Core Insights - The report by Ernst & Young highlights a growth trend in IPO activities in mainland China and Hong Kong, with A-shares and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts respectively [1] - Chinese companies secured five positions in the global top ten IPOs, with an increase in numbers compared to 2024, primarily in the automotive, mining, energy, and advanced manufacturing sectors [1] - The industrial, technology, and materials sectors are the top three in terms of IPO quantity [1] Market Performance - The A-share market has shown signs of recovery amidst fluctuations, with overall market confidence improving and a strong technical outlook [2] - The "14th Five-Year Plan" policies, capital market developments, and declining interest rates are positively influencing the market, indicating a phase of recovery [2] - Third-quarter reports indicate moderate improvements in fundamentals, which may drive further market recovery [2] Index and ETF Information - The CSI 500 Quality Growth Index selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index, providing diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 21.64% of the index [2] - The top ten stocks include Huagong Technology, Kaiying Network, Dongwu Securities, Tianshan Aluminum, Keda Li, Crystal Optoelectronics, Shunluo Electronics, Chuangfeng Power, Changjiang Securities, and Shanghai Electric [2][4]

Core Viewpoint - Jerry Holdings has made a significant breakthrough in the North American data center market by signing a sales contract for generator sets worth over $100 million, marking a key milestone in its strategic expansion in this sector [1][3]. Group 1: Business Development - The company has established a wholly-owned subsidiary, Jerry MinDian Energy Group, to deepen its engagement in the power sector and accelerate business breakthroughs [2]. - Jerry Holdings has developed a comprehensive energy solution based on years of technical accumulation in gas power generation, intelligent control, and complex system integration [2]. - The company has a complete management system covering R&D design, precision manufacturing, quality control, and global supply chain collaboration to ensure efficient project implementation [2]. Group 2: Product and Technology - Jerry Holdings offers a full range of self-developed power equipment, including gas turbine generator sets, reciprocating internal combustion engine generator sets, energy storage devices, and variable frequency devices, forming a highly integrated, modular, and intelligent gas power product system [2]. - The product system is designed to meet high standards of reliability, responsiveness, operational flexibility, and stability required in various applications, including data centers and oil and gas development [1][2]. Group 3: Strategic Partnerships - The company has strengthened its core component supply stability by signing a global strategic cooperation and large-scale order agreement with Baker Hughes, building on its long-term collaboration with Siemens [2]. - This partnership aims to provide robust support for project delivery on a global scale, ensuring timely and high-quality equipment delivery following the recent $100 million order [2]. Group 4: Market Recognition - The successful sale of equipment in the data center sector reflects the company's comprehensive strength and the high market recognition established through repeated validations of its power generation equipment in North America [3]. - The signing of this contract not only signifies a strategic upgrade in the North American market but also marks a critical step in the company's integrated capability development in the data center sector [3]. Group 5: Investor Engagement - The investor relations activity included participation from various well-known domestic and international investment institutions, including investment banks, public funds, private equity funds, and insurance companies [4].

Core Insights - In the past five trading days, a total of 206 companies were investigated by institutions, with notable interest in companies like Luxshare Precision, Dingtai High-Tech, and Jerry Holdings [1][2] - Among the companies surveyed, 50 received attention from more than 20 institutions, with Luxshare Precision being the most popular, attracting 392 institutions [1] - The data indicates that 13 out of the 20 companies with significant institutional interest experienced net capital inflows, with Luxshare Precision seeing a net inflow of 683 million yuan [1][2] Group 1: Institutional Research Activity - A total of 206 companies were investigated by institutions from November 21 to November 27, with 87.38% of these companies being surveyed by securities firms [1] - The top three companies with the highest number of institutional surveys were Luxshare Precision (392 institutions), Dingtai High-Tech (239 institutions), and Jerry Holdings (184 institutions) [1][3] - The most frequently surveyed company was Haixia Co., which received four institutional surveys [1][3] Group 2: Market Performance of Surveyed Companies - Among the companies that were heavily surveyed, 22 saw an increase in stock prices, with the highest gains recorded by Siling Co. (27.24%) and Dongxin Co. (24.90%) [2][4] - Conversely, 27 companies experienced declines, with Yahua Group and Chuaneng Power showing the largest drops at 16.09% and 13.81%, respectively [2][4] - Only two companies among those surveyed released annual performance forecasts, both indicating profit increases, with Luxshare Precision projecting a net profit of 16.852 billion yuan, a year-on-year increase of 26.09% [2][4] Group 3: Detailed Company Insights - Luxshare Precision: 1 survey, 392 institutions, latest closing price 56.96 yuan, price change +2.17% [3] - Dingtai High-Tech: 1 survey, 239 institutions, latest closing price 101.59 yuan, price change -7.34% [3] - Jerry Holdings: 2 surveys, 184 institutions, latest closing price 51.30 yuan, price change -1.67% [3] - Dongxin Co.: 1 survey, 53 institutions, latest closing price 134.02 yuan, price change +24.90% [3][4] - Siling Co.: 2 surveys, 50 institutions, latest closing price 105.10 yuan, price change +27.24% [4]

Summary of the Conference Call for Jiewei Co., Ltd. Industry and Company Overview - Jiewei Co., Ltd. has secured gas turbine power generation equipment orders from a top AI company in North America, with initial supply exceeding 100 megawatts and total demand expected to be between 1 to 2 gigawatts [2][3] - The company has been involved in the gas generator business since 2011 and has gained recognition in the North American market, particularly for delivering large quantities of 35 megawatt and 6 megawatt gas turbine units in 2024-2025 [2][4] Core Insights and Arguments - Jiewei has transitioned from a leasing model to a sales model, rapidly acquiring orders from U.S. data centers, with expected annual order volume exceeding 1 billion RMB and leasing revenue over 70 million USD [2][7] - The company has a comprehensive design and production capability for gas turbine generator sets, with key components produced in-house, ensuring high stability and priority supply rights [2][9] - Jiewei's strategic adjustment includes the establishment of a first-level subsidiary for the electric power sector, expanding into areas such as small modular reactors (SMR), power supply, and data center distribution [2][6] Financial Performance and Market Position - The expected market price in the U.S. is approximately 1 million USD per megawatt, with gross margins for new orders anticipated to be higher than previous levels [8] - The company aims to add 100 to 200 megawatts of new capacity annually over the next two to three years, with the electric power sector projected to become a significant growth driver alongside traditional drilling and natural gas businesses [4][12] Future Outlook and Strategic Plans - Jiewei plans to leverage existing resources to rapidly expand its business in the U.S., Middle East, and North Africa [2][6] - The company is positioned as the only A-share listed company directly entering the U.S. data center AIGC business, indicating a strong commitment to this sector [6] - Future collaborations may extend beyond North America, responding to potential demands from the client in regions like the Middle East and Europe [14][15] Additional Important Points - The company has built a complete power generation team, focusing on service, technical capabilities, and professional sales [10] - Jiewei's products are not only used in oil fields but also in emergency power generation and data centers, showcasing versatility and market adaptability [5][11] - The company is optimistic about its growth trajectory, expecting the electric power sector to become a pillar of its business within the next three to five years [16]

Group 1: Market Insights - Morgan Stanley is optimistic about the Chinese stock market, raising the A-share rating to "overweight" due to multiple positive incremental drivers expected next year, such as broader applications of artificial intelligence and consumer stimulus measures [1] - The National Development and Reform Commission warns against the risk of oversaturation in the humanoid robot market, noting that the industry is growing at over 50% annually and is projected to reach a market size of 100 billion yuan by 2030 [2] - The State Administration for Market Regulation is enhancing anti-monopoly enforcement and promoting fair competition to create a market environment that stimulates the vitality of various business entities [3] Group 2: Company News - Moore Threads reported that online investors abandoned the subscription of 29,302 shares, which were fully underwritten by the sponsor, with a total subscription amount of 334.86 thousand yuan [3][4] - Dongxin Co. announced a strategic cooperation framework agreement with a leading domestic cloud computing service provider, focusing on areas such as domestic cloud desktop systems and digital twin solutions [4] - Huayang Group is indirectly supplying optical communication module components to NVIDIA through international clients [4] - Guofeng New Materials plans to acquire 46.26 million shares of Jinzhan Technology, with the Shenzhen Stock Exchange agreeing to resume the review of this transaction [4] - Hunan Gold's subsidiary obtained a mining license for tungsten, magnetite, and silver, with an annual production capacity of 990,000 tons [5] - Jereh Group signed a sales contract for generator sets for North American data centers, exceeding 100 million USD, marking a significant breakthrough in the high-end power market [7] - Saiwei Electronics experienced abnormal stock trading, with the National Integrated Circuit Fund reducing its holdings by 14.26 million shares, dropping below 5% ownership [8] - Fulei New Materials has completed multiple iterations of its self-developed "electronic skin" product and achieved bulk supply, transitioning from a material supplier to a smart sensing solution provider [9] - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 452% since August 22 [10] - FAW Jiefang plans to increase capital in its joint venture with CATL and Telda, totaling 412 million yuan, to enhance competitiveness in the new energy commercial vehicle sector [11] - Heng Rui Medicine received clinical trial approval for five drugs, including the anti-PD-L1 monoclonal antibody, with significant research and development investments [12]

Core Insights - The company, Jerry Co., has developed a highly integrated, modular, and intelligent gas power generation product system, which includes gas turbine generator sets, reciprocating internal combustion engine generator sets, energy storage devices, and frequency conversion equipment [1] - The company has established customized power support solutions for various applications, including oil and gas development, peak shaving power generation, emergency power generation, industrial power generation, and data centers [1] - Recently, the company signed a global strategic cooperation and large-scale order agreement with Baker Hughes, building on its long-term partnership with Siemens to ensure the supply of core components [1] - The company has secured sales orders for generator sets from North American data centers, with a contract value exceeding $100 million, and is focused on expediting equipment delivery [1]

证券代码：002353 证券简称：杰瑞股份 烟台杰瑞石油服务集团股份有限公司投资者关系活动记录表 编号：20251127 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | （电话会议） 其他 | | | 参会机构：Citigroup Global Markets Asia Limited；Green Court Limited；浦银 | | | 安盛基金管理有限公司；东北证券股份有限公司；博时基金管理有限公司；东吴证券 | | | 股份有限公司；国寿安保基金管理有限公司；创金合信基金管理有限公司；方正证券 | | | 股份有限公司；华美国际投资集团有限公司；招商证券股份有限公司；幸福人寿保险 | | | 股份有限公司；Bank of America Corporation；富国基金管理有限公司；碧云资本管 | | | 理有限公司；圆信永丰基金管理有限公司；工银瑞信基金管理有限公司；汇百川基金 | | | 管理有限公司；广发基金管理有限公司；中泰证券股份有限公司 ...

Core Viewpoint - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Award ceremony highlighted the importance of ESG (Environmental, Social, and Governance) practices, with Jerry Holdings being recognized among the top 100 for its commitment to sustainability [1][4]. Company ESG Practices - Jerry Holdings places significant emphasis on ESG management, continuously improving its ESG system to ensure compliance, transparency, and accountability in operations [4]. - The company leads in green and low-carbon initiatives by innovating equipment and solutions in oil and gas, as well as renewable energy recycling, including electric fracturing and lithium battery recycling technologies [4]. - Jerry Holdings actively engages in social responsibility through various charitable initiatives, including the establishment of multiple funds to support disaster relief and community welfare [4]. Governance and Management - The company optimizes its R&D management processes to enhance innovation potential and collaborates with international suppliers to improve supply chain resilience and efficiency [5]. - Jerry Holdings maintains a robust, transparent, and efficient governance structure, ensuring regulatory compliance and enhancing investor relations through consistent communication and increasing dividend payouts [5]. - The ESG Golden Bull Award evaluates companies based on a rigorous and scientific assessment framework, promoting sustainable development practices across the capital market [5][6]. Award Evaluation Process - The evaluation committee utilizes the China National New ESG evaluation methodology, assessing companies based on financial significance and impact importance, alongside ESG risk and disclosure quality [6]. - The awards are categorized to ensure diverse representation and avoid redundancy, with a focus on comprehensive evaluation of ESG performance [6].

杰瑞股份 20251125 摘要 杰瑞股份油气业务占比约 50%，受全球石油公司资本开支影响，预计未 来资本开支增加将带动油服装备需求增长，老旧油气田开发推动增压设 备需求。 天然气业务收入占比约 25%，但订单占比接近 50%，北美和中东大型 项目及液化天然气发展提供增长预期，天然气被视为公司主业外增速最 快板块。 燃气轮机业务收入占比低但潜力大，北美缺电及产业链扩产推动需求， 杰瑞作为 OEM 制造商，与西门子、GE 贝克休斯等合作关系良好，预期 业务高速增长。 全球油气资本开支虽提升但低于 2012-2014 年高峰，产能持续回落， 装备和服务价格上涨，推动行业 ROE 提升，杰瑞凭借产品优势有望保持 良好财务表现。 油气勘探开发支出自 2020 年后增长，但勘探难度增加，每发现 1 亿吨 油气对应的勘探支出大幅飙升，老旧油田增产服务需求空间广阔。 国内油服公司在国际市场表现出色，以杰瑞股份为代表，来自中东的天 然气订单快速增长，受益于海外国际油服龙头公司的订单溢出效应。 预计杰瑞股份 2025-2027 年净利润分别为 29.6 亿元、38.2 亿元和 46.1 亿元，维持"推荐"评级，预计明年燃气轮 ...

Core Insights - The article highlights the growth of the Zhongzheng 500 Quality Growth Index, which increased by 0.63% as of November 26, 2025, with notable stock performances from companies like Liugong and Juxing Technology [1] - The Ministry of Industry and Information Technology has issued guidelines for high-standard digital park construction, emphasizing the digital transformation of the manufacturing sector and the integration of AI with manufacturing [1] - CITIC Securities projects that the market size for embodied intelligence will exceed one trillion, driven by the generalization capabilities of large models, which can facilitate the scaling of various applications [1] Industry Overview - Industrial robot production saw a year-on-year increase of 17.9% in October, with a cumulative growth of 28.8% from January to October, indicating a rapid development in the humanoid robot sector [2] - Domestic policies aimed at improving manufacturing profitability and reducing competition are expected to boost demand for machinery and equipment [2] - The Zhongzheng 500 Quality Growth ETF closely tracks the Zhongzheng 500 Quality Growth Index, which selects 100 companies with strong profitability and growth potential from the broader Zhongzheng 500 Index [2] Key Stocks - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology and Kaiying Network being the top two [2] - The performance of individual stocks within the index varied, with Huagong Technology increasing by 3.08% and Tianshan Aluminum decreasing by 0.47% [4]