Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in chemical modular manufacturing with excellent profitability, benefiting from increased investments by core clients in China, leading to significant growth in contract signings and revenue [1][24]. - The industrial modularization penetration rate is continuously increasing, providing a stable order source for the company's main business [2]. - The company plans to raise 750 million yuan through convertible bonds to build a new base in Nantong, which will expand its capacity for large module manufacturing and tap into the nuclear power sector as a new growth point [3][4]. - The nuclear module business is projected to contribute an additional 460 million yuan in performance by 2025, driven by contracts with major nuclear power operators [4]. Summary by Sections 1. Chemical Modular Manufacturing Leader with Excellent Profitability - The company has established a full industry chain layout in chemical EPFCO, integrating design, procurement, modularization, construction, and maintenance [14]. - The company has seen rapid revenue growth due to increased investments from core clients like BASF and Invista, with a total contract amount of 4.2 billion yuan in 2022, doubling its total revenue from 2021 [24][25]. - The company's profitability is superior to its peers, with a gross margin consistently maintained between 15%-20% since 2021, and a projected gross margin of 16.1% for 2024 [30]. 2. Continuous Improvement in Industrial Modularization Penetration - Modular construction offers significant advantages over traditional methods in cost control, construction efficiency, and operational performance, leading to a stable demand for the company's main business [2]. - The company has successfully completed several benchmark large modular projects, enhancing its technical capabilities and establishing stable partnerships with multinational chemical giants [2]. 3. Fundraising for Nantong Base to Enter Nuclear Power Sector - The Nantong base is expected to significantly increase the company's large module manufacturing capacity, with an estimated annual output value of 2.1 billion yuan upon reaching full production [3]. - The nuclear power sector is projected to see substantial growth, with an average annual investment of approximately 160 billion yuan expected to be driven by the construction of new nuclear units [3]. 4. Earnings Forecast, Valuation, and Investment Recommendations - The company is forecasted to achieve net profits of 220 million yuan, 246 million yuan, and 356 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.49, 0.55, and 0.79 yuan per share [4]. - The current stock price corresponds to a P/E ratio of 28, 25, and 17 for the years 2025, 2026, and 2027, indicating potential for significant earnings growth from the nuclear business [4].

Group 1 - The Ningde Nuclear Power Phase II project has initiated the construction of the "Emergency Diesel Generator House Large Module" at Nantong Liebherr Heavy Industry Co., marking a new model of "factory-built plant" in China's nuclear power construction [1][3] - This project employs integrated large module technology for the first time in nuclear power construction, allowing for parallel completion of main construction and internal installation work, thereby 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 significant for improving safety levels and cost efficiency in nuclear power construction [3] Group 2 - The successful launch of this project is a key measure to ensure the high-level safety advancement of the Ningde Phase II project, contributing to the essential safety level and resource assurance for the new round of nuclear power construction [3] - Liebherr Group is recognized as a national high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant enterprise, with comprehensive capabilities in engineering design, EPC contracting, and modular research and manufacturing [3] - The total investment for the Nantong project is 5.5 billion yuan, focusing 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 Insights - The report highlights a significant decline in fixed asset investment (FAI) in 2025, with infrastructure investment becoming a drag on the economy, prompting the economic work conference to emphasize "investment stabilization" [2][9] - Looking ahead to 2026, the report suggests that "active fiscal policies" will drive investment stabilization, with a focus on structural opportunities in the construction sector, including western infrastructure, overseas engineering, and new infrastructure [2][9] Group 1: Economic Overview - In 2025, FAI experienced a comprehensive decline, with infrastructure investment significantly dropping, particularly in the third quarter, where narrow infrastructure investment turned negative, declining by 8.7% in October [23][28] - The report notes that the actual situation of infrastructure investment may have deteriorated earlier than expected in 2024, despite apparent growth in infrastructure investment [30][34] Group 2: Structural Opportunities - The report emphasizes the importance of structural opportunities in the construction sector, particularly in western infrastructure projects, overseas engineering, and new infrastructure driven by technological advancements [45][46] - Specific recommendations include focusing on high-dividend leading companies in western regions, such as Sichuan Road and Bridge, and exploring opportunities in Xinjiang and Tibet [9][10] Group 3: Overseas Engineering - The report indicates that overseas engineering demand remains strong, driven by favorable client structures and business models of central enterprises, as well as private enterprises expanding into international markets [10][11] - Key recommendations for overseas engineering include companies like China National Materials, Jianghe Group, and Jinggong Steel Structure, which are expected to perform well in terms of earnings and dividends [10][11] Group 4: New Infrastructure - The report identifies several sectors within new infrastructure that are expected to see growth, including clean rooms, commercial aerospace, nuclear power, and low-altitude economy, driven by technological advancements and safety demands [10][11] - Specific companies recommended in these sectors include Yaxiang Integration for clean rooms and China Nuclear Engineering for nuclear power projects [10][11] Group 5: Traditional Demand - The report notes that traditional demand, particularly in real estate, remains under pressure, with new and second-hand housing demand still facing challenges [11] - It highlights the potential turning point for companies like Honglu Steel Structure, which may benefit from improved cyclical sentiment and operational efficiency [11] Group 6: Reform and Restructuring - The report discusses the need for deep reforms in the construction sector to enhance global competitiveness, focusing on identifying quality assets and new business opportunities for central enterprises [12][12] - It also emphasizes the importance of market value management and the potential for mergers and acquisitions in the construction industry [12][12]

Core Insights - The announcements highlight various corporate activities including project investments, contract wins, equity acquisitions, share buybacks, and shareholding adjustments across multiple companies in different sectors. Project Investments - Haibo Technology plans to invest 2 billion yuan in the "Haibo Intelligent Green Energy Storage Factory Project" [1] Contract Wins - Baosheng Co., Ltd. has won a contract worth approximately 1.2 billion yuan from the Singapore Power Authority for power cable projects [1] - Qianjiang Water Conservancy has secured a contract for the integrated water supply and drainage project in Qimen County, Huangshan City [1] - Ningbo Construction has won a construction contract worth 428 million yuan as part of a consortium [1] Equity Acquisitions - Shanghai Jianlong intends to acquire a 40% stake in Hanxing Energy for 200 million yuan [1] - Ningbo Port plans to acquire 100% equity of the Comprehensive Bonded Zone Terminal for 706 million yuan to enhance its competitive edge [1] - Jinko Environment aims to acquire 100% equity of Eric for 84.8 million yuan [1] Share Buybacks - Weimais plans to repurchase shares with an investment of 50 million to 100 million yuan [1] Shareholding Adjustments - Yuan Meihe, a shareholder of Oke Yi, plans to reduce his stake by up to 1.89% [2] - Biological Holdings intends to increase its stake by investing between 50 million to 100 million yuan [2] - Chang'an Trust and Zhongbao Investment No. 1 Trust plan to reduce their holdings in Unisplendour by no more than 1% [1]

Group 1 - Rhine Biotech plans to change control by acquiring 80% stake in Beijing Jinkangpu, with the current controlling shareholder transferring 60 million shares (8.09% of total shares) and relinquishing voting rights on 189 million shares (25.5% of total shares) [1][2] - The acquisition is expected to be completed after the transfer of shares and the board of directors' restructuring, making Guangzhou Defu Nutrition the new controlling shareholder [1] - The specific transaction price for the acquisition of Beijing Jinkangpu is yet to be determined, and the transaction is not expected to constitute a major asset restructuring [2] Group 2 - Shida Shenghua and Bertli are planning to list H-shares on the Hong Kong Stock Exchange, with both companies considering the interests of existing shareholders and market conditions [3] - The listing process for both companies is in discussion with relevant intermediaries, and specific details have not yet been finalized [3] Group 3 - Ningbo Huaxiang's subsidiary has signed a contract for the production of robot joints, which is expected to positively impact future operating performance starting from January 2026 [4] Group 4 - Ningbo Port plans to acquire 100% of the equity of Zhoushan Port Comprehensive Bonded Zone Terminal for 706 million yuan to resolve competition issues [7] - The company aims to enhance its operational capabilities through this acquisition [7] Group 5 - Huaxin Building Materials' major shareholder plans to increase its stake in the company by 200 to 400 million yuan within six months [12] - The shareholder has secured a loan commitment of up to 360 million yuan from a bank to facilitate this purchase [12]

（编辑 王雪儿） 证券日报网讯 12月23日，利柏特发布公告称，公司股票交易于2025年12月19日、12月22日、12月23日 连续三个交易日内日收盘价格涨幅偏离值累计达20%。根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 ...

Major Announcements - Victory Energy has clarified that it does not engage in robotics-related business and has no asset restructuring plans for the next twelve months, despite its stock experiencing an 8-day trading limit increase of 114.44% since December 12 [1] - Aerospace Engineering confirmed that its main business does not involve commercial aerospace, with a current rolling P/E ratio of 76.85, significantly higher than the industry average [2] - ST Songfa's subsidiary, Hengli Shipbuilding, signed contracts for the construction of 8 vessels, with a total contract value estimated between 500 million to 800 million USD [3] - Libet has stated it does not engage in controllable nuclear fusion business, with its nuclear power-related contracts amounting to 226 million CNY, representing 6.48% of its audited revenue for 2024 [4] - Zhuhai Mian Group has completed the 100% equity transfer of Gree Real Estate for a transaction price of 5.518 billion CNY [5] Investments and Projects - Ningbo Huaxiang's subsidiary has signed a contract for the production of robot joints, which is expected to positively impact future performance starting January 2026 [6][7] - Haibo Shichuang plans to invest 2 billion CNY to build a smart green energy storage factory, expected to be completed by December 2028 [8] - Zhenyu Technology's subsidiaries plan to invest at least 1 billion CNY each in projects related to humanoid robots and core components for electric vehicle drive systems [10] Corporate Actions - ST Lian Stone has completed its restructuring plan and will have its delisting risk warning lifted on December 25, 2025 [9] - Huaxin Building Materials' major shareholder plans to increase its stake by 200 million to 400 million CNY [11] - Nova Star Cloud has secured a loan commitment of up to 135 million CNY for share repurchase [13] - Fanwei Network intends to repurchase and cancel 4.2371 million shares, representing 1.63% of its total share capital [14] - Dong'a Ejiao has conducted its first share repurchase, totaling approximately 19.9976 million CNY [15] Stock Trading and Resumption - ST Xinyan's stock will resume trading on December 24, 2025, following a capital increase from 1.496 billion shares to 3.29 billion shares [16]

上交所公开信息显示，当日该股因日涨幅偏离值达9.97%上榜，机构专用席位净买入2072.35万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.88亿元，其中，买入成交额为1.18亿 元，卖出成交额为6917.98万元，合计净买入4918.50万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即买四，合计净买入2072.35万元。 利柏特(605167)今日涨停，全天换手率12.36%，成交额7.30亿元，振幅15.23%。龙虎榜数据显示，机构 净买入2072.35万元，营业部席位合计净买入2846.15万元。 资金流向方面，今日该股主力资金净流入7821.75万元，其中，特大单净流入8186.08万元，大单资金净 流出364.33万元。近5日主力资金净流入1.51亿元。 10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入19.83亿元，同比下降23.44%，实 现净利润1.78亿元，同比下降11.15%。（数据宝） 利柏特12月23日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- ...

Core Viewpoint - The company, Libet (605167.SH), clarifies that it is not involved in controlled nuclear fusion business despite being categorized as such by the market, and its main business remains unchanged [1] Business Operations - The company's primary operations focus on industrial module design, manufacturing, and engineering services [1] - In the nuclear power sector, the company is engaged in the construction and installation of "5BDA and 7BUG modules" and temporary berth engineering projects, with a contract value of 226 million yuan [1] - This contract represents 6.48% of the audited revenue for the fiscal year 2024, indicating a relatively small scale of operations in this area [1] Financial Impact - The contracts related to the nuclear power sector are currently being executed, but profitability has not yet been determined [1] - The company asserts that the aforementioned matters do not have a substantial impact on its current main business operations [1]

Core Viewpoint - The company, Libet (605167.SH), clarifies that it is not involved in controlled nuclear fusion business despite being categorized as a "controlled nuclear fusion concept stock" and "nuclear power concept stock" by the market [1] Group 1: Business Operations - The company's main business focuses on industrial module design, manufacturing, and engineering services [1] - As of now, the company does not engage in controlled nuclear fusion activities, and its main business remains unchanged [1] Group 2: Nuclear Power Sector - The company's nuclear power-related business primarily involves the construction and installation of "5BDA and 7BUG modules" and temporary berth engineering projects [1] - The contract amount for these projects is 226 million yuan, which represents 6.48% of the audited revenue for the fiscal year 2024 [1] - The scale of the nuclear power contracts is relatively small, and the related contracts are currently being executed with profitability yet to be determined [1] Group 3: Investor Advisory - The company emphasizes that the aforementioned matters do not have a substantial impact on its current main business operations and urges investors to make prudent decisions and invest rationally [1]