Market Overview - The A-share market experienced a slight pullback during the week of November 10-14, with the Shanghai Composite Index falling by 0.18% to close at 3990.49 points, the Shenzhen Component Index down by 1.4%, and the ChiNext Index decreasing by 3.01% [1] Institutional Research - A total of 344 listed companies disclosed institutional investor research memos during the week, with approximately 50% of the researched stocks achieving positive returns [1] - Huasheng Lithium Electric led the gains with a 79.6% increase, while Fuxiang Pharmaceutical rose by 46.66%, Fangyuan Co. by 34.59%, and Yongtai Technology by nearly 34% [1] Company Highlights Boying Special Welding - Boying Special Welding (301468) was one of the most researched companies, receiving 4 institutional visits with participation from 79 institutions [1] - The focus of the inquiries included the company's capacity expansion for HRSG (Heat Recovery Steam Generator), progress on its Vietnam production base, and overseas expansion plans [1] - Boying indicated that the global oil and gas pipeline market is experiencing structural growth driven by increased natural gas demand in the Asia-Pacific and emerging markets, energy construction projects due to geopolitical conflicts, and the need for upgrades to aging pipelines in Europe and the U.S. [1] Anbotong - Anbotong received the highest number of institutional visits, with 95 institutions participating [1] - The company is focusing on AI and intelligent computing as a core direction, identifying common scenarios with strong demand in sectors like water conservancy and real estate leasing [1] - Anbotong's chairman emphasized the need for AI to defend against AI attacks, leveraging the company's long-term experience in network security [1] OptoTech - OptoTech hosted 75 institutional visits, focusing on machine vision technology applications and industry opportunities [1] - The company has been deeply involved in industrial automation for 20 years and has partnered with Yujiang Technology to enhance 3D vision systems for collaborative robots [1] Obit Optical - Obit Optical received 64 institutional visits, with inquiries about its self-developed chip progress [1] - The company has completed over 10 chip tape-outs, covering iToF, dToF photonic chips, and dedicated ASIC computing chips [1] - Obit Optical's 3D vision technology enables precise capture of spatial information, enhancing AI smart terminals with capabilities like environmental perception and intelligent interaction [1] Other Companies - Anke Biological, Dekeli, and World also received attention from over 50 institutions each during the week [1]

Market Overview - The A-share market experienced a slight pullback from November 10 to November 14, with the Shanghai Composite Index down 0.18% to 3990.49 points, the Shenzhen Component Index down 1.4%, and the ChiNext Index down 3.01% [1] Institutional Research Highlights - A total of 344 listed companies disclosed institutional investor research memos during the week, with approximately 50% of the researched stocks achieving positive returns [1] - Huasheng Lithium Battery led with a 79.6% increase, followed by Fuxiang Pharmaceutical at 46.66%, Fangyuan Co. at 34.59%, and Yongtai Technology at nearly 34% [1] - Notable stocks such as Zhongsheng Pharmaceutical and Fengyuan Co. achieved consecutive gains, with several others surpassing a 20% increase [1] Company Focus: Boying Special Welding - Boying Special Welding (301468) was one of the most researched companies, receiving 4 institutional visits with participation from 79 institutions [2] - The company focuses on anti-corrosion and wear-resistant welding equipment, with applications in energy, chemical, metallurgy, and other industries [2] - Key topics of inquiry included capacity expansion for HRSG (Heat Recovery Steam Generator), progress on the Vietnam production base, and overseas expansion plans [2] Boying Special Welding's Expansion Plans - The Vietnam base has officially commenced production with 4 HRSG production lines, and a second phase is expected to be operational by Q2 2026 [2] - The company plans to establish a total of 12 HRSG production lines in Vietnam to enhance overseas supply capabilities [2] - In domestic production, Boying has set up 2 HRSG production lines to support non-U.S. market demand [2] Global Market Trends - The global oil and gas pipeline market is experiencing structural growth driven by increased natural gas demand in the Asia-Pacific and emerging markets, energy construction projects due to geopolitical conflicts, and the need to upgrade aging networks in Europe and the U.S. [2] - Boying Special Welding is leveraging its technological advantages and is in discussions with leading international clients to establish a solid commercial relationship [2] Company Focus: Anbotong - Anbotong received the highest number of institutional visits, with 95 institutions participating [3] - The company specializes in core software for network security and is focusing on AI and intelligent computing as a core future direction [3] - Anbotong is actively seeking common scenarios with broad demand for enterprise-level applications, particularly in water conservancy and real estate leasing [3] Anbotong's Competitive Edge - The company emphasizes the need to combine traditional security expertise with AI algorithms and computing power to effectively counter AI-driven attacks [4] - Anbotong is establishing a computing power technology subsidiary focused on GPU resource management [3][4] Company Focus: Opto - Opto hosted 75 institutional visits, focusing on machine vision technology applications and industry opportunities [6] - The company has developed a comprehensive product matrix covering "vision + sensing + motion + AI" for industrial automation [6] - Opto has partnered with Yujian Technology to create a high-precision logistics automation sorting solution using a 3D vision system [6] Company Focus: Obsidian Optical - Obsidian Optical received 64 institutional visits, focusing on building the "eyes" of robots through self-developed chips and system technology [7] - The company has completed over 10 chip tape-outs, including iToF and dToF sensing chips [7] - As a partner in NVIDIA's global digital ecosystem, Obsidian Optical aims to integrate more visual ecological products into NVIDIA's platform [7] Other Companies - Anke Biological, Dekeli, and World also received research from over 50 institutions each [8]

Market Overview - The A-share market experienced a slight pullback this week, with the Shanghai Composite Index down 0.18% to 3990.49 points, the Shenzhen Component Index down 1.4%, and the ChiNext Index down 3.01% [1] - Institutional research enthusiasm remained high, with 344 listed companies disclosing institutional investor research summaries this week, and approximately 50% of the researched stocks achieved positive returns [1] Company Highlights Huasheng Lithium Battery - Huasheng Lithium Battery led the gains with a 79.6% increase, marking a cumulative deviation of 200% over 30 consecutive trading days [1] Boying Special Welding - Boying Special Welding (301468) was one of the most researched companies, receiving 4 institutional visits with 79 participating investors. The company focuses on special equipment manufacturing and has expanded into industrial equipment and high-end structural components [2] - Key topics included capacity expansion for HRSG (Heat Recovery Steam Generator) and the progress of its Vietnam production base, which has officially commenced operations with 4 HRSG production lines, and plans for a total of 12 lines by 2026 [2][3] Anbotong - Anbotong received the highest number of institutional visits this week, with 95 participating institutions. The company specializes in core software for network security and is focusing on AI + intelligent computing as a core direction for future growth [4] - The company is establishing a computing technology subsidiary in Shanghai and Nanjing, focusing on GPU resource management [4][5] Opto - Opto hosted 75 institutional visits, focusing on machine vision technology applications and industry opportunities. The company has developed a full-stack product matrix covering "vision + sensing + motion + AI" [6] - Recent collaborations include a partnership with Yujian Technology to enhance logistics automation through a 3D vision system [6] Obi Zhongguang - Obi Zhongguang received 64 institutional visits, focusing on its self-developed chips and 3D vision sensor technology for robotics and AI applications. The company has completed over 10 chip designs since its inception [7] ETF Performance - The Food and Beverage ETF (515170) tracked a sub-index with a 2.99% increase over the past five days, while the Gaming ETF (159869) decreased by 2.76%. The Sci-Tech 50 ETF (588000) and Cloud Computing 50 ETF (516630) saw declines of 3.76% and 4.93%, respectively [10]

Core Viewpoint - The Shanghai Stock Exchange announced a review meeting for the IPO of Easy Vision (Hangzhou) Technology Co., Ltd., a leading domestic player in the automotive manufacturing machine vision sector, scheduled for November 21, 2025 [1] Group 1: Company Overview - Easy Vision specializes in the research, production, and sales of machine vision equipment for the automotive manufacturing sector, holding the largest market share in China and recognized as a key "little giant" enterprise [1] - The company has a strong focus on independent R&D, with over 300 million yuan invested in the last three years, and has established a comprehensive product matrix covering all processes in automotive manufacturing [2][4] Group 2: Technological Innovation - Easy Vision has built a robust R&D team of 251 members, accounting for 45.89% of its workforce, with nearly 90% holding bachelor's degrees or higher [2] - The company has obtained 119 software copyrights and 387 domestic and international patents, including 200 invention patents, establishing significant technological barriers [2] Group 3: Market Position - Easy Vision has successfully broken the long-standing monopoly of foreign manufacturers in the automotive machine vision market, achieving a market share of 13.7% in the automotive manufacturing sector and 22.5% in the complete vehicle manufacturing sector in China by 2024 [3] Group 4: Financial Performance - The company has experienced significant revenue growth, with revenues of 223 million yuan, 355 million yuan, and 392 million yuan from 2022 to 2024, representing a compound annual growth rate (CAGR) of 32.59% [5] - Net profits have also surged, reaching 5.39 million yuan, 57.75 million yuan, and 84.43 million yuan during the same period, with a CAGR of 295.66% [5] Group 5: Future Growth Potential - Easy Vision is expanding into the rail transit and aviation sectors, with a current order backlog of 29.23 million yuan in the rail transit maintenance sector, which is expected to become a second growth driver [6] - The expansion into the aviation sector is anticipated to create a third growth avenue for the company [6]

Market Overview - The A-share market experienced a slight pullback this week, with the Shanghai Composite Index down 0.18% to 3990.49 points, the Shenzhen Component Index down 1.4%, and the ChiNext Index down 3.01% [1] - Institutional research enthusiasm remained high, with 344 listed companies disclosing institutional investor research summaries this week [1] - Approximately 50% of the stocks researched by institutions achieved positive returns, with Huasheng Lithium Electric leading with a 79.6% increase [1] Company Highlights 博盈特焊 (Boyin Special Welding) - Boyin Special Welding was one of the most researched companies this week, receiving 4 institutional visits with 79 participating investors [2] - The company focuses on special equipment manufacturing, with products used in various industrial sectors including energy and chemical industries [2] - Key topics of inquiry included capacity expansion for HRSG (Heat Recovery Steam Generator) and the progress of its Vietnam production base, which has officially commenced operations with 4 HRSG production lines [2] - The company plans to build a total of 12 HRSG production lines in Vietnam to enhance overseas supply capabilities [2][3] 安博通 (Anbotong) - Anbotong received the highest number of institutional visits this week, with 95 participating institutions [4] - The company specializes in core software for network security and is focusing on AI + intelligent computing as a core future direction [4] - Anbotong is actively seeking common scenarios with strong demand for enterprise-level applications, such as water conservancy and real estate leasing [4] - The company has established subsidiaries in Shanghai and Nanjing focused on GPU resource scheduling and management [4][5] 奥普特 (Opto) - Opto hosted 75 institutional visits, focusing on machine vision technology applications and industry opportunities [6] - The company has developed a full-stack product matrix covering "vision + sensing + motion + AI" for industrial automation [6] - Recent collaborations include a deep integration with Yujiang Technology to create high-precision logistics automation sorting solutions [7] 奥比中光 (Obi Zhongguang) - Obi Zhongguang received 64 institutional visits, focusing on self-developed chips and 3D vision technology [8] - The company has completed over 10 chip tape-outs, including iToF and dToF sensing chips [8] - As a partner in NVIDIA's global digital ecosystem, Obi Zhongguang aims to integrate more visual ecological products into NVIDIA's platform [8]

Core Points - The Shanghai Stock Exchange will hold its 57th listing review meeting on November 21, 2025, to examine the initial public offering (IPO) of Easy Vision (Hangzhou) Technology Co., Ltd. [1] - Easy Vision plans to raise approximately 1.21 billion yuan, which will be allocated to the industrialization base project for machine vision products, the research and development center for machine vision, and to supplement working capital [1] Company Structure - The sponsor for Easy Vision's IPO is Guotou Securities Co., Ltd., with representatives Chen Yihao and Tang Bin [2] - The controlling shareholder of Easy Vision is Yishisi Yuan, which directly holds 26,311,907 shares, accounting for 35.08% of the total share capital [2] - The actual controller of the company is Guo Yin, who directly holds 12.27% of the shares and indirectly controls a total of 56.13% of the shares through various entities [2]

中国经济网北京11月14日讯据上交所网站消息，上海证券交易所上市审核委员会定于2025年11月21日召 开2025年第57次上市审核委员会审议会议，届时将审议易思维(杭州)科技股份有限公司(简称"易思维") 的首发事项。 易思维拟在上交所科创板上市，拟募集资金121,431.46万元，分别用于机器视觉产品产业化基地项目、 机器视觉研发中心项目、补充流动资金。 易思维的保荐机构是国投证券股份有限公司，保荐代表人是陈毅浩、唐斌。 易实思远直接持有公司26,311,907股股份，占公司总股本的35.08%，为公司的控股股东。公司实际控制 人为郭寅。郭寅直接持有公司12.27%股份，通过实际控制易实思远、易实天诚、易实至诚分别间接控 制公司35.08%股份、5.95%股份、2.83%股份，合计控制公司56.13%股份。并且自公司设立以来，郭寅 一直担任公司的执行董事/董事长、总经理，因此郭寅为公司实际控制人。 ...

Core Viewpoint - The upcoming IPO of Easy Vision (Hangzhou) Technology Co., Ltd. on the Sci-Tech Innovation Board reflects the expectations for a new star in the capital market and highlights the progress of China's high-end manufacturing industry in terms of independent innovation and high-quality development [1][8] Group 1: Market Position and Demand - The Chinese automotive manufacturing industry has a high demand for precise and efficient machine vision systems, traditionally dominated by international giants [2] - Easy Vision has emerged as a leader in the machine vision sector for automotive manufacturing, achieving a market share of 13.7% in the automotive manufacturing sector and 22.5% in the complete vehicle manufacturing sector in 2024, surpassing international competitors [2] Group 2: Technological Foundation - Easy Vision has a strong research and development foundation, with a team of 251 members, accounting for 45.89% of total employees, and nearly 90% holding bachelor's degrees or higher [3] - The company has invested over 300 million yuan in R&D, resulting in 22 core technology modules and holding 119 software copyrights and 387 domestic and international patents [3] Group 3: Industry Capabilities - Easy Vision integrates various disciplines such as imaging, algorithms, software, and sensors, positioning itself as a preferred supplier for numerous automotive manufacturers [4] - The company has achieved systematic application of its products across six major automotive manufacturing processes, including stamping and assembly [4] Group 4: International Expansion and New Markets - Easy Vision's products have been exported to global factories of companies like Volvo and Rivian, and it has entered the overseas production bases of domestic leaders like BYD and Chery [5] - The company is expanding into new markets such as rail transit and aviation, with successful product implementations in various urban transit systems [5] Group 5: Financial Performance - Easy Vision has experienced significant revenue growth, with annual revenues of 223 million yuan, 355 million yuan, and 392 million yuan over the past three years, reflecting a compound annual growth rate of 32.59% [6] - The net profit has also shown remarkable growth, with figures of 5.39 million yuan, 57.75 million yuan, and 84.43 million yuan, achieving a compound annual growth rate of 295.66% [6] Group 6: Policy Environment and Future Outlook - Recent government policies have favored strategic emerging industries and digital transformation, providing a supportive environment for machine vision as a core component of smart manufacturing [7] - Easy Vision is positioned to lead the transition from domestic substitution to industry leadership, enhancing the competitiveness of China's automotive supply chain [7] - The upcoming IPO is expected to inject significant capital for innovation, further strengthening the company's international competitiveness and technological independence [7][8]

Core Viewpoint - Dingtong Technology (688668.SH) is enhancing its industrial layout through the acquisition of a 70% stake in Shenzhen Blue Ocean Vision Technology Co., Ltd. for 126 million yuan, aiming for deep technological synergy and resource integration [2][3][6]. Group 1: Acquisition Details - The acquisition price for the 70% stake in Blue Ocean Vision is set at 126 million yuan, and the company will become a subsidiary of Dingtong Technology post-transaction [3]. - Blue Ocean Vision specializes in machine vision equipment, providing advanced visual inspection and quality control services across various sectors, including AI and consumer electronics [3][4]. - Since its establishment in 2022, Blue Ocean Vision has shown rapid growth, with projected revenue of 61.81 million yuan in 2024, a 441.83% increase from 2023 [3]. Group 2: Financial Performance - Dingtong Technology reported a net profit of 177 million yuan for the first three quarters of 2025, marking a 125.39% year-on-year increase [2][7]. - The company's revenue for the same period reached 1.156 billion yuan, reflecting a 64.45% growth, with a significant increase in both net profit and non-recurring net profit [7][8]. - The strong performance is attributed to high market demand driven by AI, particularly in the communications connector business [8]. Group 3: Research and Development - Blue Ocean Vision has been increasing its R&D investment significantly, with expenditures of 16,040 yuan, 121,700 yuan, and 533,480 yuan from 2022 to 2024, respectively [5]. - The cumulative R&D investment over the past three years accounts for 8.75% of total revenue, indicating a strong commitment to innovation [5]. - Dingtong Technology has also been investing in R&D, with expenses rising from 65.57 million yuan in 2022 to 82.68 million yuan in the first three quarters of 2025 [9]. Group 4: Operational Capacity and Future Plans - Dingtong Technology operates four production bases, with plans to expand capacity through leasing and new investments, including a 15 million USD investment in a wholly-owned subsidiary in Vietnam [10]. - The company aims to optimize its strategic layout and expand its overseas market presence, leveraging its technological expertise in the connector industry [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.012 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 38.06%. The net profit attributable to the parent company was 183 million yuan, also up 38.43% year-on-year. In Q3 2025, the company achieved a revenue of 330 million yuan, a year-on-year increase of 56.33%, and a net profit of 37 million yuan, up 97.21% year-on-year [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.012 billion yuan, with a year-on-year growth of 38.06%. The net profit attributable to the parent company was 183 million yuan, reflecting a year-on-year increase of 38.43%. The net profit after deducting non-recurring items was 164 million yuan, up 34.99% year-on-year. In Q3 2025, the revenue reached 330 million yuan, marking a 56.33% increase year-on-year, while the net profit was 37 million yuan, up 97.21% year-on-year [2][4]. Business Segments - The company is benefiting from strong demand in the 3C and lithium battery industries, with the 3C sector particularly supported by the large-scale application of industrial AI technology in consumer electronics manufacturing. The demand for visual inspection from downstream customers has significantly increased, and the company is extending its market share by moving into the assembly segment. The lithium battery sector is expected to benefit from a stable recovery in downstream demand and proactive expansion into overseas markets [9]. Profitability - The gross profit margin for Q3 was 57.57%, with fluctuations expected due to the consolidation of Tai Lai and changes in industry structure. The company has maintained a high level of profitability despite these fluctuations. The company has effectively controlled expenses, with stable absolute values for various costs, and the expense ratio is influenced by revenue scale. The divergence between net profit growth and net profit after deducting non-recurring items is attributed to stock-based compensation adjustments [9]. AI Business Development - The AI business is entering a phase of significant revenue growth, with industrial AI product-related project revenue reaching 87.33 million yuan in the first half of 2025, a 363% increase year-on-year. The company has established a product matrix that integrates vision, sensing, motion, and AI, creating a comprehensive technology loop from visual perception to intelligent decision-making. This complete product matrix enhances market competitiveness and customer loyalty [9]. Strategic Direction - The company has identified intelligent robotics as a strategic emerging business direction, aiming to become a core supplier of perception solutions for robots. In the first half of 2025, the company established a robotics division, gathering top talent in R&D, sales, and technical support. The company is applying advanced visual technologies accumulated in industrial settings to robotics, covering key visual components needed for robot perception [9]. Future Profit Projections - The company is expected to achieve net profits attributable to the parent company of 203 million yuan, 262 million yuan, and 324 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 74, 57, and 46 times [9].