西子洁能所属申万行业为：电力设备-其他电源设备Ⅱ-火电设备。所属概念板块包括：盾构机、核电、 PM2.5、大飞机、光伏玻璃等。 截至12月20日，西子洁能股东户数3.05万，较上期减少5.02%；人均流通股26999股，较上期增加 5.29%。2025年1月-9月，西子洁能实现营业收入43.33亿元，同比减少11.20%；归母净利润1.77亿元，同 比减少58.31%。 分红方面，西子洁能A股上市后累计派现19.23亿元。近三年，累计派现2.95亿元。 1月9日，西子洁能盘中下跌2.02%，截至11:08，报16.53元/股，成交2.09亿元，换手率1.52%，总市值 138.18亿元。 资金流向方面，主力资金净流出2521.76万元，特大单买入2242.39万元，占比10.70%，卖出4233.16万 元，占比20.21%；大单买入3138.76万元，占比14.98%，卖出3669.75万元，占比17.52%。 西子洁能今年以来股价跌1.43%，近5个交易日跌1.43%，近20日涨3.38%，近60日跌8.17%。 资料显示，西子清洁能源装备制造股份有限公司位于浙江省杭州市上城区大农港路1216号，成立日期 ...

Core Viewpoint - Xizi Clean Energy experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in market performance and investor sentiment [1]. Financial Performance - For the period from January to September 2025, Xizi Clean Energy reported a revenue of 4.333 billion yuan, a year-on-year decrease of 11.20% [2]. - The net profit attributable to shareholders for the same period was 177 million yuan, reflecting a substantial year-on-year decline of 58.31% [2]. Stock Market Activity - As of January 6, Xizi Clean Energy's stock price was 16.36 yuan per share, with a market capitalization of 13.676 billion yuan [1]. - The stock has seen a year-to-date decline of 2.44%, an 8.09% drop over the last five trading days, and a 6.78% decrease over the last 60 days [1]. - The company experienced a net outflow of 17.3878 million yuan in principal funds, with significant selling pressure from large orders [1]. Shareholder Information - As of December 20, the number of shareholders for Xizi Clean Energy was 30,500, a decrease of 5.02% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.29% to 26,999 shares [2]. Dividend Distribution - Since its A-share listing, Xizi Clean Energy has distributed a total of 1.923 billion yuan in dividends, with 295 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 18.2984 million shares, an increase of 5.8906 million shares from the previous period [3]. - Notably, several ETFs have exited the list of the top ten circulating shareholders [3].

海陆重工所属申万行业为：电力设备-其他电源设备Ⅱ-火电设备。所属概念板块包括：余热发电、固废 处理、煤化工、核电、节能环保等。 截至9月30日，海陆重工股东户数7.25万，较上期减少17.57%；人均流通股8801股，较上期增加 21.32%。2025年1月-9月，海陆重工实现营业收入16.85亿元，同比减少5.27%；归母净利润3.20亿元，同 比增长32.67%。 分红方面，海陆重工A股上市后累计派现1.97亿元。近三年，累计派现4033.54万元。 12月30日，海陆重工（维权）盘中上涨2.13%，截至10:10，报12.95元/股，成交2.54亿元，换手率 3.14%，总市值107.60亿元。 资金流向方面，主力资金净流出1787.45万元，特大单买入1179.76万元，占比4.64%，卖出1363.84万 元，占比5.37%；大单买入3702.97万元，占比14.58%，卖出5306.34万元，占比20.89%。 海陆重工今年以来股价涨134.98%，近5个交易日涨3.11%，近20日涨7.56%，近60日涨59.68%。 今年以来海陆重工已经14次登上龙虎榜，最近一次登上龙虎榜为11月19日，当日 ...

12月29日，海陆重工（维权）盘中下跌2.01%，截至14:26，报12.70元/股，成交7.61亿元，换手率 9.26%，总市值105.52亿元。 机构持仓方面，截止2025年9月30日，海陆重工十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1818.81万股，相比上期增加1208.84万股。 资料显示，苏州海陆重工股份有限公司位于江苏省苏州市张家港市东南大道1号(张家港经济技术开发 区)，成立日期2000年1月18日，上市日期2008年6月25日，公司主营业务涉及从事工业余热锅炉、大型 及特种材质压力容器和核安全设备的制造销售业务,以及固废、废水等污染物处理和回收利用的环境综 合治理服务、光伏电站运营业务。主营业务收入构成为：锅炉及相关配套产品38.47%，压力容器产品 31.00%，环保工程服务9.87%，核电产品8.07%，新能源电力销售6.94%，污水处置2.69%，其他2.03%， 固废处置0.73%，污水处理工程0.20%。 海陆重工所属申万行业为：电力设备-其他电源设备Ⅱ-火电设备。所属概念板块包括：余热发电、固废 处理、煤化工、核电、节能环保等。 截至9月30日，海陆重工股东 ...

12月23日，西子洁能盘中下跌2.02%，截至09:43，报17.01元/股，成交2953.51万元，换手率0.21%，总 市值142.19亿元。 资金流向方面，主力资金净流出39.72万元，特大单买入123.84万元，占比4.19%，卖出0.00元，占比 0.00%；大单买入132.28万元，占比4.48%，卖出295.84万元，占比10.02%。 西子洁能今年以来股价涨55.90%，近5个交易日涨4.36%，近20日涨14.24%，近60日涨3.91%。 今年以来西子洁能已经3次登上龙虎榜，最近一次登上龙虎榜为9月24日，当日龙虎榜净买入-1.06亿 元；买入总计1.47亿元 ，占总成交额比12.89%；卖出总计2.53亿元 ，占总成交额比22.16%。 资料显示，西子清洁能源装备制造股份有限公司位于浙江省杭州市上城区大农港路1216号，成立日期， 上市日期2011年1月10日，公司主营业务涉及余热锅炉、电站锅炉、电站辅机、工业锅炉等产品咨询、 研发、生产、销售、安装及工程总承包业务。主营业务收入构成为：解决方案50.21%，余热锅炉 18.98%，清洁环保能源装备17.00%，备件及服务10.14%，其 ...

12月22日，海陆重工（维权）盘中上涨2.06%，截至13:35，报12.88元/股，成交11.50亿元，换手率 14.22%，总市值107.02亿元。 资金流向方面，主力资金净流出7413.29万元，特大单买入8995.10万元，占比7.82%，卖出1.33亿元，占 比11.53%；大单买入2.29亿元，占比19.93%，卖出2.61亿元，占比22.67%。 海陆重工今年以来股价涨133.71%，近5个交易日涨0.63%，近20日涨0.78%，近60日涨59.39%。 今年以来海陆重工已经14次登上龙虎榜，最近一次登上龙虎榜为11月19日，当日龙虎榜净买入2.52亿 元；买入总计3.73亿元 ，占总成交额比18.46%；卖出总计1.21亿元 ，占总成交额比6.01%。 资料显示，苏州海陆重工股份有限公司位于江苏省苏州市张家港市东南大道1号(张家港经济技术开发 区)，成立日期2000年1月18日，上市日期2008年6月25日，公司主营业务涉及从事工业余热锅炉、大型 及特种材质压力容器和核安全设备的制造销售业务,以及固废、废水等污染物处理和回收利用的环境综 合治理服务、光伏电站运营业务。主营业务收入构成为：锅炉 ...

Core Viewpoint - The stock of Hailu Heavy Industry has shown significant growth this year, with a year-to-date increase of 136.62%, indicating strong market interest and performance [1][2]. Group 1: Stock Performance - As of November 25, Hailu Heavy Industry's stock price reached 13.04 CNY per share, with a trading volume of 5.91 billion CNY and a turnover rate of 7.18%, resulting in a total market capitalization of 108.35 billion CNY [1]. - The stock has experienced a 3.08% increase over the last five trading days, a 40.67% increase over the last 20 days, and a 43.28% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" 14 times this year, with the most recent appearance on November 19, where it recorded a net purchase of 252 million CNY [1]. Group 2: Company Overview - Hailu Heavy Industry, established on January 18, 2000, and listed on June 25, 2008, is located in Zhangjiagang, Jiangsu Province. The company specializes in manufacturing industrial waste heat boilers, large and special pressure vessels, and nuclear safety equipment, as well as providing environmental remediation services [2]. - The revenue composition of Hailu Heavy Industry includes: boilers and related products (38.47%), pressure vessel products (31.00%), environmental engineering services (9.87%), nuclear power products (8.07%), new energy power sales (6.94%), wastewater treatment (2.69%), solid waste disposal (0.73%), and wastewater treatment projects (0.20%) [2]. Group 3: Financial Performance - For the period from January to September 2025, Hailu Heavy Industry reported a revenue of 1.685 billion CNY, a year-on-year decrease of 5.27%, while the net profit attributable to shareholders increased by 32.67% to 320 million CNY [2]. - The company has distributed a total of 197 million CNY in dividends since its A-share listing, with 40.34 million CNY distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 17.57% to 72,500, with an average of 8,801 circulating shares per person, an increase of 21.32% [2].

Core Viewpoint - The stock of Hailu Heavy Industry has experienced significant fluctuations, with a year-to-date increase of 140.25% and a recent decline of 4.06% on November 12, 2023, indicating volatility in investor sentiment and market activity [1]. Company Overview - Hailu Heavy Industry, established on January 18, 2000, and listed on June 25, 2008, is located in Zhangjiagang, Jiangsu Province. The company specializes in manufacturing industrial waste heat boilers, large and special pressure vessels, and nuclear safety equipment, as well as providing environmental remediation services and photovoltaic power station operations [2]. - The revenue composition of Hailu Heavy Industry includes: boilers and related products (38.47%), pressure vessel products (31.00%), environmental engineering services (9.87%), nuclear power products (8.07%), new energy power sales (6.94%), wastewater treatment (2.69%), solid waste disposal (0.73%), and wastewater treatment projects (0.20%) [2]. Financial Performance - For the period from January to September 2025, Hailu Heavy Industry reported a revenue of 1.685 billion yuan, a year-on-year decrease of 5.27%, while the net profit attributable to shareholders increased by 32.67% to 320 million yuan [2]. - The company has distributed a total of 197 million yuan in dividends since its A-share listing, with 40.34 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hailu Heavy Industry was 72,500, a decrease of 17.57% from the previous period, with an average of 8,801 circulating shares per shareholder, an increase of 21.32% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 18.1881 million shares, which is an increase of 12.0884 million shares compared to the previous period [3]. Market Activity - On November 11, 2023, Hailu Heavy Industry appeared on the "Dragon and Tiger List" for the eighth time this year, with a net buy of -72.4455 million yuan, total purchases of 353 million yuan (9.74% of total trading volume), and total sales of 426 million yuan (11.74% of total trading volume) [1].

Investment Rating - The industry investment rating is "Outperform the Market" [1][57]. Core Viewpoints - The report indicates that the power energy industry is expected to outperform the CSI 300 index in the next six months due to favorable industry fundamentals [57]. - The report highlights significant growth in electricity consumption and generation capacity, with a 4.60% year-on-year increase in total electricity consumption from January to September 2025 [17][21]. - The report notes a substantial increase in new power generation capacity, particularly in thermal and wind power, with a 51.18% year-on-year growth in new installed capacity [19][21]. Summary by Sections Market Performance - During the period from November 3 to November 7, 2025, the CSI 300 index rose by 0.82%, while the power equipment index increased by 4.98%, outperforming the CSI 300 by 4.16 percentage points [10][11]. - Among the 31 first-level industries, the power equipment sector ranked first with a 4.98% increase [11][16]. Power Industry Operation - In September 2025, the total electricity consumption reached 888.6 billion kWh, marking a 4.50% year-on-year increase [17]. - From January to September 2025, the cumulative electricity consumption was 7767.5 billion kWh, with a 4.60% year-on-year growth [17]. - The new installed generation capacity from January to September 2025 was 366.73 million kW, reflecting a 51.18% year-on-year increase [19][21]. - The average utilization hours of power generation equipment were 2368 hours, a decrease of 251 hours year-on-year [29]. New Power System Situation Photovoltaics - The price of polysilicon remained stable at an average of 52 yuan/kg as of November 5, 2025 [36]. Energy Storage - By the end of the first half of 2025, China's operational energy storage projects had a cumulative installed capacity of 164.3 GW, a 59% year-on-year increase [40]. Lithium Batteries - As of November 7, 2025, the price of lithium carbonate was 77,500 yuan/ton, showing a slight decrease [42]. Charging Piles - As of the end of September 2025, the total number of charging infrastructure units reached 18.063 million, a year-on-year increase of 57.99% [49].

Core Insights - Xizi Clean Energy has seen a stock price increase of 70.56% year-to-date, with a recent rise of 16.17% over the past five trading days [1] - The company reported a revenue of 4.333 billion yuan for the first nine months of 2025, a year-on-year decrease of 11.20%, and a net profit of 177 million yuan, down 58.31% year-on-year [2] Company Overview - Xizi Clean Energy Equipment Manufacturing Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on January 10, 2011. The company specializes in the consulting, research and development, production, sales, installation, and engineering contracting of products such as waste heat boilers, power station boilers, and industrial boilers [2] - The main revenue composition includes: solutions (50.21%), waste heat boilers (18.98%), clean energy equipment (17.00%), spare parts and services (10.14%), and others (3.67%) [2] - The company operates within the power equipment sector, specifically in the category of other power generation equipment, focusing on thermal power equipment [2] Shareholder Information - As of November 6, 2025, the number of shareholders for Xizi Clean Energy is 34,000, an increase of 6.96% from the previous period, with an average of 24,223 circulating shares per person, a decrease of 6.51% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 18.2984 million shares, an increase of 5.8906 million shares compared to the previous period [3]