A-share evening hotspots | CSRC strikes hard! Fines on individual investors exceed 1 billion yuan

1. CSRC strikes hard! Punishing speculators over 10 billion yuan Importance: Recently, the CSRC has been conducting continuous strict inspections in the field of private equity funds to crack down on illegal fundraising, misappropriation, self-financing, and the transfer of interests that violate the "bottom line" and "red line" of private equity fund regulation, seriously holding accountable the illegal entities. Recently, the CSRC announced an administrative penalty decision against Yu Han for market manipulation, with a total penalty exceeding 10 billion yuan. In addition, the CSRC imposed administrative penalties on Zhejiang Ruifengda Asset Management Co., Ltd., related private fund institutions, and the actual controller Sun Wei and other responsible personnel for illegal activities, with a total penalty exceeding 28 million yuan. Five responsible persons were fined over 13 million yuan, and Ruifengda's actual controller was subjected to a lifetime ban from the securities market. 2. Officially bidding farewell to the era of "style drift"! New rules for public fund performance benchmarks officially implemented Importance: Recently, the China Securities Regulatory Commission officially released the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds," and the Fund Industry Association simultaneously issued the "Operating Rules for Performance Benchmarking of Publicly Offered Securities Investment Funds," directly targeting the long-standing issues of style drift and benchmark priority in the industry. The core idea of this new regulation is to completely reverse the situation where benchmarks are sidelined, making them truly the "baton" for investment management and the "ruler" for investor judgment. More importantly, the new rules once again emphasize that the future compensation of fund managers will be directly linked to outperforming the benchmark, rather than short-term market rankings. 3. Huang Renxun to participate in NVIDIA's New Year's Eve party in China for the first time in 2026, no mention of the H200 topic Importance: On January 23, sources revealed that Huang Renxun visited NVIDIA's new office in Shanghai on his visit to China, met with employees, and answered many employee questions while reviewing the company's major events in 2025. "Several questions focused mainly on the topics related to key chips in 2026," one source said, "no one asked about (H200)." It is understood that Huang Renxun's visit to China this time is similar to the one in early 2025, mainly attending New Year's Eve parties in Shanghai, Beijing, and Shenzhen branch offices, as well as supplier appreciation events. 4. CSRC further expands the range of open futures market varieties Importance: According to the CSRC website, recently, in accordance with the "Interim Measures for the Management of Overseas Traders and Overseas Brokerage Institutions Engaging in Domestic Specific Variety Futures Trading" (CSRC Order No.116), the CSRC has designated 14 futures and options varieties as specific varieties. These include: Shanghai Futures Exchange's nickel futures, nickel options; Zhengzhou Commodity Exchange's paraxylene futures, bottle-flakes futures, short fiber futures, pure terephthalic acid options, paraxylene options, bottle-flakes options, short fiber options; Guangzhou Futures Exchange's lithium carbonate futures, and others. 5. Shenzhen adjusts the minimum down payment ratio for commercial property loans to no less than 30% According to the Shenzhen Special Zone Daily, the People's Bank of China Shenzhen Branch and the Shenzhen Housing and Urban-Rural Development Bureau announced that, based on Shenzhen's government regulatory requirements and the principle of city-specific policies, the policy for purchasing commercial property (including "mixed-use commercial housing") loans has been adjusted with a minimum down payment ratio of no less than 30%. 6. Ministry of Foreign Affairs responds to U.S. President Trump's statement of visiting China in April On January 22, the Singapore Strait Times and other media reported that on January 22, while on Air Force One, U.S. President Trump stated that he will visit China in April. At the regular press conference of the Ministry of Foreign Affairs held on January 23, spokesperson Guo Jiakun stated that the stable development of China-U.S. relations is in the interest of both peoples and is also the common expectation of the international community. Presidential diplomacy plays an irreplaceable leading role in China-U.S. relations. 7. Guotou Silver LOF experiences a "roller coaster" market at the close, how to view the future? On January 23, Guotou Silver LOF (161226) experienced a rapid drop at the close, dropping over 8% after initially rising over 7% at the opening, and then quickly rebounding, resulting in a "roller coaster" market within 10 minutes. Analysts believe that the speculative frenzy has become the main driving force for the recent rise in silver prices, but this may not be sustainable. From a fundamental perspective, the magnitude of this recent uptrend is difficult to explain. 8. Will the FSD system that requires driver supervision be approved in China next month? Insider: The news is not true The Securities Times quoted foreign media reports that on January 22, Tesla CEO Elon Musk revealed at the World Economic Forum in Davos, Switzerland that the Tesla Full Self-Driving (FSD) system, which requires driver supervision, is expected to be approved in China as early as next month and could be close to the approval time in Europe. However, a relevant person in charge of Tesla China responded by saying, "There is no information available on this." The person in charge also stated that the promotion of Tesla's FSD in the Chinese market is ongoing, and there are currently no new developments to disclose. 9. Rumors of tightening listing requirements for Hong Kong IPOs are not true, no changes to overseas listing policies The First Finance Journalist learned on the 23rd that the news of the "CSRC tightening listing requirements for mainland companies to go public in Hong Kong with a 300 billion market value threshold" is not true, and there have been no changes to current overseas listing policies. From the market's perspective on investment opportunities, it is observed that solar energy and other sectors are gaining attention. 1. Solar panel manufacturers keep breaking new price highs After the cancellation of export tax rebates, domestic component companies have seen increased demand, although currently foreign orders are limited, the clear increase in shipments in the interim period is causing component company prices to rise. In the past two weeks, the mainstream transaction price for TOPCon in China has risen by about 0.1 yuan/watt, and the guiding price of leading domestic component companies is still continuing to rise. Huaxi pointed out that space solar energy refers to using CECEP Solar Energy technology to obtain and supply energy in outer space environments such as space orbits, the moon, etc., and transmit electricity wirelessly to the ground or supply power to facilities such as satellites, space stations, space data centers, etc. It has become a strategic cutting-edge solution for commercial spaceflight and high-end applications (such as space computing power, data centers, future lunar bases, etc.), and space solar power is reaching a turning point. In addition, the following sectors are also worth paying attention to: 2. Lithium|Lithium carbonate futures main contract breaks through the 18,000 yuan/ton mark. 3. GPU|Amazon Cloud Technology raises GPU capacity block prices by 15%. 4. Gas|European natural gas prices rise by over 40% this year. 5. Autonomous driving|Guangzhou EA and Didi autonomous driving cooperate to deliver the Robotaxi R2 model. In terms of announcements that are mostly positive, it is advised to pay attention to NYOCOR's announcement of a share buyback plan; regarding more negative announcements, take note of Anji Foodstuff facing a shareholder reducing holdings, etc. Slightly Positive Announcements 1. NYOCOR: Plans to repurchase company shares worth 5 to 6 billion yuan 2. Shenzhen SEICHI Technologies: Signs a 13.11 billion yuan semiconductor test equipment sales contract 3. Hefei Metalforming Intelligent Manufacturing: Wins bid for the purchase of stainless steel shielding blocks for fusion new energy, with a bid price of 36.81 million yuan 4. Zhejiang Yonggui Electric Equipment: Subsidiaries recently signed goods purchase contracts, with a contract amount of 119.125 million yuan 5. Zijin Mining Group: The Julong Copper Mine Phase II project is completed and put into operation, increasing copper production to about 300,000 to 350,000 tons per year Slightly Negative Announcements 1. Anji Foodstuff: Controlling shareholder Lin Xiaofang plans to reduce holdings by no more than 3% 2. Zhengzhou Coal Industry & Electric Power: Superchemical coal mine resources are on the brink of depletion, stopping production 3. Guangdong Guanhao High-tech: Due to overcapacity and increased competition, subsidiaries are planning to shut down certain production lines 4. Inner Mongolia OJing Science & Technology: Subsidiaries Tianjin Ouchuan and Yixing Ouqing have stopped production on some assembly lines, expected to affect over 10% of the company's 2025 performance 5. Eastern Pioneer Driving School: Xu Xiong, the actual controller, was convicted of market manipulation and sentenced to six years and six months in prison and fined 170 million yuan by final judgment Performance Forecast/Report 1. China Merchants Bank performance report: Net profit for 2025 is 150.181 billion yuan, a year-on-year increase of 1.21% 2. Thinkon Semiconductor Jinzhou Corp.: Expected net profit for 2025 is 90 million to 110 million yuan, a year-on-year increase of 118.71% to 167.31% 3. Shannon Semiconductor Technology: Expected net profit for 2025 is 480 million to 620 million yuan, a year-on-year increase of 81.77% to 134.78% 4. Guangzhou Haozhi Industrial: Expected net profit for 2025 is 128 million to 165 million yuan, a year-on-year increase of 54.40% to 99.03% 5. Advanced Micro-Fabrication Equipment Inc. China: Expected net profit for 2025 is 2.08 billion to 2.18 billion yuan, a year-on-year increase of approximately 28.74% to 34.93% 6. Verisilicon Microelectronics (Shanghai) Co., Ltd.: Expected net loss for 2025 is 449 million yuan, narrowing the loss 7. Zhejiang Sanfer Electric: Expected net loss for 2025 is 43 million to 62 million yuan, the company's stock may be subject to delisting risk warning 8. Dosilicon Co., Ltd.: Expected net loss for 2025 is 174 million to 214 million yuan This article is reprinted from "Tencent Self Select Stocks", GMTEight edit: Li Fo.