Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View The company's operating income and profit levels in the rail transit equipment business have increased. The company adheres to the "innovation + acquisition" strategy, strengthens technological innovation, and accelerates the pace of acquisition and development [23][25]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Boshen Co., Ltd. - Industry: General equipment - Reception time: September 26, 2025 - Reception personnel: Board Secretary Jing Chengming, Securities Affairs Representative Zhu Xueyun, Securities Affairs Specialist Liu Shuyuan [17] 3.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - Related Personnel | | --- | --- | --- | | Changjiang Securities | Securities company | Qu Qi | | China Merchants Fund | Fund management company | Zhao Zongyuan, Chen Xizhong, Wang Gang, Yang Yiyang | [18] 3.3 Research Institution Proportion No information provided. 3.4 Main Content Data - **Reason for revenue growth in the rail transit equipment parts segment**: In the context of economic downward pressure, railway investment is an important counter - cyclical adjustment measure. The new demand and maintenance and renewal demand for railway and rail transit equipment such as EMUs have a superimposed impact, which has led to the growth of the company's rail transit equipment business revenue and profit [23][24]. - **Future development layout direction**: - **Innovation**: The company will use existing R & D resources to optimize production processes and accelerate product iteration. It plans to build a three - level R & D system to cultivate new growth engines. For example, Changzhou Jinniu's ceramic abrasive products and Wenshang Haiwei's high - speed rail brake discs have achieved good results [24][25]. - **Acquisition**: It will seek targets with strong synergy around the existing main business's industrial chain, product chain, and ecological chain, and also seek breakthroughs in emerging industries according to national industrial planning [25].

Group 1: Research Overview - The research object is Binglun Environment, belonging to the general equipment industry, and the reception time was on September 26, 2025. The listed company's reception staff was the board secretary, Sun Xiuxin [17] Group 2: Detailed Research Institutions - The institutions participating in the research include China Bank Fund (a fund management company with relevant personnel such as Li Jian, Huang Jun, Yan Anqi, Zhang Xinyi, Zhang Jingyan, and Hua Xuqiao) and Industrial Securities (a securities company with relevant personnel Guo Ya'nan) [18] Group 3: Company Business and Product Information - The company is committed to providing advanced system solutions and full - life - cycle services in the energy and power fields. Its main products are compressors and heat exchange devices, covering a temperature range from - 271°C to 200°C. Specific products include various types of compressors, industrial heat pumps, energy storage devices, etc. It has created a full - series magnetic levitation compressor product matrix with significant technical advantages and market performance [21] - The company's products are widely used in commercial refrigeration systems, industrial refrigeration systems, commercial comfort air - conditioning, industrial special air - conditioning, and other fields, as well as in energy utilization, casting, and intelligent control [22] - The company's subsidiary Dunham - Bush and Binglun Heat Exchange Technology Company provide cooling equipment such as primary cold source equipment and heat exchange devices for data centers and liquid - cooling systems. Dunham - Bush's two products are on the list of advanced and applicable technology products for national green data centers. The company has served many domestic and overseas data center projects [24] - In July 2024, the company launched upgraded IDC - specific ACM magnetic levitation and air - suspension series new products and IDC - specific FanWal wind walls, further enhancing its competitiveness. Binglun Heat Exchange Technology Company offers various heat exchange products, and some of its technologies and products have won national honors [25] - The company's overseas manufacturing bases are expanding production, and domestic manufacturing bases have started to support overseas markets [26] Group 4: Company's Nuclear Power Products - Recently, the construction of nuclear power plants in China has shown signs of accelerating. The company focuses on core scenarios such as nuclear island cooling and nuclear energy heating, and has developed a series of innovative technologies [27] - The company's subsidiary Heat Exchange Technology Company has developed a non - powered air cooler for the containment shielding cooling water system. Dunham - Bush is a global nuclear island chiller service provider with 20 years of nuclear power service experience and is the main drafter of relevant nuclear standards. Huayuan Taimeng Company has developed technologies such as co - production and co - delivery of water and heat, which have been applied in nuclear energy heating projects [28][29]

截至发稿，金通灵市值为44亿元。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 曾健辉） 每经AI快讯，金通灵（SZ 300091，收盘价：2.98元）9月26日晚间发布公告称，公司第六届第十三次董 事会会议于2025年9月26日在江苏省南通市崇川区钟秀中路135号公司七楼会议室召开。会议审议了《关 于向重整产业投资人借款暨关联交易的议案》等文件。 2025年1至6月份，金通灵的营业收入构成为：电力占比37.37%，冶金占比22.01%，石化占比12.94%， 环保占比10.06%，建材占比9.58%，贸易占比5.15%。 ...

Core Viewpoint - The general equipment sector experienced a decline of 2.34% on September 26, with major losses led by Dayuan Pump Industry [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3828.11, down 0.65% [1] - The Shenzhen Component Index closed at 13209.0, down 1.76% [1] Group 2: Individual Stock Performance - Hongsheng Co., Ltd. (603090) saw a significant increase of 10.00% in its closing price at 59.94 [1] - New Jin Power (300157) increased by 8.46%, closing at 5.00 [1] - Green Island Wind (301043) rose by 7.00%, closing at 46.78 [1] - Seagull Co., Ltd. (603269) increased by 6.60%, closing at 13.89 [1] - Banxuan and Carbon (688577) rose by 5.81%, closing at 107.70 [1] - Caiqi Technology (301360) increased by 5.26%, closing at 71.59 [1] - Qixing Precision (873169) rose by 4.82%, closing at 30.23 [1] - Yonghe Intelligent Control (002795) increased by 4.31%, closing at 5.08 [1] - Aike Optoelectronics (688610) rose by 3.46%, closing at 75.01 [1] - Haspirit (301137) increased by 2.53%, closing at 37.23 [1] Group 3: Capital Flow - The general equipment sector experienced a net outflow of 3.864 billion yuan from main funds, while retail investors saw a net inflow of 3.639 billion yuan [1] - Speculative funds had a net inflow of 224 million yuan [1]

Group 1 - The company has not established a dedicated military product production line [1] - The company's products primarily focus on the petrochemical and coal chemical industries [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company is expected to face short-term pressure on performance but is anticipated to reach a turning point [3][5]. - The collaboration between Nvidia and OpenAI, involving a significant investment of up to $100 billion, is likely to enhance the demand for the company's magnetic levitation compressors, particularly in data centers [3]. - The semiconductor vacuum pump segment is projected to benefit from the overall development of China's integrated circuit industry, helping the company to narrow the gap with international leaders [4]. - The photovoltaic industry is expected to see a bottoming out of capital expenditures, which will drive sales of the company's photovoltaic vacuum pumps [5]. Financial Forecasts - The company’s net profit is projected to be CNY 641.90 million, CNY 742.62 million, and CNY 858.76 million for the years 2025, 2026, and 2027 respectively, with corresponding EPS of CNY 1.20, CNY 1.39, and CNY 1.61 [5][7]. - The current stock price corresponds to PE ratios of 22.53, 19.48, and 16.84 for the years 2025, 2026, and 2027 respectively [5][7]. Company Overview - Shanghai Hanzhong Precision Machinery Co., Ltd. specializes in the research, development, production, and sales of screw compressors and vacuum pumps, with a total of 240 patents, including 35 invention patents [8].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Dongcai Technology, Seres, and Gree Electric, showing target price increases of 51.97%, 37.62%, and 36.96% respectively [1][3] - On September 25, a total of 12 target price adjustments were made by brokerages, with the highest target price set at 32.43 yuan for Dongcai Technology [1][3] - A total of 35 listed companies received brokerage recommendations on September 25, including Sanyuan Shares, Anhui Weaving High-tech, and Yixin Pharmacy [1][3] Group 2 - On the same date, two companies had their ratings upgraded, with Renfu Pharmaceutical's rating raised from "Hold" to "Buy" by Shouchuang Securities, and Sanhuan Group's rating upgraded from "Hold" to "Buy" by Huazheng Securities [4][6] - A total of 10 companies received initial coverage from brokerages, with Frontier Biotech receiving a "Buy" rating from Kaiyuan Securities and Jiete Biotech also receiving a "Buy" rating from Xinda Securities [4][7] - Other companies receiving initial coverage include Bowei Alloy with a rating of "Hold" and Leisai Intelligent with a "Buy" rating, indicating a diverse range of sectors being covered [4][7]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Guanlong Energy, indicating a decline in stock price and mixed results in financing activities [1][2] - As of September 25, Guanlong Energy's stock price decreased by 1.43%, with a trading volume of 51.98 million yuan. The net financing buy was negative at -986,300 yuan, with a total financing balance of 81.58 million yuan, accounting for 7.05% of the market capitalization [1] - The company has a high financing balance, exceeding the 80th percentile over the past year, indicating elevated levels of leverage [1] Group 2 - As of September 19, the number of shareholders for Guanlong Energy was 18,000, a decrease of 3.70% from the previous period, while the average circulating shares per person increased by 3.84% to 3,096 shares [2] - For the first half of 2025, Guanlong Energy reported operating revenue of 350 million yuan, a year-on-year decrease of 7.33%, while the net profit attributable to shareholders increased by 45.48% to 18.69 million yuan [2] - The company has distributed a total of 235 million yuan in dividends since its A-share listing, with 172 million yuan distributed over the past three years [3]

Core Insights - Hongsheng Co., Ltd. (603090) experienced a stock price increase of 4.83% with a turnover rate of 25.67% and a trading volume of 1.438 billion yuan on the day [2] - The stock was listed on the Shanghai Stock Exchange due to its high turnover rate, with a net buying amount of 45.4268 million yuan from brokerage seats [2] - The company reported a revenue of 358 million yuan for the first half of the year, reflecting a year-on-year growth of 12.08%, and a net profit of 45.7897 million yuan, which is a 48.97% increase year-on-year [2] Trading Activity - The top five brokerage firms accounted for a total trading volume of 427 million yuan, with a buying amount of 236 million yuan and a selling amount of 191 million yuan, resulting in a net buying of 45.4268 million yuan [2] - The largest buying brokerage was GF Securities Co., Ltd. with a purchase amount of 62.3474 million yuan, while the largest selling brokerage was Huatai Securities Co., Ltd. with a selling amount of 41.8645 million yuan [2] Fund Flow - The stock saw a net outflow of 82.6491 million yuan from major funds, including a significant outflow of 49.6240 million yuan from large orders and 33.0251 million yuan from medium orders [2] - Over the past five days, the net inflow of major funds was 11.8104 million yuan [2]

Core Viewpoint - Shandong Zhanggu reported a significant decrease in the number of shareholders and a decline in stock price, indicating potential challenges in investor confidence and financial performance [2]. Group 1: Shareholder and Stock Performance - As of September 20, the number of shareholders for Shandong Zhanggu was 47,608, a decrease of 7,660 from the previous period, representing a decline of 13.86% [2]. - The closing price of Shandong Zhanggu on September 25 was 11.82 yuan, down 1.83%, with a cumulative decline of 9.63% since the concentration of shares began [2]. - The stock experienced 3 days of increase and 7 days of decrease during the reporting period [2]. Group 2: Financing and Margin Data - As of September 24, the margin trading balance for the stock was 148 million yuan, with the financing balance also at 148 million yuan [2]. - The financing balance decreased by 26.08 million yuan during the concentration period, reflecting a decline of 14.95% [2]. Group 3: Financial Performance - In the first half of the year, Shandong Zhanggu achieved operating revenue of 969 million yuan, representing a year-on-year increase of 3.85% [2]. - The net profit for the same period was 38.02 million yuan, showing a year-on-year decrease of 40.86% [2]. - The basic earnings per share were 0.1219 yuan, with a weighted average return on equity of 2.94% [2].