[CSI Headlines].

The technical specifications of the urban rail fully automatic operation system have been introduced to help the innovation of unmanned driving technology

The General Office of the Ministry of Transport recently issued the "Urban Rail Transit Automatic Operation System Operation Technology and Management Specifications (Trial)", which stipulates the unique functions and technical changes of the automatic operation system on the basis of the existing management methods of the ATO (automatic train operation) system driving, passenger transportation, safety assessment and other operational specifications and the operation technical specifications of signals and vehicles. In addition, in the supplementary provisions of the "Specification", it is clearly proposed to support all localities to actively explore unmanned technologies such as obstacle detection and train remote control, so as to provide support for the subsequent realization of unattended trains, actively support technological innovation, and promote the orderly development of fully automatic operation systems. At the same time, the existing fully automatic operation lines that do not meet the requirements of this specification and the lines that are updated from non-automatic to fully automatic operation are put forward.

Comments: Through advanced technical means, the unmanned, automatic operation and automatic scheduling of trains will be realized, which will greatly improve the efficiency and safety of railway transportation, reduce operating costs, and improve the travel experience of passengers. Full automation of trains is an inevitable trend in the future development of rail transit, and related industrial chains are expected to benefit.

◆ Among the A-share companies, Thinking Train Control (603508) is one of the earliest enterprises engaged in the research of train operation control technology in China. Traffic Control Technology (688015) is mainly engaged in urban rail transit signaling system project contracting.

[CSI Focus].

Companion Robot at CES 2025

　　----------------

On January 6, Yukai Engineering unveiled a special new product at CES 2025 - Mirumi, a small fluffy-looking "companion" robot, which is officially said to be able to mimic a baby's curiosity. Its built-in sensors can detect the surrounding environment and complete the interaction with nearby people or objects.

Comments: The companion robot market has broad prospects, and the potential market demand is close to one trillion yuan, of which the potential demand of the elderly market is about 420 billion yuan, and the potential demand of the young market is about 500 billion yuan. In addition, the field of emotion monitoring for children with autism also has great application prospects.

◆Among the A-share companies, a variety of chips of Rockchip (603893) can be applied to desktop robots. Shifeng Culture (002862) has been committed to the research and development of smart toys, and has successively developed AI toys such as intelligent robot dogs, educational robots and intelligent flying rabbits.

【Highlights of the News】

○ The Ministry of Finance issued a notice that for loan contracts, equipment purchase or renovation service procurement contracts signed before March 7, 2024, eligible equipment renewal loans issued after March 7 will be included in the scope of financial interest discount policy support. At the same time, the implementation period of the financial discount policy for equipment renewal loans will be extended until the refinancing quota related to equipment renewal of the People's Bank of China is exhausted.

○ The Ministry of Finance and other four departments recently issued a notice requiring strict implementation of accounting standards for enterprises and earnestly doing a good job in the 2024 annual report of enterprises. It proposes that enterprises should judge whether to use the time period method or the point in time method for revenue recognition. Businesses are not allowed to arbitrarily adjust revenue recognition methods to recognize revenue early, defer revenue, or smooth revenue.

○ The National Development and Reform Commission and other three departments issued the "Guidelines for the Construction of National Data Infrastructure". It is mentioned that from 2024 to 2026, 2-3 years will be used to carry out pilot trials of data infrastructure technology routes around important industries and typical application scenarios, support some localities, industries, and fields to take the lead in experimentation, and enrich the supply of solutions. Formulate standards and specifications for unified directory identification, unified identity registration, and unified interface requirements, and consolidate the technical foundation for data infrastructure interconnection. Complete the top-level design of the construction of the national data infrastructure, and clarify the technical route and practical path for the construction of the national data infrastructure.

○ According to data from various energy operators in Europe, due to factors such as unusually cold winter temperatures, the consumption rate of natural gas reserves in Europe has hit a new high since 2018. It is reported that the current European gas inventory is 70%, compared with 86% in the same period last year.

[Sankei perspective].

Xpeng Motors and Volkswagen Group China have reached a strategic cooperation on ultra-fast charging networks

　　----------------

On January 6, Xpeng Motors Co., Ltd. and Volkswagen Group China announced that they have reached a strategic cooperation and signed a memorandum of understanding in the field of ultra-fast charging networks in China. Xpeng Motors and Volkswagen Group China will open up their proprietary ultra-fast charging networks to each other to jointly build the largest ultra-fast charging network in China for customers. Through this strategic partnership, Xpeng and Volkswagen Group China will provide customers with an ultra-fast charging network with more than 200,000 charging terminals covering 420 cities in China.

Comments: High-voltage fast charging technology allows electric vehicles to be charged in a short time, which greatly reduces users' anxiety about energy replenishment. The development of high-voltage fast charging technology is of great significance to promote the popularization of electric vehicles, and data shows that from January to October 2024, the penetration rate of 800V models in the new energy vehicle market has increased from 2.5% in 2022 to 8.4%. As the cost of technology continues to fall, the pace of development of high-voltage platforms and their charging infrastructure is expected to accelerate. Related concept stocks mainly include Yonggui Electric (300351), Jingquanhua (002885) and so on.

【Company Trends】

○ Hotgen Biotechnology (688068) announced that it intends to adjust the upper limit of the share repurchase price from 45 yuan/share (inclusive) to 82.69 yuan/share (inclusive). Except for the adjustment of the upper limit of the price of repurchased shares, the other contents of the repurchase plan remain unchanged.

○ Tianmai Technology (300807) announced that Guo Jianguo, the controlling shareholder of the company, and Guo Tiantian, who acted in concert, and Hainan Dacheng Credit Suisse Investment Partnership signed a share transfer agreement with Suzhou Industrial Park Qihan Venture Capital Partnership, and Qiming Fund intends to acquire 17.7567 million shares of Tianmai Technology, accounting for 26.10% of the total share capital. After the completion of the equity change, the controlling shareholder will be changed to Qiming Fund, and the actual controller will be changed to Kwong Ziping. The consideration for the transaction is $452 million, to be paid in three installments. The share transfer is subject to the compliance review and confirmation opinion of the Shenzhen Stock Exchange and the share transfer registration procedures at the Shenzhen Branch of China Securities Depository and Clearing Co., Ltd., and the final implementation result is uncertain. After the company applied to the Shenzhen Stock Exchange, the company's shares resumed trading on January 7.

○ Jinkai New Energy (600821) announced that the controlling shareholder Jinkai Enterprise Management plans to increase its shareholding in the company through centralized bidding through the Shanghai Stock Exchange system with its own funds and self-raised funds within 12 months from November 12, 2024. The total amount of the original proposed increase in holdings shall not be less than 100 million yuan and not more than 200 million yuan. As of the disclosure date of the announcement, Jinkai Enterprise Management has increased its holdings of 34.32 million shares of the company, accounting for 1.72% of the company's total share capital, with a cumulative increase of 196 million yuan. Jinkai Enterprise Management intends to adjust the amount of shares originally planned to increase to not less than 200 million yuan and not more than 400 million yuan. In addition, the content of the original shareholding increase plan remains unchanged.

○ Mengjie shares (002397) announced that Wu Jing, a shareholder holding more than 5% of the shares, intends to transfer 79,632,700 shares of the company held by him to Gongqingcheng Qingyun Digital Technology Investment Partnership (Limited Partnership) by way of transfer by agreement, accounting for 10.65% of the company's total share capital. After the completion of the transfer, the shares of the company held by Wu Jing and Wu Wei, who acted in concert, will be reduced to 1.3 million shares, accounting for 0.17% of the company's total share capital; Qingyun Digital Technology will hold 79,632,700 shares of the company, accounting for 10.65% of the company's total share capital. The transfer of shares under this agreement will not lead to a change in the control of the company.

○ Taijia shares (002843) announced that the net profit attributable to shareholders of listed companies in 2024 is expected to be 39 million yuan to 55 million yuan, a decrease of 58.67%-70.69% over the same period last year; The net profit after deducting non-recurring gains and losses was 35 million yuan to 51 million yuan, down 54.42% to 68.72% over the same period last year.

[Capital Tide].

○ On January 6, the net outflow of main funds in Shanghai and Shenzhen was 31.045 billion yuan. The top three sectors with net inflows of main funds were power equipment, traditional Chinese medicine and minor metals, with net inflows of 362 million yuan, 330 million yuan and 224 million yuan respectively. The top three stocks with net inflows of major funds were Zhongheng Electric, Daily Interactive and Cambridge Technology, with net inflows of 312 million yuan, 274 million yuan and 270 million yuan respectively.

○ Lukang Pharmaceutical (600789) rose 10.03% on January 6, with a turnover of 710 million yuan. According to the data of the Dragon and Tiger List, on the same day, Guotai Junan Sanya Yingbin Road accumulated a net purchase of 102 million yuan, and the special seats for Shanghai-Hong Kong Stock Connect sold a net of 37.8316 million yuan.