Core Viewpoint - Jerry Holdings (002353) has recently signed multiple contracts for gas turbine generator sales in North America, each exceeding $100 million, indicating a significant breakthrough in the high-end power market for data centers [5][8]. Group 1: Company Developments - Jerry Holdings achieved its third trading limit up in four days following the announcement of a new sales contract [3]. - The company held a conference call for institutional investors to discuss the new contract, which was not disclosed under standard public company regulations [5]. - This marks the second similar order received by Jerry Holdings within a week, showcasing a growing demand for their products [7]. Group 2: Market Context - The gas turbine generators ordered are designed for various applications, including primary or backup power systems for data centers, off-grid computing parks, and emergency power for urban edge data centers [6]. - The global gas turbine market is projected to grow from $30.24 billion in 2025 to approximately $57.44 billion by 2034, with a compound annual growth rate (CAGR) of 7.4% from 2025 to 2034 [9]. - The increasing energy demands of large data centers, particularly in the U.S., are creating investment opportunities in alternative energy sources, as highlighted by investor Steve Hoffman [8]. Group 3: Competitive Landscape - Major players in the gas turbine market, such as GE, Siemens Energy, and Mitsubishi Power, currently supply about two-thirds of the gas turbines for new natural gas power plants globally, with increasing order backlogs [10]. - The tight capacity among leading U.S. companies may lead to a spillover of orders to Chinese manufacturers, potentially benefiting companies like Jerry Holdings [10].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has secured multiple contracts exceeding $100 million for gas turbine generator sets, marking a significant entry into the North American data center market [1] - The company aims to create a comprehensive lifecycle solution starting with gas turbine generator sets, leveraging its modular and intelligent power generation solutions to meet the growing electricity demand in North America [2] - Strategic partnerships with international giants like Baker Hughes and Siemens have been established to ensure core production capacity for future order demands in data centers [3] Financial Projections - The company's net profit forecasts for 2025-2027 have been adjusted upwards by 0.6%, 5.1%, and 9.4% to reach 3.07 billion, 3.80 billion, and 4.58 billion yuan respectively, with corresponding EPS of 3.00, 3.71, and 4.47 yuan [4] - Revenue projections for 2025-2027 are estimated at 16.50 billion, 19.65 billion, and 22.84 billion yuan, reflecting growth rates of 23.58%, 19.06%, and 16.25% respectively [5] - The company is expected to maintain a gross margin of approximately 33% over the forecast period, with a projected return on equity (ROE) increasing from 12.7% in 2023 to 15.0% in 2027 [10] Market Position - The company is positioned to develop its power segment as the third growth curve following its drilling and natural gas segments, driven by expanding electricity demand in North America [2][4] - The current market capitalization is approximately 61.35 billion yuan, with a total share count of 1.024 billion shares [6] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 25 in 2023 to 13 by 2027, indicating an improving valuation as earnings grow [11] - The price-to-book (P/B) ratio is expected to decline from 3.2 in 2023 to 2.0 in 2027, reflecting a strengthening balance sheet [11] Operational Highlights - The company’s gas turbine generator sets are designed for rapid transport and flexible expansion, addressing challenges such as tight project timelines and limited space [2] - The company has initiated business and team development in various lifecycle service areas, including small modular reactor (SMR) power supply and data center management [2] Strategic Partnerships - The company has signed a global strategic cooperation agreement with Baker Hughes for the NovaLT™ gas turbine, ensuring future production capacity [3] - A strategic cooperation agreement with Siemens has also been established to enhance the company’s capabilities in gas turbine technology [3]

Core Insights - In November, public funds showed high enthusiasm for research activities in the A-share market, with 154 public fund institutions participating in 4,298 research instances covering 506 stocks across 30 industries [2][3] - Lixun Precision (002475) was the most researched stock, receiving 142 inquiries, primarily focusing on its Q3 operational performance [2][3] - The top ten stocks researched were concentrated in the machinery, electronics, and pharmaceutical industries, with a notable presence of machinery stocks [2][3] Industry Summary - The electronics industry led with 974 research instances, with Lixun Precision, Industrial Fulian, and Aobi Zhongguang being the most focused stocks [3] - The machinery equipment industry had 819 research instances, with Huichuan Technology, Boying Welding, and Jereh Holdings being the top three [3] - The pharmaceutical industry ranked third with 403 research instances, focusing on stocks like Baiji Shenzhou and Ruimait [3] Company Summary - Lixun Precision was the most researched company in November, with 142 inquiries [2] - Huichuan Technology, Boying Welding, and Jereh Holdings received 81, 71, and 65 inquiries respectively, indicating strong interest in the machinery sector [2][3] - Baiji Shenzhou and Ruimait were the most researched pharmaceutical companies, receiving 51 and 46 inquiries respectively [3]

Core Insights - The CSI 500 Quality Growth Index has shown a positive performance, with notable increases in stocks such as Jerry Holdings (10.00%) and Giant Star Technology (5.77) [1] - The Federal Reserve's interest rate decisions and the Central Economic Work Conference's directives are key variables affecting the market in December [1] - Artificial intelligence is identified as a crucial factor for China's economic development, presenting investment opportunities in infrastructure, AI applications, and edge devices [1] Group 1: Index Performance - As of December 3, 2025, the CSI 500 Quality Growth Index increased by 0.43%, with the CSI 500 Quality Growth ETF rising by 0.52% [1] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index [2] Group 2: Key Stocks - The top ten stocks by weight include Huagong Technology (3.37%), Kaiying Network (2.96%), and Dongwu Securities (2.46%) [3] - Jerry Holdings and Jinchengxin have shown significant increases in their stock prices, contributing to the overall index performance [1][3] Group 3: Investment Focus - The focus for investment should be on sectors such as traditional manufacturing and resource industries, as well as companies expanding overseas [1] - The CSI 500 Quality Growth ETF selects 100 companies with strong profitability, sustainable earnings, and robust cash flow from the CSI 500 Index [1]

Group 1 - The stock of Jerry Holdings has experienced a significant increase, with three limit-up days within four trading days, resulting in a cumulative increase of 28.48% and a turnover rate of 14.76% [2] - As of 9:31, the stock's trading volume reached 11.525 million shares, with a transaction amount of 755 million yuan, and a turnover rate of 1.66% [2] - The latest total market capitalization of A-shares is 67.482 billion yuan, with a circulating market capitalization of 45.692 billion yuan [2] Group 2 - The margin trading data shows that as of December 2, the margin balance for the stock is 740 million yuan, with a financing balance of 717 million yuan, which increased by 8.4317 million yuan from the previous trading day, reflecting a 1.19% increase [2] - Over the past four days, the margin balance has increased by 430 million yuan, representing a 149.87% growth [2] - The stock has appeared on the Dragon and Tiger list once due to a daily price deviation of 7%, with institutional net selling of 128 million yuan and cumulative net selling by the Shenzhen Stock Connect of 176 million yuan [2] Group 3 - In the past ten days, five institutions have given a buy rating for the stock, with Huatai Securities setting the highest target price at 73.20 yuan as of December 1 [2] - As of November 30, the number of shareholders for the stock is 21,278, which is a decrease of 1,464 from the previous period, indicating a 6.44% decline [2] - This marks the second consecutive period of decline in the number of shareholders, suggesting a trend of concentrated holdings [2]

杰瑞股份主要集中在北美洲的数据中心订单，并在北美和中东这两个电 力需求大的市场有所布局，预计明年（2026 年）将在中东展开相应业 务，同时聚焦于配电、储能、液冷及热管理等解决方案的研发。 杰瑞股份认为现有资源储备丰富，可以支撑未来发展，计划未来五年内 使电力板块成为公司的支柱板块之一，与造完井设备及天然气设备形成 三足鼎立之势，通过不断获取高端客户订单来证明其深厚的业务布局。 杰瑞股份在美国拥有接近 300 兆瓦租赁容量，还有 100 多兆瓦产能， 并计划明年新增 100~200 兆瓦产量，将平衡发电租赁服务市场，同时 负责后市场运维服务，提升盈利能力。 一领域的深耕布局。例如，今年从美国获取到发电租赁服务和燃气轮机组销售 合同，总金额预计达到 2.5 亿至 3 亿美元。这些订单显示出公司在电力业务板 块的重要地位。 杰瑞股份计划将电力板块发展为第三增长曲线，目标五年内达到与钻井 板块相当的规模和盈利能力，通过持续落地的大额订单展示了在电力领 域的深耕布局，如今年从美国获取的 2.5 亿至 3 亿美元发电租赁服务和 燃气轮机组销售合同。 杰瑞公司通过一体化解决方案解决数据中心面临的电力获取、高密度供 电和散 ...

Core Viewpoint - The China Securities 500 Growth ETF (562340) opened with a slight increase of 0.24%, indicating a stable market performance despite fluctuations in its constituent stocks [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (562340) opened at 1.229 yuan [1] - Since its establishment on April 25, 2024, the fund has achieved a return of 22.72% [1] - The fund's performance over the past month has seen a decline of 3.99% [1] Group 2: Constituent Stocks Performance - Among the major holdings, Huagong Technology decreased by 0.19%, and Kaiying Network fell by 0.13% [1] - Dongwu Securities increased by 0.22%, while Hengxuan Technology dropped by 0.81% [1] - Other notable movements include a 7.81% increase in Jereh Holdings and a 0.03% increase in Shunluo Electronics [1]

Core Insights - Jerry Holdings (002353) has once again reached the daily limit increase in stock price on December 3rd [1] - The company’s wholly-owned subsidiary, Jerry Mind Electric Energy Group, has signed a sales contract for generator sets worth over 100 million USD with a North American client [1] - This contract follows a recent collaboration with a global AI industry giant, indicating continued international recognition for Jerry Holdings [1] Company Developments - Jerry Mind Electric Energy Group has secured a significant contract, enhancing its market position and revenue potential [1] - The partnership with a major AI player suggests strategic growth and diversification in Jerry Holdings' business operations [1] Market Reaction - The stock price surge reflects positive investor sentiment and confidence in the company's future prospects following these developments [1]

Core Insights - Despite a cautious market sentiment in November, public fund research enthusiasm remains strong, with 154 public funds participating in 4,298 research instances covering 506 stocks across 30 industries [1][2] - The stocks under research showed significant resilience, outperforming the CSI 300 index by 1.89 percentage points, with 186 stocks achieving positive returns, and 66 stocks rising over 10% [1][2] - Leading the gains was Huasheng Lithium with a monthly increase of 132.48%, while the electric equipment sector performed strongly, with Hai Lu Heavy Industry and Fengyuan Co. also making the top gainers list [1][4] Industry Focus - The electronic industry led the research activities with 974 instances covering 88 stocks, with Luxshare Precision, Industrial Fulian, and Aobi Zhongguang being the most researched [2][3] - The mechanical equipment sector followed closely with 819 research instances covering 71 stocks, focusing on companies like Huichuan Technology and Bo Ying Special Welding [2][3] - The pharmaceutical and biological sector ranked third with 403 research instances covering 38 stocks, highlighting companies like BeiGene and Ruimai Technology [2][3] Research Frequency and Performance - The top researched stocks included Luxshare Precision (142 instances), Huichuan Technology (81 instances), and Bo Ying Special Welding (71 instances) [4][7] - Notably, the stocks with the highest price increases also included multiple companies from the electronic and electric equipment sectors, indicating a correlation between research frequency and stock performance [5][6] - The research data reflects a trend where public funds are increasingly focusing on companies with potential technological breakthroughs and favorable market conditions [8][9] Institutional Activity - A total of 85 public funds conducted at least 20 research instances, with 25 funds exceeding 50 instances, indicating strong interest from leading institutions [6][7] - The top three funds by research frequency were Bosera Fund (111 instances), Huaxia Fund (101 instances), and Guotai Fund (93 instances) [6][7] - The research paths of these leading institutions showed a high degree of overlap, particularly focusing on Luxshare Precision, Huichuan Technology, and Bo Ying Special Welding [7][8] Trends and Insights - The research data reveals two key trends: a strong interest from top public funds in the electronic and mechanical equipment sectors, and an increasing resonance between research activities and market performance [9] - The focus of research is shifting towards more detailed and refined insights, emphasizing industry dynamics and technological innovations [9]

Core Viewpoint - The signing of a contract worth over $100 million for generator sales to North American data centers marks a significant strategic upgrade for the company and a key step in its integrated capabilities in the data center sector [1][4][5] Financial Performance - In the first three quarters of 2025, the company achieved revenue exceeding 10 billion yuan, a year-on-year increase of nearly 30%, with a net profit of over 1.8 billion yuan, up over 10% [1][7] - Cumulatively, since its listing in 2010, the company has earned a total profit of 18.254 billion yuan, averaging over 1.1 billion yuan annually [2][7] - The company reported a revenue of 13.355 billion yuan for 2024, indicating that the recent $100 million order, equivalent to over 700 million yuan, is relatively minor compared to its annual revenue [3] Research and Development - The company has consistently invested in R&D, with annual expenditures exceeding 500 million yuan in both 2023 and 2024, and a total of 209 patent applications filed by mid-2025 [2][6] - As of June 2025, the company has received a total of 2,022 effective authorized patents, showcasing its commitment to innovation [2][6] Market Position and Strategy - The recent contract signifies a breakthrough in the company's market strategy, transitioning from leasing gas turbines to direct sales, and expanding its role from OEM to comprehensive solution provider for data centers [5][8] - The company has established a solid foundation for deepening its global digital infrastructure layout, with ongoing business development in various sectors including small modular reactors and gas turbine rapid power supply [4][5] Order and Revenue Growth - The company secured new orders worth 9.881 billion yuan in the first half of 2025, a year-on-year increase of 37.65%, with a backlog of orders totaling 12.386 billion yuan, up 34.76% [8] - The company has maintained a leading position in the oil and gas sector, achieving significant market share and expanding its overseas strategic market presence [8]