Group 1 - Libet's stock price increased by 5.28% to 17.35 CNY per share, with a total market capitalization of 7.791 billion CNY and a trading volume of 70.6325 million CNY, reflecting a turnover rate of 0.93% [1] - The stock has risen for four consecutive days, with a cumulative increase of 20.03% during this period [1] - Jiangsu Libet Co., Ltd. was established on October 20, 2006, and listed on July 26, 2021, focusing on the EPFC full industry chain, which includes engineering general contracting (EPC), engineering design (E), engineering procurement (P), modularization (F), engineering construction (C), and engineering maintenance [1] Group 2 - The main revenue composition of Libet includes 77.70% from engineering services, 22.15% from industrial module design and manufacturing, and 0.15% from other sources [1] - Among the top ten circulating shareholders, Dongfang Fund's New Energy Vehicle Theme Mixed Fund (400015) increased its holdings by 792,900 shares, totaling 2.8177 million shares, which represents 0.63% of the circulating shares [2] - The fund has generated an estimated floating profit of approximately 2.4514 million CNY today and 7.7487 million CNY during the four-day increase [2]

Investment Rating - The report maintains a "Buy" rating for Libat, indicating a positive outlook for the company's stock performance in the nuclear power sector [5]. Core Insights - The nuclear power industry is expected to see a significant increase in construction investment, with an average of 64 billion yuan annually driven by new nuclear power station approvals [1][8]. - Modular construction techniques are being increasingly adopted in the third-generation nuclear power projects, which are anticipated to enhance construction efficiency and reduce costs [2][11]. - Libat is positioned as a leading player in the nuclear modular construction market, with expected incremental performance contributions of 460 million yuan from its nuclear business [3][14]. Summary by Sections Nuclear Power Investment Trends - The approval of new nuclear power stations is gradually increasing, with an expected average of 7.3 units approved annually from 2025 to 2035, leading to substantial construction investments [1][8]. - Each approved unit is estimated to require a total investment of 20 billion yuan, resulting in approximately 1,600 billion yuan in total investment if 8 units are constructed annually [1][8]. Modular Construction Developments - Modular construction is set to significantly reduce the construction period of nuclear power plants, with the civil engineering phase expected to take only 36 months [2][11]. - The adoption of integrated large modules in projects like the Ningde Phase II is a notable advancement, showcasing the potential for improved efficiency and safety in construction [3][14]. Company-Specific Insights - Libat has a strong technological reserve in the nuclear sector and has been proactive in developing its modular business, which is expected to yield substantial revenue growth [3][14]. - The company has secured contracts for significant projects, including a 230 million yuan contract for the Ningde Phase II project, indicating strong market demand and recognition [3][14].

Core Viewpoints - The report emphasizes the expected increase in the penetration rate of nuclear power modules, which is anticipated to drive demand growth, with a continued focus on safety, recommending Libat for investment [1][9][14] - The domestic and overseas demand for cleanroom projects remains robust, despite recent stock price corrections, indicating a positive outlook for companies in this sector [1][9][32] Group 1: Nuclear Power Modules - Libat's Nantong base is highlighted for its strategic location, which enhances its transportation capabilities for large industrial modules, crucial for nuclear power construction [14][17] - The report notes that from 2022 to 2025, there has been a sustained approval pace for nuclear power projects in China, with a total of 41 units approved, including 28 units of the Hualong One design, which constitutes about 68% of the total [23][29] - The construction of the Ningde Nuclear Power Phase II project marks a significant milestone in modular construction technology, showcasing the shift towards integrated module design [29][30] Group 2: Cleanroom Sector - Companies such as Taiji Industrial, Bocheon, Yaxiang Integration, and Shensanda A have secured contracts for cleanroom projects, benefiting from increased capital expenditures in Southeast Asia and the U.S. [32][34] - The report highlights that Taiji Industrial has won multiple contracts for cleanroom projects with Longxin Technology, with project values reaching approximately 26.2 million, 50.5 million, and 6.7 million CNY [33][34] - The cleanroom sector is expected to see further order growth as Longxin Technology prepares for its IPO, which could lead to increased demand for related services [32][34] Group 3: Coal Chemical Projects - The report indicates that coal chemical projects are progressing steadily, with significant milestones achieved, such as the safety completion of the ethylene oxide reactor for a high-end chemical materials project in Shaanxi [38] - Steel prices for rebar and medium-thick plates have remained stable, with slight decreases noted, reflecting the current market conditions [38] Group 4: Financial Tracking - The report mentions that as of December 25, 2025, 18 regions have announced local bond issuance plans totaling 1.37 trillion CNY, indicating a significant increase in the issuance of special bonds compared to the previous year [5][6] - The financial landscape shows a notable increase in the issuance of new special bonds, while the net financing of urban investment bonds has decreased, reflecting changing funding dynamics in the industry [5][6]

| 证券代码：605167 | 证券简称：利柏特 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：111023 | 债券简称：利柏转债 | | 江苏利柏特股份有限公司 关于"利柏转债"开始转股的公告 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法律责任。 根据有关规定和《江苏利柏特股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的"利柏转 债"自 2026 年 1 月 9 日起可转换为本公司股份。 二、"利柏转债"转股的相关条款 转股价格：12.14 元/股 转股期起止日期：2026 年 1 月 9 日至 2031 年 7 月 2 日 转股股份来源：新增股份 （一）发行规模：75,000.00 万元 （二）票面金额：100 元/张 （三）票面利率：第一年 0.10%、第二年 0.30%、第三年 0.60%、第四年 1.20%、 第五年 1.80%、第六年 2.00%。 重要内容提示： 一、可转债发行上市概况 根据中国证券监督管理委员会（ ...

上海市锦天城律师事务所 关于江苏利柏特股份有限公司 2025 年第二次临时股东会的 法律意见书 锦 天 域 律 师 事 务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话: 021-20511000 传真: 021-20511999 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于江苏利柏特股份有限公司 2025 年第二次临时股东会的 法律意见书 致:江苏利柏特股份有限公司 上海市锦天城律师事务所(以下简称"本所")接受江苏利柏特股份有限公 司(以下简称"公司")委托,就公司召开 2025年第二次临时股东会(以下简称 "本次股东会")的有关事宜,根据《中华人民共和国公司法》(以下简称《公司 法》、《上市公司股东会规则》等法律、法规和其他规范性文件以及《江苏利柏 特股份有限公司章程》(以下简称《公司章程》)的有关规定,出具本法律意见书。 为出具本法律意见书,本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定,严格履行了法定职 责,遵循了勤勉尽责 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 163 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,085,200 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 0.8753 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 (一) 股东会召开的时间：2025 年 12 月 31 日 (二) 股东会召开的地点：江苏省张家港江苏扬子江重型装备产业园沿江公路 2667 号公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东会由董事会召集，董事长沈斌强先生主持，会议采用现场投票和网 络投票相结合的表决方式。本次会议的召集、召开程序、出席会议人员的资格、 会议召集人资格、会议表决程序和表决结果均符合《公司法》及《公司章程》的 有关规定。 | 证券代码：605167 | 证券简称：利柏特 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：111023 | 债券简称：利柏 ...

Core Viewpoint - The A-share market is experiencing a localized surge in the controlled nuclear fusion concept, with notable stocks such as Wangzi New Materials hitting the daily limit up and Libet approaching the limit up [1] Group 1: Market Performance - Wangzi New Materials has reached the daily limit up, indicating strong investor interest [1] - Libet has seen significant price movement, nearing the daily limit up [1] - Other companies such as Guoguang Electric, Guoji Heavy Industry, Hezhuan Intelligent, Changfu Shares, and Chenguang Medical are also experiencing upward trends [1] Group 2: Industry Outlook - The 2026 Nuclear Fusion Energy Technology and Industry Conference is scheduled to take place from January 16 to 17, 2026, in Hefei, Anhui [1] - According to a report by Zheshang Securities, the global nuclear fusion equipment market is expected to reach an average annual scale of 266 billion yuan by 2035 [1]

Group 1: Target Price Increases - On December 29, 2023, several companies received target price increases from brokers, with notable increases for Jingpin Special Equipment, Huaxu Electronics, and Anker Innovation, showing target price increases of 43.02%, 35.06%, and 30.02% respectively, primarily in the military electronics and consumer electronics sectors [1][2] - The highest target prices and their respective increases are as follows: Jingpin Special Equipment (114.00 CNY, 43.02%), Huaxu Electronics (39.60 CNY, 35.06%), and Anker Innovation (145.00 CNY, 30.02%) [2] Group 2: Broker Recommendations - A total of 27 listed companies received broker recommendations on December 29, with companies like Hailan Home, Huachuang Cloud, and Guiguan Electric receiving one recommendation each [2] - The companies with the highest target price increases also reflect strong broker interest, indicating potential investment opportunities in these sectors [1][2] Group 3: First-Time Coverage - On December 29, brokers initiated coverage on eight companies, including Shangfeng Cement and Aisolar, both receiving "Increase" ratings, while Libat and Zhuhai Guanyu received "Buy" ratings from Guosheng Securities [3][4] - Other companies receiving first-time coverage include Baolong Chuangyuan and Xincheng Technology, indicating a growing interest in sectors such as cement, photovoltaic equipment, and battery technology [3][4]

Group 1 - The Ningde Nuclear Power Phase II project has successfully commenced the construction of the "Emergency Diesel Generator House Large Module" at Nantong Liebherr Heavy Industry Co., marking a new model of "factory-built power plants" in China's nuclear power construction [1][3] - Liebherr has integrated the large module technology for the first time in nuclear power construction, allowing for parallel completion of the main construction and internal installation work within the factory, significantly reducing on-site workload and enhancing construction efficiency [3] - The large module adopts a "structure + system" integrated design concept, achieving a transition from single structural modules to deeply integrated modules, which is crucial for ensuring high safety levels in the Ningde Phase II project [3] Group 2 - The successful launch of this project is a key measure to enhance the safety and efficiency of the Ningde Phase II project, contributing to cost reduction and improved resource assurance for the new round of nuclear power construction [3] - Liebherr Group is recognized as a national high-tech enterprise and a "specialized and innovative" small giant, being one of the few companies in China capable of providing a full industrial chain service in engineering design, EPC contracting, and modular research and manufacturing [3] - The Nantong project has a total investment of 5.5 billion yuan and focuses on the design, manufacturing, construction, and maintenance of large energy modules, aiming to establish a leading domestic and internationally competitive industrial module manufacturing base [3]

Core Viewpoint - The report from Guosheng Securities highlights that Libat Chemical, a leader in chemical modular manufacturing, is strategically positioning itself in the nuclear power module construction trend, aiming to capture new growth opportunities in this sector [1] Group 1: Company Overview - Libat Chemical specializes in large-scale chemical module manufacturing and EPFCO engineering services, with a strong client base including major players like BASF, Invista, and Covestro [1] - The company has seen a continuous improvement in gross profit margins due to the settlement of large projects with BASF, and its return on equity (ROE) significantly outperforms its peers [1] Group 2: Financial Performance - From 2020 to 2024, the average net present value ratio is projected to be 179%, indicating excellent profitability quality [1] - The industrial modularization penetration rate is steadily increasing, and the demand in the chemical sector remains robust [1] Group 3: Growth Prospects - The company plans to raise 750 million yuan through convertible bonds to invest in a new base in Nantong, which will help it enter the nuclear power sector and create new growth points [1] - The nuclear power module business is expected to contribute an additional 460 million yuan in performance, with a projected modularization revenue of 4.6 billion yuan based on a 10% net profit margin [1] Group 4: Valuation - The current stock price corresponds to price-to-earnings (PE) ratios of 28, 25, and 17 times for the next three years, respectively [1] - The anticipated breakthrough in the nuclear power business is expected to significantly enhance performance, leading to a "buy" rating for the stock [1]