Core Viewpoint - Aifenda's stock price increased by 0.42% on January 21, with a trading volume of 75.86 million yuan, indicating a stable market performance for the company [1] Financing Summary - On January 21, Aifenda had a financing buy amount of 5.71 million yuan and a financing repayment of 6.87 million yuan, resulting in a net financing buy of -1.17 million yuan [1] - As of January 21, the total financing and securities lending balance for Aifenda was 60.62 million yuan, which accounts for 6.62% of its market capitalization [1] Securities Lending Summary - On January 21, Aifenda had no shares repaid or sold in the securities lending market, with a total lending balance of 0.00 yuan [1] Company Overview - Aifenda, established on July 28, 2005, is located in Shangrao Economic and Technological Development Zone, Jiangxi Province, and specializes in the research, design, production, and sales of HVAC home products [1] - As of December 19, Aifenda had 16,300 shareholders, a decrease of 5.96% from the previous period, with an average of 1,012 circulating shares per shareholder, an increase of 6.34% [1] Financial Performance - For the period from January to September 2025, Aifenda reported a revenue of 805 million yuan, representing a year-on-year growth of 7.99%, and a net profit attributable to shareholders of 96.41 million yuan, reflecting an increase of 11.71% year-on-year [1]

Group 1 - The core viewpoint of the news is that Huazhi Jie has shown a slight decline in stock price while maintaining a stable financing balance, indicating ongoing investor interest despite market fluctuations [1] - On January 21, Huazhi Jie experienced a stock price drop of 0.76% with a trading volume of 76.59 million yuan, and a net financing purchase of 1.58 million yuan [1] - As of January 21, the total margin balance for Huazhi Jie was 86.71 million yuan, accounting for 7.35% of its market capitalization [1] Group 2 - As of September 30, the number of Huazhi Jie shareholders decreased by 32.78% to 17,600, while the average circulating shares per person increased by 48.76% to 1,114 shares [2] - For the period from January to September 2025, Huazhi Jie reported a revenue of 1.031 billion yuan, representing a year-on-year growth of 22.60%, and a net profit attributable to shareholders of 111 million yuan, up 8.60% year-on-year [2] Group 3 - Since its A-share listing, Huazhi Jie has distributed a total of 90 million yuan in dividends [3]

Group 1 - The core viewpoint of the news is that Taihe Co., Ltd. has shown significant financial growth, with a notable increase in revenue and net profit for the period from January to September 2025 [2] - As of January 21, 2025, Taihe's stock price increased by 1.67%, with a trading volume of 123 million yuan, and a net financing buy of -4.77 million yuan [1] - The company has a financing balance of 76.23 million yuan, which accounts for 6.39% of its market capitalization [1] Group 2 - For the period from January to September 2025, Taihe Co., Ltd. achieved an operating income of 3.89 billion yuan, representing a year-on-year growth of 28.69% [2] - The net profit attributable to the parent company reached 367 million yuan, marking a substantial increase of 120.56% compared to the previous year [2] - The company has distributed a total of 270 million yuan in dividends since its A-share listing [3] Group 3 - As of January 9, 2025, the number of shareholders of Taihe Co., Ltd. increased to 11,600, reflecting a growth of 1.97% [2] - The average number of circulating shares per shareholder decreased by 1.93% to 3,288 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 230,200 shares, which is a decrease of 171,700 shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Hanrui Cobalt Industry has shown significant trading activity and financial performance, with a notable increase in revenue and profit year-on-year [1][2]. Group 2 - On January 21, Hanrui Cobalt's stock rose by 2.99%, with a trading volume of 738 million yuan. The financing buy-in amount for the day was 84.89 million yuan, while the financing repayment was 93.45 million yuan, resulting in a net financing buy of -8.56 million yuan [1]. - As of January 21, the total balance of margin trading for Hanrui Cobalt was 912 million yuan, with the financing balance accounting for 5.96% of the circulating market value, indicating a high level compared to the past year [1]. - The company has a low short-selling balance, with a total of 4.92 million shares available for short selling and a short-selling balance of 2.42 million yuan, which is below the 20th percentile level over the past year [1]. Group 3 - As of January 9, the number of shareholders for Hanrui Cobalt was 62,900, an increase of 4.29% from the previous period, while the average circulating shares per person decreased by 4.12% to 4,329 shares [2]. - For the period from January to September 2025, Hanrui Cobalt achieved an operating income of 4.871 billion yuan, representing a year-on-year growth of 16.49%, and a net profit attributable to shareholders of 238 million yuan, up 42.57% year-on-year [2]. - Since its A-share listing, Hanrui Cobalt has distributed a total of 640 million yuan in dividends, with 124 million yuan distributed in the last three years [2].

1月21日，天和磁材涨0.99%，成交额1.66亿元。两融数据显示，当日天和磁材获融资买入额1253.31万 元，融资偿还980.64万元，融资净买入272.67万元。截至1月21日，天和磁材融资融券余额合计1.88亿 元。 机构持仓方面，截止2025年9月30日，天和磁材十大流通股东中，嘉实中证稀土产业ETF（516150）位 居第一大流通股东，持股85.05万股，相比上期增加44.68万股。南方中证1000ETF（512100）位居第二 大流通股东，持股72.33万股，相比上期减少1.19万股。华夏中证1000ETF（159845）位居第四大流通股 东，持股43.10万股，相比上期增加1626.00股。稀土ETF（516780）位居第五大流通股东，持股36.53万 股，相比上期增加17.97万股。广发中证1000ETF（560010）位居第七大流通股东，持股33.21万股，相 比上期减少1.59万股。 融资方面，天和磁材当日融资买入1253.31万元。当前融资余额1.88亿元，占流通市值的3.41%，融资余 额低于近一年30%分位水平，处于低位。 责任编辑：小浪快报 资料显示，包头天和磁材科技股份有限公司 ...

Group 1 - The core viewpoint of the news is that Sikan Technology has shown a positive stock performance with a 2.31% increase on January 21, 2025, and a trading volume of 94.05 million yuan, indicating investor interest and activity in the stock [1] - As of January 21, 2025, Sikan Technology's financing balance is 140 million yuan, which constitutes 4.42% of its market capitalization, reflecting a significant level of leverage in its capital structure [1] - The company reported a revenue of 268 million yuan for the period from January to September 2025, representing a year-on-year growth of 15.80%, while the net profit attributable to shareholders decreased by 1.28% to 79.08 million yuan [2] Group 2 - Sikan Technology has distributed a total of 50.66 million yuan in dividends since its A-share listing, indicating a commitment to returning value to shareholders [3] - As of September 30, 2025, the number of shareholders has decreased by 12.33% to 4,287, while the average number of circulating shares per shareholder has increased by 14.07% to 4,124 shares [2] - Notable changes in institutional holdings include an increase in shares held by Huaxia Stable Growth Mixed Fund and new entries from several funds, indicating shifting investor sentiment and potential confidence in the company's future [3]

Core Viewpoint - China International Cargo Airlines Co., Ltd. is a major player in the domestic air logistics service sector, showing significant growth in revenue and net profit in recent periods [2]. Group 1: Company Overview - The company was established on November 14, 2003, and is located in Shunyi District, Beijing [2]. - It specializes in air cargo services, air cargo station services, and comprehensive logistics solutions, with the revenue composition being 71.01% from air cargo, 22.65% from comprehensive logistics solutions, and 5.95% from air cargo station services [2]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 16.636 billion yuan, representing a year-on-year growth of 16.92% [2]. - The net profit attributable to the parent company was 1.836 billion yuan, reflecting a significant year-on-year increase of 66.21% [2]. Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders was 135,000, a decrease of 17.77% from the previous period [2]. - The average number of circulating shares per person increased by 21.60% to 6,362 shares [2]. - The company has distributed a total of 794 million yuan in dividends since its A-share listing [3]. Group 4: Financing and Margin Trading - On January 21, the company experienced a financing buy-in of 10.1257 million yuan, with a net financing outflow of 2.7908 million yuan, resulting in a total financing balance of 26.9 million yuan, which is 2.94% of the circulating market value [1]. - The margin trading data indicates a higher level of short selling activity, with 8,200 shares sold and a remaining short balance of 48.74 million yuan, exceeding the 50th percentile level over the past year [1].

Group 1 - The core viewpoint of the news is that Xihua Technology has shown significant growth in both revenue and net profit, indicating a strong performance in the market [2] - On January 21, Xihua Technology's stock price increased by 3.45%, with a trading volume of 281 million yuan, and a net financing outflow of 443.28 million yuan [1] - As of January 21, the total margin balance for Xihua Technology was 83.24 million yuan, accounting for 5.07% of its market capitalization [1] Group 2 - As of December 23, the number of shareholders for Xihua Technology reached 106,200, reflecting a significant increase of 708,200% [2] - For the period from January to September 2025, Xihua Technology achieved an operating income of 951 million yuan, representing a year-on-year growth of 35.35% [2] - The net profit attributable to the parent company for the same period was 162 million yuan, showing a year-on-year increase of 55.22% [2] Group 3 - Xihua Technology specializes in the research, development, manufacturing, and sales of high-end equipment components, with wind power gearbox components accounting for 83.86% of its main business revenue [1] - The company was established on June 22, 2001, and is located in Wuxi, Jiangsu Province [1]

Core Viewpoint - Jiangsu Jiejie Microelectronics Co., Ltd. has shown significant financial performance with a notable increase in revenue and net profit, indicating a positive growth trajectory in the power semiconductor industry [2][3]. Group 1: Financial Performance - As of January 20, 2025, Jiejie Microelectronics achieved a revenue of 2.502 billion yuan, representing a year-on-year growth of 24.70% [2]. - The company's net profit attributable to shareholders reached 347 million yuan, reflecting a year-on-year increase of 4.30% [2]. - Cumulatively, the company has distributed 599 million yuan in dividends since its A-share listing, with 237 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of January 21, 2025, the number of shareholders for Jiejie Microelectronics was 91,600, an increase of 0.66% from the previous period [2]. - The average number of circulating shares per shareholder was 8,374, which decreased by 0.65% compared to the last period [2]. - On January 21, 2025, the company recorded a financing buy-in amount of 87.52 million yuan, with a net financing buy of 18.66 million yuan, indicating strong investor interest [1]. Group 3: Stock and Financing Details - The total balance of margin trading for Jiejie Microelectronics reached 989 million yuan as of January 21, 2025, with a financing balance of 981 million yuan, accounting for 3.86% of the circulating market value [1]. - The company had a high level of margin trading activity, with the financing balance exceeding the 70th percentile of the past year [1]. - On the same day, the company had a short selling activity with 16,200 shares sold, amounting to approximately 494,900 yuan [1].

晨会纪要（2026/01/22） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.01.22） 金融工程研究 主要指数多数下跌，两融余额继续上升——融资融券周报 行业研究 2025 年全国工程机械开工率为 44.89%——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/22） 金融工程研究 主要指数多数下跌，两融余额继续上升——融资融券周报 3、风险提示 两融业务成本超预期变动风险；两融监管政策超预期变动风险。 行业研究 2025 年全国工程机械开工率为 44.89%——机械设备行业周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（1 月 14 日-1 月 20 日）A 股市场主要指数多数下跌，其中中证 500 涨幅最大，上涨了 1.28%；上证 50 跌幅最大，下跌了 1.99%。此外，上证综指下跌 0.61%，深证成指下跌 0.10%，创业板 ...