Investment Rating - The report recommends investing in companies with high demand visibility in the Middle East, specifically highlighting **Jereh Group** and **Neway Valve** as key targets for investment due to their strong market positions and growth potential [2]. Core Insights - The political and economic ties between China and the Middle East are strengthening, creating new opportunities for cooperation in natural gas development, with the Middle East holding 35% of the world's proven natural gas reserves as of 2023 [2][9]. - Middle Eastern countries are accelerating their natural gas development to optimize energy supply structures and maintain their dominant positions in the global fossil fuel market, with significant capital expenditures expected to drive equipment demand [2]. - Companies like **Jereh Group** and **Neway Valve** are making technological breakthroughs and gaining market penetration in the Middle East, with Jereh expected to achieve approximately 1.5 billion CNY in orders by 2024 [2]. Summary by Sections 1. China & Middle East Political and Economic Relations - The Belt and Road Initiative has deepened cooperation between China and OPEC countries, with China becoming the largest importer of OPEC oil, accounting for 24.3% of total OPEC exports in 2023 [9][12]. - The Middle East's natural gas reserves are substantial, with proven reserves accounting for 35.4% of global totals, indicating significant development potential [13][14]. 2. Acceleration of Natural Gas Layout in Middle East Countries - Countries like Saudi Arabia, UAE, Kuwait, Qatar, and Iran are actively enhancing their natural gas production capabilities to meet domestic and export demands, with Saudi Arabia planning to increase its natural gas output by approximately 60% by 2030 [2][30]. - The UAE aims for natural gas self-sufficiency by 2030 while also expanding LNG exports to solidify its position as a reliable global energy supplier [2][73]. 3. Breakthroughs in Equipment Technology & Customer Certification - Jereh Group has achieved significant technological advancements and certifications, positioning itself well in the Middle Eastern market, with a market share of about 10% expected by 2024 [2]. - Neway Valve's orders from the Middle East and Africa are projected to grow from 11% in 2022 to 25% by 2024, indicating a strong growth trajectory in this region [2].

Core Viewpoint - The AI Fund Bosera Contrarian Investment Mixed A (004434) reported a profit of 1.3663 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0385 yuan, and a net value growth rate of 2.74% during the reporting period [2] Fund Performance - As of July 18, the fund's unit net value was 1.546 yuan, with a fund size of 51.5762 million yuan as of the end of Q2 2025 [2][13] - The fund's one-year compounded net value growth rate reached 11.02%, the highest among its peers, while the lowest was 7.1% for Bosera Advanced Manufacturing Mixed A [2] - Over the past three months, the fund's compounded net value growth rate was 14.96%, ranking 175 out of 615 comparable funds; over six months, it was 8.67%, ranking 370 out of 615; and over three years, it was -11.48%, ranking 140 out of 324 [2] Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0683, ranking 190 out of 319 comparable funds [7] - The maximum drawdown over the past three years was 35.33%, with a single-quarter maximum drawdown of 22.5% occurring in Q1 2021, ranking 217 out of 322 [9] Investment Strategy - The fund manager indicated a focus on emerging industries, high-quality alpha stocks, and undervalued dividend stocks to enhance the probability of success and optimize the portfolio for better returns [2] Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings included Ningde Times, Nuwell, ST Huaton, Xiaoshangpin City, Xinyi Sheng, Zhongji Xuchuang, Hudian Co., Zongshen Power, Ninebot, and Zijin Mining [16] - The average stock position over the past three years was 74.1%, compared to the industry average of 83.27%, with a peak of 85.53% at the end of 2021 and a low of 60.86% in mid-2021 [12]

Industry Overview - The global ball valve market is projected to reach approximately 206.53 billion yuan by 2024, driven by increased industrialization, demand in the oil and gas sector, and a surge in global infrastructure projects [7] - In China, the ball valve market is expected to reach around 29 billion yuan by 2024, reflecting rapid industrial development and urbanization [7][6] - The number of ball valve patents in China from 2016 to 2024 totals 59,993, with notable peaks in 2018, 2019, and 2021, indicating a strong focus on innovation in the sector [6][7] Ball Valve Characteristics - Ball valves are essential fluid control devices in modern industries, particularly in the chemical sector, due to their versatility and ease of operation [4][6] - They can be categorized based on their structure (e.g., floating, fixed, V-type, three-way) and functionality (e.g., high-pressure, low-temperature, sulfur-resistant) [2] Industry Development Status - The ball valve industry has matured over the past 30 years, with a growing emphasis on precision and complexity in industrial production [6] - The increasing complexity of pipeline systems in urban and industrial settings has heightened the importance of valves in fluid control [7] Competitive Landscape - Key players in the domestic ball valve market include Neway Valve, Zhongke Suvalve, Jiangsu Shentong, and others, with Neway Valve leading in terms of product range and revenue [12][15] - Neway Valve's product line includes various types of ball valves, with a production volume of 204,024 units in 2024 [16] Industry Trends - The ball valve industry is moving towards smart technology, with a focus on high precision and sensitivity in control valves, as well as high-pressure and large-diameter cut-off valves [20] - The demand for innovative and reliable ball valves is expected to grow, driven by the evolving industrial landscape and environmental considerations [20]

Group 1 - The company held the 23rd meeting of the 5th Supervisory Board on July 11, 2025, which was conducted via email and phone notifications, and was presided over by the chairperson, Ms. Zou Qin [1] - The Supervisory Board reviewed the incentive plan and confirmed that the granted incentive objects meet the qualifications stipulated by relevant laws and the company's articles of association [1][2] - The board agreed that the grant date for the restricted stock incentive plan is set for July 17, 2025, with 7,713,799 shares granted to 154 incentive objects [2] Group 2 - The incentive plan is consistent with the resolutions passed at the third extraordinary general meeting of shareholders in 2025 [2] - The voting results for the meeting were unanimous, with 3 votes in favor, 0 against, and 0 abstentions [2]

Core Viewpoint - The company has conducted a self-examination regarding insider trading related to its 2025 restricted stock incentive plan, confirming that no insider trading occurred during the specified period [1][2]. Group 1: Incentive Plan Overview - The fifth board of directors approved the draft of the 2025 restricted stock incentive plan and disclosed it on July 2, 2025 [1]. - The self-examination period for insider trading was set from January 2, 2025, to July 1, 2025 [1]. Group 2: Examination Findings - All examined parties did not engage in any trading of the company's stock during the self-examination period [2]. - The company has established relevant systems for information disclosure and insider information management, ensuring confidentiality and limiting access to insider information [2]. Group 3: Compliance and Conclusion - The self-examination concluded that there were no violations of the regulations regarding insider trading by insiders or their close relatives during the incentive plan's planning and discussion phases [2].

Core Points - The company has approved the grant of 7,713,799 restricted shares under the 2025 Restricted Stock Incentive Plan at a price of 15.93 yuan per share, with the grant date set for July 17, 2025 [1][3][8] Summary by Sections 1. Grant of Restricted Shares - The company will grant 7,713,799 restricted shares to eligible participants as part of the 2025 incentive plan, with the grant price set at 15.93 yuan per share [1][3] - The decision was made during the 30th meeting of the fifth board of directors and the 23rd meeting of the fifth supervisory board [1][2] 2. Approval Process - The incentive plan was approved by the third extraordinary general meeting of shareholders in 2025, and the board was authorized to determine the grant date and manage related matters [2][8] - The supervisory board confirmed the eligibility of the participants and the compliance of the plan with legal requirements [8] 3. Conditions for Granting Shares - The company has established specific conditions that must be met for the grant of restricted shares, including the absence of negative audit opinions and compliance with legal regulations [3][4] - The board confirmed that both the company and the participants met all necessary conditions for the grant [4][8] 4. Vesting and Lock-up Period - The restricted shares will have a lock-up period of 12, 24, and 36 months, after which the shares can be released based on the fulfillment of certain conditions [5][6] - If the conditions for release are not met, the company will repurchase and cancel the unvested shares [5][6] 5. Financial Impact - The company will recognize the share-based payment expenses over the vesting period, which will be reflected in the operating results [9] - The estimated impact on net profit from the share-based payment expenses is expected to be minimal, with potential positive effects on company performance due to increased management motivation [9]

2025 年限制性股票激励计划首次授予激励对象名单 （授予日） 注：1、上述任何一名激励对象通过全部有效的股权激励计划获授的本公司股票均未超过本 激励计划草案公告时公司股本总额的 1%。公司全部有效的激励计划所涉及的标的股票总数 累计不超过本激励计划草案公告时公司股本总额的 10%。2、上表中数值若出现总数与各分 项数值之和尾数不符，均为四舍五入原因所致。 苏州纽威阀门股份有限公司 2025 年 07 月 18 日 序号 姓名 职务 获授的限制 性股票数量 （万股） 占本激励计划授 予限制性股票总 数的比例 占本激励计划公 告时公司股本总 额的比例 1 鲁良锋 董事长 42.1870 5.47% 0.05% 2 冯银龙 董事,总经理 41.3559 5.36% 0.05% 3 黎娜 董事,副总经理 28.1481 3.65% 0.04% 4 陆建红 副总经理 24.7080 3.20% 0.03% 5 凌蕾菁 财务总监,董秘 21.3433 2.77% 0.03% 6 陈斌 副总经理 17.1751 2.23% 0.02% 7 程学来 副总经理 17.0759 2.21% 0.02% 中层管理人员及 核心技术 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-050 一、核查的范围与程序 1、核查对象为本激励计划的内幕信息知情人及其近亲属。 2、激励计划的内幕信息知情人均填报了《内幕信息知情人登记表》。 3、公司向中国证券登记结算有限责任公司上海分公司就核查对象在本次激 励计划草案公告前 6 个月内（2025 年 01 月 02 日——2025 年 07 月 01 日，以下 简称"自查期间"）买卖公司股票情况进行了查询确认，并由中国证券登记结算 有限责任公司上海分公司出具了查询证明。 苏州纽威阀门股份有限公司 关于公司 2025 年限制性股票激励计划 内幕信息知情人买卖公司股票情况的自查报告 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。 2025 年 07 月 01 日，苏州纽威阀门股份有限公司（以下简称"公司"）召开 第五届董事会第二十九次会议，审议通过了《关于<公司 2025 年限制性股票激励 计划（草案）>及其摘要的议案》（以下简称"激励计划或本激励计划"）等议案， 并于 2025 年 07 月 02 日在 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-053 苏州纽威阀门股份有限公司 关于向 2025 年限制性股票激励计划激励对象 授予限制性股票的公告 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个别及连带责任。 重要内容提示： 鉴于苏州纽威阀门股份有限公司（以下简称"公司"）2025 年限制性股票激 励计划（以下简称"本激励计划"、"激励计划"）规定的限制性股票的授予条件已 经成就，根据公司 2025 年第三次临时股东大会授权，公司于 2025 年 07 月 17 日 召开了第五届董事会第三十次会议、第五届监事会第二十三次会议，审议通过了 《关于向 2025 年限制性股票激励计划激励对象授予限制性股票的议案》，同意 以 2025 年 07 月 17 日为授予日。现将有关事项说明如下： 一、限制性股票授予情况 （一）2025 年限制性股票激励计划的决策程序和批准情况 1、2025年07月01日，公司第五届董事会第二十九次会议审议通过了《关于< 苏州纽威阀门股份有限公司2025年限制性股票激励计划（草案）>及其摘要的 ...

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