products in this category were from Guobiao Asset, Zhaoxin Private Equity Fund, and Zhaoyue Private Equity [10] CSI 1000 Index Enhancement - The average return for CSI 1000 index enhancement products was 49.68% in 2025, with an average excess return of 17.41% [14] - The top three products were from Jintong Investment, Luxiu Investment, and Mengxi Investment [14] Other Index Enhancements - The average return for other index enhancement products was 46.76% in 2025, with an average excess return of 19.95% [23] - The top three products in this category were from Jing Shang Jia Wan, Zhongmin Huijin, and Yang Shi Asset [24]

Key Points - SpaceX's procurement orders for calibration testing products from 康斯特 from 2016 to 2024 are relatively small [1] - 法尔胜 does not engage in businesses related to "controlled nuclear fusion," "superconductors," or "commercial aerospace" [1] - 龙旗科技 plans to invest 1.5 billion yuan to build an AI + smart terminal digital benchmark factory project in Nanchang High-tech Zone [1] - 蜀道装备 has won a contract worth 6,486,000 USD for the Rumuji natural gas liquefaction facility project in Nigeria [1] - TCL科技's subsidiary intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [1] - 一品红 plans to repurchase shares worth between 100 million to 200 million yuan [2] - 实丰文化's shareholders plan to reduce their holdings by no more than 3% [2] - 随升科技 intends to raise no more than 470 million yuan through a private placement [1][2] - 太力科技 has signed a strategic cooperation framework agreement with Jinan University [1][2]

2026年以来，来自欧美、中东的国际长线资金密集参与港股IPO。资讯数据显示，截至1月22日，年初 至今已有12家新股上市，累计吸引了137家基石投资者，其中不乏优质的国际长线资金。 1月22日，上海龙旗科技（603341）股份有限公司在港上市，吸引了QualcommVenturesLLC（高通创 投）等基石投资者；1月9日，稀宇科技（MiniMax）上市，其IPO阶段吸引了未来资产证券有限公司、 阿布达比投资局等14家基石投资者，总计投资约为3.5亿美元。1月8日，深圳市精锋医疗科技股份有限 公司在港上市，吸引了阿布扎比投资局等14家基石投资者。1月2日，上海壁仞科技股份有限公司上市， 其IPO阶段吸引了瑞银环球资产管理（新加坡）有限公司等23家基石投资者。 高盛亚洲（除日本外）股票资本市场主管王亚军对《证券日报》表示："未来国际长线资金还会更多。 相较于2021年前后的高点，目前国际长线资金回流比例约在五到六成，未来有望达到七成左右。香港市 场的根本属性是国际金融市场，其健康与活力依赖于吸引并留住全球资本，而这必须通过优质的上市资 产和高效的市场机制来实现。" 国际长线资金涌入 关注企业发展潜力 从资金动 ...

本海外監管公告乃由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。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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 賴該等內容而引致的任何損失承擔任何責任。 Shanghai Longcheer Technology Co., Ltd. 上海龍旗科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9611） 海外監管公告 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 上海龍旗科技股份有限公司 董事長兼執行董事 杜軍紅先生 香港，二零二六年一月二十三日 於本公告日期，董事會成員包括(i)執行董事杜軍紅先生、葛振綱先生、關亞東先 生及覃艷玲女士；及(ii)獨立非執行董事沈建新博士、楊川先生及牛雙霞博士。 证券代码：603341 证券简称：龙旗科技 公告编号：2026-010 上海龙旗科技股份有限公司 关于控股股东及其一致行动人持股比例被动稀释 跨越 5%整数倍的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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 賴該等內容而引致的任何損失承擔任何責任。 Shanghai Longcheer Technology Co., Ltd. 上海龍旗科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9611） 海外監管公告 本海外監管公告乃由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。 茲載列本公司在上海證券交易所網站刊登的以下資料中文全文，僅供參閱。 承董事會命 上海龍旗科技股份有限公司 董事長兼執行董事 杜軍紅先生 香港，二零二六年一月二十三日 於本公告日期，董事會成員包括(i)執行董事杜軍紅先生、葛振綱先生、關亞東先 生及覃艷玲女士；及(ii)獨立非執行董事沈建新博士、楊川先生及牛雙霞博士。 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、准确性和完整性承担法律责任。 上海龙旗科技股份有限公司（以下简称"公司"）正在进行申请发行H股股 票并在香港联合交易所 ...