Group 1: Company Overview and Strategy - The company has successfully implemented multiple key EPC projects, enhancing market recognition and securing significant orders from state-owned oil companies in regions like the Middle East and Asia-Pacific [3] - The company adheres to a principle of selecting profitable projects with strong cash flow, focusing on strategic orders that promote synergy across its business segments [3] - The company aims to extend its capabilities upstream in the oil and gas field, building a full value chain from engineering construction to oilfield services [3] Group 2: Natural Gas Market Insights - The global natural gas market is diversifying, with increased demand for natural gas as a clean energy source, leading to more market opportunities [4] - The company anticipates significant growth in the natural gas sector, driven by the need for energy security and the transition to cleaner energy [4] Group 3: Production and Delivery Measures - The company has increased its prepayments and inventory to ensure timely delivery of natural gas orders, reflecting a proactive approach to production planning [4] - Measures include enhancing resource allocation, expanding domestic production capacity through leasing, and accelerating overseas capacity development [4][6] Group 4: Natural Gas Equipment Business - The company has established a comprehensive solution capability across the entire natural gas value chain, from exploration to end-use [5] - A focus on innovation and customer-centric service has strengthened the company's position in the high-end market for natural gas equipment [5] Group 5: Gas Turbine Power Generation - The company has launched its own 35MW and 6MW gas turbine generator sets, providing reliable power solutions for oil and gas development and emergency power needs [7][8] - A strategic partnership with Baker Hughes has been established to secure core component supplies and expand the gas turbine power generation business [8]

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-081 烟台杰瑞石油服务集团股份有限公司 关于出售子公司股权的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、烟台杰瑞石油服务集团股份有限公司（以下简称"公司"或"杰瑞股份"）全资子 公司杰瑞能源服务有限公司（以下简称"杰瑞能服"）及刘建垒（杰瑞能服及刘建垒合称"甲 方"）与鄂尔多斯市安营新能源发展有限责任公司（以下简称"安营新能源"或者"乙方"） 共同签署《股权转让协议》，将甲方所持有的Общества с ограниченн ой ответственностью Свет Энергия（光明能源有限公司， 以下简称"光明能源"或者"标的公司"）100%股权转让给乙方。 2、本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组，亦不构 成关联交易。 3、本次股权转让尚需完成中国及俄罗斯有关部门的审批、登记及备案手续，亦存在交 易对方未能及时支付股权转让款、本协议执行过程中遭遇不可抗力等致使本次交易无法顺利 完成的风险。 2、注册地址：内蒙古自治区鄂尔多 ...

Core Viewpoint - Jerry Holdings' stock price has experienced fluctuations, with a year-to-date increase of 41.38% but a recent decline of 5.00% over the past five trading days [1] Group 1: Stock Performance - As of November 21, Jerry Holdings' stock price was 51.11 CNY per share, with a market capitalization of 52.329 billion CNY [1] - The stock has seen a trading volume of 1.12 billion CNY and a turnover rate of 0.31% [1] - Year-to-date, the stock has risen by 41.38%, with a 5.00% drop in the last five trading days, a 1.29% increase over the last 20 days, and an 11.04% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Jerry Holdings reported revenue of 10.42 billion CNY, a year-on-year increase of 29.49%, and a net profit attributable to shareholders of 1.808 billion CNY, up 13.11% year-on-year [2] - The company has distributed a total of 3.299 billion CNY in dividends since its A-share listing, with 1.819 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of November 10, the number of shareholders for Jerry Holdings was 24,700, an increase of 0.21% from the previous period, with an average of 28,039 circulating shares per shareholder, a decrease of 0.21% [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.4299 million shares, an increase of 11.3162 million shares from the previous period [3]

Core Insights - The gas turbine generator set is a highly efficient power generation equipment driven by gas turbines, characterized by rapid start-stop, high efficiency, and clean emissions, making it a core device in key areas such as power peak regulation, industrial drive, and data centers [1][5] - In the context of China's energy structure transformation, the installed capacity of natural gas power generation is expected to grow from 90 million kW in 2019 to 144 million kW in 2024, with a compound annual growth rate of 9.8% [5][6] - The gas turbine market in China is projected to reach 75 billion yuan in 2024, with significant innovations achieved by companies like Dongfang Electric in hydrogen and split-shaft gas turbines [6][7] - The global data center electricity consumption is expected to increase from 415 TWh in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand, creating significant export opportunities for China's gas turbine industry [8][10] Industry Overview - Gas turbine generator sets are categorized into heavy-duty, aeroderivative, and light-duty types, with heavy-duty turbines used in large power plants and light-duty turbines suitable for peak regulation [3][4] - The industry has established a complete product system covering 15-200 MW, with a focus on technological breakthroughs and market expansion [6][11] Market Dynamics - The gas turbine market in China is experiencing steady growth, driven by policies promoting natural gas utilization and the integration of renewable energy sources [5][6] - The market is characterized by a competitive landscape where international giants like GE and Siemens dominate the high-end market, while domestic companies like Dongfang Electric and Shanghai Electric are rapidly advancing [11][12] Future Trends - The gas turbine industry is expected to focus on self-sufficiency, green transformation, intelligent upgrades, and globalization [12][13][14] - There is a significant push towards the development of low-carbon and zero-carbon fuels, with ongoing research into hydrogen and ammonia combustion technologies [12] - The integration of digital and intelligent technologies is enhancing operational efficiency and extending service offerings in the gas turbine sector [13][14]

Core Viewpoint - The article highlights the positive outlook for the Chinese stock market, with foreign institutions increasing their investments and adjusting target indices upward for 2026, indicating a strong long-term investment potential in A-shares [1][2]. Group 1: Market Performance - As of November 20, 2025, the CSI 500 Quality Growth Index rose by 0.15%, with notable increases in constituent stocks such as Bluestar Technology (up 3.44%) and China National Materials (up 2.31%) [1]. - The CSI 500 Quality Growth ETF (560500) also saw a rise of 0.17%, reflecting overall positive market sentiment [1]. Group 2: Foreign Investment Trends - Multiple foreign institutions, including UBS and Morgan Stanley, have released optimistic reports for the Chinese stock market, collectively raising their target index levels for 2026 [1][2]. - Foreign institutional research and investment activities have been robust, with over 1,300 instances of foreign institutions conducting research on A-share companies since the beginning of the fourth quarter [1]. Group 3: Policy Developments - The China Securities Regulatory Commission (CSRC) has issued a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance cross-border investment facilitation [2]. - The ongoing improvements in the QFII system are expected to create a more stable and transparent environment for foreign investments in the Chinese capital market [2]. Group 4: Index Composition - The CSI 500 Quality Growth Index comprises 100 high-profitability, sustainable earnings, and cash-rich growth companies selected from the CSI 500 Index [2]. - As of October 31, 2025, the top ten weighted stocks in the index accounted for 21.64% of the total index weight, with companies like Huagong Technology and Kaiying Network being significant constituents [2].

Core Viewpoint - Jerry Holdings has shown a significant stock price increase of 48.27% year-to-date, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of November 18, Jerry Holdings' stock price rose by 2.06% to 53.60 CNY per share, with a trading volume of 1.49 billion CNY and a market capitalization of 54.879 billion CNY [1]. - The stock has experienced a 6.33% increase over the last five trading days, a 1.75% increase over the last 20 days, and a 17.03% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on November 10, where it recorded a net buy of -89.1633 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Jerry Holdings reported a revenue of 10.42 billion CNY, reflecting a year-on-year growth of 29.49%, and a net profit attributable to shareholders of 1.808 billion CNY, up 13.11% year-on-year [2]. - Cumulatively, the company has distributed 3.299 billion CNY in dividends since its A-share listing, with 1.819 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of November 10, the number of shareholders for Jerry Holdings was 24,700, an increase of 0.21% from the previous period, with an average of 28,039 circulating shares per shareholder, a decrease of 0.21% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.4299 million shares, an increase of 11.3162 million shares from the previous period [3].

Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

Core Viewpoint - The oil and gas sector is experiencing upward movement in stock prices, driven by geopolitical tensions and supply disruptions, particularly from Russia, which has halted exports equivalent to 2% of global supply [1]. Group 1: Market Performance - As of November 17, 2025, the National Oil and Gas Index (399439) increased by 0.28%, with significant gains in constituent stocks such as Shun Oil (603353) up 9.99% and Victory Shares (000407) up 9.93% [1]. - The Oil and Gas ETF (159697) rose by 0.60%, marking its fourth consecutive increase, with the latest price at 1.18 yuan [1]. Group 2: Supply and Price Dynamics - The geopolitical situation has led to a suspension of exports from Russian Black Sea ports, impacting supply by approximately 2% of global oil production, equating to 2.2 million barrels per day [1]. - According to Huatai Securities, multiple factors including OPEC+ production increases, rising risks of Russian oil sanctions, and an increase in U.S. commercial crude oil inventories have contributed to a downward trend in oil price levels [1]. Group 3: Key Holdings - As of October 31, 2025, the top ten weighted stocks in the National Oil and Gas Index include major companies such as China National Petroleum (601857) and Sinopec (600028), collectively accounting for 65.09% of the index [2]. - The Oil and Gas ETF is closely tracking the National Oil and Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1][2].

Core Insights - The article highlights the unprecedented development opportunities and challenges faced by Chinese energy equipment companies amid a deep adjustment in the global energy landscape and accelerated green transition [2] - Jerry Holdings, a leading domestic oil and gas equipment and technology service company, has achieved explosive growth in oil and gas engineering and natural gas business, attracting widespread market attention with its dual business strategy of "oil and gas industry + new energy industry" [2] Business Performance - In the first half of the year, Jerry Holdings reported a year-on-year revenue growth of over 88% in oil and gas engineering and technical services, and a 112.69% increase in natural gas-related business revenue [3] - The company has established a full industry chain layout from "front-end process development to equipment manufacturing, technical services, and ground engineering," aligning with global clean and low-carbon transition demands [3] - The company has successfully expanded its market presence in regions rich in natural gas resources, such as the Middle East, Central Asia, and North Africa, validating its international competitiveness with a one-stop solution from design to operation and maintenance [3] Global Expansion - Since its first overseas venture in 2005, Jerry Holdings has transitioned from product exports to localized operations, with current orders exceeding 10 billion yuan and nearly 50% of revenue coming from overseas markets [3] - The company has strengthened its traditional regional layouts while exploring emerging markets in Southeast Asia and Africa, forming a global business network [3] Talent and Supply Chain - Jerry Holdings has focused on talent acquisition since 2011, currently employing around 2,000 overseas staff, including local talents from various countries [4] - The company is building a global supply chain system centered on "China + North America + Middle East," enhancing response speed and cost advantages while ensuring supply chain security and stability [4] Innovation and R&D - R&D innovation has been a key driver for Jerry Holdings over its 26 years of development, with over 500 million yuan allocated for R&D in 2024 [6] - The AI·R FRAC intelligent command system has achieved a decision accuracy of 97.8%, enabling real-time monitoring and predictive maintenance of oilfield equipment [6] - The company anticipates revenue growth in the first three quarters of 2025, despite a 3.43 percentage point decline in gross margin due to structural adjustments [6][7] Future Outlook - Jerry Holdings positions itself as a company based on energy and led by technology, aiming to provide efficient and clean equipment and services while accelerating its new energy layout in lithium battery recycling and negative electrode materials [8] - The company aims to become a professional service provider in various energy sectors, contributing to global energy transition [8][10] - Jerry Holdings is committed to creating a closed-loop industry chain for waste battery resource recovery and material remanufacturing, with plans to expand its overseas market presence in lithium battery resource recycling [9]

Core Viewpoint - The article highlights the production capabilities and advancements of Jerry Corporation, emphasizing its strategic position in the industry and potential for growth [1] Group 1 - Jerry Corporation has made significant investments in its production facilities to enhance efficiency and output [1] - The company is focusing on innovation and technology integration to maintain a competitive edge in the market [1] - Recent developments indicate a positive trend in production capacity, which is expected to drive revenue growth [1]