Group 1 - The mechanical sector has shown strong performance in 2025, with the Shenwan Mechanical Equipment Index rising by 36.11%, outperforming the Shanghai Composite Index by 19.74 percentage points and the Shenzhen Component Index by 8.78 percentage points [4][16][19] - In the first three quarters of 2025, the mechanical industry reported revenues of 15,135.34 billion yuan, a year-on-year increase of 7.35%, and a net profit attributable to shareholders of 1,080.76 billion yuan, up 16.80% year-on-year [4][22][27] - The public fund allocation ratio for the mechanical equipment sector increased by 0.25 percentage points in Q3 2025 compared to Q3 2024, indicating improved fundamentals and positive policy impacts [29] Group 2 - The equipment manufacturing industry has maintained export resilience, with significant growth in new overseas markets. From January to October 2025, the export delivery value of general equipment, specialized equipment, and transportation equipment reached 6,173.20 billion yuan, 5,319.30 billion yuan, and 4,124 billion yuan respectively, with year-on-year growth rates of 5.5%, 9.3%, and 24.20% [5][33][36] - The overseas sales of engineering machinery continued to grow, with a year-on-year increase of 11.84% in export value from January to October 2025, driven by technological innovation and diversified market strategies [37][41] - The motorcycle industry has established a strong competitive advantage in overseas markets, with exports reaching 1,101.85 million units and 7.278 billion USD in value from January to October 2025, reflecting a year-on-year increase of 22.28% and 28.2% respectively [42][43] Group 3 - The emergence of new manufacturing scenarios signifies a profound transformation from "single technology upgrades" to "systematic ecological restructuring," enhancing production efficiency, product quality, and innovation capabilities [5][46] - Human-shaped robots are expected to address customization challenges in traditional manufacturing, with a market space projected to expand significantly as they transition from industrial applications to household use [47][54] - The intelligent logistics equipment market in China is expected to grow rapidly, with a projected market size of 1,261 billion yuan in 2025, driven by advancements in IoT and AI technologies [64][72]

"雪假"意犹未尽，"冰雪乐园"再次回归！广大游客期盼已久的第二十七届哈尔滨冰雪大世界将于12月17 日开园，一场与冰雪的约会即将开启，万人雪地蹦迪的狂欢场面将再度上演……火热的冰雪经济背后蕴 藏着巨大的经济富矿。近年来，冰雪旅游带火的不只是东北，越来越多的城市将发展冰雪经济写入规 划，从"冷资源"中寻找"热商机"。 受访人士表示，随着冰雪经济发展愈加火热，产业链将持续延伸。各地要抓住政策和市场机遇，持续强 化优质旅游产品供给，完善冰雪经济产业体系，在做大冰雪经济规模的同时更要注重发展质量，让活力 澎湃的冰雪经济更好地助力区域经济发展。 上市公司掘金冰雪赛道 ● 本报记者 宋维东 ■ 长白山（603099）：加大力度研发高品质、沉浸式冰雪体验项目，发挥冰雪温泉"一冷一热"资源优 势，打造集观光度假、温泉养生、冰雪体验为一体的冰雪温泉旅游度假模式，丰富"冰雪+运动""冰雪 +民俗""冰雪+生态""冰雪+美食""冰雪+艺术"等产品体系。 ■ 岭南控股（000524）：积极开发冰雪旅游线路，冰雪旅游产品目的地涵盖国内外冰雪区域，产品供给 丰富，涵盖赏雪、娱雪、滑雪、反季观景等多样玩法，为顾客提供丰富的冰雪元素和多元的 ...

格隆汇12月12日丨晶雪节能(301010.SZ)在互动平台表示，目前公司尚未开展涉及液冷技术的业务。未 来，公司将结合自身业务优势及市场需求，积极评估在数据中心和液冷产业链中的潜在合作或投资机 会，审慎评估是否进入该领域。 ...

格隆汇12月12日丨晶雪节能(301010.SZ)在互动平台表示，目前公司尚未开展涉及液冷技术的业务。未 来，公司将结合自身业务优势及市场需求，积极评估在数据中心和液冷产业链中的潜在合作或投资机 会，审慎评估是否进入该领域。 ...

晶雪节能12月12日在互动平台表示，目前公司尚未开展涉及液冷技术的业务。未来，公司将结合自身业 务优势及市场需求，积极评估在数据中心和液冷产业链中的潜在合作或投资机会，审慎评估是否进入该 领域。 ...

Core Insights - The latest financing balance of the ChiNext market is 539.282 billion yuan, with a week-on-week increase of 2.667 billion yuan, indicating a positive trend in financing activities [1][2] - A total of 28 stocks saw their financing balances increase by over 10%, while 48 stocks experienced a decline of more than 5% [1][3] Financing Balance Overview - The total margin balance for ChiNext stocks reached 541.163 billion yuan, marking an increase of 2.683 billion yuan over the previous trading day, continuing a four-day upward trend [1] - The financing balance specifically increased to 539.282 billion yuan, with a week-on-week rise of 2.667 billion yuan, also reflecting four consecutive days of growth [1][3] Stocks with Significant Financing Balance Increases - The stock with the highest increase in financing balance is Jiangxin Home, which saw a 42.54% rise to 23.7837 million yuan, with a corresponding price increase of 3.36% [3] - Other notable stocks with significant increases include Feili Hua (29.83% increase) and Boying Special Welding (26.10% increase) [3][4] - On average, stocks with over 10% increase in financing balance rose by 2.54% on the same day, with top performers including Xiaocheng Technology (13.66% increase) and Boying Special Welding (10.74% increase) [1][3] Stocks with Decreased Financing Balances - A total of 492 stocks experienced a decrease in financing balance, with 48 stocks declining by more than 5% [4] - The stock with the largest decrease is Tongxing Technology, which saw a 16.93% drop to 11.5867 million yuan [4] - Other significant declines were noted in Jingxue Energy (15.62% decrease) and Huanle Home (15.48% decrease) [4][5] Capital Flow Analysis - Among the stocks with increased financing balances, 17 stocks saw net inflows of main funds, with Feili Hua leading at 338 million yuan [2] - Conversely, 11 stocks experienced net outflows, with Nanshan Zhishang facing the largest outflow of 82.0863 million yuan [2]

Core Insights - The latest financing balance of the ChiNext market is 539.282 billion yuan, with a week-on-week increase of 2.667 billion yuan, indicating a positive trend in financing activities [1][2] - A total of 28 stocks saw their financing balances increase by over 10%, while 48 stocks experienced a decline of more than 5% [1][4] Financing Balance Overview - The total margin balance for ChiNext stocks reached 541.163 billion yuan, marking an increase of 2.683 billion yuan over the previous trading day, continuing a four-day upward trend [1] - The financing balance specifically rose to 539.282 billion yuan, with a week-on-week increase of 2.667 billion yuan, also reflecting a four-day increase [1] - The margin trading balance for short selling (融券余额) was 1.881 billion yuan, with a week-on-week increase of 16.42 million yuan [1] Stocks with Significant Financing Balance Increases - The stock with the highest increase in financing balance is Jiangxin Home (匠心家居), which saw a 42.54% increase, bringing its latest financing balance to 23.7837 million yuan, while its stock price rose by 3.36% [3] - Other notable stocks with significant increases include Feili Hua (菲利华) with a 29.83% increase and a financing balance of 2224.5776 million yuan, and Boying Special Welding (博盈特焊) with a 26.10% increase [3][4] - On average, stocks with over 10% increase in financing balance rose by 2.54% on the same day, with top performers including Xiaocheng Technology (晓程科技) at 13.66% [1][3] Stocks with Significant Financing Balance Decreases - A total of 492 stocks experienced a decrease in financing balance, with 48 stocks declining by more than 5% [4] - The stock with the largest decrease is Tongxing Technology (同星科技), which saw a 16.93% drop in financing balance, bringing it to 11.5867 million yuan [4][5] - Other significant decliners include Jingxue Energy (晶雪节能) and Huanle Home (欢乐家), with decreases of 15.62% and 15.48% respectively [4][5]

Core Viewpoint - The renovation and building materials sector experienced a slight decline, closing at 16,425.40 points with a drop of 0.06% [1] Industry Performance - From the beginning of the year to December 2, the construction decoration index increased by 6.8% [1] - The renovation and decoration service sub-sector led the gains with an increase of 30.6% [1] Stock Performance - Jingxue Energy closed at 25.42 CNY per share, down 5.96%, leading the decline in the renovation and building materials stocks [1] - *ST Yazhen closed at 38.81 CNY per share, down 4.99%, ranking second in the decline [1] - Youbang Ceiling closed at 28.49 CNY per share, down 3.62%, ranking third in the decline [1] - Zhongyuan Home closed at 19.70 CNY per share, up 9.99%, leading the gains in the sector [1] - Xilinmen closed at 23.07 CNY per share, up 5.63%, ranking second in the gains [1] - Shangpin Home Delivery closed at 14.86 CNY per share, up 5.46%, ranking third in the gains [1] Urban Renewal - The funding sources for urban renewal include central government funds, local special bonds, loans from financial institutions, and social capital, providing strong momentum for urban renewal development [1] - A total of 25,000 old urban residential communities are planned to be renovated by 2025, with 21,700 already started from January to August, achieving 86.8% of the annual target [1] - There is significant potential for construction companies in urban renewal and maintenance fields [1]

Market Overview - The renovation and building materials sector increased by 0.94% compared to the previous trading day, with Jingxue Energy leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Jingxue Energy (301010) closed at 26.04, up 10.15% with a trading volume of 120,100 shares and a transaction value of 301 million [1] - Dongfang Nanhong (002271) closed at 13.18, up 5.27% with a trading volume of 757,200 shares [1] - Sankeshu (603737) closed at 45.78, up 3.57% with a trading volume of 44,300 shares [1] - Other notable performers include Kexin New Materials (920580) up 3.40% and Weixing New Materials (002372) up 2.25% [1] Capital Flow - The renovation and building materials sector experienced a net outflow of 26.66 million from institutional investors, while retail investors saw a net outflow of 93.06 million [2] - Conversely, speculative funds recorded a net inflow of 120 million [2] Individual Stock Capital Flow - Wanlishi (002785) had a net inflow of 37.92 million from institutional investors but a net outflow of 47.10 million from retail investors [3] - Jingxue Energy (301010) saw a net inflow of 31.30 million from institutional investors and a net outflow of 38.75 million from retail investors [3] - Dongfang Yuhong (002271) had a net inflow of 30.78 million from institutional investors but a net outflow of 4.61 million from retail investors [3]

Core Viewpoint - On November 21, Jingxue Energy experienced a decline of 5.37% with a trading volume of 175 million yuan, indicating a challenging market environment for the company [1]. Financing and Trading Data - On November 21, Jingxue Energy had a financing buy-in amount of 11.95 million yuan and a financing repayment of 17.40 million yuan, resulting in a net financing buy of -5.46 million yuan [1]. - As of November 21, the total financing and securities balance for Jingxue Energy was 99.59 million yuan, which accounts for 4.05% of its circulating market value, indicating a high level compared to the past year [1]. - The company had no short selling activity on November 21, with a short selling balance of 0 yuan, also reflecting a high level compared to the past year [1]. Company Overview - Jiangsu Jingxue Energy Technology Co., Ltd. was established on February 27, 1993, and went public on June 18, 2021. The company specializes in the research, design, production, and sales of energy-saving insulation materials for cold storage and industrial building enclosure systems [1]. - The main revenue sources for Jingxue Energy include metal-faced energy-saving insulation sandwich panels (89.88%), cold storage doors and industrial building doors (8.24%), platforms and others (1.57%), and other supplementary products (0.31%) [1]. Financial Performance - For the period from January to September 2025, Jingxue Energy reported an operating income of 461 million yuan, a year-on-year decrease of 18.01%, and a net profit attributable to shareholders of 10.16 million yuan, down 45.02% year-on-year [2]. - As of September 30, 2025, the number of shareholders for Jingxue Energy was 7,087, a decrease of 26.86% from the previous period, while the average circulating shares per person increased by 36.72% to 15,239 shares [2]. Dividend and Institutional Holdings - Since its A-share listing, Jingxue Energy has distributed a total of 75.60 million yuan in dividends, with 54.00 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Nuoan Multi-Strategy Mixed A (320016) ranked as the sixth largest shareholder with 826,600 shares, an increase of 214,100 shares from the previous period. New institutional shareholders include CITIC Prudential Multi-Strategy Mixed (LOF) A (165531) and Zhongjia Specialized and New Quantitative Stock Selection Mixed Initiated A (021990) [3].