Institutional research activity remained robust this week, with Wind data showing 113 A-share listed companies had disclosed investor research records as of 4 p.m. on February 6. Regarding market performance, half of the companies receiving institutional visits saw share price increases this week. Zenrun New Energy led with a 70.84% weekly gain, followed by Oulai New Materials (up 32.25%), Triangle Defence (up 19.14%), with Ruiming Technology, Sanfo Outdoor, Yamaton, Guoneng Rixin, and Whirlpool Corporation all rising over 10%. Several companies including Zenrun New Energy, Oulai New Materials, Guoneng Rixin, and Universal Scientific Industrial recently saw their shares hit record highs.
Among popular targets, Naipu Mining Machinery Co.,Ltd., Universal Scientific Industrial, and Dajin Heavy Industry received visits from over 100 institutions this week, while Orbbec, MGI, Guoneng Rixin, and Ruiming Technology were researched by more than 50 institutions.
Naipu Mining Machinery terminated its overseas mining project investment. The company received research visits from 113 institutions this week. On February 3, Naipu Mining Machinery announced it would terminate its subscription to shares of Swiss Verita Resources and simultaneously abandon subsequent investment in the Colombian Alacran copper-gold-silver mine project, drawing institutional attention.
Regarding reasons for terminating the Colombian mine investment, Naipu Mining Machinery stated during research meetings that significant changes occurred in equity delivery conditions, with substantial alterations to payment terms increasing project risks. Additionally, rising political, economic, policy, and regulatory risks in Colombia, along with the company's limited risk tolerance, influenced the decision. The total investment of $146 million (approximately RMB 1.02 billion) represented 56% of the company's net assets and would significantly impact core operations.
Naipu Mining Machinery confirmed it would continue implementing its dual-strategy development: improving global production layout to strengthen its core mineral processing wear parts business, while remaining open to mineral resource investment opportunities, prioritizing politically stable regions like Central and Southeast Asia, with investments scaled according to risk capacity.
With copper and gold prices at elevated levels, institutions inquired whether downstream clients would increase capital expenditures. Naipu Mining Machinery noted a strong trend of rising willingness among clients, citing Zijin Mining's Julong Copper Mine Phase II commencing production in January. When fully operational, ore processing capacity will increase from 45 million tons to over 105 million tons, initially driving sales of complete equipment and subsequently boosting aftermarket parts and consumables sales.
Universal Scientific Industrial attracted 113 institutional visitors including睿远基金, CITIC Securities, HSBC Qianhai Securities, Shanxi Securities, and Guotai Haitong Securities. Focus centered on Q4 2025 operational results, business segment performance, and impacts of memory price increases on operations.
The company reported Q4 2025 revenue of RMB 15.55 billion, down 5.3% quarter-over-quarter and 6.8% year-over-year. Full-year 2025 revenue reached RMB 59.20 billion, declining 2.5% mainly due to WiFi module material cost reductions driving product price cuts and automotive electronics business contraction. The company highlighted rapid revenue growth in AI accelerator cards driven by strong CSP customer demand, with active customer negotiations for AI server motherboard opportunities expected in Q4 2026 to Q1 2027.
When asked about memory price increases pressuring major clients' consumer electronics shipments, Universal Scientific Industrial expressed confidence that its clients' products—including phones, watches, and earphones—would demonstrate better cost-performance ratios compared to competitors during the price hike.
The company projected strong SiP application prospects in smart glasses, noting new collaboration opportunities beyond WiFi modules and MLB in biometrics, display, and audio sectors. This year marks the first volume production year for its glasses business, aiming to establish references for expanding client base while planning increased SiP investments to build stronger competitive barriers.
Dajin Heavy Industry received 109 institutional visits focusing on its offshore base. The Caofeidian Deep-Sea Offshore Base aims to become a world-class super factory with batch production capabilities for ultra-large fixed and floating foundations for deep-sea wind power, aligned with global offshore wind product trends for the next decade. The 1,300-acre base has annual designed capacity of 500,000 tons, producing extra-large monopiles, jacket foundations, and floating structures for 15MW-25MW wind turbines.
Dajin Heavy Industry stated the Caofeidian base would collaborate with European assembly facilities, creating a "R&D in Europe, testing in China, manufacturing domestically, final assembly in Europe" capacity structure addressing industry challenges of high floating foundation costs, low delivery efficiency, and multi-link coordination difficulties in deep-sea wind development.
The company confirmed 2026 deliveries would focus on existing overseas offshore wind monopile projects with some export tower projects, primarily using Delivered at Place (DAP) delivery mode. With wharf layouts established in Denmark, Germany, and Spain to meet regional project needs, the overseas wharf strategy enhances localized assembly and service capabilities, ultimately improving project delivery capacity and profitability.
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