Core Insights - Southbound funds increased their holdings in Sensong International (02155.HK) by 298,000 shares on November 13, 2025, marking a positive trend in investment interest [1] - Over the past five trading days, there have been four days of net increases in holdings, totaling 1.652 million shares [1] - In the last twenty trading days, there were fifteen days of net increases, amounting to 5.057 million shares [1] - Currently, southbound funds hold 199 million shares of Sensong International, representing 15.97% of the company's total issued ordinary shares [1] Trading Data Summary - On November 13, 2025, total shares held were 266 million, with a change of 298,000 shares, reflecting a 0.15% increase [2] - On November 12, 2025, total shares held were 266 million, with a change of 1.948 million shares, reflecting a 0.99% increase [2] - On November 11, 2025, total shares held were 197 million, with a change of -894,000 shares, reflecting a -0.45% decrease [2] - On November 10, 2025, total shares held were 198 million, with a change of 250,000 shares, reflecting a 0.13% increase [2] - On November 7, 2025, total shares held were 197 million, with a change of 50,000 shares, reflecting a 0.03% increase [2] Company Overview - Sensong International Holdings Limited primarily engages in the manufacturing of pressure equipment and provides comprehensive pressure equipment solutions [2] - The company's main products include traditional pressure equipment such as heat exchangers, vessels, reactors, and towers, as well as modular pressure equipment including process modules and modular plants [2] - The company also offers value-added services such as design, validation, and maintenance of pressure equipment [2] - Sensong operates in both domestic and overseas markets [2]

Group 1 - Pangu Intelligent announced a share reduction plan involving several investment partnerships, collectively holding approximately 11.31 million shares, representing 7.52% of the company's total share capital [1] - The planned reduction will not exceed approximately 1% of the total share capital, equating to about 150.45 million shares, to be executed within three months after the announcement [1] - For the fiscal year 2024, Pangu Intelligent's revenue composition is projected to be 91.17% from specialized equipment manufacturing and 8.83% from other sources [1] Group 2 - As of the latest report, Pangu Intelligent's market capitalization stands at 4.5 billion yuan [2]

Group 1 - The core viewpoint of the news is that Gaoce Co., Ltd. experienced a decline in stock price, dropping by 5.01% to 10.62 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 2.80%, resulting in a total market capitalization of 8.823 billion CNY [1] - Gaoce Co., Ltd. specializes in the research, production, and sales of cutting equipment and consumables for hard and brittle materials, with its main business revenue composition being: silicon wafer and cutting processing services (48.98%), photovoltaic cutting consumables (23.42%), other cutting equipment and consumables (9.14%), other waste income (8.91%), photovoltaic cutting equipment (7.45%), services and others (2.08%), and rental income (0.02%) [1] Group 2 - Among the top ten circulating shareholders of Gaoce Co., Ltd., Huafu Fund has a fund that entered the list, specifically Huafu Technology Momentum Mixed A (007713), which holds 9.2 million shares, accounting for 1.11% of circulating shares, with an estimated floating loss of approximately 5.152 million CNY [2] - Huafu Technology Momentum Mixed A (007713) was established on November 6, 2019, with a latest scale of 1 billion CNY, achieving a year-to-date return of 78.5% and ranking 180 out of 8147 in its category, while its one-year return is 79.97%, ranking 83 out of 8056 [2]

Core Viewpoint - The company, Boying Special Welding (301468.SZ), identifies significant growth opportunities in the waste incineration market, driven by increasing demand and downstream transformation upgrades [1] Group 1: Market Opportunities - The waste incineration market has broad demand, leading to an increase in penetration rates due to downstream transformation and upgrades [1] - The coal-fired power generation industry is beginning to show demonstration effects, indicating vast development potential [1] - There is an expanding market demand in other application fields such as chemicals, metallurgy, and papermaking [1] Group 2: Company Developments - The company has strategically positioned itself in HRSG (Heat Recovery Steam Generators) and oil-gas composite pipe businesses, with HRSG already having a certain scale of production capacity [1] - The composite pipe business is forming market positioning and is in the process of engaging with leading international clients for validation [1]

Core Viewpoint - The company specializes in producing HRSG products, primarily for gas turbine waste heat recovery, mainly serving the U.S. market [1] Group 1: Product Overview - The HRSG products include economizers, evaporators, superheaters, reheaters, steam drums, headers, and steel structures [1] - The company has established two HRSG production lines at its Dawa production base to manufacture products for non-U.S. clients [1]

Core Viewpoint - The company identifies significant growth opportunities in the waste incineration market, driven by increasing demand and downstream transformation upgrades [1] Group 1: Market Opportunities - The waste incineration market has broad demand, leading to an increase in penetration rates [1] - The coal-fired power generation industry is showing demonstration effects, indicating vast development potential [1] - Demand in other application fields such as chemicals, metallurgy, and paper-making is expected to further open up [1] Group 2: Company Developments - The company has strategically positioned itself in HRSG (Heat Recovery Steam Generators) and oil-gas composite pipe businesses [1] - HRSG has already achieved a certain scale of production capacity [1] - The composite pipe business is forming market positioning and is in the process of connecting with leading foreign clients for validation [1]

（文章来源：证券日报） 证券日报网讯伊之密11月11日在互动平台回答投资者提问时表示，目前公司与ACRC以联合研发为核心 合作模式，聚焦镁合金铸造、数字化制造等领域技术探索。 ...

Core Viewpoint - Qingdao Degute Energy Equipment Co., Ltd. announced the termination of its major asset restructuring plan to acquire 100% equity of Haowei Cloud Computing Technology Co., Ltd. due to disagreements on key commercial terms [1][4]. Group 1: Restructuring Details - The restructuring process began on June 29, 2025, and was terminated less than five months later due to a lack of consensus on valuation, performance commitments, and compensation terms [4]. - Degute stated that no formal substantial agreements were signed, thus the termination does not incur any breach of contract liabilities [4]. - The company committed to not planning any major asset restructuring for at least one month following the termination announcement [4]. Group 2: Financial Context - Degute's revenue for 2024 was just over 500 million yuan, while Haowei's revenue for the same period was 3.6 billion yuan, highlighting a significant disparity in company sizes [5]. - As of March 2025, Degute's total assets were 1.156 billion yuan compared to Haowei's 5.617 billion yuan [5]. - Degute's financial performance showed a decline, with a 9.29% year-on-year decrease in revenue to 382 million yuan and a 26.39% drop in net profit to 72.26 million yuan for the first three quarters of 2025 [6]. Group 3: Market Reaction - Following the termination announcement, Degute's stock price fell by 19.99% to 26.13 yuan on November 10, 2025, after previously experiencing a 20% increase on October 14, 2025, due to initial optimism about the acquisition [6]. - The company currently has orders worth 558 million yuan, with 41.22% of these being overseas orders, and a gross margin increase of 0.62 percentage points to 40.39% [6].

Core Viewpoint - The collaboration between Yutong Heavy Industry and WeRide is expected to positively impact the company's stock price and performance due to WeRide's recent IPO and enhanced capital strength [1] Group 1: Company Collaboration - Yutong Heavy Industry is actively collaborating with leading companies like WeRide to develop autonomous sanitation vehicles [1] - The partnership aims to promote the commercialization and operational implementation of autonomous driving technology [1] Group 2: Market Impact - WeRide's listing on the Hong Kong stock market has increased its market capitalization to nearly 30 billion HKD, which is anticipated to strengthen its capital capabilities [1] - The enhanced capital strength of WeRide is expected to facilitate joint efforts in advancing autonomous driving solutions [1]

Core Viewpoint - Yizhim's net profit attributable to shareholders reached 220 million yuan in Q3 2025, marking a year-on-year increase of 21.24%, driven by strong domestic and international demand [1] Financial Performance - In the first three quarters of 2025, the company experienced robust export performance, benefiting from the global manufacturing shift to Southeast Asia, Mexico, and Central and Eastern Europe, with emerging markets contributing significantly to growth [1] - The dual growth in injection molding and die-casting machine businesses reflects effective market expansion [1] R&D and Competitive Advantage - The company maintains high R&D investment to break through frontier technologies, aligning its high-end product matrix with downstream lightweight and precision demands, thereby establishing a long-term competitive moat [1] Market Dynamics - The combination of increasing domestic high-end demand and the benefits from the overseas manufacturing shift has positively impacted the company's performance [1] Incentive Mechanism - The implementation of a medium to long-term incentive plan binds the team to growth, supported by a strict exit and accountability mechanism that creates a closed loop of "incentive-constraint-accountability" [1] - This mechanism works in conjunction with the compensation management system to promote stable operations [1] Investment Rating - Given the significant technological advantages in die-casting and injection molding machines, along with the growth in overseas capacity and channel development, the investment rating is maintained at "Buy" [1]