Source: Market Information

Affect the stock market positive and negative news

Macro news

1. There is news in the industry that China's domestic mature process chip industry is suffering from unfair competition from imported products from the United States, and there are appeals for anti-dumping and anti-subsidy investigations. The Ministry of Commerce said that China's domestic industry is normal to be concerned and has the right to file an application for a trade remedy investigation. For the applications and claims of the domestic industry, the investigating authorities will review them in accordance with the relevant laws and regulations of China and the rules of the WTO, and will initiate an investigation in accordance with the law.

2. The spokesperson of the Ministry of Commerce answers questions from reporters on issues related to export control of dual-use items. According to the Ministry of Commerce, China's implementation of export controls on relevant items reflects the Chinese government's responsibility as a major country. At the same time, China will unswervingly promote high-level opening-up and stand ready to strengthen dialogue and cooperation in the field of export control with relevant countries and regions to maintain the stability of global industrial and supply chains.

3. The Ministry of Commerce announced that the working mechanism of the Unreliable Entity List is advancing the investigation of the US PVH Group in an orderly manner in accordance with the law. Since the case was filed, PVH Group has heard its statements and defenses on several occasions and reviewed the written materials submitted by PVH Group. It was preliminarily found that PVH Group had inappropriate Xinjiang-related behaviors.

Industry news

1. On the afternoon of January 16, the Ministry of Commerce held a special press conference. According to the relevant person in charge of the Ministry of Commerce, subsidies for the purchase of new digital products such as mobile phones will be implemented from January 20 across the country. According to the Ministry of Commerce, the mobile phone subsidy does not need to hand over the old mobile phone, and the payment method is applicable online and offline. The Ministry of Commerce also introduced that after consumers buy subsidized products such as mobile phones, they need to complete information collection and product verification.

2. Fan Hua, head of BlackRock China, said at the media communication conference that in 2025, BlackRock China will restart the QDLP project, and is currently communicating with channels to make operational preparations, and plans to issue global bonds and stocks and other related products. There are still obvious investment opportunities in the Chinese market, and BlackRock Group will continue to actively deploy in the field of active equity and index enhancement in the future.

3. Some medical cosmetology industry insiders told reporters that around January 14, medical cosmetology institutions have received notices from relevant regulatory departments, requiring medical cosmetology institutions to self-check whether they use hydroxyapatite products and whether the products used are legal, and if there is any use, they need to be informed in time to ensure that there are no safety problems.

4. It was learned from a number of independent sources that the intelligent interconnection business group under Ali was officially managed by Wu Jia, president of the intelligent information business group. It is understood that after the team is integrated, the new team will also explore new hardware directions, including AI glasses.

5. According to the National Development and Reform Commission, a new round of refined oil price adjustment window opened at 24 o'clock on January 16. The specific situation of the oil price adjustment is as follows: domestic gasoline and diesel were raised by 340 yuan and 325 yuan per ton respectively. The national average: No. 92 gasoline increased by 0.27 yuan per liter, No. 95 gasoline increased by 0.28 yuan per liter, and No. 0 diesel increased by 0.28 yuan per liter. Filling up a 50L tank of No. 92 gasoline will cost about 13.5 yuan more.

6. The

General Office of the Shanghai Municipal People's Government issued the "Implementation Plan for Promoting the High-quality Development of Digital Trade and Service Trade in Shanghai", which proposes to comprehensively promote the reform, opening up and innovation of digital trade and service trade, build an international hub port for digital trade and a global hub node for service trade that is deeply linked to the world, and strive to achieve a scale of 260 billion US dollars in the city's import and export of services and 130 billion US dollars in digital delivery services by 2029.

7. Nvidia, an American chip company, announced that March 20 this year will be the first "Quantum Day", in order to strengthen cooperation with partners and promote the development of quantum computing technology. Nvidia's official blog wrote on the 15th that company CEO Jensen Huang will talk to executives of a number of heavyweight quantum technology companies on "Quantum Day" to discuss the present and future of quantum technology.

Company News

1. Laiyifen announced that it is expected to have a net loss of about 86 million yuan in 2024.

2. Golis announced that as of the first three quarters of 2024, the company's Xiaohongshu e-commerce channel sales revenue will be about 7 million yuan.

3. Telink Micro announced that the National Fund intends to reduce its holdings of no more than 2% of its shares.

4. Jinglun Electronic announced that the company's shares may be subject to delisting risk warning.

5. LONGi Green Energy announced that it expects a net loss of 8.2 billion yuan to 8.8 billion yuan in 2024.

6. Sande Technology released a performance forecast, and it is expected that the net profit in 2024 will increase by 157%-183% year-on-year, and the delivery volume of unmanned intelligent equipment products will increase significantly year-on-year.

7. Opumai announced that it planned to purchase the control of PharmaLegacy Biologics, and the stock was suspended.

8. Guodian Electric Power announced that it would invest in the construction of the fifth round of Sadawi 2 million kilowatt photovoltaic project in Saudi Arabia.

9. Huayuan Holdings released a performance forecast, with an expected profit of 70 million yuan to 80 million yuan in 2024, a year-on-year increase of 730%-849%.

10. Guangbai shares announced that the shareholder Bank of China Financial Assets Investment Co., Ltd. reduced its holdings of 1% of the company's shares.

11. *ST Boxin announced that it received a prior notice of the proposed termination of the company's stock listing.

12. Zijin Mining announced that its wholly-owned subsidiary plans to acquire 24.82% of the shares of Zangge Mining for 13.729 billion yuan.

13. Nintendo will announce the release of the Switch 2 console on April 2.

14. Zongheng Co., Ltd. announced the first-instance judgment of the actual controller of the company.

Global Markets

The three major U.S. stock indexes collectively closed down, with the Nasdaq down 0.89%, the S&P 500 down 0.21%, the Dow down 0.16%, and large technology stocks falling collectively, Apple down more than 4%, and Tesla down more than 3%. The Nasdaq China Golden Dragon Index closed up 0.22%, with most of the popular Chinese concept stocks rising.

WTI crude oil futures settled down 1.70% at $78.68 a barrel; Brent crude futures settled down 0.9% at $81.29 a barrel.

COMEX gold futures closed up 1.07% at $2,746.9 an ounce; COMEX silver futures closed up 0.25% at $31.61 an ounce.

Investment Opportunity Reference

1. Apple will add heat dissipation devices to the iPhone 17 series, and heat dissipation materials will welcome new opportunities for upgrading

According to media reports, the reporter learned from people in the industry chain that in order to improve the heat dissipation performance of the iPhone, Apple will add heat dissipation devices to the iPhone 17 series, and the new models will be equipped with VC vapor chambers for heat dissipation. The heat dissipation performance of Apple's iPhone is often complained about by users. Industry chain people told reporters that at present, due to the increasing computing power and power consumption of mobile phones, the demand for heat dissipation is increasing, Apple will begin to add heat dissipation modules to iPhones, and add a single heat dissipation device to improve the heat dissipation function. Another person in the industry chain told reporters that VC vapor chamber is a mature heat dissipation device in the market and has been applied in the products of other mobile phone manufacturers.

Guohai Securities believes that AI will accelerate the landing of consumer electronics on the end side, and promote the volume and price of the heat dissipation industry to rise. 1) AI empowerment is expected to improve consumers' product experience, which in turn will drive a wave of phone replacement; 2) The operation of the AI large model on the device side will increase the power consumption and generate more heat, so the requirements for heat dissipation management will increase, which is expected to promote the increase in the amount of heat dissipation materials, such as the increase in the area of graphite film/VC vapor chamber, and at the same time drive the overall value of heat dissipation devices, such as changing from a single graphite film to a combination of graphite film + VC.

2. SK hynix plans to deliver HBM4 samples to NVIDIA as early as June 2025

According to reports, SK hynix plans to deliver HBM4 samples to NVIDIA as early as June 2025, and may start full supply by the end of the third quarter. The related products of this domestic company are in the stage of sample system integration verification.

In today's digital age, the rapid development of artificial intelligence has put forward higher requirements for memory chips, and HBM (High Bandwidth Memory) came into being. With its significant advantages such as high bandwidth, high capacity, low power consumption, and small size, HBM has become a key storage technology in the field of high-performance computing. According to the research report of China Development Bank Securities, with the increasing scale of AI model parameters, the rising demand for HPC computing power, and the increasing requirements of GPU/ASIC accelerators in terms of bandwidth and energy consumption ratio, the demand for HBM and DDR5 will grow rapidly, and the bandwidth, stack layers, capacity, and energy efficiency will continue to be upgraded to support high-performance applications. Combined with factors such as the opening of a new round of terminal innovation cycle and the acceleration of the domestic process of chips, the upward space of the storage market will be further opened, and the chip industry chain equipment, advanced packaging and other links will also usher in continuous growth.

3. The scale of monthly active users of AI companion applications has entered the top 5

Recently, QuestMobile released the "2024 China Mobile Internet "Dark Horse Application" Inventory", and on the specific application side, as of the end of the reporting period, Doubao, Kimi intelligent assistant, Wen Xiaoyan, Hoshino and Maobox are the top 5 AIGC applications in terms of monthly active users. According to the data of ADX Industry Edition, in December 2024, the Kimi smart assistant took the lead with 210,000 sets of materials, occupying the top spot, followed by Hoshino, ranking second with 100,000 sets of materials. Bean buns, Tencent ingots and cat boxes ranked third, fourth and fifth, with a monthly material volume of more than 10,000 groups. Non-comprehensive AI applications such as Cat Box and Hoshino, which focus on AI companionship, are close to an order of magnitude with Kimi.

It is not only the AI companion application that has exploded, but also toys, and at the recent CES exhibition, a pet-shaped hardware robot Ropet also attracted widespread attention. The media team of China Merchants Securities believes that AI companion products can improve interaction and intelligence, and combined with the "emotional value consumption" characteristics of trendy toys, it is expected to combine with various high-quality IPs to achieve a broader commercialization space under the new consumption trend.

4. The new AI feature has been launched on the computer and web versions of Doubao

Doubao's official micro display shows that the computer version and web version of Doubao have newly launched AI programming functions. This feature supports one-click upload of multiple local code files, real-time import of GitHub open source repositories, and quickly obtain the complete context of the project, without the need to copy the code section by section.

Artificial intelligence technology, especially the development of large language models, provides strong technical support for AI programming. Lv Wei of Minsheng Securities said that from 2021 to 2025, 500 million new applications will be added to the world, and 65% of the world's applications will be developed through low-code platform models in 2024. The AI+ low-code platform accelerates the development of the industry and is expected to become the core development model. Gartner predicts that by 2024, 65% of enterprise application software development will be based on low-code development. AI further significantly lowers the development threshold and improves the efficiency of program development, and the AI+ low-code platform is expected to become the core development model in the future, opening up a broad space for growth.

Suspension and resumption of trading

[Suspension].

688293 Opumer

600083 *ST Boxin

[Resumption].

000408 Zangge Mining

Announcement Express

[Product].

Ningbo Fuda: It is planned to acquire no less than 45% of the equity of Jingxin Materials

Ningbo Fuda (600724) announced that the company signed the "Investment Cooperation Agreement with the shareholders of Jingxin Materials", intending to acquire no less than 45% of the shares of Jingxin Materials, and Hou Xiaobao, a shareholder of Jingxin Materials, entrusts or transfers no less than 6% of the voting rights to the company to ensure that the company has no less than 51% of the voting rights of Jingxin Materials. According to preliminary estimates, this transaction is expected to constitute a major asset restructuring. After the completion of this transaction, Jingxin Materials will become the company's holding subsidiary, and the company will enter the field of electronic special materials based on photovoltaic silver powder on the basis of the original two main businesses of commercial real estate and cement building materials, and will rely on its own resource advantages to achieve effective synergy with Jingxin Materials to help the company achieve industrial transformation breakthroughs and energy level improvement.

Yitai B shares: Stop promoting the 2 million tons/year coal indirect liquefaction demonstration project of Inner Mongolia Yitai Coal-to-Liquids Co., Ltd

Yitai B shares (900948) announced that based on the prudent judgment of the industry situation and the actual situation of the company, the company intends to stop promoting the 2 million tons/year coal indirect liquefaction demonstration project of Inner Mongolia Yitai Coal-to-Liquids Co., Ltd. The cessation of the 2 million tons of coal-to-liquid project will lead to the impairment of some of the company's assets, and the company will make asset impairment provisions for the relevant assets according to the evaluation report issued by a third-party intermediary, and the specific impairment amount is still uncertain. The matter still needs to be submitted to the general meeting of shareholders of the company for deliberation. The main reason for the cessation of the promotion: it is expected that the price of coal will continue to fall, the company plans to build two coal-to-liquid projects with a total investment of nearly 50 billion yuan, the large investment will occupy the company's funds for a long time, and the return on investment cycle of large-scale projects is longer, which poses a severe challenge to the company's financing ability, and the company is at the same time building two large-scale coal-to-liquid projects with greater economic risk.

[Performance].

China Duty Free Performance Express: Net profit in 2024 will decrease by 36.5% year-on-year

China Duty Free (601888) released a performance report, and in 2024, the company will achieve operating income of 56.492 billion yuan, a year-on-year decrease of 16.36%; net profit attributable to shareholders of listed companies was 4.263 billion yuan, down 36.50% year-on-year; Basic earnings per share: 2.06 yuan. During the reporting period, the company continued to cultivate the Hainan market, launched a new "duty-free +" shopping experience, and created a new pattern of in-depth integration and development of "culture, commerce, sports and tourism", and the duty-free market share of Hainan Islands increased by nearly 2 percentage points year-on-year. The revenue of duty-free stores at Beijing Airport (including Capital International Airport and Daxing International Airport) increased by more than 115% year-on-year, and the revenue from duty-free stores at Shanghai Airport (including Pudong International Airport and Hongqiao International Airport) increased by nearly 32% year-on-year.

Iceberg hot and cold: net profit in 2024 is expected to increase by 122.76%-143.01% year-on-year

Bingshan Cold & Hot (000530) announced that in 2024, it is expected to achieve a net profit attributable to shareholders of listed companies of 110 million yuan to 120 million yuan, a year-on-year increase of 122.76% to 143.01%. The company completed a major asset restructuring in November 2022, and the new subsidiaries brought more profit contributions during the reporting period; During the reporting period, the company completed the sale of the shares of Guotaijun Security Department, contributing about 51.38 million yuan to the company's net profit in 2024.

Zhongpet shares: net profit in 2024 is expected to increase by 54.4%-71.55% year-on-year

Zhongpet Co., Ltd. (002891) announced that in 2024, it is expected to achieve a net profit attributable to shareholders of listed companies of 360 million yuan to 400 million yuan, an increase of 54.4% to 71.55% year-on-year. During the reporting period, the company adhered to the core of its own brand building, wanpy naughty ®, New Zealand ZEAL Zhenzhi ®, and Toptrees led the continuous ® and steady development, the gross profit continued to increase, and the profitability level increased significantly, which promoted the company's overall profit to rise steadily, and the overseas business of its own brand maintained rapid development, and accelerated the construction of brand globalization.

Hualan Vaccine: Net profit in 2024 is expected to decrease by 70.93%-76.74% year-on-year

Hualan Vaccine (301207) announced that it is expected to achieve a net profit attributable to shareholders of listed companies of 200 million yuan to 250 million yuan in 2024, a year-on-year decrease of 76.74%-70.93%. In June 2024, the company adjusted the price of quadrivalent influenza vaccine products, and the prices of major products were reduced by more than 40%, in addition, in 2024, affected by multiple factors such as changes in public vaccination rates, declining vaccine market demand, and reduced sales, the company's business development and profitability were significantly impacted, resulting in a significant decline in the company's 2024 annual performance.

China Television Media: Net profit in 2024 is expected to decrease by 79% to 84% year-on-year

China Television Media (600088) released a performance forecast, and it is expected to achieve a net profit attributable to the owners of the parent company of 39 million yuan to 49 million yuan in 2024, a year-on-year decrease of 79% to 84%. In 2024, the operating profit of the company's film and television and tourism business segment will decrease slightly compared with the same period last year. Affected by the changes in the stock prices of listed companies held by the funds in which the company participates, the company's investment income decreased compared with the same period last year.

Sanyou Chemical: Net profit in 2024 is expected to decline by about 13% year-on-year

Sanyou Chemical (600409) announced that according to the preliminary calculation of the financial department, the company expects to achieve a net profit attributable to the owners of the parent company of about 490 million yuan in 2024, a decrease of about 76 million yuan compared with 566 million yuan in the same period last year, a year-on-year decrease of about 13%. The main reason for the decrease in the performance of this period is that due to the continuous expansion of production capacity in the soda ash and organic silicon industries, as well as the severe and complex external situation such as high raw material prices and insufficient downstream demand, the company's leading products showed a weak adjustment market, among which the soda ash segment decreased significantly year-on-year, and although the chemical fiber sector, chlor-alkali sector and organic silicon sector improved year-on-year, the profitability was still insufficient, resulting in a year-on-year decline in net profit attributable to the owners of the parent company in the reporting period.

InnoCare: It is expected to lose about 443 million yuan in 2024

InnoCare (688428) released a performance forecast, which is expected to achieve revenue of about 1.001 billion yuan in 2024, an increase of about 49% compared with the same period last year. The total operating income was about 1.01 billion yuan, an increase of about 37% compared with the same period last year. Net profit attributable to owners of the parent company was about 443 million yuan, a decrease of about 30% compared with the same period last year.

Furi Electronics: The net profit in 2024 is expected to lose 330 million yuan

Furi Electronics (600203) announced that after preliminary calculations by the financial department, it is expected that the net profit attributable to the owners of the parent company in 2024 will be -330 million yuan, and the net profit attributable to the owners of the parent company in the same period last year will be -286 million yuan. In 2024, due to the fierce competition in the industry and the price increase of key devices in the first half of 2024, the gross profit margin of consumer terminal products will decline.

Lanwei Medical: The net profit in 2024 is expected to lose 107 million yuan - 157 million yuan

Lanwei Medical (301060) announced that the net profit loss attributable to shareholders of listed companies is expected to be 107 million yuan to 157 million yuan in 2024, compared with a loss of 142 million yuan in the same period last year. During the reporting period, the long-aged accounts receivable of some of the company's testing business realized the collection, resulting in a significant decrease in the credit impairment loss accrued this year compared with the same period last year.

Heyuan Biotech: The net profit in 2024 is expected to lose 282 million yuan to 339 million yuan

Heyuan Biotechnology (688238) announced that the company expects to achieve a net profit attributable to the owners of the parent company of -339 million yuan to -282 million yuan in 2024, an increase of 154 million yuan to 211 million yuan compared with -128 million yuan in the same period last year. During the reporting period, the company's CDMO business continued to be affected by macro environmental changes, industrial conditions, downstream demand and other factors, and the price of executed orders was still at a historical low, while the first phase of the company's Lingang base has been fully put into operation, and it takes time to release production capacity, and operating costs such as depreciation and amortization costs, energy consumption costs, and administrative office expenses increased significantly year-on-year, resulting in a year-on-year decrease in operating gross profit and net profit of cell and gene therapy CDMO business during the reporting period.

Jinglun Electronics: The net profit in 2024 is expected to lose 34 million yuan to 43 million yuan

Jinglun Electronics (600355) announced that after the preliminary calculation of the company's financial department, it is expected that the net profit attributable to the owners of the parent company in 2024 will be -34 million yuan to -43 million yuan, with a loss of 43.3604 million yuan in the same period last year, and it is expected to achieve operating income of about 142 million yuan in 2024, and the operating income after deducting business income unrelated to the main business and income without commercial substance will be about 127 million yuan, less than 300 million yuan. It will trigger the delisting risk warning for the company's shares as stipulated in Article 9.3.2 (1) of the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange, which stipulates that "the lower of the audited total profit, net profit or net profit after deducting non-recurring gains and losses in the most recent fiscal year is negative and the operating income is less than 300 million yuan, or the total profit, net profit or net profit after deducting non-recurring gains and losses in the most recent fiscal year after retrospective restatement is negative and the operating income is less than 300 million yuan". The company's shares may be subject to delisting risk alert after the disclosure of the 2024 annual report (add "*ST" before the company's stock abbreviation).

Lianhua Technology: In 2024, it is expected to achieve a net profit of 90 million yuan to 135 million yuan year-on-year

Lianhua Technology (002250) announced that it is expected to achieve a net profit attributable to shareholders of listed companies of 90 million yuan to 135 million yuan in 2024, compared with a loss of 465 million yuan in the same period last year, a year-on-year turnaround. In 2023, the company made an asset impairment provision of 238 million yuan for the related assets of the British subsidiary, and the company did not have the above matters in 2024.

Sifang New Materials: The net profit in 2024 is expected to lose 153 million yuan to 229 million yuan

Sifang New Materials (605122) announced that according to the preliminary calculation of the company's financial department, it is expected that the net profit attributable to shareholders of listed companies in 2024 will be -153 million yuan to -229 million yuan, compared with 12.9645 million yuan in the same period last year. Affected by the decline in the real estate industry, from January to November 2024, the area of new real estate construction in Chongqing fell by 23.6%, which greatly reduced the demand for commercial concrete products in Chongqing. On the same day, it was announced that in the fourth quarter of 2024, the company's commercial concrete output was 1,104,800 cubic meters, a year-on-year decrease of 23.56%; The output of asphalt concrete was 64,800 tons, a year-on-year increase of 138.24%. In 2024, the company's commercial concrete output will be 4,106,200 cubic meters, a year-on-year decrease of 26.51%; The output of asphalt concrete was 123,900 tons, a year-on-year decrease of 2.44%.

MGI: The net profit in 2024 is expected to be a loss of 554 million yuan to 670 million yuan

MGI (688114) announced that according to the company's preliminary calculation, it is expected to achieve a net profit attributable to the owners of the parent company of -670 million yuan to -554 million yuan in 2024, compared with a loss of 607 million yuan in the same period last year. During the reporting period, the company increased its market expansion efforts, resulting in an increase in related sales expenses. In addition, the fluctuation of foreign currency exchange rates such as the US dollar and the euro led to a year-on-year increase in the exchange loss of the company's foreign currency monetary items.

Remegen: The net profit in 2024 is expected to lose about 1.47 billion yuan

Remegen Biotechnology (688331) announced that according to the preliminary calculation of the financial department, it is expected that the operating income in 2024 will be about 1.715 billion yuan, which will increase by about 632 million yuan compared with the same period last year, an increase of about 58% year-on-year. It is expected that the net loss attributable to the owners of the parent company in 2024 will be about 1.47 billion yuan, which will reduce the loss by about 41 million yuan compared with the same period last year. During the year, the company's new drug R&D pipeline continued to advance, a number of innovative drugs were in the key trial research stage, R&D investment increased, and the sales revenue of tetanercept and vedicitumab increased rapidly, the gross profit margin of products continued to grow, and the sales expense ratio decreased significantly.

[Sign a big order].

Zhongzhong Technology: Signed a general contracting order contract of 367 million yuan

Zhongzhong Technology (603135) announced that the company signed the "General Contracting Order Contract for Electromechanical and Hydraulic Equipment of 1450mm Hot Rolled Coil Production Line" with Fuzhou Xingshenghe Industrial Co., Ltd., with a contract amount of 367 million yuan. The signing of this contract will have a positive impact on the company's 2025 annual results, bring stable cash flow to the company, help improve the financial position and enhance the company's profit.

Bomaike: signed a contract of 750 million yuan to 1 billion yuan

Bomec (603727) announced that the company signed a contract with STS VOF (hereinafter referred to as "STS") for the construction of the superstructure module of the offshore floating production, storage and offloading (FPSO), which will be deployed in the Suriname oilfield after the completion of the construction of the FPSO. The main scope of work covers the design, material procurement and construction of the FPSO upper module, with a contract value of 750 million yuan to 1 billion yuan, consisting of a fixed price part and the current estimated variable workload accounting amount. Conditions for the contract to take effect: January 2025.

[Increase or decrease in holdings].

Telink Micro: The National Fund plans to reduce its holdings of no more than 2% of the company's shares

Telink Micro (688591) announced that the 8.95% shareholder of the National Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as the "National Fund") plans to reduce the total number of shares of the company held by it by centralized bidding transactions within 3 months after 15 trading days, and the proposed reduction ratio does not exceed 2.00% of the company's total share capital.