Core Viewpoint - Yongfu Co., Ltd. has established core competitive advantages in offshore wind power, smart grids, energy storage, digital intelligent sources, distributed solar storage, and zero-carbon power systems [2] Group 1: Business Strategy - The company has developed a comprehensive business strategy centered around "one body and two wings" [2] - It has built a business system that covers new energy, clean energy, smart grids, and energy storage, along with a zero-carbon power system solution that encompasses "source-network-load-storage-intelligence" [2] Group 2: Product Offerings - Yongfu Co., Ltd. offers two distinctive product lines: distributed solar storage systems and digital intelligent source products [2]

Group 1: Product Features and Innovations - The III type vessel is a world-first multi-functional transport ship, certified by ABS, BV, and DNV, with dimensions of 188 meters in length, 43 meters in width, and 13.5 meters in depth, capable of carrying various heavy cargo including wind power equipment and conventional bulk goods [2] - The I type vessel measures approximately 245 meters in length and 61 meters in width, with a deadweight of 40,000 tons, primarily used for transporting oversized products like large pipes and offshore modules [2] - The II type vessel is 240 meters long, 51 meters wide, and has a deadweight of 60,000 tons, designed for larger offshore oil and gas modules [2] Group 2: Market Expansion and Strategy - The company is expanding its overseas business by providing integrated services including storage and assembly at European ports, transitioning from a product supplier to a system service provider [3] - Japan and South Korea are identified as key emerging markets for offshore wind projects, with specialized teams established to track local project developments and participate in tenders [4] - The company is actively bidding for deep-sea floating foundation projects in Europe and other regions, leveraging its unique capabilities in this specialized field [5] Group 3: Infrastructure and Production Capacity - The Tangshan Caofeidian offshore engineering base is designed for large-scale production of offshore wind structures, covering over 1,300 acres with a factory height of over 60 meters, and is equipped with four heavy-duty berths [6] - The base will enhance the company's competitiveness in the deep-sea market and is expected to export offshore products to Europe starting in 2026 [6] Group 4: Project and Order Updates - The company has received two overseas shipbuilding orders this year, one from South Korea for a large deck barge and another from Norway for a semi-submersible vessel, both intended for heavy cargo transportation [8] - As of October 2025, the company achieved significant milestones in ship construction, including the successful launch of the KING ONE vessel and progress on other vessels [8] Group 5: Future Plans and Localized Services - The company aims to deepen its presence in the European market by enhancing localized services in assembly manufacturing, home port services, and transportation services [8] - The company has seen rapid growth in order and delivery shares in the European offshore wind foundation market, transitioning from manufacturing to providing comprehensive solutions [8]

Core Viewpoint - Wanma Co., Ltd. has experienced a stock price increase of 84.90% year-to-date, but has seen a recent decline in trading performance, with a 21.07% drop over the past 20 days [1][2] Company Performance - As of September 30, 2025, Wanma Co., Ltd. reported a revenue of 14.109 billion yuan, representing a year-on-year growth of 8.36%, and a net profit attributable to shareholders of 412 million yuan, which is a significant increase of 61.57% [2] - The company has distributed a total of 685 million yuan in dividends since its A-share listing, with 155 million yuan distributed over the past three years [2] Stock Market Activity - On December 2, 2025, Wanma's stock price fell by 2.02%, trading at 15.55 yuan per share with a total transaction volume of 248 million yuan [1] - The stock has been on the龙虎榜 (a list of stocks with significant trading activity) 11 times this year, with the most recent appearance on September 24, 2025, where it recorded a net buy of -25.3167 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 173,400, with an average of 5,807 circulating shares per person, an increase of 5.87% [2] - The top three circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8 million shares, and various ETFs with slight reductions in their holdings [2] Business Overview - Wanma Co., Ltd. specializes in the research, production, and sales of electric cables, with its main business revenue composition being 68.11% from electric products, 28.63% from polymer materials, 1.70% from communication products, and 1.56% from trade and services [1][2] - The company operates within the electric equipment industry, specifically in the cable components sector, and is associated with concepts such as digital economy, fast charging, blockchain, nuclear power, and offshore wind power [2]

Core Viewpoint - Jiangsu Shentong's stock price has shown a mixed performance, with a year-to-date increase of 16.01% and a recent decline over the past 20 days, indicating potential volatility in the market [1][2]. Company Overview - Jiangsu Shentong Valve Co., Ltd. was established on January 4, 2001, and went public on June 23, 2010. The company specializes in the research, production, and sales of industrial special valves [1]. - The company's main revenue sources include butterfly valves (23.83%), flanges and forgings (23.09%), energy-saving services (18.78%), non-standard valves (9.66%), and other products [1]. Financial Performance - For the period from January to September 2025, Jiangsu Shentong reported a revenue of 1.638 billion yuan, reflecting a year-on-year growth of 0.22%. The net profit attributable to shareholders was 234 million yuan, with a year-on-year increase of 2.86% [2]. - The company has distributed a total of 369 million yuan in dividends since its A-share listing, with 195 million yuan distributed over the past three years [3]. Shareholder Information - As of November 20, 2025, the number of shareholders for Jiangsu Shentong was 27,700, a decrease of 4.05% from the previous period. The average circulating shares per person increased by 4.22% to 16,942 shares [2]. - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.4045 million shares, which increased by 6.5399 million shares compared to the previous period [3].

Core Points - Daya Co., Ltd. experienced a stock price increase of 2.02% on December 1, reaching 9.60 CNY per share, with a total market capitalization of 3.281 billion CNY [1] - The company has seen a year-to-date stock price increase of 26.48%, with a recent five-day increase of 4.46% and a decline of 4.38% over the past 20 days [1] - Daya Co., Ltd. operates in the mechanical equipment sector, specifically in metal products, and is involved in the research, production, and sales of tire cord steel wire, steel wire for rubber, and other related products [2] Financial Performance - For the period from January to September 2025, Daya Co., Ltd. reported a revenue of 3.778 billion CNY, a year-on-year decrease of 1.60%, while the net profit attributable to shareholders was 23.3752 million CNY, reflecting a significant year-on-year increase of 121.71% [2] - The company has distributed a total of 153 million CNY in dividends since its A-share listing, with 11.8737 million CNY distributed over the last three years [3] Shareholder Information - As of November 20, 2025, Daya Co., Ltd. had 28,000 shareholders, a decrease of 0.67% from the previous period, with an average of 12,207 circulating shares per shareholder, which increased by 0.67% [2] - Notable institutional shareholders include Guotai Junan CSI Steel ETF, which holds 1.7176 million shares, and Everbright's bond fund, which has reduced its holdings by 1.3944 million shares [3]

Core Points - The stock price of Nuwei Co., Ltd. decreased by 2.09% on December 1, trading at 48.20 CNY per share with a market capitalization of 37.38 billion CNY [1] - The company has seen a year-to-date stock price increase of 135.70%, but a decline of 10.23% over the past 20 days [1] Financial Performance - For the period from January to September 2025, Nuwei Co., Ltd. reported a revenue of 5.603 billion CNY, representing a year-on-year growth of 25.76% [2] - The net profit attributable to shareholders for the same period was 1.114 billion CNY, showing a year-on-year increase of 34.54% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 10.65% to 13,800, while the average circulating shares per person decreased by 9.63% to 54,711 shares [2] - The company has distributed a total of 4.598 billion CNY in dividends since its A-share listing, with 2.280 billion CNY distributed in the last three years [2] Ownership Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 103 million shares, an increase of 40.57 million shares from the previous period [2] - The top ten circulating shareholders include various funds, with notable changes in holdings among them [2]

Wind Power Sector - Wind power equipment industry achieved operating revenue of 171 billion yuan in Q1-Q3 2025, a year-on-year increase of 38.27% [1][2] - The net profit attributable to shareholders reached 5.7 billion yuan, up 9.73% year-on-year [1][2] - Gross margin for the wind power equipment sector was 13.52%, an increase of 0.3 percentage points compared to 2024 [1][2] - Net margin improved to 3.56%, up 0.5 percentage points from 2024 [1][2] - Return on equity (ROE) was 3.02%, a decrease of 0.2 percentage points from 2024 [1][2] - Significant profit growth observed in tower, pile, and bearing segments, with net profit increases of 394.75%, 207.99%, and 167.58% respectively, driven by demand growth, price increases, and product structure optimization [2][3] Wind Turbine and Submarine Cable Segments - Wind turbine segment reported a net profit of 819 million yuan in Q3 2025, a decline of 1.73% year-on-year [3] - Submarine cable segment net profit was 1.722 billion yuan, down 1.45% year-on-year [3] - Tower, pile, and bearing segments showed net profit growth, with tower and pile segment net profit at 421 million yuan, up 12.95% year-on-year [3] Power Grid Equipment Sector - Power grid equipment industry achieved operating revenue of 594.2 billion yuan in Q1-Q3 2025, a year-on-year increase of 7.50% [3][4] - Net profit attributable to shareholders reached 37 billion yuan, up 16.38% year-on-year [3][4] - Gross margin for the power grid equipment sector was 18.82%, an increase of 0.1 percentage points compared to 2024 [3][4] - Net margin improved to 6.81%, up 1.8 percentage points from 2024 [3][4] - Return on equity (ROE) was 7.40%, a decrease of 0.4 percentage points from 2024 [3][4] Performance by Segment in Power Grid Equipment - Transformer and smart equipment segments showed high growth, with transformer segment net profit at 1.27 billion yuan, up 9.86% year-on-year [4] - Combination electrical equipment benefited from ultra-high voltage construction, achieving a net profit of 1.313 billion yuan, up 33.04% year-on-year [4] - Smart segment maintained a growth rate of 18.68% in Q3 2025 [4] - Companies in the overseas segment are optimizing capacity through global layouts, which is expected to benefit from the upward trend in global grid investments [4] Investment Outlook - The new energy sector is expected to continue its positive trend into 2026, with increased offshore wind power development and high-value overseas orders opening up export opportunities for China's wind power [5] - The power grid equipment sector is anticipated to maintain high prosperity due to rising domestic grid investments [5] - Recommended stocks in the wind power sector include Dongfang Cable, Dajin Heavy Industry, and Goldwind Technology, while in the power grid equipment sector, notable mentions include Zhong Neng Electric and Pinggao Electric [5]

Core Points - The stock price of Longking Environmental Protection has decreased by 2.02% on November 28, trading at 15.49 CNY per share with a market capitalization of 19.673 billion CNY [1] - The company has seen a year-to-date stock price increase of 25.22%, with a recent 5-day increase of 1.18%, a 20-day decrease of 8.07%, and a 60-day increase of 24.42% [1] - Longking Environmental Protection's main business includes dust removal, desulfurization, denitrification, material transportation, desulfurization operation, and power plant engineering contracting [1] Financial Performance - For the period from January to September 2025, Longking Environmental Protection achieved operating revenue of 7.858 billion CNY, representing a year-on-year growth of 18.09%, and a net profit attributable to shareholders of 780 million CNY, up 20.53% year-on-year [2] - The company has distributed a total of 3.184 billion CNY in dividends since its A-share listing, with 763 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders of Longking Environmental Protection is 44,400, with an average of 28,630 circulating shares per person [2] - Notable changes in institutional holdings include a decrease of 11.7526 million shares held by Guangfa Multi-Factor Mixed Fund, while Hong Kong Central Clearing Limited has entered as a new major shareholder with 10.8506 million shares [3]

Core Viewpoint - China Shipbuilding Defense experienced a decline in stock price, with a notable net outflow of funds, despite a year-to-date increase in stock value [1][2]. Financial Performance - For the period from January to September 2025, China Shipbuilding Defense reported a revenue of 14.315 billion yuan, reflecting a year-on-year growth of 12.83%, and a net profit attributable to shareholders of 655 million yuan, marking a significant increase of 249.84% [2]. - The company has cumulatively distributed 1.763 billion yuan in dividends since its A-share listing, with 259 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 28, the stock price was 29.43 yuan per share, with a trading volume of 829 million yuan and a turnover rate of 3.37%, resulting in a total market capitalization of 41.599 billion yuan [1]. - The stock has increased by 24.97% year-to-date, but has seen a decline of 2.03% in the last five trading days [1]. Shareholder Composition - As of September 30, 2025, the number of shareholders decreased to 75,900, with an average of 0 circulating shares per person [2]. - The top ten circulating shareholders include notable funds such as the Fortune China Securities Military Industry Leader ETF and Changxin National Defense Military Industry Quantitative Mixed A, with varying changes in their holdings [3].

Core Viewpoint - Jiangte Electric's stock price has shown significant volatility, with a year-to-date increase of 39% but a recent decline over the past five trading days and twenty days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Jiangte Electric, established on May 11, 1995, and listed on October 12, 2007, is located in Yichun, Jiangxi Province. The company specializes in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors [1]. Financial Performance - For the period from January to September 2025, Jiangte Electric reported a revenue of 1.432 billion yuan, reflecting a year-on-year growth of 14.62%. However, the net profit attributable to shareholders was -113 million yuan, a decrease of 37.31% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, Jiangte Electric had 222,500 shareholders, an increase of 8.82% from the previous period. The average number of circulating shares per shareholder was 7,666, which decreased by 8.11% [2]. Dividend History - Since its A-share listing, Jiangte Electric has distributed a total of 99.68 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 36.23 million shares, an increase of 7.36 million shares from the previous period. Other notable shareholders included various ETFs, with some experiencing a decrease in holdings [3].