Core Viewpoint - The A-share market showed a decline with the Shanghai Composite Index closing at 3878.00 points, down 0.51% and below the five-day moving average, with a total trading volume of 168.36 billion yuan [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3878.00 points, reflecting a decrease of 0.51% [1]. - The total trading volume in the A-share market reached 168.36 billion yuan [1]. Group 2: Stocks Breaking the Five-Day Moving Average - A total of 233 A-shares broke above the five-day moving average today [1]. - Notable stocks with significant deviation rates include: - Sifangda (300179) with a deviation rate of 12.01% and a daily increase of 15.37% [1]. - *ST Changyao (300391) with a deviation rate of 11.26% and a daily increase of 20.09% [1]. - Jindike (688670) with a deviation rate of 8.49% and a daily increase of 15.93% [1]. Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Jiuli Special Materials (300996) with a deviation rate of 8.38% and a daily increase of 11.38% [1]. - Zhongheng Design (603017) with a deviation rate of 8.14% and a daily increase of 9.98% [1]. - Shuangqiang Technology (001211) with a deviation rate of 7.13% and a daily increase of 9.99% [1].

- The report discusses the IPO performance in November 2025, highlighting that 11 new stocks were listed across the Shanghai, Shenzhen, and Beijing stock exchanges, raising a total of 101.88 billion yuan [2][8] - The average first-day increase for the six new stocks listed on the Shanghai and Shenzhen markets was 209%, with notable variations among individual stocks [2][11] - The report provides a detailed breakdown of the IPO performance by market segment, including the main board, STAR Market, and ChiNext, with specific examples such as Daming Electronics and Hengkun New Materials [11][14] - The report also includes a comprehensive analysis of the monthly IPO subscription returns, with A/B class accounts earning 73.17/71.87 million yuan respectively in November 2025 [14][16] - The report suggests that the "inclusion" strategy remains optimal, recommending active participation in low-priced, small-cap new stocks with high first-day increase potential, as well as large-cap stocks with significant offline allocation [15][17]

Group 1 - The Shanghai Composite Index closed at 3878.89 points, below the five-day moving average, with a decline of 0.48% [1] - The total trading volume of A-shares reached 1,352.517 billion yuan [1] - A total of 193 A-shares have surpassed the five-day moving average today, with notable stocks including Sifangda, Puliansoft, and Zhongheng Design showing significant deviation rates of 12.40%, 8.97%, and 8.14% respectively [1] Group 2 - The stocks with the highest deviation rates from the five-day moving average include: - Sifangda (300179) with a price increase of 15.89% and a deviation rate of 12.40% - Puliansoft (300996) with a price increase of 12.16% and a deviation rate of 8.97% - Zhongheng Design (603017) with a price increase of 9.98% and a deviation rate of 8.14% [1] - Other notable stocks with smaller deviation rates include: - Jianmin Group, Klete, and Sanwei Equipment, which have just crossed the five-day moving average [1]

风电设备板块震荡走强，德力佳涨停，中环海陆、大金重工涨超8%，金雷股份、飞沃科技、金风科技 跟涨。 ...

- The report introduces a quantitative model for calculating IPO returns based on the formula: **Single account IPO return = min(account size, subscription limit) * winning rate * return rate** **A/B class investors full subscription return = subscription limit * A/B class offline winning rate * return rate** The winning rate considers actual offline IPO results, and the return rate is calculated using the first-day average transaction price relative to the issue price for registered IPOs, or the average transaction price on the opening day for non-registered IPOs[42][43][48] - The model evaluates IPO returns across different market segments (Main Board, ChiNext, STAR Market) and investor classes (A/B). For November 2025, the calculated IPO return rates for a 5-billion-scale account are: **Main Board:** A class: 0.037%, B class: 0.035% **ChiNext:** A class: 0.058%, B class: 0.058% **STAR Market:** A class: 0.046%, B class: 0.045%[43][44][47] - The cumulative IPO return rates for 2025 are: **A class:** 1.716% **B class:** 1.399% These values are based on a 5-billion-scale account participating in all IPOs during the year[49][50][51] - Full subscription returns for November 2025 are calculated as follows: **Main Board:** A class: 19 million yuan, B class: 17.9 million yuan **ChiNext:** A class: 31.3 million yuan, B class: 31.2 million yuan **STAR Market:** A class: 22.8 million yuan, B class: 22.6 million yuan[52][53][55]

Core Viewpoint - The report highlights Delijia's specialization in wind power gearboxes, indicating significant growth potential following its recent financing and production expansion [1] Company Overview - Delijia, established in 2017, specializes in wind power main gearboxes (gear reducers) and currently has a production capacity of approximately 4,000 units, making it the second-largest supplier in China after Nankai Gear [1] - The company achieved a net profit attributable to shareholders of 630 million yuan in Q1-Q3 2025, representing a year-on-year growth of 65.0% [1] Financial Performance - Delijia is set to be listed on the Shanghai Stock Exchange on November 7, 2025, with a financing amount of 1.87 billion yuan, aimed at expanding its gearbox production capacity by an additional 1,800 units [1] - Following the expansion, the company is expected to further increase its market share and enter a phase of rapid growth in revenue and net profit from 2025 to 2027 [1] Industry Outlook - The domestic wind power industry is experiencing a favorable cycle, suggesting that the gearbox market will continue to grow [1] - Delijia's market position is solid, and with the financing and production expansion, the company is likely to see sustained profitability and market share growth [1]

Investment Rating - The report assigns a "Buy" rating for the company, Deleijia (603092), marking its first coverage [2]. Core Insights - Deleijia is the second-largest wind power gearbox supplier in China, with a market share of 10.4% globally and 16.2% domestically as of 2024. The company has established strong ties with key clients such as Goldwind Technology and SANY Heavy Energy, with over 90% of its revenue coming from its top five clients [5][14]. - The wind power gearbox industry is experiencing significant growth, driven by increased domestic demand and favorable policies. The company has seen a 65% year-on-year increase in net profit for the first three quarters of 2025, reaching 630 million yuan [5][14]. - The report highlights the company's competitive advantages, including its leading profitability in the industry, with a gross margin of 25.4% and a net margin of 15.5% in the first half of 2025, significantly higher than its competitors [5][38]. Summary by Sections Company Overview and Market Positioning - Deleijia specializes in wind power gearboxes and has been operational since 2017. The company has expanded its production capacity to approximately 4,000 units, making it the second-largest supplier in China [5][15]. - The company went public on November 7, 2025, raising 1.87 billion yuan to fund the expansion of its production capacity by 1,800 units [17][19]. Supply and Demand Dynamics in the Wind Power Gearbox Industry - The domestic wind power demand is expected to surge, with a projected annual average of 140 GW during the 14th Five-Year Plan period, leading to a significant increase in the gearbox market size, estimated at 28.6 billion yuan [5][50][70]. - The report notes that the market for wind power gearboxes is highly concentrated, with the top five suppliers holding a combined market share of 76.5% as of 2024 [71]. Competitive Advantages and Performance Elasticity - Deleijia's strong client relationships and its focus on cost reduction through economies of scale have resulted in superior profitability compared to other gearbox manufacturers [5][38]. - The company has maintained a high capacity utilization rate and has seen a significant increase in sales volume, with a 66.4% year-on-year revenue growth in the first three quarters of 2025 [29][38]. Financial Projections and Investment Rating - The report forecasts that Deleijia's revenue will grow from 5.14 billion yuan in 2025 to 8.28 billion yuan in 2027, with corresponding net profits expected to reach 1.39 billion yuan by 2027 [6][7]. - The company is projected to maintain a strong growth trajectory, supported by its market position and the expanding wind power sector [6][47].

Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which are expected to drive growth in wearable technology and other applications [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030, indicating stable growth prospects [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef prices, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability through enhanced user engagement and AI integration [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear plan for non-pharmaceutical profit growth [2]. Home Appliances - Midea Group (000333.SZ) is focusing on dual-driven strategies in domestic and international markets, with strong cash flow and a favorable dividend yield, despite facing some pressure in Q4 [2]. Non-Bank Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which is expected to drive growth in wearable technology [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030 [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef price increases, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear planning rhythm for non-pharmaceutical profit increments [2]. Home Appliances - Midea Group (000333.SZ) is advancing its dual-driven strategy, focusing on both B2B and B2C markets, with strong cash flow and a favorable dividend yield, making it an attractive investment [2]. Non-Banking Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

Core Viewpoint - The wind power equipment sector experienced a decline of 0.42% on November 27, with Delijia leading the drop, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index fell by 0.25% [1][2]. Group 1: Market Performance - The wind power equipment sector's individual stock performance showed mixed results, with notable gainers including Feiwo Technology (up 4.76% to 56.61) and Taisheng Wind Energy (up 4.51% to 7.88) [1]. - Conversely, Delijia saw a significant decline of 3.54%, closing at 69.51 [2]. - The overall trading volume in the wind power equipment sector indicated a net outflow of 52.97 million from institutional investors and 56.63 million from speculative funds, while retail investors contributed a net inflow of 110 million [2][3]. Group 2: Stock Specifics - Taisheng Wind Energy had a net inflow of 66.30 million from institutional investors, while it faced outflows from speculative and retail investors [3]. - Feiwo Technology recorded a net inflow of 37.83 million from institutional investors, but also saw outflows from retail investors [3]. - The trading activity of other stocks such as Daqian Heavy Industry and Zhengjiang Co. also reflected similar trends of mixed inflows and outflows among different investor types [3].