Core Viewpoint - The article highlights the recent institutional research activities among listed companies, focusing on the performance of specific stocks and the strategic developments of key players in various industries. Group 1: Institutional Research Activities - A total of 223 listed companies received institutional research from December 1 to December 5, with only 30% of the researched stocks achieving positive returns during the week [3]. - Notable stocks that saw significant gains include Hai Xin Food, which rose nearly 32%, and others like Tongyu Communication, Jereh, and Kexiang, which increased by over 20% [4]. Group 2: Jereh's Strategic Developments - Jereh remains the most researched company, with 176 institutions participating in its December 2 research, resulting in a cumulative stock increase of 26.40% for the week [6]. - The company announced a sales contract for generator sets with a global AI giant, valued at over $100 million, marking a strategic upgrade in the North American market [8]. - Jereh aims to deepen its focus on data centers, industrial energy, and new power systems, emphasizing technological innovation and collaboration with clients [8]. Group 3: Tianhua New Energy's Growth - Tianhua New Energy hosted 76 institutional research sessions, with significant interest in its business areas, particularly lithium battery materials, which account for over 90% of its revenue [10]. - The company is set to receive an investment of over 2.6 billion yuan from CATL, making it the second-largest shareholder, which is expected to enhance its operational stability and growth potential [10][11]. Group 4: Three Gorges Tourism's Project Updates - Three Gorges Tourism engaged with 60 institutions, focusing on the progress of its inter-provincial cruise project, with the first two self-built cruise ships expected to operate by mid-2026 [13]. - The company has a low debt ratio of 18.81% as of Q3 2025, indicating strong financial health and the ability to self-fund project shortfalls [13]. Group 5: Dajin Heavy Industry's European Expansion - Dajin Heavy Industry received attention from 58 institutions, showcasing advancements in shipbuilding and overseas business expansion [15]. - The company has signed a contract worth approximately 1.339 billion yuan for a project with a leading European energy firm, expected to be delivered by 2027 [16]. - Dajin is focusing on enhancing its competitiveness in the European market by expanding its service offerings and local supply capabilities [16].

来源：问董秘 投资者提问： 12月2日贵司公布与另一重要北美客户签署超亿美元发电机组合同，请问董秘：这里交付的发电机组是 否有贝克休斯的燃气轮机参与？ 董秘回答(杰瑞股份SZ002353)： 您好！因本事项未达到上市公司信息披露标准，且涉及商业秘密，具体合同细节不方便透露。请您注意 股市交易风险，谨慎决策，理性投资。谢谢！ 查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Investment Rating - The report suggests a positive outlook for the new industrial sector, particularly focusing on data centers and energy infrastructure, driven by the increasing demand for AI and cloud services. Core Insights - The report highlights a significant increase in data center capacity in Europe, expected to double due to rising demand from new cloud services. In the U.S., residential electricity prices rose by 7.4% year-on-year in September, indicating a tightening energy market [1][3]. - The report emphasizes the need for regulatory clarity from FERC regarding the connection of large data centers to the grid, stressing that they should only connect when grid reliability is assured [1][3]. - The U.S. energy market is experiencing a shift, with a notable increase in electricity demand driven by industrial returns, AI data center construction, and decarbonization efforts [5][9]. Summary by Sections Global Infrastructure and Construction Equipment - Data center vacancy rates in North America have reached a historic low of 1.6%, with significant price increases for data center cabinets due to high demand and limited power supply [8]. - The U.S. Department of Energy is pushing for the construction of data centers on federal land as part of its AI strategy, which includes significant investments in energy infrastructure [9][10]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 5.49% year-on-year and 2.1% month-on-month as of September 2025, reflecting strong demand in the energy sector [15][17]. - The report notes that the U.S. electricity demand is expected to grow significantly, with projections indicating an increase of 15.8% by 2029 [23][27]. Global Energy Industry - The wholesale electricity prices in the U.S. have shown significant fluctuations, with the average retail electricity price reaching 14.23 cents/kWh, a 7% increase year-on-year [3][29]. - The report indicates that the U.S. is investing heavily in transmission infrastructure, with over $50 billion approved for new transmission expansions [27][28]. Global New Materials - The report tracks the uranium spot price at $75.80 per pound, with a slight decrease of 5% month-on-month, while the long-term price remains at $86.00 per pound [4]. Key Company Insights and Comments - The report recommends focusing on companies involved in AI power operations and energy equipment, such as Entergy, Talen Energy, and Oklo, as they are well-positioned to benefit from the ongoing energy transition [5][42]. - Companies like GE Vernova and Siemens Energy are expanding their manufacturing capabilities to meet the growing demand for energy infrastructure [44][45].

格隆汇12月4日｜光大证券研报指出，杰瑞股份接连斩获北美数据中心超亿美元订单，电力板块有望打 造第三增长曲线。公司在北美数据中心领域接连斩获超亿元订单，标志着公司模块化、智能化的发电解 决方案成功挺进北美高端电力市场，实现了杰瑞在北美数据中心领域的关键业务突破。公司接连斩获北 美数据中心超亿美元订单，该行随之上调公司25-27年归母净利润预测0.6%/5.1%/9.4%至30.7/38.0/45.8亿 元，对应25-27年EPS分别为3.00/3.71/4.47元。随着北美用电需求不断扩大，公司服务范围不断扩展，未 来电力板块有望打造公司第三增长曲线，维持公司"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has secured multiple contracts exceeding $100 million for gas turbine generator sets, marking a significant entry into the North American data center market [1] - The company aims to create a comprehensive lifecycle solution starting with gas turbine generator sets, leveraging its modular and intelligent power generation solutions to meet the growing electricity demand in North America [2] - Strategic partnerships with international giants like Baker Hughes and Siemens have been established to ensure core production capacity for future order demands in data centers [3] Financial Projections - The company's net profit forecasts for 2025-2027 have been adjusted upwards by 0.6%, 5.1%, and 9.4% to reach 3.07 billion, 3.80 billion, and 4.58 billion yuan respectively, with corresponding EPS of 3.00, 3.71, and 4.47 yuan [4] - Revenue projections for 2025-2027 are estimated at 16.50 billion, 19.65 billion, and 22.84 billion yuan, reflecting growth rates of 23.58%, 19.06%, and 16.25% respectively [5] - The company is expected to maintain a gross margin of approximately 33% over the forecast period, with a projected return on equity (ROE) increasing from 12.7% in 2023 to 15.0% in 2027 [10] Market Position - The company is positioned to develop its power segment as the third growth curve following its drilling and natural gas segments, driven by expanding electricity demand in North America [2][4] - The current market capitalization is approximately 61.35 billion yuan, with a total share count of 1.024 billion shares [6] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 25 in 2023 to 13 by 2027, indicating an improving valuation as earnings grow [11] - The price-to-book (P/B) ratio is expected to decline from 3.2 in 2023 to 2.0 in 2027, reflecting a strengthening balance sheet [11] Operational Highlights - The company’s gas turbine generator sets are designed for rapid transport and flexible expansion, addressing challenges such as tight project timelines and limited space [2] - The company has initiated business and team development in various lifecycle service areas, including small modular reactor (SMR) power supply and data center management [2] Strategic Partnerships - The company has signed a global strategic cooperation agreement with Baker Hughes for the NovaLT™ gas turbine, ensuring future production capacity [3] - A strategic cooperation agreement with Siemens has also been established to enhance the company’s capabilities in gas turbine technology [3]

日前，"上海先进能源装备产业集聚区"在闵行区正式揭牌。作为上海"市区协同"打造的千亿级产业集 群，先进能源装备及绿色低碳产业已成为闵行区的核心发力点。 揭牌仪式上，30家重点企业获得首批授牌。上海锅炉厂、国核自仪、西门子能源、氢枫能源……一系列 国内外能源企业的成功案例，反映出上海正以"数字化赋能"为核心驱动力，积极构建一片深度融合、内 外联动的先进能源装备产业生态热土。 为推动能源体系转型升级，抢抓产业机遇，集聚区提出升级清洁高效发电、先进电网、光伏光热三大优 势产业，培育聚变能源、氢基能源、长时储能、新型绿色技术四大未来赛道的核心发展战略，许多龙头 企业也参与到能源产业的布局与规划当中。 近年来，闵行区已累计建成39家先进级智能工厂，其中能源装备领域先进级智能工厂占比超1/3。这些 重点企业与先进智能工厂，正在成为创新要素区域聚集的"龙骨"。 如上海氢枫能源技术有限公司不仅推动镁基固态储氢等领域的技术创新，还参与了多项国家及行业标准 的制修订工作，并牵头起草《移动式大容量镁基固态储氢装置的安全技术要求》等多项团体标准，填补 了国内在镁基固态储氢领域的标准空白，为产业的规范化发展提供技术支撑。 如上海锅炉厂 ...

Core Insights - Jerry Holdings (002353) has once again reached the daily limit increase in stock price on December 3rd [1] - The company’s wholly-owned subsidiary, Jerry Mind Electric Energy Group, has signed a sales contract for generator sets worth over 100 million USD with a North American client [1] - This contract follows a recent collaboration with a global AI industry giant, indicating continued international recognition for Jerry Holdings [1] Company Developments - Jerry Mind Electric Energy Group has secured a significant contract, enhancing its market position and revenue potential [1] - The partnership with a major AI player suggests strategic growth and diversification in Jerry Holdings' business operations [1] Market Reaction - The stock price surge reflects positive investor sentiment and confidence in the company's future prospects following these developments [1]

Core Insights - Jerry Group recently secured a sales contract for generator sets in North America, exceeding $100 million, highlighting its global competitiveness [3] - The company has established a strong reputation in the North American market and gas turbine power generation sector, which has facilitated its entry into the data center power generation business [3] - The company emphasizes its integrated solutions in three key areas: data centers, industrial energy, and new power systems, aiming for innovation and efficient collaboration from energy production to power supply [4] Research Activity Overview - The investor relations activity was conducted via a conference call on December 2, 2025, with participation from over 100 renowned institutions, including Morgan Stanley, Goldman Sachs, and various asset management companies [2] - The event focused on the company's recent orders and strategic layout in the power generation business [1] Business Outlook - The company plans to deepen its focus on three major tracks: data centers, industrial energy, and new power systems, leveraging technological innovation and product iteration [4] - The integrated solutions will include power equipment supply, intelligent operation control, and lifecycle maintenance support, enhancing reliable power support capabilities [4]

Group 1 - The core point of the article is that Yantai Jereh Petroleum Service Group Co., Ltd. has signed a sales contract for generator sets worth over $100 million with a global AI industry giant, marking a significant breakthrough in the North American high-end power market [2] - This collaboration signifies a key step in the company's integrated capabilities in data centers, as it expands its business in various areas including small modular reactor (SMR) power supply, gas turbine rapid power supply, and lifecycle services for data centers [2] - The North American data center industry is experiencing a new wave of expansion driven by digitalization and the growth of artificial intelligence and high-performance computing, which raises demands for energy system reliability and sustainability [2] Group 2 - The company has developed a highly integrated, modular, and intelligent gas power generation product system based on its proprietary technology platform, providing customized power support solutions for both distributed edge computing nodes and large supercomputing centers [3] - With the implementation of this project, the company plans to continue investing in three core areas: data centers, industrial energy, and new power systems, focusing on the intelligent upgrade of clean and efficient energy equipment [3] - The company aims to enhance its competitiveness in the high-end energy market by expanding product applications, deepening global market presence, and strengthening international cooperation networks [3]

Group 1: ETF Market - The number of billion-yuan ETFs has reached a historical high of 119, with bond ETFs being the mainstream among new entrants [1] - The total market size of ETFs has reached 5.69 trillion yuan, with 1,368 funds in total, and the scale of ETFs above 100 billion yuan accounts for 75% of the total market size [1] Group 2: Robotics Industry - The market for six-dimensional force sensors in humanoid robots is experiencing explosive growth, with a projected shipment of 12,300 units this year, a year-on-year increase of 510.1% [1] - The market is becoming increasingly concentrated, with leading companies holding over 70% market share, specifically Blue Dot Touch Control at 72.6% [1] Group 3: AI/AR Market - The domestic consumer-grade AI/AR market is thriving, with sales increasing by 186% year-on-year in Q3 2025 [2] - The AR market continues to grow, surpassing 129,000 units sold, with all-in-one AR glasses showing a remarkable growth rate of 355% [2] Group 4: Automotive Industry - The automotive industry's sales profit margin dropped to 3.9% in October 2025, the lowest in five years, reflecting a 0.5 percentage point decrease from September [2] - The average sales profit margin for the automotive industry from January to October 2025 is 4.4%, which is better than in 2024 but still at a historical low [2] Group 5: Corporate Developments - ByteDance is reportedly in talks to sell its subsidiary, Shanghai Mutong Technology, to Saudi Arabia's Savvy Games Group, although the deal is not guaranteed [2] - KUKA Group is undergoing bankruptcy restructuring, facing allegations of asset transfer and reliance on high-interest loans [3] - Anta Sports has been rumored to consider acquiring Puma, with potential collaboration with a private equity firm [3] - Vanke's decision to extend debt repayment is seen as a significant shift, indicating a likely move towards debt restructuring [3][4] Group 6: Financial Updates - SoftBank's credit default swap (CDS) has risen to its highest level since April, reflecting investor caution regarding the company's debt-driven growth strategy [4] - Huazhi Jie plans to invest 157 million yuan to establish five wholly-owned subsidiaries, aiming to expand its global strategy in the intelligent robotics and electronic manufacturing sectors [13]