Core Viewpoint - The latest brokerage "golden stocks" for December highlight a focus on sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing power, robotics, and consumer recovery gaining traction [2][9]. Group 1: Market Performance - In November, the A-share market exhibited a volatile pattern, with the Shanghai Composite Index declining by 1.67%, while the ChiNext Index and STAR Market Index fell by 4.23% and 6.24%, respectively [5]. - The top-performing "golden stock" in November was Shanghai Port Bay, recommended by Huatai Securities, which saw a monthly increase of 60.15% [6]. - Other notable performers included BlueFocus Media with a 45.99% increase and Yaxing Integration with a 43.57% rise, both recommended by different brokerages [6]. Group 2: December Golden Stocks - The December golden stock list shows a diverse allocation strategy, with significant attention on electronics, power equipment, pharmaceuticals, and food and beverage sectors [2][9]. - The electronics sector remains the most favored, with companies like Haiguang Information and Huadian Heavy Industries receiving multiple recommendations from different brokerages [11][12]. - In the power equipment sector, companies like Goldwind Technology and Ningde Times are highlighted for their strong order growth and competitive advantages [12]. Group 3: Investment Themes - The focus on robotics is increasing, with companies like Hengli Hydraulic and Kaidi Co. being recommended for their growth potential in the robotics space [16]. - In the pharmaceuticals sector, innovative companies such as Innovent Biologics and Kangfang Biologics are emphasized for their competitive global products [15]. - The consumer sector is also gaining traction, with companies like Midea Group and Alibaba being included in the recommendations due to their attractive dividend yields and growth prospects [14]. Group 4: Market Outlook - Brokerages generally maintain a bullish outlook for the market, expecting it to remain in a bull phase, although short-term fluctuations may occur [3][18]. - Analysts suggest that the market's focus should be on growth sectors, particularly technology and advanced manufacturing, while also considering defensive and consumer stocks in the short term [20][21].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The UK government plans to introduce a $2 billion electric vehicle subsidy program to accelerate the adoption of electric vehicles [13] - Tianqi Lithium has made significant progress in the production of lithium sulfide, with costs expected to drop to 60% of the industry average [14][15] - Longpan Technology has secured a major order for 1.3 million tons of lithium iron phosphate from Chuangneng New Energy, significantly increasing its revenue potential [16] - The first large-capacity all-solid-state battery pilot production line in China has been completed, marking a technological milestone [18][19] Summary by Sections Lithium Battery Sector - The battery industry index rose by 3.14%, outperforming the CSI 300 by 1.5 percentage points, with significant gains from key companies like Longpan Technology and Penghui Energy [11] - The UK plans a £1.5 billion subsidy to boost electric vehicle sales, which has already seen over 35,000 owners switch to electric vehicles since July [13] - Tianqi Lithium's new production process for lithium sulfide is expected to reduce costs significantly, enhancing its competitive edge [14][15] - Longpan Technology's order increase from 150,000 tons to 1.3 million tons of lithium iron phosphate is projected to generate over 45 billion yuan in sales [16][17] Energy Storage Sector - The National Development and Reform Commission has announced that new energy storage plants will not be included in the pricing of transmission and distribution costs, promoting the sector's growth [22][23] - The Hubei province aims to reach 5GW of new energy storage capacity by 2027, with a focus on new energy storage technologies [28][29] Power Equipment Sector - The results of the pricing competition for electricity mechanisms across 11 provinces have been released, with Shanghai leading in pricing [30] - The bidding for three high-voltage direct current projects has commenced, indicating ongoing infrastructure development [31][32] Photovoltaic Sector - The price of polysilicon remains stable, while the price of silicon wafers has decreased, reflecting a challenging market environment [33][34] - The global market for polysilicon is dominated by Chinese manufacturers, with four companies expected to account for 65% of global production by 2024 [39] Wind Power Sector - Recent approvals and bidding progress for offshore wind projects in various regions indicate a steady pace of development in China's offshore wind sector [43][44] - The UK is advancing its offshore wind projects, with significant milestones achieved in the Dogger Bank project [47]

Core Insights - The financial sector has recently seen a trend of prominent investors seeking marriage partners, with notable figures like private equity manager Li Bei and public fund manager Liu Junwen participating in this phenomenon [1] - Liu Xin, a well-known retail investor and major shareholder in over ten listed companies, is actively looking for a partner, aiming to surpass Warren Buffett in investment success [1] Group 1: Investor Profile - Liu Xin is a 90s-born professional investor and the largest individual shareholder in companies such as Dajin Heavy Industry and Guosheng Technology, holding significant influence in the investment community [1] - Liu Xin's investment strategy focuses on small-cap stocks and hot themes, particularly in the chemical sector, demonstrating both quick trading and long-term holding capabilities [1] Group 2: Investment Performance - As of the third quarter, Liu Xin ranked among the top ten circulating shareholders in six stocks, with a total holding value of approximately 1.15 billion [1] - Liu Xin's notable investments include significant positions in stocks like Zhongdian Electric, Dayuan Pump, and Jiangshun Technology, with a particular emphasis on Jiangshun Technology where he is the largest circulating shareholder [1] - In October, Liu Xin made substantial purchases in Guosheng Technology and other high-performing stocks, achieving nearly 100% profit on his investments in Guosheng Technology, with a cost basis of just over 4 yuan [1]

结论与建议： 截止2025 年半年报，公司自持新能源项目500MW（其中250MW 渔光互补发电项目5 月并网），上半年 新能源发电收入1.25 亿元，毛利率73.94%，毛利额占比11.5%。新项目建成后，公司自持项目规模将达 到1450MW，有望进一步增厚利润。 盈利预期： 我们上调公司2025/2026/2027 年的净利润分别至11.9/15.9/21.6 亿 元,YOY+152%/+33%/+35%，EPS 分别为1.87/2.50/3.38元，A 股按当前价格计算，对应2025/2026/2027 年PE 为26/19.6/14.5倍，建议买进。 该项目预计于2027 年交付完毕。 随着欧洲海风建设加速，公司前三季度实现营收45.95 亿元，YOY+99%，实现净利润8.87 亿元， YOY+214.6%。海外销售占比近八成。前三季度公司在手海外海工订单已经累计超100 亿元，预计在26- 27 年集中交付，未来2 年海外收入有望维持20%以上增速。公司正在积极布局自有运输船只，以及建设 欧洲总装基地，来提升交付能力。 公司拟投资建设3 个陆风项目：公司发布公告，拟投资建设大金重工曹妃甸区700M ...

格隆汇11月27日｜东吴证券研报指出，大金重工签署过渡段订单，单价超5万元/吨，向全套解决方案服 务商进发！该订单为2.52万吨过渡段，对应单价为5.3万元/吨，订单含存储及后道总装，价格大超市场 预期，也代表着公司从单纯的风机基础设备供应商到交付安装一站式解决方案商的转型。近日，公司成 功运用国产SPMT设备，圆满完成出口欧洲超大型单桩的装船全流程作业，一举创下"首次使用国产 SPMT设备装船"、"首次由装备制造商自有SPMT团队执行装船"两项业内纪录。考虑到公司新接过渡段 订单于27年交付，上修27年盈利预测，维持"买入"评级。 ...

Core Viewpoint - The stock of Dajin Heavy Industry has shown significant growth, with a year-to-date increase of 149.41%, reflecting strong performance in the wind power equipment sector [1][2]. Financial Performance - For the period from January to September 2025, Dajin Heavy Industry reported a revenue of 4.595 billion yuan, representing a year-on-year growth of 99.25%. The net profit attributable to shareholders was 888 million yuan, marking a substantial increase of 214.63% [2]. - Cumulative cash dividends since the company's A-share listing amount to 325 million yuan, with 240 million yuan distributed over the past three years [3]. Shareholder Information - As of October 31, 2025, the number of shareholders for Dajin Heavy Industry reached 67,300, an increase of 15.29% from the previous period. The average number of tradable shares per shareholder decreased by 13.26% to 9,381 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 22.0823 million shares, an increase of 2.6702 million shares from the previous period. New entrants among the top shareholders include Southern CSI 1000 ETF and Oriental Red Qi Yuan Mixed A [3]. Market Activity - On November 27, Dajin Heavy Industry's stock price rose by 2.24%, reaching 50.69 yuan per share, with a trading volume of 622 million yuan and a turnover rate of 1.98%. The total market capitalization stood at 32.328 billion yuan [1]. - The stock has experienced a recent upward trend, with an increase of 8.59% over the last five trading days and 46.40% over the past 60 days [1]. Business Overview - Dajin Heavy Industry, established on September 22, 2003, and listed on October 15, 2010, primarily engages in the production and sales of wind power tower structures and thermal power boiler steel structures. The revenue composition is heavily weighted towards wind power equipment products, accounting for 94.54% of total revenue [1]. - The company operates within the power equipment sector, specifically focusing on wind power equipment and components [1].

群益证券(香港)研报指出，大金重工新签大额海外订单，自持风电场加速推进，建议"买进"。公司与欧 洲某能源企业签署了某海上风电场项目过渡段独家供应合同。合同总金额折合人民币约13.39亿元，占 公司2024年度收入比例约35.4%。此外，公司拟投资建设3个陆风项目，总容量950MW，总投资预计不 超过人民币43.8亿元。2025年多个欧洲国家发布支持政策，欧洲海风建设正在加速，2026年公司海外交 付量有望继续增长20%，支撑公司业绩稳健增长。中期看，目前海外海风供应链产能供不应求，公司手 握客户资源，生产能力充足，运输能力逐步提升，海外市场份额有望扩大。前三季度公司在手海外海工 订单已经累计超100亿元，预计在26-27年集中交付，未来2年海外收入有望维持20%以上增速。公司正 在积极布局自有运输船只，以及建设欧洲总装基地，来提升交付能力。 ...

Group 1 - The company has signed a supply contract with European energy firm Skyborn Renewables for the Gennaker offshore wind project in Germany, with a total contract value of 1.339 billion yuan [1] - The contract involves the provision of 63 transition pieces, with each piece approximately 20 meters tall and weighing around 400 tons, totaling 25,200 tons [1] - The unit price of the order is significantly higher than market expectations at 53,000 yuan per ton, indicating a shift from being a simple supplier to a one-stop solution provider for installation [1] Group 2 - The company has successfully completed the loading process for oversized piles using domestically produced SPMT equipment, setting two industry records for the first use of such equipment and execution by its own team [2] - This achievement demonstrates the company's capability to meet stringent European standards and has redefined the DAP (Delivered at Place) delivery model for oversized marine equipment [2] - The company has also signed its first external market contract for building a large deck transport vessel, contributing to incremental performance [2] Group 3 - The profit forecast for 2025 and 2026 remains unchanged, with expected net profits of 1.1 billion and 1.71 billion yuan respectively; the profit forecast for 2027 has been revised upward to 2.53 billion yuan from 2.31 billion yuan [2] - The net profit growth rates for 2025, 2026, and 2027 are projected at 133%, 55%, and 48% respectively, with corresponding PE ratios of 28.7, 18.5, and 12.5 times [2]

Core Insights - Daikin Heavy Industries' subsidiary, Penglai Daikin Marine Engineering Co., Ltd., signed an exclusive supply contract for a transitional segment of an offshore wind farm project with a European energy company, amounting to approximately RMB 1.339 billion, which represents about 35.41% of the company's audited revenue for 2024 [1][3] Group 1 - The contract includes a comprehensive service package for product construction, transportation, storage, and assembly, with delivery expected by 2027. The offshore construction is anticipated to start in 2026, and the project will provide green electricity to around 1 million households once operational in 2028 [3] - Daikin Heavy Industries, founded in 2000 and listed in 2010, is the first publicly listed company in China's wind power tower industry, offering a full range of products for both offshore and onshore wind power [3] - Penglai Daikin, established in 2009 with a registered capital of RMB 130 million, is the largest single factory for offshore wind power marine engineering globally, with a production capacity of 500,000 tons [3] Group 2 - In addition to the aforementioned contract, Penglai Daikin has signed multiple overseas contracts in recent years, including a long-term supply contract for offshore wind foundations worth approximately RMB 1.25 billion, which accounts for about 33% of Daikin Heavy Industries' audited revenue for 2024 [4] - The first batch of six foundation piles for the InchCape offshore wind project in Scotland has been shipped from Daikin Heavy Industries' Penglai base, with the project being the second delivery to Scotland following the MorayWest project [4] - On July 21, Penglai Daikin signed a contract to supply ultra-large offshore wind foundation piles for another European offshore wind project, with a total contract value of approximately RMB 430 million, showcasing the international recognition of its marine engineering manufacturing capabilities [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has signed a transition segment order with a unit price exceeding 50,000 yuan per ton, marking its transition towards becoming a full-service solution provider [9] - The order, totaling 1.339 billion yuan, involves supplying 63 transition segments for a German offshore wind project, indicating a significant increase in revenue potential [9] - The company has successfully completed the loading process for oversized piles using domestic SPMT equipment, achieving industry records and enhancing its solution capabilities [9] - Profit forecasts for 2025 and 2026 are maintained at 1.1 billion yuan and 1.7 billion yuan respectively, with an upward revision for 2027 to 2.53 billion yuan [9] Financial Projections - Total revenue is projected to decline in 2023 and 2024, followed by significant growth in 2025 (6,752 million yuan, +78.63%) and continued growth through 2027 (11,710 million yuan, +30.41%) [1][10] - Net profit attributable to shareholders is expected to increase from 425.16 million yuan in 2023 to 2,528.66 million yuan in 2027, reflecting a growth rate of 133% from 2025 to 2027 [1][10] - The earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2023 to 3.96 yuan in 2027, with a corresponding decrease in P/E ratio from 74.37 to 12.50 [1][10]