Core Viewpoint - GEV and Siemens have reported significant growth in new gas turbine orders, indicating a strong demand in the gas turbine market, driven by the increasing electricity needs from AI data centers [2][3]. Group 1: Order Growth - GEV signed 114 new gas turbine orders in Q1-Q3 2025, a year-on-year increase of 46%, with heavy-duty gas turbine orders reaching 69 units, up 57% [2][3]. - Siemens' gas service business secured new orders worth €18.2 billion in Q1-Q3 2025, reflecting a 42% year-on-year growth, with Q3 orders for gas turbines soaring by 231% to 86 units [2]. Group 2: Capacity Expansion and Financial Guidance - GEV has advanced its annual gas turbine production capacity target from Q3 2026 to H1 2026 and plans to increase its production capacity to 24 GW by 2028, supported by a projected capital expenditure of $10 billion from 2025 to 2028 [3]. - GEV has raised its revenue guidance for 2028 from $45 billion to $52 billion, with an adjusted EBITDA margin increase from 14% to 20% [3]. Group 3: Market Opportunities - The construction of AI data centers is driving a surge in electricity demand, with gas turbines being positioned as the optimal power supply solution due to their quick construction cycles and stable power output [4]. - There is significant potential for domestic equipment manufacturers to replace foreign brands in the gas turbine market, with several companies identified as key players benefiting from this trend [4][5]. Group 4: Recommended Stocks - Recommended stocks include: - Jerry Holdings (002353.SZ) for its strong order book and partnerships with major players [5]. - Yingliu Technology (603308.SH) focusing on high-tech turbine blades for domestic replacement [5]. - Haomai Technology (002595.SZ) as a main supplier of gas turbine components [5]. - Liande Co., Ltd. (605060.SH) as a supplier for Caterpillar gas turbines [5].

中国经济网北京12月5日讯 联德股份(605060.SH)昨日晚间发布关于控股股东之一致行动人减持股份结果 公告。 截至2025年12月3日，联德股份股东湖州旭腾企业管理合伙企业（有限合伙）（以下简称"湖州旭 腾"）、湖州佳宏企业管理合伙企业(有限合伙)（曾用名"杭州佳扬投资合伙企业（有限合伙）"，以下简 称"湖州佳宏"）、湖州朔谊企业管理合伙企业（有限合伙）（以下简称"湖州朔谊"）、湖州迅嘉企业管 理合伙企业（有限合伙）（以下简称"湖州迅嘉"）通过集中竞价方式减持公司股份2,405,800股，占公司 股份总数的1.00%，大宗交易方式减持公司股份3,282,200股，占公司股份总数的1.37%，本次减持计划 实施完毕。 湖州旭腾、湖州佳宏、湖州朔谊和湖州迅嘉均为联德股份员工持股平台，其股份均来源于IPO前取得， 上述企业系联德股份控股股东杭州联德控股有限公司的一致行动人。 根据联德股份披露的2024年年度报告，该公司实际控制人为孙袁、朱晴华夫妇，湖州旭腾、湖州迅嘉、 湖州朔谊、杭州佳扬均为实际控制人孙袁、朱晴华控制的企业，为一致行动人。 (责任编辑：马欣) 联德股份于2025年8月27日披露了《杭州联德精密 ...

Core Viewpoint - The company, LianDe Co., stated that its stock price fluctuations in the secondary market are influenced by various factors including macroeconomic environment, industry policies, market sentiment, and liquidity [1] Group 1 - The company confirmed that its production and operations are currently normal and there are no significant undisclosed information that should be disclosed [1] - The company aims to enhance its sustainable profitability and risk resistance capabilities [1] - The company is focused on improving market recognition of its intrinsic value to provide satisfactory returns to investors [1]

证券日报网讯12月4日，联德股份（605060）在互动平台回答投资者提问时表示，股东减持系基于其自 身资金需求，公司会持续关注并提醒相关股东严格遵守减持规则。二级市场股价波动受宏观经济环境、 行业政策、市场情绪、资金面等多种因素影响，公司管理层一直专注于努力提升经营业绩，力争以持 续、稳定的良好业绩回报投资者。 ...

（文章来源：证券日报） 证券日报网讯 12月4日晚间，联德股份发布公告称，截至2025年12月3日，控股股东一致行动人湖州旭 腾、湖州佳宏、湖州朔谊、湖州迅嘉通过集中竞价减持公司股份2，405，800股，占公司股份总数的 1.00%，大宗交易方式减持公司股份3，282，200股，占公司股份总数的1.37%。本次减持计划实施完 毕。 ...

关于控股股东之一致行动人减持股份结果公告 本公司董事会、全体董事及相关股东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： 控股股东之一致行动人持股的基本情况 本次减持计划实施前，杭州联德精密机械股份有限公司（以下简称"公司"） 股东湖州旭腾企业管理合伙企业（有限合伙）（以下简称"湖州旭腾"）持有公 司股份 3,042,000 股，占公司总股本的 1.26%。 湖州佳宏企业管理合伙企业(有限合伙)（曾用名"杭州佳扬投资合伙企业（有 限合伙）"，以下简称"湖州佳宏"）持有公司股份 2,916,000 股，占公司总股 本的 1.21%。 湖州朔谊企业管理合伙企业（有限合伙）（以下简称"湖州朔谊"）持有公 司股份 2,772,000 股，占公司总股本的 1.15%。 证券代码：605060 证券简称：联德股份 公告编号：2025-044 杭州联德精密机械股份有限公司 湖州迅嘉企业管理合伙企业（有限合伙）（以下简称"湖州迅嘉"）持有公 司股份 2,646,000 股，占公司总股本的 1.10%。 湖州旭腾、湖州佳宏、湖州朔谊和湖州迅嘉均为公司 ...

格隆汇12月4日丨联德股份(605060.SH)公布，截至2025年12月3日，湖州旭腾、湖州佳宏、湖州朔谊、 湖州迅嘉通过集中竞价方式减持公司股份240.58万股，占公司股份总数的1.00%，大宗交易方式减持公 司股份328.22万股，占公司股份总数的1.37%，本次减持计划实施完毕。 湖州旭腾、湖州佳宏、湖州朔谊和湖州迅嘉均为公司员工持股平台，其股份均来源于 IPO 前取得，上 述企业系公司控股股东杭州联德控股有限公司的一致行动人。 ...

Group 1 - The core viewpoint of the news is that LianDe Co., Ltd. experienced a stock price increase of 5.03%, reaching 36.99 CNY per share, with a total market capitalization of 8.899 billion CNY [1] - LianDe Co., Ltd. is located in Hangzhou Economic and Technological Development Zone and was established on February 12, 2001. It was listed on March 1, 2021. The company specializes in the research, design, production, and sales of high-precision mechanical components and precision cavity molds, providing a one-stop service from casting to precision machining [1] - The main business revenue composition of LianDe Co., Ltd. includes compressor components (54.59%), construction machinery components (35.21%), and others (10.21%) [1] Group 2 - Among the top circulating shareholders of LianDe Co., Ltd., a fund under Dongzheng Asset Management has entered the top ten, specifically the Dongfanghong HuGangShen Mixed Fund (002803), which holds 2.232 million shares, accounting for 0.93% of the circulating shares [2] - The Dongfanghong HuGangShen Mixed Fund (002803) was established on July 11, 2016, with a latest scale of 2.477 billion CNY. It has achieved a year-to-date return of 38.61%, ranking 1679 out of 8122 in its category, and a one-year return of 33.91%, ranking 1911 out of 8056 [2] - The fund manager of Dongfanghong HuGangShen Mixed Fund is Qin Xuwen, who has a cumulative tenure of 9 years and 318 days, with the fund's total asset scale at 5.778 billion CNY. The best return during his tenure is 55.99%, while the worst return is -21.48% [3]

Group 1 - The core viewpoint of the news is that LianDe Co., Ltd. experienced a stock price increase of 5.03%, reaching 36.99 CNY per share, with a total market capitalization of 8.899 billion CNY [1] - LianDe Co., Ltd. is located in Hangzhou Economic and Technological Development Zone, established on February 12, 2001, and listed on March 1, 2021 [1] - The company's main business involves the research, design, production, and sales of high-precision mechanical components and precision cavity mold products, providing a one-stop service from casting to precision machining [1] Group 2 - The Green Fund has a significant holding in LianDe Co., Ltd., with the Green Xinli Six-Month Holding Period Mixed A Fund (017079) holding 78,200 shares, accounting for 1.84% of the fund's net value, ranking as the eighth largest holding [2] - The Green Xinli Six-Month Holding Period Mixed A Fund was established on March 20, 2023, with a latest scale of 70.4175 million CNY, and has achieved a year-to-date return of 14.77% [2] - The fund manager, Gao Jie, has a tenure of 5 years and 2 days, with a total asset scale of 13.09 billion CNY, while Liu Zan has a tenure of 3 years and 19 days, managing assets of 1.145 billion CNY [2]

- The report discusses the "Volume Timing Signal" model, which indicates a cautious view for all indices as of November 21, 2025[24][25] - The "Number of Rising Stocks in the CSI 300 Index" sentiment indicator is used to gauge market sentiment by calculating the proportion of stocks with positive returns over a certain period[25][26] - The "Number of Rising Stocks in the CSI 300 Index" timing tracking involves smoothing the indicator over two different periods to capture its trend, with a bullish view when the short-term line is above the long-term line[27][28][29] - The "Moving Average Sentiment Indicator" uses the eight moving averages system to assess the trend state of the CSI 300 Index, assigning values based on the position of the moving average range[33][34][35] - The "Moving Average Sentiment Indicator" shows that the CSI 300 Index is currently in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Model Backtest Results - Volume Timing Signal: All indices show a cautious view as of November 21, 2025[24][25] - Number of Rising Stocks in the CSI 300 Index: The indicator has recently declined, with the proportion of rising stocks slightly above 50%, indicating cooling market sentiment[25][26] - Number of Rising Stocks in the CSI 300 Index Timing Tracking: Both the fast and slow lines are declining, with the fast line below the slow line, indicating a cautious view for the near future[27][28][29] - Moving Average Sentiment Indicator: The CSI 300 Index is in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Factor Construction and Evaluation - Cross-sectional volatility: The recent week saw a decline in cross-sectional volatility for CSI 300 and CSI 500 index constituents, indicating a deteriorating short-term alpha environment, while the CSI 1000 index constituents saw an increase, indicating an improving short-term alpha environment[2][38] - Time-series volatility: The recent week saw a decline in time-series volatility for CSI 300 index constituents, indicating a deteriorating alpha environment, while the CSI 500 and CSI 1000 index constituents saw an increase, indicating an improving alpha environment[2][39][40] Factor Backtest Results - Cross-sectional volatility: - CSI 300: 2.28% (recent quarter average), 83.44% (recent quarter average as a percentile of the past two years) - CSI 500: 2.44% (recent quarter average), 78.57% (recent quarter average as a percentile of the past two years) - CSI 1000: 2.60% (recent quarter average), 83.67% (recent quarter average as a percentile of the past two years)[39] - Time-series volatility: - CSI 300: 0.73% (recent quarter average), 77.23% (recent quarter average as a percentile of the past two years) - CSI 500: 0.53% (recent quarter average), 80.16% (recent quarter average as a percentile of the past two years) - CSI 1000: 0.27% (recent quarter average), 82.07% (recent quarter average as a percentile of the past two years)[42]