Group 1 - On September 18, Jiangsu Shentong conducted a block trade of 1.3 million shares, with a transaction amount of 15.86 million yuan, accounting for 4.25% of the total transaction amount for the day [1][2] - The transaction price was 12.20 yuan, which represents a discount of 10.29% compared to the market closing price of 13.60 yuan [1][2]

Core Insights - The ocean is becoming an important extension of human survival and development, with over 100 countries engaged in offshore oil and gas exploration and production, leading to a daily crude oil output exceeding 1 million tons, accounting for approximately 25% of global production [1][9] - The demand for underwater oil and gas equipment, particularly underwater valves, is increasing as they are critical components in underwater production systems [1][9] - China's underwater valve market is projected to grow from 141 million yuan in 2022 to 164 million yuan in 2024, with a compound annual growth rate (CAGR) of 7.69%, and is expected to reach 180 million yuan by 2026 [1][9] Underwater Valve Industry Overview - Underwater valves, also known as seabed valves, are essential for marine oil and gas production systems, with applications in oil and gas transportation and marine engineering [4] - The industry has evolved through several stages: early development (mid-19th century to 1930s), technological advancement (1940s to 1990s), and intelligent development (21st century to present) [5] - The underwater valve industry chain includes upstream raw materials, midstream manufacturing, and downstream applications in marine oil and gas engineering and other marine projects [6][8] Market Dynamics - The global underwater valve market is expected to grow from $358 million in 2022 to $386 million in 2024, with a CAGR of 3.84%, and is projected to reach $416 million by 2026 [8] - The Chinese underwater valve industry is experiencing rapid growth, supported by the country's rich marine oil and gas resources and the establishment of a new industrial system for marine resource development [1][9] Competitive Landscape - The global underwater valve market is highly concentrated, with major players like Cameron, PetrolValves, and Advanced Technology Valve holding about 60% of the market share [10] - In China, companies such as Neway Valve, China Nuclear Technology, and Jiangsu Shentong are emerging as key players, focusing on technological innovation and market expansion to break international monopolies [10][11] Industry Trends - The underwater valve industry is moving towards intelligent solutions, incorporating smart sensors and remote control technologies to enhance operational precision and reliability [12] - Environmental considerations are driving the development of eco-friendly underwater valves, focusing on leak prevention and the use of low-carbon materials [12] - Modular design is reshaping product development, allowing for flexible combinations and quick replacements, thus improving adaptability and maintenance efficiency [13][14]

Group 1 - The company, Jiangsu Shentong, stated on September 12 that it currently has no undisclosed information that needs to be disclosed to investors [2] - The company emphasized its commitment to timely information disclosure in accordance with relevant laws and regulations if any significant matters arise in the future [2]

Core Insights - The State Council has announced a work plan to promote stable growth in the electric power equipment industry, specifically focusing on the approval and construction of coastal nuclear power projects [1] - Nuclear power concept stocks have seen an average price increase of 35.11% year-to-date, with some stocks doubling in value [1] - Shanghai Electric has recorded the highest price increase among nuclear power stocks, with a year-to-date rise of 147.62% [1] Company Performance - The following nuclear power concept stocks have been highlighted for their performance and social security fund holdings: - Shun'an Environment (盾安环境): Total market value of 13.638 billion, year-to-date increase of 18.41%, social security fund holding of 4.26% [2] - Jiuli Special Materials (久立特材): Total market value of 22.709 billion, year-to-date increase of 3.27%, social security fund holding of 3.35% [2] - Jiadian Co., Ltd. (佳电股份): Total market value of 8.236 billion, year-to-date increase of 6.02%, social security fund holding of 3.30% [2] - Western Superconducting Technologies (西部超导): Total market value of 39.357 billion, year-to-date increase of 43.40%, social security fund holding of 3.17% [2] - Other notable stocks include Libat (利柏特), Yongxing Materials (永兴材料), Jiangsu Shentong (江苏神通), and Western Materials (西部材料) with varying performance metrics [2]

证券日报网讯江苏神通（002438）9月11日在互动平台回答投资者提问时表示，截至2025年9月10日，公 司的股东人数为26317户。 ...

9月10日，江苏神通大宗交易成交270万股，成交额3253.5万元，占当日总成交额的21.19%，成交价 12.05元，较市场收盘价13.29元折价9.33%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-09-10 | 002438 | 江苏神通 | 12.05 | 270.00 | 3,253.50申万宏源证券有限 | 中航证券有限公司 | | | | | | | 公司上海金山区蒙 | 杭州莫干山路证券 | | | | | | | 山路证券营业部 | 营业部 | ...

Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting a favorable return compared to market benchmarks over the next 6-12 months [7]. Core Views - In H1 2025, Jiangsu Shentong achieved a net profit attributable to shareholders of 150 million yuan, representing a year-on-year increase of 4.72% [5]. - The company's revenue for H1 2025 was 1.068 billion yuan, up 1.52% year-on-year, with a non-recurring net profit of 138 million yuan, reflecting an 8.54% increase [5]. - The nuclear power valve business saw a revenue increase of 15.67% in H1 2025, with a gross margin of 39.48% [5]. - The company secured new orders totaling 1.072 billion yuan in H1 2025, which will support future performance [6]. Financial Performance Summary - Revenue and Profit: - H1 2025 revenue: 1.068 billion yuan, up 1.52% YoY - H1 2025 net profit: 150 million yuan, up 4.72% YoY - H1 2025 non-recurring net profit: 138 million yuan, up 8.54% YoY [5] - Segment Performance: - Nuclear power segment revenue: 410 million yuan, up 15.67% YoY, gross margin: 39.48% - Metallurgy segment revenue: 197 million yuan, down 10.91% YoY, gross margin: 24.23% - Energy segment revenue: 182 million yuan, down 19.07% YoY, gross margin: 17.83% - Energy-saving services revenue: 201 million yuan, up 6.82% YoY, gross margin: 31.87% [5] - Future Projections: - Expected revenue for 2025/2026/2027: 2.47 billion, 2.81 billion, and 3.13 billion yuan, respectively, with year-on-year growth rates of 15.2%, 13.8%, and 11.5% [7]. - Expected net profit for 2025/2026/2027: 350 million, 420 million, and 460 million yuan, with year-on-year growth rates of 18.1%, 21.7%, and 9.3% [7]. Order Backlog - The company has a robust order backlog with new orders amounting to 1.072 billion yuan in H1 2025, including significant contributions from various segments [6].

| 权益类证券大宗交易 (协议交易) | | | | | | | 团下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | | 卖方营业部 | | 2025-09-08 | 002438 | 江苏神通 | 12.20 | 100.00 | 1.220.00申万宏源证券有限 | | 中泰证券股份有限 | | | | | | | 公司上海金山区蒙 | | 公司南昌团结路证 | | | | | | | 山路证券营业部 | 劳营业部 | | 9月8日，江苏神通大宗交易成交100万股，成交额1220万元，占当日总成交额的6.45%，成交价12.2元， 较市场收盘价13.53元折价9.83%。 ...

Group 1 - On September 5, Jiangsu Shentong executed a block trade of 2.8 million shares, with a transaction value of 33.46 million yuan, accounting for 19.87% of the total trading volume for that day [1] - The transaction price was 11.95 yuan, which represents an 11.61% discount compared to the market closing price of 13.52 yuan [1] - The buyer's brokerage was Dongfang Caifu Securities Co., Ltd., while the seller's brokerage included Zhonghang Securities Co., Ltd. and others [2]

Group 1 - The company announced that the shares held by its shareholder, Huzhou Fenglin Huoshan Equity Investment Partnership (Limited Partnership), have been released from judicial freeze [1] - The released shares amount to 8,000,000, which represents 66.30% of the shareholder's total holdings and 1.58% of the company's total share capital [1] - The judicial freeze was initially imposed by Ningbo Beilun District People's Court, with the release date set for September 2, 2025 [1] Group 2 - As of the announcement date, the total number of shares that have been frozen for Fenglin Huoshan is 12,066,863, accounting for 2.38% of its total holdings and 0% of the company's total share capital [1] - There are no additional shares currently frozen beyond the aforementioned amount [1]