Core Viewpoint - Tianli Composite (920576) experienced a significant stock price increase of 29.99% on January 6, 2026, leading to its appearance on the trading leaderboard with a total transaction volume of 14.41 million shares and a transaction value of 1.107 billion yuan [1][2]. Group 1 - The closing price of Tianli Composite reached 87.77 yuan, marking a notable rise in its stock performance [1]. - The total trading volume for the day was 14.41 million shares, indicating strong market interest [1]. - The total transaction amount for Tianli Composite on that day was 1.107 billion yuan, reflecting significant trading activity [1]. Group 2 - The top buying position was held by China Merchants Securities Co., Ltd. with a purchase amount of approximately 40.38 million yuan [2]. - The top selling position was held by Huafu Securities Co., Ltd. with a selling amount of approximately 45.60 million yuan [2]. - Other notable buying and selling activities included purchases from Guosen Securities and CITIC Securities, with amounts of approximately 30.46 million yuan and 25.91 million yuan respectively, and selling amounts from various firms totaling significant figures [2].

Core Viewpoint - Tianming Technology (920270) experienced a trading halt today due to a 30.00% increase in stock price, with significant trading volume and institutional buying activity [2] Group 1: Trading Performance - The stock reached its daily limit with a turnover rate of 11.52% and a total transaction value of 172 million yuan, showing a price fluctuation of 27.48% [2] - The stock was listed on the North Exchange due to its price increase, with institutional specialized seats net buying 11.1644 million yuan [2] Group 2: Institutional Activity - Institutions net bought a total of 11.1644 million yuan, while the combined net buying from brokerage seats amounted to 941,200 yuan [2] - The top five brokerage seats accounted for a total transaction value of 60.6699 million yuan, with a net buying amount of 12.1056 million yuan [2] Group 3: Detailed Brokerage Transactions - The leading buying brokerage was an institutional specialized seat with a net purchase of 11.1644 million yuan, while the second-largest buyer was Dongfang Caifu Securities with 8.2313 million yuan [2] - The selling side included Shenyin Wanguo Securities with a sell amount of 1.0135 million yuan, indicating a significant disparity between buying and selling activities [2]

中华人民共和国证券法（2019修订） 第五十条 禁止证券交易内幕信息的知情人和非法获取内幕信息的人利用内幕信息从事证券交易活动。 第五十一条 证券交易内幕信息的知情人包括： （一）发行人及其董事、监事、高级管理人员； （二）持有公司百分之五以上股份的股东及其董事、监事、高级管理人员，公司的实际控制人及其董事、监事、高级管理人员； （三）发行人控股或者实际控制的公司及其董事、监事、高级管理人员； （四）由于所任公司职务或者因与公司业务往来可以获取公司有关内幕信息的人员； （一）公司的经营方针和经营范围的重大变化； （二）公司的重大投资行为，公司在一年内购买、出售重大资产超过公司资产总额百分之三十，或者公司营业用主要资产的抵押、质押、出售或者报废一次 超过该资产的百分之三十； （五）上市公司收购人或者重大资产交易方及其控股股东、实际控制人、董事、监事和高级管理人员； （六）因职务、工作可以获取内幕信息的证券交易场所、证券公司、证券登记结算机构、证券服务机构的有关人员； （七）因职责、工作可以获取内幕信息的证券监督管理机构工作人员； （八）因法定职责对证券的发行、交易或者对上市公司及其收购、重大资产交易进行管理可以 ...

Financial Data and Key Metrics Changes - The company reported EPS of $0.06 and adjusted EPS of $0.88 for the quarter, with tangible book value per share growing at a compound annual growth rate of 12.2% since the IPO [5] - Net income on a reported basis was $2.9 million, while adjusted net income was $40.8 million, significantly impacted by a $60 million pre-tax loss from a securities transaction [14][15] - Net interest income increased by 3.5% from the prior quarter and 8.6% year-over-year, reaching $111.4 million [15] - The net interest margin expanded by 13 basis points to 3.68% due to loan growth and cost management [16] Business Line Data and Key Metrics Changes - Loan growth was at an annualized rate of 4.2%, while deposits grew at an annualized rate of 7.2% [10] - Core non-interest income, excluding the securities loss, was $25.8 million, representing a 9% increase over the previous quarter [16] - The company experienced a loss in non-interest income of $34.6 million due to the securities trade [16] Market Data and Key Metrics Changes - The company noted increased market volatility due to trade policy announcements and geopolitical events, which impacted customer behavior and loan activity [7][8] - The loan growth was concentrated in residential mortgages and commercial real estate, with significant increases in specific categories [23] Company Strategy and Development Direction - The merger with Southern States is expected to add immediate scale and accretive earnings, with integration efforts on track for completion by the end of Q3 [11][12] - The company is optimistic about both organic and inorganic growth opportunities, with a focus on capitalizing on market disruptions [12][13] - The company aims to maintain a strong capital position while pursuing additional M&A opportunities in the future [56][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and highlighted the potential for growth in the coming quarters [9][11] - The outlook for loan growth remains mid to high single digits, with a strong pipeline of opportunities despite some delays in funding [10][37] - The company anticipates a net interest margin in the range of $3.70 to $3.80 for the second half of the year [25] Other Important Information - The company migrated to a new allowance model to enhance forecasting precision, which had a net impact of approximately $395,000 on reserves [19] - The company plans to redeem subordinated debt and trust preferred securities using proceeds from the securities sale [17] Q&A Session Summary Question: Can you elaborate on the margin guidance and the impact of the bond restructuring? - Management confirmed that virtually no securities from Southern States will be brought over, focusing on paying down brokered deposits and optimizing capital [34][35] Question: What is the outlook for loan growth and the current pipeline? - Management reiterated a mid to high single-digit growth outlook, noting that some expected fundings were delayed but overall customer activity remains strong [37][40] Question: Can you provide details on the higher provision for mortgage banking? - The increase in provision was driven by higher LTV loans and changes in economic forecasts, with a focus on maintaining a profitable operating business [49][50] Question: What is the company's stance on future M&A activity? - Management expressed optimism about M&A opportunities, particularly in the $3 billion to $7 billion range, and emphasized readiness to capitalize on market disruptions [56][82] Question: How is the company managing hiring and recruitment? - The company continues to recruit talent, hiring four new revenue producers in the second quarter to prepare for potential market disruptions [60]

Group 1 - Tianjin is recognized as the economic center of the Bohai Rim region and has a rich history in modern commerce and finance, being the birthplace of China's first securities exchange over 70 years ago [1] - The establishment of the Tianjin Securities Exchange aimed to channel idle funds from the black market into the formal economy, addressing a critical issue for the People's Bank of China [1][2] - The exchange officially opened on June 1, 1949, with 39 qualified brokers and a total capital of 84.52 million old RMB, focusing on stocks from major companies beneficial to the national economy [2] Group 2 - After its opening, the Tianjin Securities Exchange absorbed significant amounts of social idle funds, mitigating their impact on the market, with daily average transaction amounts reaching approximately 1.1 billion old RMB within the first ten days [3] - The exchange facilitated the flow of funds into production and circulation, positively contributing to the recovery and development of the economy, as evidenced by the increased trading volumes of essential enterprises [3] - From its inception until October 1951, the exchange generated a cumulative surplus of 3.2 billion old RMB and collected 1.35 billion old RMB in transaction and stamp taxes for the government, enhancing fiscal revenue for the new China [3]