Core Viewpoint - Xuji Electric experienced a stock price decline of 2.01% on October 30, 2023, with a current price of 26.30 CNY per share and a total market capitalization of 26.79 billion CNY [1] Group 1: Stock Performance - Xuji Electric's stock has decreased by 2.80% year-to-date, but has seen a 5.45% increase over the last five trading days, an 8.67% increase over the last 20 days, and a 16.41% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 21, where it recorded a net buy of -248 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Xuji Electric reported a revenue of 9.454 billion CNY, a year-on-year decrease of 1.38%, while the net profit attributable to shareholders was 901 million CNY, reflecting a year-on-year increase of 0.75% [2] - The company has distributed a total of 2.271 billion CNY in dividends since its A-share listing, with 1.112 billion CNY distributed over the last three years [3] Group 3: Business Overview - Xuji Electric, established on December 26, 1996, and listed on April 18, 1997, is based in Xuchang, Henan Province, and operates in five main business areas: smart power distribution, smart electricity, DC transmission control protection, special energy-saving equipment, and intelligent power supply for industry and transportation [2] - The company's revenue composition includes: smart power distribution systems (28.64%), smart meters (23.71%), smart medium-voltage power supply equipment (20.76%), new energy and system integration (10.79%), charging and swapping equipment (8.96%), and DC transmission systems (7.14%) [2]

Market Overview - The Shanghai Composite Index rose by 0.06% while the ChiNext Index fell by 0.23% [1] - The lithium battery industry chain led the market, with sectors such as cybersecurity, quantum technology, energy storage, and AI applications showing strength [1] - Conversely, computing hardware concepts experienced a pullback, with the CPO sector leading the decline [1] ETF Performance - Lithium battery sector ETFs saw significant gains, with ICBC Credit Suisse Lithium Battery ETF, Invesco Battery ETF, and CCB Fund Battery ETF rising by 2.71%, 2.52%, and 2.49% respectively [1] - The rare metals sector also performed well, with ICBC Credit Suisse Rare Metals ETF increasing by 2.36% [1] - International oil prices rose, leading to a 2.25% increase in the Huatai-PB Oil and Gas Resources ETF [1] Sector Performance - The gaming sector continued to decline, with both the Gaming ETF and Huatai-PB Gaming ETF dropping over 2% [1] - The innovative drug sector also saw a downturn, with the Innovative Drug ETF for Shanghai-Hong Kong-Shenzhen and the Biomedicine ETF falling by 2.3% and 2.24% respectively [1] - The CPO sector weakened, with the Communication Equipment ETF and 5G ETF declining by 2.04% and 1.92% respectively [1]

Core Insights - Midea Group reported a revenue of 1119.33 billion yuan in Q3 2025, a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 118.70 billion yuan, up 8.95% [2] - For the first three quarters, total revenue reached 3647.16 billion yuan, reflecting a 13.8% year-on-year growth, while net profit attributable to shareholders was 378.84 billion yuan, marking a 19.51% increase [2] Business Segments - The to B business segment grew by 18% year-on-year, outperforming the to C segment's growth of 13% by 5 percentage points, indicating strong momentum [2] - Revenue from the new energy and industrial technology segment was 30.6 billion yuan, up 21% year-on-year; smart building technology revenue reached 8.1 billion yuan, growing by 25%; and revenue from robotics and automation was 22.6 billion yuan, increasing by 9% [2] Robotics and AI Initiatives - Midea Group is focusing on AI and industrial robotics, with the launch of five strategic intelligent products, including the KUKA AI Vision, aimed at creating a comprehensive intelligent ecosystem [3] - The company introduced its first humanoid robot, "Mei Luo," at its smart washing machine factory and showcased the family humanoid robot "Mei La" at the Berlin International Consumer Electronics Show [3] Energy and Medical Ventures - Midea Energy and Midea Medical made significant strides, with Midea Energy unveiling a "storage + heat pump + AI" strategy and launching the Aqua-C3.0 Pro liquid cooling energy storage system [3] - The virtual power plant platform from HeKang New Energy has integrated over 1.5 GW of distributed photovoltaic resources, covering various commercial users and data centers [3] Smart Home Business - The smart home business saw a 13% year-on-year revenue increase, with overseas OBM (Own Brand Manufacturer) revenue being a key driver, accounting for over 45% of the to C business [4] - In Q3, Midea's Toshiba brand in Japan achieved a market share that rose to second place [4] Global Operations and Collaborations - Midea's Thailand air conditioning factory was recognized as a "lighthouse factory" by the World Economic Forum, marking a significant achievement for the company in the overseas market [4] - A strategic cooperation agreement was signed with Huawei to collaborate on enterprise management, AIGC, ICT infrastructure, and smart home solutions, enhancing product innovation and user experience [4] Shareholder Returns - Midea Group announced a mid-term cash dividend of 5 yuan per 10 shares and has repurchased over 9.3 billion yuan worth of shares, with significant portions of its buyback plans already executed [5]

Business Overview - The company primarily operates in three business segments: electricity information collection systems, smart electricity cloud services, and power cabinets [2][3] - Key products in the electricity information collection systems include main station systems, special transformer terminals, concentrators, and collectors, primarily serving State Grid Corporation of China and China Southern Power Grid [2] - Smart electricity cloud services offer low-cost monitoring and management systems for electricity users, providing value-added services such as energy management and environmental monitoring [2][3] Virtual Power Plant Involvement - The company does not directly participate in virtual power plants but provides data services to virtual power plant operators through its user-side system integration platform [3][4] - The platform utilizes IoT, edge computing, and other technologies to ensure comprehensive interconnectivity and intelligent control of user-side devices [3] Promotion Strategy - The user-side system integration platform is promoted without requiring users to purchase equipment; the company provides all necessary services for a service fee [4] - The company has established offline service networks across multiple provinces through authorized service providers, who are trained and supported by the company [4] Accounts Receivable Management - The company experiences low accounts receivable risk as its clients are primarily state-owned enterprises with high credit ratings and strong performance capabilities [5]

Core Viewpoint - Wan Sheng Intelligent is a leading supplier of smart meters and electricity information collection systems in China, with strong R&D capabilities and product quality advantages [1] Group 1: Business Performance - In Q3 2025, Wan Sheng Intelligent reported revenue of 968 million yuan, ranking 5th in the industry out of 14 companies, with the top company, Kelu Electronics, generating 3.586 billion yuan [2] - The main business segments include smart metering, contributing 472 million yuan (83.20%), while other segments accounted for 65.83 million yuan (11.61%) and smart distribution network contributed 29.40 million yuan (5.19%) [2] - The net profit for the same period was 164 million yuan, ranking 7th in the industry, with the leading company, Haixing Electric, reporting 730 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Wan Sheng Intelligent was 36.34%, higher than the previous year's 25.39% and above the industry average of 30.70% [3] - The gross profit margin was reported at 34.23%, slightly up from 33.70% year-on-year but below the industry average of 34.67% [3] Group 3: Executive Compensation - The chairman, Wu Yongqiang, received a salary of 1.3819 million yuan in 2024, a decrease of 192,500 yuan from 2023 [4] - The general manager, Jiang Jiabao, had a salary of 873,500 yuan in 2024, down by 27,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 27.51% to 20,300 [5] - The average number of circulating A-shares held per shareholder decreased by 21.57% to 13,100 [5]

Core Viewpoint - Kelu Electronics is a leading energy service provider in China, with a strong focus on electrical instruments, power automation, and renewable energy solutions, showcasing a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Kelu Electronics achieved a revenue of 3.586 billion yuan, ranking first among 14 companies in the industry, surpassing the second-ranked Haixing Electric by 0.17 billion yuan [2] - The revenue composition includes 1.282 billion yuan from energy storage (49.83%), 1.254 billion yuan from smart grid (48.74%), and smaller contributions from property and energy management services [2] - The net profit for the same period was 264 million yuan, placing the company fifth in the industry, with the top performer, Haixing Electric, reporting a net profit of 730 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Kelu Electronics had a debt-to-asset ratio of 90.59%, an increase from 89.35% year-on-year, significantly higher than the industry average of 30.70% [3] - The gross profit margin for the period was 31.33%, down from 32.02% year-on-year, and below the industry average of 34.67% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.23% to 75,000, while the average number of shares held per shareholder decreased by 6.74% to 18,700 shares [5] - Hong Kong Central Clearing Limited is the third-largest shareholder, increasing its holdings by 35.065 million shares [5] Group 4: Management and Compensation - The chairman, Qiu Xiangwei, has not seen any change in compensation, while the president, Li Gefeng, received a salary of 2.7547 million yuan in 2024 [4] Group 5: Market Outlook - In the first half of 2025, Kelu Electronics reported a revenue of 2.573 billion yuan, a year-on-year increase of 34.66%, and a net profit of 190 million yuan, up 579.14% [6] - The energy storage segment showed significant growth, with a revenue of 1.282 billion yuan, a 177.15% increase year-on-year, and plans for expansion into international markets [6] - Future revenue projections for 2025 to 2027 are 5.475 billion yuan, 6.992 billion yuan, and 8.495 billion yuan, with net profits expected to grow significantly during the same period [6]

Core Viewpoint - Juhua Technology is a leading provider of energy IoT solutions in China, focusing on smart metering and intelligent power terminals, with a strong technical and full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Juhua Technology achieved revenue of 1.25 billion yuan, ranking 4th in the industry, surpassing the industry average of 1.144 billion yuan and the median of 582 million yuan [2] - The main business segment, smart metering and collection systems, generated 710 million yuan, accounting for 80.26% of total revenue [2] - The net profit for the same period was 488 million yuan, also ranking 4th in the industry, exceeding the industry average of 230 million yuan and the median of 120 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 14.42%, down from 16.98% year-on-year and significantly lower than the industry average of 30.70%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 43.36%, a decrease from 47.96% year-on-year but still above the industry average of 34.67%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.74% to 28,200, while the average number of circulating A-shares held per shareholder increased by 0.74% to 17,700 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [5] Group 4: Executive Compensation - The chairman of the company, Yang Guang, received a salary of 1.5062 million yuan in 2024, an increase of 545,300 yuan compared to 2023 [4]

Core Viewpoint - The State Grid Tianshui Power Supply Company has collaborated with the Tianshui Municipal Bureau of Industry and Information Technology to implement a load management plan for the winter peak of 2025, ensuring stable electricity supply and enhancing power forecasting and regulation capabilities [1][3]. Group 1: Load Management Plan - The load management plan aims to address potential electricity shortages during the winter peak in Tianshui City by identifying and managing 208 target customers [1]. - A total of 57 customers have been included in the plan, with a controllable load capacity of 510,000 kilowatts, categorized into six levels of load management indicators [3]. - The load management indicators are as follows: - 5% load management (85,000 kW) for 19 customers - 10% load management (170,000 kW) for 55 customers - 15% load management (255,000 kW) for 56 customers - 20% load management (340,000 kW) for 56 customers - 25% load management (425,000 kW) for 56 customers - 30% load management (510,000 kW) for 57 customers [3]. Group 2: Implementation and Collaboration - The company will establish a dynamic revision mechanism for the customers included in the load management plan, promoting collaboration among government, power grid, and electricity customers [3]. - The plan encourages enterprises to participate in demand response and shift electricity usage through market-oriented policies [3]. - The company aims to integrate various adjustable load resources, such as 5G base stations, charging stations, and commercial buildings, to enhance load-side flexibility and ensure effective execution of the load management plan [3].

Core Viewpoint - The stock of State Grid Information Communication Co., Ltd. (国网信通) has shown a recent upward trend, with a 2.05% increase on October 29, 2023, and a total market capitalization of 22.147 billion yuan [1]. Group 1: Stock Performance - As of October 29, 2023, the stock price is 18.46 yuan per share, with a trading volume of 151 million yuan and a turnover rate of 0.69% [1]. - Year-to-date, the stock has decreased by 1.49%, but it has increased by 5.67% over the last five trading days, 7.64% over the last twenty days, and 2.56% over the last sixty days [1]. Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of 3.525 billion yuan, representing a year-on-year growth of 31.43%, and a net profit attributable to shareholders of 266 million yuan, up 14.41% year-on-year [2]. - Cumulatively, the company has distributed 1.585 billion yuan in dividends since its A-share listing, with 695 million yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders is 39,100, a decrease of 1.64% from the previous period, with an average of 30,588 circulating shares per person, an increase of 1.67% [2]. - The top ten circulating shareholders include the Southern CSI 500 ETF, which holds 8.9021 million shares, an increase of 1.197 million shares compared to the previous period [3]. Group 4: Business Overview - The company, established on January 5, 1997, and listed on April 2, 1998, is located in Chengdu, Sichuan Province, and focuses on new information communication technologies [1]. - The main revenue segments include digital infrastructure (49.62%), cutting-edge technology innovation (19.96%), power digital applications (16.02%), enterprise digital applications (11.30%), energy innovation services (2.97%), and others (0.12%) [1].

1. Report Industry Investment Rating - Copper: Neutral [8] - Arbitrage: Suspended [8] - Options: short put @ 83,000 yuan/ton [8] 2. Core Viewpoints - The non - ferrous sector led by precious metals had a correction yesterday. Copper prices were dragged down by the sharp decline in gold, and high copper prices increased downstream wait - and - see sentiment. So, a relatively neutral attitude is taken towards copper prices for now [8]. 3. Summary by Related Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes - On October 28, 2025, the Shanghai copper main contract opened at 88,160 yuan/ton and closed at 86,980 yuan/ton, a - 1.57% drop from the previous trading day's close. The night - session of the same day opened at 87,220 yuan/ton and closed at 87,910 yuan/ton, a 1.07% increase from the afternoon close [1]. 3.1.2 Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of 120 to a premium of 10 yuan/ton against the 2511 contract, with an average discount of 55 yuan/ton, a 10 - yuan/ton decrease from the previous day. The spot price range was 87,620 - 88,190 yuan/ton. The procurement and sales sentiment slightly recovered as holders lowered prices. Downstream buyers were mainly for rigid demand, and some traders replenished stocks at low prices. It is expected that the market sentiment will stabilize after the copper price correction, and the room for further narrowing of the spot discount is limited [2]. 3.1.3 Important Information Summaries - US government: The US Senate failed to pass the procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue. Employment market: ADP will launch weekly employment data, and the first report showed that the US private - sector employment increased by an average of 14,250 in the four weeks ending October 11 [3]. 3.2 Mining End - On October 27, Harmony gold completed the acquisition of MAC Copper, the owner of the high - grade CSA copper mine in New South Wales, Australia, for $1.01 billion. Harmony will integrate the CSA copper mine into its asset portfolio, update its operating performance and key development milestones in early 2026, and disclose the complete mine plan in August 2026 [4]. 3.3 Smelting and Import - The International Copper Study Group (ICSG) pointed out that the copper market is experiencing serious mine supply disruptions this year, and the cumulative impact will be fully felt in 2026, pushing the global copper market back into a supply shortage. Although the demand growth in 2026 is expected to be weak (only 2.1%), the copper market will turn into a 150,000 - ton supply shortage in 2026 after two years of surplus. Currently, the copper market is still in surplus, and the expected surplus in 2025 has been revised down from 289,000 tons to 178,000 tons [5]. 3.4 Consumption - China Power Construction is participating in the construction of the UAE RTC photovoltaic - energy storage project, which includes a 5.2GW photovoltaic power station and a 19GWh battery energy storage system. China Power Construction is responsible for the northern block (2.1GW photovoltaic + 7.6GWh energy storage). The project is expected to be put into operation in 2027 [6]. 3.5 Inventory and Warehouse Receipts - LME warehouse receipts decreased by 575 tons to 134,575 tons. SHFE warehouse receipts increased by 454 tons to 35,846 tons. On October 28, the domestic electrolytic copper spot inventory was 184,500 tons, a change of 2,900 tons from the previous week [7].