Global Research ab 20 January 2026 China Thematics APAC Focus: Underappreciated names amid energy upcycle AI, multi-shoring and electrification are generating incremental global demand for electricity. To support this, we expect substantial CAPEX in the natural gas (offshore, LNG) and nuclear spaces to lift demand for energy equipment & parts (valves, gas turbine blades). Along with accelerating market consolidation and production outsourcing within the energy industry, we believe Chinese equipment/parts ma ...

Global Research 首次覆盖 纽威股份 abc 2026 年 01 月 20 日 全球能源与电力上行周期的主要受益者；首次 覆盖给予买入评级 全球高端阀门有力竞争者 纽威是中国最大的品牌阀门制造商（按销售额计），2010-24年海外销售占 比平均超过60%。尽管由于下游资本开支持续性弱，该股长期被视为周期 股，但我们自上而下和自下而上的分析显示，该股有望持续实现强劲且更稳 定增长，2024-30年每股收益CAGR或达22%（2022-24年为57%，2019-22 年则持平）。该股当前股价对应22x 2026E PE，我们认为其增长潜力被低 估。首次覆盖给予买入评级。 能源与电力上行周期：为阀门带来庞大且可持续的潜在市场空间 我们认为全球AI、多岸外包和电气化推动能源和电力资本支出进入上行周 期，其有望持续至2030年。高端阀门约占项目总资本支出的3%，我们预计 到2030年有望为纽威带来290亿美元且利润丰厚的市场空间（2025-30 CAGR为11%）以及更好的竞争格局，对应阀门整体潜在市场规模为1150亿 美元（CAGR：6%）。此外，公司未来增长与全球海上浮式生产储卸油装 置（FPSO）、 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2026-001 苏州纽威阀门股份有限公司 关于股权激励限制性股票回购注销实施公告 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： 回购注销原因回购注销原因： 二、本次限制性股票回购注销情况 （一）本次回购注销限制性股票的原因及依据 1、因离职而回购注销 根据《激励计划》第十三章的规定：激励对象因主动离职、公司裁员、劳动 合同或聘用协议等相关协议到期不再续约等原因而离职，激励对象已获授但尚未 解除限售的限制性股票不得解除限售，由公司按授予价格进行回购注销，离职前 需缴纳完毕限制性股票已解除限售部分的个人所得税。 2、因个人层面业绩考核不达标而回购注销 鉴于苏州纽威阀门股份有限公司（以下简称"公司"）2023 年限制性股票激 励计划首次授予对象中：2 名激励对象因个人原因离职，不再具备激励对象资格； 9 名激励对象个人层面绩效考核结果为 B，本期个人层面可解除限售比例为 90%； 预留授予对象中：3 名激励对象个人层面绩效考核结果为 B，本期个人层面可解 ...

证券日报网讯1月16日，纽威股份（603699）在互动平台回答投资者提问时表示，公司经过多年布局， 已构建起覆盖全球五大洲超过90个国家的全方位、多层次的营销网络体系。公司在欧洲、北美洲、东南 亚、中东、西非等地区直接设立销售子公司或办事处，不仅负责当地市场的开拓与运营，还为客户提供 精准的市场洞察和技术支持。 ...

Group 1 - The core viewpoint of the news is that Nuwai Co., Ltd. has shown a positive stock performance with a 4.12% increase year-to-date and significant growth in revenue and net profit for the first nine months of 2025 [1][2]. - As of January 16, Nuwai's stock price reached 54.11 yuan per share, with a market capitalization of 41.964 billion yuan and a trading volume of 1.34 billion yuan [1]. - The company primarily engages in the design, manufacturing, and sales of industrial valves, with 97.34% of its revenue coming from valves and parts [1]. Group 2 - For the period from January to September 2025, Nuwai reported a revenue of 5.603 billion yuan, reflecting a year-on-year growth of 25.76%, and a net profit attributable to shareholders of 1.114 billion yuan, up 34.54% year-on-year [2]. - The company has distributed a total of 4.598 billion yuan in dividends since its A-share listing, with 2.280 billion yuan distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders increased by 10.65% to 13,800, while the average number of circulating shares per person decreased by 9.63% to 54,711 shares [2][3].

Investment Rating - The report recommends a positive investment outlook for the machinery equipment industry, particularly focusing on companies with high export potential and strong growth prospects in overseas markets [3][10]. Core Insights - The report identifies three major opportunities for machinery equipment exports: the Belt and Road Initiative driving demand in resource-rich countries, strong demand recovery in Europe and the US, and the shift from capacity export to technology export in high-end manufacturing [3][4][5]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion, LiuGong, and Hengli Hydraulic in the engineering machinery sector, and Jerry Holdings and Neway in the oil service sector [3][4][5][67]. Summary by Sections Belt and Road Initiative - Investment in oil, gas, and mineral resources in resource-rich countries is accelerating, driving demand for domestic equipment and expanding global market share [3]. - The engineering machinery sector is expected to benefit from rising prices of non-ferrous metals and increased capital expenditure by mining companies, leading to higher demand for high-margin excavators [3][10]. European and American Demand - The report highlights a recovery in overseas production capacity and macroeconomic recovery, focusing on high-quality targets with significant exposure to European and American markets [4]. - Key recommendations include leading Chinese hand tool exporter Juxing Technology and companies in the industrial forklift sector such as Hangcha Group and Anhui Heli [4]. High-End Manufacturing Export - The shift from capacity export to technology export is emphasized, with Chinese equipment manufacturers leveraging their advantages to enhance export ceilings [5]. - Companies involved in the production of optical module equipment, lithium battery equipment, and photovoltaic equipment are highlighted as key players, with specific recommendations for firms like Meiwai and Aotewi [5]. Engineering Machinery Export - The report anticipates a new upward cycle for overseas engineering machinery demand starting in 2025, driven by recovery in global demand and increased capital expenditure in mining and infrastructure [10][11]. - Key companies with established overseas operations and competitive advantages in mining and large infrastructure projects are expected to benefit significantly [10][11]. Oil Service Market - The Middle East is identified as a core market for oil service companies, with high certainty for growth due to stable capital expenditure and strong demand [67][69]. - Recommended companies include Jerry Holdings, which has a comprehensive international certification system and strong project execution capabilities, and Neway, which has a significant presence in the aftermarket service sector [67][69].

Group 1 - The core viewpoint of the news is that Nuwai Co., Ltd. has shown significant financial performance with a notable increase in revenue and net profit, alongside active trading activity in its stock [1][2]. Group 2 - As of January 9, Nuwai's stock price increased by 1.67%, with a trading volume of 230 million yuan. The financing buy-in amount was 14.59 million yuan, while the financing repayment was 15.10 million yuan, resulting in a net financing buy of -0.51 million yuan [1]. - The total margin trading balance for Nuwai as of January 9 was 150 million yuan, with the financing balance accounting for 0.36% of the circulating market value, indicating a high level compared to the past year [1]. - On the short selling side, Nuwai had a short selling repayment of 900 shares and a short selling amount of 2,100 shares, with a total short selling balance of 89.97 million yuan, which is below the 40th percentile level over the past year [1]. Group 3 - As of September 30, the number of shareholders for Nuwai was 13,800, an increase of 10.65% from the previous period, while the average circulating shares per person decreased by 9.63% to 54,711 shares [2]. - For the period from January to September 2025, Nuwai achieved a revenue of 5.60 billion yuan, representing a year-on-year growth of 25.76%, and a net profit attributable to shareholders of 1.11 billion yuan, reflecting a year-on-year increase of 34.54% [2]. - Nuwai has distributed a total of 4.60 billion yuan in dividends since its A-share listing, with 2.28 billion yuan distributed over the past three years [2]. Group 4 - Among the top ten circulating shareholders as of September 30, Hong Kong Central Clearing Limited was the third largest shareholder with 103 million shares, an increase of 40.57 million shares from the previous period [2]. - The ninth largest shareholder, Jiashi Value Longqing Mixed A, held 6.40 million shares, a decrease of 2.99 million shares, while Jiashi Value Zhenxuan Mixed A entered the top ten with 3.10 million shares [2].

Core Viewpoint - The tank container industry in China has developed significantly over the past two decades, making China the largest producer of tank containers globally, accounting for 92% of the world's production and sales [2][8]. Industry Development History - The development of the tank container industry in China has gone through four stages: the initial stage (1950-1970), the promotion stage (1980-1990), the rapid growth stage (2000-2010), and the standardization stage (2010-present) [7]. - In the initial stage, the concept of tank containers was not clearly introduced, while the promotion stage saw the gradual entry of tank containers into the market [7]. - By the 21st century, China became a major manufacturer of tank containers, with leading companies like CIMC SAFEWAY and SINGAMAS emerging [7]. Industry Policies - The Chinese government has actively promoted specialized and containerized logistics for chemical products, laying a solid foundation for the sustainable development of tank containers [10]. - Policies such as the "One Port, One Policy" initiative aim to enhance the integration of container rail-water transport, targeting a 15% annual growth in container transport volume by 2027 [10][11]. Industry Chain - The tank container industry chain consists of upstream raw materials and components (steel, alloys, valves), midstream manufacturing, and downstream applications in energy, chemicals, and food and beverage sectors [12][13]. Market Potential - China's tank container production is projected to reach 40,000 units in 2024, representing 95% of global production, with CIMC SAFEWAY maintaining a leading market share [2][8]. - The growth of the liquid chemical, food and beverage, and clean energy logistics markets presents significant opportunities for tank containers [2]. Related Companies - Key listed companies in the tank container sector include CIMC Huaneng (301559), Sifang Technology (603339), and Shengsi Container (00716) [3].

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-103 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | | 王保庆 | 121,564,912 | 15.68% | | 程章文 | 121,564,912 | 15.68% | | 陆斌 | 83,545,482 | 10.77% | | 席超 | 83,545,482 | 10.77% | | 北京恒德时代私募基金管理有限公司－ 注 1 恒德智信 20 号私募证券投资基金 | 38,019,430 | 4.90% | | 北京恒德时代私募基金管理有限公司－ 2 恒德远征金锐 号私募证券投资基金注 1 | 38,019,430 | 4.90% | | 3 纽威集团有限公司注 | 0 | 0.00% | | 合计 | 486,259,648 | 62.70% | 注 1：以下简称"恒德智信 20 号私募证券投资基金" 注 2：以下简称"恒德远征金锐 1 号私募证券投资基金" 注 3：以下简称"纽威集团" 纽威集团的共同实际控制人为王保庆先生、陆斌先生、程章文先生、席 超先生；恒德智信 20 号私募证 ...

（记者 王瀚黎） 每经AI快讯，纽威股份12月31日晚间发布公告称，公司控股股东、实际控制人及其一致行动人合计持 有公司股份约4.86亿股，占公司总股本的62.7%。本次股份质押后，席超先生累计质押其持有公司股份 164万股，占其持股总数的1.96%，占控股股东及其一致行动人合计持有公司股份的0.34%，占公司总股 本的0.21%。 每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ ...