Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Views - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry as the material basis for other industries. The report identifies key areas supporting human societal development, including electronic information, new energy, biotechnology, and energy conservation and environmental protection, and aims to continuously explore and track new materials companies with strong upstream supply chains, robust R&D capabilities, and excellent management [5][16]. Summary by Sections 1. Electronic Information Sector - Focus on semiconductor materials, display materials, and 5G materials [6]. - Recent data indicates that global AI IT investment is projected to reach $315.9 billion in 2024, growing to $1,261.9 billion by 2029, with a CAGR of 31.9%. The generative AI market is expected to grow at a CAGR of 56.3%, reaching $607.1 billion by 2029, accounting for 48.1% of total AI market investment [7][24]. 2. Aerospace Sector - Focus on PI films, precision ceramics, and carbon fiber [8]. 3. New Energy Sector - Focus on photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [10]. 4. Biotechnology Sector - Focus on synthetic biology and scientific services [12]. 5. Energy Conservation and Environmental Protection Sector - Focus on adsorption resins, membrane materials, and biodegradable plastics [14]. Key Companies and Earnings Forecast - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2024, 2025E, and 2026E, along with their price-to-earnings (PE) ratios and investment ratings. For example, Ruihua Tai (688323.SH) has a stock price of 15.73 with an EPS forecast of 0.01 for 2025E and a PE ratio of 1,573.00, rated as "Increase" [17].

Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2] - The company has an operational wind power installed capacity of 1.5908 million kilowatts in Xinjiang [3] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technology transformation, service, and production maintenance related to power systems and electrical equipment [6] Financial Performance - For the first half of 2025, Longyuan Power reported operating revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [7] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [8] Shareholder Structure - As of June 30, 2025, the number of shareholders of Longyuan Power increased by 1.18% to 41,000, with no change in the average circulating shares per person [7] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [9] Market Activity - On September 26, Longyuan Power's stock rose by 3.26%, with a trading volume of 189 million yuan and a turnover rate of 0.22%, bringing the total market capitalization to 145.461 billion yuan [1] - The stock's average trading cost is 16.61 yuan, with recent trading activity indicating a lack of clear trends among major investors [4][5]

Company Overview - Longyuan Power Group Co., Ltd. is located in Beijing and was established on January 27, 1993, with its listing date on January 24, 2022 [2] - The company's main business includes technical transformation, services, and maintenance of power systems and electrical equipment, as well as the development and production of new technologies, equipment, and materials related to electricity [2] - The revenue composition of Longyuan Power is 99.22% from power products and 0.78% from other sources [2] Financial Performance - As of June 30, 2025, Longyuan Power reported a total revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [3] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed in the last three years [4] Stock Market Activity - On September 26, Longyuan Power's stock price increased by 2.20%, reaching 17.22 yuan per share, with a trading volume of 26.6774 million yuan and a turnover rate of 0.03% [1] - The stock has seen an 11.23% increase year-to-date, with a 2.50% rise over the last five trading days, a 3.30% increase over the last 20 days, and a 4.60% rise over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 8 [1] Shareholder Information - As of June 30, 2025, Longyuan Power had 41,000 shareholders, an increase of 1.18% from the previous period [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [4]

Core Viewpoint - Mingyang Smart Energy (601615.SH) is actively responding to national policy initiatives by launching a special asset-backed plan to revitalize its existing assets and reduce its debt ratio, thereby promoting high-quality development in infrastructure [1] Group 1: Company Actions - The company’s subsidiary, Beijing Jiyuan New Energy Investment Co., Ltd., plans to use its holdings in Shaanxi Jingbian Mingyang New Energy Power Co., Ltd. as the target project for the asset-backed plan [1] - The underlying asset for this plan will be the Shaanxi Jingbian Ningtiaoliang Wind Farm project, which is held by Jingbian Mingyang [1] - The implementation of this asset-backed plan is expected to further activate existing assets and unlock their potential value, facilitating a positive investment cycle in the wind power infrastructure development and operation sector [1] Group 2: Strategic Goals - The initiative aims to enhance the company’s sustainable operational capabilities by promoting a full lifecycle development model and ensuring continuous, healthy, and stable operations [1]

Core Viewpoint - Mingyang Smart Energy (601615.SH) is actively responding to national policy initiatives by launching a special asset-backed plan to revitalize existing assets and reduce its debt ratio, thereby promoting high-quality development in infrastructure [1] Group 1: Company Actions - The company’s subsidiary, Beijing Jiyuan New Energy Investment Co., Ltd., plans to use its holdings in Shaanxi Jingbian Mingyang New Energy Power Co., Ltd. as the target project for the asset-backed plan [1] - The underlying asset for this plan will be the Shaanxi Jingbian Ningtiaoliang Wind Farm project, which is held by Jingbian Mingyang [1] - The implementation of this asset-backed plan is expected to further activate existing assets and unlock their potential value [1] Group 2: Industry Impact - The initiative is aimed at promoting a virtuous cycle of investment in the wind power infrastructure development and operation sector [1] - It is designed to facilitate a full lifecycle development model, ensuring sustainable and stable operations for the company [1] - The plan is anticipated to enhance the company's sustainable operational capabilities [1]

Core Viewpoint - Longyuan Power has signed a cooperation framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt renewable energy generation project, including a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2] - The company has an operational wind power capacity of 1.5908 million kilowatts in Xinjiang [3] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technology transformation, service, and production related to electrical systems and equipment [6] Financial Performance - For the first half of 2025, Longyuan Power reported a revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [7] - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [8] Shareholder Structure - As of June 30, 2025, the number of shareholders of Longyuan Power increased to 41,000, with an average of 0 circulating shares per person [7] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [9] Market Activity - On September 25, Longyuan Power's stock fell by 0.82%, with a trading volume of 67.6338 million yuan and a market capitalization of 140.863 billion yuan [1] - The stock has seen a net outflow of 1.5231 million yuan from main funds today, indicating a reduction in holdings over the past two days [4]

Core Viewpoint - Jinpeng Technology's stock rose by 5.15% on September 25, reaching 14.10 CNY per share, with a trading volume of 1.977 billion CNY and a turnover rate of 4.31%, resulting in a total market capitalization of 59.573 billion CNY [1] Group 1: Company Overview - Jinpeng Technology Co., Ltd. is located in Beijing and was established on March 26, 2001, with its listing date on December 26, 2007 [1] - The company's main business includes the development, manufacturing, and sales of wind turbines, wind power services, investment and development of wind farms, and water services [1] - The revenue composition of the main business is as follows: sales of wind turbines and components account for 76.58%, wind farm development 11.12%, wind power services 10.15%, and others 2.16% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Jinpeng Technology, a fund under Southern Fund holds a significant position [2] - The Southern CSI 500 ETF (510500) reduced its holdings by 4.743 million shares in the second quarter, now holding 30.7289 million shares, which represents 0.74% of the circulating shares [2] - The estimated floating profit from this position is approximately 21.2029 million CNY [2] Group 3: Fund Manager Profile - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has been in the position for 12 years and 160 days [3] - The total asset size of the fund is 138.999 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3]

Core Viewpoint - The stock of China Energy Wind Power has shown fluctuations with a recent increase of 2.24%, reflecting a total market capitalization of 20.545 billion yuan and a trading volume of 215 million yuan [1] Financial Performance - For the first half of 2025, China Energy Wind Power reported operating revenue of 2.444 billion yuan, a year-on-year decrease of 7.52%, and a net profit attributable to shareholders of 631 million yuan, down 27.82% compared to the previous year [2] - The company has distributed a total of 2.957 billion yuan in dividends since its A-share listing, with 1.612 billion yuan distributed over the last three years [2] Shareholder Structure - As of June 30, 2025, the number of shareholders for China Energy Wind Power was 196,700, a decrease of 0.49% from the previous period, while the average circulating shares per person increased by 0.49% to 30,336 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 62.0347 million shares, a decrease of 10.2418 million shares from the previous period [2] Stock Performance - Year-to-date, the stock price of China Energy Wind Power has increased by 3.04%, with a slight decline of 0.31% over the last five trading days, and an increase of 2.90% over the last 20 days [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、回购审批情况和回购方案内容 中节能风力发电股份有限公司（以下简称"公司"）分别于2025年4月28日、2025年5月23日召开第五届董 事会第三十四次会议和2025年第一次临时股东大会，审议通过了《关于以集中竞价交易方式回购股份方 案的议案》，同意公司自股东大会审议通过本次公司回购股份方案之日起12个月内使用不低于人民币1 亿元（含），不超过人民币2亿元（含）的自有资金及股票回购专项贷款，通过集中竞价交易方式以不 超过人民币4.44元/股（含）的价格回购公司股份，本次回购股份将全部用于注销并减少公司注册资 本。 具体内容详见公司分别于2025年4月29日、2025年5月29日在上海证券交易所网站（www.sse.com.cn）披 露的《中节能风力发电股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号：2025- 032）、《中节能风力发电股份有限公司关于以集中竞价交易方式回购股份的回购报告书》（公告编 号：2025-040）。 因公司实施2024 ...

格隆汇9月24日丨节能风电(601016.SH)公布，2025年9月23日，公司本次股份回购计划实施完毕，已实 际回购公司股份3301.41万股，占公司总股本的0.509997%，回购最高价格3.10元/股，回购最低价格2.99 元/股，回购均价3.03元/股，使用资金总额1亿元（不含交易费用）。 ...