Core Insights - Xuji Electric experienced a stock price increase of 2.00% on October 24, reaching 25.44 CNY per share, with a trading volume of 4.54 billion CNY and a market capitalization of 25.914 billion CNY [1] - The company has seen a year-to-date stock price decline of 5.98%, but has gained 3.00% over the last five trading days, 8.29% over the last twenty days, and 9.08% over the last sixty days [1] - Xuji Electric's main business segments include smart power distribution systems (28.64%), smart meters (23.71%), and smart medium-voltage power supply equipment (20.76%) [2] Financial Performance - For the first half of 2025, Xuji Electric reported a revenue of 6.447 billion CNY, a year-on-year decrease of 5.68%, while the net profit attributable to shareholders was 634 million CNY, reflecting a year-on-year increase of 0.96% [2] - The company has distributed a total of 2.271 billion CNY in dividends since its A-share listing, with 1.112 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, Xuji Electric had 114,000 shareholders, a decrease of 2.48% from the previous period, with an average of 8,844 circulating shares per shareholder, an increase of 2.54% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 30.6133 million shares, a decrease of 2.4873 million shares from the previous period [3]

Core Viewpoint - Xuji Electric experienced a decline in stock price, with a year-to-date drop of 10.27% and a recent 5-day drop of 9.48% [1] Group 1: Stock Performance - As of October 23, Xuji Electric's stock price was 24.28 yuan per share, with a market capitalization of 24.732 billion yuan [1] - The stock has seen a trading volume of 1.53 billion yuan and a turnover rate of 0.62% [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -248 million yuan on July 21 [1] Group 2: Financial Performance - For the first half of 2025, Xuji Electric reported revenue of 6.447 billion yuan, a year-on-year decrease of 5.68%, while net profit attributable to shareholders was 634 million yuan, a year-on-year increase of 0.96% [2] - The company has distributed a total of 2.271 billion yuan in dividends since its A-share listing, with 1.112 billion yuan distributed in the last three years [3] Group 3: Business Overview - Xuji Electric, established on December 26, 1996, specializes in smart power distribution, smart electricity, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industrial and transportation sectors [2] - The company's revenue composition includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment (8.96%), and DC transmission systems (7.14%) [2] - Xuji Electric is classified under the power equipment industry, focusing on grid automation equipment, and is involved in concepts such as virtual power plants and high-voltage direct current [2]

Core Viewpoint - The company is focusing on quality improvement and efficiency enhancement, leading to an optimized revenue structure and an increase in gross margin [1] Group 1: Revenue Structure and Gross Margin - The company is reducing the revenue and proportion from low gross margin segments such as new energy and system integration [1] - As a result of the optimized revenue structure, the company's gross margin is continuously improving, with a projected gross margin of 23.75% for the first half of 2025, an increase of 2.85 percentage points year-on-year [1] Group 2: Contract Management - The company is implementing refined management of contract liabilities, with the increase in contract liabilities primarily influenced by the rise in advance payments received [1]

Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

Core Viewpoint - The report by Zhiyan Consulting highlights a significant decline in the production of electrical instruments and meters in China, with a projected decrease in output for 2025 compared to previous years [1]. Industry Summary - According to data from the National Bureau of Statistics, the production of electrical instruments and meters in China for August 2025 is expected to be 21.77 million units, representing a year-on-year decrease of 12.2% [1]. - From January to August 2025, the cumulative production of electrical instruments and meters in China is reported to be 178.886 million units, showing a cumulative decline of 8.2% [1]. - The report provides a comprehensive analysis of the supply and demand forecast for the Chinese instrument and meter market from 2025 to 2031, indicating potential challenges in the industry [1]. Company Summary - Listed companies mentioned in the report include Weisheng Information (688100), Linyang Energy (601222), Samsung Medical (601567), Haixing Electric (603556), XJ Electric (000400), Pinggao Electric (600312), Guodian Nanzi (600268), *ST Huayi (600290), Dongfang Electronics (000682), and Kelon Electronics (002121) [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including CATL, Kodali, and others, based on their strong growth potential and market positioning [5]. Core Insights - The solid-state battery sector is experiencing significant breakthroughs, with global shipments expected to rise from 34 GWh in 2026 to 614 GWh by 2030, indicating a robust market expansion [2][9]. - The photovoltaic industry is stabilizing in terms of pricing, with silicon material prices holding steady and production levels increasing, suggesting a balanced supply-demand dynamic [3][28]. - The State Grid's investment is projected to exceed 650 billion RMB in 2025, reflecting ongoing infrastructure development and strategic projects [4]. Summary by Sections 1. New Energy Vehicles - The solid-state battery research in China has made substantial progress, addressing key challenges in interface, materials, and stability, paving the way for commercialization [2][9]. - The market for solid-state batteries is expected to grow, with their share in the overall market projected to increase from 10% in 2027 to 30% by 2030 [2][9]. 2. New Energy Generation - The pricing for silicon materials has remained stable, with first-tier manufacturers maintaining prices around 55 RMB per kg, while second and third-tier manufacturers are priced between 52-53 RMB [3][28]. - The production of silicon wafers has increased significantly in October compared to September, indicating a positive trend in the supply chain [28][29]. 3. Electric Power Equipment and Automation - The State Grid's fixed asset investment reached over 420 billion RMB from January to September, marking an 8.1% year-on-year increase, with expectations for 2025 to see investments surpassing 650 billion RMB [4]. - Key companies to watch include CATL, Kodali, and others, which are positioned to benefit from the anticipated growth in the sector [4]. 4. Market Performance - The electric power equipment and new energy sector saw a decline of 5.30% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The solar energy index showed a slight increase of 0.52%, while other indices, including wind power and energy storage, experienced declines [1]. 5. Investment Recommendations - The report suggests focusing on three main investment lines: 1. Long-term competitive segments with short-term marginal changes, highlighting companies like CATL and others [18]. 2. The impact of 4680 technology iterations on industry upgrades, with a focus on companies involved in high-nickel cathodes and structural components [18]. 3. New technologies that offer high elasticity, particularly in solid-state battery companies [18].

Core Viewpoint - Xuji Electric experienced a decline of 5.03% on October 17, with a stock price of 25.47 CNY per share and a total market capitalization of 25.944 billion CNY [1] Company Overview - Xuji Electric Co., Ltd. is located in Xuchang City, Henan Province, and was established on December 26, 1996, with its listing date on April 18, 1997 [1] - The company specializes in five main business areas: intelligent power distribution, smart electricity usage, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industrial and transportation sectors [1] Revenue Composition - The revenue breakdown of Xuji Electric's main business is as follows: - Intelligent power distribution systems: 28.64% - Smart electric meters: 23.71% - Intelligent medium-voltage power supply equipment: 20.76% - New energy and system integration: 10.79% - Charging and swapping equipment and other manufacturing services: 8.96% - DC transmission systems: 7.14% [1] Fund Holdings - According to data, one fund under the management of Jiao Yin Schroder holds a significant position in Xuji Electric. The fund, Jiao Yin Zhen Xuan Return Mixed A (010916), held 2,600 shares in the second quarter, accounting for 0.31% of the fund's net value, making it the fourth-largest holding [2] - The fund has a current scale of 16.3719 million CNY and has reported a year-to-date return of 0.39%, ranking 7970 out of 8160 in its category [2] Fund Manager Performance - The fund manager of Jiao Yin Zhen Xuan Return Mixed A is Wang Yiwei, who has been in the position for 5 years and 326 days. The total asset size of the fund is 2.401 billion CNY, with the best return during his tenure being 29.27% and the worst being -0.41% [3]

Core Viewpoint - Xuji Electric experienced a decline in stock price, with a current trading price of 26.89 yuan per share and a market capitalization of 27.39 billion yuan, indicating a net outflow of funds [1] Company Overview - Xuji Electric, established on December 26, 1996, and listed on April 18, 1997, is located in Xuchang City, Henan Province. The company specializes in five main business areas: smart power distribution, smart electricity usage, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industrial and transportation sectors [2] - The revenue composition of Xuji Electric includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment (8.96%), and DC transmission systems (7.14%) [2] - As of August 20, 2025, the number of shareholders was 114,000, a decrease of 2.48% from the previous period, with an average of 8,844 circulating shares per person, an increase of 2.54% [2] Financial Performance - For the first half of 2025, Xuji Electric reported operating revenue of 6.447 billion yuan, a year-on-year decrease of 5.68%, while the net profit attributable to the parent company was 634 million yuan, reflecting a year-on-year increase of 0.96% [2] - The company has distributed a total of 2.271 billion yuan in dividends since its A-share listing, with 1.112 billion yuan distributed over the past three years [3] Shareholding Structure - As of June 30, 2025, the second-largest circulating shareholder of Xuji Electric is Hong Kong Central Clearing Limited, holding 30.6133 million shares, a decrease of 2.4873 million shares from the previous period. The fifth-largest circulating shareholder is the Southern CSI 500 ETF, which increased its holdings by 1.392 million shares to 10.6095 million shares [3]

Core Insights - As of October 14, a total of 78 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net inflows is Daming City, which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net inflow days include Zhongjin Gold, Wancheng Group, Yuntianhua, Xujie Electric, Kangwei Century, Xingye Yinxin, Zhidi Technology, and Taijing Technology [1]

Core Viewpoint - The successful integration of a high-voltage direct-connected energy storage system in a coal mine marks a significant advancement in emergency power solutions for the mining industry, enhancing safety and operational reliability [2][4]. Group 1: System Features - The high-voltage direct-connected energy storage system has an energy efficiency of ≥90%, eliminating the need for a step-up transformer [6]. - The system is designed with dual redundancy in both the control protection system and PCS modules, ensuring high reliability with a redundancy rate of ≥10% [7]. - It features an integrated design that significantly reduces on-site construction and debugging time [8]. - The system maintains a state of charge (SOC) balance with a maximum inter-cluster SOC imbalance of ≤3% [9]. - It demonstrates high stability during off-grid operation, crucial for emergency scenarios [10]. Group 2: Performance Testing - The system successfully lifted a 14-ton weight and 40 personnel at a speed of 8 m/s during testing [11]. - It met the requirements for simultaneous full-load operation of the auxiliary hoist and ventilation fans, addressing challenges related to off-grid high-power fan startup and long-distance power supply [12].