二、离任对公司的影响 王喆先生的辞职将使公司独立董事人数少于公司董事会成员的三分之一，根 据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》及《公司章 程》的相关规定，在公司股东会选举出新任独立董事之前，王喆先生仍将继续履 行独立董事及其在董事会各专门委员会中的职责。公司将按照相关法定程序，尽 快完成独立董事的补选工作。公司董事会对王喆先生任职期间为公司发展做出的 贡献表示衷心感谢。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、独立董事离任基本情况 西安陕鼓动力股份有限公司（以下简称"公司"）于 2026 年 3 月 30 日收到 公司独立董事王喆先生的书面辞职报告。王喆先生因连续担任公司独立董事满六 年，申请辞去公司独立董事及董事会提名委员会主任委员、战略委员会委员、审 计委员会委员、薪酬与考核委员会委员职务。辞职后，王喆先生不在公司及公司 控股子公司担任其他职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | | | 离任原因 | | | 是否继续在 上市公司及 | 具体职务 （如适 | ...

股票研究 /[Table_Date] 2026.03.30 [Table_Industry] 机械行业 液态气、氦气周均价环比上涨；杭氧海外 重点项目大型空分装置顺利投产 [Table_Invest] 评级： 增持 工业气体行业周度跟踪（2026 年 3 月第 4 周） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | 本报告导读： 数据端看，2026 年 3 月第 4 周，液态气周均价环比上涨，氦气价格环比持续上涨。 事件端看，杭氧海外重点项目 68000 Nm3/h 大型空分装置顺利投产，关键部机 100% "杭氧化"。 投资要点： [Table_Report] 相关报告 机械行业《OpenAI 拟向 Helion Energy 采购聚变 电力，欧盟计划投入超 3 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2026-005 特此公告。 西安陕鼓动力股份有限公司董事会 2026 年 3 月 24 日 附件： 杜国栋先生简历 西安陕鼓动力股份有限公司 关于聘任高级管理人员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 西安陕鼓动力股份有限公司（以下简称"公司"）于 2026 年 3 月 23 日召开第九届 董事会第二十二次会议，会议以 8 票通过，0 票反对，0 票弃权审议通过了《关于聘任公 司高级管理人员的议案》。经公司总经理提名，公司董事会同意聘任杜国栋先生（简历 详见附件）为公司副总经理，任期自公司董事会审议通过之日起至第九届董事会任期届 满之日止。 公司董事会提名委员会已对杜国栋先生的任职资格进行了审查。杜国栋先生具备履 行高级管理人员职责所需要的工作经验和专业知识，其任职资格符合《公司法》《公司 章程》中有关任职资格的规定，不存在不得担任高级管理人员的情形。 杜国栋先生，1984 年 10 月出生，汉族，中共党员，毕业于西安交通大学动力工程及 工程热物理专业 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2026-003 西安陕鼓动力股份有限公司 关于 2026 年向金融机构申请授信额度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 西安陕鼓动力股份有限公司（以下简称"公司"）于 2026 年 3 月 13 日召开第九届 董事会第二十一次会议，审议通过了《关于公司2026年向金融机构申请授信额度的议案》， 根据国家宏观经济政策、金融市场环境及市场需求，结合公司 2026 年全面预算和经营计 划安排，为保证公司日常经营结算、融资等资金需求，公司在对各项业务授信需求和现 有授信情况分析的基础上，提出 2026 年公司向金融机构申请授信的方案。 公司及下属分子公司 2026 年拟向金融机构申请不超过人民币 341.96 亿元的授信额 度，授信品种包括但不限于银承、商票保贴、商票贴现、保函、信用证及项下融资、进 口开证、出口押汇、进口押汇、流贷、保理、项目贷款、法人透支、资产支持票据、供 应链金融等。各主体授信额度具体如下： | 授信主体 | 授信额度（单位：亿元） | ...

一、项目贷款具体情况 为满足项目建设资金需求，公司控股子公司陕西秦风气体股份有限公司（以下简称 "秦风气体"）全资子公司赤峰秦风气体有限公司（以下简称"赤峰气体"）拟向金融 机构申请项目贷款，金额不超过 50,000 万元，期限不超过 8 年，利率不超过同期 LPR， 用于赤峰气体归还借款，赤峰气体向金融机构提供固定资产抵押担保及气费收费权质押 担保，最终贷款金额、利率、期限等，以签订的贷款合同为准。 二、对公司的影响 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2026-004 西安陕鼓动力股份有限公司 关于赤峰秦风气体有限公司申请项目贷款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 西安陕鼓动力股份有限公司（以下简称"公司"）于 2026 年 3 月 13 日召开第九届 董事会第二十一次会议，审议通过《关于赤峰秦风气体有限公司申请项目贷款的议案》， 具体情况如下： 2026 年 3 月 14 日 - 1 - www.shaangu.com 本次贷款资金用于赤峰气体归还存量借款，有利于赤峰气体长远发展 ...

2、审议通过《关于公司 2026 年向金融机构申请授信额度的议案》 具体内容详见临时公告《西安陕鼓动力股份有限公司关于 2026 年向金融机构申请授 信额度的公告》（临 2026-003）。 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2026-002 西安陕鼓动力股份有限公司 第九届董事会第二十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 西安陕鼓动力股份有限公司（以下简称"公司"）第九届董事会第二十一次会议于 2026 年 3 月 13 日在西安市高新区沣惠南路 8 号陕鼓动力 810 会议室以现场结合通讯表决 方式召开。本次会议通知及会议资料已于 2026 年 3 月 11 日以电子邮件形式和书面形式 发给各位董事。本次会议应出席董事 8 人，实际出席董事 8 人（其中，4 人以通讯表决方 式出席）。会议由公司董事长任矿先生主持。会议符合《公司法》和《公司章程》的有 关规定。 经与会董事审议，以记名投票表决方式逐项表决形成决议如下： 1、审议通过《关于公司设立数字科技部的议案》 为进一步 ...

Summary of the Conference Call for ShanGu Power Company Overview - ShanGu Power is a leading enterprise in the energy conversion equipment sector in China, with nearly 60 years of technological accumulation and advanced international standards. The company operates in three main segments: energy conversion equipment, industrial services, and energy infrastructure operations. The company holds over 82% market share in the air separation compressor market, maintaining its position as the industry leader. The actual controller of the company is the Xi'an State-owned Assets Supervision and Administration Commission, holding approximately 61.29% of the shares [3][4]. Core Business and Market Position - The company’s core business includes axial compressors, centrifugal compressors, and expanders, which are widely used in energy storage, petrochemicals, coal chemicals, metallurgy, and power generation. The annual production and sales of centrifugal compressors are around 100 units, demonstrating consistent growth [3]. Industrial Gas Business - The industrial gas segment has become a key revenue contributor, with the company investing in over 30 gas plants nationwide through its subsidiary, QinFeng Gas. This segment has transitioned from traditional equipment manufacturing to upstream service provision. By 2024, the company had secured gas contracts amounting to 165 million Nm³/h, with revenue from this segment reaching 2.2 billion yuan in the first half of 2025, accounting for 45% of total revenue [4]. Financial Performance - The company exhibits a robust financial position, maintaining annual revenues around 10 billion yuan. The net profit attributable to shareholders reached approximately 1 billion yuan in 2024, with cash reserves exceeding 10 billion yuan. The dividend payout ratio has consistently been above 60%-70% from 2019 to 2024, with a dividend of 776 million yuan in 2024 and a dividend yield of 4%-5%. The gross margin remains stable at over 21%, and the net margin is around 10% [5]. Compressed Air Energy Storage Technology - Compressed air energy storage (CAES) is a physical energy storage method that converts electrical energy into pressure potential and thermal energy during low-demand periods. The technology offers flexibility in site selection and has a longer lifespan compared to electrochemical storage. The company has achieved a compressor efficiency of 88% and has signed multiple demonstration projects in this field [5][6]. Coal Chemical Industry Trends - The coal chemical industry is expanding, with significant strategic importance due to China's high dependence on imported crude oil and natural gas. The Xinjiang region plans to add 1,505 billion cubic meters per year in coal-to-gas capacity by 2025, more than doubling the national capacity in 2024. The company has signed several milestone contracts in coal chemical projects since 2024, enhancing its technological capabilities and market position [7]. Future Growth and Profit Expectations - The company is expected to maintain steady growth, with total revenue projected to reach approximately 11.4 billion yuan in 2026 and 12.28 billion yuan in 2027. The net profit attributable to shareholders is forecasted to be 1.11 billion yuan in 2026 and 1.182 billion yuan in 2027. The energy infrastructure operations segment is expected to achieve low double-digit growth [8]. Potential Risks - The company faces several potential risks, including cyclical fluctuations in downstream industries, policy adjustment risks, and various risks associated with international operations [9].

Group 1: China Taiping (00966.HK) - Core conclusion highlights China Taiping as a century-old comprehensive insurance group controlled by the Ministry of Finance, with a focus on leading the industry in dividend insurance transformation and optimizing investment to release elasticity, supported by state-owned background and full-license synergy advantages, thus possessing both value and growth elasticity, initiating coverage with a "Buy" rating [2][7] - The company is a state-owned comprehensive insurance group with a clear management structure, where life insurance serves as the absolute cornerstone, accounting for 90.1% of segment profit in 2025H [7] - The total investment assets are expected to reach HKD 1.68 trillion by 2025H, with fixed-income assets as the base and significant room for equity increases [8] Group 2: China Ping An (601318.SH) - Core conclusion identifies China Ping An as a benchmark in comprehensive finance, leveraging a full-license layout to master customer data across domains, with AI enabling high synergy and efficiency optimization, creating core barriers in customer stickiness and value extraction, thus expected to initiate a new growth cycle, initiating coverage with a "Buy" rating [3][10] - The company operates a comprehensive financial ecosystem centered on life insurance, with multi-channel collaboration enhancing customer acquisition efficiency and contributing to the growth of new policy premiums [11] - High dividend yield provides strong certainty in returns, with a significant OCI asset proportion locking in stable cash flow while reducing short-term market volatility [11] Group 3: ShanGu Power (601369.SH) - ShanGu Power is a leading enterprise in turbine fans, with a robust traditional business and steady growth in compressed air energy storage and industrial gas sectors, expecting net profits of CNY 1.072 billion, 1.172 billion, and 1.284 billion from 2025 to 2027, with corresponding PE valuations of 19.5, 17.8, and 16.2 times, initiating coverage with a "Buy" rating [4][13] - The company is a leader in axial compressors, with a 100% share of China's total production in 2023, benefiting from high technical barriers and strong brand recognition [13][14] Group 4: Meixinsheng (688458.SH) - The company focuses on the smart sensing chip field, with expected revenues of CNY 5.55 million, 9.59 million, and 13.03 million from 2025 to 2027, and a projected net profit of -CNY 0.13 million, CNY 0.82 million, and CNY 2.01 million [5][16] - The optical sensors provide environmental perception and interaction capabilities, with some new products achieving internationally leading technical indicators, such as the optical tracking sensor used in Xiaomi's 17Ultra phone [16][17] - The company is actively expanding its product lines and has made significant progress with key domestic and international clients [17]

Investment Rating - The report assigns a "Buy" rating for the company [3][5] Core Views - The company is a leading enterprise in the turbine fan industry, focusing on distributed energy solutions, with a comprehensive business model covering equipment, services, operations, EPC, finance, intelligence, and supply chain [2][19] - The company is expected to achieve steady revenue growth in 2024, with projected revenue of 10.28 billion yuan, a year-on-year increase of 1.3%, and a compound annual growth rate (CAGR) of 6.2% from 2020 to 2024 [2][26] - The company is a dominant player in the axial compressor market, with a 100% share of China's total production in 2023 [2][42] Summary by Sections 1. Company Overview - The company is recognized as a leader in the turbine fan industry, having undergone two strategic transformations to focus on distributed energy solutions [19] - The company has established a robust business support system centered around distributed energy solutions, achieving comprehensive development across various sectors [20] 2. Industry Barriers - The turbine equipment industry has high barriers to entry, with the company being a leader in axial compressors [37][42] - High-end turbine fans require advanced technology, strong assembly capabilities, and significant investment, creating substantial barriers for new entrants [40][44] 3. Compressed Air Energy Storage - The company is a key supplier of compressors and expanders for compressed air energy storage, which is characterized by large capacity, high safety, long lifespan, and economic environmental benefits [3][45] - The market for compressed air energy storage is expanding, with significant project signings and a total capacity of 7.581 GW and 25.982 GWh expected by 2024 [3][51] 4. Industrial Gas Business - The industrial gas sector is a crucial raw material for modern industry, with the company’s gas business projected to continue growing [3][55] - The company has a contract gas supply volume of 165.36 million Nm³/h in 2024, reflecting a year-on-year increase of 15.35% [61] 5. Profit Forecast - The company is expected to achieve revenues of 10.67 billion, 11.59 billion, and 12.56 billion yuan from 2025 to 2027, with respective year-on-year growth rates of 3.82%, 8.61%, and 8.39% [14][64] - The projected net profit for the same period is 1.072 billion, 1.172 billion, and 1.284 billion yuan, with growth rates of 2.9%, 9.3%, and 9.6% respectively [14][64]

Investment Rating - The report suggests a focus on green fuel, green electricity, natural gas, CCUS, renewable resources, carbon monitoring, and zero-carbon parks as key investment opportunities [4][7][43]. Core Insights - The transition to a dual carbon control system is urgent, with the need to achieve carbon peak by 2030 and a 65% reduction in carbon intensity compared to 2005 levels by 2030 [4][11]. - The establishment of a comprehensive carbon management system is underway, integrating carbon evaluation and market mechanisms [4][21]. - The path to implementation emphasizes energy transition and efficiency improvements, with pilot projects for zero-carbon factories and parks leading the way [4][44]. Summary by Sections Policy Transition - The shift from energy consumption control to carbon emission control is highlighted, with a focus on dual carbon control [6][8]. - The government has outlined a comprehensive policy framework for carbon peak and neutrality, emphasizing the need for a robust carbon management system [12][14]. System Construction - A dual approach combining administrative measures and market mechanisms is being developed, including carbon evaluation and a national carbon market [21][24]. - The national carbon market has expanded to include key industries such as power generation, steel, cement, and aluminum smelting [24][30]. Implementation Path - The report outlines a clear path for energy transition, focusing on green energy supply, energy efficiency improvements, and the establishment of zero-carbon factories and parks [4][44]. - Key tasks include developing renewable energy sources, enhancing energy efficiency, and implementing carbon management systems [46][50].