Core Viewpoint - Delijia Transmission Technology (Jiangsu) Co., Ltd. successfully listed on the Shanghai Stock Exchange on November 7, marking the fourth company from Wuxi to go public this year, contributing to the expansion of the Wuxi capital market [1][11] Company Overview - Delijia was established in 2017 and is located in Wuxi Xishan District, focusing on the research, production, and sales of gear transmission products, particularly wind turbine gearboxes, which are critical components of wind power generation [7] - The company has obtained a total of 63 authorized patents, including 24 invention patents, establishing a significant production and sales scale and leading the market in wind turbine gearbox technology [9] IPO Details - The company publicly issued 40 million shares at a price of 46.68 yuan per share, raising approximately 1.867 billion yuan [3][5] - The raised funds will be used for projects including the annual production of 1,000 units of large onshore wind turbine gearboxes and 800 units of large offshore wind turbine gearboxes, aligning with the trend of large-scale and high-end development in the wind power industry [5] Market Context - Wuxi has seen a surge in IPO enthusiasm, with 25 companies currently in the pipeline for listing, including 11 in domestic exchanges and 14 in overseas markets, indicating a strong growth potential for the Wuxi capital market [10][13] - The local government has implemented various measures to support companies in their listing efforts, enhancing the competitiveness and growth potential of the "Wuxi sector" [11][13]

Group 1 - Delijia (603092) Transmission Technology Co., Ltd. was listed on the Shanghai Stock Exchange on November 7, becoming the fourth listed company in Wuxi this year, bringing the total number of A-share listed companies in Wuxi to 126, ranking 7th nationwide and 2nd in the province [1] - The company issued 40 million shares at a price of 46.68 yuan per share, raising 1.8607 billion yuan, which will be invested in projects for producing large onshore and offshore wind turbine gearboxes [1] - Founded in 2017, Delijia specializes in the R&D, production, and sales of gear transmission products, with its core product being the wind turbine main gearbox, a critical component of wind power generation [1] Group 2 - Delijia's chairman, Liu Jianguo, emphasized the company's commitment to innovation in wind power transmission technology and its role in contributing to national energy security and manufacturing strength [2] - Wuxi has been actively promoting capital market engagement and high-quality enterprise development, with 25 companies currently in the pipeline for listing, including 11 domestically and 14 internationally [2] - The listing of Delijia reflects Wuxi's robust support for enterprises through policy optimization, financing support, and streamlined processes, enhancing the competitiveness and growth potential of the "Wuxi sector" [2]

Core Points - Two new stocks, N Zhongcheng and N Delijia, were listed today, with significant price increases of 194.32% and 107.67% respectively [1][2] - N Zhongcheng specializes in engineering consulting services, while N Delijia focuses on high-precision gear transmission products [1][2] - Two additional stocks, Nannetwork Digital and Hengkun New Materials, are available for subscription, with respective issuance prices of 5.69 yuan and 14.99 yuan [3][4] Group 1: New Stock Listings - N Zhongcheng (920003) opened at 42.00 yuan, rising by 194.32% [1] - N Delijia (603092) opened at 96.94 yuan, increasing by 107.67% [2] - Nannetwork Digital (301638) issued 477 million shares at a price of 5.69 yuan, with a P/E ratio of 32.22 [3] - Hengkun New Materials (787727) issued 67.4 million shares at a price of 14.99 yuan, with a P/E ratio of 71.42 [4] Group 2: Market Activity - As of November 6, the total market financing balance reached 2.48 trillion yuan, with an increase of 70.06 billion yuan [6] - The top net purchases included Cambrian-U with 1.64 billion yuan, followed by TBEA, Haiguang Information, and China West Electric with 829 million, 686 million, and 680 million yuan respectively [6][7] - The electronic, power equipment, and automotive sectors saw the highest concentration of net purchases, with 13, 7, and 4 stocks respectively [6] Group 3: Institutional Research - In the past two trading days, 90 companies announced institutional research records, with 7 companies receiving attention from over 30 institutions [8][9] - Anji Technology was the most researched, with 174 institutions focusing on the impact of the storage industry and emerging storage material demands [8]

New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanguang Digital (301638.SZ) on the ChiNext Board [1] - Hengkun New Materials focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][3] - Nanguang Digital provides comprehensive digital construction solutions for the power and energy sectors, aiming to drive digital transformation in the electricity industry [4] Hengkun New Materials - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million yuan in 2022 to 344.19 million yuan in 2024 [2] - The company has a high customer concentration, primarily serving major domestic wafer manufacturers, with significant clients being among the top ten wafer fabs in China [2][3] - Hengkun New Materials has achieved a domestic market share of over 10% in 2024 for its photoresist materials, indicating its strong position in the market [3] Nanguang Digital - The company’s revenue from digital grid construction in the first half of 2025 is projected to be 75.51 million yuan, accounting for 48.64% of total revenue, with enterprise digitalization and digital infrastructure contributing 40.98 million yuan and 38.65 million yuan, respectively [5] - Nanguang Digital has developed key technologies such as the "Dihong" IoT operating system and the "Fuxi" dedicated control chip for the power industry, enhancing its technological capabilities [4] - The company is involved in several national key research and development projects, showcasing its commitment to advancing technology in the energy sector [4] DeLijia - DeLijia specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [7] - The company’s revenue from onshore wind power is projected to be 3.625 billion yuan in 2024, representing 98.57% of its total revenue [7] - DeLijia has established strong partnerships with leading wind turbine manufacturers, earning recognition as a top supplier in the industry [7][8] Zhongcheng Consulting - Zhongcheng Consulting ranks among the top engineering cost consulting firms in Jiangsu Province, with its revenue from engineering cost consulting being 566.96 million yuan in the first half of the year, accounting for 53.39% of total revenue [9][10] - The company has a strong team of qualified professionals, including 130 first-class cost engineers and 190 registered supervising engineers [9] - Zhongcheng Consulting faces risks related to accounts receivable, with the value of accounts receivable increasing significantly from 141.08 million yuan in 2022 to 209.01 million yuan in 2024 [11]

智通财经APP获悉，10月28日，德力佳(603092.SH)开启申购，发行价格为46.68元/股，申购上限为0.95万股，属于上交所，市盈 率34.98倍，华泰联合证券为其保荐机构。 招股书披露，德力佳主要从事高速重载精密齿轮传动产品的研发、生产与销售，下游应用领域目前主要为风力发电机组，核心 产品为风电主齿轮箱。公司已与金风科技、远景能源、明阳智能、三一重能等风电整机行业头部企业建立起良好的合作关系。 根据QY Research统计，2024年，公司全球市场占有率10.36%，位列全球第三，中国市场占有率16.22%，位列中国第二。 根据CWEA发布的报告显示，2014-2024年我国风电新增装机容量年均复合增长率超14%，截至2024年底，我国风机累计装机容 量达到561.3GW，较2023年同比上升18.26%。 | 项目 | 2024 年 | | 2023 年 | | 2022年 | | --- | --- | --- | --- | --- | --- | | | 金额/ | 变动 | 金额 | 变动 | 金额/ | | | 数量 | 比例 | /数量 | 比例 | 数量 | | 全国风电新增吊装 ...

Core Viewpoint - The article highlights the rapid growth and strategic development of Delijia, a gearbox manufacturer for wind power, which recently went public and is now among the top three in global market share and second in China [2][3]. Group 1: Company Development Stages - Delijia's development can be categorized into three key phases: initial market entry (2017-2019), rapid expansion during the subsidy phase (2019-2021), and advancement into a competitive landscape post-subsidy [3][4]. - In the initial phase, Delijia focused on high-quality performance and established partnerships with leading clients like Envision Energy, which also invested in the company [3]. - The second phase saw a surge in demand due to government subsidy reductions, allowing Delijia to scale production and gain recognition from major industry players [4]. - The third phase involved adapting to a subsidy-free environment, where Delijia developed new products to meet the demands of industry leaders like Goldwind, enhancing its brand visibility [4]. Group 2: Technological Focus and Trends - The wind power industry is trending towards larger, lighter, and offshore turbines, and Delijia is actively developing technologies to align with these trends [5]. - Delijia has invested significantly in R&D for larger wind turbine gearboxes, exemplified by its contribution to the first large-scale 10 MW land wind project in China [5]. - The company has also achieved recognition for its lightweight gearbox technology, which integrates components into compact units, and has secured substantial orders in the offshore wind sector [5][6]. Group 3: Strategic Partnerships and Market Position - Delijia has formed strategic partnerships with major industry players, including Envision Energy, SANY, and Goldwind, which have been crucial for its growth and market positioning [4][6]. - The company aims to increase its global market share, potentially reaching the second position worldwide, and plans to expand into international markets alongside Chinese manufacturers [6]. - Following its public listing, Delijia intends to enhance its focus on core business areas, increase R&D investment, and improve governance and operational efficiency [6]. Group 4: Leadership Vision and Company Culture - The leadership emphasizes a mission to deliver green energy solutions and aims for Delijia to be a respected and leading company in the industry [6][7]. - The company values "focus and dedication" as key principles for success, believing that understanding industry needs and continuously optimizing products are essential for competitive advantage [7].

Core Viewpoint - The article highlights the strong market position and technological capabilities of Delijia (德力佳), a leading manufacturer of precision gearboxes for wind turbines, emphasizing its growth potential in the expanding wind power industry [6][10]. Company Overview - Delijia, established in 2017, is the second largest in China and the third globally in the wind turbine gearbox market, with annual revenues exceeding 4 billion [6]. - The company specializes in the research, production, and sales of high-speed heavy-duty precision gear transmission products, primarily serving the wind power sector [6]. Financial Performance - For the first nine months of 2025, Delijia expects revenue between 3.9 billion and 4.1 billion, representing a year-on-year growth of 61.4% to 66.9% [8][9]. - The net profit is projected to be between 560 million and 620 million, with a growth of 48.6% to 62.2% [8][9]. - In 2022 and 2023, the company experienced significant revenue growth rates of 76.4% and 42.9%, respectively [11]. - The net profit doubled from 290 million in 2021 to 570 million [13]. Market Dynamics - The wind power gearbox market is expanding due to the rapid growth of the wind power industry [10]. - Delijia's global market share is 10.36%, ranking third worldwide, while its share in China is 16.22%, ranking second [9]. Competitive Advantages - Delijia's competitive edge lies in its strong technical background, market development capabilities, and a well-established R&D team with 80 members, 57 of whom hold master's degrees or higher [20]. - The company has contributed to the formulation of seven national or industry standards and has developed significant products recognized by the National Energy Administration [20]. - Delijia's products exhibit superior performance metrics compared to industry standards, particularly in safety factors and bearing operating temperatures [22][23]. Strategic Partnerships - The company has established strong relationships with major wind turbine manufacturers, which enhances its market stability and customer loyalty [25]. - Delijia has successfully expanded its customer base, mitigating the impact of reduced orders from major clients due to in-house production [18][25]. Future Outlook - Delijia plans to raise 1.88 billion for projects aimed at producing large-scale land and offshore wind turbine gearboxes, positioning itself to capitalize on the industry's growth [26][30]. - The wind power sector is expected to maintain a favorable growth trajectory, driven by the emphasis on renewable energy and the transition to cleaner energy sources [27][28].

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index increasing by 0.88% to surpass the 4000-point mark, while the Shenzhen Component Index and the ChiNext Index both rose by 1.39% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13,378 billion yuan, an increase of 1,881 billion yuan compared to the previous day [1] - Over 2,700 stocks in the market experienced gains [1] Sector Performance - The leading sectors in terms of gains included phosphorus chemical industry, storage chips, controllable nuclear fusion, aviation engines, insurance, wind power equipment, and PEEK material concept stocks [1] - Conversely, the sectors that saw the largest declines were Hainan Free Trade Zone, tourism and hotels, short drama games, and the ice and snow industry [1] ETF Performance - The semiconductor sector saw a broad rebound, with notable increases in ETFs such as Bosera Semiconductor Industry ETF (up 3.98%), CMB Semiconductor Equipment ETF (up 3.96%), and Guotai Innovation Chip ETF (up 3.72%) [1] - The photovoltaic and power grid sectors continued their upward trend, with GF Fund Photovoltaic ETF leading at an increase of 3.84% and Huaxia Fund Power Grid Equipment ETF rising by 3.27% [1] - The film and television sector experienced a pullback, with the Film and Television ETF declining by 2.25%, while the tourism sector also fell, with the Tourism ETF down by 1.32% [1] - The media sector weakened, with the Media ETF decreasing by 1.19% [1]

Core Insights - The wind power equipment sector experienced a slight increase of 0.27% on November 6, with Feiwo Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Wind Power Equipment Sector Performance - Feiwo Technology (301232) saw a significant rise of 12.24%, closing at 53.90, with a trading volume of 121,200 shares and a transaction value of 622 million [1] - Zhenjiang Co., Ltd. (603507) increased by 6.23%, closing at 26.41, with a trading volume of 195,800 shares [1] - Other notable performers included Zhonghuan Hailu (301040) up 2.70% and Weili Transmission (300904) up 2.16% [1] Capital Flow Analysis - The wind power equipment sector experienced a net outflow of 240 million from institutional investors, while retail investors saw a net inflow of 290 million [2] - The detailed capital flow for key stocks showed that Jin Feng Technology (002202) had a net inflow of 44.54 million from institutional investors, despite a net outflow of 88.28 million from speculative funds [3] - Zhenjiang Co., Ltd. (603507) also faced a net outflow of 42.82 million from speculative funds, while retail investors contributed a net inflow of 0.98 million [3]

Overall Performance of A-shares - A-shares showed an upward trend in both revenue and net profit growth rates, with total A-shares' revenue growth rate for the first three quarters of 2025 at 1.21%, an increase of 1.18 percentage points from the first half of the year [2][4] - The net profit growth rate for total A-shares was 5.34%, up by 2.90 percentage points compared to the first half of 2025 [8][12] - The return on equity (ROE) and net profit margin showed signs of recovery, indicating an overall improvement in corporate profitability [12][15] Performance by Market Segment - The ChiNext board led the revenue growth with an 8.88% increase, while the STAR Market also showed significant improvement with a 6.51% growth [19][22] - The net profit growth rate for the ChiNext board was 16.78%, significantly up by 7.82 percentage points from the first half of 2025 [22][24] - Major broad indices saw a general increase in net profit growth rates, with the ChiNext index exceeding 20% growth [24][25] Major Sector Performance - The TMT sector and midstream manufacturing sector exhibited high growth, with TMT sector revenue growth at 11.83% and net profit growth at 23.32% [26][27] - The financial sector's net profit growth rate was 9.52%, showing a significant recovery [26] - The consumer and infrastructure sectors experienced a decline in profit growth rates, with essential consumer goods turning negative [26][28] Industry Performance Overview - In the first three quarters of 2025, 21 primary industries reported positive revenue growth, with electronics, non-bank financials, and non-ferrous metals leading the way [29][30] - A total of 17 primary industries showed positive net profit growth, with comprehensive, steel, and non-bank financials among the top performers [30][31] - The real estate sector continued to face challenges, with a 21.88% decline in net profit [28][30] Sub-industry Insights - 80 secondary industries reported positive revenue growth, with securities, wind power equipment, and precious metals showing growth rates exceeding 30% [34][40] - 74 secondary industries had positive net profit growth, with comprehensive, energy metals, and cement industries leading with growth rates over 100% [40][41] - Significant improvements were noted in industries such as photovoltaic equipment and broadcasting, with net profit growth rates rising over 100 percentage points compared to the previous report [40]