Core Viewpoint - The company, Desay SV, is experiencing a decline in stock price while showing significant growth in revenue and net profit for the first half of 2025 [1] Group 1: Financial Performance - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year increase of 25.25% [1] - The net profit for the same period was 1.223 billion yuan, reflecting a year-on-year growth of 45.82% [1] Group 2: Market Activity - The stock price of Desay SV is currently at 108.96 yuan, down by 0.23 yuan from the previous trading day [1] - The trading volume on the day reached 895 million yuan, with a fluctuation of 1.93% and a turnover rate of 1.48% [1] Group 3: Institutional Engagement - On August 14, the company hosted a research meeting with several institutions, including APS Asset Management and Goldman Sachs Asset Management [1] - During the meeting, it was disclosed that new project orders have an annualized sales value exceeding 18 billion yuan, and plans for overseas production capacity in Germany have been initiated [1] - Over the past year, the company has received a total of 605 institutional research visits, totaling 881 times [1] Group 4: Capital Flow - On August 15, there was a net outflow of 16.2119 million yuan from major funds, with a total net outflow of 275 million yuan over the past five days [1]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Northern Rare Earth, Ice Wheel Environment, Weili Transmission, Jiangbolong, and Dazhu Laser [10][11] - In the last five days, the most popular companies for institutional research include Huaming Equipment, Tapa Group, BOE Technology Group, Xizi Clean Energy, and Amway Co., Ltd. [10][12] - Among the top twenty companies in the past 30 days, seven companies had ten or more rating agencies, including Zhongkong Technology, Ningbo Bank, China National Heavy Duty Truck Group, BOE Technology Group, Kebo Da, Huaming Equipment, and Northern Rare Earth. Notably, China National Heavy Duty Truck Group, BOE Technology Group, and Kebo Da are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [10][11] Group 2: Shareholder Increase in A-Share Listed Companies - From August 4 to August 8, 2025, two companies announced significant shareholder increases: Huaxi Biological and Daodaquan. Huaxi Biological has more than ten rating agencies, with the average proposed increase amount accounting for approximately 1% of the latest market value [13][14] - From January 1 to August 8, 2025, a total of 246 companies announced shareholder increases, with 65 of them having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount accounting for more than 1% of the latest market value, including New Energy, Tunnel Shares, Sailun Tires, and Wanrun Shares [14][15] Group 3: Share Buyback Situation in A-Share Listed Companies - From August 4 to August 8, 2025, a total of 106 companies announced buyback progress, with 33 of them having ten or more rating agencies. Among these, eight companies had an average expected buyback amount accounting for more than 1% of the market value on the announcement date, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Newland, Xinmai Medical, Huaming Equipment, Jinzhai Food, and BOE Technology Group [17][18] - From January 1 to August 8, 2025, a total of 1,654 companies announced buyback progress, with 361 of them having ten or more rating agencies. Among these, 101 companies had a significant buyback ratio, with the expected buyback amount accounting for more than 1% of the market value on the announcement date, including Liugong, Sannuo Biological, Shantui Shares, Haixing Electric, Jiayi Shares, Fuanna, and Gao Neng Environment [18][19]

2025 年 08 月 11 日 机构关注度提升：电力设备、非银金融、公用事业 策略研究团队 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn jianyuhan@kysec.cn 证书编号：S0790525050005 "机构调研信息"是投资者决策过程当中，重要的信息补充 机构调研是资本市场信息传递和价值挖掘的重要环节。对于专业机构而言，是深 度研究、投资决策的关键步骤。相较财务信息，机构调研具备披露及时、信息多 维且深入等优势。往往在调研结束后 1-2 天内，公司以公告方式对外披露，主要 内容包含参会人员信息、会议问答等，投资者与公司管理层之间的问答往往涉及 行业最新动态及公司运营细节。 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理出调 研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一个月公开 的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同比数据）、调研 获得的行业及个股信息增量。 行业视角看机构调研情况: 电力设备、非银金融、公用事业关注度同比增加 周度：上周，全 A 的被调研总次数有所下滑，且低于 202 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest institutional research counts in the past 30 days include Ice Wheel Environment, Northern Rare Earth, Weili Transmission, Dazhu Laser, and China National Heavy Duty Truck [5][16] - In the last five days, the most researched companies include InSai Group, Weili Transmission, Tianlong Co., Jeya Co., and Beite Technology [5][16] - Among the top twenty companies in the past 30 days, six companies had ten or more rating agencies, including Huadian Co., Yanjing Beer, China National Heavy Duty Truck, Kebo Da, BOE Technology Group, and Northern Rare Earth, with Huadian Co., Yanjing Beer, and BOE Technology Group expected to see significant growth in net profit for 2024 compared to 2023 [5][16] Group 2: Major Shareholder Increase in A-Share Companies - From July 28 to August 1, 2025, two companies announced significant shareholder increases: Yuxin Electronics and Jiangnan Yifan [19][20] - From January 1 to August 3, 2025, a total of 244 companies announced shareholder increases, with 64 of them having ten or more rating agencies. Among these, 19 companies had proposed increase amounts that exceeded 1% of their latest market value, including New Energy Group, Tunnel Co., Sailun Tire, and Wanrun Co. [21][22] Group 3: A-Share Company Buyback Situation - From July 28 to August 1, 2025, 111 companies announced buyback progress, with 30 of them having ten or more rating agencies. Six companies had expected buyback amounts that exceeded 1% of their market value, including Jiufeng Energy, Mousse Co., Fuanna, Jinzhai Food, Midea Group, and Liangxin Co. [26][27] - From January 1 to August 3, 2025, a total of 1,623 companies announced buyback progress, with 356 of them having ten or more rating agencies. Among these, 100 companies had expected buyback amounts that exceeded 1% of their market value, with several companies in the board proposal stage, including Jiayi Co., Haixing Electric, Huaming Equipment, Shantui Co., Sanofi Biologics, Liu Gong, Newland, and High Energy Environment [28][29]

Group 1 - The report identifies the top twenty companies with the highest institutional research activity over the past 30 days, including Ice Wheel Environment, Northern Rare Earth, and Weili Transmission, among others [2][11] - In the last five days, the most researched companies include InSai Group, Weili Transmission, and Tianlong Co., Ltd. [2][13] - Six companies among the top twenty in institutional research have ten or more rating agencies, with notable expected profit growth for Hu Dian Co., Yanjing Beer, and BOE Technology Group in 2024 compared to 2023 [2][11] Group 2 - From July 28 to August 1, 2025, two companies, Yuxin Electronics and Jiangnan Yifan, announced significant shareholder increases [3][14] - A total of 111 companies announced share repurchase progress during the same period, with six companies, including Jiufeng Energy and Midea Group, having repurchase amounts exceeding 1% of their market value [3][18] - From January 1 to August 3, 2025, 244 companies reported shareholder increases, with 19 companies having significant planned increase amounts relative to their market value [3][16] Group 3 - In 2025, from January 1 to August 3, 1,623 companies announced share repurchase progress, with 100 companies having repurchase amounts exceeding 1% of their market value [4][19] - Companies in the board proposal stage for repurchase include Jiayi Co., Haixing Power, and Sanhua Equipment [4][19]

Group 1 - N HANSANG listed today with an opening price of 91.5 CNY per share, representing a 216.5% increase [1] - The company is a leading provider of high-end audio products and comprehensive audio technology solutions, focusing on high-performance audio products, innovative audio, and AIoT smart products [1] - N HANSANG primarily collaborates with well-known global electronic audio brands through an ODM business model [1] Group 2 - As of August 5, the market's margin trading balance reached 2 trillion CNY, marking a significant milestone not seen in ten years [2] - On August 5, 553 stocks received net purchases of over 10 million CNY in margin trading, with 13 stocks exceeding 100 million CNY in net purchases [2][3] - The top net purchase stock was Shenghong Technology, with a net purchase of 505 million CNY, followed by CATL and Zhinanceng with net purchases of 363 million CNY and 192 million CNY, respectively [2][3] Group 3 - In the past two days (August 4 to August 5), 18 stocks announced institutional research records, with Dongwei Technology receiving the most attention from 152 institutions [4] - Institutions focused on Dongwei Technology's glass substrate equipment shipments, the impact of increased high-end product ratios on electroplating equipment, and the company's capacity bottlenecks and order status [4] - Taiankang was researched by 92 institutions, with a focus on the clinical trial progress of its innovative drug CKBA for vitiligo [4][5]

Core Insights - The report highlights an increase in institutional attention towards the automotive, electric equipment, and basic chemicals sectors, indicating a shift in market focus [6][7][8] - The electric two-wheeler industry is entering a phase of high-quality development, with expectations for steady growth driven by policies and market demand [31][33] - The report emphasizes the strong performance of specific companies such as Lingyi iTech and Green Source Group, projecting significant profit growth in the coming years [28][31][36] Company and Industry Summaries Automotive and Electric Equipment - Institutional research shows a decline in total survey counts across the A-share market, with automotive and electric equipment sectors seeing increased attention compared to the previous year [7][8] - The report notes that the automotive sector's focus has increased, driven by strong demand and technological advancements [8] Electric Two-Wheeler Industry - The electric two-wheeler market is expected to grow significantly, with Green Source Group positioned as a leading player benefiting from regulatory changes and market dynamics [31][32] - The company is projected to see revenue growth from CNY 2.38 billion in 2020 to CNY 5.07 billion by 2024, with a CAGR of 20.8% [31] - The report anticipates a shift towards high-quality products in the industry, with Green Source Group expected to capitalize on this trend [33][34] Electronics and AI Hardware - Lingyi iTech is recognized as a global leader in AI terminal hardware manufacturing, with projections for net profits to reach CNY 2.33 billion by 2025 [28][29] - The company is expanding its product matrix to include AI-driven devices and components for various sectors, including automotive and clean energy [29][30] Media and Gaming - Xindong Company is forecasted to achieve a revenue of at least CNY 3.05 billion in the first half of 2025, reflecting a year-on-year growth of approximately 37% [36][37] - The growth is attributed to successful game launches and the performance of the TapTap platform, which is expected to continue driving revenue [36][38] Detection Technology - Riheng Technology is positioned as a leader in the domestic industrial X-ray detection sector, with expectations for significant profit growth driven by high demand and technological advancements [40][41] - The company is focusing on both organic growth through new orders and potential acquisitions to expand its market presence [42]

Group 1 - The report highlights an increase in institutional research focus on the automotive, electric equipment, and basic chemical industries compared to the previous year [3][15][23] - In the weekly analysis, the total number of institutional research instances across the A-share market decreased, indicating a cooling interest, likely due to some companies entering their earnings blackout period [16][23] - The monthly analysis shows that in July, the total number of institutional research instances was 1,313, down from 1,505 in the same month of 2024, reflecting a continued decline in research activity [23][26] Group 2 - From an individual stock perspective, companies such as InSai Group, JieYa Co., TianLong Co., JiangBoLong, and BeiTe Technology received significant market attention, with high numbers of research instances and participating institutions [28][34] - TianLong Co. is actively advancing its product matrix in the automotive parts sector, focusing on new energy vehicle components, and has been frequently researched by institutions [30] - WeiLi Transmission has made progress in wind power gearboxes and is enhancing its production capacity, also attracting considerable institutional interest [31]

Group 1: Industry Overview - The overall attention on the automotive, electric power equipment, and basic chemicals industries has increased year-on-year [3][11][20] - In the weekly report, the total number of companies surveyed in the A-share market decreased, indicating a cooling interest, likely due to some companies entering their earnings blackout period [12][20] - In July, the total number of companies surveyed in the A-share market decreased significantly compared to the previous month and was lower than the same period in 2024, with a total of 1,313 surveys conducted [20][21] Group 2: Individual Company Insights - Companies such as InSai Group, JieYa Co., TianLong Co., JiangBoLong, and BeiTe Technology received significant market attention, with high survey counts and institutional interest [26][30] - TianLong Co. has a clear development strategy, actively promoting new products and enhancing its product matrix, with three surveys conducted in the last week [28][29] - WeiLi Transmission has made progress in wind power gearboxes and is actively advancing capacity construction, also receiving three surveys in the last week [28][29]

Group 1 - In the past five trading days, a total of 166 companies were investigated by institutions, with notable interest in Defu Technology, Huichen Co., and Haida Group [1][2] - Among the companies surveyed, 46 received attention from more than 20 institutions, with Defu Technology being the most popular, attracting 238 institutions [1][3] - The types of institutions involved in the surveys included 144 from securities companies, 124 from fund companies, and 67 from insurance companies, indicating a strong interest from the securities sector [1] Group 2 - In terms of market performance, 24 of the surveyed stocks increased in value, with the highest gains seen in Yinsai Group, Defu Technology, and Jiachih Technology, which rose by 26.78%, 25.24%, and 25.15% respectively [2] - Conversely, 22 stocks experienced declines, with the largest drops recorded by Sanyangma, Jinko Solar, and Lianchuang Optoelectronics, which fell by 7.84%, 7.43%, and 7.41% respectively [2] - Among the stocks that have released semi-annual reports, Jinhe Biological and Minshida reported the highest net profit growth rates of 51.52% and 42.28% respectively [2] Group 3 - Defu Technology, Huichen Co., and Haida Group were among the top companies surveyed, with closing prices of 35.93 yuan, 71.18 yuan, and 56.42 yuan respectively, and their respective price changes were 25.24%, 8.18%, and 1.93% [3][4] - The most frequently surveyed company was Weili Transmission, which was investigated four times, while Jiega Co. and Shenghong Technology were surveyed three and two times respectively [5] - The net capital inflow for the stocks with over 20 institutions involved was positive for 14 stocks, with Shenghong Technology seeing the highest net inflow of 1.213 billion yuan [1][2]