[Inventory of important news].

The State Council Office has launched 18 measures to further prosper cultural and tourism consumption

A few days ago, the General Office of the State Council issued the "Several Measures on Further Cultivating New Growth Points to Prosper Cultural and Tourism Consumption" (hereinafter referred to as the "Several Measures"), focusing on enriching consumption measures to benefit the people, meeting the consumption needs of different age groups, expanding the supply of characteristic and high-quality products, cultivating consumption scenarios, innovating industrial policies, and optimizing the consumption environment. In order to implement the deployment requirements of the Party Central Committee and the State Council on expanding service consumption and promoting the development of cultural tourism, the "Several Measures" proposes to give full play to the role of cultural empowerment and tourism, deepen the "cultural tourism + hundred industries" and "hundred industries + cultural tourism", improve product supply capacity, enrich consumption formats and scenes, better meet the diverse, multi-level and multi-faceted spiritual and cultural needs of the people, enhance the people's sense of cultural acquisition and happiness, and strive to cultivate cultural tourism as a pillar industry.

Comments: Including the low-altitude economy, the combination of technology and tourism is becoming more and more close, and it is expected to bring a new experience to tourists by means of science and technology to enhance the interest and interactivity of tourism products. The "Several Measures" will provide strong policy support for the high-quality development of low-altitude economy, immersive cultural tourism and other industries, and fully activate the new momentum for the transformation and development of the cultural and tourism industry.

Foreign institutions recommend overweight of A-shares and offshore Chinese stocks

Recently, Goldman Sachs, UBS and other major foreign banks have expressed their views on the future performance of China's capital market, and have upgraded China's asset ratings. Foreign institutions generally believe that the recovery of corporate earnings in 2025 will provide support for the upward trend of the Chinese market, and incremental funds are expected to continue to pour in.

Comments: Individual investors and "patient capital" are expected to contribute incremental funds to the A-share market in 2025. On the one hand, with the implementation of more policies to stabilize growth, the reversal of market sentiment will promote a new round of net inflows of individual investors. On the other hand, long-term capital represented by insurance funds and social security funds has begun to flow into the market. He analyzed that under the new accounting standards, insurance capital investment in high-dividend stocks can help smooth out the fluctuation of current profit and loss, and increase the proportion of equity investment or one of the important ways for insurance capital to increase investment income. In addition, "Patient Capital" will also support the capital market through the layout of ETFs and other means.

See also "Outstanding Students" A number of listed companies are optimistic about their 2024 results

Recently, A-share listed companies have intensively released 2024 performance forecasts. On the evening of January 13, Zhengdan shares, Shentong Express, Wutong Holdings, Haidar and many other companies were "happy", and there was no shortage of "excellent students" whose net profit is expected to double year-on-year.

Comments: Behind the substantial increase in the performance of the above-mentioned companies, there is not only the boost of the high prosperity of the industry, but also the company's own development, deep cultivation of the main business, expansion of the market, adjustment of strategy, quality and efficiency, and finally the realization of both volume and price, profit increase.

The U.S. control ban will take effect a year later, and AI chips will set off a rush for goods

In addition to Chinese mainland, most of the other countries/regions are not the main buyers of AI servers, 'some countries/regions even have a year to purchase zero', and at present, Taiwan factories are very cautious about shipping mainland China, using compliant down-gauge chips, plus the ban will take effect as soon as one year, it is expected that in the short term, it will first set off a wave of Nvidia AI chips-chips.

Comments: The new ban in the United States has aroused great attention from the global semiconductor industry, and Nvidia has publicly stated its opposition to this practice, while the American Semiconductor Industry Association (SIA), which has joined Apple, Supermicro and TSMC, Samsung and Intel, Broadcom, Nvidia, Infineon, Marvell, Micron and other international manufacturers, immediately issued a statement yesterday evening mentioning that it was deeply disappointed.

Huge amount of information! The China Securities Regulatory Commission (CSRC) has deployed five major priorities for 2025: to form and consolidate the momentum of market stability and improvement

On January 13, the China Securities Regulatory Commission held the 2025 system work conference to summarize the work in 2024, further promote inspection and rectification, and study and deploy key tasks in 2025. Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, attended the meeting and delivered a speech. The meeting first summarized the work results of the CSRC in 2024.

Comments: Resolutely implement the important requirements of the Central Economic Work Conference on stabilizing the stock market, strengthen the monitoring and supervision of domestic and foreign, over-the-counter, futures and spot linkage, and enhance the forward-looking, proactive and effective work. Together with the People's Bank of China, we will give better play to the effectiveness of the two structural monetary policy tools, strengthen strategic force reserves and market stabilization mechanisms. Strengthen policy interpretation and publicity and guidance, respond to market concerns in a timely manner, and further stabilize market expectations.

The number and amount of financing both broke through, and the listing of Chinese concept stocks in the United States was surging

Stepping into 2025, Chinese-funded companies will report good news in the U.S. stock market, and Zhengye Biotech, a supplier of veterinary vaccines, will land on the U.S. stock market on January 7, up 21.50% on the first day of listing; Robotic arm maker Inlifu also successfully listed in the United States on January 2, and its stock price has risen by more than 43% in two trading days. In addition, recently, Jiaji Technology, Zhongyi Capital, Daoyuan Group, etc. have submitted prospectuses to the United States to apply for listing on the NASDAQ.

Comments: Statistics show that 61 Chinese-funded enterprises will raise US$3.02 billion in 2024, in stark contrast to 2023. In 2023, only 33 Chinese companies will go to the United States to raise funds, amounting to $931 million. This momentum shows that Chinese enterprises are increasingly able to expand overseas financing channels, and the U.S. capital market has become one of the important platforms for Chinese enterprises seeking international development.

There were a number of disturbance factors in the capital in January, and the expectation of RRR cut before the Spring Festival was rising

In order to maintain sufficient liquidity in the banking system, on January 13, the People's Bank of China launched a 7-day reverse repurchase operation of 24.8 billion yuan in the form of fixed interest rate and quantity bidding, with an operating interest rate of 1.5%. In view of the expiration of 14.1 billion yuan of reverse repurchase on the same day, the central bank realized a net injection of 10.7 billion yuan in the open market. There are many factors of capital disturbance this month. Ming Ming, chief economist of CITIC Securities, said in an interview with the "Securities Daily" reporter that part of the pressure on liquidity in January was the superposition of the demand for cash withdrawals during the Spring Festival and the tax period. January is a typical tax month as the beginning of the quarter, most enterprises need to pay the current quarter's corporate income tax in advance, and the issuance of year-end bonuses will also increase the personal income tax payment of residents. Before the Spring Festival, residents' demand for cash withdrawal increased, and the funds in the market turned into currency in circulation (M0).

Comment: The suspension of Treasury bond purchases does not mean that market liquidity has tightened. The PBOC will inject short-term and long-term funds into the market through other open market operations and reducing the reserve requirement ratio to continue to maintain abundant market liquidity. This reflects the flexibility of monetary policy regulation and control, and adjusts the use of policy tools in a timely manner according to the actual market situation to achieve monetary policy objectives.

[Industry hot spots].

Cultivate and expand the data labeling industry! The four departments issued a document to point out the direction of these A-share companies to reveal the latest layout

Photovoltaic technology route confrontation upgrade: BC and TOPCon each account for half of the country?

Diet pill war escalates! The CEO of Eli Lilly revealed: the company's oral drug may come out early next year

Oil prices are soaring! A picture of the industry stocks

[Market dynamics].

A-shares: On January 13, the three major A-share indexes were mixed, as of the close, the Shanghai Composite Index fell 0.24%, the Shenzhen Component Index edged up 0.24 points, and the ChiNext Index rose 0.36%. Wind data shows that more than 3,000 stocks rose in the whole market. The turnover of the Shanghai and Shenzhen stock exchanges is less than 1 trillion yuan. In terms of sectors, oil and gas, lithography machines, precious metals, liquor and other sectors were among the top gainers, while Internet e-commerce, banks, copper high-speed connections, consumer electronics and other sectors fell. Specifically, oil and gas stocks rose collectively, quasi-oil shares rose by the limit, and potential Hengxin, Keli shares, Zhongman Petroleum and other top gainers.

Hong Kong stocks: On January 13, the three major indexes of Hong Kong stocks narrowed their decline in the afternoon, as of the close, the Hang Seng Index fell 1% to 18874.14 points, the Hang Seng Technology Index fell 0.91%, and the state-owned enterprise index fell 0.79%. On the market, technology stocks generally fell, Baidu and Xiaomi fell more than 2%, Meituan and Alibaba fell nearly 2%; Apple's concept stocks fell first, and Qiu Ti Technology fell more than 5%; Evergrande Property has been sentenced to recover 13.4 billion yuan in deposits, and Evergrande Property has risen by more than 14%; Semiconductor concept stocks rose against the trend, and SMIC rose more than 6%; Oil, gold, non-ferrous metals and other bulk sectors rose actively, PetroChina, CNOOC rose more than 2%.

U.S. stocks: U.S. stocks were mixed on Monday, as strong employment data pushed Treasury yields higher, reinforcing pessimistic expectations about the prospect of a Fed rate cut. At the same time, the United States announced new control measures on artificial intelligence chips, which suppressed the performance of technology stocks. At the close, the Dow rose 358.67 points, or 0.86%, to 42,297.12, the Nasdaq fell 0.38% to 19,088.10, and the S&P 500 rose 0.16% to 5,836.22.

European stocks: Europe's STOXX 600 index fell 0.49%, the Eurozone STOXX 50 index fell 0.48%, the FTSE Euronext 300 index fell 0.47%, Germany's DAX 30 index fell 0.32%, France's stock index fell 0.32%, Italy's stock index fell 0.85%, and the British stock index fell 0.19%.

Institutional Strategy

Despite the underperformance of China's stock market since the beginning of the year, Goldman Sachs Group strategists remain bullish on Chinese equities. Goldman Sachs China Equity Chief Strategist Liu Jinjin's team released a report on Sunday showing that they remain overweight China A-shares and H-shares as the risk-reward ratio remains favorable. They expect the MSCI China Index and CSI 300 Index to rise by about 20% by the end of 2025.

Goldman Sachs China Equity Chief Strategist Liu Jinjin's team released a report on Sunday showing that they remain overweight China A-shares and H-shares as the risk-reward ratio remains favorable. They expect the MSCI China Index and CSI 300 Index to rise by about 20% by the end of 2025. In fact, as early as last November, Goldman Sachs predicted that China's stock market could rise by about 20% in the next 12 months as the Chinese government stepped up efforts to stimulate the economy.

However, China's equity market has underperformed since the start of the year: the CSI 300 index has fallen more than 5% in the first seven trading days of 2025, its worst start to the year since 2016.

In addition, Goldman Sachs strategists also maintained an overweight rating on China's online retail, media and healthcare stocks, while upgrading consumer services stocks to an overweight rating. In addition to Goldman Sachs, HSBC Holdings is also optimistic about the Chinese stock market. The company said last week that it was bullish on Hong Kong stocks given the more favourable language in China and further improved economic growth prospects.

[Topic Company].

"Guolian Minsheng Securities" was born! Another four-character abbreviated brokerage business reorganization drama has begun

The "League of Nations People's Livelihood" is coming. On January 13, Guolian Securities issued an announcement that the company's Chinese name is intended to be changed to Guolian Minsheng Securities Co., Ltd., and the abbreviations of the company's A and H share securities are intended to be changed to Guolian Minsheng. The registered capital of the company will be changed from 2.832 billion yuan to 5.472 billion yuan.

8. Even the board of Meibang shares reminds of trading risks: the "one certificate, one product" policy has little impact on the company

Since January 2, Meibang shares have risen for eight consecutive trading days, with a cumulative increase of 114.3% during the period. Meibang responded that there is an overheated market sentiment, there may be irrational speculation, and the company's stock has an obvious drumming effect, and there is a possibility of rapid decline at any time. The market believes that the "one certificate, one product" policy will lead to a major reshuffle in the pesticide industry, and the stock prices of many concept companies in the pesticide sector have risen sharply, and Meibang shares are also considered to be one of the greater beneficiaries of the policy. On January 11, Meibang responded in the risk warning announcement that the "one certificate, one product" policy has little impact on the company, and the company's current stock price increase does not match the company's operating conditions.

[IPO dynamics].

Today, 1 new stock launched subscription: Fuling shares on the main board of the Shenzhen Stock Exchange

Fuling shares issued a total of 147 million shares, 37.57 million shares were issued online, the IPO issue price was 5.30 yuan, and the issue price-earnings ratio was 14.48 times. Fuling Co., Ltd. is a high-tech enterprise mainly engaged in the research and development, production and sales of plastic tableware and biodegradable material tableware, the company's main products are plastic and biodegradable material tableware, including knives, forks and spoons, straws, cups, small cups, plates, cup lids, packaging boxes, packaging bowls, etc. The company's main direct or end customers include McDonald's, Wendy's, KFC, Chabaidao, Michelle Bingcheng and Bawang Chaji.

Announcement Reminder

[Suspension].

300422 Bosch Branch

688073 Bide Pharmaceutical

[Resumption].

002656 *ST Modern

600289 *ST ICT

000777 China Nuclear Science and Technology

000016 Deep Konka A

002494 Huasi shares

603007 ST Kao

[Product].

Haitong Securities: Chairman Zhou Jie resigned due to job transfer

Haitong Securities (600837) announced that Zhou Jie proposed to resign from the company's director, chairman, legal representative and authorized representative of the Hong Kong Stock Exchange due to work transfer, and at the same time resigned as the chairman of the development strategy and ESG management committee of the board of directors, and will no longer hold any position in the company after his resignation.

Amperon: The revenue related to force sensor products used in the field of general robots and collaborative robots accounts for a very low proportion of the main business revenue

Amperon (301413) issued an announcement on abnormal fluctuations in stock trading, up to now, the company's application in the field of general robots and collaborative robots force sensor products related business revenue accounted for a very low proportion of the main business income, the company's performance has little impact.

Xinzhi Group: It is planned to invest no more than 1 billion yuan to build a Hungarian production base

Xinzhi Group (002664) announced that it plans to invest in the construction of a new company in Hungary with an annual output of 1 million sets of new energy drive motor stator and rotor assembly production base, and the total planned investment of the project will not exceed 1 billion yuan. The company will gradually build a Hungarian production base in stages according to the specific situation, and plans to form a certain scale of new energy drive motor stator and rotor assembly capacity in 2027. Xinzhi Group announced on the same day that the company intends to jointly invest in the establishment of Zhejiang Honghui Robot Motor Company with its related party Coastal Dingxin (Shanghai) Enterprise Management Partnership (Limited Partnership). The registered capital of the target company is 100 million yuan, of which the company contributes 90 million yuan, accounting for 90% of the total capital contribution.

Huatai: The energy-saving and environmental protection upgrading project of synthetic ammonia gas has entered the trial production stage

Huaertai (001217) announced that the company's synthetic ammonia gas energy-saving and environmental protection upgrading project has completed the construction and equipment installation and commissioning work according to the established plan, and the trial production plan and device trial production conditions have been reviewed and approved by experts, and successfully entered the trial production stage.

Zhongtian hardcover: plans to sell and revitalize some idle real estate assets

Zhongtian hardcover (002989) announced that the company intends to sell and revitalize some idle real estate assets, and the nature of the assets to be sold includes: residences, apartments, shops, parking spaces, etc., as well as vehicles or low-value consumables used in other daily business activities, etc., with a total amount of no more than 400 million yuan to be sold, and a single transaction amount not exceeding 15 million yuan.

WuXi AppTec: Achieved a cumulative investment income of RMB 2.016 billion from the sale of 7.17% of WuXi XDC's shares

WuXi AppTec (603259) announced that the company holds shares of WuXi XDC, an associate company, through an indirect holding subsidiary. On November 8, 2024 and January 10, 2025, through two block transactions, the Company sold a total of 86 million shares of WuXi XDC, accounting for approximately 7.17% of WuXi XDC's current total share capital, with a cumulative turnover of approximately HK$2.426 billion, accounting for 4.07% of the Company's latest audited net assets attributable to shareholders of the parent company in the latest period (2023). The stock assets sold this time are listed as "long-term equity investment" in the company's financial statements, and the cumulative investment income realized by the company from the sale of WuXi XDC shares in the past 12 months is 2.016 billion yuan, of which the company's current net profit in 2024 is about 720 million yuan, and the company's current net profit in 2025 is about 1.297 billion yuan. The above data is preliminary accounting data.

[Performance].

Mona Lisa: Net profit in 2024 is expected to decrease by 39.9%-55.68% year-on-year

Mona Lisa (002918) announced that the net profit attributable to shareholders of listed companies in 2024 is expected to be 118 million yuan - 160 million yuan, a decrease of 39.9% - 55.68% over the same period last year. In 2024, the competition in the architectural ceramics market will further intensify, and the price war will become white-hot. In addition, some assets showed signs of impairment, and the company made impairment provisions for various assets that may have impairment losses in accordance with the accounting standards for business enterprises, resulting in a year-on-year decline in net profit.

Wutong Holdings: Net profit in 2024 is expected to increase by 264.28%-343.47% year-on-year

Wutong Holdings (300292) announced that the net profit attributable to shareholders of listed companies in 2024 is expected to be 92 million yuan - 112 million yuan, an increase of 264.28% - 343.47% over the same period last year. During the reporting period, the company's electronic manufacturing business and mobile information service business achieved significant growth in revenue and profit.

Zhengfan Technology: Net profit in 2024 is expected to increase by 30%-40% year-on-year

Zhengfan Technology (688596) announced that it is expected to achieve a net profit attributable to the owners of the parent company of 522 million yuan to 563 million yuan in 2024, a year-on-year increase of 30% to 40%. The company's share of equipment business and non-equipment business in the semiconductor industry market continued to increase; The company's non-equipment business revenue has increased significantly, and the business structure transformation effect is obvious.

Jiangte Motor: In 2024, it is expected to lose 236 million yuan to 285 million yuan, narrowing the year-on-year loss

Jiangte Motor (002176) announced that the net profit attributable to shareholders of listed companies in 2024 is expected to lose 236 million yuan - 285 million yuan, compared with a loss of 397 million yuan in the same period last year. During the reporting period, the company carried out lithium carbonate futures hedging business in a timely manner, which reduced the adverse impact of the continuous decline in lithium carbonate prices.

Haiguang Information: Net profit in 2024 is expected to increase by 43.29% to 59.12% year-on-year

Haiguang Information (688041) announced that according to the preliminary calculation of the financial department, it is expected that the annual operating income in 2024 will increase by 2.7 billion yuan to 3.518 billion yuan compared with the same period last year, a year-on-year increase of 45.04% to 58.52%. It is expected that the net profit attributable to the owners of the parent company in 2024 will increase by 547 million yuan to 747 million yuan compared with the same period last year, a year-on-year increase of 43.29% to 59.12%. During the reporting period, the company's CPU products further expanded their market application fields and market share, supporting a wide range of complex application scenarios such as data centers, cloud computing, and high-end computing. In the context of the AIGC era, the company's DCU products have developed rapidly and iteratively, which have been more widely recognized by the market, and have supported AI industry applications such as computing infrastructure and commercial computing with high computing power, high parallel processing capacity, and good software ecology, which has further promoted the rapid growth of the company's performance.

Jiamei Food: Net profit in 2024 is expected to increase by 14.18%-45.32% year-on-year

Jiamei Packaging (002969) announced that the net profit attributable to shareholders of listed companies in 2024 is expected to be 176 million yuan - 224 million yuan, an increase of 14.18% - 45.32% over the same period last year. During the reporting period, the company's "whole industry chain beverage service" platform entered the development track, and orders under new customers, new markets and new business models have formed economies of scale and sustainability. The number of orders from the traditional core advantage business is stable at the average level of normal comparable years, laying the foundation for the company's sustainable development.

Sunner Development: Net profit in 2024 is expected to increase by 5.38%-12.91% year-on-year

Sunner Development (002299) announced that in 2024, it is expected to achieve a net profit attributable to shareholders of listed companies of 700 million yuan to 750 million yuan, a year-on-year increase of 5.38% to 12.91%. In 2024, the company's performance has steadily improved, and from the first quarter to the fourth quarter, it has achieved quarter-on-quarter growth, especially in the fourth quarter, the company has achieved the best performance of the year, and the single-quarter net profit has increased by more than 500% compared with the same period last year.

Fuxin Technology: The net profit in 2024 is expected to be about 47 million yuan, and it will turn losses into profits

Fuxin Technology (688662) released the 2024 annual performance forecast, and according to the preliminary calculation of the financial department, it is expected that the net profit attributable to the owners of the parent company in 2024 will be turned into a profit compared with -12.7795 million yuan in the same period last year, and the net profit attributable to the owners of the parent company will be about 47 million yuan. The main reason for the change in the performance of the current period: the company's annual net profit loss in 2023 is mainly affected by the provision of large bad debts receivable from Sleepme Inc., which have been written off in 2023 and will not affect the company's net profit in 2024. In 2024, the company's semiconductor thermoelectric devices, thermoelectric systems, complete machine products and other business development trends are good, and the constant temperature mattress business will gradually recover, which will promote the company's sales revenue to achieve steady growth as a whole and further improve the company's profitability.

Shenzhen Xinxing: A pre-loss of 330 million yuan to 250 million yuan in 2024

Shenzhen Xinxing (603978) issued a pre-loss announcement for its 2024 annual results, and it is expected that the net profit attributable to the owners of the parent company in 2024 will be -330 million yuan to -250 million yuan, an increase of 109 million yuan to 189 million yuan compared with the same period last year. The main reasons for the pre-loss of this period are: 1) Mainly affected by the continuous decline in the price of lithium hexafluorophosphate products and the lower than expected demand from downstream customers, resulting in an operating loss of about 120 million yuan. 2) The impairment of lithium hexafluorophosphate and other related production equipment, projects under construction and inventory was approximately RMB136 million during the period. 3) Affected by the collection of lithium hexafluorophosphate downstream customers and the expansion of sales scale, the company's continuous losses, etc., increased the provision for credit impairment losses of about 23 million yuan in the current period, and reversed deferred income tax assets of about 10 million yuan.

Huisheng Biological: In 2024, it is expected to lose 17 million yuan to 23 million yuan year-on-year

Huisheng Biotechnology (300871) announced that the company's net profit attributable to shareholders of listed companies in 2024 is expected to lose 17 million yuan to 23 million yuan, compared with a profit of 16.7808 million yuan in the same period last year. During the reporting period, the sales volume of the company's chemical drug preparation segment increased year-on-year, and the sales revenue was basically flat. However, the gross profit margin decreased due to the decline in product prices, which had a certain impact on net profit.

Quasi-oil shares: The estimated loss in 2024 is 12 million yuan - 16 million yuan

Quasi-Oil Co., Ltd. (002207) announced that the net profit attributable to shareholders of listed companies in 2024 is expected to lose 12 million yuan to 16 million yuan, compared with a loss of 18.5791 million yuan in the same period last year. In the reporting period, compared with the same period last year, the workload increased, and at the same time, new markets were explored, new projects such as drilling and oil testing were carried out, and the operating income increased significantly compared with the same period last year, and the economies of scale were reflected, but it was not enough to cover the expenses during the period.

Jinqiao Information: The pre-loss in 2024 will be 69.8 million yuan to 46.8 million yuan

Jinqiao Information (603918) released the 2024 annual performance forecast, and it is expected that the net profit attributable to the owners of the parent company in 2024 will be -69.8 million yuan to -46.8 million yuan, compared with a loss of 25.62 million yuan in the same period last year. During the reporting period, due to the impact of the macroeconomic environment, the business output of some of the company's customers was slow in the process of tightening budgets, extending the relevant approval cycle, and in-depth market development and customer resources. At the same time, due to the decrease in the number of completed and accepted projects at the end of the reporting period compared with the same period last year, the company's operating income declined.

[Sign a big order].

Tongguang Cable: Pre-won the bid for the 2024 China Unicom Optical Cable Centralized Procurement Project

Tongguang Cable (300265) announced that the company recently participated in the "2024 China Unicom Optical Cable Centralized Procurement Project" of China United Network Communications Co., Ltd. and was listed as the winning candidate. According to the announcement, the company ranks fifth in the category of ordinary optical cables, trunk optical cables, and butterfly optical cables, with an estimated winning bid amount of 239 million yuan excluding tax, accounting for about 10.18% of the total audited operating income in 2023. This major contract is still in the pre-winning bidding publicity stage (the publicity period is from January 10, 2025 to January 13, 2025), and there are still certain uncertainties and risks in the final formation of actual orders and completion of delivery.