Summary of Conference Call Notes Industry Overview - **Industry Focus**: Gas Turbine Industry - **Electricity Demand Surge**: The electricity consumption of data centers in the U.S. is expected to reach 325 to 580 TWh by 2028, with a compound annual growth rate (CAGR) of 27%. Globally, data center electricity demand is projected to exceed 1,000 TWh by 2030, putting significant pressure on the power grid [1][3] Key Insights and Arguments - **Gas Turbines as Optimal Solution**: Gas turbines are favored due to their short construction cycle, quick startup, and stable operation, aligning well with the 2-4 year construction cycle of data centers. The approval process for gas turbine projects is approximately 10 months, significantly shorter than wind and solar projects [1][5] - **Global Gas Turbine Market Growth**: In 2023, global gas turbine market sales are estimated at 40-44 GW. Mitsubishi Heavy Industries anticipates an average sales volume of 60 GW from 2024 to 2026. In Q2 of this year, global orders increased by 38% year-over-year to 21 GW, with North America leading due to data center demand [1][6][7] - **Major Manufacturers' Expansion Plans**: Key players like GE, Siemens, and Mitsubishi Heavy Industries are experiencing significant order growth and have announced expansion plans, indicating confidence in sustained industry growth. Mitsubishi plans to double its production capacity in the next two years, while Siemens and GE aim to increase production capacity by 50% [1][7] Market Opportunities - **Domestic Replacement Opportunities**: The trend of deindustrialization in Europe and the U.S. presents opportunities for domestic companies to enter the global gas turbine supply chain, particularly in high-end casting and forging components [1][8] - **Core Component Market**: High-value components such as hot-end turbine blades and rotor shafts are currently dominated by overseas companies. However, domestic firms like Diwei and Yingliu are expected to gain market share due to their technological advantages [2][8][9] Company-Specific Developments - **Diwei's Competitive Edge**: Diwei is focusing on the production of high-end forged components for gas turbines and has established supply relationships with major clients like Baker Hughes and Caterpillar. The market value of gas turbines is approximately 2 to 3 billion RMB per GW, with a projected demand of 150 billion RMB over the next three years [9][10] - **Yingliu's Market Position**: Yingliu is a leading player in the high-temperature blade market, with a 100% increase in order volume expected in 2024. The company has secured over 1.2 billion RMB in orders and is expanding its production capacity [4][11][12] - **Liande's Progress**: Liande has developed a full industrial chain technology for high-precision casting and machining, beginning to supply gas turbine components in bulk. The company has a strong partnership with Caterpillar, enhancing its market position [13] Additional Insights - **Strategic Importance of Rare Metals**: The production of rare strategic metals like lithium is becoming increasingly important, with rising prices due to demand. Companies like Sains are investing in production lines to capitalize on this trend [14][15]

Group 1 - The core viewpoint of the news is the successful listing of Yingliu Co., Ltd.'s convertible bonds, which have a moderate issuance scale of 1.5 billion yuan and a high rating of AA+ [1] - The current stock price of Yingliu Co., Ltd. is 36.14 yuan, with a conversion price of 30.47 yuan, resulting in a conversion value of 118.61, indicating a high conversion value [1] - The number of successful lottery tickets for the convertible bonds is 324,300, with an effective subscription number of 8.4725 million households, leading to a low winning rate of 3.84% for individual investors [1] Group 2 - Yingliu Co., Ltd. has a total market capitalization of 24.54 billion yuan, with a dynamic price-to-earnings ratio of 65.18 times and a price-to-book ratio of 5.10 times [3] - The stock's price movement shows a similar trend to the broader market, with short-term volatility resembling a roller coaster, yet maintaining support levels and approaching previous highs [5] - The current market is characterized by resilience, moving from a bear market inertia to a bull market inertia, with increased confidence and capital inflow [6][8]

Group 1 - The A-share market saw a rise in controllable nuclear fusion concept stocks, with notable increases in share prices for several companies [1] - An Tai Technology (安泰科技) experienced an 8.03% increase, with a total market capitalization of 22 billion and a year-to-date increase of 91.08% [2] - Si Rui New Materials (斯瑞新材) rose by 7.08%, with a market cap of 14 billion and a year-to-date increase of 107.39% [2] - Guo Ji Heavy Industry (国机重装) increased by 6.41%, with a market cap of 26.3 billion and a year-to-date increase of 18.51% [2] - Ying Liu Co., Ltd. (应流股份) saw a 4.81% rise, with a market cap of 24.4 billion and a year-to-date increase of 155.61% [2] - Jing Da Co., Ltd. (精达股份) increased by 4.18%, with a market cap of 21.9 billion and a year-to-date increase of 41.41% [2] - Jin Bei Electric (金杯电工) rose by 3.15%, with a market cap of 9.145 billion and a year-to-date increase of 29.87% [2] - China Nuclear Engineering (中国核建) increased by 2.82%, with a market cap of 32.9 billion and a year-to-date increase of 21.96% [2]

Core Viewpoint - The A-share market has seen a rise in stocks related to controllable nuclear fusion, indicating growing investor interest in this sector [1] Group 1: Stock Performance - Antai Technology increased by 8% [1] - Srei New Materials rose by 7% [1] - China National Heavy Machinery Corporation saw an increase of over 6% [1] - Yingliu Holdings and Jingda Shares both rose by over 4% [1] - Jinbei Electric increased by over 3% [1] - China Nuclear Engineering Corporation rose by nearly 3% [1]

Core Insights - The core viewpoint of the article highlights the significant growth of the "Quanguo Xuyuan Three-Year Holding A" fund, which reached a scale of 19.069 billion yuan as of September 30, 2025, marking a quarterly increase of nearly 6 billion yuan, making it the largest among disclosed equity funds for the third quarter [1][2]. Fund Performance - The fund achieved a return of 43.10% over the past six months and 41.61% over the past year, ranking favorably among its peers, with a notable quarterly increase of 45.58% in Q3, outperforming the average of similar products and the CSI 300 index [2]. - Since its inception on October 18, 2022, the fund has delivered a total return of 1.80% and an annualized return of 0.60%, ranking 1980 out of 3209 in its category [4]. Investment Strategy - The fund manager, Zhao Yi, emphasized a "dual-end allocation" strategy to adapt to market changes, focusing on technology AI and sectors in recovery, particularly in new energy (especially the lithium battery supply chain) and military industry [5]. - In the AI sector, the fund is concentrated on three main lines: efficiency-enhancing internet companies like Meta, companies driven by new application scenarios such as Palantir, and cloud service providers like Microsoft [6]. - In the new energy sector, the fund is particularly focused on the lithium battery supply chain, noting a slowdown in fixed asset investment while demand remains high, leading to an improving supply-demand structure [6]. Portfolio Adjustments - The fund's top ten holdings include major companies such as Ningde Times, Tencent Holdings, and Enjie Co., with a total market value exceeding 12.877 billion yuan [9]. - Significant adjustments were made in the portfolio, with a notable reduction of 37.52% in holdings of Keda Li, while new additions included Tianqi Lithium and SMIC, indicating a continued focus on lithium materials and domestic semiconductor sectors [9]. Market Outlook - Zhao Yi expressed optimism about the long-term positive trend of the Chinese equity market, citing signs of easing in U.S. tariff policies and potential liquidity improvements, which could inject more momentum into the A-share market [9].

Core Viewpoint - The stock of Yingliu Holdings has shown significant growth this year, with a year-to-date increase of 148.04%, indicating strong market performance and investor interest [1][2]. Company Overview - Yingliu Holdings, established on April 25, 2006, and listed on January 22, 2014, is located in Hefei, Anhui Province. The company specializes in the R&D, production, and sales of high-end components for specialized equipment, serving sectors such as oil and gas, clean energy, and high-end machinery [2]. - The revenue composition of Yingliu Holdings includes 53.59% from mechanical equipment components, 43.94% from pump and valve parts, and 2.48% from other sources [2]. - The company is categorized under the mechanical equipment industry, specifically in general equipment and metal products, and is associated with concepts such as the Belt and Road Initiative, nuclear power, and Industry 4.0 [2]. Financial Performance - For the first half of 2025, Yingliu Holdings reported a revenue of 1.384 billion yuan, reflecting a year-on-year growth of 9.11%. The net profit attributable to shareholders was 188 million yuan, marking a 23.91% increase compared to the previous year [2]. - Since its A-share listing, Yingliu Holdings has distributed a total of 558 million yuan in dividends, with 250 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu Holdings was 22,600, an increase of 5.56% from the previous period. The average number of tradable shares per shareholder decreased by 5.27% to 30,095 shares [2]. - The top ten circulating shareholders include significant institutional investors, with the second-largest being Quan Guo Xu Yuan Mixed A, holding 32.79 million shares, unchanged from the previous period [3].

Core Insights - The fund managed by Zhao Yi, the Quan Guo Xu Yuan three-year holding mixed fund, reported a return of 45.58% for its A share in Q3 2023, significantly outperforming the benchmark return of 13.49% [1] - As of the end of Q3, both A and C share net asset values exceeded 1.1 yuan [1] - The fund's stock allocation decreased from 92.42% to 85.50% in Q3, with adjustments made to the heavy stock portfolio [1] Stock Portfolio Adjustments - The fund increased its holdings in Enjie Co., Kuaishou, Tianci Materials, Alibaba, and SMIC, while reducing its positions in CATL, Tencent, Codali, Luxshare Precision, and Yingliu [1] - Tianci Materials saw its stock price double in Q3, with an increase of over 110%, while Luxshare Precision, SMIC, and Codali all experienced gains of over 70% [1] Investment Focus - The fund's investment strategy is concentrated in high-end manufacturing sectors such as new energy, electronics, and mechanical industries, as well as Hong Kong internet companies [4] - In the AI sector, the focus is on efficiency-driven internet leaders, companies driven by new application scenarios, and computing power and cloud service firms [4] - In the new energy sector, the emphasis is on the lithium battery supply chain, with a belief that the current cycle of price and volume increases will be healthier and more sustainable than previous cycles [4]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Corporates' Global Investment Strategy - **Focus**: 'China+1' investment plan tracker, particularly in ASEAN and Latin America (LatAm) regions Core Insights 1. **ASEAN Investment Plans**: - The number of investment plans in ASEAN increased by **32% YoY** in Q325, driven by sectors such as consumer, materials, and machinery [3] - Despite the increase in the number of plans, the investment value decreased by **8% YoY** due to fewer large investments compared to the previous year [3] - Thailand and Vietnam emerged as the primary destinations, with Thailand capturing **52%** of the total investment value [3] 2. **LatAm Investment Plans**: - Investment plans in LatAm diversified, with the number of plans rising from **three in Q324 to four in Q325** [4] - Notably, there was a **525% YoY increase** in total investment value in LatAm during Q325, marking a significant growth in investment activity [4] - The sectors involved included consumer goods, machinery, materials, and auto parts, with investments in consumer goods being a first for the region [4] 3. **China's Export Performance**: - In August 2025, exports of aluminium ore, hydrogen, and beef saw the highest YoY growth rates of **21,975%**, **304%**, and **174%**, respectively [5] - Key sectors contributing to incremental exports included semiconductors (+28% YoY), low-value simplified exports/imports (+20% YoY), and passenger vehicles (+19% YoY) [5] - Africa and ASEAN regions exhibited the highest growth in exports during this period [5] 4. **Investment Focus and Trends**: - The report indicates a continued expectation for the 'going global' strategy to be a major investment theme for China over the next **five to ten years** [2] - The focus on materials, electronic components, and consumer sectors reflects a strategic shift in investment priorities [3][4] Additional Important Insights - **Investment Value Trends**: - The overall investment amounts in ASEAN decreased by **8% YoY** in Q325, despite the increase in the number of plans [39] - Thailand's investment amounts saw a significant increase, particularly in electronic components and materials [41][43] - **Geographical Investment Distribution**: - Thailand and Vietnam attracted the most investment interest, with Thailand's investment amounts significantly up in Q325 [41][43] - **Future Outlook**: - The report emphasizes the potential for continued growth in overseas investments by Chinese corporates, particularly in emerging markets [2][4] This summary encapsulates the key points from the conference call, highlighting the trends and insights related to China's global investment strategy and export performance.

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - EHang Intelligent has launched the new long-range manned eVTOL model VT35, designed for mid-to-long-distance travel scenarios, promoting the development of the low-altitude economy [3][4]. - The VT35 has a maximum design range of approximately 200 kilometers and a top speed exceeding 200 kilometers per hour, with a standard price of 6.5 million RMB in the Chinese market [10][8]. - The report emphasizes the importance of the "14th Five-Year Plan" in catalyzing the low-altitude economy, highlighting the need for top-level design and planning to further stimulate industry development [15][16]. - The Huachuang Transportation Low Altitude 60 Index decreased by 5.5% this week but has increased by 15.5% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which rose by 14.7% [24][25]. Summary by Sections Industry Overview - The low-altitude economy is identified as a representative industry of new productive forces, with significant government support and planning expected to enhance its development [15][17]. - The report outlines four major application scenarios for the low-altitude economy: tourism consumption, passenger transport, logistics, and production operations [18][19]. Key Companies and Investment Opportunities - The report suggests focusing on key segments within the industry, including: 1. **Manufacturers**: EHang Intelligent for eVTOL, Wan Feng Ao Wei for general aviation aircraft, and Xirui for general aviation manufacturing [33]. 2. **Supply Chain**: Yingboer for electric drive systems and Zongshen Power for aviation engines [33]. 3. **Low-altitude Digitalization**: Companies like Lais Information and Sichuan Jiuzhou are highlighted for their roles in digital infrastructure [33]. 4. **Low-altitude Infrastructure**: Radar companies such as Guorui Technology and Sichuan Aerospace are noted for their contributions to safety systems [33]. 5. **Operations**: Companies like CITIC Heli and Xiangyuan Culture are mentioned for exploring commercial applications in low-altitude operations [33]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance is detailed, showing a weekly decline of 5.5% but an annual increase of 15.5%, indicating resilience compared to broader market indices [24][25]. - Individual stock performances are highlighted, with notable gainers and losers over the week and year, reflecting market volatility and investment opportunities [26][27]. Future Research Directions - The report indicates that from January 2024, a focused research initiative on the low-altitude economy will commence, covering 12 key companies and their potential for growth [34].

股票简称：应流股份 股票代码：603308 公告编号：2025-038 安徽应流机电股份有限公司 （Anhui Yingliu Electromechanical Co.,Ltd.） （安徽省合肥市经济技术开发区繁华大道 566 号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年十月 第一节 重要声明与提示 安徽应流机电股份有限公司（以下简称"应流股份""发行人""公司"或"本 公司"）及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 根据《中华人民共和国公司法》《中华人民共和国证券法》等有关法律、法 规的规定，本公司董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下简 称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的意见， 均不表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 ...