Core Viewpoint - The company is advancing its unique anti-loosening thread technology for aerospace applications, which could significantly reduce fuel consumption by decreasing the weight of aerospace vehicles [2] Group 1: Company Operations - The main business of the company's subsidiary, Shanghai Ditu, is the production and sales of fasteners [2] - The anti-loosening thread technology is currently under review for aerospace clients, with potential for large-scale application if approved [2] - The aerospace fastener business currently generates a small amount of annual revenue [2] Group 2: Market Developments - The listing plan for Shanghai Ditu on the Beijing Stock Exchange is still in progress, with updates to be announced as they become available [2]

Core Viewpoint - The company is set to enter a new growth phase with the release of production capacity at its Nantong facility in the second half of 2025, which is expected to become a new growth engine for the company [1] Group 1: Production Capacity - The first phase of the company's casting factory has a capacity of 70,000 tons and is currently undergoing customer audit processes, with small batch production planned to commence after the audit is completed [1] - Full production is targeted to be achieved by 2027 [1] Group 2: Shareholder Engagement - In July 2025, the company implemented an equity incentive plan aimed at aligning the interests of shareholders, the company, and the core team, with a focus on sustainable growth in profitability to reward shareholders [1] - The company aims to enhance value transmission and strengthen shareholder returns to boost market confidence [1]

Core Viewpoint - The company, Zhenjiang Co., stated that approximately 40% of its total revenue comes from exports to Europe, primarily through direct sales to European customers [1] Group 1 - The company's export revenue to Europe constitutes around 40% of its overall operating income [1] - The export model to European clients is mainly direct sales [1]

Core Viewpoint - Zhenjiang Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable decrease in net profit despite a slight increase in stock price year-to-date [1][2]. Group 1: Stock Performance - On January 16, Zhenjiang's stock price increased by 2.11%, reaching 28.13 CNY per share, with a trading volume of 1.59 billion CNY and a turnover rate of 3.14%, resulting in a total market capitalization of 5.184 billion CNY [1]. - Year-to-date, Zhenjiang's stock price has risen by 6.92%, but it has decreased by 6.05% over the last five trading days, increased by 13.93% over the last 20 days, and increased by 16.48% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhenjiang reported a revenue of 2.859 billion CNY, a year-on-year decrease of 1.15%, and a net profit attributable to shareholders of 43.522 million CNY, reflecting a significant year-on-year decrease of 73.60% [2]. - Since its A-share listing, Zhenjiang has distributed a total of 240 million CNY in dividends, with 138 million CNY distributed in the last three years [3]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, Zhenjiang had 21,200 shareholders, a decrease of 25.31% from the previous period, with an average of 8,566 circulating shares per shareholder, an increase of 32.05% [2]. - Notable new institutional shareholders include Guotai Junan Value Advantage Flexible Allocation Mixed A, holding 2.5175 million shares, and Guotai Junan Innovation Growth Mixed, holding 2.013 million shares, both ranking among the top ten circulating shareholders [3].

Core Insights - The A-share market has seen increased activity and emerging themes following the "opening red" in 2026, with a shift in broker research focus towards AI applications and brain-computer interfaces (BCI) [1][2] Group 1: Broker Research Trends - Broker research is increasingly focusing on high-growth industries, performance certainty, and valuation attractiveness, reflecting three major trends: a balanced investment style, a shift from speculative trading to performance realization, and a focus on domestic self-sufficiency and global competitiveness [2][7] - From January 1 to January 14, 2026, over 260 A-share companies were researched by institutions, with more than 230 receiving broker attention, highlighting a strong interest in companies like 壹网壹创, 成都先导, and 翔宇医疗 [3][4] Group 2: Key Companies and Their Focus - 壹网壹创, a leading company in the GEO concept, received attention from 27 brokers, focusing on its R&D investments and partnerships with platforms like Alibaba [4][5] - Other notable companies include 凯盛科技 and 海天瑞声, which received 22 and 21 broker inquiries respectively, with a focus on technological innovation in their respective fields [4] - Companies like 爱朋医疗, 中集集团, and 振江股份 also garnered significant broker interest, indicating a diverse range of sectors being explored [4] Group 3: Market Performance and Investment Opportunities - The AI application index and GEO index saw increases of 18.30% and 44.14% respectively from January 5 to January 15, 2026, indicating strong market interest in these sectors [8] - The global GEO market is projected to reach $24 billion by 2026 and $100 billion by 2030, with domestic expectations of reaching 11.1 billion yuan in 2026 [10] - Investment opportunities are emerging in the AI marketing sector, with a focus on companies that can leverage marketing technology and content creation [10][11] Group 4: Brain-Computer Interface (BCI) Insights - The BCI sector is expected to see significant growth, with applications in various fields such as healthcare and consumer products, driven by technological advancements and diverse application scenarios [12][13] - The global BCI market is projected to reach $7.63 billion by 2029, highlighting the potential for substantial investment opportunities in this emerging field [13]

近日，公司接到控股股东胡震先生的通知，获悉其所持有公司的部分股份进 行了质押及解除质押业务，具体事项如下： 证券代码：603507 证券简称：振江股份 公告编号：2026-001 江苏振江新能源装备股份有限公司 关于控股股东部分股份质押及解除质押的公告 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: 截至本公告披露日，公司控股股东胡震先生持有公司股份 3,567.7129 万 股，占公司总股本的 19.36%，本次质押及解除质押后，胡震先生累计质押股份 1,932.60 万股，占其所持股份的比例 54.17%，占公司总股本的 10.49%。 截至本公告披露日，公司控股股东、实际控制人胡震先生、卜春华女士 及其一致行动人江阴振江朗维投资企业（有限合伙）（以下简称"朗维投资"）合 计持有公司股份 4,603.1236 万股，占公司总股本的 24.98%，本次质押及解除质 押后，胡震先生、卜春华女士及其一致行动人朗维投资累计质押公司股份2,611.64 万股，占其持有公司股份的 56.74%，占公司股份总数的 14. ...

Group 1 - The core point of the article is that the controlling shareholder of Zhenjiang Co., Mr. Hu Zhen, holds 35.677129 million shares, accounting for 19.36% of the total share capital of the company [1] - Mr. Hu has pledged a total of 19.326 million shares, which represents 54.17% of his holdings and 10.49% of the company's total share capital [1]

Summary of Zhenjiang Co. Conference Call Company Overview - **Company**: Zhenjiang Co. - **Industry**: Wind Power, Exoskeleton Technology, Gas Turbines, and Photovoltaic Support Structures Key Points Wind Power Business - Wind power revenue is expected to account for 70% of total revenue by 2025, with over 70% of this from overseas markets [2][5] - The transition to Siemens' 14 MW turbine model is anticipated to enhance value and gross margins [2][5] - The Nantong factory has secured 70% of the 14 MW hub assembly share from Siemens and is expected to contribute over 1.5 billion RMB in revenue [2][5] - The traditional rotor business is closely tied to the growth of the European offshore wind market, projected to grow at a CAGR of 15%-20% over the next five years [2][7] Exoskeleton Business - The exoskeleton business is segmented into four application channels: cultural tourism, rehabilitation medical, military, and industrial [2][6] - Products have been implemented in scenic areas like Songshan and plans are in place to collaborate with brain-computer interface companies to expand into the rehabilitation market [2][6] - Sales of 20,000 units are expected by 2026, with ongoing efforts to penetrate military and industrial markets [2][6][23] Traditional Rotor Business - The traditional rotor business has a strong customer base including Siemens and Anritsu, with a projected CAGR of 15%-20% [3][7] - The decline in raw material prices is expected to further enhance gross margins, which are currently at historical highs [3][7] New Energy Sector - In 2024, the new energy sector generated 3.74 billion RMB, with expectations to maintain this level in 2025 [8] - The domestic wind power market is relatively small, with most clients being overseas, aligning with the company's technical route [8] Assembly Business Growth - Significant growth in assembly business is expected in 2026, with an incremental revenue of approximately 1.5 billion RMB [9] - The shift of the European supply chain to China is a key driver, leveraging China's advantages in labor and costs [9] Financial Projections - The company anticipates a profit of 320 million RMB and revenue of approximately 7 billion RMB in 2026 [19] - The assembly orders are expected to contribute significantly, with traditional businesses benefiting from the growth in the European offshore wind sector [19] Gas Turbine Business - The gas turbine segment is projected to double its revenue in 2026, with ongoing plans to develop associated assembly and integration services [14] Photovoltaic Support Structures - The company has signed an exclusive agreement for photovoltaic support structures in the Saudi market, with 2.3 GW of orders expected to be fully delivered by 2026 [17][18] Exoskeleton Product Pricing and Margins - The exoskeleton products have a gross margin exceeding 50%, with sales prices expected between 7,500-8,000 RMB [24] Overall Market Outlook - The company is optimistic about its performance in 2026, driven by strategic partnerships, new product launches, and market expansions across various sectors [20][21]

Core Insights - The increasing contradiction between "U.S. power shortages" and explosive growth in computing power demand is driving a rigid demand for electricity from high-energy-consuming facilities like data centers, creating a historic opportunity for gas turbines as a rapid response and efficient power supply solution [1][19] - Major international gas turbine companies like General Electric (GE Vernova) and Siemens Energy are experiencing strong stock performance, reflecting market expectations for future growth, with GE Vernova's stock up over 115% this year and over 430% since its spin-off [20][1] - The strong demand wave from overseas is transmitting through the supply chain, providing unprecedented development opportunities for related A-share listed companies deeply integrated into the overseas power generation equipment supply chain, with expectations for a dual explosion in orders and performance by 2026 [20][1] Electricity Demand and Supply Gap - The electricity gap in the U.S. is continuously expanding, with the U.S. Energy Information Administration (EIA) predicting that electricity consumption will reach 4,267 billion kilowatt-hours by 2026, driven primarily by AI data centers and cryptocurrency mining [2][20] - Morgan Stanley estimates that the cumulative electricity gap for U.S. data centers from 2025 to 2028 will reach 47 gigawatts, equivalent to the total electricity consumption of nine Miami areas, with a shortfall of 6-16 gigawatts expected even after accounting for rapid power supply solutions [2][20] Gas Turbines as a Core Solution - In the context of electricity shortages, gas turbines are becoming the core choice for addressing the U.S. power gap due to their quick startup speed, strong peak-shaving capabilities, and low carbon emissions [21][20] - Compared to traditional coal power, gas turbines can start within hours and respond quickly to the intermittent power demands of data centers, while also providing stable power supply as a baseload source, unaffected by weather conditions [21][20] Global Energy Transition and Gas Turbines - The global energy transition is accelerating under the "dual carbon" goals, with gas turbines serving as a core equipment for transitional energy due to their lower carbon emissions compared to coal power [3][21] - Policies like the U.S. Inflation Reduction Act (IRA) support clean energy projects, including gas power generation, particularly for low-carbon modifications like hydrogen combustion in gas turbines [3][21] Performance and Capacity Expansion of Major Players - GE Vernova and Siemens Energy have provided strong performance guidance and capacity expansion plans, indicating high industry prosperity, with GE Vernova expecting revenues of $41-42 billion in 2026 and a significant increase in gas turbine orders [4][22] - GE Vernova's new gas turbine orders reached 18 gigawatts in Q4 2025, tripling year-on-year, with total orders expected to exceed 80 gigawatts, reflecting a doubling from the beginning of the year [22][25] - Siemens Energy's gas turbine orders reached 26 gigawatts, with a 94% year-on-year increase, and an order value of €23 billion, indicating strong demand from data centers [25][29] Supply Chain Opportunities for A-Share Companies - A-share gas turbine supply companies have achieved technological breakthroughs in various segments, with some becoming core suppliers to overseas giants [34][36] - Companies like Yingliu Technology and Zhenjiang Co. are positioned to benefit from the expansion of GE Vernova and Siemens Energy in North America, with substantial orders and production capacity [35][36] - The demand for key materials and components, such as high-temperature alloy materials and precision parts, is expected to grow significantly, with domestic companies like Sry New Materials leading in the production of high-purity chromium powder [36][34]

Market Overview - The Shanghai Composite Index is at 3979.82 points, above the annual line, with a change of 0.41% [1] - The total trading volume of A-shares is 11,702.17 million yuan [1] Stocks Breaking Annual Line - A total of 57 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Nova Star Cloud (4.63%) - Dong'an Power (4.51%) - Jida Communication (4.00%) [1] Detailed Stock Performance - Nova Star Cloud: Today's change is 6.74%, with a turnover rate of 3.75%, latest price at 166.51 yuan [1] - Dong'an Power: Today's change is 10.03%, with a turnover rate of 4.97%, latest price at 13.16 yuan [1] - Jida Communication: Today's change is 4.92%, with a turnover rate of 6.55%, latest price at 9.60 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuo Wei Information: Change of 4.23%, latest price at 32.00 yuan, deviation rate of 3.66% [1] - Jingke Energy: Change of 6.29%, latest price at 6.08 yuan, deviation rate of 3.51% [1] - Stocks with smaller deviation rates that have just crossed the annual line include: - Hada Technology: Change of 2.45%, latest price at 10.88 yuan, deviation rate of 2.01% [1] - Blue Sail Medical: Change of 2.38%, latest price at 5.60 yuan, deviation rate of 1.96% [1]