Core Viewpoint - The stock of Dier Laser has experienced fluctuations, with a current price of 68.60 CNY per share, reflecting an 8.56% increase year-to-date, while facing a slight decline over the past 60 days [1] Financial Performance - For the period from January to September 2025, Dier Laser achieved a revenue of 1.781 billion CNY, representing a year-on-year growth of 23.69%, and a net profit attributable to shareholders of 496 million CNY, up 29.39% compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 507 million CNY, with 282 million CNY distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Dier Laser is 19,700, a decrease of 12.16% from the previous period, while the average circulating shares per person increased by 13.85% to 8,491 shares [2] - The top ten circulating shareholders include notable entities such as Invesco Great Wall New Energy Industry Fund and Hong Kong Central Clearing Limited, with changes in their holdings reflecting market dynamics [3] Market Activity - On November 12, Dier Laser's stock saw a decline of 2.17% during trading, with a trading volume of 167 million CNY and a turnover rate of 1.42%, leading to a total market capitalization of 18.766 billion CNY [1] - The stock has seen a net inflow of 19.21 million CNY from main funds, indicating ongoing interest from institutional investors despite recent price fluctuations [1] Business Overview - Dier Laser, established on April 25, 2008, specializes in precision laser processing solutions, with 98.79% of its revenue derived from solar cell laser processing equipment [1] - The company operates within the power equipment sector, specifically focusing on photovoltaic equipment and processing [1]

Core Viewpoint - Jiejia Weichuang's stock price has shown significant volatility, with a year-to-date increase of 55.97% and a recent trading performance indicating both gains and losses over different time frames [2]. Group 1: Stock Performance - On November 7, Jiejia Weichuang's stock rose by 2.03%, reaching 96.72 CNY per share, with a trading volume of 1.24 billion CNY and a turnover rate of 4.51%, resulting in a total market capitalization of 33.69 billion CNY [1]. - The stock has experienced a 2.34% increase over the last five trading days, a 5.52% decrease over the last 20 days, and a 47.55% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jiejia Weichuang reported a revenue of 13.11 billion CNY, reflecting a year-on-year growth of 6.17%, and a net profit attributable to shareholders of 2.69 billion CNY, which is a 32.90% increase year-on-year [2]. - The company has distributed a total of 1.14 billion CNY in dividends since its A-share listing, with 903 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 86,800, up by 5.81% from the previous period, with an average of 3,308 circulating shares per shareholder, a decrease of 5.49% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 8.39 million shares, and the newly entered Southern CSI 500 ETF as the eighth-largest shareholder, holding 4.24 million shares [3].

Core Viewpoint - Jinchen Co., Ltd. has shown a positive stock performance with a 15.33% increase year-to-date and a recent rise in share price, indicating strong market interest in the company [1][2]. Financial Performance - For the period from January to September 2025, Jinchen Co., Ltd. achieved a revenue of 1.958 billion yuan, representing a year-on-year growth of 3.11% [2]. - The net profit attributable to shareholders for the same period was 50.51 million yuan, reflecting a decrease of 26.01% compared to the previous year [2]. Stock Market Activity - As of November 7, the stock price of Jinchen Co., Ltd. was 30.85 yuan per share, with a trading volume of 43.11 million yuan and a turnover rate of 1.02% [1]. - The company experienced a net inflow of main funds amounting to 2.47 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinchen Co., Ltd. was 31,000, a decrease of 3.29% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.40% to 4,466 shares [2]. Dividend Distribution - Since its A-share listing, Jinchen Co., Ltd. has distributed a total of 180 million yuan in dividends, with 68.25 million yuan distributed over the past three years [3]. Company Overview - Jinchen Co., Ltd. specializes in the research, design, manufacturing, and sales of high-end intelligent equipment, with a primary revenue source from photovoltaic module equipment, accounting for 98.13% of its main business income [1].

Core Viewpoint - The stock of Aotwei has shown mixed performance in recent trading sessions, with a year-to-date increase of 10.17% but a significant decline over the past 20 days, indicating volatility in its market position [1][2]. Financial Performance - For the period from January to September 2025, Aotwei reported a revenue of 4.672 billion yuan, representing a year-on-year decrease of 32.50%. The net profit attributable to shareholders was 390 million yuan, down 66.54% compared to the previous year [2]. - Cumulatively, Aotwei has distributed 1.884 billion yuan in dividends since its A-share listing, with 1.627 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Aotwei had 18,000 shareholders, a decrease of 6.00% from the previous period. The average number of circulating shares per shareholder increased by 14.65% to 17,435 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 3.4083 million shares, which is a reduction of 210,200 shares from the previous period [3]. Stock Performance - On November 6, Aotwei's stock price rose by 2.02% to 45.40 yuan per share, with a trading volume of 198 million yuan and a turnover rate of 1.41%. The total market capitalization reached 14.31 billion yuan [1]. - The stock has experienced a 7.02% increase over the last five trading days, a 10.61% decline over the last 20 days, and a 29.34% increase over the last 60 days [1]. Business Overview - Aotwei, established on February 1, 2010, and listed on May 21, 2020, is located in Wuxi, Jiangsu Province. The company specializes in the research, design, production, and sales of high-end intelligent equipment [1]. - The main revenue sources for Aotwei include photovoltaic equipment (78.86%), transformation and other main businesses (13.61%), lithium battery equipment (5.20%), semiconductor (2.13%), and other (0.19%) [1]. - Aotwei is classified under the Shenwan industry as part of the electric power equipment sector, specifically focusing on photovoltaic processing equipment [1].

Core Viewpoint - The stock of Jing Sheng Mechanical & Electrical Co., Ltd. has shown volatility with a recent increase of 2.07%, but has experienced a decline over the past few weeks, indicating potential concerns regarding its financial performance and market sentiment [1][2]. Group 1: Stock Performance - As of November 5, the stock price of Jing Sheng Mechanical is 38.97 CNY per share, with a market capitalization of 51.033 billion CNY [1]. - Year-to-date, the stock has increased by 23.71%, but it has decreased by 4.56% in the last five trading days and 14.37% over the past 20 days [1]. - Over the last 60 days, the stock has appreciated by 38.34% [1]. Group 2: Financial Performance - For the period from January to September 2025, Jing Sheng Mechanical reported a revenue of 8.273 billion CNY, a year-on-year decrease of 42.86%, and a net profit attributable to shareholders of 901 million CNY, down 69.56% year-on-year [2]. - The company has distributed a total of 3.241 billion CNY in dividends since its A-share listing, with 2.027 billion CNY distributed over the last three years [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders has increased to 86,800, a rise of 25.88%, while the average number of circulating shares per person has decreased by 20.56% to 14,189 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 42.4866 million shares, a decrease of 538,400 shares from the previous period [2].

Core Viewpoint - Jinchen Co., Ltd. has shown a positive stock performance with a year-to-date increase of 12.56% and a recent uptick of 2.03% in its share price, indicating strong market interest and potential growth in the solar equipment sector [2][1]. Company Overview - Jinchen Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 30, 2004, with its public listing occurring on October 18, 2017. The company specializes in the research, design, manufacturing, and sales of high-end intelligent equipment [2]. - The main revenue sources for Jinchen Co. are as follows: photovoltaic module equipment (98.13%), other functional equipment and accessories (1.22%), other (supplementary) (0.48%), and photovoltaic cell equipment (0.17%) [2]. Financial Performance - For the period from January to September 2025, Jinchen Co. achieved a revenue of 1.958 billion yuan, reflecting a year-on-year growth of 3.11%. However, the net profit attributable to shareholders decreased by 26.01% to 50.51 million yuan [2]. - As of September 30, 2025, the company has distributed a total of 180 million yuan in dividends since its A-share listing, with 68.246 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinchen Co. was 31,000, which represents a decrease of 3.29% from the previous period. The average number of circulating shares per shareholder increased by 3.40% to 4,466 shares [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]. Market Activity - On November 5, the stock price of Jinchen Co. reached 30.11 yuan per share, with a trading volume of approximately 68.95 million yuan and a turnover rate of 1.68%. The net inflow of main funds was 1.36 million yuan, with large orders accounting for 12.21% of purchases and 10.24% of sales [1].

Core Viewpoint - Maimai Co., Ltd. has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and net profit year-on-year [1][2]. Group 1: Stock Performance - On November 5, Maimai's stock price fell by 2.07%, trading at 100.58 CNY per share, with a total market capitalization of 28.103 billion CNY [1]. - The stock has decreased by 3.34% year-to-date, with a 7.85% drop over the last five trading days, but has increased by 38.65% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Maimai reported a revenue of 6.204 billion CNY, a year-on-year decrease of 20.13%, and a net profit attributable to shareholders of 663 million CNY, down 12.56% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 1.349 billion CNY, with 1.013 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 4.48% to 33,100, while the average circulating shares per person decreased by 4.28% to 5,840 shares [2]. - The top ten circulating shareholders include notable funds, with significant reductions in holdings for several, while a new entry is noted for the Southern CSI 500 ETF [3].

Core Viewpoint - Gaoce Co., Ltd. has experienced a stock price increase of 43.69% year-to-date, despite a recent decline of 2.17% on November 4, with a current share price of 11.29 CNY [1] Financial Performance - For the period from January to September 2025, Gaoce Co., Ltd. reported a revenue of 2.431 billion CNY, a year-on-year decrease of 29.17%, and a net profit attributable to shareholders of -81.63 million CNY, a decline of 139.76% [2] - The company has distributed a total of 925 million CNY in dividends since its A-share listing, with 878 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Gaoce Co., Ltd. increased by 7.50% to 21,700, with an average of 38,279 circulating shares per shareholder, up by 0.95% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.7984 million shares, an increase of 4.2482 million shares from the previous period [3] Market Activity - On November 4, 2023, the stock saw a trading volume of 58.4171 million CNY, with a turnover rate of 0.62% and a total market capitalization of 9.379 billion CNY [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 59.9678 million CNY on May 8 [1]

Group 1 - The core stock price of Laplace increased by 2.22% to 47.43 CNY per share, with a market capitalization of 19.225 billion CNY as of November 3 [1] - The company has seen a year-to-date stock price increase of 6.27%, with a 5-day increase of 6.51% and a 20-day increase of 2.00% [1] - Laplace's main business involves the research, production, and sales of high-performance thermal processing, coating, and supporting automation equipment required for photovoltaic cell manufacturing, with 91.69% of revenue coming from photovoltaic equipment [1] Group 2 - As of September 30, the number of shareholders for Laplace was 8,774, a decrease of 8.38% from the previous period, while the average circulating shares per person increased by 9.14% to 4,138 shares [2] - For the period from January to September 2025, Laplace achieved operating revenue of 4.321 billion CNY, a year-on-year increase of 0.43%, and a net profit attributable to shareholders of 588 million CNY, up 2.07% year-on-year [2] - Laplace has distributed a total of 150 million CNY in dividends since its A-share listing [3]

Investment Rating - The report maintains a "Buy" rating for the machinery industry [6] Core Views - Industrial profits in China continue to improve, with a notable increase in both revenue and profit for industrial enterprises in the first nine months of 2025. Revenue grew by 2.4% year-on-year, while total profits increased by 3.2% [3] - The photovoltaic processing equipment sector saw a significant drop in new installations in September 2025, with a 53.8% year-on-year decrease, but cumulative installations for the first nine months still showed a 49.3% increase [4] - The robotics sector is experiencing innovation, with new product launches and advancements in technology, indicating potential growth opportunities [5] Summary by Sections General Equipment - From January to September 2025, China's industrial enterprises reported a 2.4% year-on-year increase in revenue and a 3.2% increase in total profits, with September alone showing a 21.6% profit increase compared to the previous year [3] Photovoltaic Processing Equipment - In September 2025, China added approximately 9.66 GW of new photovoltaic installations, a 53.76% decrease year-on-year. However, the cumulative new installations for the first nine months reached about 240.27 GW, reflecting a 49.3% year-on-year growth [4] Robotics - New product developments in the robotics sector include a four-legged robot from Yushu Technology, which boasts double the performance of its predecessor. Tesla also introduced a "world simulator" technology that enhances AI learning capabilities [5][6] Investment Recommendations - The report suggests focusing on the general equipment sector, photovoltaic processing equipment, and the robotics sector for potential investment opportunities, highlighting companies like Haomai Technology and Jing Sheng Machinery [7]