Core Viewpoint - Beikong Testing (920160) experienced a significant decline of 6.74% in its stock price, with a trading volume turnover rate of 28.87% and a total transaction amount of 180 million yuan on the day of reporting [2] Trading Activity Summary - The stock was listed on the trading board due to its turnover rate reaching 28.87%, with a net selling amount of 1.4817 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 28.4078 million yuan, with a buying amount of 13.463 million yuan and a selling amount of 14.9447 million yuan, resulting in a net selling of 1.4817 million yuan [2] - The largest buying brokerage was Shenwan Hongyuan Securities Co., Ltd. with a purchase amount of 4.0168 million yuan, while the largest selling brokerage was Dongfang Caifu Securities Co., Ltd. with a selling amount of 3.3027 million yuan [2] Detailed Brokerage Activity - The top five buying and selling brokerages are as follows: - Buy One: Shenwan Hongyuan Securities Co., Ltd. - 4.0168 million yuan - Buy Two: Shanghai Securities Co., Ltd. - 3.3345 million yuan - Buy Three: Dongfang Caifu Securities Co., Ltd. - 2.1385 million yuan - Sell One: Dongfang Caifu Securities Co., Ltd. - 3.3027 million yuan - Sell Two: Guojin Securities Co., Ltd. - 0.0969 million yuan [2]

Core Viewpoint - The company, Guangdian Measurement, announced plans to invest 800 million yuan in the construction of a testing base in Southwest China (Chengdu) [1] Company Summary - Guangdian Measurement (002967) is set to invest a total of 800 million yuan for the establishment of a new testing facility [1]

Group 1 - The company approved two investment proposals during the 26th meeting of the fifth board of directors [1] - The first proposal involves an investment of 500,000 USD to establish a subsidiary in Vietnam [1] - The second proposal includes an investment of 800 million CNY to build a testing base in Chengdu, Southwest China [1]

Core Viewpoint - The company plans to invest 800 million yuan to establish a new testing base in Chengdu, Southwest China, to address long-term development issues and support its strategic goals for the 14th Five-Year Plan [1] Group 1: Investment and Development - The total investment for the Chengdu testing base is 800 million yuan [1] - The new base aims to resolve the issue of leasing space for the company's laboratory, preventing operational disruptions due to lease expirations [1] - Establishing the Southwest testing base will help the company reduce rental and operational costs, thereby enhancing profitability [1]

Core Viewpoint - The company plans to invest 800 million yuan in the construction of a new testing base in Chengdu, which is a strategic move to enhance regional layout and overcome business limitations [1] Group 1: Investment Details - The total investment for the Southwest Testing Base in Chengdu is 800 million yuan [1] - The establishment of this base is aimed at supporting sustainable development by providing dedicated office and laboratory space [1] Group 2: Strategic Importance - The new facility will help avoid constraints related to leasing, such as structural limitations and expansion challenges [1] - It will mitigate risks associated with relocating after lease expiration, ensuring stable operations for the laboratory [1] - This investment is expected to strengthen the company's long-term operational planning and enhance its competitive edge [1]

证券日报网讯实朴检测（301228）11月24日在互动平台回答投资者提问时表示，截至2025年11月20日， 公司最新的股东人数为7197户。 ...

Investment Rating - The report indicates that the detection service industry is a typical "long slope, thick snow" track, suggesting a high investment rating due to the long-term stable growth of free cash flow from leading companies [4][19]. Core Insights - The high valuation of leading companies in the detection service industry reflects their ability to generate stable and sustainable free cash flow over a long duration, which is discounted to present value [7][19]. - The detection service industry is characterized by perpetual growth attributes, with leading companies forming a competitive moat due to their first-mover advantages [8][40]. - The global market size for the detection service industry has exceeded 2 trillion RMB and continues to grow rapidly, driven by economic development and industrial upgrades [8][40]. Summary by Sections Introduction: Why Does the Detection Service Have "Valuation Premium"? - The ability to create free cash flow is linked to a company's profit growth capability (g) and profit quality (ROE). Higher profit and cash flow generation capabilities warrant higher valuations [7][19]. Characteristics of the Detection Service Industry: Perpetual Growth Attributes - The industry has a large market space and can sustain growth, driven by mandatory legal requirements, foundational support for commercial activities, and inherent needs of the public [8][40]. - The return on equity (ROE) is stable due to high barriers to entry, including brand credibility, laboratory networks, and qualification thresholds [8][51]. Review of International Leaders: SGS's Performance Over Two Decades - SGS has demonstrated a compound annual growth rate (CAGR) of 6.7% in revenue and 9.4% in net profit from 2001 to 2024, with free cash flow CAGR at 8.2%, indicating its stability as an industry benchmark [9][63]. - The company is expected to achieve organic revenue growth of 5%-7% until 2027, with an anticipated increase in operating profit margin by at least 1.5 percentage points [9][63]. Domestic Review: Expectations for Huace and Guangdian's ROE Recovery - Huace Testing is expected to see a recovery in ROE as it shifts from a revenue-oriented strategy to a profit-oriented one, with anticipated improvements in valuation [10][11]. - Guangdian Measurement's stock price volatility is closely tied to its performance, with a new management team focusing on high-end manufacturing and technology R&D, leading to rapid ROE and net profit recovery [11].

Group 1 - The core point of the article highlights the recent stock performance of Xian Xice Testing Technology Co., Ltd., which saw a 5.58% increase, reaching a price of 53.70 CNY per share, with a total market capitalization of 4.532 billion CNY [1] - The company, established on June 1, 2010, specializes in inspection and testing services for military equipment and civil aircraft products, offering services such as environmental and reliability testing, electronic component testing, and electromagnetic compatibility testing [1] - The revenue composition of the company includes: environmental and reliability testing (49.49%), electronic assembly business (29.38%), electromagnetic compatibility testing (10.81%), electronic component testing (8.18%), sales of testing equipment (1.88%), and other services (0.26%) [1] Group 2 - Longcheng Fund's Longcheng Jiujia Innovation Growth Mixed A Fund entered the top ten circulating shareholders of Xice Testing, holding 1.2 million shares, which is 2.06% of the circulating shares, with an estimated floating profit of approximately 3.408 million CNY [2] - The Longcheng Jiujia Innovation Growth Mixed A Fund was established on July 5, 2017, with a current scale of 1.974 billion CNY, achieving a year-to-date return of 24.66% and a one-year return of 22.62% [2] - The fund manager, You Guoliang, has a tenure of 6 years and 34 days, with the fund's total asset size at 4.262 billion CNY, achieving a best return of 123.38% and a worst return of -15.93% during his tenure [3]

Investment Rating - The report maintains a "Buy" rating for companies in the engineering machinery and forklift sectors, emphasizing undervalued growth potential [1]. Core Insights - The report highlights the strong performance of NVIDIA in FY26Q3, with revenue reaching $57.01 billion, a year-on-year increase of 62.5%, and a quarter-on-quarter increase of 22.0%, indicating robust demand in the AI equipment sector [2][3]. - The engineering machinery sector is expected to see a recovery in demand, with domestic excavator sales projected to grow at an annual rate of over 30% from 2025 to 2028, despite current funding challenges affecting sales conversion [4]. - The forklift industry shows a positive trend with October sales reaching 114,000 units, a year-on-year increase of 16%, driven by low domestic demand baselines and recovering overseas demand [4]. Summary by Sections Recommended Companies - The report recommends a focus on companies such as Northern Huachuang, Sany Heavy Industry, and others in the engineering machinery and AI equipment sectors [1][14]. AI Equipment - NVIDIA's strategic partnerships with OpenAI and other tech giants are expected to enhance AI infrastructure, with significant revenue growth anticipated in the upcoming quarters [3]. - Recommendations for AI equipment include Dazhu CNC for PCB drilling equipment and Hongsheng for liquid cooling solutions [4]. Engineering Machinery - October data shows a significant improvement in domestic sales of various machinery types, with excavator sales expected to peak at 250,000 units by 2028 [4]. - Key companies recommended in this sector include Sany Heavy Industry, XCMG, and others [4]. Forklift Industry - The forklift sector is experiencing steady growth, with a notable increase in both domestic and export sales, indicating a recovery in demand [4]. - Recommended companies include Hangcha Group and Anhui Heli [4]. Lithium Battery Equipment - The report anticipates a 40% growth in energy storage demand from 2025 to 2026, driven by the increasing penetration of new energy vehicles and AI data centers [4]. - Key recommendations include suppliers like Xian Dao Intelligent and Hangke Technology [4]. General Market Trends - The overall machinery industry is expected to benefit from a recovery in fixed asset investment and a rebound in demand across various sectors, including construction and logistics [4].

Group 1 - The policy of technology innovation vouchers is being effectively implemented, providing financial support to enterprises for technological breakthroughs [1] - The innovation vouchers are issued by the municipal science and technology committee and the Zhongguancun management committee to eligible sci-tech enterprises, aimed at revitalizing technological resources and reducing research costs for small and micro enterprises [1] - Companies attending the event, from various sectors such as information technology, smart manufacturing, and green energy, expressed that they often miss out on subsidies due to a lack of understanding of the policies [1] Group 2 - The event was co-hosted by the Zhongguancun High-tech Industry Promotion Center and other organizations, focusing on breaking information asymmetry to ensure enterprises not only know about the innovation vouchers but also utilize them effectively [2] - The service port initiative aims to optimize the business environment and provide comprehensive lifecycle services to enterprises [2]