从资金流向上来看，当日风电设备板块主力资金净流出2.25亿元，游资资金净流入1.48亿元，散户资金净 流入7698.72万元。风电设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603218 | 日月股份 | 1169.92万 | 8.90% | 284.02万 | 2.16% | -1453.94万 | -11.06% | | 300185 | 通裕重丁 | 1093.14万 | 6.21% | 7.64万 | 0.04% | -1100.78万 | -6.26% | | 300850 | 新强联 | 969.43万 | 1.79% | 298.29万 | 0.55% | -1267.72万 | -2.34% | | 301557 | 常友科技 | 869.79万 | 9.07% | -189.89万 | -1.98% | -679.89万 | -7.09% | | 300129 泰 ...

证券之星消息，11月24日风电设备板块较上一交易日上涨2.94%，飞沃科技领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301232 | 飞沃科技 | 58.15 | 11.46% | 9.71万 | | 5.51亿 | | 688660 | 电气风电 | 16.69 | 6.71% | 37.89万 | | 6.31亿 | | 300904 | 威力传动 | 69.20 | 5.94% | + 1.78万 | | 1.22亿 | | 002487 | 大全重丁 √ | 48.74 | 5.93% | 31.88万 | | 15.75亿 | | 300443 | 金雷股份 | 26.34 | 5.57% | 13.68万 | | 3.57亿 | | 688186 | 广大特材 | 21.65 | 3.49% | 6.55万 | | 1.41亿 ...

Core Viewpoint - The Zhongzheng 1000 Enhanced ETF (561590) opened at a decline of 0.48%, priced at 1.250 yuan, indicating a challenging market environment for this fund [1] Group 1: Fund Performance - The Zhongzheng 1000 Enhanced ETF has a performance benchmark based on the Zhongzheng 1000 Index return rate [1] - Since its establishment on November 23, 2022, the fund has achieved a return of 25.46% [1] - Over the past month, the fund has experienced a return of -5.95% [1] Group 2: Top Holdings - Key stocks in the fund include: - Jucheng Co., which opened with a gain of 1.57% - Jingwei Hengrun, which increased by 0.61% - Dajin Heavy Industry, which rose by 5.67% - Anji Technology, up by 0.97% - Zhongrong Electric, gaining 0.83% - Hongsoft Technology, increasing by 0.70% - Juxin Technology, up by 0.33% - Huafeng Measurement and Control, which fell by 0.18% - Jinlei Co., which rose by 0.56% - Shannon Chip Creation, which increased by 1.91% [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 2.1 billion and a year-on-year growth of 61%, while net profit attributable to shareholders was approximately 300 million, reflecting a 105% increase [1][2] Revenue Performance - In Q3, the company achieved a revenue of 800 million, marking a 39% year-on-year growth, primarily driven by an increase in product shipment volumes and contributions from wind power assembly business [2] - The gross margin for Q3 was approximately 26%, up by 1.5 percentage points year-on-year, attributed to rising product prices, declining raw material costs, and the dilution effect from increased shipment volumes [2] Profitability Metrics - The net profit margin for Q3 was around 14.1%, which is an increase of 1.5 percentage points year-on-year [2] - The company’s period expense ratio was approximately 9.5%, up by 1.3 percentage points year-on-year, with sales and management expense ratios decreasing slightly [2] R&D and Other Financials - R&D expense ratio increased to about 5.0% in Q3, mainly due to heightened investment in the development of new precision shaft products [2] - The company recorded other income of approximately 4 million and accounted for asset impairment and credit impairment losses totaling about 1 million [2] Inventory and Construction - As of the end of Q3, inventory stood at approximately 1.07 billion, at a historical high, which is expected to support future delivery performance [2] - The company had about 380 million in construction in progress, reflecting increased investment in the high-end transmission equipment industrial park project [2] Future Outlook - The wind power installation market is expected to remain robust in 2026, with the company actively expanding both domestic and international markets [3] - Projected net profits for 2025 and 2026 are approximately 450 million and 630 million, respectively, with corresponding price-to-earnings ratios of about 19 times and 14 times [3]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨金雷股份（300443.SZ） [Table_Title] 金雷股份：Q3 经营业绩延续景气，产能建设积 极推进 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现营业收入 21 亿元，同比增长 61%，归母净利润约 3 亿 元，同比增长 105%；单季度看，公司 Q3 实现营业收入 8 亿元，同比增长 39%，归母净利润 约 1.2 亿元，同比增长 57%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 金雷股份（300443.SZ） cjzqdt11111 [Table_Title 金雷股份：Q32] 经营业绩延续景气，产能建设积 极推进 [Table_Summary2] 事件描述 公司 ...

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Core Viewpoint - Jinlei Co., Ltd. experienced a decline of 1.35% in stock price on November 20, with a trading volume of 138 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On November 20, Jinlei Co., Ltd. had a financing buy-in amount of 14.177 million yuan and a financing repayment of 18.3135 million yuan, resulting in a net financing outflow of 4.1365 million yuan [1] - The total financing and securities balance for Jinlei Co., Ltd. reached 409 million yuan, with the financing balance accounting for 4.97% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending repayment of 2,100 shares and a securities lending sell-out of 900 shares, with a sell-out amount of 23,100 yuan, and a securities lending balance of 1.0312 million yuan, also reflecting a high level compared to the past year [1] Business Performance - As of September 30, Jinlei Co., Ltd. reported a total revenue of 2.119 billion yuan for the first nine months of 2025, representing a year-on-year growth of 61.35% [2] - The net profit attributable to the parent company for the same period was 305 million yuan, showing a significant year-on-year increase of 104.59% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Jinlei Co., Ltd. was 27,900, a decrease of 7.27% from the previous period, while the average circulating shares per person increased by 7.84% to 8,701 shares [2] - Cumulatively, Jinlei Co., Ltd. has distributed 506 million yuan in dividends since its A-share listing, with 210 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the third-largest shareholder with 4.2502 million shares, an increase of 1.0937 million shares from the previous period [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown significant revenue growth, with a 61.3% year-on-year increase in revenue for the first three quarters of 2025, reaching 2.119 billion [6] - The net profit attributable to the parent company for the same period increased by 104.6% year-on-year, amounting to 305 million [6] - The report highlights the strong demand for wind power components, particularly the growth in sales of forged and cast shafts, contributing to improved profitability [6] - The company is expected to benefit from increased production capacity and demand in the offshore wind sector, with projections for net profit to reach 431 million in 2025, representing a 149% year-on-year increase [4][6] Financial Summary - Total shares outstanding: 320.13 million [2] - Market price: 26.08 yuan, with a market capitalization of 8,349.11 million [2] - Revenue projections for 2023A to 2027E show a growth trajectory from 1,946 million to 4,349 million [4] - The company anticipates a significant increase in effective production capacity for cast products, expected to reach 130,000 to 150,000 tons by 2026 [6] - The report includes a detailed earnings forecast, with net profits projected at 4.3 billion, 6.4 billion, and 7.3 billion for 2025, 2026, and 2027 respectively [6][8]

Core Viewpoint - Jinlei Co., Ltd. has experienced a stock price increase of 33.27% year-to-date, but has seen a decline of 7.81% in the last five trading days, indicating volatility in its stock performance [2]. Company Overview - Jinlei Co., Ltd. is located in Jinan, Shandong Province, established on March 24, 2006, and listed on April 22, 2015. The company specializes in the research, production, and sales of wind turbine main shafts and various large castings and forgings [2]. - The main revenue composition includes: wind power shafts (forged and cast) 67.80%, other precision shafts 14.19%, assembly business 10.71%, and others 7.30% [2]. Financial Performance - For the period from January to September 2025, Jinlei Co., Ltd. achieved operating revenue of 2.119 billion yuan, representing a year-on-year growth of 61.35%. The net profit attributable to shareholders was 305 million yuan, reflecting a year-on-year increase of 104.59% [2]. - Since its A-share listing, Jinlei Co., Ltd. has distributed a total of 506 million yuan in dividends, with 210 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinlei Co., Ltd. was 27,900, a decrease of 7.27% from the previous period. The average circulating shares per person increased by 7.84% to 8,701 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 4.2502 million shares, an increase of 1.0937 million shares from the previous period. The Southern CSI 1000 ETF is a new entrant in the top ten, holding 2.0467 million shares [3].

Group 1 - The core point of the article highlights the performance of the Zhongzheng 1000 Enhanced ETF (561590), which opened at 1.327 yuan and experienced a slight decline of 0.23% [1] - The major holdings of the ETF include stocks such as Jucheng Co., which fell by 0.90%, and Jingwei Hengrun, which dropped by 1.05%, while Daikin Heavy Industries saw an increase of 0.87% [1] - The ETF's performance benchmark is the Zhongzheng 1000 Index return, managed by Huatai-PB Fund Management Co., with a return of 33.02% since its establishment on November 23, 2022, and a 2.02% return over the past month [1]