As of 6 PM on September 12, a total of 381 listed companies disclosed institutional research reports this week.
From a profit perspective, approximately 70% of institutional research targets achieved positive returns this week. World achieved the highest gain with a cumulative increase of 46.5%, while Kaipuyun and Tianyushengwu rose over 30%, with Tianyushengwu achieving three limit-ups in five trading days. Xizhuang shares, Cambridge Technology, Decai shares, Jundingda and other companies gained over 20%.
Regarding popular research targets, Zhejiang Jingsheng Mechanical&Electrical Co.,Ltd. received research visits from over 100 institutions this week, Lianhe Optoelectronics was visited by 66 institutions, while Wushang Group, Water shares, Narada Power Source, Kaipuyun, and Huanrui Century each received research visits from over 40 institutions.
115 Institutions Research Zhejiang Jingsheng Mechanical&Electrical Co.,Ltd.
A total of 115 institutions participated in research visits to Zhejiang Jingsheng Mechanical&Electrical Co.,Ltd. in Hangzhou during the week, with silicon carbide and semiconductor business becoming the focus of institutional attention. Silicon carbide, as the core third-generation semiconductor material, is suitable for high-voltage, high-power scenarios such as new energy vehicles and energy storage in its conductive form, while the semi-insulating type is used in 5G/6G base station RF front-end and AR glasses applications.
Company executives introduced that the silicon carbide substrate material business has made significant progress, achieving large-scale production and sales of 6-8 inch silicon carbide substrates with core parameters reaching industry-leading levels, and breakthrough achievements in 12-inch conductive silicon carbide single crystal growth technology.
Regarding semiconductor business, Zhejiang Jingsheng Mechanical&Electrical Co.,Ltd. stated that benefiting from the continuous development of the semiconductor industry and accelerated domestic substitution, the company's semiconductor business continues to develop. As of June 30, 2025, the company had uncompleted integrated circuit and compound semiconductor equipment contracts exceeding 3.7 billion yuan (including tax). In the semiconductor substrate material field, the company possesses large-scale production capacity for silicon carbide substrates, sapphire substrates, and cultivated diamonds. Its sapphire materials achieve dual leadership in technology and scale, 8-inch silicon carbide substrate technology and scale rank among the top domestically, with breakthrough achievements in 12-inch silicon carbide crystal growth technology.
Lianhe Optoelectronics Expands into Commercial Space Sector
Lianhe Optoelectronics is a major listed company in China's LED industry. Recently, the company announced a significant partnership with Ziyang City, Sichuan Province in the commercial space sector, planning to jointly invest with multiple parties to establish Ziyang Commercial Space Industry Operation Company. This venture will promote the commercialization of electromagnetic catapult technology, a "new technology" that disrupts traditional launch methods.
When institutions inquired about the reasons for this project layout and how to quickly develop business after establishment, Lianhe Optoelectronics stated that policy support and market expansion are the two main driving factors. Ziyang City in Sichuan Province has positioned commercial space as a key development industry with early strategic positioning. In 2022, it introduced commercial space company Galaxy Power to build a solid rocket R&D and production base. As of September 5, three rockets manufactured at this base have been successfully launched, with the goal of achieving the world's first electromagnetic catapult rocket launch by 2028, aiming to form an integrated commercial space industry ecosystem of "R&D—testing—manufacturing—launch—application."
Lianhe Optoelectronics also stated that after the joint venture's establishment, it will follow the development direction of "comprehensive solutions + high-end equipment manufacturing," focusing on commercial space electromagnetic launch technology as the core, adopting the technical route of "superconducting magnetic levitation and electromagnetic propulsion + launch vehicles," committed to achieving multiple improvements in launch capability and significant reductions in launch costs, promoting China's low-cost "airline-style" space launch capabilities.
Wushang Group Optimistic About Retail Market Outlook
Wushang Group held its 2025 interim performance exchange conference call this week, with 49 institutions participating online. Wushang Group is one of China's famous large commercial retail enterprises, mainly engaged in merchandise sales business through shopping centers and supermarket formats. In the first half of 2025, Wushang Group achieved operating revenue of 3.181 billion yuan, down 12.66% year-on-year, and net profit attributable to shareholders of 165 million yuan, up 7.53% year-on-year.
Company executives introduced that in the first half of 2025, Wushang Group's key work focused on three areas: first, expanding into emerging industries to create new consumption engines; second, strengthening core business to cultivate new market advantages; third, innovating operational scenarios to activate new consumption momentum. The WS Yangtze Finless Porpoise membership store, as an important measure of Wushang Group's innovative transformation, has operated in line with expectations since opening on July 29, 2025, with impressive customer traffic performance. On opening day, the company officially announced that its second store will open in Jiangxia District, Wuhan within the year.
Wushang Group remains optimistic about the prosperity of Wuhan's retail market in the second half of the year. With dense holidays in the second half and continued warming of Wuhan's retail formats, Wushang Group stated it will actively respond to policies, combine holiday characteristics, launch rich promotional activities and quality services, precisely meet consumer demands, further capture market share, and strive to improve operational quality and efficiency.
Water Shares' Acquisition Draws Attention
Water shares received 48 institutional visits during the week, with research focus on acquisitions and business progress. Water shares is one of the key companies in China's new materials field, specializing in R&D, production, and sales of high-performance polymer materials. Recently, the company announced plans to acquire Japan Valqua Shanghai Company at a discount price of 25.71 million yuan, securing thousand-level/ten-thousand-level clean workshops to complete the specialty materials industrial chain. Japan Valqua, established in 1927, is a global leader in fluorine materials and sealing components.
Regarding the purpose of this acquisition, Water shares explained that it will help the company build complete semiconductor component solutions, covering cleaning equipment, storage tanks, etc. Both fluorine materials and sealing components in high-end application fields have usage scenarios for polyetheretherketone (PEEK) materials. This transaction will help promote the value realization of the company's existing PEEK material "polymerization—modification—finished product manufacturing" full-chain layout.
Institutions also inquired about Water shares' progress in the robotics business field. The company stated that targeting the miniaturization and lightweight requirements of robot rotary motors, it has developed high-fluidity motor stator potting materials that effectively reduce stator potting thickness to 0.1 millimeters, decrease insulation layer weight by 30%-50%, and improve stator winding slot fill factor by 30%-40%. Related products have gained recognition from Chinese and American robotics industry chain customers, and small-batch delivery orders to some robotics customers have begun.
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