1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - The disclosure rate and pre - happy rate of listed companies' performance forecasts have both increased. The overall performance shows significant repair characteristics, and the market's consensus expectation for the whole year is more optimistic [1][2]. - As February enters the period of performance and economic data vacuum, the market's policy - gaming sentiment may gradually heat up. The stock market generally has good expected performance after the Spring Festival and before the Two Sessions. Attention can be paid to sectors with strong performance expectations and low premium rates [22]. - The convertible bond valuation still has support and may maintain high - level fluctuations. The new bond issuance continues to be light, but the pace of pre - plans has accelerated [3][4][60]. 3. Summary by Directory 3.1 Annual Report Forecast Period Ends, Driving Force Shifts to Performance Verification - **Disclosure and Pre - happy Rates**: As of January 30, 2026, the disclosure rate of performance forecasts of listed companies was 54.98%, a year - on - year increase of 1.83pct. The overall pre - happy rate was 36.87%, a year - on - year increase of 4.46pct [10]. - **Performance Repair**: The median year - on - year growth rate of the net profit attributable to the parent of the whole market in 2025 was 20.29%, a significant improvement compared with - 18.58% in 2024. The growth of industrial added value and the narrowing of PPI decline contributed to the positive growth of industrial enterprise profits [12]. - **Sector Performance**: The net profit growth rate of the GEM was relatively strong, with a growth rate center of 26.57% and a year - on - year increase of 74.62pct, driven by the low - base effect and the performance explosion in the computing power sector [12]. - **Industry Performance**: The pre - happy rates of the non - bank finance and non - ferrous metals industries led, and the net profit growth rate centers of these two industries were also among the top [18]. - **Convertible Bond Underlying Stocks**: The disclosure rate of convertible bond underlying stocks was 49.86%, and the pre - happy rate was 31.11%. The year - on - year growth rate center of the net profit in 2025 turned from loss to profit [20]. 3.2 Valuation Outlook - **Valuation Increase in January**: The convertible bond ETF share continued to grow, and major holders such as public funds increased their holdings. The convertible bond valuation rose to a new high, with the 100 - yuan parity fitted conversion premium rate reaching 37.11% as of January 30, 2026, a 3.05pct increase from the end of 2025 [23]. - **Future Valuation**: The probability of the spring rally continuing is not low. The adjustment of positions of financial products and insurance may be the key incremental factor in the first half of the year. The valuation may maintain high - level fluctuations [23]. 3.3 Key Focused Convertible Bonds - **January Performance**: From December 31, 2025, to January 30, 2026, the convertible bond portfolio rose 13.79%, outperforming the benchmark index by 7.95pct. Huayi and Huachen had obvious increases [36]. - **February Portfolio Adjustment**: The "Huachuang Convertible Bond" February key - focused portfolio was adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Bengang, Peidi, Ziyin, Qingnong, Zhongyin, and Xingye [38]. 3.4 Market Review - **Market Performance in January**: The convertible bond market fluctuated strongly, with the small - cap style leading. The Shanghai Composite Index, Shenzhen Component Index, and other major indexes all rose, and the convertible bond valuation increased by 3.05pct month - on - month [45]. - **Market Trends**: The TMT and manufacturing sectors were popular, while the financial and real - estate sectors were relatively stable. Most industries in the convertible bond and underlying stock markets rose, and there was obvious rotation among sectors [49]. - **Fund Performance**: The daily trading volume of the equity and convertible bond markets increased, and the margin trading balance also increased. Most industries received net margin purchases [55][56]. 3.5 Supply and Demand Situation - **New Bond Issuance in January**: Five new convertible bonds were issued, with a total scale of 57.80 billion yuan, and four new convertible bonds were listed, with a total scale of 41.97 billion yuan. The online new - bond subscription decreased [60]. - **Pending Issuance and New Plans**: The total pending issuance scale was about 129.911 billion yuan. Eleven new board plans were added in January, with a total scale of 137.99 billion yuan, showing both month - on - month and year - on - year increases [67]. - **Redemption and Downward Revision**: Sixteen convertible bonds announced redemption, and five convertible bonds announced proposals for downward revision [75]. - **Holder Changes**: The total scale of convertible bonds held by various entities in the Shanghai and Shenzhen Stock Exchanges decreased. The scale of convertible bonds held by public funds increased, while that of enterprise annuities and securities companies decreased [82][85][89].

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.16% to close at 4157.98 points, while the Shenzhen Component Index fell by 0.3% to 14300.08 points. The ChiNext Index decreased by 0.57% to 3304.51 points, and the Sci-Tech 50 Index dropped by 3.03% to 1507.64 points. Overall, there were 1801 stocks that rose and 3562 that fell, with a total trading volume of 32.3 billion yuan, an increase of 2.646 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, food and beverage, media, real estate, non-bank financials, and oil and petrochemicals led the gains, with increases of 6.57%, 3.53%, 2.65%, 2.28%, and 2.23% respectively. Conversely, the electronics, defense and military industry, electric equipment, and machinery sectors experienced declines, with drops of 3.56%, 1.79%, 1.78%, 1.76%, and 1.66% respectively [1]. Concept Sector Performance - The top-performing concept sectors today included liquor, beverage manufacturing, real estate selection, Xiaohongshu platform, oil and gas extraction, short drama games, brand leaders, Pinduoduo partners, virtual humans, insurance selection, Kimi, WEB3.0, rare earths, Chinese corpus, and bank selection. In contrast, sectors such as the SMIC industrial chain, copper-clad laminates, analog chips, and third-generation semiconductors saw a pullback [2].

Group 1 - The core viewpoint of the news is that Tanshan's stock has shown significant growth in 2023, with a year-to-date increase of 31.76% and a notable rise of 48.18% over the past 60 days [1] - As of January 29, Tanshan's stock price reached 14.27 yuan per share, with a total market capitalization of 12.61 billion yuan [1] - The company's main business segments include outdoor apparel (63.31% of revenue), chip business (17.13%), outdoor footwear (13.29%), outdoor equipment (3.71%), and other services (2.56%) [1] Group 2 - As of September 30, Tanshan had 41,100 shareholders, a decrease of 29.16% from the previous period, while the average number of circulating shares per person increased by 41.16% to 21,485 shares [2] - For the period from January to September 2025, Tanshan reported operating revenue of 953 million yuan, a year-on-year decrease of 13.98%, and a net profit attributable to shareholders of 33.04 million yuan, down 67.53% year-on-year [2] - Tanshan has distributed a total of 509 million yuan in dividends since its A-share listing, with cumulative distributions of 30.42 million yuan over the past three years [3]

Group 1 - The core viewpoint of the news is the strong performance of the semiconductor sector, particularly the "full-chip" ETF launched by Huabao, which has seen significant price increases in its initial days of trading [1][3] - The Huabao ETF, which tracks the Shanghai Stock Exchange's semiconductor index, includes 50 stocks related to semiconductor materials, equipment, design, manufacturing, and testing, with over 90% of its weight in core areas like integrated circuits and semiconductor equipment [3][6] - The index has shown a remarkable annualized return of 17.93% since its inception, outperforming other semiconductor indices, with a lower maximum drawdown, indicating a better risk-return profile [5][6] Group 2 - The semiconductor sector is experiencing a resurgence, driven by strong demand for analog chips and microcontrollers, particularly due to the ongoing construction of AI data centers [3] - Notable stocks within the ETF, such as Yandong Microelectronics, Naxin Micro, and SIRUI, have shown significant price increases, with Yandong Micro leading with a rise of over 10% [1][3] - A recent development from Peking University involves a new chip based on resistive random-access memory (RRAM), which reportedly enhances computing speed by approximately 12 times and energy efficiency by over 228 times compared to current advanced digital chips [2]

Group 1 - The core viewpoint of the news is that ChipLink Integrated has shown a positive stock performance with a 7.17% increase year-to-date and a significant trading volume, indicating strong market interest [1][2]. - As of January 21, ChipLink Integrated's stock price reached 7.17 CNY per share, with a market capitalization of 60.104 billion CNY and a trading volume of 5.55 billion CNY [1]. - The company has experienced a net inflow of 31.8792 million CNY from main funds, with large orders accounting for 36.35% of purchases [1]. Group 2 - ChipLink Integrated's stock has increased by 4.67% over the last five trading days, 5.29% over the last 20 days, and 5.91% over the last 60 days [2]. - The company, established on March 9, 2018, specializes in wafer foundry and module packaging testing in the MEMS and power device sectors, with 85.96% of its revenue coming from integrated circuit wafer manufacturing [2]. - As of October 31, the number of shareholders for ChipLink Integrated was 139,700, a slight decrease of 0.09% from the previous period, while the average circulating shares per person increased by 0.09% to 31,709 shares [2]. Group 3 - As of September 30, 2025, the largest circulating shareholder is E Fund's SSE STAR 50 ETF, holding 182 million shares, a decrease of 23.2142 million shares from the previous period [3]. - The second-largest shareholder is Huaxia's SSE STAR 50 Component ETF, with 178 million shares, down by 88.3006 million shares [3]. - Hong Kong Central Clearing Limited is a new entrant among the top ten circulating shareholders, holding 50.4814 million shares [3].

Core Viewpoint - The stock of ChipLink Integrated has experienced fluctuations, with a recent decline of 2.13% on January 20, 2025, and a total market capitalization of 57.84 billion yuan [1]. Group 1: Stock Performance - Since the beginning of the year, ChipLink Integrated's stock price has increased by 3.14%, with a 2.99% rise over the last five trading days, a 4.23% increase over the last 20 days, and a 5.02% gain over the last 60 days [2]. - As of January 20, 2025, the stock was trading at 6.90 yuan per share, with a trading volume of 6.02 billion yuan and a turnover rate of 1.94% [1]. Group 2: Financial Performance - For the period from January to September 2025, ChipLink Integrated reported a revenue of 5.422 billion yuan, representing a year-on-year growth of 19.23%. However, the net profit attributable to shareholders was -463 million yuan, showing a year-on-year increase of 32.32% in losses [2]. Group 3: Business Overview - ChipLink Integrated, established on March 9, 2018, and listed on May 10, 2023, is located in Shaoxing, Zhejiang Province. The company specializes in wafer foundry and module packaging testing in the MEMS and power device sectors, providing one-stop system foundry solutions [2]. - The revenue composition of ChipLink Integrated includes 85.96% from integrated circuit wafer manufacturing, 9.24% from module packaging, 3.58% from other services, and 1.21% from research and development services [2]. Group 4: Shareholder Information - As of September 30, 2025, the top ten circulating shareholders of ChipLink Integrated include E Fund's SSE STAR 50 ETF as the largest shareholder with 182 million shares, a decrease of 23.21 million shares from the previous period. Other notable shareholders include Huaxia's SSE STAR 50 ETF and Southern's CSI 500 ETF, both of which also saw reductions in their holdings [3].

Group 1 - The core viewpoint of the news is that Jiewate Microelectronics Co., Ltd. has shown fluctuations in its stock price and significant changes in its shareholder structure, reflecting both market activity and company performance [1][2][3]. Group 2 - As of January 20, Jiewate's stock price decreased by 2.04% to 45.23 CNY per share, with a total market capitalization of 20.368 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 4.14%, but a decline of 1.84% over the last five trading days and an 18.84% decrease over the last 60 days [1]. - Jiewate's main business involves the research and sales of analog integrated circuits, with a revenue composition heavily weighted towards power management chips, accounting for 93.09% of total revenue [2]. - For the period from January to September 2025, Jiewate achieved a revenue of 1.942 billion CNY, representing a year-on-year growth of 63.01%, while the net profit attributable to shareholders was -460 million CNY, showing a year-on-year increase of 9.29% [2]. - As of September 30, 2025, the number of shareholders increased by 12.90% to 12,400, while the average circulating shares per person decreased by 11.43% to 21,255 shares [2]. - The top ten circulating shareholders include notable funds such as the Harvest Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF and new entrants like the Nuoan Pioneer Mixed A fund [3].

Core Viewpoint - Jingfeng Mingyuan, a leader in simulation and mixed-signal chips, announced a major asset restructuring plan to acquire 100% equity of Yichong Technology, indicating a strategic move to enhance its market position in the semiconductor industry [1][2]. Group 1: Transaction Details - The transaction price is set at 3.283 billion yuan, with 1.249 billion yuan (38.05%) to be paid in cash and 2.033 billion yuan (61.95%) through the issuance of shares at a price of 50.39 yuan per share, resulting in approximately 40.35 million shares to be issued [2]. - The restructuring plan includes a non-public issuance of shares to no more than 35 specific investors to raise up to 1.8 billion yuan for transaction costs and working capital [2]. Group 2: Company and Market Analysis - Yichong Technology, led by Pan Siming, specializes in high-performance analog and mixed-signal chips, with significant revenue growth projected at 45.02% and 47.04% for 2023 and 2024, respectively [3]. - Yichong Technology ranks first in the domestic market for wireless charging chips and is among the top three globally, with its products used by major brands such as Samsung, Xiaomi, and BYD [3]. - The acquisition is expected to enhance Jingfeng Mingyuan's sales scale, potentially placing it among the top five in the industry, leveraging synergies from the merger [4]. Group 3: Performance Commitments - The performance commitments set by the sellers include net profits of no less than 92 million yuan, 120 million yuan, and 160 million yuan for the years 2025, 2026, and 2027, respectively, for Yichong's charging chip business [5]. - Additionally, revenue targets for other power management chip segments are set at no less than 190 million yuan, 230 million yuan, and 280 million yuan for the same years [5]. Group 4: Industry Context - The analog chip sector in China is characterized by a fragmented market, long product life cycles, high design barriers, and lengthy talent cultivation periods, creating favorable conditions for domestic companies to grow through mergers and acquisitions [5].

Core Viewpoint - Yutai Microelectronics has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth in the semiconductor industry [1][2]. Group 1: Stock Performance - As of January 9, Yutai Micro's stock price rose by 2.06% to 117.16 yuan per share, with a trading volume of 1.82 billion yuan and a turnover rate of 3.19%, resulting in a total market capitalization of 9.373 billion yuan [1]. - Year-to-date, Yutai Micro's stock has increased by 14.25%, with a 14.25% rise over the last five trading days, a 15.66% increase over the last 20 days, and a 0.86% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Yutai Micro reported a revenue of 388 million yuan, representing a year-on-year growth of 45.70%. However, the net profit attributable to shareholders was -128 million yuan, reflecting a year-on-year increase of 8.89% in losses [2]. - As of September 30, 2025, the number of shareholders increased by 15.83% to 8,684, while the average number of circulating shares per person decreased by 13.67% to 5,736 shares [2]. Group 3: Shareholder Composition - As of September 30, 2025, the fourth largest circulating shareholder is Taixin Small Cap Selected Mixed Fund, holding 1.4 million shares, which is a decrease of 600,000 shares from the previous period [2]. - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder with 901,400 shares, marking its entry as a new shareholder [2]. - Taixin Xinxuan Mixed A Fund ranks as the tenth largest circulating shareholder with 600,000 shares, down by 720,000 shares from the previous period [2].

Group 1 - The core viewpoint of the news is that Jiewate Microelectronics Co., Ltd. has shown significant stock performance and growth in revenue, indicating a positive market sentiment and potential investment opportunity [1][2]. Group 2 - As of January 9, Jiewate's stock price increased by 2.04%, reaching 50.08 CNY per share, with a total market capitalization of 22.55 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 15.31%, with a 29.54% rise over the past 20 days [1]. - Jiewate's main business involves the research and sales of analog integrated circuits, with power management chips accounting for 93.09% of its revenue [2]. - The company reported a revenue of 1.942 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 63.01% [2]. - The number of shareholders increased by 12.90% to 12,400 as of September 30, 2025 [2]. - The top ten circulating shareholders include notable funds, with changes in holdings indicating shifts in institutional interest [3].