Group 1: Market Strategy - The report emphasizes that external disturbances will not end the upward trend, and market adjustments present opportunities to increase holdings in Chinese assets [2][28] - The current market volatility is attributed to concerns over major power dynamics, but the report maintains a more optimistic outlook compared to consensus [28] - The report suggests that the current adjustment in the A-share technology sector is nearing historical averages, indicating potential for market structure improvement [28][30] Group 2: Earnings Insights - The report highlights the importance of the upcoming Q3 earnings reports, noting that performance during this period significantly impacts stock prices [30] - It identifies sectors with high earnings growth potential, particularly in the AI industry chain, equipment manufacturing, and certain resource sectors [30] Group 3: Industry Comparisons - The report asserts that there will be no style switch in investment focus, with emerging technology remaining the main line and cyclical finance as a dark horse [31] - It recommends focusing on sectors such as internet, semiconductor, defense, and robotics, as well as financial stocks like brokers and banks [31] Group 4: Company Focus - Lepu Biopharma - Lepu Biopharma is recognized as a leading domestic innovative drug company in the ADC combined IO layout, with expectations for rapid market penetration following the approval of MRG003 [10][12] - The company has a robust pipeline of oncology products covering immunotherapy, ADC targeted therapy, and oncolytic virus drugs, positioning it well for future growth [10][12]

证券日报网讯 10月20日晚间，博盈特焊发布公告称，广东博盈特焊技术股份有限公司（以下简称"公 司"）本次注销的回购股份数量为1，886，123股，占注销前公司总股本的1.43%，本次实际回购注销金 额41，693，918.54元。本次注销完成后，公司总股本由132，000，000股变更为130，113，877股。经 中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购股份注销日期为2025年10月17日。 （编辑 楚丽君） ...

Group 1: Company Overview and Operations - The company specializes in the research, production, and sales of anti-corrosion and wear-resistant welding equipment, non-welded boiler components, pressure vessels, and high-end steel structures, primarily serving the energy sector [2] - Current applications of the company's products include waste-to-energy, coal-fired power, gas boilers, nuclear power, and biomass energy generation [2][3] Group 2: Market Trends and Future Prospects - Coal-fired power remains a crucial electricity source in China, with increasing demand driven by factors such as global warming and the rise of AI data centers, leading to a stable growth outlook for the coal power sector [3] - The oil and gas pipeline market is expected to grow due to increasing demand for bimetallic composite pipes, particularly in corrosive environments, with welding technology becoming more efficient and cost-effective [7] Group 3: Production and Delivery - The delivery cycle for products from the Vietnam base is approximately 6 months, focusing on gas turbine waste heat recovery devices [4] - The company employs a "make-to-order" production model, confirming revenue upon completion of production and shipping under the FOB trade model [6] Group 4: Infrastructure Development - The Vietnam production base covers an area of approximately 150,000 square meters, with phase one completed and operational, while phase two is expected to commence production in Q2 of the following year [8] Group 5: Industry Growth and Demand - The global gas turbine market is projected to grow, driven by demand from North America, the Middle East, and Europe, with gas turbines being key to meeting electricity needs and facilitating energy transitions [10]

Market Overview - As of October 20, the Shanghai Composite Index closed at 3863.89 points, up 24.14 points, with a gain of 0.63% [1] - The Shenzhen Component Index closed at 12813.21 points, up 124.27 points, with a gain of 0.98% [1] - The ChiNext Index closed at 2993.45 points, up 58.09 points, with a gain of 1.98% [1] Stock Performance - A total of 53 A-shares had a turnover rate exceeding 20%, with C Dao Sheng reaching over 50% [1] - C Dao Sheng's closing price was 25.96 yuan, with a turnover rate of 57.83% and a decline of 12.53% [1] - Matrix Co. closed at 26.65 yuan, with a turnover rate of 43.42% and an increase of 2.38% [1] - Yunhan Chip City closed at 164.31 yuan, with a turnover rate of 39.89% and a decrease of 1.02% [1] - Other notable stocks include: - Haichuang Ruitong: 54.38 yuan, 37.40% turnover, 0.15% increase [1] - Jianfa Zhixin: 29.30 yuan, 36.97% turnover, 4.46% increase [1] - Feiwo Technology: 45.78 yuan, 34.92% turnover, 20.00% increase [1] Additional Notable Stocks - Chuling Information: 25.98 yuan, 33.92% turnover, 12.42% increase [1] - Changjiang Nengke: 17.56 yuan, 32.65% turnover, 5.03% decrease [1] - Huifeng Diamond: 39.32 yuan, 32.03% turnover, 29.98% increase [1] - Lanfeng Biochemical: 8.05 yuan, 31.49% turnover, 4.62% decrease [1] - Shandong Molong: 7.04 yuan, 30.78% turnover, 3.83% increase [1]

Core Insights - The stock of Boying Special Welding reached its daily limit, with a trading volume of 5.06 billion yuan and a turnover rate of 21.09% [2] - Institutional investors net bought 36.56 million yuan, while the total net buying from brokerage seats was 4.24 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to a 20% increase in closing price [2] Trading Data - The top five brokerage seats accounted for a total transaction of 169 million yuan, with a buying amount of 105 million yuan and a selling amount of 64.11 million yuan, resulting in a net buying of 40.80 million yuan [2] - Six institutional special seats participated in trading, with total buying amounting to 92.21 million yuan and selling amounting to 55.65 million yuan, leading to a net buying of 36.56 million yuan [2] Fund Flow - The stock experienced a net inflow of 108 million yuan from main funds, with a significant single order net inflow of 100 million yuan and a large order net inflow of 7.14 million yuan [2] - Over the past five days, the net inflow of main funds totaled 125 million yuan [2] Institutional Ratings - In the last five days, one institution rated the stock as a buy, with the highest target price set at 47.95 yuan by Guotai Junan Securities on October 19 [2]

Market Performance - The general equipment sector increased by 1.8% on October 20, with Huifeng Diamond leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers - Huifeng Diamond (code: 920725) closed at 39.32, up 29.98% with a trading volume of 134,800 shares and a transaction value of 473 million [1] - Boying Special Welding (code: 301468) closed at 33.26, up 19.99% with a trading volume of 162,200 shares and a transaction value of 506 million [1] - Sifangda (code: 300179) closed at 14.05, up 19.98% with a trading volume of 893,700 shares and a transaction value of 1.162 billion [1] Top Losers - Baoding Technology (code: 002552) closed at 17.04, down 8.88% with a trading volume of 381,600 shares and a transaction value of 659 million [2] - Liande Co., Ltd. (code: 605060) closed at 25.42, down 4.62% with a trading volume of 44,000 shares and a transaction value of 114 million [2] - Aiko Optoelectronics (code: 688610) closed at 69.72, down 3.75% with a trading volume of 12,800 shares and a transaction value of 91.93 million [2] Capital Flow - The general equipment sector saw a net inflow of 551 million from institutional investors, while retail investors experienced a net outflow of 81.61 million [2][3] - Major stocks like Huanghe Xuanfeng and Sifangda had significant net outflows from retail investors, indicating a shift in investor sentiment [3]

博盈特焊公告，公司本次注销的回购股份数量为188.61万股，占注销前公司总股本的1.43%，本次实际 回购注销金额4169.39万元。本次注销完成后，公司总股本由1.32亿股变更为1.3亿股。 ...

证券代码：301468 证券简称：博盈特焊 公告编号：2025-068 广东博盈特焊技术股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 广东博盈特焊技术股份有限公司（以下简称"公司"）本次注销的回购股份数 量为1,886,123股，占注销前公司总股本的1.43%，本次实际回购注销金额 41,693,918.54 元 。 本 次 注 销 完 成 后 ， 公 司 总 股 本 由 132,000,000 股 变 更 为 130,113,877股。经中国证券登记结算有限责任公司深圳分公司审核确认，公司本 次回购股份注销日期为2025年10月17日。 根据《证券法》《上市公司收购管理办法》《上市公司股份回购规则》《深 圳证券交易所上市公司自律监管指引第9号——回购股份》等相关规定，现就公 司本次回购股份注销完成事项公告如下： 一、回购股份的实施情况 公司于2024年9月20日召开第二届董事会第八次会议、第二届监事会第八次 会议，并于2024年10月10日召开2024年第三次临时股东大会，审议通过了《关于 回 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 47.95 CNY [5][11][20] Core Insights - The company is positioned as a leader in overlay welding technology, actively expanding into the AI and oil and gas infrastructure sectors, with expectations of entering a high growth phase over the next 3-5 years [2][11][19] - The company has a strong financial outlook, with projected revenues increasing significantly from 5.51 billion CNY in 2025 to 16.78 billion CNY by 2027, alongside a substantial rise in net profit [18][19] Summary by Sections 1. Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 0.60, 1.37, and 2.27 CNY for the years 2025, 2026, and 2027 respectively, indicating a robust growth trajectory [11][18] - The revenue from waste incineration and other businesses is projected to account for 68.5% and 31.5% of total revenue in 2024 [15] 2. Company Overview - Established in 2007, the company has developed advanced overlay welding technology and has a strong foothold in the waste incineration market, with a market penetration rate of 40% in domestic waste incineration boiler markets by 2021 [23][30] - The company has successfully expanded its product offerings to include high-end structural components and pressure vessels, catering to various industries including energy and chemicals [26][30] 3. Financial Performance - The company’s total revenue is forecasted to fluctuate from 6.04 billion CNY in 2023 to 4.60 billion CNY in 2024, before rebounding to 5.51 billion CNY in 2025 [17][18] - The gross profit margin is expected to improve gradually, reaching 31.36% by 2027 [18] 4. Market Opportunities - The company is strategically positioned to benefit from the increasing demand for gas turbine heat recovery systems and oil and gas composite pipes, with significant market potential projected in these areas [11][19][20] - The global market for bimetallic composite pipes is expected to grow significantly, driven by the oil and gas sector, which is anticipated to account for approximately 73% of the market by 2030 [11][19] 5. Competitive Landscape - The company faces competition primarily from established players in the oil and gas composite pipe market, but its unique technology and strategic partnerships may provide a competitive edge [11][19][20] - The report highlights the importance of the company's partnerships and joint ventures in expanding its market reach and technological capabilities [35][36]

Core Viewpoint - The company is positioned to capitalize on the growth in AI infrastructure and the oil and gas composite pipe market, with a strong focus on welding technology and international expansion [2][4]. Investment Highlights - The company is rated "Buy" with a target price of 47.95 yuan, expecting a high growth phase in the next 3-5 years, with projected EPS of 0.60, 1.37, and 2.27 yuan for 2025-2027 [2]. - The company has a solid cash flow and a healthy balance sheet, maintaining positive cash flow for the past five years and a very low interest-bearing debt ratio [3]. Market Opportunities - The company is entering the HRSG (Heat Recovery Steam Generator) and oil and gas composite pipe markets, which are identified as blue ocean opportunities, with significant growth potential driven by geopolitical factors and domestic infrastructure investments [2][4]. - The global bimetallic composite pipe market is expected to reach 5.509 billion USD by 2030, with oil and gas accounting for approximately 73% of the market share, indicating a strong demand for composite pipes [4]. Strategic Initiatives - The company plans to leverage its welding technology expertise and has established a joint venture with Weir Group to quickly penetrate the Middle Eastern oil and gas market [4]. - The company’s new factory in Vietnam is set to commence production in September 2025, positioning it to meet the rising HRSG demand in North America [3].