Group 1 - The core point of the news is that Ding Sheng New Materials has seen a stock price increase of 5.51%, reaching 17.04 CNY per share, with a trading volume of 224 million CNY and a turnover rate of 1.46%, resulting in a total market capitalization of 15.835 billion CNY [1] - Ding Sheng New Materials, established on August 12, 2003, and listed on April 18, 2018, is located in the Jingkou Economic Development Zone of Zhenjiang, Jiangsu Province, focusing on the research, production, and sales of aluminum foil products, which account for 85.57% of its main business revenue [1] - The company's revenue composition includes aluminum foil products (85.57%), aluminum plates and strips (12.80%), and other products (1.64%) [1] Group 2 - From the perspective of fund holdings, one fund under Western Benefit Fund has a significant position in Ding Sheng New Materials, with the Western Benefit Green Energy Mixed A Fund (015927) holding 62,400 shares, representing 1.73% of the fund's net value, making it the tenth largest holding [2] - The Western Benefit Green Energy Mixed A Fund, established on November 29, 2022, has a latest scale of 9.2409 million CNY, with a year-to-date return of 5.79% and a one-year return of 65.89%, ranking 744 out of 8123 in its category [2] - The fund manager, Wu Haijian, has been in position for 3 years and 284 days, with the fund's total asset scale at 10.9 million CNY, achieving the best return of 79.31% and the worst return of 0% during his tenure [2]

Core Viewpoint - Ding Sheng New Materials (603876) announced that as of the date of the announcement, the total external guarantees provided by the company and its subsidiaries amounted to approximately 2,769.85 million yuan, which represents 41.53% of the company's most recent audited net assets [1] Group 1 - The total external guarantee balance is approximately 2,769.85 million yuan [1] - The guarantees provided for subsidiaries account for the entire external guarantee balance [1] - There are no overdue external guarantees as of the announcement date [1]

每经AI快讯，鼎胜新材2月5日晚间发布公告称，截至本公告提交日，公司及子公司累计实际发生的对 外担保余额约为27.7亿元，其中，公司及子公司为子公司实际担保余额约为27.7亿元，占公司最近一期 经审计净资产的41.53%。 每经头条（nbdtoutiao）——仅老年独居者就数千万，谁能帮他们从容老去？意定监护在国内诞生已14 年，距全面落地还差"最后一公里" （记者 张明双） ...

证券代码：603876 证券简称：鼎胜新材 公告编号：2026-007 江苏鼎胜新能源材料股份有限公司 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 被担保人名称 | 本次担保金额 | | 实际为其提供的 担保余额（不含本 | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | --- | | | | | 次担保金额） | | 额度内 | 反担保 | | 杭州五星铝业有限 公司（以下简称"五 | 18,000.00 | 万元 | 90,891.06 | 万元 | 是 | 否 | | 星铝业"） | | | | | | | | 杭州鼎胜进出口有 | | | | | | | | 限公司（以下简称 | 5,000.00 | 万元 | 0.00 | 万元 | 是 | 否 | | "鼎胜进出口"） | | | | | | | | 杭州鼎福铝业有限 | | | | | | | | 公司（以下简称 | 2,000.00 ...

Group 1 - The core viewpoint of the news is that Dingsheng New Materials experienced a decline in stock price and trading volume, with significant financing activities indicating low investor confidence [1] - On February 2, Dingsheng New Materials' stock fell by 2.17%, with a trading volume of 825 million yuan, and a net financing purchase of 9.64 million yuan [1] - The company's financing balance is 213 million yuan, accounting for 1.37% of its market capitalization, which is below the 10th percentile level over the past year, indicating a low financing level [1] Group 2 - As of December 20, the number of shareholders for Dingsheng New Materials decreased by 16.89% to 42,800, while the average circulating shares per person increased by 20.33% to 21,711 shares [2] - For the period from January to September 2025, Dingsheng New Materials achieved a revenue of 19.604 billion yuan, representing a year-on-year growth of 11.29%, and a net profit attributable to shareholders of 307 million yuan, up 36.61% year-on-year [2] - The company has distributed a total of 949.7 million yuan in dividends since its A-share listing, with 720 million yuan distributed over the past three years [2]

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the lithium battery, sodium battery, wind power, and photovoltaic sectors, highlighting recent developments and future expectations in these industries. Lithium Battery Sector - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces likely to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing with multiple automotive companies for sodium batteries, with expectations for mass production in Q2 [1] - **Investment Focus**: The preferred investment hierarchy includes energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper, and aluminum foil (Nord and Dingsheng) [1] Sodium Battery Sector - **Lithium Carbonate Price Adjustment**: A new round of price increases for lithium carbonate is anticipated following adjustments, with strong downstream purchasing activity observed after recent price drops [2] - **Wind Power Sector Performance**: Recent performance forecasts for the wind power sector have largely fallen short of expectations due to a decline in Q4 shipments and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major engine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Photovoltaic Sector - **Space Photovoltaics**: The application by SpaceX to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high silver prices and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver industrialization [3] - **Investment Focus**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery materials (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] AIDC (Artificial Intelligence Data Center) Sector - **New Bidding Opportunities**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its focus to high-voltage direct current solutions and Nvidia tightening certification for liquid cooling [3] - **Production Increase**: The production capacity of Yingwei's QD is expected to increase by 20 times in Q1, indicating a strong alignment with Nvidia's ecosystem [3]

Industry and Company Summary Industry: Lithium Battery and Energy Storage Key Points - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces expected to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing for multiple automotive companies regarding sodium batteries, with expectations for mass shipments in Q2 [1] - **Investment Focus**: The preferred investment hierarchy is as follows: energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper and aluminum foils (Nord and Dingsheng) [1] Industry: Sodium Battery and Lithium Carbonate Key Points - **Lithium Carbonate Price Adjustment**: Following a price adjustment, there is a strong expectation for a new upward trend in lithium carbonate prices, with downstream procurement becoming more active after recent price drops [2] - **Wind Power Sector Performance**: The wind power sector has seen numerous earnings forecasts that fell short of expectations due to a decline in Q4 shipment volumes and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major turbine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Industry: Photovoltaics Key Points - **Space Photovoltaics**: SpaceX's application to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high price of silver and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver production sector [3] - **Investment Focus in Photovoltaics**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery and auxiliary material producers (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] Industry: AIDC (Artificial Intelligence Data Center) Key Points - **New Bidding Round**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its bidding focus to high-voltage direct current solutions [3] - **NVIDIA Certification**: NVIDIA's GB300 liquid cooling certification is tightening, which may lead future investments to focus on core components and ASIC overflow [3] - **Increased Production Capacity**: The production capacity of Yingweike's QD is expected to increase by 20 times in Q1, strengthening ties with the NVIDIA ecosystem [3]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - The top five sectors with the highest excess returns for long positions in January 2026 (excluding comprehensive) are Defense and Military, Communication, Agriculture, Home Appliances, and Electric Equipment & New Energy, with excess returns of 11.41%, 8.40%, 7.85%, 6.01%, and 4.98% respectively [2]. - Over the past year, the sectors with the highest average monthly excess returns (excluding comprehensive) are Real Estate, Home Appliances, Retail, Construction, and Defense and Military, with excess returns of 2.17%, 2.09%, 1.69%, 1.69%, and 1.58% respectively [2]. - The GAN_GRU factor has shown a mean Information Coefficient (IC) of 0.1107 and an annualized excess return of 22.36% from January 2019 to January 2026 [41]. - As of January 28, 2026, the latest IC for the GAN_GRU factor is 0.0003, with a one-year mean IC of 0.0553 [41]. - The top five sectors based on the recent IC performance of the GAN_GRU factor are Defense and Military, Construction, Real Estate, Banking, and Communication, with IC values of 0.3498, 0.2478, 0.2165, 0.1993, and 0.1976 respectively [41]. - The long position combination based on the GAN_GRU factor has shown the highest excess returns in the sectors of Defense and Military, Communication, Agriculture, Home Appliances, and Electric Equipment & New Energy [45]. Summary by Sections GAN_GRU Model Overview - The GAN_GRU model utilizes Generative Adversarial Networks (GAN) for processing time-series features and GRU for encoding these features into stock selection factors [4][13]. GAN_GRU Factor Performance - The GAN_GRU factor has demonstrated significant performance metrics, including a mean IC of 0.1107 and an annualized excess return of 22.36% [41]. - The recent IC rankings for various sectors indicate strong performance in Defense and Military, Construction, and Real Estate [41][45]. Long Position Combinations - The report lists the top ten stocks selected based on the GAN_GRU factor, including companies like Xinhua Insurance, Guanghong Technology, and Guangdong Expressway [50].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Ningde Times, China Railway, and Shanghai Jahwa, reflecting strong market confidence in these sectors [1][2]. Group 2 - On January 29, the companies with the highest target price increases were Ningde Times (75.79%), China Railway (53.99%), and Shanghai Jahwa (52.17%), indicating significant bullish sentiment in the battery, infrastructure, and cosmetics industries respectively [1][2]. - A total of 27 listed companies received broker recommendations on January 29, with Qingdao Bank receiving the most recommendations at 5, followed by Mingyang Smart Energy and Ruoyuchen with 2 each [1][3]. - Three companies had their ratings upgraded on January 29, including TBEA, which was upgraded from "Hold" to "Buy" by Huatai Securities, reflecting improved outlooks for these firms [4][6]. - Five companies received initial coverage on January 29, with Qingdao Bank rated "Recommended" by Guolian Minsheng Securities, indicating new interest from analysts in these stocks [6][7].

Summary of Key Points Core Viewpoint - Several companies are experiencing significant shareholder reductions, indicating potential shifts in ownership and market sentiment [1]. Shareholder Reductions - Guangpu Co., Ltd.'s actual controller Lin Wenkun plans to reduce his stake by no more than 3% [1] - Mingyang Electric's director and president Guo Xianqing intends to reduce his stake by no more than 1.15% [1] - Zhonglai Co., Ltd.'s general manager Lin Jianwei plans to reduce his stake by no more than 3% [1] - Lianjian Technology's shareholder Yu Ronghan intends to reduce his stake by no more than 1% [1] - Yandong Micro's shareholder Yizhuang Guotou plans to reduce his stake by no more than 1% [1] - Naxin Micro's shareholder Huiyue Growth intends to reduce his stake by no more than 1.39% [1] - Kang En Bei's shareholder Kang En Bei Group plans to reduce no more than 25.36 million shares [1] - Dingsheng New Materials' shareholders Purun Square and Purun Square No. 1 plan to collectively reduce their stake by no more than 3% [1] - Debang Technology's shareholder Zhoushan Tai Zhong intends to reduce his stake by no more than 2.84 million shares [1] - Shanghai Construction's shareholder Guosheng Group plans to reduce his stake by no more than 3% [1] - Shikong Technology's shareholder Yang Yaohua intends to reduce his stake by no more than 3% [1] - Hebang Biological plans to reduce no more than 2% of its repurchased shares [1] - Wanlang Pobo's controlling shareholder Shiqian Zhong plans to reduce his stake by 1.61% [1] Other Notable Events - *ST Chuntian's stock may be delisted [1] - *ST Taihe's stock may also be delisted [1]