Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

Macro Strategy - The "Innovation Bull" market is entering a consolidation phase, driven by a positive cycle of capital pricing and industrial implementation under policy guidance [1][13] - Current macro policies are still being implemented, and the "KOT" valuation system is gradually improving, with medium to long-term funds expected to enter the market annually [1][13] - Market liquidity and valuations have improved, with public fund net values exceeding 1, indicating potential for accelerated fund issuance [1][13] - The market is likely to extend towards technology sectors such as computing power, chips, robotics, and energy storage as the "Innovation Bull" evolves into a comprehensive bull market [1][13] Fixed Income - The report discusses how to identify arbitrage opportunities in the Sci-Tech Bond ETF component bonds, focusing on bonds with an implied rating of AA+ or higher and smaller issuance sizes [2][14] - The report emphasizes the importance of liquidity and credit quality in selecting bonds for inclusion in the ETF, with a preference for bonds issued by central state-owned enterprises [2][14] - The report highlights the potential for price appreciation of bonds that are included in the ETF due to passive fund inflows [2][15] Industry Analysis - The report identifies the "brain" as a key component in the development of embodied intelligence, with various companies exploring different technological paths [4][16] - The embodied intelligence market is expected to grow rapidly, with significant investment in brain technology, which is seen as the most critical and challenging aspect of the market [4][16] - Key players in the market include companies like 品茗科技, 银河通用, and Tesla, among others, with a recommendation to focus on these related stocks [4][16] Company Recommendations - 派能科技 (688063) is projected to recover from impairment and exchange rate impacts, with expected net profits of 1.0/5.0/7.2 billion yuan for 2025-2027, reflecting significant growth [5][17] - 巨子生物 (02367.HK) has received approval for its first type I recombinant collagen product, which is expected to drive growth in the medical beauty sector, with projected net profits of 25.66/32.14/40.46 billion yuan for 2025-2027 [6][18] - 联合动力 (301656) reported a slight decline in net profit but maintains a positive long-term outlook, with expected net profits of 11.3/16.8/25.8 billion yuan for 2025-2027 [7][21] - 杰瑞股份 (002353) continues to show growth potential with projected net profits of 30/35/40 billion yuan for 2025-2027, despite short-term delivery challenges [8][22]

Group 1 - A total of 135 listed companies were investigated by institutions this week, with Xin Qiang Lian receiving the most attention from 189 participating institutions [1] - Nine companies, including Duo Fluor and Bai Ya Co., received over 100 institutional investigations [1] - Nine companies, including Fu Jie Environmental Protection and Si Yuan Electric, were investigated twice by institutions [1] Group 2 - Institutions continue to focus on sectors such as industrial machinery and electronic components [1]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 61.88 [1][4]. Core Insights - The company reported a year-on-year revenue increase of 13.90% in Q3, achieving RMB 35.19 billion, and a net profit of RMB 5.67 billion, up 11.11% year-on-year. For the first three quarters of 2025, the total revenue reached RMB 104.20 billion, representing a 29.49% increase year-on-year, with a net profit of RMB 18.08 billion, up 13.11% year-on-year [1][2]. - The company has secured significant overseas orders, including an EPC project from Sonatrach SPA in Algeria, valued at approximately USD 850 million (RMB 6.1 billion), which is expected to support future growth [3][4]. - The company’s gross margin for the first three quarters of 2025 was 31.29%, a decrease of 3.43 percentage points year-on-year, primarily due to changes in product revenue structure and the delivery schedule of EPC projects [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of RMB 35.19 billion, a year-on-year increase of 13.90%, but a quarter-on-quarter decrease of 16.49%. The net profit for the same period was RMB 5.67 billion, reflecting an 11.11% year-on-year increase and a 26.91% quarter-on-quarter decrease [1]. - For the first three quarters of 2025, the company reported a total revenue of RMB 104.20 billion, up 29.49% year-on-year, and a net profit of RMB 18.08 billion, which is a 13.11% increase year-on-year [1]. Order Acquisition - In July 2025, the company’s subsidiary received a project award from Sonatrach SPA for the Rhourde Nouss Boosting Project, valued at approximately USD 850 million (RMB 6.1 billion). This new order is expected to enhance the company's order backlog and support future revenue growth [3][4]. Profitability Metrics - The gross margin for the first three quarters of 2025 was reported at 31.29%, down 3.43 percentage points from the previous year. The Q3 gross margin was 29.52%, a decrease of 3.80 percentage points year-on-year [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In Q3, the company's net profit attributable to shareholders increased by 11% year-on-year, with revenue growth slowing due to delivery schedules [2] - For the first three quarters of 2025, the company achieved revenue of 10.42 billion yuan, a year-on-year increase of 29.5%, and a net profit of 1.81 billion yuan, up 13.1% year-on-year [2] - The company is actively expanding production capacity to address bottlenecks by securing key components through prepayments, building overseas factories, and leasing domestic facilities [2][4] Financial Performance - The company's gross profit margin for the first three quarters of 2025 was 31.3%, a decrease of 3.7 percentage points year-on-year, while the net profit margin was 17.9%, down 2.6 percentage points [3] - The company reported a significant increase in operating cash flow, reaching 2.93 billion yuan, up 99% year-on-year, attributed to improved collection management and high-quality receivables from overseas clients [3] Market Expansion - The overseas market is becoming a significant source of orders and performance for the company, particularly in the Middle East and North America [4] - The Middle East is experiencing urgent economic transformation needs, leading to an expanding market for natural gas equipment and EPC projects, where the company is gaining market share [4] - In North America, the company is well-positioned to tap into the large replacement market for fracturing equipment, which is expected to drive order and performance growth [4] Earnings Forecast - The report forecasts the company's net profit attributable to shareholders to be 3 billion yuan in 2025, with a corresponding P/E ratio of 17.51 [1][10]

Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits for 2025-2027 being 30.85 billion, 37.52 billion, and 44.14 billion respectively, corresponding to PE ratios of 17x, 14x, and 12x [4][6]. Core Insights - The company reported steady revenue growth, achieving 10.42 billion in revenue for the first three quarters of 2025, a year-on-year increase of 29.49%, and a net profit of 1.808 billion, up 13.11% year-on-year. The gross margin was 31.29%, down 3.73 percentage points, while the net margin was 17.9%, down 2.59 percentage points [1]. - The company has significantly increased its contract liabilities and advance payments, with contract liabilities rising from 1.303 billion at the end of 2024 to 1.654 billion, and advance payments increasing from 0.547 billion to 1.141 billion, providing support for future business growth [2]. - The company continues to maintain a leading position in the oil and gas sector, securing large overseas contracts and increasing market share in high-end equipment, particularly in electric fracturing projects and partnerships with major oil companies [3]. Financial Summary - For 2024A, the company expects total revenue of 13.355 billion, with a projected growth rate of -4.0%. By 2025E, revenue is expected to rise to 16.190 billion, reflecting a growth rate of 21.2%. The net profit attributable to shareholders is forecasted to be 2.627 billion in 2024A, increasing to 3.085 billion in 2025E, with growth rates of 7.0% and 17.4% respectively [5][9]. - The company’s gross margin is projected to be around 33.70% in 2024A, slightly decreasing to 33.36% in 2025E, while the net profit margin is expected to be 19.67% in 2024A and 19.06% in 2025E [8][9].

Core Viewpoint - The oil and gas ETF (159697) opened with a gain of 1.33%, indicating positive market sentiment towards the sector [1] Group 1: ETF Performance - The oil and gas ETF (159697) opened at 1.140 yuan [1] - Since its establishment on April 17, 2023, the ETF has achieved a return of 11.84% [1] - The ETF's performance over the past month has been a return of 6.81% [1] Group 2: Major Holdings - Major stocks within the ETF include: - China National Petroleum Corporation (down 0.22%) - China Petroleum & Chemical Corporation (up 0.36%) - China National Offshore Oil Corporation (down 0.07%) - Guanghui Energy (unchanged) - Jereh Oilfield Services (down 2.47%) - China Merchants Energy Shipping Company (up 2.97%) - XinAo Group (down 0.16%) - COSCO Shipping Energy Transportation (up 1.54%) - Offshore Oil Engineering Company (down 0.36%) - China Merchants Jinling Shipyard (up 0.31%) [1]

Core Insights - Jerry Holdings (002353.SZ) reported its Q3 2025 results, revealing that as of October 23, 2025, six institutional investors held a total of 117 million shares, representing 11.47% of the company's total equity [1] - The institutional holding percentage decreased by 0.22 percentage points compared to the previous quarter [1] - Among public funds, one fund, the Fortune Tianhui Growth Mixed (LOF) A/B, increased its holdings by 0.34%, while another fund, the Southern CSI 500 ETF, saw a slight decrease in holdings [1] Institutional Investors - The institutional investors include Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China - Fortune Tianhui Selected Growth Mixed Securities Investment Fund (LOF), Agricultural Bank of China - CSI 500 ETF, China Life Insurance Company - Traditional - Ordinary Insurance Product - 005L-CT001, National Social Security Fund 403 Portfolio, and National Social Security Fund 101 Portfolio [1] - The total institutional holding percentage stands at 11.47% [1] Public Funds - One public fund increased its holdings, while one public fund decreased its holdings, with 564 public funds not disclosing their holdings this quarter [1] - Notable funds that did not disclose include Harvest Emerging Industry Stock, Bosera Thematic Industry Mixed, Harvest Taihe Mixed, and others [1] Social Security Funds - One social security fund, the National Social Security Fund 101 Portfolio, reduced its holdings, while the National Social Security Fund 403 Portfolio was newly disclosed as a holder [2] Insurance Capital - One insurance capital entity, China Life Insurance Company - Traditional - Ordinary Insurance Product - 005L-CT001, increased its holdings slightly [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.11% [2]

Core Viewpoint - The company has released its third-quarter financial report for 2025, highlighting significant changes in financial metrics and operational performance, with a focus on revenue growth and cash flow improvements [3][29]. Financial Data Summary - The company reported a 29.49% increase in operating revenue compared to the same period last year, attributed to an increase in business scale [14]. - Operating costs rose by 36.30%, reflecting the increased revenue scale [15]. - Financial expenses decreased by 190 million yuan, mainly due to increased foreign exchange gains and interest income [16]. - Other income decreased by 48.14%, as the previous period benefited from higher VAT deductions [17]. - Investment income dropped by 70.27%, due to lower gains from equity transfers in the previous period [18]. - The net cash flow from operating activities increased by 99.45%, driven by effective cash collection measures [22]. Balance Sheet Changes - Cash and cash equivalents increased by 39.20% since the beginning of the year, primarily due to positive cash flow from operations [5]. - Accounts receivable decreased by 45.70%, as customer notes payable matured [6]. - Prepayments increased by 108.78%, due to advance payments for key component procurement [7]. - Short-term borrowings decreased by 31.60%, reflecting reduced new debt financing [11]. - Lease liabilities increased by 70.75%, due to new factory leases [12]. Shareholder Information - The controlling shareholders plan to increase their stake in the company by investing between 50 million and 70 million yuan over a six-month period starting April 9, 2025 [24]. - As of July 21, 2025, the shareholders had acquired a total of 1,645,900 shares for approximately 60 million yuan [24]. Project Awards - The company’s subsidiary received a project award from Sonatrach SPA for the Rhourde Nouss Boosting Project, with a total contract value of approximately 8.50 billion USD or 61.26 billion yuan [25].

Core Insights - The company has made steady progress in expanding its North American business this year, successfully securing new orders for electric fracturing equipment and core components [1] - In the gas turbine power generation business, the company has also achieved new orders, which are now entering the delivery and on-site operation phases [1]