Core Insights - Weldex 2025 and Fastenex exhibitions will take place from October 7 to 10, 2025, at the Crocus Exhibition Center in Moscow, showcasing the welding and fastening industries [1] - Weldex has become the largest international exhibition for welding materials, equipment, and technology in Russia since its inception in 2001, serving as a vital platform for manufacturers and suppliers [1] - Fastenex is the only international B2B exhibition in Russia focused on fasteners and accessories, complementing the Weldex exhibition [5] Weldex 2025 Highlights - The exhibition will gather professionals from the welding industry, featuring exhibitors from key areas such as welding equipment, industrial robots, and additive manufacturing [2] - Over 190 exhibitors and more than 7,000 attendees are expected, representing 27 countries and 76 regions of Russia [1] Major Exhibitors - Notable exhibitors include AURORA, DELTASVAR, and INDUSTRIAL ROBOTS CRP, among others, showcasing a wide range of welding technologies and solutions [3] Audience Distribution - Attendees will primarily come from sectors such as mechanical engineering, oil and gas, energy, metallurgy, and construction [4] Fastenex 2025 Highlights - Fastenex will feature a diverse range of fasteners and accessories, including industrial and construction fasteners, and will attract professionals from related industries [5][6] Master Classes - For the third consecutive year, exhibitors will conduct master classes on-site, allowing attendees to observe equipment in operation and learn advanced techniques [7] - Topics will include advanced MIG/MAG welding technology and modern micro-welding techniques [8] Business Agenda - The four-day event will host seminars and forums discussing promising technological solutions in areas like 3D printing and laser technology [9] - Key discussions will focus on welding development strategies, talent cultivation, and the digital transformation of the industry [9] Competitions - The exhibition will feature three professional competitions aimed at showcasing talent and promoting technological innovation within the welding industry [10] - Categories will include a women's welding competition and the national welding championship, focusing on core welding techniques [11][12] Sponsorship - The event is supported by SKT-SERVICE LLC, part of a leading industrial metallurgy holding company in Russia, highlighting the importance of collaboration in organizing the exhibition [15]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading domestic copper-based materials enterprise accelerating its high-end transformation, with significant growth in carbon fiber and high-end equipment sectors benefiting from military and aerospace demand [2][4] - The company achieved revenue of 288.03 billion yuan in H1 2025, a year-on-year increase of 16.05%, and a net profit of 2.51 billion yuan, up 48.83% year-on-year [2][4] Summary by Sections Domestic Copper-Based Materials Leader - The company produces precision copper strips, copper conductor materials, copper alloy wires, precision special steel, carbon fiber composite materials, and high-end thermal equipment, with an annual production capacity of over 300,000 tons of precision copper strips, ranking first in China [2][11] - The company has undergone multiple acquisitions to enhance its high-end copper material capabilities and enter the military new materials sector [11][22] Tian Niao High-Tech as Core Supplier - Tian Niao High-Tech, a 90% subsidiary, is a key supplier of carbon fiber preforms for aerospace applications, with expected surges in demand due to military exercises and the expansion of the civil aviation market [27][31] - The company is responsible for supplying carbon fiber preforms for all domestic aircraft brake units and nearly all series of solid rocket engine throat liners [27][31] Ding Li Technology's Expansion - Ding Li Technology, holding 66.72% of the company, is a leading enterprise in special thermal equipment, planning to spin off and list separately while expanding into 3D printing parts [56][59] - The company focuses on advanced thermal processing equipment and has developed a production line for metal-based 3D printing materials [59][64] Xin Hai Gao Dao's Growth in Robotics - Xin Hai Gao Dao, an 82.06% subsidiary, leads in the copper conductor segment and is entering the robotics field, creating new growth points [3][4] - The company has successfully mass-produced ultra-fine copper conductors for robotics and electric vehicles, establishing strategic partnerships with well-known enterprises [3][4]

Core Viewpoint - Aidi Te (Qinhuangdao) Technology Co., Ltd. has seen a stock price increase of 3.34% with a market capitalization of 4.847 billion yuan, benefiting from its focus on dental medical materials and 3D printing technology [1][2]. Company Overview - Aidi Te specializes in the research, production, and sales of dental restoration materials and digital dental equipment, with main products including dental restoration materials, digital dental devices, orthodontic products, and preventive dental products [2][4]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong innovation capabilities and high market share in niche markets [3]. - As of June 30, 2025, Aidi Te's revenue composition includes 73.74% from dental restoration materials, 19.80% from digital dental equipment, and 6.46% from other products and services [8]. Financial Performance - For the first half of 2025, Aidi Te achieved a revenue of 486 million yuan, representing a year-on-year growth of 17.22%, and a net profit attributable to shareholders of 92.04 million yuan, up 19.86% year-on-year [8]. - The company's overseas revenue accounted for 61.85% of total revenue, benefiting from the depreciation of the Chinese yuan [4]. Market Activity - On October 9, the stock recorded a trading volume of 77.8274 million yuan with a turnover rate of 2.41%, indicating active market participation [1]. - The main capital inflow for the day was 3.862 million yuan, with a slight increase in main capital positions over the past two days [5][6]. Technical Analysis - The average trading cost of the stock is 47.91 yuan, with the current price approaching a support level of 44.05 yuan, suggesting potential volatility in the near term [7].

Core Viewpoint - Spring Medical experienced a decline of 3.93% on October 9, with a trading volume of 93.15 million yuan and a total market capitalization of 9.179 billion yuan [1] Company Overview - Spring Medical is a leading domestic orthopedic medical device manufacturer, focusing on the research, production, and sales of implantable orthopedic medical devices, including oral metal and invisible orthodontics, as well as oral implants and restorations [2][5] - The company is located in Tongzhou District, Beijing, and was established on February 12, 1998, with its listing date on December 30, 2021 [7][8] - Main products include joint prosthetics covering hip, knee, shoulder, and elbow joints, and a full range of spinal implant products [5][8] Business Development - The company is currently in the design and inspection phase for a customized porous tantalum dental implant product [2] - Spring Medical has introduced various types of 3D printing equipment, including EBM and MJF, to advance the development of customized prosthetic products [2][3] - The company has been recognized as a "specialized and innovative" small giant enterprise, indicating strong innovation capabilities and high market share [3] Financial Performance - For the first half of 2025, Spring Medical achieved operating revenue of 488 million yuan, a year-on-year increase of 28.27%, and a net profit attributable to shareholders of 114 million yuan, up 44.85% year-on-year [8] - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan in the last three years [8] Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders include Ping An Low Carbon Economy Mixed A and Southern Medical Health Flexible Allocation Mixed A, with notable changes in holdings [9]

Group 1 - The 3D-printed hypercar Czinger 21C has been launched with a starting price of $1.7 million and a limited production of 80 units [2][3] - The car features an extreme aerodynamic design, with many components including the chassis made using 3D printing technology, making it the world's first 3D-printed hypercar [5] - The interior layout is designed for driving, with the driver's seat positioned centrally and the "co-driver" seat located in the second row [7] Group 2 - The Czinger 21C is powered by a mid-mounted 2.9L twin-turbo V6 engine producing 950 horsepower, combined with an electric system that includes a 2kWh lithium-titanate battery, achieving a total output of 1,350 horsepower [9] - The car can accelerate from 0 to 100 km/h in 1.9 seconds, 0 to 300 km/h in 8.5 seconds, and has a top speed of 405 km/h [9] - Recently, the Czinger 21C completed a 1,600 km cross-state trip in the U.S. in 5 days, setting lap records on five racetracks, including Laguna Seca [11] Group 3 - Dongfeng Nissan has launched the NR15 engine, a dedicated engine for its plug-in hybrid sedan N6, which features a 1.5L engine [12] - The N6 is positioned as a mid-size plug-in hybrid sedan with dimensions of 4831mm in length, 1885mm in width, and 1491mm in height, and a wheelbase of 2815mm [14] - The expected starting price for the N6 is around 70,000 to 80,000 yuan, potentially making it a competitive option in the plug-in hybrid market due to its high cost-performance ratio [17]

Core Viewpoint - The company has signed a strategic cooperation framework agreement with Fujian Quanzhou Aiding Intelligent Technology Co., Ltd., planning to invest 10 million yuan to acquire a 25% stake in Aiding Intelligent, which will increase its registered capital to 40 million yuan [1] Group 1 - The investment aims to expand the company's product industry layout and accelerate future strategic development [1] - Aiding Intelligent specializes in 3D metal-related products, and the collaboration will focus on deep cooperation in the 3D printed metal shoe mold project [1] - This investment is expected to cultivate new industrial channels and profit growth points for the company [1]

Core Viewpoint - Juguang Technology's stock price has experienced significant fluctuations, with a year-to-date increase of 140.36% but a recent decline of 9.94% over the last five trading days [1] Group 1: Stock Performance - As of September 30, Juguang Technology's stock price was 153.11 CNY per share, with a market capitalization of 13.758 billion CNY [1] - The stock has seen a trading volume of 365 million CNY and a turnover rate of 2.62% [1] - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase of 89.4535 million CNY on September 11 [1] Group 2: Financial Performance - For the first half of 2025, Juguang Technology reported a revenue of 393 million CNY, representing a year-on-year growth of 26.20% [2] - The company recorded a net profit attributable to shareholders of -24.9407 million CNY, showing a year-on-year increase of 11.30% [2] Group 3: Business Overview - Juguang Technology, established on September 21, 2007, specializes in high-power semiconductor laser components and laser optical components [2] - The revenue composition includes laser optical products (48.73%), semiconductor laser products (18.92%), automotive application solutions (12.62%), and other segments [2] - The company is classified under the electronics-semiconductor-discrete devices industry and is involved in various concept sectors such as 3D printing and consumer electronics [2] Group 4: Shareholder Information - As of June 30, 2025, Juguang Technology had 11,900 shareholders, with an average of 7,583 circulating shares per shareholder [2] - The company has distributed a total of 65.8705 million CNY in dividends since its A-share listing [3] - Notable institutional shareholders include Xingquan Trend Investment Mixed Fund and Golden Eagle Technology Innovation Stock A, with both reducing their holdings [3]

Core Viewpoint - Spring Medical has shown significant stock performance with a year-to-date increase of 89.95%, indicating strong market interest and potential growth in the orthopedic medical device sector [1][2]. Company Overview - Spring Medical, established on February 12, 1998, and listed on December 30, 2021, is based in Tongzhou District, Beijing. The company specializes in the research, production, and sales of implantable orthopedic medical devices, primarily focusing on joint prosthetics and spinal implants [1]. - The main products include hip, knee, shoulder, and elbow joint prosthetics, as well as a full range of spinal internal fixation systems. The company exports its products to various regions, including Asia, South America, Africa, Oceania, and Europe [1]. Financial Performance - For the first half of 2025, Spring Medical reported a revenue of 488 million yuan, representing a year-on-year growth of 28.27%. The net profit attributable to shareholders was 114 million yuan, with a year-on-year increase of 44.85% [2]. - Since its A-share listing, the company has distributed a total of 359 million yuan in dividends, with 309 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 5,920, while the average circulating shares per person increased by 341.41% to 48,836 shares [2]. - Notable institutional shareholders include Ping An Low Carbon Economy Mixed A and Southern Medical Health Flexible Allocation Mixed A, with significant changes in holdings among the top ten circulating shareholders [3].

Group 1 - The company, Yongli Co., announced on September 29 that its affiliated company, Shenzhen Dekai Precision Technology Co., Ltd., primarily provides professional 3D metal printing and 3D laser engraving services for the mold manufacturing industry [2]

Core Viewpoint - Spring Medical, a leading domestic orthopedic medical device manufacturer, is focusing on the research, production, and sales of implantable orthopedic medical devices, including dental metal and invisible orthodontics, and is currently in the design inspection phase for customized dental implants [2][3]. Company Overview - Spring Medical is located in Tongzhou District, Beijing, and was established on February 12, 1998, with its listing date on December 30, 2021. The company specializes in the research, production, and sales of implantable orthopedic medical devices [7][8]. - The main products include joint prosthetics covering hip, knee, shoulder, and elbow joints, as well as a full range of spinal implant products [8]. Business Performance - For the first half of 2025, Spring Medical achieved operating revenue of 488 million yuan, representing a year-on-year growth of 28.27%, and a net profit attributable to shareholders of 114 million yuan, with a year-on-year increase of 44.85% [8]. - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan in the last three years [9]. Industry Position - Spring Medical has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in the evaluation of national small and medium-sized enterprises, indicating strong innovation capabilities and high market share [3]. - The company has introduced various types of 3D printing equipment for the development of customized prosthetic products, including EBM and MJF technologies [2]. Market Activity - On September 29, Spring Medical's stock fell by 1.25%, with a trading volume of 46.11 million yuan and a turnover rate of 0.68%, bringing the total market capitalization to 9.102 billion yuan [1]. - The stock's average trading cost is 21.06 yuan, with current price fluctuations between resistance at 25.20 yuan and support at 22.65 yuan, indicating potential for range trading [6].