Core Viewpoint - The major shareholder, Shenno Technology (Hong Kong) Co., Ltd., has reduced its stake in Hengli Hydraulic, triggering a notification regarding the change in equity reaching the 5% threshold [1][2]. Group 1: Shareholder Actions - From September 29, 2025, to November 20, 2025, Shenno Technology reduced its holdings by 12,840,924 shares, accounting for 0.96% of the total shares, decreasing its ownership from 65.96% to 65.00% [1]. - The weighted average price of Hengli Hydraulic during this period was 93.602 yuan per share, resulting in a total reduction amount of approximately 1.202 billion yuan [1]. - Prior to this, from September 8, 2025, to September 25, 2025, Shenno Technology had reduced its holdings by 10,456,808 shares, which represented 0.78% of the total shares, lowering its ownership from 66.74% to 65.96% [2]. - The weighted average price during this earlier period was 92.278 yuan per share, leading to a reduction amount of approximately 965 million yuan [2].

Group 1 - The provincial government emphasizes the importance of integrating technological innovation with industrial innovation to enhance the competitiveness of modern industrial clusters [1] - Jiangsu Hengli Hydraulic Company is highlighted for its production of high-precision products, with a focus on increasing R&D investment and innovation to drive industry transformation towards intelligence and sustainability [1] - Weiyi Intelligent Manufacturing Technology Company is leveraging AI and big data for the digital transformation of industrial enterprises, with a call for enhanced support in computing power and data resources [1] Group 2 - The new energy sector is identified as a key industry in Changzhou, with a focus on breakthroughs in materials, energy efficiency, and safety in power and energy storage batteries [2] - The government stresses the need for deep integration of industry, academia, and research to enhance the overall R&D application level in the new energy industry [2] - The urban renewal project in Zhonglou District aims to improve living conditions in older neighborhoods through scientific planning and quality control in construction [2]

Core Insights - The engineering machinery sector experienced a rise of 0.81% on November 20, with construction machinery leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Engineering Machinery Sector Performance - Key stocks in the engineering machinery sector showed varied performance, with notable gainers including: - Construction Machinery (600984) at 4.26, up 4.41% with a trading volume of 737,900 shares and a turnover of 312 million yuan [1] - Changling Hydraulic (605389) at 70.15, up 3.01% with a trading volume of 33,700 shares [1] - Hengli Hydraulic (601100) at 89.74, up 2.56% with a trading volume of 72,200 shares [1] - Other stocks such as Xugong Machinery (000425) and Liugong (000528) also saw modest increases of 1.28% and 1.10% respectively [1] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 36.05 million yuan from institutional investors, while retail investors experienced a net outflow of 44.80 million yuan [2] - Conversely, speculative funds recorded a net inflow of 80.85 million yuan [2] Individual Stock Capital Flow - Notable capital flows for specific stocks included: - Yichang Heavy Industry (600031) with a net inflow of 76.39 million yuan from institutional investors [3] - Hailun Zhe (300201) with a net inflow of 29.80 million yuan from institutional investors [3] - Construction Machinery (600984) had a net inflow of 15.71 million yuan from institutional investors [3]

Core Viewpoint - The company, Hengli Hydraulic (601100.SH), announced a significant reduction in shareholding by its controlling shareholder, Shennuo Technology (Hong Kong) Co., Ltd., which has implications for the company's ownership structure and potential market perception [1] Summary by Relevant Sections - **Shareholding Reduction** - Shennuo Technology reduced its shareholding in Hengli Hydraulic by 12.8409 million shares, representing 0.96% of the total shares [1] - The shareholding percentage of Shennuo Technology and its concerted parties decreased from 65.96% to 65.00% [1] - This reduction in shareholding reached a threshold of 5%, indicating a significant change in ownership dynamics [1] - **Transaction Details** - The reduction occurred between September 29, 2025, and November 20, 2025, through block trades and centralized bidding [1] - The method of share reduction may influence market liquidity and investor sentiment towards the company [1]

江苏恒立液压股份有限公司 简式权益变动报告书 上市公司名称：江苏恒立液压股份有限公司 上市地点：上海证券交易所 股票简称：恒立液压 股票代码：601100 信息披露义务人：江苏恒立控股集团有限公司 住所：武进国家高新技术产业开发区新雅路 18 号 461 室 通讯地址：武进国家高新技术产业开发区新雅路 18 号 461 室 信息披露义务人：申诺科技（香港）有限公司 住所：九龙长沙湾道 828 号万利中心三楼 B 室 通讯地址：九龙长沙湾道 828 号万利中心三楼 B 室 信息披露义务人：宁波恒屹投资有限公司 住所：浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 A 区 C2093 通讯地址：浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 A 区 C2093 股份变动性质：股份减少 签署日期：2025 年 11 月 20 日 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》、《中华人民 共和国证券法》、《上市公司收购管理办法》、《公开发行证券的公司信息披露内容 与格式准则第 15 号—权益变动报告书》及其他相关法律、法规及部门规章的有 关规定编写。 二、信息披 ...

证券代码：601100 证券简称：恒立液压 公告编号：2025-034 江苏恒立液压股份有限公司 关于持股 5%以上股东权益变动触及 5%刻度的 申诺科技（香港）有限公司保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 提示性公告 重要内容提示： 权益变动方向 比例增加□ 比例减少√ 权益变动前合计比例 65.96% 权益变动后合计比例 65.00% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否√ 是否触发强制要约收购义务 是□ 否√ 二、 权益变动触及 5%刻度的基本情况 江苏恒立液压股份有限公司（以下简称"公司"）于 2025 年 11 月 20 日收到 控股股东申诺科技（香港）有限公司（以下简称"申诺科技"）的《关于减持恒立 液压股份比例达到 5%刻度的告知函》，2025 年 9 月 29 日至 2025 年 11 月 20 日 期间，申诺科技通过大宗交易和集中竞价方式减持公司股份 12,840,924 股，占公 司股份总数的 0.96%，申诺科技及其一致行动人持有的公司股份比例从 65.96% 变动至 65.00%，权益变动比例触及 5%刻度情形。具体情况如下： ...

恒立液压公告称，2025年9月29日至11月20日，控股股东申诺科技（香港）有限公司通过大宗交易和集 中竞价方式减持公司股份1284.0924万股，占公司股份总数的0.96%。申诺科技及其一致行动人持有的公 司股份比例从65.96%降至65.00%，权益变动比例触及5%刻度情形。本次权益变动为履行减持计划，不 触及要约收购，不会导致公司控股股东、实际控制人发生变化。 ...

Group 1: Financial Market Overview - The A-share market experienced a general adjustment with all major indices declining, with the STAR 50 index showing the largest drop of 2.13% [2] - As of November 18, the margin trading balance in the two markets was 24,948.32 billion yuan, a decrease of 25.67 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading decreased by 3.91% to 437,462 [2] Group 2: Industry Insights - Machinery and Equipment - In October, the production of industrial robots in China increased by 17.90% year-on-year, with a monthly output of 57,900 units, and the cumulative output for the first ten months reached approximately 602,700 units, a year-on-year increase of 28.80% [8] - The construction machinery sector is expected to maintain growth due to favorable downstream demand driven by infrastructure projects and a reduction in tariff disturbances [7][8] - The mechanical equipment industry is rated as "optimistic," with a focus on domestic brands gaining market share [5][8] Group 3: Pharmaceutical and Biological Industry Performance - In Q3 2025, the pharmaceutical and biological industry saw a recovery in revenue and net profit, with a notable increase in gross and net profit margins [9] - The chemical pharmaceutical sector reported a revenue of 1237.44 billion yuan, with a net profit of 114.64 billion yuan, reflecting a significant improvement in profitability [9][10] - The medical device sector showed signs of recovery, with Q3 revenue reaching 604.49 billion yuan, although net profit decreased by 5.1% year-on-year [11]

Core Insights - The engineering machinery sector experienced a slight increase of 0.34% on November 18, with Changling Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Changling Hydraulic (605389) saw a closing price of 67.76, with a significant increase of 10.00% and a trading volume of 20,000 shares, amounting to 133 million yuan [1] - Fushite (301446) closed at 31.66, up 5.46%, with a trading volume of 38,200 shares and a turnover of 120 million yuan [1] - Yichong Heavy Industry (600031) closed at 20.86, up 1.41%, with a trading volume of 760,700 shares and a turnover of 1.594 billion yuan [1] - XCMG Machinery (000425) closed at 10.11, up 1.30%, with a trading volume of 569,100 shares and a turnover of 576 million yuan [1] - Hengli Hydraulic (601100) closed at 88.64, up 0.66%, with a trading volume of 45,300 shares and a turnover of 402 million yuan [1] Capital Flow - The engineering machinery sector saw a net inflow of 42.64 million yuan from institutional investors, while retail investors contributed a net inflow of 67.33 million yuan [2] - The sector experienced a net outflow of 110 million yuan from speculative funds [2] Individual Stock Capital Flow - Yichong Heavy Industry (600031) had a net inflow of 31.3 million yuan from institutional investors, while it faced a net outflow of 12.4 million yuan from speculative funds [3] - Changling Hydraulic (605389) recorded a net inflow of 43.77 million yuan from institutional investors, with a net outflow of 24.49 million yuan from speculative funds [3] - Fushite (301446) had a net inflow of 14.79 million yuan from institutional investors, while it faced a net outflow of 2.32 million yuan from speculative funds [3]

Group 1: Key Points on Jiachi Technology - Jiachi Technology is positioned as a core supplier of stealth materials for aerospace, with expected continuous growth in performance driven by the accelerated demand for stealth materials due to the ramp-up of aerospace equipment [1][2] - The projected net profit for Jiachi Technology from 2025 to 2027 is estimated at 5.35 billion, 7.73 billion, and 9.94 billion yuan, with corresponding EPS of 1.34, 1.93, and 2.48 yuan [1][2] - A target price of 83.68 yuan has been set for Jiachi Technology, with a recommendation to "increase holdings" [1][2] Group 2: Key Points on Public Utilities - Recent policies in Jiangsu and Guangdong provinces aim to reduce vicious competition in electricity trading, which is expected to enhance market valuation [5][31] - The electricity market is gradually improving, with encouragement for private enterprises to enter the nuclear power sector, indicating a trend towards marketization [5][31] - The guidance on promoting renewable energy consumption includes a commitment to add at least 200 million kilowatts of new renewable energy installations annually to meet increasing electricity demand [31][32] Group 3: Key Points on Transportation - Anhui Expressway's acquisition of group road assets is expected to significantly enhance performance, with the completion of expansion projects driving accelerated profit growth [9][10] - The projected net profit for Anhui Expressway in 2025 has been revised upwards to 20 billion yuan, with a target price adjustment to 19.66 yuan [9][10] - The company is expected to benefit from a proposed acquisition of a 7% stake in Shandong Expressway, which could add approximately 200 million yuan to annual investment income [10][11]