Core Viewpoint - The A-share market experienced a downturn on September 26, with all three major indices closing lower, while the wind power equipment index rose by 2.67%, indicating a divergence in sector performance amid broader market challenges [1] Industry Summary - On September 24, China announced a new round of national contribution targets, aiming for wind and solar power generation capacity to exceed six times the 2020 levels by 2035, targeting a total of 3.6 billion kilowatts [1] - As of the end of August this year, China's total installed capacity for wind and solar power surpassed 1.69 billion kilowatts, creating new growth opportunities for the wind power industry [1]

| 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3846.33 | 13339.82 | 1542.11 | | -6.97 -0.18% -106.08 -0.79% -15.11 -0.97% | | | | 科创50 | 创业板指 | 万得全A | | 1466.84 | 3198.02 6274.39 | | | -7.64 -0.52% -37.75 -1.17% -26.25 -0.42% | | | | 沪深300 | 中证500 | 中证A500 | | 4574.03 | 7307.40 | 5535.04 | | -19.46 -0.42% -33.92 -0.46% -26.10 -0.47% | | | | 中证1000 | 深证100 | 中证红利 | | 7468.87 | 5881.87 | 5458.67 | | -37.65 -0.50% -45.54 -0.77% +18.16 +0.33% | | | 记者丨金珊 李益文 庞华玮 编辑丨陈思颖 叶映橙 包芳鸣 9月26日，A股市场早间震荡调整。截至收盘，沪指跌0.18%，深成指跌0 ...

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down 0.18% at 3846.33 points, the Shenzhen Component down 0.79%, and the ChiNext Index down 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets was 138.18 billion yuan, a decrease of 17.4 billion yuan compared to the previous day, with over 2500 stocks declining [1] Sector Performance - Wind power equipment stocks saw a significant increase, with companies like Jixin Technology, Riyue Shares, and Yangming Intelligent hitting the daily limit [1] - Copper-related stocks continued to strengthen, with Jingyi Shares achieving three consecutive limits and Shengtun Mining rising over 7%, as global copper supply tightens; Citigroup predicts copper prices will rise to $12,000 per ton in the next 6 to 12 months [1] - Real estate stocks experienced a broad rally, with Hefei Urban Construction hitting the daily limit and Shanghai Urban Development rising over 8%, following a month of new policies in the Shanghai housing market that saw new home transactions increase by 19% month-on-month [1] Individual Stock Movements - Sailyus reached its daily limit and hit a historical high as the company received approval from the China Securities Regulatory Commission for its H-share issuance [2] - The gaming sector faced a pullback, with Jibite hitting the daily limit and companies like Kunlun Wanwei and Xinghui Entertainment dropping over 5% [1] - AI hardware sectors, including CPO and liquid-cooled servers, declined, with Lianang Micro falling over 9% and companies like Aggregated Materials and Chuanrun Shares dropping over 6% [1] - Pharmaceutical stocks generally fell, with Haocen Medical dropping over 9% and Hanyu Pharmaceutical and Hongjing Technology declining over 6%, as the U.S. plans to impose a 100% tariff on pharmaceutical products [1]

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 2.23 and 2.38, corresponding to the 30.2% and 40.6% percentiles respectively [2][5]. Core Insights - The company is a leading player in the wind power resin materials sector, achieving significant market share in both domestic and international markets, with a focus on wind turbine blade materials and new composite materials [6][7]. - The company has successfully replaced imports with domestic products in the wind power resin market, ranking first globally in wind power epoxy resin and third in high-performance structural adhesives as of 2024 [6][8]. - The demand for wind power and lithium battery adhesives is expected to grow significantly, driven by both new installations and upgrades of existing wind farms, as well as the increasing production of electric vehicles [15][16]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company, after excluding liquidity premium factors, is 2.23, placing it in the 30.2% percentile of the non-Science and Technology Innovation Board AHP model [5][6]. - The expected allocation ratios for offline investors are 0.0197% for Class A and 0.0170% for Class B under a neutral scenario [5][6]. Company Highlights and Features - The company has transitioned from being a distributor of imported wind power materials to a manufacturer, achieving significant market penetration in wind turbine blade materials [7][8]. - The company is actively involved in the domestic production of new composite materials and has accelerated the certification of high-margin industrial adhesives for electric vehicles [12][14]. - The company has established partnerships to explore domestic alternatives for key new composite materials, including carbon fiber and lithium battery casing solutions [12][14]. Financial Comparison with Peers - The company has a leading revenue scale compared to its peers, with a projected revenue growth of 22.32% to 27.03% for the first nine months of 2025 [20][19]. - The average price-to-earnings ratio for comparable companies is 65.32X, while the company's industry has a static P/E ratio of 27.91X [19][20]. - The company's gross margin has improved due to a higher proportion of high-margin products and price adjustments in response to strong demand [23][19]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 13,188,000 shares, with proceeds allocated to high-end adhesives and composite materials projects [30][32]. - The investment will enhance production capacity for high-performance composite materials and adhesives, targeting applications in wind power and electric vehicles [30][32].

Core Insights - The company Jinbei Electric (002533.SZ) is expanding its product applications into emerging fields such as new energy vehicles, wind power, photovoltaics, energy storage, and industrial robots, which is expected to create new incremental markets for the company [1] Group 1: Product Development - The company is developing a "10 million times ultra-flexible industrial robot drag chain cable" for the industrial robot sector, with ongoing research for cables with even higher bending resistance [1] Group 2: Production Capacity Expansion - The company plans to establish an intelligent production base for electromagnetic wire in Europe with an annual capacity of 20,000 tons, to be built in two phases: the first phase will have a capacity of 8,000 tons per year, expected to be operational by 2026; the second phase will add 12,000 tons per year, planned for production in 2028 [1]

Investment Rating - The investment rating for the company is positioned in the middle to upper range of the AHP model, with scores of 2.23 and 2.38, corresponding to the 30.2% and 40.6% percentiles respectively [2][7]. Core Insights - The company is a leading player in the wind power resin materials sector, achieving significant market share in both domestic and international markets, with a focus on replacing imports and surpassing foreign competitors [2][11]. - The company has successfully established a product portfolio that includes wind turbine blade materials, new composite materials, and adhesives for electric vehicles, with a notable increase in sales and profitability driven by high-margin products [2][15]. - The demand for wind power and electric vehicle adhesives is expected to grow significantly, supported by increasing installation capacities and the strong growth of lithium battery shipments [2][18]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 2.23, indicating a competitive position in the market, with expected allocation ratios for different investor classes set at 0.0197% and 0.0170% under neutral conditions [7][8]. Company Highlights and Features - The company is recognized as a leader in wind power resin materials, with a global market share ranking of first and third in wind epoxy resin and high-performance structural adhesives respectively for 2024 [2][11]. - The company is actively promoting the domestic production of new composite materials and has accelerated the certification of adhesives for electric vehicles, achieving significant sales growth in this segment [2][15]. - The anticipated growth in wind power installations and the demand for electric vehicle adhesives is projected to drive the company's revenue growth, with expectations of 105-115 GW of new wind installations in 2025 [2][18]. Comparable Company Financial Metrics - The company has a leading revenue scale compared to its peers, with a projected revenue growth of 22.32%-27.03% for the first nine months of 2025, driven by increased demand and price adjustments [22][23]. - The company's gross margin has improved due to a higher proportion of high-margin products, with a notable increase in sales of electric vehicle adhesives [22][26]. - The company’s cash collection ratio is lower than that of comparable companies, and its debt ratio is higher, although it shows a declining trend [22][28]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of new shares to support the production of high-end adhesives and composite materials, with a total investment of approximately 706 million yuan [33][36].

Core Viewpoint - The domestic non-ferrous metal market shows mixed performance, with aluminum futures experiencing a slight decline amid various supply and demand dynamics [1] Supply Side - Domestic coal prices have increased slightly, while alumina prices have decreased marginally, and carbon block prices remain stable [1] - Guinea's bauxite mine recovery expectations have strengthened, and domestic port inventories remain high with a high operating rate, indicating an unchanged surplus situation [1] - Domestic electrolytic aluminum production capacity has reached 44 million tons, nearing the capacity ceiling, suggesting limited future growth potential [1] Demand Side - The downstream demand has entered the traditional consumption peak season, with increased operating rates and manageable inventory pressure for aluminum ingots [1] - Despite the resilience in aluminum exports, high prices are significantly suppressing downstream purchasing willingness [1] - Short-term focus is on market stocking demand ahead of the National Day and Mid-Autumn Festival, while medium-term attention is on the growth expectations in sectors like wind power, solar energy, ultra-high voltage transmission, and new energy vehicles [1] Market Outlook - The seasonal recovery in downstream operations is expected to continue, with no significant surplus anticipated for the year [1] - However, aluminum ingot social inventories have not yet shown a turning point, necessitating continued monitoring of demand feedback during the peak season [1] - Current industrial drivers are weak, and aluminum prices face resistance at the March peak levels [1]

Group 1 - The company, Risen Group, stated that its steel structure products can be applied to support structures for wind power-related equipment [1]

Group 1: Macroeconomic Developments - China and the US held talks in Madrid regarding trade issues on September 14 [1] - The Ministry of Commerce initiated an anti-dumping investigation into US-imported simulation chips, responding to domestic industry requests [1] - The State Council will release August's national economic performance data on September 15, with previous data showing industrial output growth of 5.7% and retail sales growth of 3.7% in July [1] Group 2: Automotive Industry - Eight departments, including the Ministry of Industry and Information Technology, aim for 32.3 million vehicle sales in 2025, a 3% increase year-on-year, with 15.5 million being new energy vehicles, reflecting a 20% growth [2] - The automotive manufacturing industry's value-added is expected to grow by approximately 6% [2] Group 3: Financial Sector - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation on September 15 to maintain liquidity [2] - In the first eight months of 2025, RMB loans increased by 13.46 trillion yuan, with total social financing reaching 26.56 trillion yuan, up 4.66 trillion yuan year-on-year [2] Group 4: Food Safety and Regulation - The State Administration for Market Regulation is seeking public opinions on a draft management method for food safety inspectors, with feedback due by October 13 [3] Group 5: International Cooperation - The "2025 Budapest Renminbi Initiative" forum highlighted the growing use of RMB in China-Hungary trade, with a 63% year-on-year increase in RMB settlements in the first half of the year [5] Group 6: Renewable Energy - The largest onshore wind power project in China, with a capacity of 1.5 million kilowatts, officially commenced commercial operation on September 14 [6] Group 7: Company News - Das Intelligent signed a contract worth 23.869 million yuan for a smart project with Xiaomi in Wuhan [8] - Huibo Yuntong plans to acquire 22.0875% of Baode Computing to gain control [9] - Zhonggang Tianyuan has fully released its capacity of 35,000 tons of battery-grade manganese tetroxide [10]

Investment Rating - The report maintains a "Recommended" rating for Jinlei Co., Ltd. (300443.SZ) [2] Core Views - Jinlei Co., Ltd. is positioned as a leading player in the wind power main shaft market, with significant growth in revenue and profit expected due to increased demand and production capacity [7] - The company reported a substantial increase in revenue and net profit for the first half of 2025, with revenue reaching 1.283 billion yuan, up 79.85% year-on-year, and net profit of 188 million yuan, up 153.34% year-on-year [7] - The growth in the wind power sector is driven by the expansion of casting and forging capabilities, with strategic partnerships established with major global wind turbine manufacturers [7] Financial Forecasts - Projected revenue for Jinlei Co., Ltd. is expected to grow from 1.967 billion yuan in 2024 to 3.752 billion yuan in 2027, reflecting a compound annual growth rate [2][9] - The forecasted net profit is expected to increase from 173 million yuan in 2024 to 635 million yuan in 2027, indicating strong profitability growth [2][9] - The company's EPS is projected to rise from 0.54 yuan in 2024 to 1.98 yuan in 2027, with a corresponding decrease in PE ratio from 51.26 to 13.95 [2][9] Revenue Breakdown - Wind power main shaft revenue is expected to significantly contribute to overall growth, with a forecast of 8.7 billion yuan in revenue for the first half of 2025, up 93.60% year-on-year [7] - Other precision shaft revenues are also projected to grow steadily, with a 11.56% increase year-on-year in the first half of 2025 [7] Cost and Margin Analysis - The gross margin is expected to improve from 21.33% in 2024 to around 27.54% in 2027, reflecting better cost management and pricing strategies [2][9] - The report highlights an increase in R&D expenses, which is anticipated to drive innovation and product development in the casting and industrial forging segments [7]