证券代码：920029 证券简称：开发科技 公告编号：2026-019 成都长城开发科技股份有限公司 使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、授权现金管理情况 （一）审议情况 为提高资金使用效率，增加公司收益水平，为股东获取更好的投资回报，2025年6月13日， 公司召开第二届董事会第一次会议、第一届监事会第二十二次会议审议通过《关于使用部分闲 置募集资金进行现金管理的议案》，公司拟使用不超过人民币5亿元（含本数）的闲置募集资 金进行现金管理，择机购买安全性高、流动性好、能够保障投资本金安全的产品，包括但不限 于结构性存款、大额存单等产品，且购买的产品不得质押或作其他用途，拟投资产品的期限最 长不超过12个月，在上述额度内，资金可循环滚动使用，不影响募集资金投资计划正常进行。 决议自公司董事会审议通过之日起12个月内有效，如单笔产品存续期超过前述有效期，则 决议的有效期自动顺延至该笔交易期满之日。 具体内容详见公司于北京证券交易所信息披露平台（ww ...

Market News - The National Bureau of Statistics will release the March PMI data on March 31, 2026, with the February manufacturing PMI at 49.0%, a decrease of 0.3 percentage points month-on-month, and the non-manufacturing business activity index at 49.5%, an increase of 0.1 percentage points from the previous month [3] - The export tax rebate for photovoltaic and some products will be officially canceled starting April 1, 2026, aimed at guiding industrial transformation and upgrading, and addressing changes in the international trade environment [4] - China will implement a preferential tariff rate on certain imported goods originating from the Republic of Congo starting April 1, 2026, to deepen economic and trade cooperation with Africa [5] - Geopolitical fluctuations are increasing volatility in global risk assets, with international oil prices showing an upward trend since late February, significantly impacting global liquidity and inflation expectations [6] - The central bank will continue to implement a moderately loose monetary policy in 2026, planning to lower the interest rates of various structural monetary policy tools by 0.25 percentage points to support the start of the "14th Five-Year Plan" [7] Sector Matters - The semiconductor storage sector is gaining attention as the domestic SSD leader, Dapu Micro, plans to open subscriptions this week, with expectations of explosive growth in the enterprise SSD market due to increasing demand from AI models [9] - The photovoltaic sector is experiencing price fluctuations due to the upcoming cancellation of export tax rebates, which is expected to increase export costs by approximately 13% [10] - Domestic airlines, including Spring Airlines, will raise fuel surcharges for domestic flights starting April 5, 2026, in response to rising international oil prices [11] - The application fields for metal composite materials are expanding, driven by demand from high-end equipment manufacturing [13] - The energy sector is showing strong resilience, with rising oil prices boosting the valuation of oil and gas extraction companies [14] Individual Company News - China Petroleum reported a 4.5% year-on-year decline in net profit for 2025, with a proposed cash dividend of 0.25 yuan per share [16] - Mingde Biology plans to acquire 100% of Wuhan Bikaier's equity in cash, which will become a wholly-owned subsidiary [17] - Tianshan Aluminum expects a 107.92% year-on-year increase in net profit for the first quarter of 2026 [18] - Sanor Bio plans to repurchase shares worth between 150 million and 300 million yuan [19] - Nanjing Panda reported a net profit of 11 million yuan for 2025, marking a turnaround from losses [20] Lock-up Expiration - A total of 29 companies will have lock-up shares released this week, amounting to 1.334 billion shares with a total market value of approximately 37.488 billion yuan [22] - The peak lock-up expiration date is March 30, with 16 companies releasing shares worth a total of 31.962 billion yuan, accounting for 85.26% of the week's total [22] New Stock Calendar - Three new stocks will be issued this week, including Youyan Composite on March 30, Saiying Electronics on March 30, and Dapu Micro on April 3 [26] Institutional Outlook - CITIC Securities suggests maintaining a focus on China's advantageous manufacturing sectors while awaiting April's decisive policies [29] - Guosen Securities remains optimistic about the market despite recent adjustments, viewing them as normal technical corrections in the early stages of a bull market [30] - Dongwu Securities highlights geopolitical risks as a core pricing factor, recommending a balanced investment approach [32]

Investment Rating - The report does not explicitly provide an investment rating for the hydrogen energy industry or specific companies within it. Core Insights - The hydrogen energy comprehensive application pilot work has been initiated, aiming to reduce the average terminal hydrogen price to below 25 RMB/kg by 2030. This initiative is part of a broader strategy to promote the high-quality development of the hydrogen energy industry through large-scale applications and technological innovations [1][5]. - China is the world's largest hydrogen producer, with an annual production of approximately 33 million tons. The demand for hydrogen is expected to reach 37.15 million tons by 2030 and 130 million tons by 2060, with industrial hydrogen usage accounting for 60% of total demand [1][17]. - The report identifies 13 companies in the hydrogen energy industry chain listed on the Beijing Stock Exchange, covering various sectors such as carbon fiber, silicon materials, and gas distribution [1][32]. Summary by Sections Section 1: Hydrogen Demand and Applications - By 2030, China's hydrogen demand is projected to reach 37.15 million tons, with industrial hydrogen remaining the dominant demand structure. By 2060, industrial hydrogen demand could reach approximately 77.94 million tons [1.2][30]. - The pilot program aims to expand hydrogen applications from fuel cell vehicles to various industrial sectors, enhancing the supply capacity of clean hydrogen [1.1][5]. Section 2: Market Performance - The median price-to-earnings (P/E) ratio for the mechanical equipment industry on the Beijing Stock Exchange is reported to be between 3.68% and 43.4X. The median market capitalization for electronic device companies has decreased from 2.26 billion RMB to 2.08 billion RMB [2][34]. Section 3: Company Announcements - Yintu Network plans to invest in establishing Beijing Hongjing Crystal Energy Technology Co., Ltd., contributing 5.1 million RMB for a 51% stake [4][34]. Section 4: Hydrogen Industry Chain Companies - The report lists 13 companies involved in the hydrogen energy industry chain, including Jilin Carbon Valley, Silane Technology, and Tianli Composite, among others, detailing their business focus and market capitalization [1][32][33].

证券代码：920029 证券简称：开发科技 公告编号：2026-017 成都长城开发科技股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 6.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序符合《公司法》等法律法规和《公司 章程》的相关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 7 人，持有表决权的股份总数 100,026,500 股，占公司有表决权股份总数的 72.0202%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （一）会议召开情况 1.会议召开时间：2026 年 3 月 16 日 2.会议召开地点：四川省成都市高新区天全路 99 号公司会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长莫尚云 同意股数 100,026,500 股，占本次股东会有表决权股份总数的 100.00% ...

ZHONG LUN 橙 所 北京市中伦(深圳)律师事务所 关于成都长城开发科技股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年三月 57/58/59/F, Tower A, Ping An Finance Centre, 申话/Tel · +86 755 3325 6666 北京市中伦(深圳)律师事务所 关于成都长城开发科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致:成都长城开发科技股份有限公司 北京市中伦(深圳)律师事务所(以下简称"本所")受成都长城开发科技股 份有限公司(以下简称"公司")委托,指派陈元婕律师、段罪罪律师出席并见证 公司 2026年第一次临时股东会(以下简称"本次股东会"),并依据《中华人民 共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下 简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 以及《成都长城开发科技股份有限公司章程》(以下简称"《公司章程》")等有 关规定,就本次股东会的召集、召开程序、出席现场会议人员的资格、召集人资 格、会议表决程序及表决结果等事项出具本法律意见书。 为出具本法律意见 ...

Group 1: Economic Overview - In February 2026, the manufacturing PMI decreased by 0.3 percentage points to 49.0%, primarily influenced by the Spring Festival [2][7] - The non-manufacturing business activity index was 49.5%, showing a slight increase of 0.1 percentage points, indicating overall improvement in non-manufacturing sectors [2][9] - The composite PMI output index was 49.5%, reflecting a slowdown in business activities compared to the previous month [2][7] Group 2: Credit Risk in the Bond Market - In 2025, the number of new bond defaults was 13, the second-lowest level since 2018, indicating a gradual alleviation of overall credit risk in the market [3][12] - The insurance industry faced its first bond default with Tianan Insurance and Tianan Life, highlighting significant structural risks within the sector [3][13] - Real estate companies, particularly private enterprises, were the most affected by credit defaults, with Guangdong, Beijing, and Shanghai leading in default cases [3][12] Group 3: Company-Specific Insights - Development Technology (920029.BJ) is expected to achieve a 20% increase in net profit for 2025, driven by its expansion in Brazil and investments in new energy [3][16] - Tiangong Co. (920068.BJ) anticipates a 143% increase in net profit in Q4 2025, benefiting from a resurgence in demand in the consumer electronics sector [3][20] - Kangnong Seed (920403.BJ) expects a 16% increase in net profit for 2025, supported by strong sales of its hybrid corn variety in key agricultural regions [3][25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 707 million in 2025, representing a year-on-year growth of 19.99%. The establishment of a factory in Brazil and expansion into new energy sectors are anticipated to drive additional growth [5][7] - The company has shown a steady increase in market penetration for its core products, with a significant rise in high-margin product revenue contributing to overall sales growth. The gross profit margin is expected to improve as customer demand continues to rise [7] - The company is expanding its market share in Europe and emerging markets, leveraging its competitive advantages to enhance its domestic market presence. The revenue from overseas markets is projected to grow by 18.37% year-on-year in the first half of 2025 [7] - The company plans to establish a factory in Brazil to tap into global growth opportunities and diversify its strategic layout, focusing on smart meters and related solutions [7] Financial Summary - Revenue projections for the company are as follows: - 2023: RMB 2,550 million - 2024: RMB 2,933 million (growth of 15.02%) - 2025: RMB 3,020 million (growth of 2.99%) - 2026: RMB 3,706 million (growth of 22.71%) - 2027: RMB 4,436 million (growth of 19.69%) [6] - The net profit attributable to shareholders is projected to be: - 2023: RMB 486 million - 2024: RMB 589 million (growth of 21.11%) - 2025: RMB 707 million (growth of 19.99%) - 2026: RMB 859 million (growth of 21.53%) - 2027: RMB 986 million (growth of 14.78%) [6] - The company’s earnings per share (EPS) is expected to increase from RMB 3.50 in 2023 to RMB 7.10 in 2027 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.02 billion yuan for 2025, representing a year-on-year growth of 2.99%, while the net profit attributable to the parent company was 707 million yuan, showing a year-on-year increase of 19.99% [5] - The company aims to become a global leader in energy digitalization solutions, with a focus on enhancing its product mix and increasing the proportion of high-margin products [8] - The company is expected to achieve revenues of 4.04 billion yuan in 2026 and 4.64 billion yuan in 2027, with corresponding net profits of 848 million yuan and 980 million yuan, respectively [8] Financial Summary - Total shares outstanding: 138.89 million [2] - A-share circulation ratio: 27.71% [2] - 12-month price range: 124.00 yuan (high) / 70.79 yuan (low) [2] - Revenue forecast for 2025-2027: 30.20 billion yuan (2025), 40.38 billion yuan (2026), 46.41 billion yuan (2027) [8] - Net profit forecast for 2025-2027: 7.07 billion yuan (2025), 8.48 billion yuan (2026), 9.80 billion yuan (2027) [8] - EPS forecast: 5.09 yuan (2025), 6.11 yuan (2026), 7.06 yuan (2027) [8] - P/E ratio forecast: 17.27 (2025), 14.39 (2026), 12.45 (2027) [8] - ROE forecast: 26.42% (2025), 25.15% (2026), 23.33% (2027) [7]

证券代码：920029 证券简称：开发科技 公告编号：2026-016 成都长城开发科技股份有限公司 使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、授权现金管理情况 （一）审议情况 为提高资金使用效率，增加公司收益水平，为股东获取更好的投资回报，2025年6月13日， 公司召开第二届董事会第一次会议、第一届监事会第二十二次会议审议通过《关于使用部分闲 置募集资金进行现金管理的议案》，公司拟使用不超过人民币5亿元（含本数）的闲置募集资 金进行现金管理，择机购买安全性高、流动性好、能够保障投资本金安全的产品，包括但不限 于结构性存款、大额存单等产品，且购买的产品不得质押或作其他用途，拟投资产品的期限最 长不超过12个月，在上述额度内，资金可循环滚动使用，不影响募集资金投资计划正常进行。 决议自公司董事会审议通过之日起12个月内有效，如单笔产品存续期超过前述有效期，则 决议的有效期自动顺延至该笔交易期满之日。 具体内容详见公司于北京证券交易所信息披露平台（ww ...

Core Viewpoint - The company announced its plan to engage in foreign exchange hedging activities and interest rate swaps with a total limit of up to 500 million USD, utilizing its own funds for the transactions [2]. Group 1: Company Activities - The company and its subsidiaries will conduct forward foreign exchange settlement and sales, closing positions, swaps, and extensions, with a net buy or sell balance not exceeding 500 million USD [2]. - The total expected margin for these transactions will not exceed 400 million RMB, sourced from the company's own funds [2]. - The authorization for these activities is valid for 12 months from the date of approval by the shareholders' meeting [2].