Core Viewpoint - The development of offshore wind power in Shandong has significantly increased green electricity supply and reduced carbon emissions, positioning the region as a leader in renewable energy in northern China [1][6]. Group 1: Offshore Wind Power Development - The construction of 235 giant wind turbines by State Power Investment Corporation (SPIC) in the southern sea area of Shandong generates 4.35 billion kilowatt-hours of green electricity annually, equivalent to the carbon absorption of 14 million trees [1]. - As of October 2023, Shandong's offshore wind power installed capacity reached 5.92 million kilowatts, making it a crucial engine for the province's green, low-carbon, and high-quality development [1]. Group 2: Operation and Maintenance Innovations - Offshore wind power operation and maintenance (O&M) costs typically account for 20%-30% of project construction costs, which is significantly higher than onshore wind power [3]. - The integration of AI in offshore wind power O&M has improved efficiency, with a smart system capable of real-time monitoring and alerts for equipment issues, thus preventing potential damages [3][4]. Group 3: Communication and Inspection Enhancements - A 5G base station has been established at the offshore wind farm, extending coverage up to 77 kilometers, which enhances communication capabilities for maintenance and safety [5]. - The deployment of inspection robots has replaced 70% of manual inspection work, improving efficiency and ensuring the safety of personnel during maintenance operations [5][6]. Group 4: Renewable Energy Growth and Future Goals - Shandong aims to achieve a total installed power capacity of over 250 million kilowatts by October 2025, with clean energy accounting for one-third of electricity consumption [6][9]. - The province has seen a nearly 10 percentage point increase in the share of renewable energy generation from 2021 to 2024, with new energy storage capacity growing more than fivefold compared to the end of 2022 [9].

Core Viewpoint - The company Qingyi Optoelectronics has commenced production at its Foshan Nanhai production base, focusing on high-precision flat panel display mask plates and high-end semiconductor mask plates, addressing the growing demand in the 5G and AI era for high-definition and flexible displays [1] Group 1 - The production ceremony for the Foshan Nanhai production base was held on November 14, 2025, marking the start of mass production for high-precision flat panel display mask plates [1] - The high-precision flat panel display mask plate facility primarily produces mask plates for 8.6 generation and below, filling the domestic gap in AMOLED high-precision mask plates [1] - The high-end semiconductor mask plate facility is focused on producing mask plates for semiconductor processes ranging from 180nm to 28nm [1] Group 2 - The commencement of production at the Foshan Nanhai base will significantly expand the company's production capacity [1]

Core Insights - The China-Europe Railway Express has surpassed 120,000 trips, with a total cargo value exceeding $490 billion, marking significant progress in high-quality development and global brand recognition [1][2]. Group 1: Operational Achievements - The service range of the China-Europe Railway Express now covers the entire Eurasian continent, with operations through six border ports in China [2]. - As of October 2025, a total of 371 trips were made, representing a 33% year-on-year increase [2]. - The railway has established connections from 128 cities in China to 232 cities in 26 European countries and over 100 cities in 11 Asian countries [2]. Group 2: Innovations and Technology - The China Railway Group has introduced the "digital port" system to enhance customs efficiency, reducing clearance time from approximately half a day to under 30 minutes [2]. - New technologies such as Beidou satellite positioning and 5G are being utilized to improve cargo tracking and safety [3]. - The introduction of specialized containers, including refrigerated and liquid tanks, has enhanced the railway's capacity for high-value goods [3]. Group 3: Economic and Social Impact - The China-Europe Railway Express has stimulated economic development in countries along its route and provided timely disaster relief, delivering essential supplies during emergencies in Turkey and Kazakhstan [3].

Market Dynamics - Huawei and ZTE have won contracts to supply 5G equipment to Vietnam, despite US government's efforts to exclude Chinese contractors from digital infrastructure projects [1] - The US government has been urging Vietnam to exclude Chinese contractors, including those involved in submarine cable projects, as a condition for advanced technology support [1] Contract Details - A consortium including Huawei secured a $23 million (23 million 美元) contract for 5G equipment [1] - ZTE won at least two contracts, including one worth over $20 million (20 million 美元) last week, for producing 5G antennas [1] Geopolitical Context - The US announced tariffs on Vietnamese goods in April [1]

Core Viewpoint - The rapid development of AI and the increasing competition in computing power are reshaping the global landscape, with the optical communication industry becoming a focal point in this transformation. Companies like Dongshan Precision are positioning themselves to capitalize on these trends through their IPO in Hong Kong [1][10]. Company Overview - Dongshan Precision, established in 1998, specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [2]. - By 2024, Dongshan Precision is projected to be the largest supplier of edge AI device PCBs globally and the second-largest supplier of soft boards, holding a significant position in the PCB market [2]. Financial Performance - The company's revenue has shown a steady upward trend, with figures of 315.80 billion RMB in 2022, 336.51 billion RMB in 2023, and an expected 367.70 billion RMB in 2024 [4]. - The electronic circuit segment remains the core revenue driver, contributing nearly 70% of total revenue, with projected revenues of 218.19 billion RMB in 2022, 232.61 billion RMB in 2023, and 248.01 billion RMB in 2024 [2][4]. Product Segment Analysis - The soft board segment is performing particularly well, with expected revenues of 215.89 billion RMB in 2024, reflecting a year-on-year growth of approximately 7.5% [3]. - The touch panel and LCD module business is also growing, with projected revenues of 63.69 billion RMB in 2024, a 33.5% increase from the previous year [3]. - Conversely, the precision components segment is experiencing a decline, with revenue share dropping from 14.4% in 2022 to 12.3% in 2024, largely due to significant price pressure [3][5]. Industry Outlook - The global PCB market is expected to grow from 75 billion USD in 2024 to 96.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.2% [6]. - The data center PCB market is projected to grow rapidly, with a CAGR of 10.9%, reaching 21 billion USD by 2029, driven by AI developments [6]. Competitive Position - Dongshan Precision ranks third in the global PCB market with a market share of 4.8% as of 2024, indicating a competitive landscape [9]. - The company relies heavily on overseas markets, with 83.2% of its revenue coming from outside mainland China in 2024, highlighting its exposure to international trade dynamics [9]. Strategic Moves - The company has pursued strategic acquisitions to expand its business, including a recent acquisition of a leading global optical module manufacturer, which is expected to enhance its position in the AI computing infrastructure sector [4][10]. - Dongshan Precision's IPO in Hong Kong is seen as a critical step to strengthen its market position and seek new growth opportunities amid industry changes [10].

Core Viewpoint - The stock of Invec has experienced a significant increase of 129.73% year-to-date, despite a recent decline in trading activity and a net outflow of funds [1][2]. Group 1: Stock Performance - As of November 28, Invec's stock price is 71.04 CNY per share, with a market capitalization of 69.375 billion CNY [1]. - The stock has seen a 3.11% increase over the last five trading days and a 1.40% increase over the last twenty days, but a decline of 10.12% over the last sixty days [1]. - Invec has appeared on the daily trading leaderboard 13 times this year, with the most recent appearance on November 13, where it recorded a net buy of 629 million CNY [1]. Group 2: Company Overview - Invec, established on August 15, 2005, and listed on December 29, 2016, is located in Longhua District, Shenzhen, Guangdong Province [2]. - The company specializes in the research, production, and sales of precision temperature control energy-saving equipment, with its main revenue sources being: 52.50% from server room temperature control products, 36.00% from cabinet temperature control products, and 0.93% from rail transit train air conditioning services [2]. - As of October 31, the number of shareholders is 157,400, a decrease of 4.17% from the previous period, with an average of 5,401 circulating shares per person, an increase of 4.36% [2]. Group 3: Financial Performance - For the period from January to September 2025, Invec reported a revenue of 4.026 billion CNY, representing a year-on-year growth of 40.19%, and a net profit attributable to shareholders of 399 million CNY, up 13.13% year-on-year [2]. - The company has distributed a total of 581 million CNY in dividends since its A-share listing, with 345 million CNY distributed over the last three years [3]. Group 4: Shareholder Structure - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 37.06 million shares, a decrease of 45.195 million shares from the previous period [3]. - The fourth-largest circulating shareholder is the China Aviation Opportunity Pioneer Mixed Fund A, which is a new shareholder with 16.127 million shares [3].

Core Viewpoint - The stock of Europe Tong fell by 2.03% on November 28, with a current price of 208.18 CNY per share, reflecting a significant increase of 96.83% year-to-date [1] Financial Performance - For the period from January to September 2025, Europe Tong achieved a revenue of 3.387 billion CNY, representing a year-on-year growth of 27.16% [2] - The net profit attributable to shareholders for the same period was 222 million CNY, showing a year-on-year increase of 41.53% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 25.48% to 21,600, while the average number of circulating shares per person decreased by 18.27% to 5,097 shares [2] - The company has distributed a total of 229 million CNY in dividends since its A-share listing, with 183 million CNY distributed over the past three years [3] Stock Market Activity - The stock has seen significant trading activity, with a net outflow of 10.648 million CNY in principal funds on November 28, 2023 [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on August 15 [1] Company Overview - Europe Tong, established on May 29, 1996, and listed on August 24, 2020, is based in Shenzhen, Guangdong Province, specializing in the research, production, and sales of switch power supply products [1] - The company's main business revenue composition is 99.57% from the manufacturing of computers, communications, and other electronic devices [1]

Group 1: Stock Performance - The stock price of Zhizheng Co., Ltd. increased by 2.11% on November 28, reaching 71.50 CNY per share, with a trading volume of 30.20 million CNY and a turnover rate of 0.57%, resulting in a total market capitalization of 5.33 billion CNY [1] - Year-to-date, the stock price has risen by 36.97%, with a 6.72% increase over the last five trading days, 8.48% over the last 20 days, and 12.74% over the last 60 days [2] Group 2: Financial Metrics - For the period from January to September 2025, Zhizheng Co., Ltd. reported operating revenue of 151 million CNY, a year-on-year decrease of 22.07%, and a net profit attributable to shareholders of -29.51 million CNY, a year-on-year decrease of 95.76% [2] - The company has cumulatively distributed dividends of 19.38 million CNY since its A-share listing, with no dividends distributed in the past three years [3] Group 3: Company Overview - Zhizheng Co., Ltd. was established on December 27, 2004, and was listed on March 8, 2017. The company is located in the Minhang District of Shanghai and specializes in the research, production, and sales of environmentally friendly polyolefin polymer materials for wire and cable applications [2] - The main business revenue composition includes 99.45% from polymer materials for cables and 0.55% from semiconductor equipment and spare parts [2] - The company is classified under the Shenwan industry as Electronics - Semiconductors - Semiconductor Equipment, and is associated with concepts such as small-cap, new materials, nuclear power, optical communication, and 5G [2] Group 4: Shareholder Information - As of September 30, the number of shareholders of Zhizheng Co., Ltd. was 13,900, an increase of 6.52% from the previous period, with an average of 5,363 circulating shares per person, a decrease of 6.12% from the previous period [2]

Core Viewpoint - The stock price of Ruihua Tai has shown a significant increase this year, with a notable rise in recent trading days, indicating positive market sentiment towards the company [2]. Company Overview - Ruihua Tai, established on December 17, 2004, and listed on April 28, 2021, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of high-performance PI films [2]. - The main revenue sources for Ruihua Tai are high-performance PI films (96.62%), other PI films and processing (1.90%), and other sources (1.48%) [2]. Stock Performance - As of November 28, Ruihua Tai's stock price increased by 2.54%, reaching 15.73 CNY per share, with a total market capitalization of 2.831 billion CNY [1]. - Year-to-date, the stock price has risen by 27.99%, with a 9.69% increase over the last five trading days and a 9.62% increase over the last 20 days. However, there was a 3.50% decline over the last 60 days [2]. Financial Performance - For the period from January to September 2025, Ruihua Tai reported a revenue of 283 million CNY, reflecting an 18.18% year-on-year growth. However, the net profit attributable to shareholders was a loss of 62.72 million CNY, a decrease of 28.86% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, Ruihua Tai had 6,542 shareholders, an increase of 23.57% from the previous period. The average number of circulating shares per shareholder was 27,514, which decreased by 19.08% [2]. - The company has distributed a total of 25.2 million CNY in dividends since its A-share listing, with 12.6 million CNY distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the sixth largest circulating shareholder is GF Stable Return Mixed A (009951), holding 3.1727 million shares, which is a decrease of 194,900 shares from the previous period [3].

Core Viewpoint - The stock of Qutian Micro has shown a mixed performance in recent months, with a year-to-date increase of 4.06% and a notable rise of 12.03% over the last five trading days, despite a decline of 15.70% over the past 60 days [2] Group 1: Stock Performance - As of November 28, Qutian Micro's stock price increased by 2.03% to 33.72 CNY per share, with a trading volume of 25.0031 million CNY and a turnover rate of 0.63% [1] - The company has seen a net inflow of 976,200 CNY from main funds, with large orders accounting for 12.81% of purchases and 8.90% of sales [1] - The stock has experienced a 20-day increase of 2.65% and a 60-day decrease of 15.70% [2] Group 2: Company Overview - Qutian Micro, established on November 5, 2004, is located in Longgang District, Shenzhen, and was listed on January 28, 2021 [2] - The company's main business involves the research, design, production, and sales of LCD display and touch control products, with revenue composition as follows: capacitive touch screens (31.70%), monochrome LCD modules (19.91%), color LCD modules (19.28%), monochrome LCD displays (16.90%), and others (12.21%) [2] - The company belongs to the electronic-optical optoelectronics-panel industry and is associated with concepts such as smart transportation, artificial intelligence, automotive electronics, smart home, and 5G [2] Group 3: Financial Performance - For the period from January to September 2025, Qutian Micro achieved a revenue of 975 million CNY, representing a year-on-year growth of 20.64%, while the net profit attributable to shareholders decreased by 12.83% to 63.7317 million CNY [2] - Since its A-share listing, Qutian Micro has distributed a total of 231 million CNY in dividends, with 143 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 1.56% to 16,500, while the average circulating shares per person increased by 1.59% to 7,280 shares [2]