（责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 东吴证券研报指出，液压传动是现代机械设备基石，市场空间广阔。万通液压聚焦境内"汽车、能 源采掘装备、工程机械、国防装备"四个主行业，布局自卸车专用油缸/机械装备用缸/油气弹簧三大业 务，2025H1首次实现全线增长。公司开发的以电动缸为代表的JG装备用缸可用于多场景，其核心组件 行星滚柱丝杠可应用在机器人关节驱动、工业自动化和航空航天等领域。公司战略眼光独到，聚焦液压 系统价值量最高部件，并且打造油气弹簧底盘应用新增长曲线。公司油气弹簧增速亮眼，海外市场成效 显著，军民并驱业绩可期，维持2025~2027归母净利润预测为1.44/1.85/2.42亿元，对应最新PE为 38/30/23倍，维持"买入"评级。 ...

2025年12月9日，中国上市公司协会正式发布"2025年上市公司董事会秘书履职评价"结果。万通液压董 事、副总经理、董事会秘书王梦君女士，凭借在信息披露、规范运作、投资者关系维护等多方面的突出 表现，成功获评最高级别的"5A董秘"。 "上市公司董事会秘书履职评价"自2022年启动，至今已连续开展四届，旨在进一步提高董秘履职能力和 职业素养，推动公司治理水平整体提升。评价指标涵盖了规范操作、信息披露、内部控制、投资者关系 管理、社会责任等十大标准，67项指标。本年度共有来自36个辖区的1571位董秘参与评选，最终282人 荣获"5A"评级，其中北交所上市公司仅有4位董秘获此殊荣。 万通液压董秘王梦君女士具有深厚的法律、金融与行业背景，在证券资本市场、投融资等领域有着十多 年丰富的实践经验。在万通液压任职期间，她带领团队持续提升信息披露质量、积极参与公司各类投资 者交流活动。在资本运作方面她主导公司上市及融资工作，积极引入产业合作方，推进包括向特定对象 发行可转债在内的多项资本项目。该定向可转债项目，是全A股(涵盖沪市、深市、京市三所)首例由董 事会提前确定发行对象的融资案例，具有里程碑式示范意义，已于2025 ...

每经AI快讯，中国银河12月10日发布研报称，给予万通液压（920839.SH）"推荐"评级。评级理由主要 包括：1）深耕液压油缸，布局电动缸，主要客户关系稳定；2）境外业务蓬勃发展，油气弹簧业绩表现 亮眼；3）市场规模高速扩张，多政策提供发展契机。风险提示：市场竞争加剧的风险；原材料价格波 动的风险；技术更新和产品开发风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——最新1520元，飞天茅台批价两年跌了43%，经销商躺赢神话破灭，当潮水 退去谁在裸泳？ （记者 王晓波） ...

Core Viewpoint - WanTong Hydraulic (920839) has shown a significant increase in financing activities, indicating positive investor sentiment towards the stock [1] Financing Activities - On December 1, 2025, WanTong Hydraulic had a financing buy-in of 5.2821 million yuan and a financing repayment of 3.2586 million yuan, resulting in a net financing increase of 2.0235 million yuan [1] - The total financing balance reached 47.8099 million yuan, reflecting a 4.42% increase compared to the previous day [1][2] - Over the last three trading days, the cumulative net buy-in amounted to 2.6506 million yuan [1] Margin Trading Data - The margin trading balance on December 1, 2025, was 47.8099 million yuan, with a change of 202.35 thousand yuan, representing a 4.42% increase [2] - The previous trading days showed smaller fluctuations, with the balance on November 28 at 45.7864 million yuan, increasing by 0.41% [2] - The trend indicates a consistent upward movement in the financing balance over the past few days, with the largest increase noted on December 1 [2]

Core Insights - The engineering machinery sector experienced a slight increase of 0.05% on November 7, with Zhongji United leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Engineering Machinery Sector Performance - Zhongji United (605305) closed at 48.26, up 2.31% with a trading volume of 120,500 shares and a transaction value of 581 million [1] - Shantui (000680) closed at 11.30, up 1.99% with a trading volume of 291,100 shares and a transaction value of 327 million [1] - TuoShan Heavy Industry (001226) closed at 38.32, up 1.35% with a trading volume of 11,800 shares and a transaction value of approximately 44.99 million [1] - Hengli Hydraulic (601100) closed at 94.22, up 1.15% with a trading volume of 112,900 shares and a transaction value of 1.061 billion [1] - Liugong (000528) closed at 12.07, up 1.09% with a trading volume of 477,800 shares and a transaction value of 572 million [1] - Other notable performers include Tongli Co. (665GOZG) up 1.01%, Zhejiang Dingli (603338) up 0.93%, and Sany Heavy Industry (600031) up 0.64% [1] Fund Flow Analysis - The engineering machinery sector saw a net outflow of 207 million from main funds, while retail investors contributed a net inflow of 1.48 billion [2] - Speculative funds recorded a net inflow of approximately 58.98 million [2]

Market Overview - The engineering machinery sector experienced a decline of 0.75% on October 27, with Wantong Hydraulic leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the engineering machinery sector included: - Noli Co., Ltd. (603611) with a closing price of 25.81, up 6.56% on a trading volume of 177,300 shares and a turnover of 457 million [1] - Anhui Heli (600761) closed at 21.76, up 6.41% with a trading volume of 295,300 shares and a turnover of 634 million [1] - Tietuo Machinery (920706) closed at 25.40, up 5.44% with a trading volume of 95,800 shares and a turnover of 239 million [1] - Conversely, significant decliners included: - Wantong Hydraulic (920839) closed at 46.47, down 8.05% with a trading volume of 58,900 shares and a turnover of 280 million [2] - XCMG Machinery (000425) closed at 10.66, down 6.24% with a trading volume of 3,515,800 shares and a turnover of 385 million [2] - Sany Heavy Industry (600031) closed at 22.53, down 1.66% with a trading volume of 1,027,500 shares and a turnover of 2.345 billion [2] Capital Flow - The engineering machinery sector saw a net outflow of 826 million from institutional investors, while retail investors contributed a net inflow of 666 million [2] - Key stocks with significant capital flow included: - XGMA (600815) had a net inflow of 40.12 million from institutional investors, but a net outflow of 26.10 million from retail investors [3] - Hengli Hydraulic (601100) saw a net inflow of 39.40 million from institutional investors, with a net outflow of 30.37 million from retail investors [3] - Noli Co., Ltd. (603611) had a net inflow of 29.13 million from institutional investors, but a net outflow of 33.47 million from retail investors [3]

Core Viewpoint - WanTong Hydraulic (920839.BJ) reported a significant drop in stock price by 8.05%, closing at 46.47 yuan, with a total market capitalization of 5.493 billion yuan [1] Company Performance - The company achieved a year-on-year increase of 36% in its net profit excluding non-recurring items for the first three quarters of 2025 [1] - The successful issuance of targeted convertible bonds is expected to enhance the company's competitiveness [1] Analyst Rating - Dongwu Securities analysts maintain a "Buy" rating for WanTong Hydraulic, reflecting confidence in the company's future performance despite the recent stock price decline [1]

Core Viewpoint - WanTong Hydraulic (920839.BJ) experienced a significant decline in stock price, closing at 53.21 yuan with a drop of 9.66%, resulting in a total market capitalization of 6.343 billion yuan [1]. Group 1: Company Performance - Dongwu Securities published a research report highlighting the growth potential of oil and gas springs, indicating significant overseas market performance and promising military-civilian dual-use business prospects [1]. - The report revised the projected net profit for WanTong Hydraulic for the years 2025 to 2027 to 151 million, 193 million, and 242 million yuan respectively, up from previous estimates of 137 million, 170 million, and 193 million yuan [1]. - The corresponding price-to-earnings (PE) ratios for these projections are set at 38, 30, and 24 times [1]. Group 2: Investment Rating - Dongwu Securities maintains a "Buy" rating for WanTong Hydraulic, reflecting confidence in the company's growth trajectory and market potential [1].

Core Points - Wante Hydraulic (920839) experienced a significant increase of 21.67% in its stock price, with a trading volume of 5.05 billion yuan and a turnover rate of 14.02% [1][2] - The stock's volatility was notable, with a fluctuation amplitude of 29.46% during the trading day [1] - Institutional investors showed strong interest, with a net purchase of 9.42 million yuan from specialized institutional seats [2] Trading Data Summary - The top five trading departments had a combined transaction amount of 162 million yuan, with a total buying amount of 87.82 million yuan and selling amount of 74.14 million yuan, resulting in a net purchase of 13.68 million yuan [2] - Specific trading details include: - The top buying department was Huachuang Securities, with a buying amount of 29.43 million yuan and a selling amount of 2.10 million yuan [2] - The second buying department was Guosen Securities, with a buying amount of 17.43 million yuan and a selling amount of 4.16 million yuan [2] - Three specialized institutional seats were involved, with a total buying amount of 27.27 million yuan and a selling amount of 17.85 million yuan, leading to a net purchase of 9.42 million yuan [2]

Core Viewpoint - On October 15, 2025, Wantong Hydraulic (920839) experienced a significant stock price increase of 21.67%, leading to its appearance on the trading leaderboard with a total transaction volume of 9.2593 million shares and a transaction value of 505 million yuan [1][2]. Group 1: Trading Activity - The closing price of Wantong Hydraulic reached 58.9 yuan, marking a notable rise [1]. - The total trading volume for the day was 9.2593 million shares, with a total transaction value of 505 million yuan [1]. - The top buying seat was held by Huachuang Securities, which purchased shares worth approximately 29.43 million yuan [2]. - The top selling seat was held by Dongfang Caifu Securities, which sold shares worth approximately 24.73 million yuan [2]. Group 2: Institutional Participation - Various securities firms participated in the trading, with significant amounts bought and sold by institutional investors [2]. - The second largest buying activity was from Guoxin Securities, amounting to approximately 17.43 million yuan [2]. - Institutional investors were also active in both buying and selling, indicating a robust interest in the stock [2].