证券日报网讯 2月26日，开特股份发布公告称，公司2025年实现营业收入1096335123.89元，同比增长 32.67%；归属于上市公司股东的净利润171668216.57元，同比增长24.54%。 （文章来源：证券日报） ...

证券研究报告 | 可转债投资策略 | 债券研究 耐普转 02 新券投资价值分析报告 ——可转债研究报告 核心观点 ❑ 转债基本要素 耐普矿机本次发行的耐普转 02（123265.SZ），在条款设计上整体中规中矩，下修 （85%，15/30）、赎回（130%，15/30）、回售三大附加条款均采用市场标准化组 合。兼具一定债底安全边际与较强股性弹性，纯债属性对价格形成一定托底，对 于偏好防守的配置资金具备基本的安全边际。 ❑ 项目定位及投入 耐普转 02 对应的核心募投项目——秘鲁年产 1.2 万吨新材料选矿耐磨备件制造 项目，配套补充流动资金，本质上是公司在海外业务高景气、产能约束凸显背景 下，推进全球产能布局的关键举措，是出海 2.0 战略的"压舱石"项目。该募投 项目总投资 57144 万元，拟使用募集资金 32500 万元，占项目投资比重约 56.87%；建设周期约 2.5 年。项目设计年产 1.2 万吨全品类新材料选矿耐磨备 件，包括磨机备件 8500 吨、渣浆泵过流件 1420 吨等，达产后将与智利、赞比亚 基地共同完善拉美—非洲—中亚全球生产网络。 ❑ 同类转债对比 公司所处行业为机械设备行业，估值 ...

2月20日，农历正月初四，市委书记陈云在上饶经开区调研企业生产情况。他强调，要深入贯彻落实中央经济工作会议精神和习近平总书记考察江西重要 讲话精神，聚焦高质量发展首要任务，开足马力，抢抓订单，推动工业经济实现良好开局。 解鸳、郑国良、孔先锋参加。 陈云强调，五年看头年，全年看首季，必须锚定既定目标任务，靠前发力、精准发力、全员发力，因地制宜做好经济工作。要全速推动复产满产，抢抓新 春生产先机，紧抓快干、真抓实干，精准对接企业需求，落实落细惠企政策，认真做好要素保障，持续推进供需对接，及时协调解决企业生产经营中的实 际困难，推动春节假期停产企业迅速复工复产、在生产企业加快满产达产，为新一年的工业经济发展开好局、起好步奠定坚实基础。要全力抢占市场订 单，主动服务和构建新发展格局，深化政府搭台、企业衔接的供应对接机制，坚持政企携手组织开展"开拓市场万里行""组团出海抢订单"等活动，鼓励和 支持企业"能出尽出、能抢尽抢"，不断提升"上饶制造"的市场占有率。要全面激活发展动能，咬定工业挂帅不放松，紧扣双招双引不停步，强化政策引领 和创新驱动，推动重点产业提质升级，培育壮大新兴产业和未来产业，为上饶高质量发展注入强劲的工 ...

Company and Industry Summary Company:耐普矿机 (Nippon Mining & Metals) Key Points - **Client Acquisition**: The company has secured a three-year framework agreement for wear parts with Rio Tinto's Oyu Tolgoi LLC mine, marking a significant achievement in acquiring a top-tier global copper-gold mining client [1] - **Oyu Tolgoi Mine Details**: The Oyu Tolgoi mine is located in Mongolia, with Rio Tinto holding a 66% stake and the Mongolian government holding 34%. The mine has copper reserves of 40.66 million tons and gold reserves of 5.546 million ounces, with potential for further resource expansion [1] - **Production Goals**: The target is to achieve an average annual copper production of 500,000 tons by the year 2036 [1] - **Product Coverage**: The wear parts supplied will cover various components including cylindrical screens, pipelines, hydrocyclones, and slurry pumps, indicating a comprehensive approach to servicing the mining operations [1] - **Market Positioning**: The acquisition of a prestigious client from a European company reinforces the company's market strength and supports the narrative of increasing market share through new product offerings [1] - **Future Prospects**: There is an expectation for continued customer development in the area of mill liners, suggesting ongoing growth opportunities for the company [1]

Core Viewpoint - The stock price of Nepean Mining (300818) increased by 5.98% to 44.45 yuan, driven by strong buying momentum and positive business developments [1][2]. Group 1: Capital Movement - On the day of the stock price increase, the net inflow of main funds was 2.92 million yuan, while the net inflow of retail funds was 9.17 million yuan, indicating strong buying activity [1]. Group 2: Business Progress - The company's subsidiary signed a three-year supply and service framework contract with Oyu Tolgoi LLC in Mongolia, which is expected to positively impact future operating performance and help expand overseas markets [2]. Group 3: Institutional Perspective - As of February 10, the number of shareholders slightly decreased, indicating an increase in share concentration. In the past 90 days, three institutions have provided ratings, reflecting high institutional interest [3]. Group 4: Stock and Fund Performance - The stock price broke through short-term moving averages, enhancing technical momentum. On the same day, related sectors such as non-ferrous copper, new materials, and the Belt and Road Initiative generally rose, creating a sector effect [4].

Core Viewpoint - The engineering machinery sector is experiencing significant growth driven by strong domestic and export demand, with sales data for excavators in January 2026 showing a 49.5% year-on-year increase, indicating a clear improvement in the industry's fundamentals [2][3]. Group 1: Market Performance - As of February 12, the Shanghai Composite Index rose by 0.02%, the Shenzhen Component Index increased by 0.32%, and the ChiNext Index gained 0.48%, with sectors like power equipment and small metals leading the gains [2]. - The Engineering Machinery ETF (E Fund, 159138) saw a rise of 1.27%, with constituent stocks such as Linde Co. (605060.SH) and China National Heavy Duty Truck Group (000951.SZ) increasing by over 5% [2]. Group 2: Industry Demand and Growth Drivers - The demand for engineering machinery is supported by factors such as increased construction activity, a rebound in iron ore and non-ferrous metal mining, and rising forestry investments, alongside a low base from the previous year [3]. - The domestic market is expected to see a mild recovery, bolstered by ongoing equipment renewal policies and the implementation of new industrialization and infrastructure initiatives [3]. Group 3: Global Market Dynamics - The global supply chain for mineral resources is being reshaped by increasing geopolitical tensions, leading to a heightened demand for mining companies to enhance their capital expenditures [3]. - Chinese manufacturers are expected to gain a larger share of the global market due to their cost-effectiveness and customized service capabilities, particularly in the context of the Belt and Road Initiative [3]. Group 4: Future Outlook - The domestic engineering machinery market is projected to continue its mild recovery into 2026, with core product sales expected to remain positive [4]. - The overseas sales growth of engineering machinery is anticipated to remain robust, particularly in Africa and countries along the Belt and Road, although competition and trade barriers may intensify [4].

Group 1: Major Announcements - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in New H3C and for other projects [2] - Zhongwei Semiconductor intends to establish an IPM production line project in Ziyang, Sichuan, using 1.21 billion yuan of leftover IPO funds [2] - Kaiying Network has signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [2] Group 2: Project Developments - Blue Ocean Huaten plans to invest 8 million yuan in Wanren Technology to support its daily operations and AI project development [4] - Yuedian Power A has successfully put into operation the expansion project of the Huizhou Power Plant, which includes two 1000MW units [7] - Longmag Technology intends to raise up to 760 million yuan for its second phase project in Vietnam and chip inductor manufacturing [8] Group 3: Financial Performance - Top Group expects a net profit of 2.6 billion to 2.9 billion yuan for 2025, a decrease of 3.35% to 13.35% year-on-year due to rising raw material costs and increased market competition [20] - Jingchen Technology reported a net profit of 871 million yuan for 2025, a 6% increase year-on-year, with record high sales of over 174 million chips [21] - Guodian Xintong's net profit for 2025 is projected at 678 million yuan, a decline of 16.91% year-on-year, primarily due to increased credit impairment losses and tax expenses [22] Group 4: Shareholder Actions - Jieshun Technology's actual controller plans to reduce holdings by up to 2.8% of the company's shares [27] - Lihexing's controlling shareholder and concerted actors plan to collectively reduce their holdings by up to 1% [27] - Kory Technology's shareholders plan to reduce their holdings by a total of up to 3.13% [29] Group 5: Stock Buybacks - Quzhou Dongfeng plans to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.48 yuan per share [30]

Group 1 - The core point of the article is that Nepe Mining Machinery has signed a three-year supply contract with Oyu Tolgoi LLC in Mongolia to provide mining equipment and related services [2] Group 2 - The contract includes the supply of wear parts for mineral processing equipment, engineering and design services, consulting services, installation technical services, and after-sales services [2]

Group 1 - Unisplendour Corporation has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange due to strategic development considerations [2] - Yuandong Biotech is participating in a follow-up procurement for 13 products, with expected sales revenue of approximately 651 million yuan in 2024, accounting for 48.25% of total revenue [3] - Blue Lithium has terminated its participation in the GreenMei Indonesia project due to strategic adjustments by GreenMei, with no significant impact on its operations [4] Group 2 - Jinhaitong plans to invest up to 400 million yuan in the construction of a semiconductor equipment manufacturing center in Shanghai, covering an area of 55,000 square meters [5] - Kaiying Network's subsidiary has signed a settlement agreement with Legend IP, which is expected to positively impact profits by approximately 200 million yuan [6] - Newray plans to acquire 70% of PCB tool company Huilian Electronics for no more than 700 million yuan, enhancing its market position in the PCB tool sector [7] Group 3 - Longbai Group intends to acquire a 5.46% stake in Yunnan Guotai for 234 million yuan [8] - Dawi Technology's Zhangbei data center project is set to be completed by October 2025, primarily providing customized standard data center environments [9] Group 4 - Guobang Electronics reported a net profit of 508 million yuan for 2025, a year-on-year increase of 4.72%, despite a revenue decline of 7.92% [11] - Daotong Technology achieved a net profit of 935 million yuan in 2025, reflecting a significant year-on-year growth of 45.89% [12] - Jingchen Co. reported a net profit of 871 million yuan for 2025, with a growth of 6% year-on-year [13] Group 5 - Qizhou Dongfeng plans to repurchase shares worth between 50 million and 100 million yuan to implement an employee stock ownership plan [17] - Keri Technology's shareholders plan to reduce their holdings by a total of up to 3.13% of the company's shares [19] Group 6 - Roman Co. signed a 260 million yuan contract for a wind power project, with the company’s share of the contract amounting to approximately 190 million yuan [21] - Zhongke Haixun is expected to win projects totaling approximately 288 million yuan [22] - Shan Jian Co. won four construction projects with a total value of 4.834 billion yuan [23]

Group 1 - The company Nepean Mining (300818) reported that as of February 10, 2026, the number of shareholders reached 11,616 [1]