Summary of Conference Call Records Industry or Company Involved - The conference call discusses the performance and outlook of the A-share and Hong Kong stock markets, particularly focusing on the impact of global liquidity, currency fluctuations, and sector performance. Core Points and Arguments 1. **Global Liquidity and Market Performance** Global liquidity easing is beneficial for risk assets, with both Hong Kong and A-shares expected to benefit. The U.S. Treasury's actions, such as increasing short-term debt issuance, may further lower U.S. interest rates, supporting risk asset growth [1][4]. 2. **AH Premium Narrowing** The narrowing of the AH premium is influenced by changes in U.S.-China interest rate differentials and shifts in market expectations regarding China's long-term growth. The AH premium has decreased from 35-40% to below 20% this year [1][5]. 3. **RMB Appreciation and Market Sentiment** The appreciation of the RMB enhances market risk appetite and supports downward space, leading to foreign capital inflows. Historical data shows significant foreign capital inflows during RMB appreciation periods, with passive funds reacting more strongly [1][6]. 4. **Sector Performance in Hong Kong** The technology sector in Hong Kong is poised for a dual boost in valuation and sentiment. Major internet companies are gaining attention for their AI, gaming, and cloud services, despite competitive pressures [1][7]. 5. **Foreign Investment Trends** There is a noticeable increase in foreign interest in Chinese assets, particularly in A-shares and Hong Kong stocks. The inflow of passive funds is outpacing market growth, indicating potential for further allocation increases [1][8]. 6. **Sectoral Benefits from RMB Appreciation** During RMB appreciation, the technology sector leads in performance, while sectors like non-ferrous metals, agriculture, home appliances, and machinery benefit from reduced cost pressures and advantages in overseas markets [1][9][10]. 7. **Investment Recommendations for Hong Kong** Recommendations for Hong Kong investments include a focus on technology, followed by non-bank financials and traditional consumer goods, as these sectors may gain further advantages amid foreign capital inflows and RMB appreciation [1][11]. 8. **Sentiment Indicators for Investment Decisions** Sentiment indicators can objectively measure market participant emotions, providing insights for investment timing. A divergence between personal sentiment and sentiment indicators may signal good entry points [2][12]. 9. **Performance of Overseas Chinese Stocks** The performance of overseas Chinese stocks in the first half of 2025 was stable, with revenue growth around 2% and profit growth around 5%. The financial sector showed slight declines, while non-financial sectors remained robust [1][13][14]. 10. **Sector Highlights in Financial Reports** The technology hardware and new consumption sectors showed strong revenue and profit growth, while the internet and automotive sectors faced challenges but are still in a revenue growth phase [1][15][16]. 11. **Cash Flow and ROE Trends** The cash flow situation for overseas Chinese stocks is improving, with operating cash flow rising and dividend payouts increasing by about 10%. The return on equity (ROE) has slightly improved, driven by net profit margin enhancements [1][18][20]. 12. **Market Dynamics and Future Outlook** The A-share market has shown signs of recovery, with active trading and sector trends becoming more pronounced. The outlook for domestic fundamentals remains positive, with expectations of stabilization in capacity cycles [1][22][23]. 13. **Investment Selection Criteria** Investment selection is based on inventory and capacity cycles, with recommendations for sectors showing signs of recovery and improvement in order trends, such as TMT and high-end manufacturing [1][29]. Other Important but Possibly Overlooked Content - The overall sentiment in the market is influenced by external factors, including U.S. Federal Reserve policies, which are expected to favor growth sectors like pharmaceuticals and technology in Hong Kong [1][25]. - The internal competition in the Hong Kong market is less severe compared to A-shares, providing a more favorable environment for certain sectors [1][19].

Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management to enhance the efficiency of fund usage, with a limit of up to 50 million yuan for a period not exceeding 12 months [1][5]. Fundraising Basic Situation - The company raised approximately 1.8 billion yuan in 2023 through a simplified procedure for a specific audience, with a net amount of about 1.76 billion yuan after deducting issuance costs [2]. Fund Usage and Idle Situation - As of August 31, 2025, the company has invested 80.52 million yuan, leaving a balance of 95.65 million yuan in raised funds. The net interest income from the special account is 228,900 yuan, and the income from financial products is 2.34 million yuan [3]. Previous Cash Management Situation - The company previously approved cash management using idle funds on September 13, 2023, and September 12, 2024. As of August 31, 2025, 20 million yuan from the 2024 authorization remains unexpired [4]. Impact on the Company and Safeguards - The cash management will not affect the normal operation of fundraising investment projects and will enhance fund efficiency, ensuring shareholder interests are protected [5]. Approval Situation - The board of directors approved the use of up to 50 million yuan of idle raised funds for cash management, with a 12-month investment period and the ability to recycle funds within this limit [7].

Group 1 - The stock price of Xianheng International (605056) increased by 2.01% to 14.19 yuan as of September 12, 2025, with a market cap of 5.852 billion yuan [1] - Goldman Sachs Asia Strategic PTE. LTD. reduced its holdings by 2.4881 million shares, decreasing its ownership from 5.61% to 5.00%, with a total reduction amounting to 34,572,112.60 yuan [1][3] - The company held its fourth extraordinary general meeting on September 10, 2025, where the proposal to change the accounting firm was approved with a 99.9685% approval rate from attending shareholders [1][3] Group 2 - The company convened the 19th meeting of the third board of directors on September 11, 2025, approving the draft of the 2025 Restricted Stock Incentive Plan, which will be presented to the shareholders' meeting on September 29, 2025 [2] - The incentive plan proposes to grant 6 million restricted shares, accounting for 1.46% of the total share capital, with a grant price of 7.29 yuan per share [2] - The vesting period for the restricted shares is set for three years, with a release ratio of 40%, 30%, and 30% [2]

Group 1 - The stock price of Dongmu Co., Ltd. (600114) closed at 30.0 yuan on September 12, 2025, up 3.27% from the previous week [1] - The stock reached a one-year high of 31.18 yuan during intraday trading on September 12, 2025, with a low of 27.5 yuan on September 10, 2025 [1] - The current total market capitalization of Dongmu Co., Ltd. is 19.043 billion yuan, ranking 13th out of 216 in the general equipment sector and 990th out of 5,153 in the A-share market [1] Group 2 - Dongmu Co., Ltd. plans to issue shares and pay cash to acquire a 34.75% stake in Shanghai Fuchi High-Tech from several parties, which constitutes a related party transaction but does not change the actual controller [1] - The stock was suspended from trading on February 25, 2025, and resumed on March 11, 2025, with significant adjustments made to the transaction plan on April 24, 2025, including changes to the pricing benchmark date and issuance price [1] - The transaction application was accepted by the Shanghai Stock Exchange on September 1, 2025, and is subject to approval by the exchange and registration with the China Securities Regulatory Commission, indicating uncertainty [1][3]

Group 1 - The stock price of Yingliu Co., Ltd. (603308) closed at 31.42 yuan on September 12, 2025, up 1.75% from the previous week's closing price of 30.88 yuan [1] - The stock reached a nearly one-year high of 32.64 yuan during intraday trading on September 12, with a low of 29.07 yuan on September 10 [1] - The current total market capitalization of Yingliu Co., Ltd. is 21.505 billion yuan, ranking 9th out of 216 in the general equipment sector and 880th out of 5,153 in the A-share market [1] Group 2 - On September 10, 2025, Yingliu Co., Ltd. recorded a large transaction amounting to 41.5695 million yuan [2][3] - The company received approval from the China Securities Regulatory Commission for the issuance of convertible bonds to unspecified investors [2][3] - The approval is valid for 12 months from the date of registration and requires the company to report any significant events to the Shanghai Stock Exchange during the issuance process [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the 2025 semi - annual performance briefing of Sijin Intelligent, covering various aspects such as company operations, project progress, and future development strategies. The company aims to enhance its core competitiveness and market influence through R & D innovation, capacity expansion, marketing and service improvement, and investor relations management [23]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Sijin Intelligent, belonging to the general equipment industry. The reception time was on September 12, 2025. The company's reception staff included the chairman, general manager, deputy general manager, board secretary, financial director, and independent directors [16]. 3.2 Detailed Research Institutions - The reception objects were all investors participating in the company's 2025 semi - annual performance briefing through Value Online (www.ir - online.cn) [19]. 3.3 Research Institution Proportion No relevant content provided. 3.4 Main Content Information - **Measures to Boost Investor Confidence**: The company will strengthen R & D innovation, expand production capacity, improve marketing and after - sales services, and attach importance to investor relations. For example, it will continue to increase R & D investment, build a new project for multi - station precision warm forging intelligent forming equipment and integrated large - scale intelligent die - casting equipment, and implement the "Market Value Management System" [23][25]. - **Project Progress**: The project for manufacturing multi - station precision warm forging intelligent forming equipment and integrated large - scale intelligent die - casting equipment is expected to be completed in 2025. Some models of the warm forging intelligent forming equipment have entered the trial - production or debugging stage, and a prototype has successfully produced high - strength hexagon bolts [25][30]. - **Profit Situation and Reasons**: In the first half of 2025, the company's revenue increased by 7.28% year - on - year, but the net profit attributable to shareholders decreased by 40.31%. The increase in non - recurring profit in the first half of 2024 due to asset disposal was the main reason for the decline [26][28]. - **New Investment and Business Layout**: The company will focus on developing intelligent, high - station, large - diameter, and environmentally friendly cold - forming equipment, continue the serialization and industrialization of warm forging intelligent forming equipment, and customize large - scale integrated die - casting equipment according to customer needs [29][31]. - **Overseas Market Strategy**: The company will participate in overseas exhibitions, technical meetings, and magazine promotions to expand the Asia - Pacific and South American markets. As of the first half of 2025, the overseas sales accounted for 17.64% [32]. - **New Product Layout in the New Energy Vehicle Industry**: The company's products are widely used in the automotive industry. In 2024, the revenue from the new energy/traditional automotive field accounted for 46.28% of the annual revenue, and in the first half of 2025, it accounted for 38.77% [32]. - **Impact of Contract Liabilities on Performance**: As of June 30, 2025, the company's contract liabilities increased by about 19.96% compared with the end of the previous year, and the valid orders on hand were about RMB 360 million [34]. - **Mergers and Acquisitions Plan**: The company is currently focused on its main business but will also pay attention to merger and acquisition opportunities that match its development strategy [34]. - **Long - Term Performance Expectation**: The company has sufficient orders on hand and is confident in future performance growth [35]. - **Application in the Robot Industry**: The company's products can be used to produce robot parts. In 2024, the revenue from the industrial robot field accounted for 0.66% of the annual revenue [36]. - **Challenges Faced**: The company needs to expand production capacity to speed up the delivery of heavy - equipment orders and improve its market share by following industry trends and customer needs [37].

Group 1: Business Outlook and Strategy - The company expects a significant recovery in its operating performance in the second half of 2025, following a notable reduction in losses in the first half [1] - The operational strategy focuses on "optimizing the fundamentals, innovating for growth, and strengthening competitiveness" [1] - The company aims to enhance its market share in the wind power sector as demand recovers, alongside growth in offshore wind [1] Group 2: Liquid Cooling Business - The company has over 30 years of experience in liquid cooling technology, providing comprehensive solutions that are efficient and reliable [3] - As of June 2025, the liquid cooling production line has been operational, enabling better fulfillment of overseas orders [3] - The majority of current orders are from international clients, indicating a strong overseas market presence [3] Group 3: Research and Development Investment - In 2024, the company plans to invest over 62 million yuan in R&D, with an additional 23 million yuan allocated for the first half of 2025 [5] - The company is focused on standardizing and scaling liquid cooling technology, aiming to become a cornerstone for efficient heat dissipation in digital infrastructure [5] Group 4: Financial Management and Risk Control - The company maintains a manageable level of accounts receivable, with over 80% of receivables expected to be collected within one year [8] - A comprehensive risk management system is in place to assess credit risks and monitor contract compliance [9] - Legal measures will be taken against clients who delay payments, including litigation and asset preservation [9]

Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry [6]. Core Insights - The mechanical equipment industry experienced a year-on-year revenue growth of 7.64% in Q2 2025, with a narrowing growth rate compared to the previous quarter. Key segments with accelerated revenue growth include wind power equipment, PCB(A), shipbuilding, lithium battery equipment, and instruments [13][18]. - The industry saw a year-on-year increase in net profit excluding non-recurring items of 16.22% in Q2 2025, with wind power and lithium battery equipment showing accelerated growth. The shipbuilding sector led with a 106% year-on-year increase, although this was affected by a low base [18][31]. - The overall profitability of the mechanical equipment industry strengthened in Q2 2025, with notable performance in the shipbuilding, railway equipment, and oil and gas equipment sectors [31]. Summary by Sections Overall Mechanical Equipment Overview - The mechanical equipment industry reported a year-on-year revenue growth of 7.64% in Q2 2025, with revenue growth accelerating in specific segments [13]. - The net profit excluding non-recurring items grew by 16.22% year-on-year, with wind power and lithium battery equipment leading the growth [18]. - The industry’s net profit margin increased by 0.38 percentage points year-on-year in Q2 2025, indicating improved profitability across various segments [25]. Subsector Performance - The engineering machinery sector saw a revenue increase of 8.7% in H1 2025, driven by strong overseas sales and diversified business contributions [44]. - Major companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG, reported significant revenue growth, with SANY achieving a 15% increase year-on-year in H1 2025 [41][44]. - The overall net profit for the engineering machinery sector reached 161 billion yuan in H1 2025, reflecting a 25.1% year-on-year increase, with profit growth outpacing revenue growth [45].

Core Viewpoint - The stock price of Yingliu Holdings has shown significant growth this year, with a year-to-date increase of 124.59%, indicating strong market performance and investor interest [2]. Financial Performance - For the first half of 2025, Yingliu Holdings achieved a revenue of 1.384 billion yuan, representing a year-on-year growth of 9.11%, while the net profit attributable to shareholders was 188 million yuan, up 23.91% compared to the previous year [2]. - The company has distributed a total of 558 million yuan in dividends since its A-share listing, with 250 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 12, the stock price of Yingliu Holdings was 31.51 yuan per share, with a market capitalization of 21.396 billion yuan. The trading volume was 558 million yuan, with a turnover rate of 2.57% [1]. - The stock has seen a net outflow of 39.6399 million yuan in principal funds, with large orders showing a buy of 105 million yuan and a sell of 131 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu Holdings was 22,600, an increase of 5.56% from the previous period, with an average of 30,095 circulating shares per shareholder, down 5.27% [2][3]. - The second-largest circulating shareholder is Quan Guo Xu Yuan Mixed A, holding 32.7899 million shares, unchanged from the previous period, while Hong Kong Central Clearing Limited, the third-largest shareholder, reduced its holdings by 10.2284 million shares [3].

Market Overview - The general equipment sector experienced a decline of 0.26% on September 12, with Hanbell Precise Machinery leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Performers - Jingdu Da (688627) saw a significant increase of 20.00%, closing at 134.05 with a trading volume of 57,300 shares and a transaction value of 709 million [1] - World (688028) rose by 19.15%, closing at 44.68 with a trading volume of 195,200 shares and a transaction value of 839 million [1] - Rongqi Technology (301360) increased by 10.09%, closing at 64.79 with a trading volume of 43,900 shares and a transaction value of 270 million [1] Underperformers - Hanbell Precise Machinery (002158) declined by 5.92%, closing at 26.52 with a trading volume of 332,600 shares and a transaction value of 884 million [2] - Shankai Intelligent (300897) fell by 4.99%, closing at 27.44 with a trading volume of 59,500 shares and a transaction value of 163 million [2] - Fangsheng Co. (832662) decreased by 4.74%, closing at 36.36 with a trading volume of 50,500 shares and a transaction value of 185 million [2] Capital Flow - The general equipment sector saw a net outflow of 2.124 billion from institutional investors, while retail investors had a net inflow of 2.13 billion [2] - The capital flow data indicates that institutional investors withdrew significant funds, while retail investors were more active in purchasing stocks [2][3] Individual Stock Capital Flow - Zongshen Power (001696) had a net inflow of 198 million from institutional investors, while retail investors experienced a net outflow of 1.1 billion [3] - Huanghe Xuanfeng (600172) saw a net inflow of 150 million from institutional investors, with retail investors also experiencing a net outflow of 67.72 million [3] - Ding Tai High-Tech (301377) had a net inflow of 124 million from institutional investors, while retail investors faced a net outflow of 1.36 billion [3]