Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Viewpoint - Zhongtai Co., Ltd. has shown significant stock price appreciation and strong financial performance in 2025, indicating potential growth opportunities in the deep cooling technology sector [2][3]. Stock Performance - Zhongtai's stock price has increased by 75.84% year-to-date, with a 2.05% rise in the last five trading days, 2.65% in the last 20 days, and 20.89% in the last 60 days [2]. - As of November 17, the stock was trading at 20.89 CNY per share, with a market capitalization of 8.058 billion CNY [1]. Financial Performance - For the period from January to September 2025, Zhongtai achieved a revenue of 2.115 billion CNY, representing a year-on-year growth of 5.13% [2]. - The net profit attributable to shareholders for the same period was 336 million CNY, reflecting a substantial year-on-year increase of 77.07% [2]. Business Overview - Zhongtai Co., Ltd. specializes in deep cooling technology, including process development, equipment design, manufacturing, and sales [2]. - The company's revenue composition includes gas operation (49.43%), equipment sales (44.65%), gas operation (5.84%), and other sources (0.09%) [2]. - The company is classified under the public utilities sector, specifically in gas operations [2]. Shareholder Information - As of September 30, 2025, Zhongtai had 25,100 shareholders, an increase of 1.54% from the previous period [2]. - The average number of circulating shares per shareholder was 14,716, a decrease of 1.52% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 17.13 million shares, an increase of 1.55 million shares from the previous period [3].

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a focus on specific companies for investment opportunities [11]. Core Insights - The report highlights the increasing tension in Sino-Japanese relations, suggesting a need for China to focus on self-sufficiency in industrial machinery, particularly in core components like CNC systems and lead screws [5][23]. - The deep cooling equipment sector is experiencing significant growth, with a notable increase in new orders for leading companies, indicating a favorable environment for Chinese firms to expand internationally [5][24]. - Siemens Energy has reported a substantial increase in gas turbine orders, which bodes well for domestic suppliers like Yingliu, suggesting a robust demand for turbine blades [5][24]. - The report categorizes various segments of the machinery industry, indicating differing levels of economic performance, with general machinery under pressure, while engineering machinery is accelerating upward [5][25][47]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Huazhong CNC, Zhongtai Co., and Yingliu [11]. 2. Market Review - The SW Machinery Equipment Index fell by 2.22% in the last week, ranking 28th among 31 sectors, while it has risen by 31.88% year-to-date, ranking 7th [13][17]. 3. Core Insights Update - The report emphasizes the need for China to develop self-sufficiency in industrial machinery due to geopolitical tensions, and it identifies key companies to watch in this context [5][23]. - The deep cooling equipment sector is highlighted for its growth potential, with significant order increases reported by leading firms [5][24]. - The gas turbine market is also noted for its high demand, particularly benefiting companies like Yingliu [5][24]. 4. Key Data Tracking 4.1 General Machinery - The general machinery sector is under pressure, with the PMI at 49.0%, indicating contraction [25]. 4.2 Engineering Machinery - The engineering machinery sector is showing signs of recovery, with excavator sales increasing by 7.8% year-on-year [35]. 4.3 Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment maintaining around 6% [47]. 4.4 Shipbuilding - The shipbuilding sector is seeing a slowdown, with new ship price indices indicating a decline [48]. 4.5 Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with ongoing high demand in the Middle East [50]. 4.6 Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability and increased downstream activity [56]. 4.7 Gas Turbines - The gas turbine sector is experiencing robust growth, with significant new orders reported [58].

证券日报网讯 11月13日晚间，中泰股份（300435）发布公告称，公司于2025年11月13日召开职工代表 大会，会议选举俞富灿先生为公司第五届董事会职工代表董事。 ...

Company Overview - Zhongtai Co., Ltd. (SZ 300435) announced its fifth board meeting on November 13, 2025, to discuss the election of audit committee members and other related documents [1] - As of the report, Zhongtai's market capitalization is 8 billion yuan [1] Revenue Composition - For the year 2024, Zhongtai's revenue composition is as follows: - Gas operation industry: 51.54% - Deep cooling technology industry: 42.58% - Gas supply: 5.83% - Others: 0.05% [1]

证券代码：300435 证券简称：中泰股份 公告编号：2025-050 杭州中泰深冷技术股份有限公司 （1）现场会议召开日期及时间：2025 年 11 月 13 日（星期四）下午 14:30 开始。 2025年第二次临时股东大会决议的公告 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.本次股东大会无新增和变更议案，也未出现否决议案。 2.本次股东大会未出现涉及变更前次股东大会决议。 3.本次股东大会以现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 1.2025 年 11 月 13 日，杭州中泰深冷技术股份有限公司（以下简称"公司"） 董事会以公告的方式向全体股东发出召开公司 2025 年第二次临时股东大会的通 知。 2.会议召开方式：本次股东大会以现场投票与网络投票相结合的方式召开。 3.会议召开时间： （2）网络投票日期和时间：2025 年 11 月 13 日（星期四） A、通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 11 月 13 日（星期四）上午 9:15-9:25，9:30-11:30，下午 13: ...

北京德恒（杭州）律师事务所 关于杭州中泰深冷技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 杭州市上城区新业路 200 号华峰国际 10-11 层 邮编：310016 电话：(+86)571-86508080 传真：(+86)571-87357755 关于杭州中泰深冷技术股份有限公司 北京德恒（杭州）律师事务所 2025 年第二次临时股东大会的法律意见书 北京德恒（杭州）律师事务所 关于杭州中泰深冷技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 德恒【杭】书（2025）第11022号 致：杭州中泰深冷技术股份有限公司 北京德恒（杭州）律师事务所受杭州中泰深冷技术股份有限公司（以下简称 "公司"）委托，指派毛林燕律师、陈杏文律师（以下简称"本所律师"）出席 公司 2025 年第二次临时股东大会（以下简称"本次股东大会"），对本次股东 大会的合法性进行见证并出具法律意见书。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规 则》（以下简称"《股东会规则》"）等有关法律、法规和规范性文件以及《 ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-049 杭州中泰深冷技术股份有限公司 关于董事辞任暨选举职工代表董事的公告 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。 一、 关于董事辞任的情况 杭州中泰深冷技术股份有限公司（以下简称"公司"）于近日收到董事俞富 灿先生的书面辞职报告。因公司治理结构调整，俞富灿先生申请辞去公司第五届 董事会董事职务，辞职后将继续在公司担任其他职务。俞富灿先生担任公司董事 的原定任期至第五届董事会届满之日，其辞职报告自送达公司董事会之日起生 效。俞富灿先生的辞任不会导致公司董事会成员低于法定最低人数，俞富灿先生 不存在应履行而未履行的公开承诺。 二、 关于选举职工代表董事的情况 根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 2号——创业板上市公司规范运作》等法律法规、规范性文件以及《公司章程》 的有关规定，公司于2025年11月13日召开职工代表大会，会议选举俞富灿先生（简 历附后）为公司第五届董事会职工代表董事，任期自职工代表大会选举之日起至 第五届董事会任期届满之日止。俞富灿先生当选公 ...

第五届董事会第十九次会议决议的公告 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。 一、 董事会会议召开情况 证券代码：300435 证券简称：中泰股份 公告编号：2025-048 杭州中泰深冷技术股份有限公司 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届董事会第十九 次会议于2025年11月13日在杭州市富阳区东洲街道高尔夫路228号公司研发楼会 议室以现场和通讯的方式召开，本次董事会会议经全体董事一致同意豁免会议通 知期限要求，与会的各位董事已知悉与所议事项相关的必要信息。本次会议应出 席会议董事9名，实际出席会议董事9名，本次会议由董事长章有春先生主持，会 议的召开和表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 经与会董事认真审议本次会议议案并表决，形成本次董事会决议如下： 二、 董事会会议审议情况 杭州中泰深冷技术股份有限公司 董事会 2025 年 11 月 13 日 选举黄平先生、袁少颖女士、俞富灿先生为公司第五届董事会之审计委员会 成员，其中黄平先生为审计委员会召集人。任期自本次董事会审议通过之日起至 本届董事会届满之日 ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-050 杭州中泰深冷技术股份有限公司 2025年员工持股计划第一次持有人会议决议的公告 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。 一、 持有人会议召开情况 杭州中泰深冷技术股份有限公司（以下简称"公司"）2025年员工持股计划 （以下简称"本员工持股计划"）第一次持有人会议于2025年11月13日在杭州市 富阳区东洲街道高尔夫路228号公司研发楼会议室以现场和通讯的方式召开。本 次会议由董事会秘书周娟萍女士召集和主持，应出席本次会议的持有人18人，实 际出席本次会议的持有人18人，代表2025年员工持股计划份额71,092,533份，占 本次员工持股计划已认购总份额的100%。 二、 持有人会议审议情况 1、 审议通过《关于设立公司2025年员工持股计划管理委员会的议案》 为保证公司2025年员工持股计划的顺利实施，保障持有人的合法权益，根据 《员工持股计划》和《管理办法》等相关规定，持有人会议同意设立公司2025 年员工持股计划管理委员会，对本次员工持股计划进行日常管理，代表持有人行 使股 ...