Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in chemical modular manufacturing with excellent profitability, benefiting from increased investments by core clients in China, leading to significant growth in contract signings and revenue [1][24]. - The industrial modularization penetration rate is continuously increasing, providing a stable order source for the company's main business [2]. - The company plans to raise 750 million yuan through convertible bonds to build a new base in Nantong, which will expand its capacity for large module manufacturing and tap into the nuclear power sector as a new growth point [3][4]. - The nuclear module business is projected to contribute an additional 460 million yuan in performance by 2025, driven by contracts with major nuclear power operators [4]. Summary by Sections 1. Chemical Modular Manufacturing Leader with Excellent Profitability - The company has established a full industry chain layout in chemical EPFCO, integrating design, procurement, modularization, construction, and maintenance [14]. - The company has seen rapid revenue growth due to increased investments from core clients like BASF and Invista, with a total contract amount of 4.2 billion yuan in 2022, doubling its total revenue from 2021 [24][25]. - The company's profitability is superior to its peers, with a gross margin consistently maintained between 15%-20% since 2021, and a projected gross margin of 16.1% for 2024 [30]. 2. Continuous Improvement in Industrial Modularization Penetration - Modular construction offers significant advantages over traditional methods in cost control, construction efficiency, and operational performance, leading to a stable demand for the company's main business [2]. - The company has successfully completed several benchmark large modular projects, enhancing its technical capabilities and establishing stable partnerships with multinational chemical giants [2]. 3. Fundraising for Nantong Base to Enter Nuclear Power Sector - The Nantong base is expected to significantly increase the company's large module manufacturing capacity, with an estimated annual output value of 2.1 billion yuan upon reaching full production [3]. - The nuclear power sector is projected to see substantial growth, with an average annual investment of approximately 160 billion yuan expected to be driven by the construction of new nuclear units [3]. 4. Earnings Forecast, Valuation, and Investment Recommendations - The company is forecasted to achieve net profits of 220 million yuan, 246 million yuan, and 356 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.49, 0.55, and 0.79 yuan per share [4]. - The current stock price corresponds to a P/E ratio of 28, 25, and 17 for the years 2025, 2026, and 2027, indicating potential for significant earnings growth from the nuclear business [4].

资金流向方面，主力资金净流出5024.91万元，特大单买入1550.99万元，占比4.26%，卖出8468.71万 元，占比23.28%；大单买入9472.23万元，占比26.04%，卖出7579.43万元，占比20.84%。 浙能电力今年以来股价跌5.26%，近5个交易日跌1.56%，近20日跌0.59%，近60日涨2.65%。 资料显示，浙江浙能电力股份有限公司位于浙江省杭州市西湖区紫荆花路36号浙能源力科创中心A座10 层，成立日期1992年3月14日，上市日期2013年12月19日，公司主营业务涉及火力发电业务,辅以提供热 力产品,以及对核电投资。主营业务收入构成为：售电收入81.09%，供热收入8.72%，其他(补 充)6.06%，光伏产品销售4.12%。 浙能电力所属申万行业为：公用事业-电力-火力发电。所属概念板块包括：一带一路、大盘、核聚变、 核电、融资融券等。 12月29日，浙能电力盘中下跌2.14%，截至11:19，报5.04元/股，成交3.64亿元，换手率0.53%，总市值 675.80亿元。 分红方面，浙能电力A股上市后累计派现304.73亿元。近三年，累计派现79.11亿元。 机构持 ...

12月29日，建投能源盘中下跌2.16%，截至09:35，报8.62元/股，成交3096.47万元，换手率0.33%，总市 值155.44亿元。 分红方面，建投能源A股上市后累计派现40.84亿元。近三年，累计派现6.14亿元。 机构持仓方面，截止2025年9月30日，建投能源十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1704.44万股，相比上期减少1673.46万股。招商量化精选股票发起式A（001917）位居第 四大流通股东，持股790.00万股，为新进股东。南方中证1000ETF（512100）位居第五大流通股东，持 股662.36万股，相比上期减少5.13万股。汇添富品质价值混合（017043）位居第六大流通股东，持股 500.00万股，相比上期减少1100.00万股。华夏中证1000ETF（159845）位居第八大流通股东，持股 393.34万股，为新进股东。招商成长量化选股股票A（020901）位居第十大流通股东，持股333.04万 股，为新进股东。华安安信消费混合A（519002）、华安精致生活混合A（011128）、交银趋势混合A （519702）退出十大流通股东之列。 资 ...

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Core Viewpoint - The company, Guangdong Boying Special Welding Technology Co., Ltd., has shown significant growth in its stock performance and is benefiting from various industry trends, including offshore equipment, nuclear power, and waste classification, alongside the depreciation of the RMB and stock buyback initiatives. Group 1: Company Performance - On December 26, the company's stock rose by 4.77%, with a trading volume of 808 million yuan and a turnover rate of 18.61%, bringing the total market capitalization to 7.632 billion yuan [1] - The company reported that its overseas revenue accounted for 55.00% of total revenue, benefiting from the depreciation of the RMB [3] - For the period from January to September 2025, the company achieved an operating income of 372 million yuan, a slight decrease of 0.03% year-on-year, while the net profit attributable to shareholders decreased by 37.17% to 41.6154 million yuan [7][8] Group 2: Business Operations - The company's main products include high-end steel structures such as offshore oil platform supports, nuclear power pipeline supports, and paper equipment components [2] - The company specializes in the research, production, and sales of anti-corrosion and anti-wear cladding equipment, non-cladding boiler components, pressure vessels, and high-end steel structures [2] - The company has obtained a loan commitment of up to 72 million yuan from CITIC Bank to support stock buybacks [3] Group 3: Market Trends and Analysis - The company is positioned within several key industry sectors, including mechanical equipment, general equipment, and energy conservation and environmental protection [7] - The stock has seen a net inflow of 35.8292 million yuan from major investors, indicating a growing interest in the company [4][5] - The average trading cost of the stock is 54.93 yuan, with the current price approaching a resistance level of 62.50 yuan, suggesting potential for upward movement if this level is surpassed [6]

Core Viewpoint - Lanzhou Lanshi Heavy Equipment Co., Ltd. has shown significant stock performance and financial metrics, indicating potential growth opportunities despite a decrease in net profit. Group 1: Stock Performance - On December 26, Lanzhou Lanshi's stock rose by 2.27%, reaching 10.79 CNY per share, with a trading volume of 418 million CNY and a turnover rate of 3.02%, resulting in a total market capitalization of 14.095 billion CNY [1] - The stock has increased by 97.98% year-to-date, with a 7.90% rise over the last five trading days, 9.99% over the last 20 days, and 34.04% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on November 26, where it recorded a net buy of -16.75 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Lanzhou Lanshi reported a revenue of 4.746 billion CNY, reflecting a year-on-year growth of 26.93%, while the net profit attributable to shareholders decreased by 88.40% to 11.196 million CNY [2] - The company has distributed a total of 256 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 12.59% to 87,900, with an average of 14,863 circulating shares per person, an increase of 14.40% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 10.357 million shares, an increase of 2.1535 million shares from the previous period [3]

东方锆业所属申万行业为：有色金属-小金属-其他小金属。所属概念板块包括：固态电池、锂电池、小 盘、核电、融资融券等。 12月26日，东方锆业盘中上涨2.01%，截至10:46，报12.68元/股，成交1.57亿元，换手率1.66%，总市值 98.23亿元。 资金流向方面，主力资金净流入91.82万元，特大单买入1027.73万元，占比6.53%，卖出1217.59万元， 占比7.74%；大单买入2801.97万元，占比17.81%，卖出2520.30万元，占比16.02%。 东方锆业今年以来股价涨72.75%，近5个交易日涨4.62%，近20日涨4.53%，近60日跌8.91%。 今年以来东方锆业已经4次登上龙虎榜，最近一次登上龙虎榜为7月21日，当日龙虎榜净买入6648.66万 元；买入总计3.48亿元 ，占总成交额比11.90%；卖出总计2.82亿元 ，占总成交额比9.63%。 资料显示，广东东方锆业科技股份有限公司位于广东省汕头市澄海区盐鸿镇顶洋路北东方锆业园综合 楼，成立日期1995年11月10日，上市日期2007年9月13日，公司主营业务涉及锆系列制品的研究、开 发、生产和销售。主营业务收入构成为： ...

Core Viewpoint - The stock of Shangda Co., Ltd. has shown significant price increases recently, with a year-to-date rise of 8.02% and a 12.74% increase over the last five trading days, indicating strong market interest and potential growth in the company's performance [1]. Financial Performance - For the period from January to September 2025, Shangda Co., Ltd. reported a revenue of 1.805 billion yuan, reflecting a year-on-year decrease of 4.10%. The net profit attributable to shareholders was 76.58 million yuan, down 38.60% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 43.51 million yuan [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Shangda Co., Ltd. was 25,500, a decrease of 1.12% from the previous period. The average number of circulating shares per shareholder increased by 1.13% to 2,914 shares [2]. - The major shareholders include various ETFs, with notable changes in holdings. For instance, the Guotai Zhongzheng Military Industry ETF reduced its holdings by 11.53% to 735,400 shares, while the Southern Zhongzheng Shenyuan Nonferrous Metals ETF increased its holdings by 32,150 shares to 597,200 shares [3]. Company Overview - Shangda Co., Ltd., established on August 23, 2007, specializes in the research, production, and sales of high-temperature and high-performance alloys, as well as high-quality special stainless steel. The revenue composition includes 52.58% from high-temperature alloys, 44.22% from special stainless steel, and 2.02% from other products [1]. - The company operates within the non-ferrous metals sector, specifically in the new materials category, and is involved in concepts such as high-temperature alloys, nuclear fusion, nuclear power, aerospace, and military-civilian integration [1].

Core Viewpoint - Taihao Technology's stock has shown significant growth this year, with a year-to-date increase of 72.32%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - On December 25, Taihao Technology's stock price rose by 2.08%, reaching 9.34 CNY per share, with a trading volume of 1.63 billion CNY and a turnover rate of 2.09%, resulting in a total market capitalization of 79.66 billion CNY [1]. - The stock has experienced a 4.83% increase over the last five trading days and a 6.99% increase over the last 20 days, while it has decreased by 4.30% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) 14 times this year, with the most recent appearance on August 20 [1]. Group 2: Financial Performance - For the period from January to September 2025, Taihao Technology reported a revenue of 2.903 billion CNY, reflecting a year-on-year growth of 12.40%, and a net profit attributable to shareholders of 49.0114 million CNY, which is a substantial increase of 124.48% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 523 million CNY, with no dividends distributed in the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Taihao Technology is 96,900, a decrease of 13.88% from the previous period, while the average number of tradable shares per shareholder has increased by 16.12% to 8,709 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 7.6894 million shares, marking it as a new shareholder, while several funds have exited the top ten list [3].

12月25日，金杯电工盘中上涨2.13%，截至13:00，报12.95元/股，成交1.12亿元，换手率1.38%，总市值 95.05亿元。 资金流向方面，主力资金净流入584.06万元，特大单买入677.93万元，占比6.05%，卖出127.70万元，占 比1.14%；大单买入2022.06万元，占比18.05%，卖出1988.23万元，占比17.75%。 金杯电工今年以来股价涨35.01%，近5个交易日涨7.47%，近20日涨11.73%，近60日涨10.68%。 今年以来金杯电工已经1次登上龙虎榜，最近一次登上龙虎榜为8月1日，当日龙虎榜净买入1.13亿元； 买入总计2.05亿元 ，占总成交额比19.09%；卖出总计9173.72万元 ，占总成交额比8.55%。 资料显示，金杯电工股份有限公司位于湖南省长沙市高新技术产业开发区东方红中路580号，成立日期 2004年5月24日，上市日期2010年12月31日，公司主营业务涉及电线电缆产品的研发、生产和销售。主 营业务收入构成为：电线电缆产品59.33%，电磁线产品40.13%，冷链及汽车后市场服务0.55%。 金杯电工所属申万行业为：电力设备-电网设备-线 ...