Core Points - On September 29, a total of 25 listed companies had their restricted shares unlocked, with a total market value of approximately 24.818 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - Luzhou Laojiao (000568) with 102,700 shares from equity incentive restrictions - East China Pharmaceutical (000963) with 215,000 shares from equity incentive restrictions - Taiyuan Heavy Industry (600169) with 11.6502 million shares from equity incentive restrictions - Jinfat Technology (600143) with 7.406 million shares from equity incentive restrictions - Guotai Junan (601211) with 3.2495 million shares from equity incentive restrictions - Guanglian Da (002410) with 3.2334 million shares from equity incentive restrictions - Ningbo Port (601018) with 3.647 billion shares from A-share issuance to legal person allocation - Zhongjin Environment (300145) with 852,070 shares from equity incentive restrictions - Keli Ke (002782) with 768,000 shares from equity incentive restrictions - Yingjie Electric (300820) with 62,500 shares from equity incentive restrictions - Laobaixing (603883) with 868,400 shares from equity incentive restrictions - Zhaoxun Media (301102) with 218 million shares from extended lock-up period - Zhongjing Technology (003026) with 20,000 shares from equity incentive restrictions - Woge Optoelectronics (603773) with 14.8003 million shares from A-share issuance to original shareholders allocation - Hanrui Cobalt (300618) with 104,670 shares from equity incentive restrictions - Fujilai (301258) with 55.362 million shares from extended lock-up period - Wankai New Materials (301216) with 225 million shares from extended lock-up period - Weiteou (301319) with 29.8 million shares from pre-issue share restrictions - Guanshi Technology (605588) with 19,870 shares from equity incentive restrictions - Sanwang Communication (688618) with 13,500 shares - Xidi Micro (688173) with 771,800 shares - Rendu Biology (688193) with 8.4316 million shares - Jinchang Protein (688137) with 7.145 million shares - Jiao Cheng Ultrasound (688392) with 43.8612 million shares - Aike Saibo (688719) with 824,800 shares [1]

Core Insights - The investment in the nuclear fusion industry is highly differentiated, with significant funding concentrated in core areas such as magnet systems, power supplies, and superconducting materials, which have high technical barriers [1][2] - The magnet system accounts for the largest share of the budget at 287 million yuan, representing 42.34% of the total investment, indicating its critical role in nuclear fusion device funding [1] - The CFEDR project is expected to have a substantial investment of around 120 billion yuan, with equipment costs estimated at 72 billion yuan, suggesting significant future value release in the industry chain from 2030 to 2033 [2] Investment Opportunities - Current investment opportunities in the nuclear fusion industry chain are primarily focused on two areas: 1. Segments with clear performance delivery rhythms, such as the magnet system with a cumulative budget of 370 million yuan and the power supply system exceeding 100 million yuan, providing strong performance locking for related manufacturers [3] 2. Manufacturers that have established good verification and customer connections during the BEST phase are expected to maintain advantages in the CFEDR pre-research and subsequent construction [3]

Core Viewpoint - The company emphasizes the importance of a systematic approach to evaluate the industrial power sector, considering the diverse subfields and the unique development patterns of different companies [2]. Industry Analysis - The industrial power sector encompasses numerous industries, with significant differences in the subfields that various power companies operate in [2]. - Companies develop differentiated strategies based on their technological paths, resource endowments, and market positioning [2]. Company Strategy - The company aims to overcome current short-term challenges in the industry and is committed to improving its operations [2]. - A comprehensive assessment should integrate the specific industry cycles, technological advancements, and scenario demands rather than relying on static evaluations at a single point in time [2].

Core Insights - Yingjie Electric experienced a stock price increase of 5.32% on September 25, reaching 51.50 CNY per share, with a trading volume of 127 million CNY and a turnover rate of 2.29%, resulting in a total market capitalization of 11.413 billion CNY [1] Company Overview - Yingjie Electric, established on January 16, 1996, and listed on February 13, 2020, is located at 686 Jinsha Jiangxi Road, Deyang, Sichuan Province. The company specializes in the research, development, production, and sales of industrial power supply equipment, particularly power control power supplies and special power supplies [1] - The revenue composition of Yingjie Electric is as follows: power control devices and systems account for 61.71%, power supply modules and systems for 28.37%, other products for 9.84%, and supplementary items for 0.08% [1] Shareholder Information - Among the top circulating shareholders of Yingjie Electric, a fund under Southern Fund ranks as a significant stakeholder. The Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders in the second quarter, holding 819,700 shares, which represents 0.74% of the circulating shares. The estimated floating profit for today is approximately 2.1311 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY. Year-to-date returns stand at 27.85%, ranking 1954 out of 4220 in its category, while the one-year return is 63.96%, ranking 1325 out of 3820. Since inception, the fund has achieved a return of 13.14% [2]

Core Viewpoint - The company has clarified that it did not disclose any information regarding the first quarter of 2025 having exceeded the total orders for the entire year of 2024, and it provided insights into the semiconductor RF power orders and revenue expectations for 2025 [1] Group 1: Semiconductor RF Power Orders - The company reported that the revenue from semiconductor power products is expected to reach 350 million yuan in 2024, representing growth compared to 2023 [1] - The first quarter of 2025 is anticipated to show favorable revenue and order conditions in the semiconductor industry, with significant growth expected based on current orders and customer demand [1] Group 2: Industry Challenges - The slower-than-expected growth in semiconductor advanced process power orders is attributed to multiple factors, including the need for time to verify stability after technological breakthroughs and issues with domestic manufacturing capabilities of other equipment parts [1] - Customers are managing their demand rhythm based on the digestion of previously stocked spare parts, which is considered a normal phenomenon in industry development [1]

Market Performance - The other power equipment sector increased by 2.1% on September 24, with Haibo Sichuang leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Haibo Sichuang (688411) closed at 268.98, up 4.30% with a trading volume of 47,300 shares and a transaction value of 1.27 billion [1] - Shanghai Electric (601727) closed at 8.87, up 4.11% with a trading volume of 8.15 million shares and a transaction value of 7.25 billion [1] - Other notable performers include Kewell (688551) up 3.94%, Yingjie Electric (300820) up 3.45%, and Futec Technology (832110) up 2.52% [1] Fund Flow Analysis - The other power equipment sector experienced a net outflow of 205 million from institutional investors, while retail investors saw a net inflow of 333 million [2][3] - Major stocks like Shanghai Electric and Haibo Sichuang had mixed fund flows, with Shanghai Electric seeing a significant net outflow from both institutional and retail investors [3]

Group 1 - The core viewpoint of the news is that Yingjie Electric has seen a significant increase in its stock price, rising by 5.42% to reach 49.83 CNY per share, with a total market capitalization of 11.043 billion CNY [1] - Yingjie Electric, established on January 16, 1996, specializes in the research, production, and sales of industrial power supply equipment, particularly power control power supplies and special power supplies [1] - The company's main business revenue composition includes power control devices and systems at 61.71%, power supply modules and systems at 28.37%, and other sources at 9.84% [1] Group 2 - Among the top circulating shareholders of Yingjie Electric, the Nuoan Hexin Mixed A Fund (002560) has entered the list, holding 776,100 shares, which accounts for 0.7% of the circulating shares [2] - The Nuoan Hexin Mixed A Fund has achieved a year-to-date return of 46.01% and a one-year return of 112.21%, ranking 1275 out of 8173 and 412 out of 7996 respectively in its category [2] - The fund manager, Chen Yanpeng, has been in position for 5 years and 78 days, with the fund's total asset scale at 30.78 billion CNY and a best return of 86.09% during his tenure [3]

Core Viewpoint - Yingjie Electric's stock price has shown fluctuations, with a recent increase of 2.01% to 48.22 CNY per share, despite a year-to-date decline of 12.09% [1] Financial Performance - For the first half of 2025, Yingjie Electric reported a revenue of 722 million CNY, a year-on-year decrease of 9.42%, and a net profit attributable to shareholders of 119 million CNY, down 32.71% compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 365 million CNY, with 248 million CNY distributed over the last three years [3] Shareholder Information - As of August 29, 2025, the number of shareholders for Yingjie Electric decreased by 10.75% to 15,100, while the average number of tradable shares per shareholder increased by 12.04% to 7,352 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 972,400 shares to 1.4864 million shares, and new entrants such as Southern CSI 1000 ETF and Nuoan Hexin Mixed A [3] Market Activity - On September 24, 2025, Yingjie Electric experienced a trading volume of 69.58 million CNY, with a turnover rate of 1.31% and a total market capitalization of 10.686 billion CNY [1] - The stock has seen a net inflow of main funds amounting to 2.1134 million CNY, with significant buying activity from large orders [1]

Core Insights - The RF power supply industry is closely linked to the overall expansion of the semiconductor market, with strong growth driven by the rapid rise of China's semiconductor industry and increasing demand for high-end RF power supplies [1][9] - China's RF power supply market is projected to grow from 652 million yuan in 2022 to 855 million yuan in 2024, with a compound annual growth rate (CAGR) of 14.48% [1][9] - The global RF power supply market is expected to grow from 484 million USD in 2018 to 803 million USD in 2024, with a CAGR of 8.8% [7] Industry Overview - RF power supplies are essential components in semiconductor manufacturing, used in processes such as etching and chemical vapor deposition (CVD) [4][5] - The RF power supply industry is characterized by a supply concentration in developed regions like the US and Japan, with domestic markets historically dominated by foreign companies [1][9] Market Dynamics - The domestic market is witnessing a shift towards localization, with companies like North Huachuang, Yingjie Electric, and Hengyun Chang gaining traction and achieving breakthroughs in bulk orders [1][9] - The Chinese semiconductor industry is projected to grow from 2.638 trillion yuan in 2015 to 4.734 trillion yuan in 2024, with a CAGR of 6.71% [6] Industry Chain - The RF power supply industry chain includes upstream materials and components, midstream manufacturing, and downstream applications in semiconductor equipment [6][7] - Key components include inductors, capacitors, and RF power amplifiers, which are critical for signal amplification in various applications [6][7] Competitive Landscape - The global RF power supply market is divided into three tiers, with leading companies including Advanced Energy and Osaka Transformer in the first tier, and domestic players like North Huachuang and Yingjie Electric in the third tier [10] - North Huachuang focuses on semiconductor equipment and has made strategic acquisitions to enhance its capabilities in the RF power supply sector [12] Future Trends - The industry is moving towards high-performance, low-power, and reliable RF power supplies to meet the demands of advanced semiconductor manufacturing processes [13][14][15] - Innovations in materials and technologies, such as GaN and SiC, are driving energy efficiency and reducing operational costs [14]

Core Insights - The report highlights the growth in electricity generation in Sichuan Province, with a total generation of 332.9 billion kWh in April 2025, representing a year-on-year increase of 4.6% [1] - From January to April 2025, the total electricity generation reached 1,390.8 billion kWh, showing a year-on-year growth of 4.1% [1] Generation Breakdown - In the first four months of 2025, thermal power generation was 364.7 billion kWh, accounting for 26.2% of total generation, which is a decrease of 2.1% year-on-year [1] - Hydropower generation was 911.3 billion kWh, making up 65.5% of total generation, with an increase of 8.4% year-on-year [1] - Wind power generation was 78.1 billion kWh, representing 5.6% of total generation, showing a decline of 16.1% year-on-year [1] - Solar power generation reached 36.7 billion kWh, accounting for 2.6% of total generation, with a significant increase of 27.5% year-on-year [1] Industry Context - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2] - The report covers large-scale industrial enterprises with annual main business revenues of 20 million yuan or more, ensuring comparability of data across years [2]