Group 1 - The company, Fulongma, is the first domestic mainboard-listed company focused on the sanitation sector [2] - The company is committed to the development of environmental sanitation and is continuously deepening its layout in the urban services field [2] - Fulongma's core business segments include intelligent equipment manufacturing and ecological operation in the environmental industry [2] Group 2 - The company aims to create a better living environment through technology and innovation [2] - Fulongma is actively expanding into application fields such as highways, airports, docks, mining areas, and emergency firefighting [2] - The company is focused on innovation in its product lineup and is working to cultivate new growth by exploring new scenarios [2]

经营范围含合同能源管理；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；科技中 介服务；充电桩销售；机动车充电销售；集中式快速充电站；电动汽车充电基础设施运营；充电控制设 备租赁；电池零配件销售；电池销售；配电开关控制设备研发；配电开关控制设备制造；配电开关控制 设备销售；智能输配电及控制设备销售；信息技术咨询服务；技术推广服务；软件开发；专业设计服 务；工程和技术研究和试验发展；信息系统集成服务；集成电路设计；储能技术服务；货物进出口；技 术进出口；以自有资金从事投资活动；自有资金投资的资产管理服务。（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 企业名称厦门深蓝动力智联能源有限公司法定代表人魏文深注册资本2857万人民币国标行业电力、热 力、燃气及水生产和供应业>电力、热力生产和供应业>电力生产地址厦门市思明区塔埔东路166号3105 单元企业类型有限责任公司(自然人投资或控股)营业期限2025-12-15至无固定期限 来源：市场资讯 天眼查显示，近日，厦门深蓝动力智联能源有限公司成立，法定代表人为魏文深，注册资本2857万人民 币，简奕（厦门）投资有限公司、福龙马集团股份有限 ...

| 区景壁立日记、 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专 | | 025-12-15 | 福龙马 | 603686 | 23.96 g | 215.64 | 有限公司还多整影 | 製糖製糖 | | 12月15日，福龙马大宗交易成交9万股，成交额215.64万元，占当日总成交额的0.14%，成交价23.96 元，较市场收盘价26.73元折价10.36%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The sales of sanitation equipment from January to October 2025 increased by 7.3% year-on-year, with new energy sanitation equipment sales growing by 66.6%. The penetration rate of new energy sanitation equipment reached 25.9% in October [2][6] - The competitive landscape for leading companies like Yingfeng Environment remains strong, although competition among top players is showing signs of marginal slowdown in the second half of 2025 [7][26] - The penetration rate of electric sanitation equipment in pilot cities reached approximately 27.7% from January to October 2025, indicating rapid progress in electrification [8][32] - The report highlights the growth opportunities for new energy sanitation equipment driven by carbon reduction policies and local government debt management strategies [9][37] Summary by Sections Sales Performance - From January to October 2025, sanitation equipment sales totaled 62,763 units, with a notable recovery in demand after years of decline. The sales in October alone reached 5,098 units, marking an 11.6% increase year-on-year [6][18] - New energy sanitation vehicle sales reached 11,605 units during the same period, with a cumulative penetration rate of approximately 18.5% [20][22] Competitive Landscape - The market concentration (CR10) for sanitation equipment was 55.3% in 2025, down from 58.6% in 2024, indicating increased competition from long-tail brands [7][26] - Yingfeng Environment leads the new energy sanitation equipment market with a 28.9% market share, followed by Yutong and Fulongma at 13.7% and 6.8%, respectively [30][31] Electrification Progress - The report notes that pilot cities for electric sanitation vehicles achieved a penetration rate of 27.7%, significantly higher than the national average of 18.5%. Cities like Zhengzhou and Shenzhen showed particularly high rates of 53.1% and 51.1% [8][32] Policy and Market Outlook - The report emphasizes that the growth of the sanitation equipment industry is closely tied to government policies and local fiscal conditions. The upcoming "14th Five-Year Plan" phase will focus on carbon emission control, which is expected to further drive the adoption of new energy sanitation equipment [9][37]

Market Overview - As of December 10, the Shanghai Composite Index closed at 3900.50 points, down by 9.03 points, a decrease of 0.23% [1] - The Shenzhen Component Index closed at 13316.42 points, up by 39.06 points, an increase of 0.29% [1] - The ChiNext Index closed at 3209.00 points, down by 0.60 points, a decrease of 0.02% [1] Trading Activity - A total of 93 A-shares had a turnover rate exceeding 20% on December 10 [1] - Notable stocks with high turnover rates included: - C Baiao (688796) with a turnover rate of 75.80% and a price increase of 146.63% [1] - De Yi Culture (300640) with a turnover rate of 57.78% and a price increase of 9.88% [1] - Longzhou Co. (002682) with a turnover rate of 55.52% and a price increase of 9.96% [1] - C Moore-U (688795) with a turnover rate of 51.93% and a price increase of 16.98% [1] - Shen Nong Agriculture (300189) with a turnover rate of 51.33% and a price increase of 20.07% [1] Individual Stock Performance - C Baiao (688796) closed at 65.80 yuan, showing a significant increase [1] - De Yi Culture (300640) closed at 9.79 yuan, reflecting a positive performance [1] - Longzhou Co. (002682) closed at 10.49 yuan, also showing a positive trend [1] - C Moore-U (688795) closed at 735.00 yuan, indicating strong market interest [1] - Shen Nong Agriculture (300189) closed at 6.88 yuan, demonstrating a solid increase [1]

Group 1 - The wind power market is experiencing rapid growth, leading to increased demand for wind power fiber fabrics, which are essential materials in the manufacturing of wind turbine blades [1][5] - As of August 2025, China's installed wind power capacity reached 579 million kilowatts, a year-on-year increase of 22.1%, with new installations in the first eight months of 2025 growing by 72.1% [1] - The "Beijing Wind Energy Declaration 2.0" sets ambitious targets for wind power capacity, aiming for an annual increase of no less than 120 million kilowatts from 2025 onwards, with a cumulative target of 1.3 billion kilowatts by 2030 [5] Group 2 - The offshore wind power market is gaining momentum, creating new demand for wind power fiber fabrics due to its unique operational conditions [6][10] - Offshore wind power has significant advantages, including an equivalent full-load hour of over 4,000 hours and resource reserves three times that of onshore, which positions it as a core growth area for the wind power industry [6] - By 2024, China's offshore wind power capacity is expected to reach 43.31 million kilowatts, with new installations projected to be 5.4 GW in 2024 and 15 GW by 2027 [6][10] Group 3 - The trend of larger wind turbines is driving the demand for high-end wind power fiber fabrics, as larger blades require materials with superior strength and fatigue resistance [11][13] - The diameter of mainstream onshore wind turbine rotors in China has reached 193 meters, while offshore turbine blades have exceeded 153 meters in length [11] - Carbon fiber fabrics are increasingly preferred over traditional glass fiber due to their lower density (30%-35% lighter) and higher tensile modulus (3-8 times greater), which allows for a weight reduction of over 20% in blade manufacturing [13][15] Group 4 - The wind power fiber fabric market is characterized by high concentration, with leading companies like Zhenhua Co., Taishan Glass Fiber, and Hongfa New Materials dominating the market [18][19] - Zhenhua Co. holds over 35% of the global market share in wind power fiber fabrics as of 2024, maintaining its position as the largest supplier for three consecutive years [18] - The company has established production bases globally and serves major clients, including top ten wind turbine manufacturers, enhancing its competitive advantage [19]

Core Points - The stock of Fulongma (603686) experienced a 2.60% increase today, with a turnover rate of 28.38% and a total trading volume of 3.307 billion yuan [1][2] - The stock was listed on the trading board due to its high turnover rate, with a net buying amount of 61.51 million yuan from brokerage seats [2] - Over the past six months, the stock has appeared on the trading board 19 times, with an average price drop of 1.14% the day after being listed and an average decline of 4.63% over the following five days [3] Trading Data - The top five brokerage seats accounted for a total transaction volume of 752 million yuan, with 407 million yuan in buying and 345 million yuan in selling, resulting in a net buying of 61.51 million yuan [2] - The largest buying brokerage was Guotai Junan Securities Co., Ltd. headquarters, with a buying amount of 123.34 million yuan, while the largest selling brokerage was Guotai Junan Securities Co., Ltd. Shanghai Jing'an District branch, with a selling amount of 101.43 million yuan [2][3] Financial Performance - For the first three quarters, Fulongma reported a total revenue of 3.599 billion yuan, a year-on-year decrease of 5.07%, and a net profit of 113 million yuan, down 1.83% year-on-year [3]

Core Viewpoint - The A-share market is experiencing fluctuations, with the Fujian sector showing strength and the Korean National Pension Service selling US dollars to support the Korean won [1][2]. Group 1: Market Performance - On December 9, the A-share market showed mixed results, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.39%, and the ChiNext Index up by 0.61% [5][20]. - The computing hardware stocks continued to perform strongly, with companies like Dekeli and Yueling shares hitting the daily limit [6][21]. Group 2: Fujian Sector - The Fujian sector is gaining momentum, with over ten stocks, including Anji Food and Longzhou Co., hitting the daily limit. This is driven by the release of the 15th Five-Year Plan for economic and social development in Quanzhou, which emphasizes the construction of new infrastructure and digital transformation [20][22]. - The plan includes initiatives to optimize the layout of new infrastructure related to networks, computing power, and data, aiming to create a modern, efficient information network [22][23]. Group 3: Korean National Pension Service - The Korean National Pension Service (NPS) has been selling US dollars as part of a tactical foreign exchange hedging strategy to counter the recent depreciation of the Korean won. As of the end of September, NPS held approximately $542 billion in overseas assets [2][18]. - The maximum hedging ratio for NPS is about 15%, equivalent to approximately $81.3 billion, with tactical foreign exchange hedging allowing for adjustments within a ±5% range of its overseas asset portfolio [2][18]. Group 4: Polysilicon Market - On December 9, polysilicon futures contracts saw a significant increase, indicating a bullish trend in the market [26][28]. - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion yuan, aims to explore strategic cooperation opportunities within the industry, potentially impacting polysilicon supply and pricing dynamics [29].

Group 1 - The Cross-Strait concept index rose by 2.98%, ranking 10th among concept sectors, with 213 stocks increasing in value [1][2] - Notable gainers included Hongxiang Co., which hit the 20% limit up, along with Minfa Aluminum, Fengzhu Textile, and Xiamen Xinda, which also reached the limit up [1] - Leading stocks in terms of percentage increase included Guangpu Co. (up 10.53%), Zhongneng Electric (up 9.27%), and Yaxiang Integration (up 8.79%) [1] Group 2 - The Cross-Strait concept sector saw a net inflow of 1.954 billion yuan, with 105 stocks receiving net inflows and 21 stocks exceeding 100 million yuan in net inflows [2] - The top stock for net inflow was Industrial Securities, with a net inflow of 802 million yuan, followed by Fulongma (693 million yuan), Yonghui Supermarket (482 million yuan), and Industrial Fulian (474 million yuan) [2][3] Group 3 - Stocks with the highest net inflow ratios included Annie Co. (87.29%), Longzhou Co. (79.54%), and Anji Food (69.93%) [3] - The top stocks in the Cross-Strait concept sector based on net inflow included Industrial Securities (up 6.94%), Fulongma (up 10.00%), and Yonghui Supermarket (up 9.92%) [3][4]

格隆汇12月8日｜A股市场海南自贸股表现强势，其中，新大洲A、福龙马、海南发展涨停，康芝药业涨 超6%，凯撒旅业、海马汽车、海南海药、新华都涨超5%。 ...