Core Insights - Doosan Group attributes its longevity to "transformational DNA" and "new generation power discovery" strategies, focusing on enhancing competitiveness in three future industries: energy, industrial machinery, and semiconductors [1] Energy Sector - Doosan Energy has achieved international certification for 8MW and 10MW offshore wind power projects and successfully completed full-load testing of a 380MW gas turbine developed in 2019 [1] - In the nuclear power sector, the company has supplied a total of 34 reactors and 124 steam generators globally [1] Industrial Machinery - Doosan Bobcat has doubled its scale over the past five years, with rapid growth in agricultural and landscaping equipment [1] - The company is leading the electrification transformation in the industry, launching the world's first fully electric compact tracked loader in 2022 [1] - Doosan Robotics has maintained its position as the leader in the collaborative robot market in South Korea since 2018, leveraging exclusive torque sensor technology, and has successfully entered the global top four [1] Semiconductor Sector - In 2022, Doosan Group acquired Tesna, a leading testing company in South Korea, which holds the top market share in the system semiconductor testing field, particularly in wafer testing [1]

Core Viewpoint - On October 13, A-shares experienced a collective decline across the three major indices, indicating a bearish market sentiment [1] Market Performance - The Shanghai Composite Index fell by 2.49% - The Shenzhen Component Index decreased by 3.88% - The ChiNext Index dropped by 4.44% [1] Sector Performance - Most sectors saw declines, with notable drops in: - Humanoid robot concept - CPO concept - Industrial machinery - Automotive - Chemical - Semiconductor [1]

Core Viewpoint - Jack Technology Co., Ltd. has initiated a share repurchase program to enhance shareholder value and implement equity incentives, with specific financial parameters and progress updates provided [2][3][4]. Group 1: Share Repurchase Basic Information - The company approved a share repurchase plan on April 7, 2025, allowing for the repurchase of shares at a price not exceeding RMB 37 per share, with a total fund allocation between RMB 75 million and RMB 150 million [2]. - Following the annual equity distribution for 2024, the maximum repurchase price was adjusted to RMB 36.53 per share [2]. Group 2: Progress of Share Repurchase - As of September 30, 2025, the company has repurchased a total of 4,872,678 shares, representing 1.0228% of the total share capital, with the highest purchase price at RMB 31.94 per share and the lowest at RMB 24.60 per share, totaling RMB 131,061,568.56 spent (excluding transaction fees) [3]. Group 3: Compliance and Future Actions - The share repurchase is in compliance with relevant laws and regulations, and the company will continue to make repurchase decisions based on market conditions while fulfilling disclosure obligations [4][5].

Financing & Review - In September 2025, the Beijing Stock Exchange (BSE) issued 4 new stocks, raising a total of CNY 1.089 billion; from January to September 2025, a total of 16 new stocks were issued, raising CNY 5.027 billion[5] - As of the end of September, there are 9 companies that have passed the review but not yet registered, with a proposed fundraising of CNY 2.588 billion; 6 companies have been registered but not yet issued, with a proposed fundraising of CNY 1.210 billion[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in September was +304.65%, with individual increases of +736.78%, +304.65%, and +120.34% for Sanxie Electric, Shichang Co., and Jinhua New Materials respectively[3] - The theoretical subscription yield for the new stocks Sanxie Electric, Shichang Co., and Jinhua New Materials was +0.165%, +0.076%, and +0.080% respectively[3] Market Trends & Predictions - The cumulative yield for new stock subscriptions in 2024 is +4.01% (23 new stocks issued), while the cumulative theoretical yield for new stock subscriptions from January to September 2025 is +1.75% (14 new stocks issued)[3] - The average top subscription amount in September 2025 was CNY 12.93 million, with a median capital freeze range of CNY 649.59 billion to CNY 851.19 billion[5] Investment Analysis - The BSE is expected to maintain a regular issuance pace, with 7 companies registered and 4 approved in September; the outlook suggests a weekly issuance rhythm is likely to continue[6] - There are currently 15 companies that have passed the review and are awaiting issuance, indicating a rich pipeline of quality projects[6] Risk Factors - Potential risks include slower-than-expected issuance speed, lower-than-expected stock price increases, macroeconomic downturns, and rapid growth in new stock subscription accounts[6]

今日A股早盘震荡反弹， 上证指数涨逾1%，时隔10年再度突破3900点。 沪深两市半日成交额1.72万亿，较上个交易日放量3547亿。盘面上热点快速 轮动，核电概念股集体大涨掀起涨停潮，合锻智能8天4板，万里石3天2板，永鼎股份、安泰科技等多股涨停。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 芯片产业链爆发， 深科技6天3板，通富微电、华虹公司涨停创新高。有色金属板块反复活跃，精艺股份6天5板，江西铜业、河钢资源2连 板。下跌方面，影视院线概念股重挫，横店影视等多股跌停。 板块方面， 有色金属、核电、存储芯片等板块涨幅居前， 影视院线、旅游等板块跌幅居前。截至收盘，沪指涨1.24%，深成指涨1.75%， 创业板指涨1.77%。 ...

Group 1 - The A-share market has shown active performance in the second half of this year, with foreign institutions frequently conducting research and closely monitoring the latest developments of A-share companies [1][7] - A total of 442 foreign institutions conducted nearly 2100 research sessions on A-share companies since the beginning of the second half of the year, with a focus on high-end manufacturing and technology innovation sectors [1][2] - The net inflow of cross-border funds reached 3.2 billion USD in August, indicating a general net purchase of domestic stocks and bonds by foreign capital [1][7] Group 2 - Foreign institutions are particularly focused on sectors related to China's industrial upgrade, especially in globally competitive technology and high-end manufacturing [2] - Specific industries such as electrical components and equipment, industrial machinery, electronic components, and medical devices have received over 200 research sessions each from foreign institutions [2][3] - Companies like Huichuan Technology and Estun have been highlighted for their advancements in robotics and AI integration, attracting significant foreign interest [3][4] Group 3 - Prominent foreign institutions such as Point72, Goldman Sachs, and IGWT have been actively involved in research activities, with Point72 leading with 70 research sessions [4][5][6] - Point72's research has included companies like Obsidian Optics and Weisheng Information, focusing on their developments in the robotics sector [4] - Goldman Sachs and IGWT have also shown significant engagement, with 63 and 52 research sessions respectively, indicating a strong interest in A-share companies [5][6] Group 4 - The influx of foreign capital reflects a long-term confidence in the Chinese market, with a notable interest in sectors like AI and technology development [7][8] - Observations indicate that international investors are increasingly interested in Chinese stocks, with discussions around policies and industry trends gaining traction [7] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, suggesting a favorable outlook for private enterprises and sectors like AI [8]

Core Viewpoint - The A-share market has shown active performance in the second half of this year, with foreign institutions frequently conducting research and closely monitoring the latest developments of A-share companies [1]. Group 1: Foreign Investment and Market Trends - A total of 442 foreign institutions conducted nearly 2100 research sessions on A-share companies since the beginning of the second half of the year [1]. - In August, there was a net inflow of $3.2 billion in cross-border funds, indicating a general net purchase of domestic stocks and bonds by foreign investors [1][12]. - The focus of foreign institutions is on high-end manufacturing and technology innovation sectors, reflecting global investors' recognition of China's economic resilience and capital market openness [1]. Group 2: Focus on Technology and High-End Manufacturing - Foreign institutions are particularly concentrated on core areas of China's industrial upgrade, especially in globally competitive sectors such as technology and high-end manufacturing [3]. - Specific industries receiving significant attention include electrical components and equipment, industrial machinery, electronic components, healthcare equipment, and integrated circuits, with electrical components and equipment leading with 451 research sessions [3]. - Companies like Huichuan Technology and Estun have received substantial attention, with Huichuan Technology being researched 32 times by 188 foreign institutions [3][4]. Group 3: Notable Foreign Institutions - Prominent foreign institutions such as Point72 Asset Management and Goldman Sachs have been actively involved in A-share company research, with Point72 leading with 70 research sessions [6][7]. - Point72's research included companies like Obsidian and Weisheng Information, focusing on developments in the robotics sector [6]. - Goldman Sachs conducted 63 research sessions, focusing on companies like Lankai Technology and Huazhong Microelectronics [7]. Group 4: Long-Term Confidence in Chinese Assets - Foreign institutions are not only conducting research but also expressing long-term confidence in the Chinese market through actual capital inflows [11]. - The interest in Chinese stocks has reached a high level, with discussions around policies and sectors such as AI and technology development being prominent among international investors [12]. - Analysts suggest that foreign investment in the Chinese market is likely to increase, driven by relatively lower valuations compared to global markets and expectations of continued interest rate cuts by the Federal Reserve [12].

9月28日晚间，海联讯、杭汽轮B双双发布公告称，于2025年9月26日收到了中国证监会出具的《关于同意杭州海联讯科技股份有限公司吸 收合并杭州汽轮动力集团股份有限公司注册的批复》。 【导读】海联讯吸收合并杭汽轮B获证监会批复 中国基金报记者 吴君 又一例"A吸并B"交易即将诞生。 海联讯吸收合并杭汽轮B获批 根据最新发布的批复，证监会同意杭州海联讯科技股份有限公司以新增11.75亿股股份吸收合并杭州汽轮动力集团股份有限公司的注册申 请。该批复有效期为12个月。 证监会表示，本次吸收合并应当严格按照报送深圳证券交易所的有关申请文件进行，按照有关规定及时履行信息披露义务，办理相关手 续。 去年10月，两家公司共同宣布，海联讯拟换股吸收合并杭汽轮B，预计构成重大资产重组和关联交易。由于两家公司的实际控制人均为杭州 市国资委，且该交易或将成为A股公司换股吸收合并B股公司的新案例，还预计构成"蛇吞象"式重组，因此备受市场瞩目。 今年6月，深交所受理了相关申请，还就估值合理性、协同效应等方面发出问询函。今年9月初，相关重组上市事项过会。9月26日证监会 正式批准，标志着该交易进入实施阶段。 一笔"蛇吞象"的交易 资料显示 ...

Group 1 - A total of 324 listed companies were investigated by institutions from September 22 to September 26 [1] - Jingzhida received the most attention with 138 participating institutions [1] - Enhua Pharmaceutical, Xinlitai, and Desai Xiwai were each investigated by 77, 77, and 67 institutions respectively [1] Group 2 - Ice Wheel Environment was investigated 4 times, while Hu Dian Co. was investigated 3 times [1] - Institutions continue to focus on sectors such as industrial machinery, electronic components, and electrical parts and equipment [1]

又一例"A吸并B"交易即将诞生。 9月28日晚间，海联讯、杭汽轮B双双发布公告称，于2025年9月26日收到了中国证监会出具的《关于同意杭州海联讯科技股份有限公 司吸收合并杭州汽轮动力集团股份有限公司注册的批复》。 海联讯吸收合并杭汽轮B获批 根据最新发布的批复，证监会同意杭州海联讯科技股份有限公司以新增11.75亿股股份吸收合并杭州汽轮动力集团股份有限公司的注 册申请。该批复有效期为12个月。 证监会表示，本次吸收合并应当严格按照报送深圳证券交易所的有关申请文件进行，按照有关规定及时履行信息披露义务，办理相 关手续。 去年10月，两家公司共同宣布，海联讯拟换股吸收合并杭汽轮B，预计构成重大资产重组和关联交易。由于两家公司的实际控制人均 为杭州市国资委，且该交易或将成为A股公司换股吸收合并B股公司的新案例，还预计构成"蛇吞象"式重组，因此备受市场瞩目。 今年6月，深交所受理了相关申请，还就估值合理性、协同效应等方面发出问询函。今年9月初，相关重组上市事项过会。9月26日证 监会正式批准，标志着该交易进入实施阶段。 一笔"蛇吞象"的交易 资料显示，海联讯是一家从事电力信息化系统集成业务的国家高新技术企业，201 ...