China Securities Regulatory Commission (CSRC) Heavyweight!

How to manage the market value of listed companies?

Detailed guidelines are coming, with a high focus on long-term net-breaking stocks and stocks with sharp price drops to implement the "State Council's Opinions on Strengthening Regulation, Guarding Against Risks, and Promoting High-Quality Development of the Capital Market" (Guofa [2024] No.

10), further guiding listed companies to pay attention to their own investment value, and to truly enhance investor returns, the CSRC has drafted the "Guidance for the Supervision of Listed Companies No.

10 - Market Value Management (Draft for Comments)" and is now openly soliciting opinions from society.

The "Guidance" requires listed companies to improve the quality of listed companies as the foundation, to improve operational efficiency and profitability, and to legally and compliantly use mergers and acquisitions, equity incentives, cash dividends, investor relations management, information disclosure, share buybacks, and other methods according to actual conditions to promote the increase in the investment value of listed companies.

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The "Guidance" clarifies the responsibilities of related parties such as the board of directors, directors, senior management personnel, and controlling shareholders of listed companies, and makes special requirements for the disclosure of market value management systems by companies included in major index components, and the disclosure of valuation enhancement plans by long-term net-breaking companies.

At the same time, the "Guidance" explicitly prohibits listed companies from implementing illegal and non-compliant actions in the name of market value management.

[List is coming!

88 companies are net-breaking and the dividend yield exceeds 5%] Review: The stock is net-breaking, which means that its asset situation has been given a lower valuation by the market.

However, whether there is so-called undervaluation still needs to be analyzed on a case-by-case basis.

Net-breaking stocks do not necessarily have appreciation space, and it is still necessary to observe the quality of assets and the ability to continue making profits.

China's assets are soaring!

The offshore RMB has risen by nearly 500 points, setting a 16-month high, touching the 7.0 threshold, and the NASDAQ Golden Dragon China Index has risen by more than 9%.

The offshore RMB against the US dollar rose by nearly 500 points at the end of the day in New York, recovering the 7.01 threshold, and continuing to set a 16-month high.

The FTSE A50 futures index closed up 2.69% in the continuous night session, reporting 12,324 points.

At the "one line, one meeting, one bureau" press conference on September 24, Pan Gongsheng said that the monetary policies of major economies have been adjusted recently, and the depreciation pressure on the RMB exchange rate has been significantly alleviated, and it has turned to appreciation.

On September 19, the Federal Reserve unexpectedly cut interest rates by 50 basis points, officially turning the monetary policy.

Under this influence, the RMB exchange rate has strengthened again.

In September, the Federal Reserve has essentially turned to interest rate cuts, and it is expected that there will be two more interest rate cuts this year, and the appreciation channel of the RMB exchange rate against the US dollar has also been opened.

Review: The "policy combination" of lowering reserves, interest rates, and existing housing loan interest rates has ignited the performance of Chinese assets, with both the RMB exchange rate and Chinese stocks rising sharply.

On September 24, the onshore RMB rose by 202 basis points compared to the previous trading day, closing at 7.0318; the offshore RMB rose by nearly 500 points, closing at 7.01 yuan, the highest since May 2023.

The rules for major asset restructuring of listed companies are planned to be revised: a new simplified review procedure is set up, and registration is completed within 5 working days.

New rules for major asset restructuring of listed companies have been introduced.

To further stimulate the vitality of the merger and acquisition market, increase the reform of the merger and acquisition market of listed companies, and improve market vitality and efficiency, on September 24, the CSRC announced the "Decision on Amending the Measures for the Administration of Major Asset Restructuring of Listed Companies (Draft for Comments)" and is now openly soliciting opinions from society.

Review: Fifth, it is encouraged for private equity funds to participate in the merger and acquisition restructuring of listed companies.

In order to better cultivate patient capital and promote a virtuous cycle of "raising, investing, managing, and retiring," the lock-up period for private equity funds is "reversely linked" to the investment period.

For private equity funds with an investment period of five years, the lock-up period in third-party transactions is shortened from 12 months to 6 months, and the lock-up period for small and medium shareholders in restructured listings is shortened from 24 months to 12 months.

Low interest rates attract foreign capital to enter the market.

Panda bonds have issued nearly 160 billion yuan this year, setting a new high.

With the continuous advancement of the internationalization of the RMB, the opening of China's bond market is continuously improving, and the financing costs in the domestic market are continuously decreasing, the enthusiasm for issuing panda bonds is continuously increasing.

Wind data shows that so far, the scale of panda bonds issued this year has exceeded the entire year of 2023, approaching 160 billion yuan, setting a new historical record.

Review: Many analysts have said that the main reason for the hot issuance of the panda bond market is the advantage of RMB financing costs under the differentiation of US-China monetary policies, at the same time, China has introduced a series of policies to optimize the issuance environment of panda bonds, providing convenience for domestic and foreign institutions to participate in the financing and investment of panda bonds.

Overseas hedge funds increase their positions in the Chinese stock market, and long-term funds are still watching the incremental fiscal policy.

The Chinese version of the "bazooka" was launched on September 24, igniting the capital market sentiment, and both the Shanghai Composite Index and the Hong Kong Hang Seng Index rose by more than 4%.

At around 18:00 Beijing time on the same day, the gains of Chinese asset ETFs in the US stock market before the market expanded, with the 3x leveraged FTSE China ETF-Direxion rising by more than 15%, the 2x leveraged CSI China Internet Stock ETF-Direxion rising by more than 11%, the Kraneshares China Overseas Internet ETF, and the iShares China Large-Cap ETF rising by more than 5%.

Many overseas investment banks and asset management institutions have said to the First Financial reporter that the sustainability of the rebound still depends on the fiscal policy, and the focus of investors has turned to the Political Bureau meeting in October and the subsequent Central Economic Work Conference.

Review: In addition to lowering reserves, interest rates, and adjusting the interest rates of existing housing loans, the main factor that ignited the market was the central bank's announcement of the creation of two structural monetary policy tools to support the stable development of the capital market - the first tool is the exchange convenience of securities, funds, and insurance companies, with the first operation scale of 500 billion yuan; the second tool is the repurchase of stocks and the re-loan of increased holdings, with the first quota of 300 billion yuan.

Both can be expanded according to the situation in the future.

Heavyweight new policies are coming!

Set up private equity, create exchange convenience tools to support the stock market... Insurance funds are studying.

From today's trend of insurance stocks, a series of measures will bring significant benefits to the insurance industry.

How to lay out in the future still needs to pay attention to subsequent specific guidance documents, especially the specific connotation and measures of "improving the regulatory tolerance for equity investment of medium and long-term funds."

Some insurance investment personnel also express doubts about the difficulties of the implementation of the long-term cycle assessment, "If the three-year assessment cycle is implemented, it can indeed significantly increase the tolerance for insurance fluctuations, but most of the current asset management companies are absolutely profit assessment, and it is necessary for the life insurance side to give a specific assessment plan, after all, they are the party entrustors."

A middle-level person of a medium-sized insurance asset management company said.

Review: Insurance funds increase equity investment and support the development of the capital market for a long time.

There is no essential obstacle to achieving this goal under the current regulatory system, but the current assessment model and solvency standards do not provide enough motivation for insurance companies.

Therefore, regulatory agencies need to reform and introduce supporting incentive measures to encourage and guide insurance funds to better play the role of "patient capital."

[Industry Hotspots] Strengthening the chain and supplementing the chain, lithium battery material listed companies accelerate "going overseas" Gold once rose through the 2660 threshold, with a cumulative increase of nearly 30% this year.

In August, the newly installed photovoltaic capacity increased slightly year-on-year, and the industry competition intensified.

"Long-term money" enters the market!

Social security, insurance funds hold exposure, increase positions in AI industry chain companies.

[Market Dynamics] A-shares: lowering reserves, interest rates, existing housing loan interest rates, and creating new monetary policy tools to support the stable development of the stock market...

This morning, the State Council Information Office held a press conference, announcing a number of heavyweight policies, which made A-shares boil.

The three major A-share indices all rose sharply, with the Shanghai Composite Index rising by as much as 4.15%, the largest single-day increase since July 6, 2020, and more than 5,100 stocks rose.

As of the close on September 24, the Shanghai Composite Index rose by 4.15%, closing at 2,863.13 points; the Shenzhen Component Index rose by 4.36%, closing at 8,435.70 points; the GEM Index rose by 5.54%, closing at 1,615.32 points.

The turnover of the Shanghai and Shenzhen stock markets significantly increased, reaching 971.3 billion yuan, an increase of 420.5 billion yuan compared to yesterday.

Hong Kong stocks: stimulated by the good news of the People's Bank of China's lowering of reserves, interest rates, and existing housing loan interest rates, Hong Kong stocks rose strongly on the 24th, continued to soar in the afternoon, the Hong Kong Hang Seng Index returned to 19,000 points, and the three major indices all set new high stages.

As of the close, the Hong Kong Hang Seng Index closed at 19,000.56 points, up 753.45 points, an increase of 4.13%, with a total market turnover of 242.399 billion Hong Kong dollars; the Hang Seng Technology Index rose by 5.88%, closing at 3,915.58 points, up 217.31 points; the China Enterprise Index rose by 5.09%, closing at 6,714.47 points, up 325.39 points.

US stocks: US stocks closed, and popular Chinese concept stocks generally rose, with the NASDAQ Golden Dragon China Index rising by more than 9%, setting the largest single-day increase since 2022.

Bilibili rose by more than 17%, Tencent Music rose by more than 16%, iQIYI rose by more than 14%, JD.com rose by more than 13%, XPeng Motors, Weibo, NIO, Li Auto, Futu Holdings, Pinduoduo rose by more than 11%, Full Truck Alliance rose by more than 10%, VIP.com, NetEase rose by more than 8%, Alibaba, Baidu rose by more than 7%.

European stocks: European stock market main indices closed generally rising, the German DAX30 index rose by 0.9%, the UK FTSE100 index rose by 0.26%, the French CAC40 index rose by 1.28%, the European Stoxx50 index rose by 1.09%.

[Institutional Strategy] Historical data also supports the reversal of A-shares to a certain extent.

According to statistics, since 2000, the Shanghai Composite Index has a total of 56 trading days with a single-day increase of more than 4%.

The most recent one appeared on July 6, 2020, with a daily increase of 5.71%, and the A-share market has maintained a trend of fluctuating and climbing for more than half a year afterwards; looking back further is February 25, 2019, with a daily increase of 5.6%, and the Shanghai Composite Index rose by more than 10% in more than a month afterwards.Overall, after the year 2000, the Shanghai Stock Index has seen an increase of over 4% in a single day, followed by a rise in the short to medium term, with an average increase of 0.44% the next day and 0.9% over the next five trading days, and an average increase of more than 6% within a year.

In terms of winning percentage, the probability of the Shanghai Stock Index rising the next day after a more than 4% increase is 57.41%, the probability of rising over the next five trading days is 61.11%, and the probability of rising within a year is also 50%.

Looking at the four historical bottoms since 2005, there have been several instances of a single-day large upward red candlestick in the index, which has laid the foundation for a major bottom trend.

For example, on June 8, 2005, the Shanghai Stock Index rose by more than 8%; on November 10, 2008, it rose by more than 7%; in 2013, it experienced a nearly 6% drop followed by a red single-needle bottom fishing trend; on February 25, 2019, it rose by nearly 6%.

[Topic Company] Contemporary Group is applied for bankruptcy reorganization by creditors, and the control of Renfu Pharmaceutical, a subsidiary of Contemporary Group, is brewing changes.

On the evening of September 24th, Renfu Pharmaceutical (600079.SH), the leader in domestic anesthesia and analgesic drugs, announced that its controlling shareholder, Contemporary Group, has been applied for bankruptcy reorganization by creditors.

To date, Contemporary Group remains the largest shareholder of Renfu Pharmaceutical (holding 23.70%), and the former richest man in Hubei, Ai Luming, is still the actual controller of the listed company.

Once Contemporary Group enters the bankruptcy reorganization process, the control of Renfu Pharmaceutical may change.

Zhang Deqin, Chairman of Kweichow Moutai: Promote the "transformation from selling wine to selling a lifestyle"!

On September 24th, the official Weibo of Kweichow Moutai announced that Zhang Deqin, Secretary of the Party Committee and Chairman of Moutai Group, presided over the Kweichow Moutai Investor Exchange Meeting in Shanghai, providing in-depth answers to investors' concerns about Moutai's production and operation, quality, sales, and internationalization, and listened to investors' suggestions and opinions.

Jiang Yan, the CFO and Secretary of the Board of Directors of Kweichow Moutai, attended the meeting.

[New Stock Dynamics] New stock tips on September 25th: Qiangbang New Materials subscription, Ruihua Technology listing.

According to the exchange announcement, Qiangbang New Materials is available for subscription today, with the subscription code: 001279, issue price: 9.68 yuan/share, single account subscription limit of 14,000 shares, and a top-up subscription requires a market value of 140,000 yuan.

Ruihua Technology is listed today.

[Announcement Tips] [Major Investment] Urban Investment Holdings: Subsidiary plans to invest in two "urban village" renovation projects.

Urban Investment Holdings (600649) announced on the evening of September 24th that the company's subsidiary, Urban Investment Land, plans to sign a renovation project cooperation agreement with the People's Government of Pujiang Town and the People's Government of Hua Cao Town, and establish one or more joint ventures with the collective economic organizations of Pujiang Town and Hua Cao Town, with Urban Investment Land holding a 90% stake.

The investment and construction of the "urban village" renovation project in Du Hang Old Street, Pujiang Town, Minhang District, and the "urban village" renovation project in Zhu Zhai, Hua Cao Town.

The total investment amount for the Du Hang project is about 6.517 billion yuan, and the total investment amount for the Zhu Zhai project is about 11.839 billion yuan.

The project implementation plan has been approved by the Shanghai Municipal Housing and Urban-Rural Development Committee.

Duoli Technology: Plans to invest 1 billion yuan in the construction of an integrated automotive body structure parts project.

Duoli Technology (001311) announced on the evening of September 24th that the company plans to sign an "Annual Production of 200,000 Sets of Integrated Automotive Body Structure Parts Project Investment Agreement" with the Management Committee of Jinhua Economic and Technological Development Zone.

The company plans to invest in the construction of an integrated automotive body structure parts project in the Jinhua Economic and Technological Development Zone, and build a die-casting production line.

The project is planned to invest a total of 1 billion yuan, to be implemented in two phases, with the first phase planned to invest 600 million yuan; the second phase is planned to invest 400 million yuan, and the second phase will be advanced based on the progress of the first phase.

If the project is successfully implemented, it will add a 3,000-ton/year hydrogenated nitrile rubber production line.

Lijiang Shares: The investment in the expansion and renovation project of the Yak Meadow Tourism Cableway at Jade Dragon Snow Mountain in Lijiang has increased to 532 million yuan.

Lijiang Shares (002033) announced on the evening of September 24th that the company had previously announced plans to expand and renovate the Yak Meadow Tourism Cableway at Jade Dragon Snow Mountain, with an estimated total investment of 295 million yuan.

Recently, the project has obtained the approval document from the Yunnan Provincial Development and Reform Commission.

Due to the long duration of the project's preliminary approval, and now considering factors such as the cost of imported cableway equipment, materials, labor costs, and adjustments to related construction standards, the original planned total investment of 295 million yuan needs to be adjusted to 532 million yuan.

Kailixin Materials: Plans to invest 350 million yuan in the construction of a hydrogenated nitrile rubber industrialization project.

Kailixin Materials (688269) announced on the evening of September 24th that the company plans to use its controlling subsidiary, Binzhou Kaithai, as the main body to build a hydrogenated nitrile rubber industrialization project.

The project is planned to invest a total of 350 million yuan, to be built in two phases, with the first phase planned to invest 200 million yuan (subject to actual investment), and the construction period of the first phase is expected to be 12 months.

The second phase will be started based on the production and operation conditions, with an expected construction period of 12 months.

If the project is successfully completed, it will add a 3,000-ton/year hydrogenated nitrile rubber production line.

Zhongmin Energy: Plans to invest in the establishment of a holding subsidiary.

Zhongmin Energy (600163) announced on the evening of September 24th that the company plans to establish a holding subsidiary, Fujian Fuzhou Min Investment Offshore Wind Power Collection Station Co., Ltd., as the investment entity for the centralized unified delivery project in the Changle sea area, with a registered capital of 100 million yuan, of which the company subscribes to a contribution of 51 million yuan, accounting for 51% of the registered capital.

Wentai Technology: The wholly-owned subsidiary plans to invest in a foreign fund with a total investment of up to 5 million euros.

Wentai Technology (600745) announced on the evening of September 24th that the company's wholly-owned subsidiary, Ansheng Semiconductor, plans to invest in the foreign fund Amadeus APEX Technology EuVECA GmbH & Co KG, and promises an initial capital investment of 3.85 million euros, with additional investments to be made according to the actual situation, with a total investment of up to 5 million euros.

The key investment direction of the target fund includes the following technical fields: artificial intelligence and machine learning, quantum technology/photonics, mobility and space innovation, autonomous systems and robotics technology, and other emerging technology fields (such as new materials).

Ansheng Semiconductor's participation focuses on fields related to its core competitiveness, aiming to enhance the experience of developing basic semiconductor solutions for basic applications in the aforementioned technical fields.

Nanjing Public Utilities: Plans to jointly invest in the establishment of a joint venture with Ganfeng Recycling and others.

Nanjing Public Utilities (000421) announced on the evening of September 24th that the company plans to sign a "Shareholding Cooperation Agreement" with Jiangsu Ganfeng Recycling Technology Co., Ltd. (hereinafter referred to as "Ganfeng Recycling") and Nanjing Environmental Group Co., Ltd. (hereinafter referred to as "Environmental Group") to jointly invest in the establishment of Nanjing Public Utilities Ganfeng Recycling Technology Co., Ltd. (hereinafter referred to as "Joint Venture"), to promote the layout of the circular economy industry around the comprehensive utilization project of power batteries.

The registered capital of the joint venture is 100 million yuan, of which the company plans to contribute 40 million yuan, accounting for 40% of the registered capital.

Sentech Shares: The subsidiary, Thailand Sentech, plans to establish a wholly-owned subsidiary in the United States.

Sentech Shares (301429) announced on the evening of September 24th that the company's wholly-owned subsidiary, Sentech (Thailand) Co., Ltd., plans to establish a wholly-owned subsidiary in the United States, with a registered capital of up to 200,000 US dollars.

[M&A Restructuring] Weimays: The subsidiary, Wuhu Weimays, plans to acquire 38.5% of the shares of the controlling subsidiary, Weidis, for 144 million yuan.

Weimays (688612) announced on the evening of September 24th that the company's wholly-owned subsidiary, Wuhu Weimays, plans to use its own funds of 144 million yuan to acquire 38.5% of the shares of Weidis held by the minority shareholder, Shanghai Chuannan, of the controlling subsidiary Weidis; after this transaction, the company will indirectly hold 100% of the shares of Weidis, and the implementation of this transaction will not change the scope of the company's consolidated financial statements.

On the same day, the company announced plans to repurchase shares for employee stock ownership plans or equity incentives and to reduce registered capital, with a total investment of 50 million to 100 million yuan, and the repurchase price does not exceed 35 yuan/share.

ST Mingcheng: Plans to acquire 51% of Qingneng Country Garden for 46.0135 million yuan.

ST Mingcheng (600136) announced on the evening of September 24th that the company plans to invest 46.0135 million yuan to acquire 51% of the shares of Hubei Qingneng Country Garden Property Service Co., Ltd. (hereinafter referred to as "Qingneng Country Garden") held by the controlling shareholder, Hubei United Investment Urban Operation Co., Ltd. After the acquisition is completed, the company will hold 51% of the shares of Qingneng Country Garden, and Qingneng Country Garden will become a subsidiary of the company and will be included in the scope of the consolidated financial statements.

Hefei Urban Construction: Plans to purchase 100% of the shares of the Transaction Group and resume trading on September 25th.

Hefei Urban Construction (002208) announced on the evening of September 24th that the company plans to issue shares to purchase 100% of the shares of Anhui Public Resources Trading Group Co., Ltd. (hereinafter referred to as "Transaction Group") held by the controlling shareholder, Hefei Xingtai Financial Holding (Group) Co., Ltd.

The transaction is expected not to constitute a major asset restructuring, nor a restructured listing.

After the transaction, the Transaction Group will become a wholly-owned subsidiary of the company, and the company's main business will extend upstream to the transaction service field.

The company's shares will resume trading on September 25th, 2024.

[Equity Changes] Qi Cai Chemical: The actual controller and the controlling shareholder plan to transfer part of the company's shares by agreement.

Qi Cai Chemical (300758) announced on the evening of September 24th that the actual controller, Xu Huixiang, and the controlling shareholder, Anshan Huifeng Investment Group Co., Ltd., plan to transfer a total of 24 million shares of the company's unlimited sale condition circulation shares to Beijing Fengyan Private Equity Fund Management Co., Ltd. (representing "Beijing Fengyan Xinhong No.

2 Private Securities Investment Fund") by agreement transfer, accounting for 5.9108% of the company's total share capital (accounting for 6.0133% of the total share capital after excluding the shares of the company's repurchase account).

The share agreement transfer price is 90% of the benchmark price, that is, 8.96 yuan/share, and the total price of share transfer is 215 million yuan.Increase and Decrease Holdings, Buyback: Cigre Technology: Plans to Repurchase Company Shares for 4.5-5 Million Yuan Cigre Technology (688448) announced on the evening of September 24th that the company plans to repurchase shares for 4.5 to 5 million yuan to be used for employee stock ownership plans or equity incentives, with a repurchase price not exceeding 25 yuan per share (inclusive).

Hua Kang Medical: Sunshine Life Plans to Reduce Holdings by No More Than 3% Hua Kang Medical (301235) announced on the evening of September 24th that Sunshine Life Insurance Co., Ltd., a shareholder holding 6.31% of the shares, plans to reduce its holdings by no more than 3,168,000 shares within three months after 15 trading days through centralized bidding and block trading, with the reduction ratio not exceeding 3% of the company's total share capital.

Shen Shui Hai Na: Shareholder Li Qin and Its Concert Parties Plan to Reduce Holdings by No More Than 2% Shen Shui Hai Na (300961) announced on the evening of September 24th that company shareholder Li Qin and its concert parties, Tibet Dayu, collectively hold 11.22% of the company's shares.

The aforementioned shareholders plan to reduce their holdings in the company by no more than 3,545,600 shares (2% of the company's total share capital) within three months after fifteen trading days from the date of this announcement through centralized bidding transactions or block trading.

Hai Tai Ke: Shareholders Xin Lin San Qi and Zhao Dongmei Plan to Reduce Holdings by No More Than 1% Hai Tai Ke (301022) announced on the evening of September 24th that company shareholder Suzhou Xin Lin San Qi Venture Investment Enterprise (Limited Partnership) (referred to as "Xin Lin San Qi") plans to reduce its holdings in the company by no more than 847,500 shares (1% of the company's total shares) through centralized bidding, block trading, and other methods; shareholder Zhao Dongmei plans to reduce her holdings in the company by no more than 847,500 shares (1% of the company's total shares) through centralized bidding, block trading, and other methods.

Zhuo Chuang Information: Shareholders and Senior Management Plan to Reduce Holdings by No More Than 1.82% Zhuo Chuang Information (301299) announced on the evening of September 24th that shareholder Lu Chunjiang, holding 56.76% of the shares, plans to reduce his holdings in the company by no more than 1,054,700 shares, which is no more than 1.76% of the company's total share capital, through centralized bidding transactions or block trading; director and senior management member Lu Hua plans to reduce his holdings in the company by no more than 38,800 shares, which is no more than 0.06% of the company's total share capital, through centralized bidding transactions or block trading.

Junshi Biosciences: Shareholder Shanghai Tan Ying and Its Concert Parties Plan to Reduce Holdings by No More Than 0.75% Junshi Biosciences (688180) announced on the evening of September 24th that company shareholder Shanghai Tan Ying and its concert parties, Shanghai Tan Zheng, collectively hold 8% of the company's shares.

Due to the fund's term and liquidity fund arrangement reasons, Shanghai Tan Ying and Shanghai Tan Zheng plan to reduce the number of shares they hold in the company by no more than 7,392,700 shares through centralized bidding and block trading, with the total reduction ratio not exceeding 0.75% of the company's total share capital.

In addition, the company's product, Toripalimab, has been approved by the European Commission (EC) for the treatment of two indications: Toripalimab in combination with cisplatin and gemcitabine for the first-line treatment of adult patients with recurrent, inoperable/unresectable, or metastatic nasopharyngeal carcinoma, and Toripalimab in combination with cisplatin and paclitaxel for the first-line treatment of adult patients with unresectable advanced/recurrent or metastatic esophageal squamous cell carcinoma.

Boyan Technology: Shareholder Ma Qiang Plans to Reduce Holdings by No More Than 1 Million Shares Boyan Technology (002649) announced on the evening of September 24th that shareholder Ma Qiang, holding 5.05% of the shares, plans to reduce his holdings in the company by no more than 1 million shares within three months after 15 trading days through secondary market centralized bidding transactions, which is no more than 0.17% of the company's current total share capital.

[Operating Data] Jun He Shares: Net Profit Attributable to Mother Company in the First Three Quarters is Expected to Increase by 35.56% to 50.09% Jun He Shares (603617) released a performance forecast on the evening of September 24th, expecting to achieve a net profit attributable to the mother company of 56 million to 62 million yuan in the first three quarters of 2024, a year-on-year increase of 35.56% to 50.09%.

[Winning Contracts] China Energy Construction: Subsidiary Wins a Contract for a Reclamation Project with a Total Value of Approximately 15.096 Billion Yuan China Energy Construction (601868) announced on the evening of September 24th that recently, the company's subsidiary, China Gezhouba Group Sanxia Construction Engineering Co., Ltd. (as the leading member of the consortium), won the bid for the reclamation project of the Zhuhai Jinwan Yacht Industry Park Yacht Research and Development and Manufacturing Project, with a total contract value of approximately 15.096 billion yuan, of which the subsidiary's share is approximately 14.497 billion yuan.

The project includes the reclamation project of the Zhuhai Jinwan Yacht Industry Park Yacht Research and Development and Manufacturing Project and its supporting projects, specifically including the construction of an offshore dike project, land formation, river excavation, and shore protection projects.

The total project duration is approximately 1,395 days.

Zhejiang Jia Ke: Subsidiary Wins a Contract for a Highway Reconstruction Project with a Total Value of 1.973 Billion Yuan Zhejiang Jia Ke (002061) announced on the evening of September 24th that the company's subsidiary, Zhejiang Jia Gong Jin Zhu Traffic Construction Co., Ltd., and Zhejiang Jia Ge Di Xia Engineering Co., Ltd., voluntarily formed a consortium to participate in the bidding for the Nanhu Interchange to Zhejiang-Jiangsu Border Section of the Zha Ji Su Expressway Reconstruction Project, Section SG01.

Recently, the tenderer announced the evaluation results, and the consortium is the first candidate for the aforementioned section, with a proposed winning amount of 1.973 billion yuan.

Xingyuan Zhuoma: Receives a Project Letter from an Automobile Parts Manufacturer with a Total Sales Amount of Approximately 170 Million Yuan Over the Next Three Years Xingyuan Zhuoma (301398) announced on the evening of September 24th that the company recently received a supplier project letter from an automobile parts manufacturer, and the company will develop and supply new energy vehicle magnesium alloy reducer housing products for this customer.

According to the customer's plan, this project is expected to start mass production in June 2025, with an estimated total sales amount of approximately 170 million yuan over the next three years (2025-2027).

Zhuhai Guanyu: Receives a Project Letter from a Top Domestic New Energy Vehicle Manufacturer Zhuhai Guanyu (688772) announced on the evening of September 24th that the company recently received a project letter from a top domestic new energy vehicle manufacturer.

The customer has chosen the company as its designated supplier to develop and supply 12V automotive low-voltage lithium batteries, with the specific product supply time, price, and quantity to be determined by the final supply agreement and sales order.

Zhonghe Technology: Wins a Contract for the Maintenance of the Onboard Subsystem of the Signal System of Chengdu Metro Line 2 Zhonghe Technology (000925) announced on the evening of September 24th that the company recently received the "Winning Bid Notice" from Chengdu Rail Transit Group Co., Ltd. (the tendering unit), confirming that the company and its controlling subsidiary Chengdu Zhonghe Shu Zi Gui Dao Technology Co., Ltd. formed a consortium to win the "Chengdu Metro Line 2 Signal System Onboard Subsystem Maintenance Project", with a target amount of 157 million yuan.

Shuangliang Energy Saving: Subsidiary Signs a Daily Operation Contract Shuangliang Energy Saving (600481) announced on the evening of September 24th that the company's wholly-owned subsidiary Tai Fu Energy signed four "Tai Fu Energy Co., Ltd. 6MW Distributed Rooftop Photovoltaic Joint Venture EPC General Contract" contracts with Inner Mongolia Runmeng Energy Co., Ltd. (referred to as "Runmeng Energy") and Henan Xicheng Smart Energy Co., Ltd. on September 23, 2024.

The consortium led by Runmeng Energy will provide Tai Fu Energy with a turnkey EPC project for a distributed rooftop photovoltaic project according to the contract, with a total contract amount of 79.8322 million yuan; Inner Mongolia Runmeng Energy Co., Ltd. and the company's wholly-owned subsidiary Xin Neng Technology signed a "Component Sales Contract", and the buyer and seller reached a purchase agreement on solar photovoltaic modules, special tools, and main photovoltaic equipment, with a total contract amount of 49.2435 million yuan.

[Others] Aopu Optoelectronics: The Holding Subsidiary Signs a Project Cooperation Agreement with the Management Committee of Zhejiang Wenling Economic Development Zone and Others Aopu Optoelectronics (002338) announced on the evening of September 24th that the holding subsidiary Changchun Yuheng Optics Co., Ltd. (referred to as "Yuheng Optics") signed a project cooperation agreement with the Management Committee of Zhejiang Wenling Economic Development Zone and Zhejiang Shangduan CNC Machine Tool Technology Innovation Center Co., Ltd. (Zhejiang High-grade CNC Machine Tool Technology Innovation Center) to invest in the construction of a high-precision grating ruler and encoder Zhejiang R&D headquarters project.

According to the cooperation agreement, Yuheng Optics will set up a subsidiary (referred to as "Wenling Subsidiary") in the Zhejiang Wenling Economic Development Zone to be responsible for the sales, after-sales service, product testing and promotion, and application technology research and development of Yuheng Optics grating rulers, encoders, and other series of products in the machine tool equipment field in the Yangtze River Delta region; Zhejiang Shangduan CNC Machine Tool Technology Innovation Center Co., Ltd. plans to take a share in the Wenling Subsidiary and participate in the company's construction to jointly develop the Yangtze River Delta market.

Information Development: Signs a Strategic Cooperation Framework Agreement with the Financial Committee of China Federation of Logistics and Purchasing and Others Information Development (300469) announced on the evening of September 24th that the company signed a "Strategic Cooperation Framework Agreement" with the Jiangsu Province Innovation and Entrepreneurship Research Association, the Science and Technology Innovation Working Committee of Jiangsu Province State-owned Enterprises, and the Logistics and Supply Chain Finance Branch of China Federation of Logistics and Purchasing.

The three parties agree to focus on policy consulting services for the industry policies of the Jiangsu Provincial Government and the full-scenario business of state-owned enterprise supply chains to empower the industry, fully leverage their respective advantages in resource endowment, regional transportation, and industrial policies, and establish a long-term sustainable strategic cooperative partnership of "joint creation, sharing, and sharing".

Huasheng Lithium Battery: Plans to Invest 40 Million Yuan to Take a Share in Pushida Huasheng Lithium Battery (688353) announced on the evening of September 24th that the company plans to invest in Jiangsu Pushida Environmental Protection Technology Co., Ltd. (referred to as "Pushida") through its own funds, with an investment amount of 40 million yuan, subscribing to the shares issued by Pushida at a price of 6.5 yuan per share.

After this investment, the company will directly hold 6.1538 million shares of Pushida, with a shareholding ratio of 14.68%.

Pushida mainly uses biomass based on Southeast Asian coconut shells as raw materials for the research and development, production, and sales of high-performance activated carbon, hard carbon, silicon carbon precursor porous carbon, and other products.Here is the translation of the provided content into English: **Harbin Investment Co., Ltd.: Receives Government Subsidies of 25.6684 Million Yuan Related to Revenue** Harbin Investment Co., Ltd. (600864) announced on the evening of September 24th, that on September 23rd, the company and its subsidiaries received government subsidies related to revenue amounting to 25.6684 million yuan, accounting for 12.41% of the company's latest audited net profit attributable to the parent company.

It is expected to increase the company's net profit attributable to the parent company for the fiscal year 2024 by 16.4181 million yuan.

**Yuhuan CNC: Company and Subsidiaries Receive a Cumulative Government Subsidy of 11.3371 Million Yuan** Yuhuan CNC (002903) announced on the evening of September 24th, that the company and its subsidiaries Yuhuan Intelligent and Yuhuan Precision have received a cumulative government subsidy of 11.3371 million yuan since January 1, 2024.

Among this, 1.3371 million yuan is included in the company's current period profit and loss for 2024, and it is expected to increase the company's total pre-tax profit for 2024 by 1.3371 million yuan.

**Qilin Information Security: Receives a Government Subsidy of 4.0315 Million Yuan Related to Revenue** Qilin Information Security (688152) announced on the evening of September 24th, that the company has recently received a government subsidy of 4.0315 million yuan, which is classified as a government subsidy related to revenue.

**Guangzhou Development: Approval Received for Guangzhou Pearl River Power Plant's 2x600MW Coal Power Environmental Replacement Project** Guangzhou Development (600098) announced on the evening of September 24th, that the company's wholly-owned subsidiary, Guangzhou Power Group, has recently received the "Approval Notice on the Guangzhou Pearl River Power Plant's 2x600MW Coal Power Environmental Replacement Project" from the Guangzhou Municipal Development and Reform Commission.

**Shenhua Holdings: Gao Xingang Elected as Chairman and President** Shenhua Holdings (600653) announced on the evening of September 24th, that the company held a meeting to elect Gao Xingang as the chairman of the twelfth board of directors, and he will also assume the roles previously held by the former chairman, Li Jingwei, in the various special committees of the board until the change of the current board of directors.

Gao Xingang was also appointed as the president of the company, with a term until the change of the current board of directors.

**Binhai Energy: Plans to Sell Subsidiary Xinhua Printing Shares** Binhai Energy (000695) announced on the evening of September 24th, that the company plans to transfer all of its shares (26.01% stake) in Tianjin Xinhua Printing Co., Ltd. to its shareholder, Tianjin Jingjin Cultural Media Development Co., Ltd., for 13.2126 million yuan.

The transaction party was a 5% shareholder of the company in the past twelve months, making this transaction a related party transaction.

**Hualian Holdings: Yipin Luanshan Project Obtains Construction Permit** Hualian Holdings (000036) announced on the evening of September 24th, that on December 21, 2023, the company won 100% of the shares of Jinghengtai Company at an auction for 835 million yuan.

The main assets of Jinghengtai Company are the "Yipin Luanshan" project and cash funds.

On September 24, 2024, Jinghengtai Company obtained the "Construction Permit" for the "Yipin Luanshan" project, which is planned to be sold in 2025.

After the development and sale of the "Yipin Luanshan" project, it will increase the company's business income and profit sources, and have a positive impact on the company's future financial situation.

**Wuxi Zhenhua: Wholly-Owned Subsidiary Wins Land Use Rights for 54.52 Million Yuan** Wuxi Zhenhua (605319) announced on the evening of September 24th, that its wholly-owned subsidiary, Langfang Quanjing Shen, won the land use rights and signed the "State-owned Construction Land Use Right Transfer Contract" with the Natural Resources and Planning Bureau of Langfang Economic and Technological Development Zone.

The total transaction amount for the land is 54.52 million yuan.

**Huarun Pharmaceutical: Wholly-Owned Subsidiary Obtains Medical Device Registration Certificate** Huarun Pharmaceutical (300110) announced on the evening of September 24th, that recently, its wholly-owned subsidiary, Qingdao Huaren Medical Supplies Co., Ltd., received the "Medical Device Registration Certificate" for "Disposable Sterile Surgical Packs" issued by the Shandong Provincial Administration of Drug Administration.

After obtaining the "Medical Device Registration Certificate" for disposable sterile surgical packs, the company's medical device product line will be further enriched, enhancing the company's advantages in the field of surgical consumables, improving the comprehensive competitiveness of the company's medical device products, and promoting the comprehensive and coordinated development of the company's raw materials, formulations, medical devices, and medical packaging segments.

**Kehwa Bio-Engineering: Holding Subsidiary Obtains Real-Time Fluorescence PCR Analyzer Medical Device Registration Certificate** Kehwa Bio-Engineering (002022) announced on the evening of September 24th, that recently, its holding subsidiary, Xi'an Tianlong Technology Co., Ltd., received the medical device registration certificate issued by the National Medical Products Administration, with the product name being Real-Time Fluorescence PCR Analyzer.

The product is based on the real-time fluorescence PCR detection principle and is used with matching detection reagents for qualitative and quantitative detection of target nucleic acids (DNA/RNA) from human body samples in clinical settings, including pathogen and human gene detection projects.

**Shanghai Pharmaceuticals: Holding Subsidiary Becomes the Marketing Authorization Holder for Amisulpride Oral Solution** Shanghai Pharmaceuticals (601607) announced on the evening of September 24th, that recently, its holding subsidiary, Xinyi Jinzhu, received the "Notice of Approval for Drug Supplemental Application" issued by the National Medical Products Administration, and the marketing authorization holder for Amisulpride Oral Solution has been changed to Shanghai Xinyi Jinzhu Pharmaceutical Co., Ltd. Amisulpride Oral Solution is mainly used for the treatment of schizophrenia.

**East China Pharmaceutical: Wholly-Owned Subsidiary's Intense Pulsed Light Radiofrequency Treatment Device V20 Approved for Market Launch** East China Pharmaceutical (000963) announced on the evening of September 24th, that recently, its wholly-owned subsidiary, Viora Ltd., received the "Medical Device Registration Certificate" issued by the National Medical Products Administration, and its Intense Pulsed Light Radiofrequency Treatment Device V20 was approved for market launch.

The product V-ST bipolar radiofrequency handle is used for non-invasive treatment to improve skin wrinkles; the V-IPL intense pulsed light handle contains 5 filters, among which HR-630 and HR-570 are used to reduce excess body hair, SR-580 is used for the treatment of benign pigmented epidermal and dermal lesions, VP-530 is used for the treatment of benign cutaneous vascular lesions, and Acne-415 is used for the treatment of moderate inflammatory acne (common acne).

**Wanxi Technology: Obtains Medical Device Registration Certificate for Disposable Ultrasonic Soft Tissue Surgical Blade** Wanxi Technology (688600) announced on the evening of September 24th, that the company received the medical device registration certificate for disposable ultrasonic soft tissue surgical blade on September 23rd from the National Medical Products Administration.

The approval of this medical device registration certificate marks a significant progress in the company's business development process, which will further enrich the company's product line layout in the field of minimally invasive surgical instruments, help promote the company's market development in minimally invasive surgical instruments and high-value consumables, further enhance the company's core competitiveness, and is expected to have a positive impact on the company's future operations.

**Weisi Medical: Obtains Medical Device Registration Certificate for Nd:YAG Frequency-Doubling Picosecond Laser Therapy Instrument** Weisi Medical (688580) announced on the evening of September 24th, that the company recently received one "Medical Device Registration Certificate" issued by the National Medical Products Administration, with the product name: Nd:YAG Frequency-Doubling Picosecond Laser Therapy Instrument.

The product is mainly used in dermatology, laser medicine, medical cosmetology, and medical beauty institutions.

**Lu'an Pharmaceutical: Subsidiary Becomes the Marketing Authorization Holder for Dapoxetine Hydrochloride Tablets** Lu'an Pharmaceutical (600789) announced on the evening of September 24th, that recently, its holding subsidiary, Set Company, received the "Notice of Approval for Drug Supplemental Application" for Dapoxetine Hydrochloride Tablets issued by the National Medical Products Administration, agreeing that Set Company will be the marketing authorization holder for the aforementioned drug.

Dapoxetine Hydrochloride Tablets are clinically used for the treatment of premature ejaculation (PE) in males aged 18 to 64, and it is currently the only chemical drug approved for the treatment of premature ejaculation (PE).

Dapoxetine is the first-line treatment drug recommended by the "Premature Ejaculation Diagnosis and Treatment Guidelines" both domestically and internationally.