Core Viewpoint - The company emphasizes the construction of a global supply chain system and has established strategic partnerships with major gas turbine manufacturers to enhance supply chain resilience [2] Group 1: Supply Chain Strategy - The company has formed strategic collaborations with Siemens, Baker Hughes, and Kawasaki Heavy Industries, covering multiple models of gas turbines to ensure robust product delivery [2] - Various measures are being implemented to improve the resilience of the supply chain [2] Group 2: Production Capacity - The company is expanding its production capacity based on its existing facilities in the United States, now capable of assembling electric drive/turbine fracturing equipment and gas turbine power generation equipment [2] - The production capacity in both domestic and international locations can be adjusted based on actual order conditions, allowing for optimized delivery capabilities [2]

Group 1: Company Overview and Strategic Initiatives - The company is entering the small modular reactor (SMR) sector as a strategic extension into emerging power and clean energy services, leveraging its experience in data centers, oil and gas field development, and industrial electricity [2][3] - The SMR-related equipment will utilize modular design, enhancing the company's production capabilities and complementing existing business lines to create competitive integrated energy solutions [3] Group 2: Natural Gas Market Dynamics - The rapid growth in natural gas orders is attributed to a reshaped global supply landscape, with diverse supply networks emerging in North America, the Middle East, North Africa, and Asia, making natural gas a strategic energy security goal for many countries [4] - The demand for clean energy is rising, positioning natural gas as an efficient and economical bridge in the global energy transition, especially as it fills electricity gaps and stabilizes power grids [4] Group 3: Future Outlook for Power Generation - The company plans to focus on three key areas: data centers, industrial energy, and new power systems, emphasizing technological innovation and product iteration to enhance clean energy equipment's smart and large-scale applications [5] - Integrated solutions will be provided for power equipment supply, intelligent operation control, and lifecycle maintenance support, ensuring efficient collaboration from energy production to electricity assurance [5] Group 4: Supply Chain and Delivery Assurance - The company is building a global supply chain to enhance resilience, establishing strategic partnerships with manufacturers like Siemens and Kawasaki Heavy Industries to ensure reliable delivery of gas turbine equipment [6][7] - Capacity expansion in the U.S. will support the production of various equipment types, ensuring that domestic and international capacities can be adjusted based on actual order demands [7] Group 5: Collaboration with Kawasaki Heavy Industries - A strategic cooperation agreement was signed with Kawasaki Heavy Industries for gas turbines, enhancing existing collaboration and establishing a joint market development mechanism [7]

Core Insights - In December 2025, over 600 A-share listed companies underwent institutional research, indicating a strong interest in investment opportunities in the A-share market as the new year approaches [2][3]. Group 1: Institutional Research Activities - The research activities in December 2025 maintained a high level of engagement, with more than 600 A-share companies participating [3]. - Among these, companies like Boying Special Welding received significant attention, with over 10 research sessions conducted, involving various types of institutions such as public funds, private equity, and insurance companies [3]. - Boying Special Welding plans to launch two HRSG production lines in 2026, primarily targeting non-North American markets [3][4]. Group 2: Company Performance and Insights - Boying Special Welding was noted as one of the standout stocks in December 2025, with a cumulative increase of over 30% [4]. - Jerry Holdings also ranked high in terms of institutional research frequency, focusing on supply chain resilience and partnerships with major gas turbine manufacturers [5]. - Jerry Holdings' stock price rose by over 20% in December 2025, reflecting strong market performance [5]. Group 3: Market Trends and Sector Focus - The research highlighted a concentration of interest in sectors such as machinery, electronics, basic chemicals, automotive, pharmaceuticals, power equipment, and computers [6]. - Over 100 companies that saw their stock prices double in 2025 participated in institutional research, indicating a correlation between research engagement and stock performance [8]. - Companies like Shenghong Technology, which experienced a stock price increase of over 500%, engaged with numerous institutional investors to discuss expansion plans and production capacity [8].

公历新的一年来临前夕，不少机构马不停蹄地进行调研，寻找新一年A股市场投资机会。就在刚刚过去的2025年12月，合计逾600家A股 上市公司接受了机构调研。 值得注意的是，这里面，有超过100家公司2025年股价翻倍。 2025年12月机构调研逾600家A股上市公司 数据显示，刚刚过去的2025年12月，机构调研活动保持了较高的热度，合计逾600家A股上市公司接受了调研。 从调研次数上看，据Wind统计口径，机构2025年12月调研博盈特焊次数居前，全月累计调研次数合计超过10次，参与调研的机构涉及公募 基金、私募基金、券商、保险公司等多种不同类型的机构，调研形式包括现场参观、线上调研等。 比如2025年12月24日，博盈特焊以特定对象调研及现场参观形式接受了多家机构调研，在调研交流中，公司方面对投资者提出的一些问题 进行了回复。比如，对于国内HRSG产能布局问题，博盈特焊方面回复表示，公司在大凹基地布局2条HRSG生产线，预计会在2026年投产。 大凹基地生产的HRSG产品主要满足非北美市场的HRSG市场需求。 2025年12月，杰瑞股份股价亦走势强劲，当月累计上涨超过两成。 欧科亿2025年12月也多次接受 ...

Group 1: Company Overview and Strategy - The company has established the Jerry Min Electric Energy Group to enhance its power business and integrate resources in the power sector [2] - The company has a strong focus on the development of gas turbine power generation equipment, achieving significant orders in North America due to its high standards in reliability, responsiveness, and stability [3] Group 2: Market Presence and Product Offering - The company has successfully sold and leased gas turbine generator sets in the North American market, building a solid brand reputation and performance foundation for entering the data center power generation sector [3] - The company offers comprehensive energy solutions with its power generation equipment designed for quick transport, on-site assembly, and flexible expansion, addressing challenges such as tight project timelines and limited space [3] Group 3: Supply Chain and Delivery Assurance - The company has built a global supply chain system and established strategic partnerships with major manufacturers like Siemens and Kawasaki Heavy Industries to ensure robust product delivery [4] - The company has expanded its production capacity in the U.S. to meet the demand for various equipment types, including electric drive and turbine fracturing equipment [4] Group 4: Strategic Partnerships - In October 2025, the company completed a bulk procurement layout for Kawasaki gas turbines and signed a strategic cooperation agreement to enhance market development and integrate global technology resources [5]

Core Viewpoint - The report from Huaxin Securities highlights that Jerry Holdings is leveraging its years of technological accumulation in gas power generation and intelligent control to establish Jerry MinDian Energy Group, integrating resources in the power sector and entering the high-growth data center market, which aligns with market demand and has gained recognition from overseas clients [1] Group 1: Company Developments - Jerry Holdings has expanded its production capacity based on existing facilities in the U.S., now capable of assembling various equipment including electric drive/turbine fracturing systems and gas turbine power generation equipment to meet production demands in North America [1] - The entry into the data center power generation sector is expected to provide new growth opportunities for the company, positively impacting its valuation [1] Group 2: Industry Context - The traditional oil and gas engineering services business is progressing steadily, reinforcing the company's performance foundation [1] - The natural gas industry is experiencing high demand, with a notable increase in order growth elasticity [1]

Core Viewpoint - The company emphasizes the construction of a global supply chain system to enhance supply chain resilience and has established long-term stable partnerships with gas turbine manufacturers such as Siemens and Baker Hughes [1] Group 1: Supply Chain and Partnerships - The company has taken various measures to improve supply chain resilience [1] - Long-term partnerships have been formed with gas turbine manufacturers, covering multiple models including SGT-A05, LM2500, and NovaLT, ensuring solid support for product delivery [1] Group 2: Production Capacity - The company is expanding its production capacity based on its existing facilities in the United States, now capable of assembling various equipment including electric drive/turbine fracturing systems and gas turbine power generation equipment [1] - The company can adjust its domestic and international production capacities based on actual order conditions, enhancing its delivery capabilities [1]

Group 1: Company Overview and Activities - The investor relations activity included three sessions held on December 16-17, 2025, at the company headquarters, focusing on site visits and discussions with various investment institutions [2][3][4]. - Participants included representatives from multiple investment firms such as Huatai PineBridge Fund, Point72, and CICC Asset Management [2][3]. Group 2: Supply Chain and Production Capacity - The company has established a global supply chain system to ensure the delivery of North American gas turbine power generation equipment, collaborating with Siemens and Baker Hughes [3][4]. - Capacity expansion has been implemented at the existing facility in the U.S. to meet production demands for electric drive/turbine fracturing equipment and gas turbine power generation equipment [3][4]. Group 3: Business Performance and Market Strategy - The company has successfully secured large orders for gas turbine power generation equipment due to its product reliability and performance, meeting high standards in various sectors [4][5]. - Future business strategies focus on three main areas: data centers, industrial energy, and new power systems, emphasizing technological innovation and integrated solutions [5][6]. Group 4: Natural Gas Business Development - To support the rapid growth of the natural gas equipment business, the company has established the Jerry Natural Gas Industrial Park and is expanding capacity through leasing and resource coordination [6][7]. - Recruitment and training of specialized personnel in the natural gas sector are prioritized to enhance R&D and manufacturing capabilities [6][7]. Group 5: Oil and Gas Engineering Services (EPC) - The company adopts a selective approach to project acquisition, focusing on profitable projects with strong cash flow and strategic significance [7][8]. - Recent successful projects include contracts with Kuwait Oil Company and various significant projects in Southeast Asia, showcasing the company's project management and delivery capabilities [7][8].

Group 1 - The company is expanding its production capacity in North America, specifically in Houston, to meet the demand for electric drive/turbine fracturing equipment and gas turbine power generation equipment [1] - The company has established assembly capabilities for various types of equipment, which will effectively satisfy the production needs in the North American market [1] - The company plans to allocate resources and implement measures to ensure the production and delivery of gas turbine power generation equipment, with further details to be provided in regular reports [1] Group 2 - There is a focus on quickly delivering complete power generation equipment in the fourth quarter to secure more orders from major AI companies in North America [3] - The expected timeline for the expansion capacity in Houston is anticipated to be operational by 2026 [3]

Group 1: Company Overview and Strategy - The company has established a significant international presence, operating in over 70 countries and regions, with increasing revenue contribution from overseas business [3][4] - The company is focusing on diversifying its overseas business structure and enhancing brand recognition through high-quality delivery of engineering orders [3][4] Group 2: Natural Gas Market Insights - The global natural gas market has diversified supply networks, with countries prioritizing natural gas development as a strategic energy security goal [5][6] - The demand for natural gas is increasing due to its role as a clean energy source in the transition to low-carbon energy, making it a preferred option for filling electricity gaps and ensuring grid stability [5][6] Group 3: Data Center Power Generation - The company is entering the data center power generation sector, leveraging its reliable and flexible power generation equipment to meet high standards in various industries [7][8] - The establishment of the Jerry Min Electric Energy Group aims to accelerate breakthroughs in the power generation business, supported by successful sales and leasing cases in the North American market [7][8] Group 4: Future Outlook for Power Generation - The company plans to deepen its involvement in data centers, industrial energy, and new power systems, focusing on technological innovation and integrated solutions for clean energy equipment [9] - The company aims to enhance its capabilities in providing comprehensive energy solutions, ensuring efficient collaboration from energy production to electricity supply [9] Group 5: Oil and Gas Engineering Orders - The company offers integrated solutions across the oil and gas value chain, which has led to successful project implementations and increased market recognition [10] - Recent project wins include significant contracts in Southeast Asia, demonstrating the company's strong project management and delivery capabilities [10] - The company prioritizes profitable projects with positive cash flow and strategic significance, ensuring that selected orders promote collaboration across various business segments [10]