Company Overview - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment and expanding into industrial equipment and high-end structural components [1] - Key competitive advantages include mastery of critical core technologies, comprehensive special equipment production qualifications, and a stable management team with extensive industry experience [1][2] Market Opportunities - The waste incineration market shows broad demand, with downstream upgrades increasing penetration rates [2] - The coal-fired power generation industry is demonstrating significant growth potential, alongside expanding market needs in chemical, metallurgy, and paper industries [2] - The company has strategically positioned itself in HRSG and composite pipe businesses, with HRSG already achieving a certain scale of production [2] Global Expansion - The company is actively expanding into international markets while maintaining a leading position in the domestic market [2] - The Vietnam factory has been completed and is operational, contributing to overseas revenue growth potential [2] Technology and Product Advantages - MIG welding is efficient for high-temperature and corrosive environments, particularly in waste incineration [3] - TIG welding offers high quality and low dilution rates, making it suitable for oil and gas pipelines, especially in corrosive environments [5] - Laser welding technology is highly efficient and applicable in coal powder furnace fields [4] Production and Revenue Recognition - The HRSG production cycle is approximately 6 months, with significant value contribution to the overall boiler market [8] - The company primarily uses the "FOB" trade model for revenue recognition, confirming income upon shipment [7] Future Market Outlook - The global oil and gas pipeline market is expected to grow structurally, driven by increasing natural gas demand and the need for infrastructure upgrades [6] - The company plans to adapt its production locations to be closer to market demands, employing an international production management model [6] HRSG Market Demand - The HRSG market in the U.S. is experiencing structural growth due to rising electricity demand and the transition to cleaner energy sources [10][11] - HRSG technology is crucial for enhancing the efficiency of gas turbines and meeting carbon reduction goals in the U.S. [11]

- **Quantitative sentiment tracking includes volume timing signals** The volume timing signals for major indices as of December 19, 2025, indicate a cautious outlook across all indices, including the Shanghai Composite Index, Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext Index, and Beijing 50 Index [22][23] - **Market sentiment indicator: CSI 300 rising stock ratio** The CSI 300 rising stock ratio is calculated as the proportion of constituent stocks with positive returns over the past N days. This indicator captures market sentiment, identifying opportunities during market bottoms and potential risks during overheated phases. As of December 19, 2025, the indicator rose above 60%, reflecting high market sentiment [23][24] - **CSI 300 rising stock ratio timing strategy** The timing strategy smooths the indicator using two different windows (N1=50, N2=35). When the short-term smoothed line exceeds the long-term smoothed line, it signals a bullish market outlook. Conversely, when the short-term line falls below the long-term line, it indicates a neutral stance. As of December 19, 2025, the short-term line was below the long-term line, suggesting a cautious market outlook [25][27] - **Moving average sentiment indicator** The moving average sentiment indicator uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess the trend state of the CSI 300 Index. The indicator assigns values based on the position of the current price relative to the moving averages. As of December 19, 2025, the CSI 300 Index was in a non-prosperous sentiment zone [31][34] - **Cross-sectional volatility analysis** Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 indices showed mixed trends. Over the past week, CSI 300 volatility decreased, indicating a deteriorating short-term alpha environment, while CSI 500 and CSI 1000 volatility increased, suggesting improved short-term alpha conditions. Quarterly averages for these indices were in the upper-middle range of the past six months, reflecting a favorable alpha environment [35][36] - **Time-series volatility analysis** Time-series volatility for CSI 300, CSI 500, and CSI 1000 indices increased over the past week, indicating an improved alpha environment. Quarterly averages for these indices were also in the upper-middle range of the past six months, suggesting a relatively favorable alpha environment [36][39]

Core Viewpoint - The company, 博盈特焊 (301468.SZ), focuses on the research, development, production, and sales of specialized equipment, primarily serving various industrial sectors such as energy conservation, environmental protection, electricity, energy, chemicals, metallurgy, and papermaking [1] Group 1 - The company's technology and products are currently not applied in the commercial aerospace sector, and there are no plans or collaborations in this area at present [1] - The company will continue to monitor the latest developments and future opportunities in the industry [1] - The company is committed to actively exploring development opportunities [1]

临近年末，A股波动加大，但机构调研热度未减。 据Wind统计，截至12月21日，本月内至少已有472家A股上市公司接受了机构调研。其中，机构关注度 排名前十（以调研机构家数为准）的上市公司分布在计算机设备和附件、集成电路、汽车制造、石油天 然气设备与服务、工业机械、电气部件与设备、医药等行业，这些公司大多为Wind新质生产力概念 股。 受访人士向21世纪经济报道记者指出，机构调研逻辑正在转向"业绩兑现确定性与技术迭代潜力"双轮驱 动，更加注重企业长期价值与产业趋势的契合度。 扎堆调研新质生产力 近期，各类资产管理机构的调研持续围绕科技主线展开。部分"含科量"较高的上市公司，往往会吸引券 商、公募基金、私募基金、保险公司及保险资管等机构扎堆调研。 Wind数据显示，12月1日—12月21日，中科曙光、海光信息、长安汽车、杰瑞股份、博盈特焊至少获得 了365家、365家、227家、221家、139家机构调研，为机构调研热度排名前五的上市公司。 此外，调研超捷股份、奥比中光-UW、天华新能、伟测科技的机构数量则位于73家—77家区间。 从行业分布来看，上述被调研的14家上市公司主要分布在集成电路、计算机设备和附件、 ...

- The report does not contain any quantitative models or factors, nor does it provide any related construction processes, formulas, or backtesting results

Core Viewpoint - The company, Boying Special Welding (博盈特焊), has confirmed that its anti-corrosion and anti-wear cladding technology can be applied to special welding equipment or components in the nuclear power sector [1] Group 1 - The company engages in the development of advanced welding technologies [1] - The application of the company's technology in the nuclear energy field indicates potential growth opportunities [1]

（编辑 姚尧） 证券日报网12月22日讯 博盈特焊在12月22日回答调研者提问时表示，进入北美HRSG市场，首先必须要 取得美国机械工程师学会等一系列严苛的国际认证，其次，还必须要通过主机厂商自身的生产体系认 证，成为其认可的合格供应商后，才能与主机厂商开展合作。 ...

Core Viewpoint - The company highlights the importance of HRSG (Heat Recovery Steam Generator) as a core heat exchange device for gas turbines, emphasizing its efficiency in recovering high-temperature waste gas and generating steam for secondary power generation, thus enhancing power plant efficiency and meeting electricity demand in the U.S. market [1] Company Insights - 博盈特焊 (Boyin Tech Welding) is actively involved in the development and application of HRSG technology, which is crucial for improving the efficiency of gas turbine power plants [1] Industry Context - The HRSG technology is positioned as a reliable solution to address the growing electricity demand in the U.S. market, indicating a potential increase in market opportunities for companies specializing in this technology [1]

Group 1 - The core viewpoint of the article is that 博盈特焊 (Boyin Special Welding) has a significant focus on the waste-to-energy sector, with approximately 58.99% of its products applied in this industry as of September 30, 2025 [1] - Other major industries contributing to the company's revenue include chemicals, papermaking, and coal-fired power generation [1]

Group 1 - The company, Bointech Welding (博盈特焊), stated that it operates on a "sales-driven production" model [1] - The pricing of HRSG products is determined by material budget, labor budget, other costs, and a set net profit margin [1]