[Inventory of important news].

"The Biden administration will announce restrictions on chip exports to China", the Chinese side responded

On November 25, Foreign Ministry Spokesperson Mao Ning held a regular press conference.

Reuters reporter asked, the American Chamber of Commerce said that the Biden administration will announce new chip export restrictions to China as early as next week. Does the foreign ministry have any comment? Mao Ning said that China has always firmly opposed the US side's generalization of the concept of national security, abuse of export control measures, and malicious blockade and suppression of China, which seriously violates the laws of the market economy and the principle of fair competition, undermines the international economic and trade order, disrupts the stability of the global production and supply chain, and ultimately harms the interests of all countries. China will take resolute measures to firmly safeguard the legitimate and lawful rights and interests of Chinese enterprises.

The central bank is more likely to shrink the volume parity and continue to cut the MLF RRR

In November, facing the peak of MLF (medium-term lending facility) due this year, the People's Bank of China chose to continue the reduction parity.

Despite the continuation of MLF's downsizing, market liquidity has not been affected. Analysts said that this is due to the central bank's flexible use of a variety of tools to regulate the supply and demand of funds and protect market liquidity. At the same time, the MLF operating rate remained stable, in line with market expectations, reflecting its synchronized fluctuations with the policy rate and the market benchmark rate.

In addition, as the peak of local bond supply approaches, the industry almost unanimously expects the central bank to cut the reserve requirement ratio (RRR) at the right time to inject medium and long-term liquidity into the market and help local bond issuance and the development of the real economy.

Comments: It is expected that the central bank will continue to carry out outright reverse repo to replace MLF in the future, and the balance of MLF will continue to decline in the later period.

Is the Lebanese-Israeli ceasefire agreement "close" to being reached? U.S. State Department: The gap between the two sides has "narrowed significantly"!

According to CCTV News on November 26, local time on November 25, it was learned that John Kirby, coordinator of strategic communications at the US National Security Council, said on the same day that the US government's discussions on the ceasefire between Lebanon and Israel were "constructive" and moving in the right direction to reach an agreement. Kirby said the trajectory was "positive" and that they were "close" to a deal.

The reporter of the main station learned that Elias Bou Saab, deputy speaker of the Lebanese parliament, told the Lebanese media on the same day that the Lebanese-Israeli ceasefire is expected to be announced "in the next few hours or days." But at the same time, he stressed the need to be cautious given his past experience with Israeli Prime Minister Benjamin Netanyahu.

Comment: The US side believes that the gap between the different views of the negotiators on the ceasefire agreement has "narrowed significantly", but some measures are still needed to facilitate its conclusion. The United States is pushing the negotiations "as far as possible".

Heavy! Nine departments including the central bank: "should sign all the signatures, and can vote as much as possible".

According to the central bank on the 25th, a few days ago, the People's Bank of China, together with the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Agriculture and Rural Affairs, the Ministry of Transport, the State-owned Assets Supervision and Administration Commission of the State Council, and the State Administration of Financial Supervision, held a meeting on the promotion of loans for scientific and technological innovation and technological transformation. Zhu Hexin, member of the party committee and vice governor of the People's Bank of China, attended and spoke at the meeting.

The meeting demanded that all banking institutions should make good use of policy resources and make sure that the enterprises and projects in the list "should be signed and can be invested". It is necessary to focus on improving the efficiency of loan review and lending, optimize the mechanism process, increase resource guarantees, revise and improve credit management policies according to the latest industry (61.300, -0.58, -0.94%) policy standards, open up a "green channel" for loan review and approval, develop loan products that better match the financing needs of start-up technology-based enterprises and small and medium-sized enterprises, broaden the scope of collateral, and speed up the progress of loan signing.

Comments: All branches of the People's Bank of China should work closely with relevant departments to tilt policies more towards private and small and medium-sized enterprises, implement policies by category to improve the efficiency of bank-enterprise docking, and create a good environment for financial services.

Gold prices on a "roller coaster" gold investment products increased risk

Recently, the price trend of gold has been like a "roller coaster" - after the US election, there was a "six consecutive declines", and then resumed its upward trend later this month, once hitting a high of $2,700 per ounce on November 24. However, on November 25, the international gold price corrected again. As of 17:32 on the same day, spot gold fell 1.63% during the day to $2671.7 per ounce.

With the rise in gold prices in the early stage, Bank of China, Agricultural Bank of China, Bank of Communications, China Merchants Bank, Ping An Bank, Industrial Bank, Zheshang Bank, etc. have successively raised the minimum purchase amount of related products during the year.

Comments: At present, the uncertainty and volatility of the gold market are high, and other banks may also follow up and adjust the risk level of the accumulation fund business according to the changes in the market.

Since the beginning of this year, there have been more than 1,000 new funds, and the scale has exceeded one trillion shares

As of November 25, 1,002 new funds have been established this year, with an issuance scale of 1,021.197 billion shares. Among them, the scale of equity funds accounts for nearly one-third of the total.

In terms of overall scale, at the end of 2023, the scale of public funds will be 27.6 trillion yuan. As of the end of September this year, the scale of public funds exceeded 32 trillion yuan. This means that since the beginning of this year, the scale of public funds has increased by more than 4 trillion yuan. Among them, since the market rebounded at the end of September, the scale of equity funds has increased significantly.

In terms of types, since the beginning of this year, 391 new equity funds have been established, with 212.814 billion shares issued, and 227 new hybrid funds have been established, with 59.278 billion shares issued. This means that the scale of newly issued equity funds this year accounts for nearly one-third of all new issuances. Since the beginning of this year, 300 new bond funds have been established, with 720.396 billion shares issued. Although in terms of quantity, the number of bond funds accounts for nearly one-third of the number of new funds, but the scale accounts for more than two-thirds of the total number of new funds. In addition, since the beginning of this year, 27 new QDII funds have been established with 4.447 billion shares issued, 22 REITs have been newly established with 13 billion shares issued, and 35 FOF funds have been newly established with 11.261 billion shares issued.

Comments: In terms of months, March, April, May, June and November this year ushered in a small peak in fund issuance, with the share of newly established funds exceeding 100 billion, of which the highest share of new funds was issued in June, with 175.17 billion shares.

Warren Buffett's latest open letter: revealing that he has laid out the "children's funeral" and talked about the idea of wills

U.S. stock Berkshire Hathaway announced on Monday that the company's chairman Warren Buffett once again made a "Thanksgiving donation" to convert 1,600 Berkshire Class A shares into 2.4 million Class B shares to four family foundations led by three children, Susan, Howard and Peter. The details are also consistent with last year's "Thanksgiving donation": 1.5 million shares were donated to the Susan Thompson Buffett Foundation, named after his ex-wife, and the foundations of the three Buffett children received 300,000 shares each.

Comment: Based on the opening price of Berkshire's Class A shares at $718,500 on Monday, the total value of donations this year is close to $1.15 billion.

[Industry hot spots].

Twelve departments, release blockbuster documents! It is about the large-scale application of 5G

Foreign-funded institutions intensively investigate A-share companies and pay attention to opportunities in semiconductors and other fields

"Intelligent + hybrid technology" goes hand in hand The inflection point of the ultra-luxury new energy vehicle market is approaching

[Market dynamics].

A-shares: On the 25th, the three major indexes fell slightly, as of the close, the Shanghai Composite Index reported 3263.76 points, down 0.11%, with a turnover of 596.502 billion yuan, the Shenzhen Component Index reported 10420.52 points, a decrease of 0.17%, with a turnover of 893.691 billion yuan, and the ChiNext Index reported 2175.18 points, a decrease of 0.02%, with a turnover of 398.471 billion yuan. In terms of sectors, batteries, clothing and home textiles, education, tourism and hotels were among the top gainers, while precious metals, airport shipping, military equipment, and insurance were among the top decliners.

Hong Kong stocks: On the 25th, the three major indexes of Hong Kong stocks collectively closed down, with the Hang Seng Index and the National Index falling 0.41% and 0.36% respectively, and the Hang Seng Technology Index falling 0.26% to hold the 4,200-point mark. On the disk, large technology stocks were mixed, Jingdong Group, Meituan fell more than 3%, NetEase fell more than 2%, Kuaishou rose more than 4%, Alibaba, Baidu Group rose more than 1%; Chinese brokerage stocks were lower.

U.S. stocks: In the early morning of the 26th Beijing time, U.S. stocks closed higher on Monday, led by cyclical stocks and small-cap stocks. The Dow rose more than 440 points to a record high. The Dow rose 440.06 points, or 0.99 percent, to 44,736.57, the Nasdaq added 51.18 points, or 0.27 percent, to 19,054.84 and the S&P 500 added 18.03 points, or 0.30 percent, to 5,987.37.

European stocks: Germany's DAX 30 index closed up 0.43% at 19,405.20 points, Britain's FTSE 100 index rose 0.36% to 8,291.68 points, and France's CAC 40 index rose 0.03% to 7,257.47 points.

Institutional Strategy

China Merchants Securities said that the recent market adjustment is the result of the intertwined impact of multiple factors such as excessive accumulation of gains in the early stage and performance pressure on enterprises. Currently, the market is in the midst of a correction period of a large upward trend. It is recommended that investors take advantage of the market effect of the policy warm-up period and the performance disclosure period at the end of this year or the beginning of next year to actively build positions.

For the A-share market, Wang Hetao (Jin Qilin analyst), director of the Changjiang Securities Research Institute, said that after a sharp rise since the end of September, the market turnover has increased significantly, the valuation of A-shares has ushered in a repair, and the main broad-based index PE of A-shares has come to the median level of the past ten years, but the PB valuation quantile is still relatively low, and the market micro-liquidity is active, or it may form a support for the bottom of the market.

"There is no need to be overly pessimistic about the market in the short term." Hu Qicong, manager of Hang Seng Qianhai Fund, believes that it will take time for any policy to take effect, and what the capital market needs to do is to have more patience and confidence. The short-term market may still face some pressure, but the medium- to long-term is still optimistic. Standing in the current position, we are more optimistic about the performance of the A-share market next year. In 2025, the macro economy may still maintain a steady recovery trend, especially driven by various policies, CPI and PPI may see a significant year-on-year improvement, driving a full recovery in domestic demand, and this improvement will also be reflected in the performance of listed companies. From the perspective of industries, there are structural opportunities for growth-oriented big technology and pro-cyclical consumption and manufacturing.

Li Lifeng, chief strategy analyst of Huaxi Securities, believes that the consolidation of periodic shocks is conducive to a more stable and longer market. On the one hand, the China Securities Regulatory Commission pointed out that it is necessary to vigorously develop equity funds, especially indexed investment, and the establishment of positions in A500ETF related products in the near future is expected to bring incremental funds; On the other hand, an important meeting may be held in December to set the tone for next year's economic policy, and policy expectations will still support risk appetite.

[Topic Company].

Straight flush burst! To rectify the "live stock speculation", the Zhejiang Securities Regulatory Bureau took action!

On the evening of November 25, the Zhejiang Securities Regulatory Bureau disclosed that Zhao Yuan, the general manager of Zhejiang Flush Cloud Software Co., Ltd., was subject to regulatory measures for a number of violations of the company.

After investigation, Zhejiang Flush Cloud Software Co., Ltd. has the following behaviors: marketing personnel use some customer success cases, display customer praise screenshots, past performance of individual stocks, etc., and lack of risk warnings; Some marketing and service personnel have exaggerated and misleading propaganda and disguised promises of benefits; Some of the persons providing investment advice have not been registered as securities investment advisers; In the process of live broadcast business promotion, compliance control is not in place, and there are situations such as implicitly recommending individual stocks; As the operator of the platform, the company failed to fulfill its compliance management responsibilities in the process of cooperating with securities companies to carry out investment consulting services; Compliance control is not in place in the process of cooperating with affiliated companies to carry out securities investment consulting business.

NetEase Cloud Music called QQ Music "plagiarism".

On November 25, 2024, NetEase Cloud Music published an open letter through the official account of Sina Weibo, in which the company believes that QQ Music has re-modified the creativity of NetEase Cloud Music in terms of functional design and composition. The letter not only lists a few examples, but also "appeals" to QQ Music to "be less follow-up 'updates' and more real innovation".

This is not the first time that NetEase Cloud Music and Tencent Music have choked each other, and the dispute between the two can be traced back to 10 years ago. Behind the disturbances, the reason is that the two major online music platforms are "grabbing" users. Nowadays, this kind of competition is no longer limited to music platforms, and the strong invasion of short videos and short dramas is also quietly snatching the user time of online music platforms.

[IPO dynamics].

Today's 1 new stock subscription: Beijing Stock Exchange Kelong New Materials

On the 26th, a total of 1 new shares were subscribed, which was Kelong New Materials of the Beijing Stock Exchange.

The IPO price of Kelong New Materials was 14 yuan per share, the issue price-earnings ratio was 14.45 times, a total of 15 million shares were issued, and 12 million shares were issued online. The company's main business is the research and development, production and sales of new rubber and plastic materials such as hydraulic composite seals and hydraulic hoses, as well as the design, production, sales and maintenance of coal mine auxiliary transportation equipment.

Announcement Reminder

[Hot Spots].

Dongzhu ecology reminds of risks: the company's shares have risen significantly for many days

Dongzhu Ecology (603359) issued a stock trading risk warning announcement on the evening of November 25, saying that the company's main business is still ecological protection and environmental governance, and there has been no change. The company's rolling P/E ratio is significantly higher than the industry average. In view of the large increase in the company's shares for many consecutive days, investors are advised to pay attention to trading risks, make rational decisions, and invest prudently.

Guang'an Aizhong: The company's shares may have a downside risk after a large short-term increase

Guang'an Aizhong (600979) issued a risk warning announcement on the evening of November 25, and the company's shares on November 21, November 22, and November 25 for three consecutive trading days, the stock price rose in the short term, and there may be a risk of falling after a large short-term increase. Up to now, the company's production and business activities, internal and external business environment have not undergone major changes, and the company has no major matters that should be disclosed but have not been disclosed.

Shangao Environmental Energy: The adjustment of the export tax rebate policy may cause the price of industrial-grade blended oil to fluctuate in the short term

On the evening of November 25, 000803 2024, the Ministry of Finance and the State Administration of Taxation issued the "Announcement on Adjusting the Export Tax Rebate Policy". The adjustment of the export tax rebate policy may cause certain fluctuations in the market price of industrial-grade blended oil at home and abroad in the short term.

Xingyuan Material: It is planned to cooperate strategically with Zhongke Deep Blue Huize to develop a solid-state electrolyte membrane

Xingyuan Materials (300568) announced on the evening of November 25 that the company signed a strategic cooperation framework agreement with Zhongke Shenlan Huize New Energy (Changzhou) Co., Ltd. (hereinafter referred to as "Zhongke Shenlan Huize"), which established a deep strategic cooperative relationship to jointly develop solid-state electrolyte membranes, and further expand commercial cooperation at the right time to develop, produce and sell solid-state electrolyte membranes.

Xiangdian shares: It is planned to raise no more than 2 billion yuan

Xiangdian Co., Ltd. (600416) disclosed on the evening of November 25 the plan to issue shares to specific targets in 2024, and planned to raise no more than 2 billion yuan for the serial development and industrialization of aviation electrical systems, the research and development and industrialization of magnetic bearing high-speed motor systems, and the replenishment of working capital.

*ST Wentou: The company's reorganization plan was approved by the court

*ST Wentou (600715) announced on the evening of November 25 that the Beijing No. 1 Intermediate People's Court issued a civil ruling, ruling to approve the company's reorganization plan and terminate the company's reorganization procedure.

[Mergers and acquisitions].

Guanghong Technology: Planning to acquire AC company and TIS factory

Guanghong Technology (300735) announced on the evening of November 25 that the company is planning to purchase 100% of the shares of All Circuits S.A.S. (hereinafter referred to as "AC Company") and 0.003% of the shares of TIS Circuits SARL (hereinafter referred to as "TIS Factory") by paying cash. Upon completion of the transaction, AC and TIS will become subsidiaries of the Company. According to the listing and transfer information of the Beijing Equity Exchange, the reserve price for the transfer of 100% equity of AC company is 733 million yuan, and the reserve price of 0.003% equity transfer of TIS factory is 0.0001 million yuan. Through this transaction, the company will control 100% of AC and its controlled TIS plant, thereby enriching the company's technology and product portfolio in the field of electronic controls for the automotive industry. The consideration for the transaction is planned to be paid entirely from the proceeds from the issuance of shares to specific targets. At the same time, Guanghong Technology disclosed the plan to issue shares to specific objects, and planned to raise no more than 1.033 billion yuan for the acquisition of 100% equity of AC company and 0.003% equity of TIS factory and replenishment of working capital.

Geling Shentong: It is planned to hold Guoke Emdoor to develop intelligent business in the field of military industry

Geling Shentong (688207) announced on the evening of November 25 that the company intends to acquire part of the equity of Shenzhen Guoke Emdoor Technology Co., Ltd. (hereinafter referred to as "Guoke Emdoor") by way of capital increase and acquisition of equity, of which it is planned to increase the capital of Guoke Emdoor with 50 million yuan, and transfer part of the equity of Guoke Emdoor with 10.3284 million yuan, and at the same time sign the "Concerted Action Agreement" with some shareholders of Guoke Emdoor to achieve control of Guoke Emdoor. After the completion of the transaction, the company will directly hold 23.42% of the equity of CAE Emdoor, become its largest shareholder, and obtain 54.68% of the voting rights of CAS Emdoor through concerted action, and become the controlling shareholder of CAE Emdoor. CAS Emdoor mainly provides terminal computing equipment with localized chips as the core for the military industry, including motherboards based on localized chips, ruggedized and localized tablets, notebook computers, etc., and the products have been supplied in batches in the industry. This transaction will strengthen the company's hardware design, R&D and manufacturing capabilities, accelerate the implementation of the strategy of artificial intelligence software and hardware integration products, and help the company develop intelligent business in the military industry.

Beijing Lier: It plans to acquire 20% of the equity of Baotou Steel Lier

Beijing Lier (002392) announced on the evening of November 25 that the company and Baotou Iron and Steel Co., Ltd. plan to deepen relevant business cooperation, and Baotou Iron and Steel Co., Ltd. intends to publicly list and transfer 20% of the equity of Inner Mongolia Baotou Steel Lier High Temperature Materials Co., Ltd. (hereinafter referred to as "Baotou Lier"), and the company intends to transfer 20% of the equity of Baotou Steel Lier in cash. The company and Baotou Steel Co., Ltd. signed an agreement of intent, the two parties agreed to deepen cooperation in related business, and agreed that from the end of the month after the agreement came into effect, the company will be fully responsible for the operation and management of Baotou Steel Lier. If the transaction is completed, the company will hold 70% of the equity of Baotou Steel Lier, and Baotou Steel Lier will become a holding subsidiary of the company.

Dragon Media: A wholly-owned subsidiary plans to acquire 100% of the shares of Daqing Bookstore

Dragon Media (605577) announced on the evening of November 25 that in order to fulfill the commitments made by the company when it was listed and completely solve the problem of competition between the company and Daqing Xinhua Bookstore Co., Ltd. (hereinafter referred to as "Daqing Bookstore"), Xinhua Bookstore Group, a wholly-owned subsidiary of the company, intends to use cash payment to acquire 100% of the shares of Daqing Bookstore held by Heilongjiang Publishing Group, the controlling shareholder of the company, with a transaction price of 51.8084 million yuan. After the completion of the transaction, Daqing Bookstore will become a wholly-owned grandson company of the company.

Zuming shares: plans to purchase 51% of the shares of Nanjing Guoguo Bean Food Company

Zuming shares (003030) announced on the evening of November 25 that the company intends to purchase 51% of the equity of Nanjing Guoguo Food Co., Ltd., Cai Liqun and Jiang Yuejun held by Nanjing Guoguo Bean Food Co., Ltd. in cash, with an initial price of 112 million yuan, paid in three installments, and the actual payment amount will be adjusted according to the completion of the target company's promised operating performance in 2024, 2025 and 2026, and the maximum will not exceed the initial price of the transaction. After the completion of the transaction, Nanjing Guoguo Bean Food Co., Ltd. became a holding subsidiary of the company and was included in the company's consolidated financial statements.

Jiahe Intelligent: terminated the acquisition of 51% equity of Dongguan Jiachao Hardware Company

Jiahe Intelligent (300793) announced on the evening of November 25 that due to the failure to reach a final consensus on the acquisition and the inability to sign a formal equity acquisition agreement, the company and the parties to the transaction intend to terminate the agreement of intent to acquire 51% of the shares of Dongguan Jiachao Hardware Technology Co., Ltd.

[Increase, decrease or decrease & repurchase].

Debang shares: indirect controlling shareholders plan to increase their holdings by 300 million to 600 million yuan

Debang shares (603056) announced on the evening of November 25 that the company's indirect controlling shareholder, Jingdong Zhuofeng, intends to increase its holdings of the company's shares by centralized bidding transactions, with a total increase of not less than 300 million yuan and no more than 600 million yuan. The source of funds for the increase in holdings is the special loan provided by Bank of China Suqian Branch and JD Zhuofeng's own funds. Bank of China Suqian Branch agreed to provide special loan support for JD Zhuofeng to increase its shareholding in the company, with a loan amount of no more than 400 million yuan.

LONGi Green Energy: The chairman plans to increase his shareholding in the company by no less than 100 million yuan

LONGi Green Energy (601012) announced on the evening of November 25 that Zhong Baoshen, chairman of the company, plans to increase his holdings of the company's shares through the Shanghai Stock Exchange system within 12 months from November 26, 2024, with an amount of no less than 100 million yuan. The methods of increasing holdings include centralized auction trading, block trading and other methods permitted by law.

Intercontinental Oil & Gas: It is planned to repurchase the company's shares for 100 million to 200 million yuan

Intercontinental Oil & Gas (600759) announced on the evening of November 25 that the company intends to use its own funds or self-raised funds to repurchase shares in a centralized bidding transaction, with a repurchase amount of not less than 100 million yuan and no more than 200 million yuan, and a repurchase price of no more than 3.89 yuan per share. The repurchased shares will be used for employee stock ownership plans or equity incentives, and if they are not used within three years, the unused part will be cancelled.

Shunyu shares: plans to repurchase the company's shares with 50 million yuan to 100 million yuan

Shunyu shares (301519) announced on the evening of November 25 that the company intends to use its own funds and bank repurchase special loans to repurchase shares with 50 million yuan to 100 million yuan for the implementation of equity incentive plans or employee stock ownership plans and cancellation of registered capital, and the repurchase price does not exceed 19.8 yuan per share.

Shenlian Biological: It is planned to repurchase the company's shares for 20 million yuan to 40 million yuan

Shenlian Biotechnology (688098) announced on the evening of November 15 that the company intends to repurchase the company's shares through centralized bidding transactions, with the amount of repurchased shares not less than 20 million yuan and not more than 40 million yuan, and the price of repurchased shares does not exceed 7.86 yuan per share. At present, the company has obtained the "Loan Commitment Letter" issued by Shanghai Branch of Shanghai Pudong Development Bank, and the specific loan matters will be subject to the loan contract signed by both parties. The repurchased shares are intended to be used for employee stock ownership plans or equity incentives, or for the conversion of corporate bonds issued by listed companies that can be converted into shares.

Jianzhijia: Received special loan support of no more than 70 million yuan to repurchase shares

Jianzhijia (605266) announced on the evening of November 25 that recently, the Kunming branch of China Construction Bank has completed the loan approval and agreed to handle a special loan for the company for stock repurchase of no more than 70 million yuan, with a loan term of 1 year.

BGI: The controlling shareholder intends to reduce its holdings by no more than 2% in a block transaction

BGI (300676) announced on the evening of November 25 that the company's controlling shareholder, Huada Holdings, plans to reduce its holdings of the company's shares by no more than 8,316,400 shares (that is, no more than 2% of the company's total share capital) due to its own capital needs (mainly required for the adjustment of the controlling shareholder's upper equity structure).

Dongwei Technology: The employee stock ownership platform intends to reduce its holdings by no more than 2% in total

Dongwei Technology (688700) announced on the evening of November 25 that the employee shareholding platform Kunshan Fangfangyuanyuan Enterprise Management Center (Limited Partnership) (hereinafter referred to as "Fangfangyuan"), which holds 4.17% of the company's shares, and Kunshan Jiayue Jiayue Enterprise Management Center (Limited Partnership) (hereinafter referred to as "Jiayue Jiayue"), which holds 1.25% of the company's shares, plan to reduce the company's shares through block trading. Fang Fangyuan plans to reduce its holdings by no more than 3,754,700 shares, accounting for no more than 1.26% of the company's total share capital; Jiayue Jiayue plans to reduce its holdings by no more than 1,812,200 shares, accounting for no more than 0.61% of the company's total share capital; The total reduction of shares shall not exceed 2% of the total number of shares of the company. The company's actual controllers and directors, supervisors and senior executives do not participate in the shareholding reduction plan.

East China Heavy Machinery: Fenghu Chasing Light and Harmony Zhicheng plan to reduce their holdings of the company

East China Heavy Machinery (002685) announced on the evening of November 25 that Xuzhou Fenghu Chasing Light Investment Partnership (Limited Partnership) (hereinafter referred to as "Fenghu Chasing Light"), a 6.96% shareholder of the company, plans to reduce its holdings of the company's shares by block trading or centralized bidding by no more than 20,153,800 shares (accounting for 2% of the company's total share capital); Chongqing Harmony Zhicheng Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Harmony Zhicheng"), a shareholder holding 1.53% of the shares, plans to reduce its holdings of the company's shares by no more than 15,384,500 shares (accounting for 1.53% of the company's total share capital) through block transactions or centralized bidding transactions.

SWS: Huagai Xincheng intends to reduce its holdings of no more than 2.8% of the company's shares

SWS (688410) announced on the evening of November 25 that the company's 2.8% shareholder, Huagai Xincheng Medical and Health Investment Chengdu Partnership (Limited Partnership) (hereinafter referred to as "Huagai Xincheng"), plans to reduce the company's shares by a total of no more than 8,996,700 shares, and the reduction ratio does not exceed 2.8% of the company's total share capital.

Zhongfutong: Shareholders are expected to reduce their holdings of the company by no more than 2.15% in total

Zhongfutong (300560) announced on the evening of November 25 that the company's shareholders of more than 5% Jinan Tiefu Investment Partnership (Limited Partnership), shareholders Zhejiang Zhongke Donghai Venture Capital Partnership (Limited Partnership) (hereinafter referred to as "Zhejiang Zhongke"), Changde Zhongke Furong Venture Capital Co., Ltd. (hereinafter referred to as "Changde Zhongke"), Jinjiang Ronglei Business Information Consulting Co., Ltd. plans to reduce the company's shares by no more than 2.15%. Among them, Zhejiang Zhongke and Changde Zhongke are acting in concert.

[Winning the Contract].

Zhonghe Technology: Won the bid for a 537 million yuan rail transit bidding project

Zhonghe Technology (000925) announced on the evening of November 25 that the company won the bid for the "Hangzhou Urban Rail Transit Line 18 Phase I Project Signal System and Platform Door System Bidding Project", with a bid amount of 537 million yuan. As of the date of this announcement, the cumulative amount of winning bids in the field of smart transportation this year is about 2.227 billion yuan.

Beizi Technology: Signed a daily operation contract of 159 million yuan

Beizi Technology (603082) announced on the evening of November 25 that the company recently signed the "Dushanzi Petrochemical Company Tarim 1.2 million tons/year second phase ethylene project finished product warehouse project three-dimensional warehouse complete system and on-site installation sales contract" with PetroChina Jilin Chemical Engineering Co., Ltd., with a total contract price of 159 million yuan. If the contract is successfully performed, it will have a positive impact on the company's operating performance and further consolidate the company's market position and influence in the field of intelligent logistics and warehousing.

Fengfan shares: won the bid for the $43.033 million project in Chile

Fengfan Co., Ltd. (601700) announced on the evening of November 25 that the company won the bid for the general contracting project of the design, supply and construction of Group G3 of the expansion project of Chile No. 4/2024 Exemption Decree, with a bid amount of 43.033 million US dollars, accounting for about 9.11% of the company's operating income in 2023. After winning the above project, the signing and performance of the contract will have a positive impact on the company's operating performance in 2024.

Guangdong Construction Engineering: The subsidiary won the bid of 308 million yuan for the mechanical and electrical installation project

Guangdong Construction Engineering (002060) announced on the evening of November 25 that on November 22, Guangdong Industrial Equipment Installation Co., Ltd., a wholly-owned subsidiary of the company, won the bid for the mechanical and electrical installation project of Guangdong Construction Engineering Science and Technology Innovation Building Project, with a winning bid price of 308 million yuan.

PowerChina: The amount of new contracts signed in the first 10 months increased by 9.38% year-on-year

China Power Construction (601669) announced on the evening of November 25 that the company's new contract value from January to October was 948.971 billion yuan, a year-on-year increase of 9.38%.

[Other].

Yuanjie Technology: It is planned to increase its capital in a wholly-owned subsidiary to build a production base in the United States

Yuanjie Technology (688498) announced on the evening of November 25 that the company intends to transfer the company's wholly-owned subsidiary, Yuanjie Technology Pte. Ltd. (hereinafter referred to as "Yuanjie Singapore") increased its capital by no more than US$50 million, all of which was used for the construction of a U.S. production base by its wholly-owned subsidiary, Yuanjie USA.

Baiao Chemical: Plans to set up a wholly-owned subsidiary to further invest in the semiconductor industry

Baiao Chemical (603360) announced on the evening of November 25 that the company intends to invest 10 million yuan in cash to set up a wholly-owned subsidiary "Dalian Baiao Semiconductor Technology Co., Ltd." for further investment in the semiconductor industry in the future.

Horn Steam & Electric: It is planned to set up Horn Robot Perception Technology Company in Shenzhen

Horn Steam & Power (301488) announced on the evening of November 25 that in order to improve the strategic layout, the company plans to invest in the establishment of Horn Robot Perception Technology Co., Ltd. in Shenzhen, with a registered capital of 50 million yuan. The subsidiary is mainly engaged in the research and development, production and sales of perception products in the field of robotics.

Zhenxin Technology: It is planned to set up a wholly-owned subsidiary to promote the development of intelligent business

Zhenxin Technology (300101) announced on the evening of November 25 that in order to achieve the company's strategic goal of becoming a leading enterprise in "specific industries + AI", accelerate the construction of a "cloud, network, group, terminal, and intelligence" system-wide development pattern, and form a one-stop all-round intelligent solution capability, the company plans to invest 20 million yuan to set up a wholly-owned subsidiary, and strive to strengthen and enhance the core competitiveness in the direction of "end" and "intelligence".

Yibin Paper: The holding subsidiary plans to invest in projects such as green intelligent packaging cartons

Yibin Paper (600793) announced on the evening of November 25 that Sichuan Jinzhu New Materials Co., Ltd., a holding subsidiary of the company, plans to invest in the construction of green intelligent packaging carton projects and bamboo pulp molding projects. The total investment of the green intelligent packaging carton project is 330 million yuan, and the construction period is 11 months. The total investment of the bamboo pulp molding project is 210 million yuan, and the construction period is 8 months.

Runjian Co., Ltd.: The subsidiary plans to invest 100 million yuan in Huajing Carbon Neutrality Fund

Runjian Co., Ltd. (002929) announced on the evening of November 25 that recently, Runjian Energy, a wholly-owned subsidiary of the company, as a limited partner, signed a partnership agreement with Huajing Energy Conservation and others to jointly invest in Huajing (Tianjin) Carbon Neutral Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Huajing Carbon Neutrality Fund"). Huajing Carbon Neutrality Fund raised 502 million yuan, and Runjian Energy subscribed and contributed 100 million yuan as a limited partner, with a capital contribution ratio of 19.92%, of which the first phase raised 10 million yuan and Runjian Energy subscribed and contributed 1.6 million yuan. Huajing Carbon Neutrality Fund mainly invests in enterprises related to the clean energy industry, mainly centralized photovoltaic and distributed photovoltaic, supplemented by energy storage and charging piles.

Baofeng Energy: Trial production of the first series of production lines of Inner Mongolia olefin project

Baofeng Energy (600989) announced on the evening of November 25 that the first series of 1 million tons/year olefin production line of the 3 million tons/year olefin project (hereinafter referred to as the "Inner Mongolia project") of the company's subsidiary Inner Mongolia Baofeng Coal-based New Materials Co., Ltd. (hereinafter referred to as the "Inner Mongolia Project") was put into trial production and successfully produced qualified products. The project started construction in March 2023 with a total olefin production capacity of 3 million tons/year, making it the world's largest single-plant coal-to-olefins project so far, and the only project in the world to produce olefins on a large scale by replacing fossil fuels with green hydrogen. After the completion of the project, Baofeng Energy's total coal-to-olefin production capacity will be greatly increased to 5.2 million tons/year, about 2.4 times the current production capacity, and will rank first in the domestic coal-to-olefin industry.

Gimpo Titanium: The subsidiary plans to sell 100% of the equity of Dongyi Hotel Company

Gimpo Titanium (000545) announced on the evening of November 25 that in order to focus on its main business and accelerate the return of funds, Nanjing Titanium Dioxide, a wholly-owned subsidiary of the company, intends to sell 100% of its shares in Shanghai Dongyi Hotel Management Co., Ltd. (hereinafter referred to as "Dongyi Hotel Company"). On November 22, Gimpo Titanium, Nanjing Titanium Dioxide, Dongyi Hotel Co., Ltd. and Ma'anshan Wentian Education Development Co., Ltd. signed a letter of intent to acquire. As the transaction was a debt acquisition, the transaction price of the proposed transaction included the transfer price of the target equity and the transfer price of the debt. The target property value includes the full value of the target property's land, property and all ancillary facilities and equipment, and the parties agree to set the target property value at $206 million.

Hengtian Hailong: Received a notice to respond to the lawsuit, and the amount involved in the lawsuit was about 339 million yuan

Hengtian Hailong (000677) announced on the evening of November 25 that the company received the "Notice of Response" and related legal documents served by the Anqiu Municipal Court on November 22, and the Anqiu Municipal Court accepted the case of Weifang Guoheng Industrial Development Group Co., Ltd. (hereinafter referred to as "Guoheng Company") v. Hengtian Hailong for damage to the company's interests, with a lawsuit amount of about 339 million yuan. At the same time, the company received the "Civil Ruling" of the Anqiu Municipal Court on the litigation case, the main content of which is to seize 51.2622% of the company's equity in Shandong Hailong Bolaite Chemical Fiber Co., Ltd., with a preservation value of 339 million yuan and a three-year seizure period. So far, the case has not been heard.