Summary of Conference Call Notes Industry Overview - **Industry**: China Industrials, specifically focusing on New Energy Equipment - **Key Focus**: Lithium-ion battery (LiB) equipment and solar equipment orders Core Insights - **LiB Equipment Orders**: - Expected to show positive quarter-over-quarter (QoQ) growth in 3Q25 due to strong demand for energy storage systems (ESS) and recovery in industry utilization [6][8] - Wuxi Lead Intelligent anticipates new orders to rise over 40% year-over-year (YoY) in 3Q25, aiming for a full-year growth target of over 30% in 2025 [8] - Zhejiang Hangke Technology also expects QoQ improvement in new orders, maintaining a 30% growth target for 2025 [8] - **Solar Equipment Orders**: - New orders for solar equipment were either zero or very limited for most players in 3Q25, indicating a significant downturn [6][8] - DR Laser is an exception, expecting intact orders for BC cells to offset weak demand for TOPCon equipment [6][8] - **Gross Profit Margin (GPM)**: - GPM is under pressure due to legacy low-margin orders and a low overseas order mix, but is expected to recover alongside revenue recognition [6][8] Company-Specific Insights - **Wuxi Lead Intelligent (300450.SZ)**: - New orders expected to rise >40% YoY in 3Q25, with modest sales recovery but ongoing GPM pressure [8] - **Zhejiang Hangke Technology (688006.SS)**: - Similar expectations for new orders and GPM pressure as Wuxi Lead [8] - **DR Laser (300776.SZ)**: - Anticipates stable GPM with a higher mix of BC equipment despite slowing sales growth [8] - **Wuxi Autowell Technology Co Ltd (688516.SS)** and **Shenzhen SC New Energy Technology Corp (300724.SZ)**: - Both companies are facing muted solar equipment orders and ongoing sales/NP pressure due to global overcapacity [8] - **Suzhou Maxwell Technologies Co Ltd (300751.SZ)**: - Semi equipment orders are in line with targets, but limited HJT orders are expected due to overcapacity [8] - **Jingsheng Mechanical & Electrical Co (300316.SZ)**: - Likely downside surprise in SiC substrate orders due to high costs and complexity [8] Additional Considerations - **Market Sentiment**: - The market has largely priced in the muted solar equipment orders, reflecting cautious downstream capital expenditure during the downcycle [8] - **Future Outlook**: - Further shortfalls in solar equipment orders are expected into 3Q25, with intensified overcapacity in the solar wafer process, indicating downside risks to fundamentals into 2H26 [8] Conclusion - The conference call highlighted a mixed outlook for the China Industrials sector, with LiB equipment players showing signs of recovery while solar equipment orders face significant challenges. The focus remains on the recovery of GPM and the impact of global market conditions on future orders.

从资金流向上来看，当日光伏设备板块主力资金净流出2.1亿元，游资资金净流入3.37亿元，散户资金净 流出1.27亿元。光伏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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601012 隆喜绿能 | | 7.63亿 | 14.86% | -2.22 Z | -4.32% | -5.41 Z | -10.54% | | 300724 捷佳伟创 | | 3.40 Z | 9.32% | -6119.30万 | -1.68% | -2.79 Z | -7.65% | | 300751 迈为股份 | | 2.13 乙 | 9.61% | -8155.49万 | -3.68% | -1.31 乙 | -5.93% | | 66888889 | 天台光能 | 1.50亿 | 9.98% | -6785.98万 | -4.51% | -8240.25万 | -5.47% | | 300763 | 锦浪科 ...

Core Insights - The renewable energy sector is experiencing significant growth, with the China Securities Renewable Energy Index rising by 3.07% as of October 9, 2025, and key stocks like Maiwei Co., Ltd. and TBEA Co., Ltd. showing substantial gains [1][4]. Market Performance - The Renewable Energy ETF (159875) has increased by 2.52%, marking its third consecutive rise, and has accumulated a 6.98% increase over the past two weeks as of September 30, 2025 [1][4]. - The ETF's trading volume was active, with a turnover rate of 10.72% and a transaction value of 145 million yuan, indicating strong market engagement [4]. - The ETF's latest scale reached 1.275 billion yuan, with a recent increase of 67.5 million shares over the past two weeks [4]. Financial Metrics - The Renewable Energy ETF has seen a net asset value increase of 49.44% over the past six months, ranking 480 out of 3689 in the index fund category, placing it in the top 13.01% [4]. - The ETF's highest monthly return since inception was 25.07%, with a maximum consecutive monthly gain of 62.44% and an average monthly return of 8.85% [4]. Industry Trends - The electricity transmission and transformation industry is on an upward trend due to increasing global demand for grid construction and upgrades, with TBEA Co., Ltd. positioned to benefit from this growth [4]. - The solid-state battery and energy storage sectors are gaining attention from investors, driven by market transformations and unexpected overseas demand, particularly in the U.S. and Europe [5]. - The power equipment sector is actively responding to technological advancements, especially in relation to AI computing power and renewable energy-related equipment [5][6]. Key Stocks - As of September 30, 2025, the top ten weighted stocks in the China Securities Renewable Energy Index include CATL, Sungrow Power Supply, and TBEA Co., Ltd., collectively accounting for 45.2% of the index [8].

Core Viewpoint - The market is expected to continue its upward trend in October, driven by improving economic conditions, liquidity, and high risk appetite, with a focus on the performance of the third-quarter reports [1][2]. Group 1: Market Performance - The three major indices showed positive performance, with the Shanghai Composite Index surpassing 3900 points, and the CSI A500 ETF (560510) rising by 1.54% [1]. - The CSI A500 Index (000510) increased by 1.72%, with significant gains in constituent stocks such as Western Superconducting (688122) up 18.79%, Maiwei Co. (300751) up 14.77%, and Hu Silicon Industry (688126) up 13.22% [1]. - As of September 30, leveraged funds have been actively investing in the CSI A500 ETF, with a net inflow of 253.67 thousand on a single day, bringing the latest financing balance to 529.78 thousand [1]. Group 2: Investment Outlook - CITIC Construction Investment Securities predicts that the market will continue to trend upward in October, supported by economic improvement, liquidity easing, and sustained high risk appetite [1]. - The market is expected to focus on three key areas: companies with strong or turning performance in their third-quarter reports, sectors benefiting from anti-involution policies, and high-growth industries exceeding expectations [1]. - According to招商证券, the market is in the second phase of a bull market, with a steady inflow of incremental funds, and the upcoming important meetings in late October are likely to maintain high market risk appetite [2]. Group 3: CSI A500 Index Characteristics - The CSI A500 Index closely tracks the performance of 500 representative securities from various industries, reflecting the overall performance of major listed companies [2]. - The index has a strong market representation and higher coverage of emerging sectors, making it a valuable tool for capturing core strengths in various industries during economic transformation [2].

Core Viewpoint - The report from Western Securities highlights that Maiwei Co., Ltd. is focusing on two main categories: etching equipment and thin film deposition equipment, achieving key breakthroughs through differentiated technological innovation [1] Group 1: Semiconductor Equipment - The company has successfully entered mass production stages with its high selectivity etching equipment and atomic layer deposition equipment, gaining traction with major wafer fabs and storage manufacturers [1] - Maiwei Co., Ltd. provides complete process equipment solutions for high-precision processing stages such as wafer cutting, grinding, polishing, and bonding [1] Group 2: Partnerships and Collaborations - The company has established close collaborations with leading domestic packaging enterprises, including Changdian Technology, Tongfu Microelectronics, Huada Semiconductor, Shenghe Jingwei, and Yongxi Electronics [1] - In the display panel sector, the company serves major domestic OLED panel manufacturers such as Visionox, BOE, and Tianma [1] Group 3: Future Developments - Maiwei Co., Ltd. is advancing into next-generation photovoltaic equipment, with a forward-looking layout for HJT and perovskite stacked overall solutions [1] - The company aims to set industry benchmarks in the segmented field of the broader semiconductor industry by adhering to top industry standards and continuous exploration [1] Group 4: Investment Rating - The company maintains a "Buy" rating according to the report [1]

Group 1 - The A-share market showed mixed performance on September 25, 2025, with the new energy sector leading gains, particularly the ChiNext New Energy ETF Huaxia (159368) which rose by 1.28% [1] - The ETF's holdings include stocks such as Dongsheng Technology, which increased by over 7%, and Jing Sheng Mechanical & Electrical and Maiwei Co., which both rose by over 4% [1] - In the first half of 2025, Chinese companies secured 160 GWh of overseas energy storage orders, representing a year-on-year increase of 220%, with the Middle East, Australia, and Europe being the main markets [1] Group 2 - CITIC Securities believes that the recovery in overseas demand and prices signals a turning point, with the new energy storage "doubling plan" providing support for installations [1] - The acceleration of electricity reform is expected to transform energy storage from a cost item to a profit item, with improved capacity compensation mechanisms providing a profit "safety net" [1] - Long-term, the construction of capacity market mechanisms may become a key focus of electricity reform, effectively planning installations and clarifying revenue expectations [1] Group 3 - The ChiNext New Energy ETF Huaxia (159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2] - It has the highest flexibility with a maximum increase of 20%, and the lowest fees, with a total management and custody fee of only 0.2% [2] - As of September 24, 2025, the ETF's scale reached 879 million yuan, with an average daily trading volume of 61.17 million yuan over the past month, and it contains 51% energy storage and 23.6% solid-state battery [2]

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 1.69% as of September 25, 2025, with notable gains in constituent stocks such as TCL Zhonghuan (10.06%) and Jingsheng Mechanical Electrical (5.20%) [1] - The Photovoltaic ETF Fund (516180) has also risen by 1.86%, with a latest price of 0.77 yuan, reflecting a 0.27% increase over the past week [1] - The index comprises up to 50 representative listed companies involved in the photovoltaic industry chain, aiming to reflect the overall performance of these securities [1] Company Performance - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index as of August 29, 2025, include Yangguang Electric (10.51%), Longi Green Energy (9.97%), and TCL Technology (9.42%), collectively accounting for 56.14% of the index [2] - The performance of individual stocks shows varied results, with TCL Zhonghuan leading with a 10.06% increase, while TBEA (−0.43%) and Zhengtai Electric (−0.46%) experienced declines [4]

Group 1 - The core viewpoint of the news is that Maiwei Co., Ltd. has seen a significant increase in its stock price, rising by 5.02% to reach 100.50 CNY per share, with a trading volume of 739 million CNY and a turnover rate of 3.86%, resulting in a total market capitalization of 28.08 billion CNY [1] - Maiwei Co., Ltd. specializes in high-end intelligent manufacturing equipment, with its main business revenue composition being 75.00% from complete solar cell production equipment, 18.10% from single machines, and 6.90% from parts and others [1] Group 2 - Among the top ten circulating shareholders of Maiwei Co., Ltd., E Fund's ETF (159915) increased its holdings by 52,400 shares in the second quarter, bringing its total to 3.7657 million shares, which accounts for 1.96% of the circulating shares [2] - The E Fund's ETF (159915) has achieved a year-to-date return of 50.48%, ranking 627 out of 4220 in its category, and a one-year return of 99.29%, ranking 526 out of 3820 [2] Group 3 - The fund managers of E Fund's ETF (159915) are Cheng Xi and Liu Shurong, with Cheng having a tenure of 9 years and 144 days and a total fund asset size of 195.31 billion CNY, achieving a best return of 131.04% during his tenure [3] - Liu Shurong has a tenure of 8 years and 72 days with a total fund asset size of 112.30 billion CNY, achieving a best return of 194.12% during his tenure [3]

Market Overview - The Shanghai Composite Index closed at 3853.64 points, above the annual line, with a change of 0.83% [1] - The total trading volume of A-shares reached 23,471.54 billion yuan [1] Stocks Breaking Annual Line - A total of 176 A-shares have surpassed the annual line today, with notable stocks including Yunnan City Investment, Maiwei Co., and Hengtou Kaiyuan, showing divergence rates of 7.64%, 7.57%, and 6.85% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Lehman Optoelectronics, Hongmian Co., and BGI Genomics [1] Top Stocks by Divergence Rate - Yunnan City Investment (600239) had a daily increase of 10.16% with a turnover rate of 4.94%, latest price at 2.82 yuan, and a divergence rate of 7.64% [1] - Maiwei Co. (300751) increased by 8.94% with a turnover rate of 6.90%, latest price at 95.70 yuan, and a divergence rate of 7.57% [1] - Hengtou Kaiyuan (834415) rose by 7.27% with a turnover rate of 8.17%, latest price at 18.58 yuan, and a divergence rate of 6.85% [1] Additional Notable Stocks - Other stocks with significant performance include: - Lais Information (688631) with a 9.20% increase and a divergence rate of 6.80% [1] - Dongsoft Zai Bo (300183) with a 6.20% increase and a divergence rate of 5.86% [1] - Suzhou High-tech (600736) with a 4.86% increase and a divergence rate of 4.69% [1]

Market Overview - The Shanghai Composite Index closed at 3853.44 points, above the annual line, with a gain of 0.83% [1] - The total trading volume of A-shares reached 1,894.457 billion yuan [1] Stocks Breaking Annual Line - A total of 153 A-shares have surpassed the annual line today, with notable stocks including Yunnan City Investment, Maiwei Co., and Dongsoft Zhaibo, showing significant deviation rates of 7.64%, 7.27%, and 5.57% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Jiuyuan Yinhai, Jida Communication, and Shanghai Jiubai [1] Top Stocks by Deviation Rate - Yunnan City Investment (600239) reported a daily increase of 10.16% with a deviation rate of 7.64% [1] - Maiwei Co. (300751) saw an 8.63% increase and a deviation rate of 7.27% [1] - Dongsoft Zhaibo (300183) increased by 5.91% with a deviation rate of 5.57% [1] Additional Notable Stocks - Nanjing Public Utilities (000421) increased by 5.03% with a deviation rate of 4.79% [1] - Suzhou High-tech (600736) rose by 4.86% with a deviation rate of 4.69% [1] - Other stocks with notable performance include Shunyu Co. (301519) and Leshi Xin (688631) with increases of 5.40% and 6.79% respectively [1]