Core Viewpoint - Jiangsu Shentong (002438) is focusing on expanding its export scale and pursuing internationalization as a key strategy for enhancing company growth and technological advancement [1] Group 1: Internationalization Strategy - The company has established an international trade department and formed a professional team to support its international business expansion [1] - The company is actively engaging in external licensing and certification processes, which are progressing as planned [1] - Market channel development for international business is being carried out in an orderly manner [1] Group 2: Focus Areas for Export Business - Future export efforts will concentrate on core sectors such as petroleum refining and oil and gas extraction [1] - The aim is to achieve long-term development goals through these focused export initiatives [1]

证券日报网讯江苏神通（002438）11月24日发布公告，在公司回答调研者提问时表示，在公司的核电阀 门业务中产品出口目前主要采用间接出口的方式，即通过国内大型工程总包方将相关产品出口至海外市 场。 ...

Group 1 - The stock of Chengdu Zhonghuan Fluid Control Equipment Co., Ltd. fell by 4.03% on November 21, with a trading volume of 12.7045 million yuan [1] - On the same day, the company had a financing purchase amount of 1.3113 million yuan, with no financing repayment, resulting in a net financing purchase of 1.3113 million yuan [1] - As of November 21, the total balance of margin trading for the company was 3.6588 million yuan, which accounts for 0.31% of its circulating market value, indicating a low financing balance compared to the past year [1] Group 2 - Chengdu Zhonghuan was established on September 14, 2009, and listed on November 15, 2021, focusing on the design, research and development, production, and sales of valve actuators, wellhead safety control systems, and skid-mounted equipment [2] - The company's main business revenue composition includes valve actuators (36.80%), wellhead safety control systems (34.35%), skid-mounted equipment (17.11%), components (11.16%), and other (main) (0.49%) [2] - For the period from January to September 2025, the company reported an operating income of 168 million yuan, a year-on-year decrease of 6.18%, and a net profit attributable to shareholders of 24.7596 million yuan, a year-on-year decrease of 23.83% [2] Group 3 - Since its A-share listing, the company has distributed a total of 109 million yuan in dividends, with 82.84 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders was 5,330, a decrease of 8.67% from the previous period, while the average circulating shares per person increased by 9.33% to 18,539 shares [2][3] - The top ten circulating shareholders saw the exit of the fund "Crea Jinhe North Certificate 50 Index Enhanced A" from the list [3]

National Economic Data - From January to October 2025, the national general public budget revenue reached CNY 18,649 billion, a year-on-year increase of 0.8%[12] - Tax revenue accounted for CNY 15,336 billion, growing by 1.7% year-on-year, while non-tax revenue fell by 3.1% to CNY 33,126 billion[12] - General public budget expenditure totaled CNY 22,582 billion, up 2% year-on-year, with central government expenditure increasing by 6.3% to CNY 34,727 billion[12] Government Fund Budget - Government fund budget revenue for the same period was CNY 34,473 billion, down 2.8% year-on-year[14] - Expenditure from the government fund budget surged by 15.4% to CNY 80,892 billion[14] Monetary Policy and Interest Rates - The Loan Prime Rate (LPR) remained unchanged at 3.0% for 1-year loans and 3.5% for loans over 5 years as of November 20, 2025[22] - The average interest rate for the 7-day reverse repurchase agreement stood at 1.4%[47] Energy Consumption - In October 2025, total electricity consumption reached 857.2 billion kWh, marking a year-on-year increase of 10.4%[26] - Cumulative electricity consumption from January to October was 86,246 billion kWh, up 5.1% year-on-year[27] Market Performance - The Shenzhen Component Index fell by 5.13% this week, while the Hang Seng Index dropped by 5.09%[66] - The Shanghai Composite Index decreased by 3.90%, reflecting a broader market downturn[69] Sector Performance - The banking sector showed the least decline at -0.89%, while the electric equipment sector faced the largest drop at -10.54%[75] - The basic chemical sector also experienced significant losses, declining by 7.47%[75] Financing and Debt Issuance - As of November 21, 2025, cumulative issuance of government bonds increased by 19% compared to the same period in 2024, while local government bonds rose by 27%[54] - Corporate bonds saw a significant decline of 60% year-on-year in issuance[54] Institutional Fund Flow - This week, institutional funds saw a net outflow from the medical biology sector amounting to CNY 32.15 billion, while the electronic sector experienced a net outflow of CNY 50.32 billion[78] - The banking sector was the only one to see a net inflow of CNY 0.6 billion[78]

Core Insights - The company, Sikan Technology, has experienced a stock price decline of 8.56% this week, closing at 80.08 yuan, with a total market capitalization of 7.079 billion yuan [1] - The industrial-grade product line is expected to maintain steady growth through 2025, driven by favorable industry trends, enhanced product competitiveness, and an improved sales network [1][4] - The high-precision 3D digitalization market was valued at approximately 50 billion yuan in 2022 and continues to grow steadily, with significant potential for market penetration [1][2] Company Performance - R&D expenses for the company increased by over 40% year-on-year from January to September 2025, reflecting a commitment to innovation [2] - The company has launched a unified 3D digitalization software platform to enhance customer experience and operational convenience [2] - The non-industrial product, 3DeVOK, has shown strong sales performance, with over 100% year-on-year growth in the first half of the year [2][4] Market Opportunities - The global consumer-grade 3D printer shipment is projected to reach 4.1 million units in 2024, with a compound annual growth rate of 26.6% from 2024 to 2029 [3] - The overseas market is viewed as a core growth engine, with an estimated size 6 to 8 times larger than the domestic market, indicating substantial growth potential [2][4] - The company aims to strengthen its local channels and service capabilities in overseas markets to enhance customer coverage and drive revenue growth [2][4] Product Applications - The 3DeVOK scanner is applicable in various fields, including 3D printing, cultural heritage digitization, healthcare, and law enforcement, showcasing its versatility [3][4] - The 6D pose tracking system has successfully secured bulk orders in multiple industrial applications, including assembly and welding [3][4] - The company's products have been utilized in significant projects, such as the digitalization of archaeological sites and the creation of 3D models for media productions [4][5] Upcoming Events - The company will hold a third-quarter earnings briefing on November 27, 2025, to discuss its operational results and financial status [6]

Core Points - Dongmu Co., Ltd. (stock code: 600114) closed at 25.8 yuan on November 21, 2025, down 5.84% from 27.4 yuan the previous week [1] - The company's market capitalization is currently 16.29 billion yuan, ranking 17th out of 217 in the general equipment sector and 1111th out of 5167 in the A-share market [1] Company Announcements - Dongmu Co., Ltd. has completed the registration change with a new registered capital of 631,383,477 yuan [1] - The company held its ninth board meeting and the fourth extraordinary shareholders' meeting on October 27 and November 14, 2025, respectively, where it approved changes to the registered capital, business scope, and amendments to the articles of association [1] - The business scope has been expanded to include multiple new business activities following the completion of the registration change on November 18, 2025 [1]

Core Viewpoint - Harbin Air Conditioning Co., Ltd. (stock code: 600202) has experienced a significant decline in stock price, dropping 10.77% to 5.88 yuan as of November 21, 2025, with a total market capitalization of 2.254 billion yuan [1] Group 1: Company Announcements - The company held its ninth temporary board meeting on November 21, 2025, where it approved the proposal to publicly transfer 40% equity of its subsidiary, Harbin Fushanchuan Biotechnology Development Co., Ltd. [2][3] - The board's decision received unanimous approval from all nine directors, complying with regulatory and procedural requirements [1] - The company received a government subsidy of 2 million yuan, which accounts for 27.19% of the latest audited net profit attributable to shareholders [1][3] Group 2: Equity Transfer Details - The company plans to publicly transfer its 40% stake in Harbin Fushanchuan, with an assessed value of 953.14 million yuan for the entire equity, leading to a valuation of 381.26 million yuan for the 40% stake [2] - The transfer will not require shareholder approval as it has already been approved by the board, and the final transaction details remain uncertain pending regulatory review [2]

Core Insights - The number and quality of merger and acquisition reviews by the State Administration for Market Regulation have increased in the first three quarters of the year, with a total of 528 cases concluded, representing a year-on-year growth of 15.8% [1] Group 1: Review Statistics - A total of 514 cases were unconditionally approved, making it the dominant outcome, while 4 cases were conditionally approved and 1 case was prohibited [1] - The manufacturing sector was particularly active, with 182 cases, accounting for approximately 35.4% of the total [1] - The total transaction amount for unconditionally approved mergers exceeded 2.05 trillion yuan, with 158 cases between 100 million and 1 billion yuan, representing 30.7% [1] Group 2: Industry and Transaction Types - The automotive manufacturing sector saw over 60% of concentration cases involving parts and components manufacturing, indicating a trend towards deeper integration within the industry [1] - Horizontal concentration cases involving competitors accounted for 295 cases, approximately 57.4%, while vertical concentration cases involving upstream and downstream enterprises accounted for 213 cases, about 41.4% [2] - Domestic enterprises were highly active, with 308 cases among them, making up nearly 60% of the total, while foreign enterprises were involved in 218 cases, exceeding 40% [1][2] Group 3: Review Efficiency - Most cases were concluded within the preliminary review stage (within 30 days), with 457 cases, approximately 88.9% of the total [2] - In the decision types of case reviews, 441 cases were concluded without further review during the preliminary stage, accounting for 85.8% [2] - The concentration cases involved enterprises from over 30 countries and regions, with significant participation from Japan, the United States, the United Kingdom, Singapore, and France [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company is a leading player in precision casting, benefiting from the dual drivers of AI computing power in cooling and power supply sectors. It has established long-term partnerships with global giants and is poised for significant growth due to expanding demand in the AIDC (Artificial Intelligence Data Center) market [8][14]. Summary by Sections 1. Company Overview - The company is recognized as a global leader in commercial air conditioning compressor castings and a prominent player in engineering machinery castings, with strong ties to major clients like Johnson Controls and Caterpillar [8][14]. - The company has a high degree of customer binding, with over 10 years of collaboration with top-tier clients, which enhances its competitive edge [14][21]. 2. Financial Performance - The company has shown a stable growth trend, with a CAGR of 12.7% in revenue and 13.3% in net profit from 2016 to 2024. However, a decline was noted in 2024 due to reduced demand in the commercial air conditioning sector [23][24]. - The revenue forecast for 2023A is 1,211 million yuan, with a projected increase to 2,164 million yuan by 2027E, reflecting a growth rate of 33.80% [1]. 3. Business Segments - The primary revenue source is from compressor components, accounting for over 60% of total revenue, with a gross margin of 38% in 2024. Engineering machinery components are also growing, with their revenue share increasing from 2% in 2016 to 31% in 2024 [25][26]. - The company is expanding its footprint in the AIDC sector, particularly in cooling and power supply, which is expected to drive future growth [8][36]. 4. Market Opportunities - The AIDC market is projected to grow significantly, with the U.S. AIDC cooling component market expected to exceed 10 billion yuan by 2028. The company is well-positioned to capitalize on this trend [8][37]. - The engineering machinery sector is anticipated to recover starting in 2025, benefiting the company due to its strong relationship with Caterpillar [8][36]. 5. Competitive Advantages - The company's integrated "casting + machining" capabilities provide a competitive edge, allowing for high product customization and superior profit margins compared to peers [8][36]. - The company has initiated a stock incentive plan to align the interests of key personnel with the company's long-term growth objectives [8][36].

Core Viewpoint - Jiangsu Shentong Valve Co., Ltd. maintains a leading position in the nuclear valve sector with a market share exceeding 90% and is pursuing a diversified development strategy to enhance growth opportunities in various industries [3]. Group 1: Competitive Landscape - Jiangsu Shentong emphasizes a complementary and healthy competition with domestic peers in the nuclear valve market, supported by the normalization of new nuclear project approvals and the advancement of domestic key equipment [3]. - The company has an online inventory of 150,000 nuclear valves, with its main products, including nuclear butterfly and ball valves, holding a market share of over 90% [3]. - The domestic nuclear valve localization rate is reported to be between 85% and 90%, indicating significant technological progress and global competitiveness in the domestic valve manufacturing industry [3]. Group 2: Growth Drivers - The company aims to consolidate its position in metallurgy, develop its nuclear business, expand in petrochemicals, and enhance energy services while focusing on domestic markets and increasing exports [4]. - Continuous investment in R&D has led to the development of valve products that meet the requirements of third and fourth-generation nuclear technologies, contributing to an increase in the revenue share from the nuclear business [4]. - Jiangsu Shentong is also making strides in emerging fields such as hydrogen energy and semiconductor equipment, with its subsidiary, Shentong New Energy, capable of mass-producing specialized high-pressure valves [4]. Group 3: Long-term Growth Potential - The demand for nuclear valve replacement parts is expected to provide stable and sustainable revenue growth due to the regular maintenance and replacement needs of aging components in operational nuclear power units [5]. - The advancement of controllable nuclear fusion technology is anticipated to drive technological upgrades and market demand in the valve industry, presenting long-term opportunities if commercialization is achieved [5]. - The company is focusing on expanding its export business in core areas such as oil refining and gas extraction to promote scale and technological advancement for long-term development [5].