Core Viewpoint - The company, Jixing New Energy, is advancing its 9.6 MW power project and exploring the feasibility of a new liquefied natural gas (LNG) project, with significant regulatory approvals received for its natural gas power generation initiative [1] Group 1: Project Updates - The board of directors will meet on January 12, 2026, to discuss the progress of the 9.6 MW power project and the new LNG project [1] - The Alberta Environmental and Protected Areas (EPEA) has granted major regulatory approval for the natural gas power project on January 6, 2026, although the approved capacity has been adjusted to 9.5 MW [1] Group 2: LNG Project Development - The board has approved the development of an LNG project with an annual production capacity of 75,000 tons [1] - The LNG project aims to utilize the company's own natural gas production and existing pipeline systems to replace diesel fuel in local markets, including drilling, completion operations, truck fleets, and diesel power generation [1] - The local LNG market is expected to grow steadily due to increasing demand for reliable and cost-effective alternative fuels [1] Group 3: Regulatory and Financial Considerations - The regulatory application process for the LNG project has been initiated, with project budget and milestone timelines to be announced when ready [1] - If the company fails to obtain all necessary approvals from relevant government agencies, both the 9.5 MW natural gas power project and the LNG project will not proceed [1]

Core Viewpoint - Zhenghai Magnetic Materials is expected to achieve a strong rebound in performance after a low point in 2024, driven by continuous optimization of product and customer structures, with projected net profit growth of 235.72%-311.52% in 2025 [1][2] Financial Performance - The company anticipates a net profit attributable to shareholders of 310 million to 380 million yuan for 2025, with a non-recurring net profit expected to be 279 million to 349 million yuan, reflecting a year-on-year increase of 363.98%-480.39% [1] - In the first three quarters of 2025, the company reported a net profit of 228 million yuan, indicating a turnaround in the fourth quarter with a profit of 82.05 million to 152 million yuan, compared to a loss of 96.89 million yuan in the same period last year [1] Sales and Market Growth - The company achieved over 20% year-on-year growth in product sales for 2025, marking eight consecutive years of growth, with sales in the energy-saving and new energy vehicle sectors increasing by over 40% [1][2] - In the first half of 2025, product shipment volume also exceeded a 20% year-on-year increase, with the energy-saving and new energy vehicle market seeing over 30% growth, totaling 2.9 million sets of electric motors [2] Capacity and Operational Efficiency - Zhenghai Magnetic Materials currently has an annual production capacity of 30,000 tons, with high capacity utilization rates [2] - The company has received approval for dual-use item export licenses, which is expected to enhance operational efficiency [2] Strategic Focus - The company is optimizing and scaling back its business in the new energy vehicle motor drive system sector, which has significantly reduced losses [2] - Government subsidies and other non-recurring gains are projected to add approximately 31 million yuan to the net profit for 2025, further bolstering performance [2] Market Expansion - Zhenghai Magnetic Materials is actively exploring potential markets such as humanoid robots, with technology that aligns well with the requirements for core components like hollow cup motors and frameless torque motors [3]

香港交易及結算所有限公司與香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 JX Energy Ltd. （吉星新能源有限責任公司）* （ 根據阿爾伯塔法例註冊成立的有限責任公司） （股份代號：3395） 自願性公告 9.6兆瓦天然氣發電項目監管批准 及 董事會批准新建75千噸╱年液化天然氣項目 本公告乃由吉星新能源有限責任公司* （「本公司」）自願發佈。本公告旨在向本公司股東及 潛在投資者通報本公司最新業務發展。 董事會進一步批准開發一個年產量75千噸（千噸╱年）的液化天然氣項目。該項目竣工 後，本公司將能利用自有天然氣產量及現有管道集輸系統生產液化天然氣，用於替代本 地市場的柴油燃料，包括鑽井與完井作業、卡車車隊及柴油發電等領域。此舉預期將提 升公司天然氣產能的價值，並進一步多元化業務組合。本公司指出，在可靠且具成本效 益的替代燃料需求持續增長的支撐下，當地液化天然氣市場潛力可望穩健發展。 – 1 – 液化天然氣項目之監管申請程序已啟動，項目預算與里程碑時程將於準備就緒時公佈 ...

Monetary Policy - The People's Bank of China announced a reduction of 0.25 percentage points in various structural monetary policy tool rates to enhance credit support in key areas [1] - The central bank indicated that there is still room for further cuts in reserve requirement ratios and interest rates this year [1] Corporate News - Liou Co. announced a temporary suspension of its stock trading due to significant price fluctuations, with a 102.73% increase since December 31, 2025 [12] - Gree Electric Appliances declared a cash dividend of 10 yuan per 10 shares, totaling 5.585 billion yuan, with the ex-dividend date set for January 23, 2026 [13] - SAIC Motor Corporation expects a net profit of 9 billion to 11 billion yuan for 2025, representing a year-on-year increase of 438% to 558% [4] - Zhenghai Magnetic Materials anticipates a net profit of 310 million to 380 million yuan for 2025, reflecting a growth of 235.72% to 311.52% [5] - Tianji Co. expects a net profit of 70 million to 105 million yuan for 2025, recovering from a loss of 1.361 billion yuan in the previous year [7] - Luxshare Precision announced a share buyback plan with a total amount between 1 billion to 2 billion yuan, aiming to repurchase 11.5 million to 22.99 million shares [14] Industry Developments - The State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, focusing on building a smarter and greener power grid [3] - The Ministry of Human Resources and Social Security and the Ministry of Finance released guidelines to enhance the inclusivity and flexibility of enterprise annuities, aiming to expand coverage [2]

Group 1 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.6%, S&P 500 up 0.26%, and Nasdaq up 0.25%. Chip stocks surged following TSMC's strong earnings report, with Applied Materials and ASML rising over 5%, TSMC up over 4%, and Nvidia up over 2% [5] - International oil prices experienced a significant drop, with U.S. crude oil falling over 5% at one point, settling at $58.85 per barrel, while Brent crude dropped 4.3% to $63.66 per barrel [6] - The People's Bank of China announced eight policy measures to support economic structural transformation, including a 0.25 percentage point reduction in various structural monetary policy tool rates and an increase in re-lending quotas for agriculture and small enterprises by 500 billion yuan [7] Group 2 - The State Administration of Foreign Exchange stated it will continue to orderly issue QDII investment quotas, promoting high-level institutional opening in direct investment, securities investment, and cross-border financing [8] - The Financial Regulatory Bureau emphasized the need to effectively advance risk resolution for small and medium-sized financial institutions, focusing on managing existing risks and preventing new ones [9] - The Ministry of Finance and the State Taxation Administration announced a temporary exemption from corporate income tax and value-added tax on interest income from bonds for foreign institutions investing in the domestic bond market from January 1, 2026, to December 31, 2027 [10] Group 3 - The State Grid Corporation of China announced a planned investment of 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, aimed at building a new power system [16] - The China Aerospace Science and Technology Corporation aims to break through reusable rocket technology and develop commercial space ventures in 2026 [17] - NIO's CEO Li Bin expressed confidence in achieving profitability by Q4 2025, with a projected annual growth rate of 40% to 50% over the next 3 to 5 years [19]

Group 1 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.6%, S&P 500 up 0.26%, and Nasdaq up 0.25%, driven by strong performance in chip stocks following TSMC's impressive earnings report [3] - International oil prices experienced a significant drop, with WTI crude oil falling over 5% at one point, closing down 4.88% at $58.85 per barrel, and Brent crude down 4.3% at $63.66 per barrel [3] - The European stock indices had mixed results, with Germany's DAX up 0.26%, France's CAC40 down 0.21%, and the UK's FTSE 100 up 0.54% [4] Group 2 - The People's Bank of China announced eight policy measures to support economic structural transformation, including a 0.25 percentage point reduction in various structural monetary policy tool rates and an increase in re-lending quotas for agriculture and small enterprises by 500 billion yuan [5] - The State Administration of Foreign Exchange stated it will continue to orderly issue QDII investment quotas, promoting high-level institutional opening in direct investment, securities investment, and cross-border financing [6] - The Financial Regulatory Bureau emphasized the need to effectively manage risks in small financial institutions, focusing on resolving existing risks and preventing new ones [7] Group 3 - The National Grid announced a planned investment of 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, aimed at building a new power system [14] - China Aerospace Science and Technology Corporation aims to break through reusable rocket technology and develop commercial space ventures in 2026 [16] - NIO's CEO Li Bin expressed confidence in achieving profitability by Q4 2025, with a focus on AI integration across all business processes [18] Group 4 - Kweichow Moutai's main products have been launched on the "i Moutai" platform, with significant user engagement and sales, aiming to regain pricing power and reduce unreasonable premium spaces [19] - Baoneng Group's assets related to Qoros Auto are being auctioned, amidst allegations of undervaluation by its chairman, which local authorities have denied [20] - Xibei confirmed the closure of 102 stores, affecting around 4,000 employees, due to significant losses exceeding 500 million yuan since the "pre-made dish incident" [21]

安徽未名电子有限公司成立于2024年11月，总投资2.3亿元，厂房面积8600平方米。按照规划，公司年 产500万只高端功率半导体芯片，产品广泛应用于新能源汽车、光伏逆变器、风电变流器等领域。 2026年开年，一批印着"泗县制造"的4500V芯片正式从生产线下线，意味着这座小城的产品，即将守护 千里之外的输电大动脉。 "每一枚高压芯片，都像一个微型'电力交警'。"企业负责人朱福清用生动的比喻解释其核心作用，"它能 在百万分之一秒内精准判断电流走向与传输速度，保障特高压电网稳定运行。" 星报讯 近日，记者走进位于泗县经济开发区高端制造产业园的安徽未名电子有限公司洁净的车间，透 过玻璃幕墙，可以看到年轻的技术员正在调试即将发往长三角的芯片产品。 厂房内机器低鸣、气流轻响，科幻感十足的生产场景，宛如电影中的"能源控制中枢"。指甲盖大小的黑 色芯片，正以每秒上万次的频率"吞吐"电流，不久后，它们将化身新能源汽车的"动力心脏"、光伏电站 的"能量调节器"，乃至国家电网特高压干线的"智能开关"，为多个领域的高效运转注入核心动能。 （来源：市场星报） ...

Core Viewpoint - The transformer sector in the A-share market has become active, with notable stock price increases for companies like Sanbian Technology, Jinpan Technology, and Igor, driven by rising domestic and international demand for transformers, particularly in data centers and energy storage [2][3][12]. Market Activity - Sanbian Technology's stock price has seen consecutive limit-ups on January 13, 14, and 15, with a total increase of 59.5% in just half a month, raising its market capitalization from 3.9 billion to 6.221 billion [3][12]. - Jinpan Technology, a leading player in the dry-type transformer industry, has seen its market capitalization reach 44.571 billion after a nearly 10% increase over two days [4][12]. - Igor's stock price reached a historical high of 38.48 yuan per share after a significant increase, with its main products including new energy transformers and industrial control transformers [4][12]. Performance Overview - Jinpan Technology reported a revenue of 5.194 billion with a year-on-year growth of 8.25% and a net profit of 486 million, up 20.27% for the first three quarters of 2025 [4][13]. - TBEA achieved a revenue of 72.918 billion, a 0.84% increase, and a net profit of 5.484 billion, up 27.55% [4][13]. - Jiangsu Huachen, also in the transformer business, reported a revenue of 1.443 billion, a 37.46% increase, and a net profit of 72.2038 million, up 15.41% [4][13]. - In contrast, Sanbian Technology's revenue fell by 16.91% to 1.239 billion, with a net profit decline of 56.71% to 40.155 million [5][13]. - Igor's revenue increased by 17.32% to 3.808 billion, but its net profit decreased by 12.71% to 178 million [5][13]. Market Demand and Trends - The transformer market is experiencing a boom due to increased demand from both domestic and international markets, particularly driven by the upgrade of traditional power grids in Europe and the U.S. and the growth of renewable energy [6][14]. - The global transformer market is expected to see significant structural changes, with demand in the renewable energy sector growing at a rate exceeding the industry average [7][15]. - The demand for transformers in wind and solar power stations is particularly strong, with projections indicating that nearly 40% of new capacity from 2025 to 2030 will be directly related to renewable energy [7][15]. Future Opportunities - The rise of AI and data centers is creating new opportunities for the transformer market, with high-performance transformers becoming essential for energy conversion [8][16]. - The global data center transformer market is projected to grow from 9.2 billion in 2023 to 16.8 billion by 2032, with a compound annual growth rate of 6.92% [8][16]. - Companies are focusing on the application of transformers in data centers and AI computing power, with Igor expanding its product offerings in this area [9][17].

Core Viewpoint - Defu Technology (301511) has a diverse product application across various high-growth sectors including new energy vehicles, drones, robotics, energy storage systems, automotive electronics, AI servers, and 5G base stations [1] Group 1 - The company's products are widely used in the new energy vehicle sector [1] - The company also supplies products for drone technology [1] - Robotics is another key area where the company's products are applied [1] Group 2 - Energy storage systems represent a significant application for the company's offerings [1] - Automotive electronics are a critical market for the company's products [1] - The company is involved in providing solutions for AI servers and 5G base stations [1]

Core Viewpoint - The company will continue to focus on a dual-driven strategy of "data center + new energy" to capitalize on growth opportunities in both sectors [2] Data Center Sector - The company aims to leverage the accelerating global infrastructure for computing power by upgrading UPS products towards medium and large power, as well as liquid cooling technologies [2] - New product developments will include HVDC, integrated power modules, and SST to meet the high reliability and efficiency demands of AI computing centers [2] - The company plans to deepen collaboration with leading domestic internet companies and clients in finance and telecommunications, while using its Vietnam factory as a core node to expand ODM orders in rapidly growing regions like North America and Southeast Asia [2] New Energy Sector - The core growth engine will be energy storage, focusing on comprehensive energy storage solutions to strengthen its position in mature European markets and accelerate penetration into emerging markets [2] - The company will promote the integration of solar energy storage and charging solutions, enhancing supply chain resilience through partnerships with leading battery cell manufacturers [2] - The synergy between the data center and new energy businesses is expected to broaden the company's growth opportunities [2]