Core Viewpoint - The seminar on the development strategy of marine embodied intelligent robots was held in Qingdao, focusing on exploring the development path of the marine intelligent robot industry [1] Group 1: Industry Development - The seminar attracted over 100 representatives from government agencies, universities, research institutions, and enterprises in the investment chain [1] - A marine embodied intelligent robot industry alliance was launched, initiated by the Qingdao Marine Science and Technology Center and other organizations, with over 50 member entities [1] - The alliance aims to integrate national innovation resources and promote collaborative development in key application scenarios such as deep-sea exploration and marine observation [1] Group 2: Key Recommendations - Experts discussed the "Qingdao Marine Robot Industry Development Research Report," reaching a consensus on the development of the marine robot industry in Qingdao [1] - Recommendations include organizing key technology research projects and technology demonstration projects to address industry shortcomings and critical technology challenges [1] - The focus is on leveraging Qingdao's innovation strengths and resource advantages to secure a leading position in deep-sea development [1]

Group 1: Company Performance Highlights - Rilian Technology (688531.SH) achieved a revenue growth of 44.01% year-on-year, with a total revenue of 737 million CNY in the first three quarters of 2025[10] - Weisheng Information (688100.SH) reported a total revenue of 2.745 billion CNY in 2024, reflecting a year-on-year growth of 23.35%[14] - Foxit Software (688095.SH) recorded a revenue of 676 million CNY in the first three quarters of 2025, up 32.81% year-on-year[16] - Zhejiang Xiantong (603239.SH) maintained a strong position in the automotive sealing strip market, benefiting from the rising demand for high-end products[21] - Jin Yinhe (300619.SH) reported a significant increase in net profit by 220.37% year-on-year, reaching 12 million CNY in the third quarter of 2025[30] Group 2: Market Trends and Strategic Moves - Rilian Technology plans to acquire 66% of SSTI, enhancing its capabilities in semiconductor testing equipment[12] - Weisheng Information is expanding its international business, focusing on energy IoT projects in countries along the Belt and Road[15] - Foxit Software is transitioning to a subscription model, with subscription revenue growing by 68% year-on-year in the third quarter[18] - Zhejiang Xiantong is entering the robotics sector, aiming to diversify its business and enhance growth potential[24] - Jin Yinhe is expected to benefit from the lithium battery industry's growth, with projected revenues of 20.50 billion CNY in 2025[36]

Core Insights - The marine equipment sector experienced a decline of 3.48% on November 26, with Jianglong Shipbuilding leading the losses [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Sector Performance - Major stocks in the marine equipment sector showed significant declines, with Jianglong Shipbuilding down 12.43% and Tianhai Defense down 9.25% [1] - The trading volume and turnover for key stocks were substantial, with China Shipbuilding trading 781,600 shares worth 2.681 billion yuan and Jianglong Shipbuilding trading 952,900 shares worth 2.082 billion yuan [1] Capital Flow - The marine equipment sector saw a net outflow of 1.43 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.154 billion yuan [1] - Individual stock capital flows indicated that Jianglong Shipbuilding had a net outflow of approximately 932.18 million yuan from institutional investors, while retail investors contributed a net inflow of about 1.11 billion yuan [2]

Core Viewpoint - Zhongke Haixun (300810) reported that as of November 20, 2025, the total number of shareholders, including credit account holders, is 21,728 [1] Summary by Category - **Company Information** - Zhongke Haixun has a total of 21,728 shareholders as of the specified date [1]

Group 1 - Zhongke Haixun's stock increased by 5.5%, reaching 42.18 CNY per share, with a trading volume of 272 million CNY and a turnover rate of 5.81%, resulting in a total market capitalization of 4.979 billion CNY [1] - Zhongke Haixun, established on July 18, 2005, and listed on December 6, 2019, specializes in the research, production, and sales of sonar-related products [1] - The company's main business revenue composition includes: signal processing platform (41.94%), underwater big data and simulation systems (39.42%), sonar systems (17.69%), and others (0.95%) [1] Group 2 - Changsheng Fund holds a significant position in Zhongke Haixun, with its Changsheng Aerospace Marine Mixed A Fund (000535) owning 231,100 shares, accounting for 4.28% of the fund's net value, making it the sixth-largest holding [2] - The Changsheng Aerospace Marine Mixed A Fund, established on March 11, 2014, has a current scale of 155 million CNY and has achieved a year-to-date return of 13.91%, ranking 4552 out of 8209 in its category [2] - The fund has a one-year return of 10.73%, ranking 4861 out of 8129, and a cumulative return since inception of 154.47% [2]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5] Core Viewpoints - The uncertainty in the Asia-Pacific situation is increasing, which may accelerate the equipment construction in China, focusing on new combat capabilities [2][12] - China's high-end aviation equipment showcased at the Dubai Airshow is expected to further expand the military trade market [12][15] - The Fujian aircraft carrier has conducted its first live training at sea, indicating a significant advancement in operational capabilities and technology [12][18] - The report emphasizes the importance of domestic demand for new combat capabilities and military trade as key growth areas [19] Summary by Sections Investment Suggestions and Targets - The report highlights various investment targets across different segments, including: - Engine and fuel chain: Companies like Xi'an Aero Engine (600893), Western Superconducting (688122), and others [19][20] - New quality and domains: Companies such as Aerospace Electronics (600879), Haige Communication (002465), and others [19][20] - Military electronics: Companies like Aerospace Electric (002025), Zhonghang Optical (002179), and others [19][20] - Military trade and main equipment: Companies such as AVIC Shenyang Aircraft (600760), AVIC Chengfei (302132), and others [19][20] Industry News and Market Performance - The report notes that the defense and military industry index has outperformed the broader market, with a decline of only -1.72% compared to the Shanghai Composite Index's -3.90% [22][25] - The report provides a detailed analysis of weekly market performance, indicating that the defense and military sector remains resilient amid broader market declines [22][25] Key Events and Developments - The report outlines significant recent events, including: - The U.S. government approved a new round of arms sales to Japan, which may heighten regional tensions and prompt China to expedite its military equipment development [12][9] - The successful live training of the Fujian aircraft carrier, showcasing advanced operational capabilities [12][18] - The participation of Chinese high-end military equipment in international exhibitions, enhancing China's presence in the global military trade market [12][15]

Group 1 - The marine equipment sector experienced a decline of 1.93% on November 20, with Zhongke Haixun leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Group 2 - The marine equipment sector saw a net outflow of 1.188 billion yuan from main funds, while retail investors contributed a net inflow of 1.049 billion yuan [2] - Detailed fund flow data indicates that Zhongke Haixun had a main fund net outflow of 20.89 million yuan, with retail inflows of 13.26 million yuan [2] - Other companies in the sector, such as Guorui Technology and China Shipbuilding, also reported significant main fund outflows, with Guorui Technology seeing a net outflow of 46.38 million yuan [2]

Core Viewpoint - The military equipment sector experienced a significant rise in stock prices, with several companies reaching their daily limit up [1] Group 1: Stock Performance - Jianglong Shipbuilding and China Shipbuilding Defense both hit the daily limit up [1] - Yaxing Anchor Chain previously reached the daily limit up [1] - Tianhai Defense saw an increase of over 15% [1] - Guorui Technology, Zhongke Haixun, China Marine Defense, Hailanxin, and China Shipbuilding also experienced gains [1]

Core Viewpoint - The A-share market saw a significant rise in military stocks during the afternoon session, indicating strong investor interest and potential growth in the defense sector [1] Group 1: Stock Performance - Jianglong Shipbuilding reached a 20% limit up [1] - Yaguang Technology previously hit a 20% limit up [1] - Tianhai Defense increased by over 19% [1] - Hongxiang Co. rose by over 16% [1] - Beifang Changlong gained nearly 14% [1] - Zhongke Haixun and Guorui Technology both increased by over 12% [1] - China Shipbuilding Defense and Aerospace Development reached a 10% limit up [1]

Group 1 - Zhongke Haixun's stock price increased by 5.88%, reaching 41.40 CNY per share, with a trading volume of 1.24 billion CNY and a turnover rate of 2.72%, resulting in a total market capitalization of 4.887 billion CNY [1] - The company, established on July 18, 2005, and listed on December 6, 2019, specializes in the research, production, and sales of sonar-related products [1] - The main revenue composition of Zhongke Haixun includes: signal processing platform (41.94%), underwater acoustic big data and simulation systems (39.42%), sonar systems (17.69%), and others (0.95%) [1] Group 2 - Jiangxin Rui Fu A fund holds 600 shares of Zhongke Haixun, accounting for 2.43% of the fund's net value, making it the fourth largest holding [2] - The fund, established on February 17, 2017, has a latest scale of 522,400 CNY, with a year-to-date return of 9.51% and a one-year return of 10.37% [2] - Since its inception, Jiangxin Rui Fu A has achieved a return of 44.64% [2] Group 3 - The fund manager of Jiangxin Rui Fu A is Gao Pengfei, who has been in the position for 5 years and 26 days, with the fund's total asset scale at 19.1406 million CNY [3] - During Gao's tenure, the best fund return was 27.83%, while the worst was 15.42% [3]