Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Over the next three years, Saudi Aramco plans to execute 85 major projects covering oil and gas production, pipeline networks, and civil infrastructure, with significant investment in oil and petrochemical sectors [1] - Saudi Aramco's capital expenditure guidance for 2025 remains between $52 billion and $58 billion, representing a year-on-year growth of 3% to 15%, indicating sustained demand for oil service equipment [2] - Companies like Jereh and Neway are positioned to benefit from the surge in orders in the Middle East due to their technological advantages and market access [3] - Investment recommendations highlight Jereh for its high visibility in Middle Eastern orders and Neway for its stable growth due to proactive capacity planning [4] Summary by Sections Major Projects and Investment - Saudi Aramco's upcoming projects include significant upgrades in oil, gas, and refining facilities, with a procurement list that includes 21,000 kilometers of carbon steel pipelines, 2.2 million tons of structural steel, and 41,000 kilometers of cables [1] Capital Expenditure - The capital expenditure for Saudi Aramco is projected to grow, benefiting leading companies with technological advantages and market access [2] Company Opportunities - Neway has successfully established itself as a core supplier of valves across the oil and gas value chain, directly supplying to Saudi Aramco and expanding local production capacity [3] - Jereh has built brand recognition in the Middle East through successful project completions, aligning its core products with the needs of Saudi Aramco's planned investments [3] Investment Recommendations - The report recommends focusing on Jereh for its unique position in the Middle East and Neway for its consistent performance and strategic capacity planning [4]

Core Insights - The ocean is becoming an important extension of human survival and development, with over 100 countries engaged in offshore oil and gas exploration and production, leading to a daily crude oil output exceeding 1 million tons, accounting for approximately 25% of global production [1][9] - The demand for underwater oil and gas equipment, particularly underwater valves, is increasing as they are critical components in underwater production systems [1][9] - China's underwater valve market is projected to grow from 141 million yuan in 2022 to 164 million yuan in 2024, with a compound annual growth rate (CAGR) of 7.69%, and is expected to reach 180 million yuan by 2026 [1][9] Underwater Valve Industry Overview - Underwater valves, also known as seabed valves, are essential for marine oil and gas production systems, with applications in oil and gas transportation and marine engineering [4] - The industry has evolved through several stages: early development (mid-19th century to 1930s), technological advancement (1940s to 1990s), and intelligent development (21st century to present) [5] - The underwater valve industry chain includes upstream raw materials, midstream manufacturing, and downstream applications in marine oil and gas engineering and other marine projects [6][8] Market Dynamics - The global underwater valve market is expected to grow from $358 million in 2022 to $386 million in 2024, with a CAGR of 3.84%, and is projected to reach $416 million by 2026 [8] - The Chinese underwater valve industry is experiencing rapid growth, supported by the country's rich marine oil and gas resources and the establishment of a new industrial system for marine resource development [1][9] Competitive Landscape - The global underwater valve market is highly concentrated, with major players like Cameron, PetrolValves, and Advanced Technology Valve holding about 60% of the market share [10] - In China, companies such as Neway Valve, China Nuclear Technology, and Jiangsu Shentong are emerging as key players, focusing on technological innovation and market expansion to break international monopolies [10][11] Industry Trends - The underwater valve industry is moving towards intelligent solutions, incorporating smart sensors and remote control technologies to enhance operational precision and reliability [12] - Environmental considerations are driving the development of eco-friendly underwater valves, focusing on leak prevention and the use of low-carbon materials [12] - Modular design is reshaping product development, allowing for flexible combinations and quick replacements, thus improving adaptability and maintenance efficiency [13][14]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by high demand in downstream sectors such as LNG, marine engineering, and shipbuilding [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.404 billion yuan, a year-on-year increase of 19.96%, and a net profit attributable to shareholders of 637 million yuan, up 30.44% year-on-year [1]. - In Q2 2025, the company recorded revenue of 1.848 billion yuan, representing a year-on-year growth of 25.03% and a quarter-on-quarter increase of 18.80%. The net profit for Q2 was 374 million yuan, up 28.37% year-on-year and 42.34% quarter-on-quarter [1]. Growth Drivers - The company's net profit margin improved to 18.9%, an increase of 1.5 percentage points year-on-year, primarily due to: 1. Sustained high demand in LNG, marine engineering, and shipbuilding sectors, leading to higher revenue recognition from high-margin orders. 2. Rapid growth in new business areas such as nuclear power and water treatment. 3. Cost improvements from equipment upgrades and declining raw material prices [2]. Order Backlog and R&D - The company reported contract liabilities of 505 million yuan, a year-on-year increase of 122.5%, indicating a strong order backlog and potential for continued high growth in future performance [2]. - R&D expenses for H1 2025 were 92.68 million yuan, a year-on-year increase of 19.65%, focusing on technological upgrades and breakthroughs in nuclear-grade equipment and high-pressure valves [2]. Market Outlook - The company is well-positioned in the industrial valve sector, with a marketing network covering over 90 countries and strong international competitiveness. It has successfully secured large projects both domestically and internationally [3]. - The company is expected to benefit from the ongoing global energy transition, particularly in LNG, marine engineering, and nuclear power sectors, with a robust order pipeline supporting medium-term growth [3]. - Long-term growth is supported by the company's comprehensive valve solutions, global channel advantages, and continuous breakthroughs in emerging fields, which are likely to enhance market share and profitability [3]. Investment Projections - Revenue projections for 2025-2027 are 7.460 billion yuan, 8.963 billion yuan, and 10.772 billion yuan, respectively, with net profits of 1.486 billion yuan, 1.833 billion yuan, and 2.255 billion yuan [4]. - The current stock price corresponds to a price-to-earnings ratio of 17.8X, 14.4X, and 11.7X for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [4].

Group 1 - The core point of the news is that Niuwei Co., Ltd. (603699.SH) announced a significant reduction in shareholding by its controlling shareholder, Niuwei Group, which decreased its stake from 64.25% to 62.82% after selling 6,551,044 shares, representing 0.84% of the total share capital [1] - The shares were sold at a weighted average price of 32.828 yuan, resulting in a total reduction amounting to 215 million yuan [1] - Niuwei Group had previously announced a plan to reduce its holdings by up to 7,490,620 shares within three months following the announcement, indicating ongoing changes in shareholding structure [1] Group 2 - The controlling shareholders and actual controllers of Niuwei Co., Ltd. are Wang Baoqing, Lu Bin, Cheng Zhangwen, and Xi Chao, who collectively hold shares through Niuwei Group [2]

Company Overview - Nuwai Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on November 14, 2002. The company was listed on January 17, 2014. Its main business involves the design, manufacturing, and sales of industrial valves [2]. - The revenue composition of Nuwai Co., Ltd. is as follows: 97.34% from valves and parts, 1.95% from castings and forgings, and 0.71% from other sources [2]. Stock Performance - Nuwai Co., Ltd. has seen a stock price increase of 69.33% year-to-date, with a 3.43% rise over the last five trading days, 7.71% over the last 20 days, and 13.92% over the last 60 days [2]. - As of September 12, the stock price was reported at 35.61 CNY per share, with a market capitalization of 27.616 billion CNY [1]. Financial Performance - For the period from January to June 2025, Nuwai Co., Ltd. achieved a revenue of 3.404 billion CNY, representing a year-on-year growth of 19.96%. The net profit attributable to shareholders was 637 million CNY, reflecting a year-on-year increase of 30.44% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Nuwai Co., Ltd. was 12,500, a decrease of 0.62% from the previous period. The average number of circulating shares per shareholder was 60,539, an increase of 0.63% [2]. - The company has distributed a total of 4.148 billion CNY in dividends since its A-share listing, with 1.830 billion CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 62.9284 million shares, an increase of 10.7051 million shares from the previous period. Other notable shareholders include Jiashi Value Longqing Mixed A and Jiashi Value Driven One-Year Holding Period Mixed A, with slight decreases in their holdings [3].

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-059 苏州纽威阀门股份有限公司 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者及其一致行动人的身份 ☑控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 纽威集团有限公司及其一致行动人王保庆、程章文、陆斌、席超、北 京恒德时代私募基金管理有限公司－恒德智信 20 号私募证券投资基金、北 京恒德时代私募基金管理有限公司－恒德远征金锐 1 号私募证券投资基金 保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 注：2025 年 09 月 05 日，公司董事会已完成 2025 年限制性股票激励计划 的授予登记工作，公司总股本由 768,573,661 股变动至 775,526,127 股，总股本增 加 0.90%。 重要内容提示： 权益变动方向 比例增加□ 比例减少☑ 权益变动前合计比例 64.25% ...

Core Viewpoint - Suzhou Neway Valve Co., Ltd. announced a share reduction plan by its controlling shareholder, Neway Group, which will not significantly impact the company's governance or operations [1] Group 1 - From July 22 to September 10, 2025, Neway Group reduced its shareholding by 6,551,044 shares, accounting for 0.84% of the total share capital [1] - After this reduction, the combined shareholding of the controlling shareholder and its concerted parties decreased from 64.25% to 62.82%, reaching a 1% threshold [1] - The share reduction is part of an ongoing plan and does not trigger a mandatory tender offer, consistent with previous disclosures [1]

Core Insights - The successful installation of the "Jinhua Furnace" marks a significant breakthrough for Lu'an Chemical Machinery in expanding its market presence in gasification technology [1][2] - The Jinhua Furnace is a 3000-ton daily coal input gasifier, which enhances the operational efficiency and economic benefits compared to traditional refractory brick gasifiers [1] - The project is part of the Xinlianxin Chemical New Materials Project in Xinxiang, Henan, which will now feature a total of seven gasifiers [1] Group 1 - The Jinhua Furnace has a gas output capacity of 170,000 Nm3/h (CO+H2), showcasing its advanced technology [1] - The combination of "water coal slurry + water-cooled wall + radiation steam generator" represents a significant industrialization breakthrough [1] - The Jinhua Furnace's development enables the commercialization of China's independent gasification technology overseas [1] Group 2 - The success of the Jinhua Furnace installation is crucial for Lu'an Chemical Machinery's market service expansion across various gasifier types [2] - The company aims to focus on a strategic layout of "green, intelligent, high-end, and international" development [2] - Future efforts will include accelerating research and development in hydrogen energy and energy storage equipment [2]

Group 1 - The core point of the news is that Nuwai Co., Ltd. experienced a stock price increase of 5.2%, reaching 35.79 yuan per share, with a trading volume of 247 million yuan and a turnover rate of 0.93%, resulting in a total market capitalization of 27.756 billion yuan [1] - Nuwai Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on November 14, 2002, with its listing date on January 17, 2014. The company's main business involves the design, manufacturing, and sales of industrial valves [1] - The revenue composition of Nuwai Co., Ltd. is as follows: 97.34% from valves and parts, 1.95% from castings and forgings, and 0.71% from other supplementary sources [1] Group 2 - From the perspective of major fund holdings, one fund under Galaxy Fund has a significant position in Nuwai Co., Ltd. The Galaxy Core Advantage Mixed A Fund (011629) held 134,300 shares in the second quarter, accounting for 4.7% of the fund's net value, ranking as the tenth largest holding [2] - The Galaxy Core Advantage Mixed A Fund (011629) was established on July 22, 2022, with a latest scale of 88.4021 million yuan. Year-to-date, it has achieved a return of 15.12%, ranking 4804 out of 8179 in its category, and a one-year return of 32.02%, ranking 4661 out of 7984 [2] - The fund manager, Li Yifan, has been in position for 2 years and 129 days, with the fund's total assets currently at 88.9919 million yuan. The best return during his tenure was -6.89%, while the worst was -7.78% [2]

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-058 苏州纽威阀门股份有限公司 关于 2025 年限制性股票激励计划 授予结果公告 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： 一、限制性股票授予情况 苏州纽威阀门股份有限公司（以下简称"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》，公司监事 会对激励对象名单进行了核查并发表了同意的意见。根据公司 2025 年限制性股 票激励计划（以下简称"激励计划"）的规定和公司了 2025 年第三次临时股东大 会授权，公司董事会已完成限制性股票的授予登记工作，限制性股票的授予登记 情况如下： （一）限制性股票授予的具体情况 1、授予日：2025 年 07 月 17 日。 2、授予数量：771.3799 万股。 3、股票来源：向激励对象定向发行公司 A 股普通股股票。 （一）有效期 4、首次授予对象：在公司（含 ...