Key A-Share Investment Guide

Here is the translation of the provided content into English: **14-day Reverse Repo "Interest Rate Cut" Decreased by 10 Basis Points to 1.85%** On September 23, a reverse repo operation of 160.1 billion yuan for a 7-day period and 74.5 billion yuan for a 14-day period was carried out, with the 14-day reverse repo rate decreased by 10 basis points to 1.85%.

This move aims to provide cross-quarter funds for the banking system, meet market liquidity needs, and clarify the 7-day reverse repo rate as the main policy rate.

Recently, money market interest rates have risen, and the central bank has adjusted reverse repo rates to stabilize market expectations and support the reduction of financing costs for the real economy.

**Press Conference to be Held by the State Council Information Office** The State Council Information Office will hold a press conference at 9 am on September 24.

The Governor of the People's Bank of China, Pan Gongsheng, the Director of the China Banking and Insurance Regulatory Commission, Li Yunze, and the Chairman of the China Securities Regulatory Commission, Wu Qing, will introduce the situation related to financial support for high-quality economic development and answer questions from journalists.

**US Proposes to Ban Chinese Software and Hardware in Connected Vehicles** The US Department of Commerce will propose a ban on the use of Chinese software and hardware in connected and autonomous vehicles on US roads.

This move is a "major escalation" of the US's ongoing restrictions on Chinese automobiles and software and parts.

Reports suggest that the proposed regulations will prohibit the import and sale of vehicles from China with key communication or autonomous driving systems software and hardware.

This includes vehicles with certain Bluetooth, satellite, and wireless functions, as well as highly autonomous vehicles that can operate without a driver.

**Ministry of Commerce Responds to the EU's Appeal to the WTO Dispute Settlement Mechanism on China's Anti-Subsidy Investigation of EU Dairy Products** The EU has filed a request for consultations with China under the WTO dispute settlement mechanism regarding China's anti-subsidy investigation into EU dairy products.

China has received the EU's request for consultations.

China regrets that the EU has submitted the anti-subsidy investigation case to the WTO dispute settlement mechanism and will handle it according to the relevant rules of the WTO.

**"Price War" Leads to Dealers' Capital Chain Breakage, China Automobile Circulation Association Submits Urgent Report** China Automobile Circulation Association: The continuous "price war" and other factors have made car dealers face a very tight liquidity problem.

The China Automobile Circulation Association recently officially submitted an "Urgent Report on the Current Situation of Car Dealers Facing Financial Difficulties and the Risk of Shutdown" to relevant government departments.

The report analyzes the current situation of car dealers facing the risk of shutdown due to tight capital chains and proposes relevant policy suggestions, reflecting the urgent and difficult real problems of car dealers in a timely manner, providing an effective basis for government decision-making.

**Pan Gongsheng Attends the Second China-Portuguese Speaking Countries Central Banks and Financiers Meeting and Delivers a Speech** The second China-Portuguese Speaking Countries Central Banks and Financiers Meeting was held in the Macao Special Administrative Region.

The Governor of the People's Bank of China, Pan Gongsheng, attended the meeting and delivered a speech.

Pan Gongsheng stated that the central bank will continue to maintain a supportive monetary policy stance, increase the intensity of monetary policy regulation, improve the precision of monetary policy regulation, and create a good monetary and financial environment for the stable growth and high-quality development of the Chinese economy.

**New Central Enterprise Established!

China Resource Recycling Group is Coming** Zhao Chenxin, Deputy Director of the National Development and Reform Commission, introduced at a special press conference that China Resource Recycling Group is under construction; the 300 billion yuan of national debt funds supporting the "two new" work have been fully issued; driven by policies, new energy vehicle retail reached 1.027 million vehicles in August, a significant increase of 17% month-on-month, and the penetration rate of new energy vehicles has exceeded 50% for two consecutive months.

It is expected that 2 million passenger cars with low emission standards will be phased out this year.

**National Medical Insurance Administration Carries Out Special Flight Inspection at Wuxi Hongqiao Hospital** In response to recent online reports of Wuxi Hongqiao Hospital allegedly defrauding insurance, the National Medical Insurance Administration has dispatched a special flight inspection team to conduct a special flight inspection at the hospital.

At the same time, the National Medical Insurance Administration has guided the Jiangsu Provincial Medical Insurance Bureau to send 20 inspection teams to all districts and counties under the jurisdiction of Wuxi, and to conduct comprehensive inspections of more than 100 designated medical institutions.

**20 Billion Incremental Funds in Place, First Batch of 10 CSI A500 ETFs Closed** With the first batch of 10 CSI A500 ETFs ending their fundraising, the CSI Index website officially announced the 500 constituent stocks of the CSI A500 Index.

Kweichow Moutai is the largest weighted stock, accounting for 4.43%, followed by Contemporary Amperex Technology Co., Ltd. (CATL), Ping An Insurance, China Merchants Bank, and Yangtze Power as the top 5 weighted stocks.

**Moutai's Batch Price Continues to Decline: Some Dealers Say the Price Rise Space During the National Day Holiday is Limited, Institutions Say Downward Pressure Still Exists** This time, as the National Day peak season approaches, many dealers told reporters from The Paper that the retail price of Feitian Moutai has not seen significant fluctuations, but has started major holiday promotions.

Some stores still have a shortage of 500ml Feitian Moutai, and no replenishment notice has been received for the holiday.

**The Number of IPO Companies Under Review in the Year Decreased to 310, and 377 Companies Were Terminated** The latest data shows that as of September 22, 377 IPO companies were terminated by the three exchanges of Shanghai, Shenzhen, and Beijing, an increase of 3 companies compared to last week; there are a total of 310 companies under review in various sectors, a decrease of 4 companies compared to last week; no new companies were added last week, and the number of newly declared companies this year remains at 32 (2 in Shanghai and Shenzhen, and 30 in the Beijing Stock Exchange); 65 companies have been listed this year, raising a total of 45.441 billion yuan, 1 company was newly listed last week, currently there are 8 companies in the issuance process, and 32 companies have been approved for registration but not yet issued.

**The Average Output of Main Chemical Products Increased by 14% in the First Half of the Year** In the first half of this year, the domestic chemical product output showed a growth trend, with the average increase in the output of main chemical products reaching 14% year-on-year.

Data from Zhuochuang Information shows that among 83 chemical products, 87.95% increased and 12.05% decreased.

**"Miracle Drug" Cooling Down, An Gong Niu Huang Wan and Pian Zai Huang Prices Fall in Many Places** An Gong Niu Huang Wan and Pian Zai Huang pills, which have always been strong in the gift recycling market price, also started to decrease in price in the second half of this year.

A recycler in the Chengdu area told reporters, "The market situation this year is not good, and the price of Pian Zai Huang (pill) has fallen by nearly 100 yuan within a year."

Another recycler in the Beijing area said, "Before June this year, the price of An Gong Niu Huang Wan with a new date could still be reported at 600-650 yuan per pill, and the price has dropped a lot in the past few months."

After interviewing recyclers in many places, it was learned that the recycling price in the second-hand market has obviously fallen since June this year.

The current price of new date Pian Zai Huang is about 550 yuan per pill, and the price of An Gong Niu Huang Wan (Tong Ren Tang double natural) is between 450-500 yuan per pill, and the recycling price of expired or near-expiry drugs is even lower, with the near-expiry Pian Zai Huang pill recycling price falling back to 400 yuan per pill.

**Hedge Funds Buy Large Tech Stocks After the Fed's Interest Rate Cut** After the Fed cut interest rates by 50 basis points last week, the US stock market fluctuated violently.

Although the price trend shows that funds rotate into small-cap stocks that often benefit from lower borrowing costs, hedge funds did the opposite and rushed into the largest tech stocks.

According to the weekly report from Goldman Sachs Group as of September 20, hedge funds bought US tech stocks, media stocks, and telecom stocks at the fastest speed in four months last week.

**European "Battery King" Northvolt Says It Needs to Lay Off About 20% Globally** Swedish battery manufacturer Northvolt said it needs to lay off about 20% globally.

Northvolt is a Swedish battery manufacturer, established in 2016, a new energy company in Stockholm, Sweden, founded by Volkswagen Group, Goldman Sachs, and Siemens.

In July this year, Northvolt announced its performance for the fiscal year of 2023, and the data shows that Northvolt's revenue increased to 128 million US dollars, but the loss amount increased from 284 million US dollars to 1.167 billion US dollars (about 8.4 billion yuan).

**Huawei Announces Annual Investment of 6 Billion to Incentivize HarmonyOS Developers' Innovation** According to the WeChat public account of Huawei, at the Huawei All-Connect Conference 2024 (HUAWEI CONNECT 2024), Zhu Yonggang, President of Huawei's Terminal Cloud, announced that more than 10,000 applications and meta-services have been launched on the HarmonyOS NEXT app market, meeting 99.9% of consumer usage time, marking the comprehensive maturity and accelerated development of the HarmonyOS ecosystem.

HarmonyOS adheres to the ecological concept of altruism, investing 6 billion annually to motivate developers to innovate, and the number of registered developers in the Huawei Developer Alliance has grown rapidly to 6.75 million, greatly promoting the prosperity of the HarmonyOS ecosystem.

Debang Securities said that as of June 2024, the number of HarmonyOS ecosystem devices has exceeded 900 million, with 2.54 million HarmonyOS developers investing in HarmonyOS development, 4.35 million learning person-times in HarmonyOS schools, and 8.27 billion times of developer service calls per month.

The HarmonyOS ecosystem has achieved full coverage of 18 major vertical fields such as travel, social, finance, office, life, and entertainment, meeting 99.9% of user time, more than 5,000 top applications have all started development, and more than 1,500 have been completed and launched.

The original HarmonyOS will be able to fully stimulate the potential of the HarmonyOS system, and with the continuous construction of the HarmonyOS ecosystem, it will inject a long-term application dividend into the market.

On the company side, Orient Zhongke (002819), as a domestic operating system solution provider, provides customers with special software design and development for HarmonyOS, and together with hardware partners, provides a complete HarmonyOS solution.

In the field of government affairs office, its subsidiary Wanlihong also provides customized HarmonyOS tablet computers based on independent intellectual property rights.

Daily Interaction (300766) has participated in the construction of the HarmonyOS ecosystem, especially the individual push SDK has completed compatibility adaptation for HarmonyOS NEXT, to support developers to develop HarmonyOS native applications more efficiently.The "Biological Security Act" was not included in the U.S. Senate's NDAA.

On September 19th, local time, the official website of the U.S. Senate Armed Services Committee (SASC) showed that the Chairman and Ranking Member of SASC submitted a "manager's package," which included 93 amendments to the "National Defense Authorization Act for Fiscal Year 2025" (NDAA) passed by SASC.

The "Biological Security Act" targeting some Chinese biotechnology companies was not included.

It is reported that the NDAA is a federal law of the United States, passed once a year, to regulate the budget, expenditure, and policy of the U.S. Department of Defense.

Industry insiders analyzed that "both the House and Senate versions of the NDAA do not contain the 'Biological Security Act,' which means the legislative fast-track technology has 'miscarried', leaving only the way of independent legislation."

As various parties in the United States continue to play games, the "Biological Security Act" looming over Chinese biotechnology companies continues to change, and the direction is becoming clearer, or it may usher in the "final chapter."

Wu Chunhong of Jianghai Securities believes that as the U.S. biological security law is settled, and the industry's leading companies actively respond, the demand side of the industry marginally improves, and the valuation of the CXO sector is currently at a historically low level, and the company's operating situation is stable and optimistic.

Among listed companies, Kanglong Huacheng (300759) is a leader in the early stage of CRMO, providing customers with innovative drug research, development, production, and clinical CRO+CMO full-process integrated services.

Wanbang Pharmaceutical (301520) is a comprehensive CRO company that provides both pharmaceutical research and clinical research services, providing professional pharmaceutical research and development outsourcing services for pharmaceutical companies and other pharmaceutical research and development institutions through contracts.

The order tide of "Golden September and Silver October" for energy storage is emerging.

Since September, as energy storage industry exhibitions are concentrated globally, companies have also begun to obtain orders in a centralized manner.

Despite the intense competition this year, the order tide of "Golden September and Silver October" is emerging.

Companies including Sungrow, BYD, EVE Energy, Guoxuan High-Tech, Chu Energy New Energy, and Tesla have successively exposed GWh-level orders in September, and looking at the total annual order volume, GWh energy storage projects have become normalized globally.

The energy storage industry is entering the most intense moment in 2024, and it is also ushering in unprecedented growth.

According to incomplete statistics, Chinese energy storage companies have won orders at the GWh level close to 100GWh this year.

Shengang Securities believes that under the background of building a "new type of power system" and "dual carbon goals," non-fossil energy power generation will gradually become the main body of installed capacity and electricity volume, and the instability, randomness, and volatility of wind power and photovoltaic power generation will inevitably require the energy storage system to coordinate operation to ensure the safe and stable operation of the power system.

The construction of energy storage systems and the transformation and upgrading of power grid systems are expected to maintain high momentum.

Among listed companies, Baoxin Technology (002514), under Anhui Baoxin Intelligent Manufacturing Co., Ltd., mainly provides the production and manufacturing of charging piles, battery swapping stations, vehicle-mounted battery swapping assemblies, and supporting energy storage equipment for the company's "light, storage, charge/swap" system.

Yi Asia Tong is committed to creating a smart new energy overall solution in the fields of photovoltaic power stations, energy storage power stations, charging stations, or integrated stations.

NVIDIA Blackwell's new platform is expected to significantly increase the penetration rate of the plan.

According to the latest survey by TrendForce, as NVIDIA Blackwell's new platform is expected to be shipped in the fourth quarter of 2024, it will significantly increase the penetration rate of liquid cooling solutions, from about 10% in 2024 to more than 20% in 2025.

With the global awareness of ESG (environmental, social, and corporate governance) improving, coupled with cloud service providers accelerating the construction of AI servers, it is expected to help drive the transition from air cooling to liquid cooling solutions.

The increase in GPU/CPU single card power and server power density will accelerate the penetration of liquid cooling in AI.

CITIC Securities research report points out that the global liquid cooling market will reach about 85.8 billion yuan in 2027, and the Chinese liquid cooling market will exceed 10 billion yuan, with a CAGR of more than 100% from 2023 to 2027.

Attention should be paid to liquid cooling system manufacturers with full-chain capabilities, as well as suppliers of cold plates, pipelines, quick-connect fittings, and other components.

Among listed companies, AVIC Optoelectronics (002179) stated that the company is one of the domestic suppliers with the capability to provide a complete liquid cooling heat dissipation system solution earlier, and its products are widely used in fields such as supercomputing liquid cooling and internet data center liquid cooling.

The company's liquid cooling business has developed rapidly, with a compound annual growth rate of more than 50% in recent five years.

Yimikang (300249) has successfully completed the development of immersion liquid cooling products and successfully put into operation the first set of NetLiq200 2.0 liquid cooling upgrade products in the Middle East.

Tongfei Shares (300990) launched plate liquid cooling and immersion liquid cooling supporting products in the field of data centers.

In addition, the company's liquid constant temperature equipment is widely used in the temperature control of energy storage system battery cells in the energy storage field because of its advantages of low temperature rise, good temperature uniformity, and high energy efficiency ratio.

Huawei Qian Kun Zhiji continues to catalyze, and jointly develops a new generation of architecture with Dongfeng.

Yu Xiao, General Manager of Huawei Intelligent Vehicle Control Domain, said that he has jointly developed a new generation of Tianyuan architecture with Dongfeng, equipped with Huawei Qian Kun vehicle control modules.

On the same day, the Dongfeng Motor Research and Development Institute and Huawei Qian Kun Vehicle Control Intelligent Vehicle Control Joint Innovation Center were officially established.

Huawei Qian Kun Zhiji ADS3.0 achieves a more human-like driving experience through the GOD network + PDP network, with a 50% increase in smoothness, a 15% reduction in heavy braking rate, and a 30% increase in lane change success rate, making the driving experience more like that of an experienced driver.

Huajin Securities research report believes that Huawei has now cooperated deeply with five major car companies, and the terminal car companies' "circle of friends" are continuously being developed under the three cooperation models.

The ADS high-end package has achieved sales of more than 3 billion yuan, and the car BU is close to breaking even.

At the same time, Huawei actively participates in the establishment of domestic intelligent driving standards and is expected to continue to lead the development of China's intelligent driving industry.

The continuous development of Huawei's intelligent driving has driven the competitiveness of its cooperative car models to continue to improve, so it is recommended to pay attention to the development opportunities of the supply chain related to Huawei's cooperative intelligent driving car models.

Among listed companies, Haoen Auto Electronics (301488) has reached a supporting cooperation with Qian Kun Zhiji in ultrasonic radar products.

Huayang Group (002906) has laid out from low-speed scenarios to high-speed scenarios in the field of intelligent driving, with products including cameras, 360 panoramic views, APA automatic parking, V2X, high-precision positioning, intelligent driving domain control, etc., some of which have been mass-produced.

Currently, the company provides a variety of products for multiple models such as Wenjie, Zhijie, Xiangjie, and Avita.

LianChuang Electronics (002036) supplies the ADAS side view lens for Huawei's new M7.

The company is mainly engaged in the manufacturing of optical lenses, imaging modules, and touch display integration and other optical, optoelectronic products, and its products are widely used in fields such as smart terminals, smart cars, smart homes, and smart cities.

Technology giants may launch their first AR glasses this week.

Since September, the technology circle has been hit by explosive products, with triple folding screen phones, AI glasses, Apple's new products, and so on, all attracting attention, and the heat of technology that has been generated is continuing to spread.

It is reported that the Meta Connect 2024 conference will also be held from September 25th to 26th, and the new MR headset and the first AR glasses may have the opportunity to officially debut.

Many fund managers believe that the consumer electronics industry is expected to welcome the return of prosperity.

AR glasses can provide the function of large screen/multi-screen display, and provide the first user perspective, free hands of differentiated characteristics, which can largely replace the functions of smartphones, while improving quality and efficiency.

BOC International believes that AR glasses are expected to become a new type of consumer electronic hardware product at the level of 1 billion units.

Looking forward to the future, leading manufacturers, product positioning, and hardware technology have all reached an inflection point, and the AR glasses industry may be on the eve of change.

In 2025, Meta's first-generation AR glasses can be compared to the iPhone 1 in the era of smartphones, initially unifying the product form of AR glasses; in 2027, Apple's first-generation AR glasses can be compared to the iPhone 4, driving the industry into a stage of rapid development.

Among listed companies, Dr. Eyeglass (300622) has established a stable cooperative relationship with the top smart glasses brands in the industry, such as Leiniu Innovation, ROKID, and Meizu, providing a comprehensive solution for vision correction for the consumer group of smart glasses through customized services and online and offline linkage after-sales, bringing a feast of vision and hearing to consumers.

Yasi Optoelectronics (002952) stated that the industry in which the company is located is a national strategic emerging industry, belonging to the "new electronic components and equipment manufacturing" industry within the "new generation of information technology industry."

Display devices, as an artificial intelligence interaction entry, have broad prospects in fields such as 5G technology, AR/VR, and naked-eye 3D.

Yingtong Communication (002861) participated in the drafting of group standards such as "Technical Specifications for Intelligent Audio Glasses" and "Technical Specifications and Test Methods for High-definition Wireless Audio" organized by the China Electronic Audio Association, developing various intelligent glasses and audio glasses products, and has invested in the research and development of bone conduction audio technology.

NVIDIA Blackwell platform and ASIC chip upgrades help the penetration rate of liquid cooling heat dissipation exceed 20% in 2025.

The new platform, due to its high energy consumption, especially the GB200 cabinet-level solution, requires better heat dissipation efficiency, which is expected to promote the penetration rate of liquid cooling solutions.

TrendForce estimates that by 2025, the Blackwell platform's share in high-end GPUs could exceed 80%, prompting power supply manufacturers and the cooling industry to compete in the AI liquid cooling market, forming a new industrial competitive landscape.

In recent years, large American cloud vendors such as Google, Amazon, and Microsoft have accelerated the deployment of AI servers, mainly using NVIDIA GPUs and self-developed ASICs.

Under the trend of AI chip architecture upgrades, high computing power matches high power consumption, and liquid cooling has transitioned from an "optional" to a "mandatory" feature, with related companies expected to rapidly increase their volume under the liquid cooling trend.

Longwei Shares (301202) ranks among the top in the domestic market share of data center cabinets, supplying liquid-cooled cabinets to Vertiv, which is a major CDU supplier for NVIDIA.

Jingyan Technology (300709) is involved in the liquid cooling business of the thermal management sector, with products including liquid cooling modules and plates, mainly targeting the server and energy storage markets.

It has already entered NVIDIA's supply chain and will fully benefit from the booming development of NVIDIA's next-generation AI processors.

Meitu's "Qixiang Large Model" can generate 1-minute videos.

The accelerated iteration of large models drives the demand for video materials.

It is reported that Meitu Company announced today that its "Qixiang Large Model" has completed a comprehensive upgrade in video generation capabilities, achieving improvements in video generation duration, picture quality, smoothness, realism, and credibility.

It is known that the single text-to-video and single image-to-video durations of Meitu's Qixiang Large Model have both reached 5 seconds, supporting the generation of ultra-long videos of 1 minute, 24FPS, and 1080P.

The upgraded video generation function will gradually cover products such as Meitu Xiuxiu, Beauty Camera, Wink, Kaipai, Meitu Design Studio, WHEE, MOKI, etc.

Since the emergence of various applications and models like Sora, text-to-video has become a direction actively explored by current tech giants and the industry.

With the accelerated iteration of large models for text-to-video, the video materials used for training are expected to become an incremental demand in the future, and the business of related companies is expected to be reevaluated.

Zhongguang Tianze (603721) provides video corpora for AI models, and the company has planned the organization of video corpora in content creation and production.

Tuosir (300229) has a compliant and secure multimodal corpus of Chinese, graphics, and videos, covering information, government affairs, finance, public opinion, patents, etc., which can be used for industry large model pre-training.

Smoothing the recycling chain opens up a "second mine" of resources.

On the 23rd, the National Development and Reform Commission held a special press conference, where Zhao Chenxin, a member of the Party group and deputy director of the National Development and Reform Commission, stated that the continuous advancement of the "two new" work will generate a large amount of waste materials in the future, which needs to be addressed through recycling and utilization.

The National Development and Reform Commission has always attached great importance to the recycling and utilization of waste materials, and recycling and utilization is an important part of the four major actions of the "two new".

Smoothing the recycling chain can not only effectively solve environmental pollution and other issues but also help us open up a "second mine" of resources.

Next, the National Development and Reform Commission will work with relevant parties to do a good job in recycling and utilization, accelerate the construction of a waste recycling system covering all fields and links, and continuously smooth the chain of resource recycling and utilization.

With the increase of residents' environmental awareness, coupled with the development of the circular economy and strong national policy support, the scale of the recycling and utilization industry of renewable resources continues to expand.

According to estimates by relevant institutions, the industry scale will reach 1.62 trillion yuan in 2023.

In the long term, with the introduction of China's "carbon peak" and "carbon neutrality" goals, the renewable resource industry under China's circular economy system is expected to enter a fast track of high-speed development.

Under the dual-carbon goal, high-carbon emission enterprises face greater pressure to reduce emissions, and the recycling of renewable resources can reduce carbon emissions during "mining raw materials and initial processing of raw materials".

In addition, after the establishment of the carbon trading system, enterprises are more willing to achieve permanent emission reduction through recycling and regeneration, energy saving and efficiency improvement, and energy substitution.

The main related concept stocks in the A-share market include Yingke Recycling (688087) and China Re Recycling (600217), etc.

AI server construction accelerates, promoting significant growth in liquid cooling solutions.

According to reports, according to the latest survey by TrendForce, as NVIDIA's Blackwell new platform is expected to ship in the fourth quarter of 2024, it will promote a significant increase in the penetration rate of liquid cooling solutions, from about 10% in 2024 to more than 20% in 2025.

With the global rise in ESG (environmental, social, and corporate governance) awareness, coupled with CSP (cloud service providers) accelerating the construction of AI servers, it is expected to help drive the cooling solution from air cooling to liquid cooling.

The main related concept stocks in the A-share market include Tongfei Shares (300990) and Invictus (002837), etc.

Significant investment in Baolite: Plans to invest 1 billion yuan to build a special powder material production line project for additive manufacturing.

Baolite (688333) announced on the evening of September 23 that the company plans to set up a wholly-owned subsidiary to invest 1 billion yuan to build a special powder material production line project for additive manufacturing.

Based on the construction of the large-scale intelligent production base of metal additive manufacturing, it further expands the raw material powder capacity.

The original planned capacity of the metal 3D printing raw material was 800 tons/year, and it is expected to increase to 3000 tons/year after this investment to meet the rapidly increasing market demand of the additive manufacturing industry, enhance the industrialization capability of the entire industry chain of metal additive products, and build a base for the industrialization of Baolite's metal additive manufacturing powder raw materials.

In addition, according to the original fundraising plan, the investment in the raw material production line and civil construction of the fundraising project is about 300 million yuan, so about 300 million yuan of the proposed investment of 1 billion yuan will be used for the raised funds.

The company announced the same day that one of the actual controllers, Chairman and General Manager Xue Lei, proposed that the company repurchase shares with 20 million to 30 million yuan, and all the repurchased shares will be used to maintain the company's value and the rights and interests of shareholders.

Wanrun New Energy: Plans to invest $168 million to build Wanrun New Energy's U.S. new energy cathode material and its industrialization R&D center project.

Wanrun New Energy (688275) announced on the evening of September 23 that the company's wholly-owned subsidiary Wanrun New Materials, through its wholly-owned grandchild company Wanrun Group Corporation established in Delaware, USA, and through Wanrun New Energy Technology (USA) Limited, finally established Wrestore Technology LLC (Rui Shi Da Technology Limited Liability Company) (referred to as "project company") in South Carolina, USA, to carry out the "Wanrun New Energy's U.S. new energy cathode material and its industrialization R&D center project".

The total planned construction of the project is to produce 50,000 tons of lithium iron phosphate per year, carried out in phases, with the first phase planning to build a capacity of 9,000 tons/year of lithium iron phosphate; the total investment amount of the project is $168 million.

Runben Shares: Plans to invest 700 million yuan to build the "Runben Intelligent Smart Future Factory Project".

Runben Shares (603193) announced on the evening of September 23 that the company plans to invest 700 million yuan with its own or self-raised funds to build the "Runben Intelligent Smart Future Factory Project".

The main content of this construction mainly includes office areas, R&D areas, living areas, production and manufacturing areas, and supporting projects in the park, which are used to carry out the research and development and production of personal care products, cosmetics manufacturing, medical devices, and pharmaceutical manufacturing products, etc.

; and agreed to authorize the company's management to sign the "Regulatory Agreement on Input and Output of ZSCB-E3-3 Plot" (hereinafter referred to as "this Agreement") with the Guangzhou Huangpu District Bureau of Industry and Information Technology.

On the same day, the company signed this Agreement with the Guangzhou Huangpu District Bureau of Industry and Information Technology.

Enjie Shares: The controlling subsidiary plans to invest about 2 billion yuan to build a lithium battery separator film project in Malaysia.

Enjie Shares (002812) announced on the evening of September 23 that the company's controlling subsidiary Shanghai Enjie New Material Technology Co., Ltd. (referred to as "Shanghai Enjie") plans to set up a subsidiary in Malaysia to invest in the construction of a lithium battery separator film project, planning to build a capacity of about 1 billion square meters/year, with an estimated total investment of about 2 billion yuan, and the funds will be solved through the company's own funds and self-raised funds.

Significant bidding Haig Communication: The wholly-owned subsidiary jointly won the bid for the Guangzhou Municipal Road Pole Consolidation Pilot Project.

Haig Communication (002465) announced on the evening of September 23 that the company's wholly-owned subsidiary Guangdong Haig Yichuang Technology Co., Ltd. (referred to as "Haig Yichuang") and Guangzhou Municipal Engineering Design and Research Institute Co., Ltd. formed a consortium as the winning bidder for the total contract of the Guangzhou Municipal Road Pole Consolidation Pilot Project (design, construction, equipment procurement, and installation), with a total contract amount of 169 million yuan, of which Haig Yichuang's contract amount is 161 million yuan.

Shengshi Technology: Pre-won a project of 107 million yuan.

Shengshi Technology (002990) announced on the evening of September 23 that recently, the company participated in the bidding for the Hohhot New Airport Port Customs Clearance Facilities and Equipment Construction Project (second section: border inspection), and the Inner Mongolia Autonomous Region Public Resources Trading Network announced the winning candidate of the above project, with the company as the first winning candidate, with a total bid of 107 million yuan.

If the company signs a formal project contract and implements it smoothly, it will have a positive impact on the company's future operating performance.Here is the translation of the provided content into English: **Tianchen Shares: Wholly-owned Subsidiary Wins Bid for Minning Green Power Town Yiyang Green Storage 100MW/200MWh Shared Energy Storage Power Station Project** Tianchen Shares (600620) announced on the evening of September 23rd that its wholly-owned subsidiary, Tianchen Energy Technology, recently received a bid-winning notice from Ningxia Yiyang Green Storage Comprehensive Energy Service Co., Ltd.

The energy storage system integration tender documents submitted by Tianchen Energy Technology for the Minning Green Power Town Yiyang Green Storage 100MW/200MWh Shared Energy Storage Power Station Project have been accepted, and Tianchen Energy Technology has been determined as the winning bidder with a bid amount of 124 million yuan.

**Hualing Cable: Recently Won Contracts in the Mining Field with a Contract Value of Approximately 340 Million Yuan** Hualing Cable (001208) announced on the evening of September 23rd that the company has recently won contracts in the mining field with a contract value of approximately 340 million yuan, accounting for 9.79% of the audited business income in 2023.

**Shuda Equipment: Signed a General Purchase Framework Contract for Materials and Services with Longshun Engineering** Shuda Equipment (300540) announced on the evening of September 23rd that the company has signed a "General Purchase Framework Contract for Materials and Services" with Guangdong Longshun Engineering Co., Ltd. (referred to as "Longshun Engineering").

Both parties have unanimously agreed that the company will become the general supplier of materials, equipment, work, and services for Longshun Engineering's natural gas liquefaction project, with the final actual contract total amount not expected to exceed 1.5 billion yuan.

**Shareholder Increases and Decreases:** **WeiYe Shares: Zhongying Ji Plans to Reduce Holdings by No More Than 1% of the Company's Shares** WeiYe Shares (300621) announced on the evening of September 23rd that the shareholder Yunnan Zhongying Ji Enterprise Management Center (Limited Partnership) (referred to as "Zhongying Ji"), holding 7.35% of the shares, plans to reduce the company's shares by no more than 2.08 million shares (no more than 1% of the total number of company shares) through a centralized bidding method within three months after 15 trading days.

**Founder Technology: Founder Digital Plans to Reduce Holdings by No More Than 0.65% of the Company's Shares** Founder Technology (600601) announced on the evening of September 23rd that the shareholder Beijing Founder Digital Co., Ltd., holding 0.65% of the shares, plans to reduce its holdings by no more than 27.2547 million shares of the company through a block trade method, with the reduction ratio not exceeding 0.65% of the company's total share capital.

**Huibo Yuntong: Shareholders Plan to Reduce Holdings by No More Than 1.65% of the Company's Shares** Huibo Yuntong (301316) announced on the evening of September 23rd that the shareholder Ningbo Heyi Tongda Venture Investment Partnership (Limited Partnership), holding 6.53% of the shares, plans to reduce the company's shares by no more than 4 million shares (accounting for 1.00% of the company's total share capital) through a centralized bidding and/or block trade method within three months after 15 trading days; Shareholders Youcai Huiyin and its concerted action persons Hangzhou Qianyou, Beijing Youcai, and Yi Peng Youcai plan to reduce the company's shares by a total of no more than 2.6 million shares (accounting for 0.65% of the company's total share capital) through a centralized bidding and/or block trade method within three months after 15 trading days.

**Xiao Song Shares: The Controlling Shareholder Plans to Passively Reduce Holdings by 1% of the Company's Shares** Xiao Song Shares (002723) announced on the evening of September 23rd that the controlling shareholder Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. (referred to as "Huaxin Chuangli") is being forced to execute by the Intermediate People's Court of Shenzhen City, Guangdong Province, due to its debt default with Xiamen International Trust Co., Ltd.

The Shenzhen Intermediate Court will devalue (accounting for 1% of the company's total share capital) the 3.18 million shares held by Huaxin Chuangli through a centralized bidding transaction method, and the reduction period will start 15 trading days after the disclosure of this announcement (i.e., October 22, 2024), and will be forcibly sold before November 11, 2024.

**Shareholder Buyback:** **Chihong Zinc & Germanium: Plans to Repurchase 145 Million to 290 Million Yuan of Company Shares** Chihong Zinc & Germanium announced that the company plans to repurchase shares with an amount of 145 million to 290 million yuan, all of which will be canceled and the company's registered capital will be reduced.

The repurchase price does not exceed 5.7 yuan per share (inclusive).

**Maiwei Shares: Chairman Proposes to Repurchase 50 Million to 100 Million Yuan of Shares** Maiwei Shares announced that one of the actual controllers of the company and the chairman, Zhou Jian, proposes that the company use its own funds of 50 million to 100 million yuan to repurchase shares to maintain the company's value and the rights and interests of shareholders.

The upper limit of the repurchase share price is not higher than 150% of the average transaction price of the company's stock in the 30 trading days before the board of directors approved the repurchase plan resolution.

**Plum Blossom Bio: Plans to Repurchase 300 Million to 500 Million Yuan of Shares** Plum Blossom Bio announced that the company plans to repurchase shares with an amount of 300 million to 500 million yuan for cancellation and reduction of registered capital.

The repurchase share price does not exceed 12 yuan per share.

**Rifeng Shares: Plans to Repurchase 30 Million to 45 Million Yuan of Shares** Rifeng Shares (002953) announced on the evening of September 23rd that the company plans to repurchase shares with an amount of 30 million to 45 million yuan for employee stock ownership plans or equity incentives.

The repurchase price does not exceed 11.1 yuan per share.

**Industrial Fulian: Plans to Repurchase 200 Million to 300 Million Yuan of Shares for Cancellation to Reduce Company Registered Capital** Industrial Fulian (601138) announced on the evening of September 23rd that the company plans to repurchase shares with an amount of 200 million to 300 million yuan for cancellation to reduce the company's registered capital, and the repurchase price does not exceed 40.33 yuan per share.

**Hengji Daxin: Plans to Repurchase 7.5 Million to 15 Million Yuan of Shares** Hengji Daxin (002492) announced on the evening of September 23rd that the company plans to repurchase shares with an amount of 7.5 million to 15 million yuan, which is necessary to maintain the company's value and the rights and interests of shareholders, and the repurchased shares will be used for sale in the future.

The repurchase share price does not exceed 6.20 yuan per share.

**Optech: Plans to Repurchase 30 Million to 60 Million Yuan of Company Shares** Optech (688686) announced on the evening of September 23rd that the company plans to repurchase shares with an amount of 30 million to 60 million yuan for employee stock ownership plans or equity incentives, and the repurchase price does not exceed 80 yuan per share (inclusive).

**Important Announcements:** **Guotai Junan: The Restructuring Still Needs to Go Through Necessary Internal Decision-making Procedures, and the Stock Will Continue to Be Suspended** Guotai Junan announced that the company is planning a major asset restructuring through the absorption and merger of Haitong Securities by exchanging shares.

The company has been suspended since September 6, 2024, and it is expected that the suspension time will not exceed 25 trading days.

The restructuring plan needs to be further signed by the transaction documents and approved by the relevant regulatory authorities before it can be implemented, and there is uncertainty.

During the suspension period, the company will actively promote the restructuring work, fulfill the obligation of information disclosure according to regulations, and apply for resumption after the relevant matters are determined.

**Haitong Securities: Continues to Suspend Trading to Promote the Absorption and Merger of Guotai Junan by Share Exchange** Haitong Securities announced that the company and Guotai Junan are planning to absorb and merge Haitong Securities by exchanging shares through the issuance of A shares to all A-share shareholders of the company and the issuance of H shares to all H-share shareholders of the company, and to issue A shares to raise supporting funds.

The company's stock will continue to be suspended, actively promote various work, and fulfill the obligation of information disclosure according to the progress of the restructuring.

**Shuangcheng Pharmaceutical: There is Uncertainty Whether the Major Asset Restructuring Can Be Successfully Implemented in the End** Shuangcheng Pharmaceutical issued an announcement of abnormal fluctuation in stock trading, and the company is planning a major asset restructuring.

The company plans to purchase 100% of the shares of Aola Shares by issuing shares and paying cash, and plans to issue shares to no more than 35 specific investors to raise supporting funds.

As of the date of this announcement, the audit and evaluation work of this transaction have not been completed, and the specific transaction price of this transaction has not been determined.

The restructuring matters still need to go through the necessary internal decision-making procedures and need to be approved by the competent regulatory authorities before they can be officially implemented, and there is uncertainty about whether they can be successfully implemented in the end.

**Haili Shares: The Business Scale of the Lithography Machine Cooling System Business of the Controlled Subsidiary is Small** Haili Shares issued an announcement of abnormal fluctuation in stock trading.

The company's main business is engaged in the research and development, production, and sales of refrigeration rotor-type compressors, refrigeration motors, and castings, as well as the research and development, production, and sales of automotive thermal management systems and key component products, mainly used in home air conditioners, automobiles, etc.

The company's controlled subsidiary, Haili Te Leng, is a company dedicated to the research and development and production of industrial equipment cooling systems, and its income mainly comes from fields such as high-temperature air conditioners in the metallurgical industry.

Haili Te Leng has sales of lithography machine cooling systems, and the business scale is small, with the annual sales volume accounting for less than 0.003% of Haili Shares' annual business income in the past three years.

**Baobian Electric: The Company's Stock Price Has Increased Significantly in the Short Term, and There May Be a Risk of Stock Price Speculation** Baobian Electric issued an announcement of serious abnormal fluctuation in stock trading and risk warning.

The company's stock price has increased by 175.45% since September, and the turnover rate has reached 126.74%.

As of the closing on September 23, the company's stock closing price-to-earnings ratio is -156.98, and the price-to-book ratio is 42.59, which is far higher than the industry's price-to-book ratio of 2.17.

The company's stock has increased significantly in the short term, the turnover rate fluctuates greatly, and the price-to-book ratio is high, which may pose a risk of stock price speculation.

Investors are advised to pay attention to investment risks and invest rationally.

**Hainengda: There is Uncertainty in the Progress of Expanding into New Markets** Hainengda issued an announcement of abnormal movement, and the company is a global leader in providing special communication equipment and solutions.

Adhering to the corporate mission of making the world more efficient and safer, the company has more than 90 branches worldwide, and its sales and service network covers more than 120 countries and regions.

In recent years, the company has continued to strengthen its business layout in emerging market countries and the "Belt and Road" region, such as the Middle East, South Asia, Latin America, and Africa.

In the first half of the year, facing business opportunities in the Middle East, the company further increased its market layout and overseas brand promotion in the region to promote business expansion in the Middle East.

The company also reminds investors that there is uncertainty in the progress of expanding into new markets, and the impact on the company's performance remains to be observed.

**Nantian Information: The Company is Planning to Issue A Shares to Specific Objects** This translation is for reference only and may not cover all the details.Nantian Information Issues an Announcement on Unusual Movements, stating that the company's recent production and operation are normal, and there have been no significant changes in the internal and external business environment.

Currently, the company is planning to issue A-shares to specific objects, with a proposed total fundraising amount not exceeding RMB 650 million, of which Yunnan Industrial Investment Holding Group Co., Ltd. intends to subscribe to RMB 200 million.

The relevant plan has not been finally determined, and there is still uncertainty about this matter.

Zhuolang Technology: The company has no revenue related to cybersecurity and Huawei's folding screen.

Zhuolang Technology issues an announcement on unusual movements, noting that the concepts of "cybersecurity" and "Huawei folding screen" have recently attracted significant market attention.

After verification and self-inspection by the company, it has been confirmed that there is no revenue related to cybersecurity and Huawei's folding screen.

In the first half of 2024, the company's information system integration revenue accounted for 83.03% of the total revenue, internet data center construction and hosting revenue accounted for 12.01%, software development and cloud service revenue accounted for 0.18%, and other businesses accounted for 4.78% of the total revenue.

Guangdong Rongtai: The company still has restricted intangible assets, investment properties, and construction in progress with a total book value of approximately RMB 179 million.

Guangdong Rongtai issues a risk warning announcement stating that as of August 23, 2024, the company still has restricted intangible assets, investment properties, and construction in progress with a total book value of approximately RMB 179 million.

The company's current operating conditions are normal, and there have been no significant changes in the main business.

Datang Telecom: The company's stock may face the risk of a decline after a significant short-term increase.

Datang Telecom (600198) issued a stock trading risk warning announcement on the evening of September 23.

As of the date of the announcement, the company's production and operation are normal, and there have been no significant changes in the external environment.

There have been no major adjustments in the market environment or industry policies, no significant fluctuations in production costs and sales, and the internal production and operation order is normal.

The company's stock has closed at the daily limit price for five consecutive trading days from September 13, 18, 19, 20, and 23, with a significant short-term increase, and there may be a risk of a decline after a significant short-term increase in the future.

Shirong Zhaoye: The results of the acquisition offer by Anju Company are announced, and trading will resume on September 24.

Shirong Zhaoye (002016) announced on the evening of September 23 that as of September 13, the acquisition offer period of Zhuhai Dahengqin Anju Investment Co., Ltd. (referred to as "Anju Company") has expired, with an offer price of RMB 6.19 per share.

During the offer period, a total of 497 accounts, with a total of 75,082,700 shares, accepted the offer made by the offeror.

After the completion of this acquisition offer, the company's equity distribution complies with the listing conditions, and the listing status is not affected.

The results of the acquisition offer have been confirmed, and the company's stock will resume trading on September 24.

Yonghui Supermarket: Shareholders plan to transfer 29.40% of the company's shares to the controlling company of Miniso.

The largest shareholder will change to Juncai International.

Yonghui Supermarket (601933) announced on the evening of September 23 that shareholders Milk Limited, Beijing JD Century Trading Co., Ltd., and Suqian Hanbang Investment Management Co., Ltd. plan to transfer 21.08%, 4.05%, and 4.27% of Yonghui Supermarket's shares to Juncai International through an agreement transfer, totaling 29.4%.

After the completion of this transaction, the company's largest shareholder will change to Juncai International, holding a total of 29.4% of the company's shares.

Juncai International and its controlling party Miniso will join hands with Yonghui Supermarket to transform towards a quality retail model.

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