Financial Performance - The company's operating revenue for Q3 2025 was ¥162,284,909.16, a decrease of 1.85% compared to the same period last year[4] - The net profit attributable to shareholders for Q3 2025 was ¥2,399,357.66, down 75.18% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥3,047,000.10, a decline of 165.00% compared to the previous year[4] - Total operating revenue increased to ¥568,355,555.40, up from ¥496,519,445.18, representing a growth of approximately 14%[43] - Net profit for the period reached ¥48,409,701.12, a significant increase from ¥29,735,275.52, marking a growth of approximately 63%[44] - Earnings attributable to shareholders of the parent company were ¥37,775,049.85, up from ¥20,259,346.36, indicating an increase of around 86%[44] - Other comprehensive income after tax showed a negative change of ¥306,164.15 compared to a positive ¥146,629.90 in the previous period[44] - Total comprehensive income for the period reached ¥48,103,536.97, a significant increase from ¥29,881,905.42 in the previous period[45] - Basic and diluted earnings per share improved to ¥0.1038, compared to ¥0.0564 in the prior period, reflecting a growth of 84.4%[45] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥1,925,302,902.12, an increase of 1.67% from the end of the previous year[5] - The equity attributable to shareholders increased by 4.53% to ¥1,175,518,541.06 compared to the end of the previous year[5] - Total liabilities decreased to ¥622,463,630.77 from ¥672,066,933.16, a reduction of approximately 7%[41] - Total equity increased to ¥1,302,839,271.35 from ¥1,221,581,253.95, reflecting a growth of about 7%[41] - The company reported a decrease in accounts payable to ¥287,161,467.30 from ¥344,671,195.16, a decline of approximately 17%[41] - Deferred income tax liabilities increased to ¥2,985,592.56 from ¥1,348,144.12, representing a growth of about 121%[41] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥6,610,981.81, an increase of 124.72% compared to the same period last year[29] - The company's cash flow from financing activities was negative at -¥35,392,953.85, a decrease of 207.71% compared to the same period last year[29] - Net cash flow from operating activities was ¥6,610,981.81, a turnaround from a negative cash flow of ¥26,746,259.61 in the previous period[45] - Cash inflow from operating activities totaled ¥613,125,872.75, up from ¥511,490,758.45, indicating a growth of 19.9%[45] - Cash outflow from operating activities increased to ¥606,514,890.94 from ¥538,237,018.06, representing a rise of 12.7%[45] - Net cash flow from investing activities was negative at -¥56,999,111.07, worsening from -¥2,700,585.65 in the previous period[46] - Cash inflow from investing activities increased to ¥358,419,833.99, compared to ¥188,978,093.20, marking an increase of 89.7%[46] - Cash outflow from financing activities totaled ¥135,615,983.73, up from ¥87,162,815.58, reflecting a rise of 55.5%[46] - The ending balance of cash and cash equivalents was ¥166,127,871.59, compared to ¥122,185,365.26 in the previous period, showing an increase of 36.0%[46] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 51,997[33] - The largest shareholder, Jianhu County State-owned Assets Investment Management Co., Ltd., holds 13.07% of shares, totaling 47,577,481 shares[33] - The company has a repurchase account holding 1,420,000 shares, representing 0.39% of the total share capital[34] Investments - The company has invested 15 million RMB in Shandong Future Robot Co., Ltd., acquiring a 0.9585% stake[36] Other Information - The financial report for the third quarter was not audited, indicating a need for further scrutiny in financial reporting[47] - The company reported a significant increase in prepayments, which rose by 243.09% to ¥20,763,932.26 compared to the beginning of the year[9] - The company experienced a 130.15% increase in trading financial assets, amounting to ¥41,621,264.05, due to higher investment in financial products[9] - The company’s investment income decreased by 57.20% to ¥431,303.77 for the year-to-date[25] - The company's cash and cash equivalents decreased from 310,237,277.95 RMB to 204,194,920.04 RMB[38] - The accounts receivable increased from 492,661,419.45 RMB to 527,599,804.06 RMB[39] - The company's inventory increased from 455,014,445.92 RMB to 485,124,412.26 RMB[39] - The company plans to issue shares to specific targets under a simplified procedure for the year 2025[35] - Research and development expenses amounted to ¥52,624,242.92, compared to ¥49,107,479.73, showing an increase of about 5%[43]

Core Points - ShenKai Co., Ltd. experienced a decline of 6.33% in its stock price, with a turnover rate of 28.25% and a trading volume of 1.199 billion yuan, indicating significant market activity [2] - Institutional investors net bought 2.2389 million yuan, while brokerage seats collectively net sold 9.9079 million yuan, reflecting mixed investor sentiment [2] - The stock has appeared on the trading board nine times in the past six months, with an average price drop of 0.29% the day after being listed and an average decline of 8.21% over the following five days [2] Trading Data - The top five brokerage seats accounted for a total trading volume of 2.31 billion yuan, with buying transactions amounting to 1.11 billion yuan and selling transactions totaling 1.19 billion yuan, resulting in a net selling of 7.669 million yuan [2] - Specific institutional buying and selling activities included five institutional seats, with total buying amounting to 82.9855 million yuan and selling amounting to 80.7466 million yuan, leading to a net buying of 2.2389 million yuan [2] - The stock saw a net outflow of 76.3186 million yuan in major funds today, with large orders contributing to a net outflow of 39.2338 million yuan and big orders contributing to a net outflow of 37.0847 million yuan [2]

Core Points - The stock of Shanghai ShenKong Petrochemical Equipment Co., Ltd. (神开股份) fell by 5.2% on October 30, trading at 12.57 CNY per share with a transaction volume of 655 million CNY and a turnover rate of 15.24%, resulting in a total market capitalization of 4.574 billion CNY [1] Company Overview - Shanghai ShenKong Petrochemical Equipment Co., Ltd. was established on July 15, 1993, and listed on August 11, 2009. The company specializes in the research, manufacturing, and sales of petrochemical instruments and equipment, as well as providing related engineering technical services. Its products are used in oil exploration, drilling, and refining [1] - The revenue composition of the company's main business includes: 50.72% from oil drilling equipment, 26.44% from logging and drilling services, 18.07% from logging instruments and services, 4.16% from oil analysis instruments, and 0.60% from property leasing and management [1] Shareholder Information - Among the top ten circulating shareholders of ShenKong, a fund under Yongying Fund, specifically Yongying Qiyuan Mixed Initiation A (永赢启源混合发起A, 016560), entered the top ten in the third quarter, holding 2.0347 million shares, which accounts for 0.61% of the circulating shares. The estimated floating loss for today is approximately 1.4039 million CNY [2] - Yongying Qiyuan Mixed Initiation A was established on August 28, 2023, with a latest scale of 15.6247 million CNY. Year-to-date returns are 14.48%, ranking 5381 out of 8152 in its category; the one-year return is 16.72%, ranking 4848 out of 8038; and since inception, the return is 9.14% [2] Fund Manager Information - The fund manager of Yongying Qiyuan Mixed Initiation A is Shen Pinghong, who has been in the position for 294 days. The total asset scale of the fund is 899 million CNY, with the best fund return during the tenure being 37.6% and the worst being 13.67% [3]

Market Overview - As of October 29, the Shanghai Composite Index closed at 4016.33 points, up 28.11 points, with a gain of 0.70% [1] - The Shenzhen Component Index closed at 13691.38 points, up 261.28 points, with a gain of 1.95% [1] - The ChiNext Index closed at 3324.27 points, up 94.70 points, with a gain of 2.93% [1] High Turnover Stocks - A total of 84 A-shares had a turnover rate exceeding 20% on this day [1] - Notable stocks with high turnover rates include: - 泰凯英 (Tykang Technology) with a turnover rate of 69.82% and a closing price of 22.29 CNY, up 3.00% [1] - C超颖 (C Chaoying) with a turnover rate of 64.48% and a closing price of 86.75 CNY, up 12.08% [1] - 北方长龙 (Beifang Changlong) with a turnover rate of 51.81% and a closing price of 162.58 CNY, down 3.40% [1] - C禾元-U (C Heyuan) with a turnover rate of 50.96% and a closing price of 113.22 CNY, up 24.28% [1] Additional High Turnover Stocks - Other notable stocks with significant turnover rates include: - C必贝特-U (C Bibete) with a turnover rate of 49.99% and a closing price of 31.86 CNY, up 2.74% [1] - 威士顿 (Winston) with a turnover rate of 48.37% and a closing price of 61.52 CNY, up 19.99% [1] - 云汉芯城 (Yunhan Xincheng) with a turnover rate of 47.58% and a closing price of 236.20 CNY, up 6.16% [1] - 海峡创新 (Haixia Innovation) with a turnover rate of 45.41% and a closing price of 9.28 CNY, up 0.98% [1]

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days from October 23 to October 27, 2025 [1] - The company confirmed that there were no corrections or supplements needed for previously disclosed information, and no significant undisclosed information affecting stock prices was found [2][5] - The company's production and operational conditions remain normal, with no significant changes in the internal or external business environment [3] Group 2 - The company is planning to issue shares to specific investors through a simplified procedure, and there are no undisclosed significant matters related to this plan [3][5] - The largest shareholder, Jianhu County State-owned Assets Investment Management Co., Ltd., and its affiliates did not trade the company's stock during the period of abnormal fluctuations [4] - The company has confirmed that it is not in violation of information disclosure regulations and will comply with legal requirements regarding the upcoming stock issuance [6]

Quantitative Factors and Construction Methods - **Factor Name**: Large Buy Order Transaction Amount Ratio **Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large buy orders in the total transaction amount for a given day[8] **Construction Process**: 1. Utilize tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers[8] 2. Filter transactions by volume to identify large orders[8] 3. Calculate the proportion of large buy order transaction amounts to the total transaction amount for the day[8] **Evaluation**: This factor effectively reflects the behavior of large funds in the market[8] - **Factor Name**: Net Active Buy Transaction Amount Ratio **Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy transaction amount as a proportion of the total transaction amount for a given day[8] **Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell flag[8] 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy transaction amount[8] 3. Calculate the proportion of net active buy transaction amount to the total transaction amount for the day[8] **Evaluation**: This factor effectively captures the active buying behavior of investors in the market[8] --- Factor Backtesting Results Large Buy Order Transaction Amount Ratio - **Top 10 Stocks (20251020-20251024)**: 1. Stone Machinery (000852.SZ): 88.4%, 99.2% time-series percentile[10] 2. ShenKai Shares (002278.SZ): 87.0%, 100.0% time-series percentile[10] 3. Oriental Garden (002310.SZ): 86.4%, 96.7% time-series percentile[10] 4. Wuhan Holdings (600168.SH): 86.1%, 97.1% time-series percentile[10] 5. Guangtian Group (002482.SZ): 85.5%, 91.4% time-series percentile[10] 6. Zhengbang Technology (002157.SZ): 85.4%, 99.2% time-series percentile[10] 7. Oriental Electric Heating (300217.SZ): 85.4%, 97.5% time-series percentile[10] 8. Nengte Technology (002102.SZ): 85.3%, 83.6% time-series percentile[10] 9. Xianfeng Holdings (002141.SZ): 85.3%, 97.5% time-series percentile[10] 10. Qingsong Jianhua (600425.SH): 85.1%, 93.4% time-series percentile[10] Net Active Buy Transaction Amount Ratio - **Top 10 Stocks (20251020-20251024)**: 1. Tangshan Port (601000.SH): 20.7%, 97.1% time-series percentile[11] 2. Changqing Shares (603768.SH): 17.0%, 100.0% time-series percentile[11] 3. Shuangyuan Technology (688623.SH): 16.3%, 99.6% time-series percentile[11] 4. Guotou Power (600886.SH): 16.3%, 98.0% time-series percentile[11] 5. Fenglong Shares (002931.SZ): 16.0%, 100.0% time-series percentile[11] 6. Gongdong Medical (605369.SH): 14.9%, 99.2% time-series percentile[11] 7. Zhaoxun Media (301102.SZ): 14.8%, 100.0% time-series percentile[11] 8. Fantuo Digital Creation (301313.SZ): 14.6%, 100.0% time-series percentile[11] 9. Huali Group (300979.SZ): 14.6%, 99.6% time-series percentile[11] --- Broad Index Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Shanghai Composite Index: 75.2%, 61.5% time-series percentile[13] 2. SSE 50: 73.9%, 23.0% time-series percentile[13] 3. CSI 300: 75.5%, 77.9% time-series percentile[13] 4. CSI 500: 76.0%, 68.4% time-series percentile[13] 5. ChiNext Index: 75.2%, 76.6% time-series percentile[13] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Shanghai Composite Index: -0.8%, 78.7% time-series percentile[13] 2. SSE 50: 3.3%, 96.3% time-series percentile[13] 3. CSI 300: 2.3%, 95.1% time-series percentile[13] 4. CSI 500: 0.8%, 86.9% time-series percentile[13] 5. ChiNext Index: 5.3%, 100.0% time-series percentile[13] --- Industry Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Banking: 80.7%, 91.0% time-series percentile[14] 2. Steel: 79.5%, 3.3% time-series percentile[14] 3. Non-Banking Finance: 79.2%, 33.2% time-series percentile[14] 4. Comprehensive: 79.1%, 35.7% time-series percentile[14] 5. Real Estate: 78.7%, 34.0% time-series percentile[14] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Electronics: 8.0%, 74.2% time-series percentile[14] 2. Communication: 7.4%, 96.3% time-series percentile[14] 3. National Defense and Military Industry: 3.5%, 35.7% time-series percentile[14] 4. Computers: 2.6%, 89.3% time-series percentile[14] 5. Automobiles: 2.6%, 60.2% time-series percentile[14] --- ETF Backtesting Results - **Large Buy Order Transaction Amount Ratio (20251020-20251024)**: 1. Bosera China Education ETF: 91.2%, 100.0% time-series percentile[16] 2. Huaxia Growth ETF: 90.5%, 97.1% time-series percentile[16] 3. Fortune Shanghai Composite ETF: 90.0%, 94.7% time-series percentile[16] 4. Fortune Tourism Theme ETF: 89.6%, 97.5% time-series percentile[16] 5. Guotai Shanghai Composite ETF: 89.3%, 92.2% time-series percentile[16] - **Net Active Buy Transaction Amount Ratio (20251020-20251024)**: 1. Bosera Chip ETF: 15.6%, 93.0% time-series percentile[17] 2. E Fund Dividend ETF: 15.2%, 94.3% time-series percentile[17] 3. Huatai-PineBridge 2000 ETF: 15.0%, 100.0% time-series percentile[17] 4. Tianhong Growth ETF: 13.7%, 82.4% time-series percentile[17] 5. Huaxia Sci-Tech ETF: 13.6%, 91.4% time-series percentile[17]

Core Points - ShenKai Co., Ltd. experienced a significant decline of 9.57% in its stock price today, with a turnover rate of 45.90% and a trading volume of 2.279 billion yuan [2] - Institutional investors net sold 75.514 million yuan, while brokerage seats collectively net bought 64.285 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange's watch list due to its high turnover rate and a price drop deviation of -9.34% [2] Trading Activity - The top five brokerage seats accounted for a total trading volume of 476 million yuan, with a buying amount of 232 million yuan and a selling amount of 243 million yuan, resulting in a net sell of 11.289 million yuan [2] - Among the brokerage seats, four institutional special seats were involved, with a total buying amount of 96.828 million yuan and a selling amount of 172 million yuan, leading to a net sell of 75.514 million yuan [2] Recent Performance - Over the past six months, the stock has appeared on the watch list seven times, with an average price increase of 1.95% the day after being listed and an average increase of 0.51% in the following five days [3] - Today, the stock saw a net outflow of 33.709 million yuan in principal funds, with a net inflow of 3.801 million yuan from large orders and a net outflow of 37.510 million yuan from larger funds [3] - In the last five days, the stock has experienced a net outflow of 188 million yuan in principal funds [3]

Market Overview - The specialized equipment sector experienced a slight decline of 0.04% on October 28, with ShenKai Co. leading the losses [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Gainers in Specialized Equipment Sector - GuaiMai Technology (688312) saw a significant increase of 10.04%, closing at 33.10 with a trading volume of 123,700 shares and a turnover of 410 million [1] - Yunji Group (001288) rose by 9.99%, closing at 29.61 with a trading volume of 100,000 shares [1] - Other notable gainers include Standard Co. (600302) at 9.99%, Kangli Elevator (002367) at 7.33%, and Haomai Technology (002595) at 6.53% [1] Top Losers in Specialized Equipment Sector - ShenKai Co. (002278) experienced the largest decline of 9.57%, closing at 14.36 with a trading volume of 1.533 million shares and a turnover of 2.279 billion [2] - Da Yi Long (002209) fell by 8.75%, closing at 14.08, while Changjiang Nengke (920158) decreased by 7.23% [2] - Other significant losers include BoLong Technology (603325) at -6.99% and HeTai Electromechanical (001225) at -5.40% [2] Capital Flow Analysis - The specialized equipment sector saw a net outflow of 1.74 billion from institutional investors, while retail investors contributed a net inflow of 1.583 billion [2] - Notable stocks with significant capital inflows include ShiHua Machinery (000852) with a net inflow of 98.78 million from institutional investors [3] - Conversely, QiangRui Technology (301128) experienced a net outflow of 91.76 million from institutional investors [3]

Core Viewpoint - ShenKong Co., Ltd. (002278.SZ) experienced significant stock price volatility, opening at a limit down but closing at a limit up, marking a 70% increase over six trading days, reaching a nearly eight-year high [2] Group 1: Company Performance - As of the close, the stock price was 15.88 yuan per share, with a trading volume of 28.20 million yuan and a turnover rate exceeding 57% [2] - The company reported that its overseas revenue proportion reached 33.58% in the first half of 2025, a 107.20% increase year-on-year, with ongoing optimization of overseas gross profit margins [2] - In the third quarter, the company reported a net profit attributable to shareholders of 239.94 thousand yuan, a decline of over 75% year-on-year, primarily due to long payment terms with major clients [3] Group 2: Market and Business Environment - ShenKong has been actively involved in the Russian market, facing challenges due to international financial settlement issues, but remains focused on commercial opportunities while ensuring asset safety [2] - The company has successfully entered over 50 countries and regions, benefiting from national policies that have increased commercial opportunities in key overseas oil and gas markets [2] - The recent surge in the commercial aerospace sector has also positively impacted ShenKong, as it has invested in HanQing Power, which specializes in hydrogen energy and commercial aerospace [3]

Strong Individual Stocks - As of October 27, the Shanghai Composite Index rose by 1.18% to 3996.94 points, the Shenzhen Component Index increased by 1.51% to 13489.4 points, and the ChiNext Index climbed by 1.98% to 3234.45 points. A total of 64 stocks in the A-share market hit the daily limit up [1] - The top three strong stocks based on consecutive trading days and turnover rate are: - Shilong Industrial (002748) with 5 consecutive limit ups and a turnover rate of 30.47% - Shenkai Co., Ltd. (002278) with 5 limit ups in 6 days and a turnover rate of 57.16% - CITIC Heavy Industries (601608) with 4 limit ups in 6 days and a turnover rate of 9.0% [1] Strong Concept Sectors - The top three concept sectors based on A-share performance are: - Storage Chips with a rise of 3.49% - AI PC with an increase of 3.2% - National Big Fund Holdings with a growth of 3.01% [2][3] - The top ten concept sectors and their respective performance are detailed in the provided table, showcasing various technology and innovation-related sectors [3]