Core Viewpoint - Kexin Machinery (300092) is actively engaged in the production of high-pressure and low-pressure heaters, which are utilized in supercritical and ultra-supercritical steam turbine generator sets of 300MW, 1000MW, and above, and has provided heaters for supercritical carbon dioxide power generation units [1] Group 1 - The company specializes in manufacturing core equipment related to heat transfer, mass transfer, and reaction processes, such as large heat exchangers and high-pressure vessels [1] - Kexin Machinery positions itself as a high-end heavy process equipment manufacturer [1] - The company is committed to closely monitoring and actively participating in market opportunities [1]

Core Viewpoint - Kexin Electromechanical (300092.SZ) is actively involved in the production of high-pressure and low-pressure heaters and other pressure vessel equipment, which are utilized in supercritical and ultra-supercritical turbine generator sets of 300MW, 1000MW, and above. The company is also providing heaters for supercritical carbon dioxide generator devices [1] Group 1 - The company specializes in manufacturing core equipment related to heat transfer, mass transfer, and reaction processes, such as large heat exchangers and high-pressure vessels [1] - Kexin Electromechanical is positioned as a high-end heavy process equipment manufacturer [1] - The company plans to closely monitor and actively participate in market opportunities related to its products [1]

Group 1 - The company is a significant force in China's high-end heavy process equipment, supporting the upgrade of key devices in the energy and chemical industry [1] - The company is transitioning from traditional chemicals to new energy, expanding from large containers to nuclear power equipment, and moving from a local focus in Sichuan to a global presence [1] - The company is currently at a critical stage of transformation and upgrading [1] Group 2 - The interview features Yang Hui, the financial director and secretary of the board of the company, exploring the long-term growth logic of this Sichuan high-end equipment enterprise [1]

Core Insights - The report highlights a recovery in the lithium battery equipment sector driven by traditional lithium battery expansion and the surge in energy storage demand, with expectations for a new cycle of prosperity in 2026 as solid-state battery technology approaches commercialization [1][2]. Group 1: 2025 Review - The lithium battery equipment sector saw a significant stock price increase of 98.60% from January 1, 2025, to December 15, 2025, outperforming the CSI 300 and ChiNext indices [11]. - The recovery in the lithium battery sector is attributed to a surge in energy storage demand, driven by supportive policies, overseas market growth, and new application scenarios [14][19]. - The sector's performance is expected to continue improving as downstream battery manufacturers resume operations and expand production [19][23]. Group 2: 2026 Outlook - The solid-state battery industry is nearing a critical commercialization point, with equipment and material breakthroughs anticipated to create new demand for production equipment [3][28]. - The solid-state battery equipment market is projected to reach 59.216 billion yuan by 2030, with a compound annual growth rate (CAGR) of 103% from 2024 to 2030 [46][49]. - Key players in the lithium battery equipment sector include leading companies such as XianDiao Intelligent, Winbond Technology, and others, focusing on various segments of the production process [3][48]. Group 3: Investment Recommendations - The report suggests focusing on companies that are well-positioned in the equipment supply chain, particularly those involved in solid-state battery production and related technologies [3][48]. - The investment strategy emphasizes the "shovel seller" logic, where companies providing essential equipment for the solid-state battery industry are expected to benefit significantly as the market expands [3][48].

Group 1 - The company Kexin Electromechanical reported that as of December 10, 2025, the total number of shareholders is 21,754 (excluding margin accounts) [2]

科技创新 爱人宏业 证券代码：300092 证券简称：科新机电 公告编号：2025-051 四川科新机电股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 四川科新机电股份有限公司（以下简称"公司"）2025年3月27日召开第六届董 事会第九次会议、第六届监事会第八次会议，审议通过了《关于继续使用部分闲置 募集资金进行现金管理的议案》，同意公司在不影响正常经营和保证募集资金投资项 目建设正常进行的情况下，使用额度不超过3.2亿元（含本数）的闲置募集资金进行 现金管理。使用期限自董事会审议通过之日起12个月内有效。在上述额度和期限内， 资金可循环滚动使用，闲置募集资金现金管理到期后将及时归还至募集资金专户。 具体内容详见公司于2025年3月29日在中国证监会规定的创业板信息披露网站巨潮 资讯网（www.cninfo.com.cn）披露的《关于继续使用部分闲置募集资金进行现金管 理的公告》（公告编号：2025-018）。 近日，公司使用闲置募集资金购买的部分银行理财产品已到期赎回，同时继续 购买了银行理财 ...

Group 1 - The core point of the news is that Kexin Electromechanical has seen a stock price increase of 5.91%, reaching 17.38 CNY per share, with a trading volume of 164 million CNY and a turnover rate of 4.66%, resulting in a total market capitalization of 4.761 billion CNY [1] - Kexin Electromechanical, established on March 11, 1997, and listed on July 8, 2010, operates in high-end heavy process equipment and core systems integration across various sectors including petroleum refining, natural gas chemical, coal chemical, nuclear military, new energy, and new materials [1] - The company's main business revenue composition includes: petroleum refining equipment (50.76%), natural gas chemical equipment (33.77%), oil and gas equipment (7.94%), new energy high-end equipment (5.76%), coal chemical equipment (1.34%), and other equipment (0.43%) [1] Group 2 - From the perspective of fund holdings, one fund under Debon Fund has Kexin Electromechanical as a top ten holding, specifically Debon LeXiang Life Mixed A (006167), which held 146,100 shares, accounting for 4.87% of the fund's net value, ranking as the tenth largest holding [2] - Debon LeXiang Life Mixed A has achieved a year-to-date return of 28.01%, ranking 3428 out of 8140 in its category, and a one-year return of 17.63%, ranking 4145 out of 8056 [2] - The fund manager, Jiang Yanglei, has a tenure of 67 days with a total asset scale of 135 million CNY, while the other manager, Wang Yu, has a tenure of 64 days with a total asset scale of 49.92 million CNY [3]

Core Viewpoint - The company Kexin Electromechanical reported that as of November 10, 2025, the total number of shareholders is 21,107 (excluding margin accounts) [2] Company Summary - Kexin Electromechanical has a total of 21,107 shareholders as of the specified date [2]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The global nuclear energy sector is experiencing a revival, with significant interest in small modular reactors (SMRs) as a key solution for meeting the growing energy demands of artificial intelligence [4][5]. - China National Nuclear Corporation (CNNC) showcased its full industry chain capabilities at the 2025 World Nuclear Energy Exhibition (WNE), highlighting technologies such as "Hualong One" and "Linglong One," which have attracted global attention [3]. - The collaboration between CNNC and international partners, including Electricité de France, emphasizes the importance of SMR technology in promoting diversified applications of nuclear energy [4]. Summary by Sections Industry Overview - The report discusses the advancements in nuclear energy, particularly focusing on the development and application of small modular reactors (SMRs) [4][5]. - The exhibition highlighted CNNC's progress in small reactor construction, which has garnered interest from global corporate executives and institutional representatives [3]. Key Companies to Watch - **Jingye Intelligent**: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showing significant growth potential in the context of global AI demand and energy transition [6]. - **Jia Electric**: The main helium fan is the only power device for the primary loop of fourth-generation high-temperature gas-cooled reactors, with its subsidiary leading in nuclear pump products [6]. - **Guoguang Electric**: Key components for the ITER project, focusing on filter and cladding systems [6]. - **Lanshi Heavy Industry**: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [6]. - **Kexin Electromechanical**: Manufacturing high-temperature gas-cooled reactor products, with new fuel transport containers replacing imports [6]. - **Hailu Heavy Industry**: Services various reactor types, including third and fourth-generation reactors and thermonuclear fusion reactors (ITER) [6]. - **Jiangsu Shentong**: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [6].

Group 1 - The company has not yet manufactured any thorium molten salt reactor-related equipment, although it recognizes thorium molten salt reactors as one of the six candidate reactor types for the fourth generation advanced nuclear energy systems [2] - The company has the capability to provide nuclear second and third pressure vessels, storage tanks, and heat exchangers, indicating its strategic focus on the nuclear power business [2] - The company will closely monitor developments in the nuclear power industry and will disclose any relevant information in accordance with legal requirements if certain conditions are met in the future [2]