上银先进制造混合发起式A（023158）基金经理为黄璜、尹盟。 截至发稿，黄璜累计任职时间1年362天，现任基金资产总规模9565.37万元，任职期间最佳基金回报 24.15%， 任职期间最差基金回报1.97%。 尹盟累计任职时间5天，现任基金资产总规模1279.35万元，任职期间最佳基金回报0%， 任职期间最差 基金回报0%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月18日，宁波精达跌5%，截至发稿，报11.20元/股，成交1.52亿元，换手率3.04%，总市值56.27亿 元。宁波精达股价已经连续5天下跌，区间累计跌幅7.17%。 资料显示，宁波精达成形装备股份有限公司位于浙江省宁波江北投资创业园区，成立日期2002年8月15 日，上市日期2014年11月11日，公司主营业务涉及换热器装备和精密压力机的研发、生产与销售。主营 业务收入构成为：换热器37.23%，压力机34.17%，微通道14.92%，模具产品6.65%，其他(补 充)2.09%，备品备件 ...

Core Insights - Ningbo Jinda's stock increased by 3.02% on October 20, with a trading volume of 139 million yuan, indicating positive market sentiment [1] - The company experienced a net financing outflow of 4.39 million yuan on the same day, with a total financing and securities balance of 238 million yuan, representing 4.97% of its market capitalization [1] - As of June 30, the number of shareholders decreased by 11.70%, while the average circulating shares per person increased by 13.25% [2] Financing and Securities - On October 20, Ningbo Jinda had a financing buy amount of 11.09 million yuan, with a current financing balance of 238 million yuan, which is above the 90th percentile of the past year [1] - The company had no short selling activity on October 20, with a short selling balance of 0 yuan, indicating a low level of short interest [1] Financial Performance - For the first half of 2025, Ningbo Jinda reported a revenue of 401 million yuan, reflecting a year-on-year growth of 1.10%, while the net profit attributable to shareholders decreased by 25.77% to 65.05 million yuan [2] - Since its A-share listing, the company has distributed a total of 645 million yuan in dividends, with 350 million yuan distributed over the past three years [3] Business Overview - Ningbo Jinda, established on August 15, 2002, specializes in the research, production, and sales of heat exchanger equipment and precision pressure machines [1] - The company's main revenue sources include heat exchangers (37.23%), pressure machines (34.17%), microchannels (14.92%), molds (6.65%), and automotive parts (1.56%) [1]

Core Viewpoint - Ningbo Jinda's stock price has shown a significant increase of 29.91% year-to-date, with a recent market capitalization of 5.717 billion yuan, indicating strong investor interest despite a slight decline in the last five trading days [1][2]. Financial Performance - For the first half of 2025, Ningbo Jinda reported a revenue of 401 million yuan, reflecting a year-on-year growth of 1.10%. However, the net profit attributable to shareholders decreased by 25.77% to 65.0527 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 645 million yuan, with 350 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 16, Ningbo Jinda's stock price was 11.38 yuan per share, with a trading volume of 34.6081 million yuan and a turnover rate of 0.70% [1]. - The stock experienced a net inflow of main funds amounting to 3.9536 million yuan, with large orders accounting for 25.53% of purchases [1]. Business Overview - Ningbo Jinda, established on August 15, 2002, and listed on November 11, 2014, specializes in the research, production, and sales of heat exchanger equipment and precision pressure machines. The revenue breakdown includes heat exchangers (37.23%), pressure machines (34.17%), microchannels (14.92%), molds (6.65%), and other products [1]. - The company operates within the machinery equipment sector, specifically in general equipment and machine tools, and is involved in various concept sectors such as automotive thermal management, new energy vehicles, industrial mother machines, machinery, and semiconductors [1]. Shareholder Information - As of June 30, the number of shareholders for Ningbo Jinda was 32,600, a decrease of 11.70% from the previous period, while the average circulating shares per person increased by 13.25% to 13,375 shares [2].

Core Viewpoint - Ningbo Jinda's stock price has shown a significant increase of 33.33% year-to-date, despite a recent decline of 1.27% over the last five trading days, indicating volatility in its performance [1][2]. Financial Performance - For the first half of 2025, Ningbo Jinda reported a revenue of 401 million yuan, reflecting a year-on-year growth of 1.10%. However, the net profit attributable to shareholders decreased by 25.77% to 65.05 million yuan [2]. - The company has distributed a total of 645 million yuan in dividends since its A-share listing, with 350 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 10, Ningbo Jinda's stock was trading at 11.68 yuan per share, with a market capitalization of 5.868 billion yuan. The trading volume reached 114 million yuan, with a turnover rate of 2.29% [1]. - The net outflow of main funds was 1.0975 million yuan, while large orders showed a buying volume of 26.0844 million yuan and a selling volume of 23.9736 million yuan [1]. Business Overview - Ningbo Jinda, established on August 15, 2002, and listed on November 11, 2014, specializes in the research, production, and sales of heat exchanger equipment and precision pressure machines. Its revenue composition includes heat exchangers (37.23%), pressure machines (34.17%), microchannels (14.92%), molds (6.65%), and other products [1]. - The company operates within the machinery equipment sector, specifically in general equipment and machine tools, and is involved in various concept sectors such as automotive thermal management, machinery, industrial mother machines, new energy vehicles, and semiconductors [1]. Shareholder Information - As of June 30, the number of shareholders for Ningbo Jinda was 32,600, a decrease of 11.70% from the previous period, while the average circulating shares per person increased by 13.25% to 13,375 shares [2].

Group 1: Company Highlights - Juguang Technology focuses on semiconductor laser components and has developed optical fiber amplifiers with a gain value increase from 20-25dB to 40-50dB [1] - Ningbo Jingda's performance slightly declined in the first half of the year due to international trade factors, but orders have shown double-digit growth since Q2, with a 70% increase in export orders [1] - Kingfa Technology's modified plastics segment has seen nearly 20% sales growth over the past two years, with overseas market sales expected to grow nearly 30% in 2024 [2] - Kehua Data reported a revenue of 3.733 billion yuan in H1 2025, a 0.06% year-on-year increase, with data center business revenue growing by 16.77% [3] - Jiangbolong ranks third in China's enterprise-level ST SSD total capacity, with significant partnerships and product deployments in the market [3] - LightSpeed Technology's silicon photonic modules have reached historical peak shipment volumes, with expectations for a recovery in gross margin in the second half of the year [3] Group 2: Market Trends and Innovations - The market for microchannel heat exchangers is expanding into automotive thermal management, data centers, and hydrogen energy applications [1] - Kingfa Technology is investing in humanoid robots and AI through an industrial fund to promote lightweight material applications [2] - Kehua Data is focusing on "technological innovation" and "computing power layout," with rapid development in intelligent computing center business [3] - LightSpeed Technology anticipates continued growth in domestic demand, particularly for 400G and 800G technologies [3]

Group 1 - The core viewpoint of the news is that Taixin Fund has conducted research on Ningbo Jingda, which specializes in heat exchanger and precision press equipment, and has seen a recovery in orders and performance in the second quarter after a slight decline in the first half of the year due to international trade factors [1] - Ningbo Jingda focuses on manufacturing battery shell and motor shell stamping equipment, and has achieved a year-on-year double-digit growth in orders starting from the second quarter [1] - The company has acquired 100% of Wuxi Weiyan, leading to a 70% increase in export orders in the first half of the year, with North American orders reaching the level of the previous year [1] Group 2 - The company has established a joint venture, Germany Jingda Shaola, to introduce advanced technologies such as high-frequency pipe making and rolling machines, promoting import substitution [1] - The microchannel heat exchanger equipment is applied in various fields including automotive thermal management, data centers, and hydrogen energy, with clients such as BYD, Faurecia, and Sanhua [1] - The company is expanding into new directions such as EV, robotics, eVTOL lightweighting, and hydrogen energy, while also focusing on the development of specialized machines for robotics [1]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Baoyin Investment on Ningbo Jingda, a listed company specializing in heat exchanger and precision press equipment, with a focus on battery and motor casing stamping equipment [1] - The company's performance in the first half of the year experienced a slight decline due to international trade factors, but there was a recovery in the second quarter with double-digit year-on-year growth in orders [1] - The acquisition of 100% equity in Wuxi Weiyan contributed to a 70% increase in export orders in the first half of the year, with North American orders reaching the level of the previous year [1] Group 2 - The establishment of a joint venture, Germany Jingda Shaola, aims to introduce advanced technologies such as high-frequency pipe manufacturing and rolling machines to promote import substitution [1] - The microchannel heat exchanger equipment is applied in various fields including automotive thermal management, data centers, and hydrogen energy, with clients such as BYD, Valeo, and Sanhua [1] - The company is expanding into new directions such as EV, robotics, eVTOL lightweighting, and hydrogen energy, while also focusing on the development of specialized machines for robotics [1]

Group 1 - The core viewpoint of the news is that the well-known private equity firm, Chongyang Investment, has conducted research on a listed company, Ningbo Jingda, which specializes in heat exchanger equipment and precision pressure machine equipment, focusing on battery and motor shell stamping equipment [1] - Ningbo Jingda's performance slightly declined in the first half of the year due to international trade factors, but there was a recovery in the second quarter with double-digit year-on-year growth in orders [1] - The company acquired 100% of Wuxi Weiyan, which was consolidated into its financial statements starting in May, leading to a 70% increase in export orders in the first half of the year, with North American orders reaching last year's total [1] Group 2 - Ningbo Jingda has established a joint venture, Germany Jingda Shaola, to introduce advanced technologies such as high-frequency pipe making and rolling machines, promoting import substitution [1] - The microchannel heat exchanger equipment is applied in automotive thermal management, data centers, and hydrogen energy sectors, with clients including BYD, Valeo, and Sanhua [1] - The company is expanding into new directions such as EV, robotics, eVTOL lightweighting, and hydrogen energy, while also focusing on the development of specialized machines for robotics [1]

Core Viewpoint - Ningbo Jingda (603088) reported stable revenue growth in the first half of 2025, achieving operating income of 401 million yuan and a net profit of 65 million yuan, with significant progress in various fields, particularly in heat exchanger equipment and precision presses [1] Group 1: Financial Performance - The company achieved operating income of 401 million yuan and a net profit of 65 million yuan in the first half of 2025, indicating stable revenue growth [1] - The core products, including heat exchangers and precision presses, showed steady development, with new models of precision presses gaining wide market recognition [1] Group 2: Strategic Acquisitions - The company completed the acquisition of 100% of Wuxi Weiyan's shares, enhancing its competitive edge through synergy [2] - Wuxi Weiyan specializes in precision molds and stamping parts, which complement Ningbo Jingda's main business, particularly in the heat exchanger sector [2][3] - The acquisition is expected to facilitate resource integration in customer channels and technology development, enhancing overall competitiveness [3] Group 3: Market Expansion - Wuxi Weiyan's market performance was strong, with over 50% of new mold orders being export orders, and a year-on-year growth of approximately 70% in export orders [3] - The establishment of JSMachinery GmbH in Germany aims to expand into the European market, leveraging Germany's technological resources [4] Group 4: Product Development and Market Trends - Ningbo Jingda continues to lead in the heat exchanger equipment sector, launching a globally innovative fin stock retrieval machine that enhances competitiveness in the market [5] - The automotive thermal management equipment market is expanding, with significant growth expected, making microchannel heat exchangers a key growth driver for the company [5] - The application of microchannel heat exchanger technology is extending into data center liquid cooling, industrial refrigeration, and chemical industries, driven by the rapid growth of the digital economy [6][7] Group 5: Future Outlook - The microchannel heat exchanger market in data centers is projected to reach nearly 20 billion yuan by 2030, with an annual compound growth rate of about 10.8%, providing new growth avenues for the company [7] - The demand for liquid cooling technology in data centers is expected to increase with the ongoing development of 5G, artificial intelligence, and big data technologies, positioning Ningbo Jingda favorably for future growth [7]

Core Insights - Ningbo Jingda achieved stable revenue growth with operating income of 401 million yuan and net profit of 65 million yuan in the first half of 2025 [2] - The company made significant progress in various fields, particularly in heat exchanger equipment and precision presses, with a notable expansion into multiple sectors for microchannel heat exchangers [2][6] Group 1: Capital Strategy and Acquisitions - The company successfully acquired 100% of Wuxi Weiyan's shares, enhancing its competitive edge through synergies in technology and customer resources [3] - Wuxi Weiyan's new orders, over 50% of which were export orders, saw a year-on-year increase of approximately 70%, with significant market performance in North America and emerging markets [4] - The acquisition allows for resource integration in customer channels and technology development, enhancing overall competitiveness and risk resilience [4] Group 2: Product Development and Market Expansion - The establishment of JSMachinery GmbH in Germany aims to leverage local technological resources and enhance brand influence in the European market [5] - The company continues to lead in the heat exchanger equipment sector, with the successful mass production of a three-station fin access machine, improving competitiveness in the market [6] - The automotive thermal management equipment market is expanding, with a projected market size of approximately 16 billion USD by 2028, and the company is enhancing its competitiveness in this sector [7] Group 3: Microchannel Heat Exchanger Applications - Microchannel heat exchangers are extending into diverse fields, including data center liquid cooling, driven by the rapid growth of the digital economy [8] - The company has developed specific air conditioning fin molds for AI data centers, laying the groundwork for entering the high-margin liquid cooling market [8] - The microchannel heat exchanger market in China is expected to reach nearly 20 billion yuan by 2030, with an annual compound growth rate of approximately 10.8%, presenting new growth opportunities for the company [8]