Zhitong Hong Kong stocks have long known | The Photovoltaic Association and a number of industry leaders were interviewed, and Lingbao Gold (03330) is happy

[Today's headlines]

Industry insiders: The General Administration of Market Regulation interviewed 6 leading PV companies and industry associations were not allowed to agree on production capacity, sales prices, etc.

A few days ago, there were market rumors that the General Administration of Market Regulation interviewed the China Photovoltaic Industry Association, Tongwei Group, GCL Technology, Daquan Energy, Xinte Energy, Asia Silicon (Red Lion), and Oriental Hope. The contents of the interview included informing relevant monopoly risks, putting forward clear opinions on rectification, and putting forward requirements for enterprises to do a good job in rectification. On January 8, the China Securities News reporter verified from an industry insider that this interview was true.

The General Administration of Market Regulation requires the China Photovoltaic Industry Association and the companies interviewed not to agree on production capacity, capacity utilization, production and sales prices; not to use any form of market division, production distribution, or profit distribution through investment ratios; and not to communicate and coordinate current or future information on prices, costs, production and sales volume. The General Administration of Market Regulation also requires the association and the companies interviewed to submit written corrective measures to the General Administration of Market Supervision by January 20.

[General outlook]

The Nasdaq China Golden Dragon Index rose 1.09%

Overnight, the US stock Dow Jones Industrial Average rose 270.03 points, or 0.55%, to close at 49266.11 points; the S&P 500 stock index rose 0.53 points to close at 6921.46 points, or 0.01%; and the Nasdaq Composite Index fell 104.25 points to close at 23480.02 points, or 0.44%.

Most major technology stocks fell. Intel fell more than 3%, Nvidia fell more than 2%, US stock storage concepts generally fell, Seagate fell more than 7%, Western Digital fell more than 6%, SanDisk fell more than 5%, US military stocks rose across the board, Lockheed Martin rose more than 4%, and Brain Regeneration Technology's stock price triggered the fuse mechanism to suspend trading during the intraday period, falling more than 21% at the close.

Most popular Chinese securities rose, and the Nasdaq China Golden Dragon Index rose 1.09%. Wanguo Data rose more than 8%, Bilibili rose more than 6%, and Tencent Music and Alibaba rose more than 5%. The Hang Seng Index ADR rose. On a pro rata basis, it closed at 26310.99 points, up 161.88 or 0.62% from the Hong Kong closing.

[Hot Topics Preview]

Central enterprise restructuring big move: Sinopec and China Aviation Oil implement restructuring

The State Council's State-owned Assets Administration Commission released news on the 8th that China Petroleum & Chemical Group Co., Ltd. and China Aviation Fuel Group Co., Ltd. have implemented a restructuring with the approval of the State Council. According to information, China Aviation Oil is the largest air transport service guarantee enterprise in Asia integrating procurement, transportation, storage, inspection, sales, and filling of aviation oil products. Its main business mainly involves the five major sectors of aviation oil, petroleum, logistics, international, and general aviation. Sinopec is the world's largest refining company and China's largest aviation fuel producer.

HSBC agreed to pay 300 million euros to settle French “Cum-Cum” tax case

HSBC Holdings agreed to pay around 300 million euros to settle a criminal and tax case in France involving HSBC's alleged role in the so-called “Cum-Cum” dividend tax evasion scandal. The scandal also involved some of France's biggest banks. A Paris judge outlined the settlement agreement in court on Thursday, and he will decide later whether to approve it. The agreement will end the investigation of HSBC by the French National Financial Prosecution Service, and HSBC is not required to admit any crime. The agreement included fines of around €268 million and taxes of around €30 million.

Indonesia will approve the 2026 coal production quota set at around 600 million tons, and will adjust the nickel quota

Indonesia's Minister of Energy and Mineral Resources Bahlil Lahadalia said on Thursday that Indonesia may approve a coal production quota of around 600 million tons in 2026 and will adjust its nickel quota according to industry demand. Although Indonesia's actual coal production often exceeds the quota, the production quota level will be lower than last year's 790 million tons. Bahlil said that the quota was reduced to support the price of Indonesian mineral products, and similar measures will also be implemented to support nickel prices, but he did not disclose the 2026 quota level, but only reiterated that the quota will be adjusted to meet the needs of local smelters.

Indonesian coal involves Hong Kong stocks: China's Qinfa (00866)

Indonesia's nickel mine involves Hong Kong stocks: Liqin Resources (02245) and Zhongwei New Materials (02579).

The General Administration of Market Supervision of the Food Safety Office of the State Council urges Nestlé Co., Ltd. to do a good job of recalling relevant batches of infant formula

Recently, Nestlé preventively recalled specific batches of infant formula products in some European countries. The Food Safety Office of the State Council and the General Administration of Market Supervision attached great importance to this and immediately urged Nestlé Co., Ltd. to earnestly implement its corporate principal responsibilities, recall relevant batches of products sold in China, and effectively protect the legitimate rights and interests of consumers. Nestle GmbH has implemented the recall as required. The Food Safety Office of the State Council and the General Administration of Market Supervision will continue to strengthen supervision, do a good job in related work, and make every effort to ensure the quality and safety of infant formula. It involves domestic milk powder concept stocks.

Institutions such as GIC and Perky are reported to have subscribed for shares in MiniMax (00100)'s Hong Kong IPO

According to people familiar with the matter, institutions such as investment company Baki and Singapore's sovereign wealth fund GIC Pte bought shares in MiniMax Group Inc.'s high-profile HK$4.8 billion Hong Kong initial public offering. The IPO price of this Chinese artificial intelligence AI company is set at the upper end of the promotion range. People familiar with the matter said that shares issued to institutional investors attracted more than 70 times more subscriptions. They also said the deal received more than 460 offers from institutional investors. People familiar with the matter said that Bank of Norway's investment management and asset management company Schroder Investments is also among the buyers. They said that global multi-investors and sovereign wealth funds have subscribed to most of the shares issued to institutional investors in addition to the cornerstone shares. Representatives of Schroder Investments declined to comment, and Berkey, GIC, and Norges Bank did not respond to requests for comment.

Nanjing Panda: Currently, there are no mature products related to high-speed brain-computer interaction technology research and development projects, nor has it generated sales revenue

Nanjing Panda stock trading risk alert announcement. The company is concerned that the brain-computer interface concept has recently attracted widespread attention in the market. The following explanation is shown below: The company participated in the sub-project “Research and development of key technologies for multi-modal human-computer interaction system integration based on brain-computer interface technology” of the “Research and development of high-speed brain-computer interaction technology for intelligent display” project. The sub-topics that the company participated in were part of non-core technology. Up to now, the company has submitted a set of brain-computer interactive system terminals for intelligent displays to the project's lead unit and its competent department. The work related to the follow-up of the project is organized and carried out by the project lead unit and its competent department. The project and the sub-projects the company participated in will not have an impact on the company's production and operation. Currently, the company has no mature products related to the project, nor has it generated sales revenue.

Jinli Permanent Magnet (06680): Net profit is expected to increase 127%-161% year-on-year in 2025

Jinli Permanent Magnet announced that net profit for 2025 is expected to be 660 million yuan to 760 million yuan, an increase of 127%-161% over the previous year. The estimated impact of non-recurring profit and loss on net profit is about 80 million yuan. The company's product production and sales reached a record high, further consolidating its leading position in the global rare earth permanent magnet industry. Against the backdrop of increasing competition in the industry, the company's management adheres to a steady and compliant management policy, actively expands the market, and continuously improves operational efficiency and profitability while ensuring delivery through measures such as organizational optimization, lean management, and flexible adjustment of raw material inventory strategies.

Mengniu (02319): Unrelated to raw material producers involved in the recall of milk powder in the European market

On January 8, in response to Nestlé's recall of infant formula in many countries, which may be affected by the ARA raw material vendors involved, Mengniu responded to Interface News that Mengniu milk powder follows strict national quality control standards from raw material procurement to production testing, and that the ARA raw material supplier used in its products has nothing to do with the manufacturers involved in this European market recall. Each batch of products will go through multiple tests before going on the market, and is equipped with a national compliance test report, so you can buy and use it with confidence.

Ling Bao Gold (03330) Fa Yingxi

Lingbao Gold (03330) announced that the Group expects revenue of approximately RMB 12.935 billion to approximately RMB 13.172 billion for the year ended December 31, 2025, an increase of about 9% to 11%; and net profit of RMB 1,503 billion to approximately RMB 1,573 billion in 2025, an increase of about 115% to 125% over the previous year.

The three IPOs of Hong Kong stocks all surged in the dark market

The Hong Kong stock Jinxun Resources (03636) closed up 35%. The company's issue price was HK$30, and 36.77 million shares were sold, raising a total of HK$1.1 billion. Net capital raised was HK$1,043 million; the Hong Kong stock Ruibo Biotech (06938) rose by more than 25%; the company's issue price was HK$57.97, issuing 274.887 million shares, raising a total of HK$1,594 billion; MiniMax (00100), a major Hong Kong stock model company, surged more than 15%. The company's issue price was HK$165, issuing 25.3892 million shares and raising HK$4.189 billion.

[Individual stock prices are clear]

China Shipbuilding Defense (00317): A second acceleration in shipbuilding demand is expected to stimulate an increase in the valuation center

In response to investors' questions on the interactive platform, China Shipbuilding Defense stated that according to the business plan disclosed in the company's “2024 Annual Report”, the company plans to undertake a contract of RMB 17.45 billion for 2025. Shen Wan Hongyuan pointed out earlier that China Shipbuilding Defense has sufficient orders, and that high-priced orders are delivered one after another to release profits. Furthermore, in January 2025, China Shipbuilding announced China Shipbuilding Group's new commitment to resolve competition within the group, targeting China Shipbuilding and Huangpu Wenchong: Resolving peer competition between Huangpu Wenchong and surviving listed companies (China Shipping) within five years. Huangpu Wenchong is a shipyard owned by China Shipbuilding Defense Holdings. It is concerned about subsequent progress in resolving competition within the group.

According to a research report released by GF Securities, the shipbuilding market in 2021-2024 was driven by container-superimposed LNG carriers as the core driving force, and the shipbuilding market declined in '25 due to the impact of the US 301. We believe that starting in '26, the ship demand market will enter phase 2.0. The shipbuilding market in 2026 is expected to be similar to construction machinery in 2019, and a second acceleration in demand is expected to stimulate an increase in the valuation center.