中色股份分析师会议 调研日期：2025年09月26日 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 调研行业：有色金属 参与调研的机构：中信证券、华夏基金、中信资管、华夏未来资 本、招商信诺等 / 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START ...

宇邦新材分析师会议 调研日期：2025年09月26日 调研行业：有色金属 参与调研的机构：中信证券、杭银理财、合晟资产、兴全基金、 兴业证券等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START S ...

1. Reported Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The company aims to build a three - dimensional growth pattern of "intensive cultivation in the existing market, breakthrough in emerging markets, and leadership in material revolution" through the differentiated development of three business segments: mechanical fans, household air - conditioner blades, and composite materials [23] - The company is actively promoting the Fan Modularization 3.0 strategy, increasing R & D investment, and extending vertically in the industrial chain [23] - The company is developing joint modules, with 5 models in the small - batch verification stage, and plans to apply them in specific scenarios by the end of this year [26] - The company will adhere to a steady development strategy and pay attention to high - quality targets in new materials and high - end advanced manufacturing fields for potential mergers and acquisitions [27] 3. Summary According to the Directory 3.1. 01 - Research Basic Information - The research object is Langdi Group, belonging to the household appliance industry. The reception time was September 26, 2025. The listed company's reception staff included Director, Deputy General Manager, and Board Secretary Chen Haibo, and Securities Affairs Representative Ma Jinxia [17] 3.2. 02 - Detailed Research Institutions - The research institutions included Guoxin Securities (a securities company with relevant personnel Wang Zhaokang) and Hua'an Fund (a fund management company with relevant personnel Xiao Geyan) [18] 3.3. 03 - Proportion of Research Institutions - No relevant content provided 3.4. 04 - Main Content Data 3.4.1. Main Business - related - The company's traditional main business development direction is to build a three - dimensional growth pattern through the differentiated development of three business segments [23] - In the context of the base pressure of domestic - sales air - conditioners, the mechanical fan segment should be refined, broadened, and strengthened; the household air - conditioner blade segment should be refined and deepened; the composite material segment should be refined, innovated, and made high - end [23] - The company's bargaining power is limited due to high customer concentration, and air - conditioner price competition may indirectly affect product sales prices [23] - Permanent - magnet brushless motors and fan units have achieved mass supply in communication base stations and heat pumps, and are in the early stage of technical communication in emerging fields such as data center cooling, liquid - cooling systems, and energy - storage cooling [23][24] - The company is in the early stage of technical communication in the AIDC liquid - cooling field and has not achieved mass production [25] - Fan modularization is mainly applied in fields such as HVAC, fresh - air systems, base - station air - conditioners, and heat - pump air - conditioners [25] - The company's competitive advantages in the commercial field lie in key technologies and a complete electromechanical system self - development ability, and there are synergies between the mechanical fan segment and the household air - conditioner blade segment [25] - The company's composite materials are mainly applied in the automotive, household appliance, electronic and electrical, and building materials fields, and their profitability is affected by multiple factors [25] - The company plans to invest 110 million yuan in a Thai production base with a designed annual capacity of 12.7 million air - conditioner blades. The construction is in progress, and it is expected to be completed in two years [25][26] 3.4.2. Joint Modules - The company has developed 5 models of joint motor modules, which are in the small - batch verification stage. It plans to apply them in specific scenarios by the end of this year and connect with relevant robot enterprises [26] - The company's competitiveness in the joint module field lies in motor technology accumulation, intelligent control algorithms, and product R & D and design [27] - The company aims to reduce costs through supply - chain digitization, production - process lean management, and independent R & D [27] - The company is communicating with potential customers in the robot field and will expand the application of joint modules in fields such as collaborative robots, humanoid robots, and automation equipment [27] - The company's subsidiary and Zhejiang University's Robot Research Institute jointly build a research center focusing on the testing and optimization of high - performance joint modules [27] 3.4.3. Future Planning - The company will adhere to a steady development strategy and pay attention to high - quality targets in new materials and high - end advanced manufacturing fields for potential mergers and acquisitions [27] - The company signed an investment intention agreement with Ningbo Jujia New Material Technology Co., Ltd. on June 30, 2025, and the two parties are in business negotiations [27]

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints - The company is the first in China to successfully put into production a TBS production device. TBS has excellent performance and a wide range of downstream applications, with good market prospects under the trend of industrial upgrading and import substitution [24][37]. - The company attaches great importance to the strategic value and development potential of cutting - edge technology fields such as synthetic biology. The Taizhou project (Phase I) is an extension of the company's product matrix and technology accumulation, aiming to enrich product categories [25][30][32]. - The company's R & D adopts a model of internal R & D combined with university cooperation. The existing R & D team is mainly composed of senior technical backbones with over 10 years of industry experience, which is in line with the current R & D needs of the company [27][28]. - The company's products are mainly high - molecular new material special monomers and special additives, which have the characteristics of small dosage, great effect, and high added value in the downstream high - molecular new material industry system [38]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Changqing Technology. The reception time was on September 26, 2025. The listed company's reception personnel included the chairman and general manager, the director and board secretary, the financial controller, and the independent director [17]. 3.2 Detailed Research Institutions - The research institutions mainly include investors and others [20]. 3.3 Research Institution Proportion No information provided in the document. 3.4 Main Content Information - **Product Application and Market**: TBS has been sent for sampling and sales in multiple industries and is expected to be applied in more industries. The company's products can be used in multiple fields of the big - health industry, such as high - end medical consumables, biomedicine, and food packaging [24][26]. - **Project Planning**: The Taizhou project (Phase I) is an extension of the company's product matrix and technology accumulation. The second - and third - phase plans will be scientifically demonstrated and decided based on the operation results of the first - phase project, market trends, and R & D progress [25][30][35]. - **New Product Promotion and Production Capacity**: Some new products of the company's fund - raising projects have been sent to customers for sampling or obtained orders, and the production capacity and benefits are gradually being released. The seventh - phase project is in the trial - production stage [27][31][41]. - **R & D and Technology**: The company's R & D adopts a combination of internal R & D and university cooperation. The company's unique technology path is difficult to be imitated by competitors, and the company attaches great importance to technology confidentiality [27][28][34]. - **Market and Sales**: The company's products are sold overseas, with an export proportion of about 35% during the reporting period, mainly to Europe, Japan, South Korea, Southeast Asia and other countries or regions [24][33][37]. - **Production Capacity and Performance**: The company's production capacity is in a stable and rising trend. The production capacity of the fund - raising project is gradually climbing. Regarding the third - quarter performance, please refer to the company's subsequent regular reports [41].

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The company is in the process of strategic transformation towards technology services, focusing on enhancing its influence in the capital market, promoting the development of new business sectors, and implementing measures to reverse losses [24][26]. 3. Summary According to the Directory 3.1. Research Basic Situation - Research object: Electronic City [17] - Industry: Real estate services [17] - Reception time: September 26, 2025 [17] - Reception personnel: Vice Chairman and President Zhang Yuwei, Vice President and Board Secretary Zhang Yi, Financial Controller Wu Di, Independent Director Zhang Yichi [17] 3.2. Detailed Research Institutions - Institutions: Investors participating in the company's online semi - annual performance briefing in 2025 [20] 3.3. Research Institution Proportion - No relevant content provided. 3.4. Main Content Data - **Quantum technology investment**: The company and its subsidiaries do not directly or indirectly hold equity in Bose Quantum. The company released a "2025 Valuation Enhancement Plan" in April 2025 to plan for market value management [24]. - **Results of technology transformation**: The company has built a technology service business system and model with its own characteristics. In technology industry services, it has created the Zhongguancun (Chaoyang) Industrial AI Industrial Park and completed the landing and system construction of professional R & D service projects. In information and digital services, it has enriched and expanded product solutions such as smart parks/factories and AI + industry applications [24][25]. - **Reasons for revenue and profit decline in H1 2025**: The company is in a business adjustment phase. The park real estate sector has no new projects under construction, and the inventory project sales pace has slowed down. The new technology service business revenue is 420 million yuan, but it cannot offset the performance gap caused by the real estate sector contraction [26]. - **Loss - reversing measures**: Accelerate the sales of inventory real estate to improve cash flow and reduce management costs. Promote the development of technology industry services and information and digital services to increase their revenue share and become a new profit growth engine [26]. - **Stock price fluctuation and asset restructuring**: Stock price fluctuations are affected by multiple factors. Currently, the company has no undisclosed major matters and focuses on strengthening its operating fundamentals [27]. - **Software sales and operation and maintenance service development plan**: Focus on the "space digitalization" scenario application, iterate smart park and factory solutions, and increase R & D in AI + industry applications to support digital upgrading [27][28].

/ 机构调研pro小程序 神工股份分析师会议 调研日期：2025年09月26日 调研行业：半导体 参与调研的机构：汇丰晋信基金、朴拙资本、烽火投资、重阳投 资、国泰海通证券等 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | STAR ...

/ 机构调研pro小程序 步长制药分析师会议 调研日期：2025年09月26日 调研行业：中药 参与调研的机构：投资者等 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | ...

沧州大化分析师会议 调研日期：2025年09月26日 调研行业：化学制品 参与调研的机构：投资者等 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新 ...

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company adheres to a differentiated business strategy, adapts to the changing business environment, and accumulates comparative advantages to drive high - quality development [23]. - The company focuses on the relationship between dividends and internal capital growth, and internal capital will create greater value for the company's development [24]. - The company will actively respond to the changing business environment, focus on key areas, and maintain its asset quality at a relatively good level in the industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Ningbo Bank [16] - Industry: Banking [16] - Reception time: September 23, 2025 [16] - Listed company reception personnel: The company's investor relations team [16] 3.2. Detailed Research Institutions | Detailed Research Institutions | Reception Object Type | Institution - Related Personnel | | --- | --- | --- | | Marshall Wace LLP | Others | Isabella Huang | | Aberdeen Asset Management PLC | Asset management company | Alec Jin | | Public Sector Pension Investment Board | Investment company | Grace Li | | Millennium Capital Management (Hong Kong) Limited | Asset management company | Sharon Li | | Millennium Capital Management Ltd. | Others | Jerry Lou | | Morgan Stanley Investment Management Inc | Asset management company | Jerry Peng | | Robeco Institutional Asset Management B.V. | Fund management company | Angela Qin | | North Rock Capital Management, LLC | Others | Hu Shen | [17] 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Advantages in industry competition**: The company adheres to a differentiated business strategy, deepens the main business line, strengthens professional operation, accelerates technological transformation, and guards the risk bottom - line [23]. - **Refinancing and internal growth**: The company coordinates the relationship between dividends and internal capital growth. Given the current regulatory requirements for refinancing, internal capital will create greater value for the company [24]. - **Outlook on future asset quality**: The company will actively respond to the changing business environment, focus on key areas, and use the "Four - modernization and Five - assistance" service system and improve the full - process credit risk management. The asset quality is expected to remain at a relatively good level in the industry [24][25]

Group 1: Research Basic Information - The research object is Lutian Machinery, belonging to the general equipment industry, and the reception time was on September 23, 2025. The listed company's reception staff included the chairman and general manager Luo Changguo, the financial controller Chen Yumu, the board secretary Luo Zhengyu, and the independent director Jia Bin [16] Group 2: Detailed Research Institutions - The reception object is all investors participating online in the 2025 semi - annual performance briefing of Lutian Machinery (605259), and the reception object type is other [19] Group 3: Main Content Market Potential - High - pressure cleaning machines have broad market prospects and will develop towards specialization, diversification, integration, and intelligence. Wireless high - pressure cleaning machines have great market growth potential [24] Product Information - The company has the production capacity of large - scale generator sets for data centers and will supply according to orders [24] - The "Chuang T5 household wireless lithium - battery high - pressure car washer" supports Hongmeng Smart Connect, and the company will continue to promote product innovation [25] - In 2024, the company added energy storage products, mainly self - developed battery packs and energy storage inverters, which have entered the mass - production stage [25] - The company's self - developed small construction machinery products include road cutters, rollers, rammers, floor trowels, and concrete vibrators, and will be sold in both domestic and overseas markets [25] - The pump heads of the company's high - pressure cleaning machines are self - developed and produced, with high efficiency, long life, and energy - saving features [25] Production Capacity - The annual production capacity of the company's general power machinery products is 800,000 units, and that of high - pressure cleaning machines is 2.6 million units. The current capacity utilization rate is high, and there are sufficient on - hand orders [25] Brand and Market Strategy - As the leading enterprise in the domestic cleaning machine industry, the company promotes globalization with a trinity strategy and aims to build a world - class brand. It also aims to increase market value through performance growth and brand influence [27] New Product Development - The company will increase R & D investment, develop high - value - added new products, and focus on projects that can quickly meet market demand [28] Factory Construction - The new project with an annual output of 1.4 million general power machinery products is expected to complete the main project construction in the second half of 2025 and gradually release production capacity. The company has maintained a high dividend level, with a cash dividend ratio of 130.68% in the last three fiscal years [28][30] Company Performance - In 2024, the company achieved an operating income of 2.249 billion yuan, a year - on - year increase of 38.29%, and a net profit attributable to shareholders of 186 million yuan, a year - on - year increase of 3.44% [31]