为满足业务发展需要，西安陕鼓动力股份有限公司（以下简称"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"）拟向银行申请借款，任意时点 借款额度不超过 50,000 万元，用于补充流动性资金。 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-064 西安陕鼓动力股份有限公司 关于控股子公司秦风气体申请借款额度的公告 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。 特此公告。 西安陕鼓动力股份有限公司董事会 2025 年 12 月 31 日 - 1 - www.shaangu.com 依据《公司章程》、《西安陕鼓动力股份有限公司债务融资管理办法》规定，本次 借款事项已经公司第九届董事会第二十次会议审议通过，无须提交股东会审议。 一、借款事项主要内容 1、借款人：陕西秦风气体股份有限公司 具体每笔融资借款金额、利率、期限、还本付息方式等，以签订的借款合同为准。 二、影响 秦风气体向银行申请借款，是为了更好地满足其经营发展的资金需要，有利于秦风 气体业务的发展，符合秦风气体发展规划和整体利益。 2 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-062 西安陕鼓动力股份有限公司 关于 2026 年度日常关联交易的公告 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。 重要内容提示： ●是否需要提交股东会审议：否 ●日常关联交易对上市公司的影响：不会对关联方形成依赖 ●需要提请投资者注意的其他事项：无 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 西安陕鼓动力股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召开第九届 董事会第二十次会议，审议通过了《关于公司 2026 年度日常关联交易的议案》。关联董 事任矿、王建轩、刘海军、周根标回避了对本议案的表决，公司其他非关联董事全票同 意通过此议案。本议案无需提交公司股东会审议。 公司独立董事专门会议已事前审议通过了《关于公司 2026 年度日常关联交易的议 案》，同意将本议案提交公司第九届董事会第二十次会议审议。公司独立董事认为：公 司 2025 年关联交易的执行情况符合有关法律、法规的规定，2026 年度预计日常关联交易 符 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-063 西安陕鼓动力股份有限公司 关于全资子公司长青租赁申请借款额度的公告 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。 为满足业务发展需要，西安陕鼓动力股份有限公司（以下简称"公司"）全资子公 司西安长青动力融资租赁有限责任公司（以下简称"长青租赁"）拟向银行申请借款， 总额不超过 5 亿元。 依据《公司章程》、《西安陕鼓动力股份有限公司债务融资管理办法》规定，本次 借款事项已经公司第九届董事会第二十次会议审议通过，无须提交股东会审议。 一、借款事项主要内容 6、还本付息方式：按季付息，到期还本，可提前还款 7、借款条件：根据银行授信条件要求，长青租赁向银行质押应收账款等资产，质押 总额不超过 5 亿元。 8、借款额度有效期：自董事会审议通过之日起一年内有效，具体每笔融资业务期限、 借款额度、借款利率、品种等，以签订的借款合同为准。 二、影响 长青租赁向银行申请借款，是为了更好地满足其经营发展的资金需要，有利于长青 租赁业务的发展，符合长青租赁发展规划和整 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-065 西安陕鼓动力股份有限公司 关于控股孙公司呼和浩特气体开展融资租赁业务的公告 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。 重要内容提示： 西安陕鼓动力股份有限公司（以下简称"公司"）控股子公司陕西秦风气体股份有 限公司的全资子公司呼和浩特秦风气体有限公司（以下简称"呼和浩特气体"）拟以自 有的固定资产作为租赁物，以售后回租方式与西安长青动力融资租赁有限责任公司（以 下简称"长青租赁"）开展融资租赁业务，融资金额合计不超过人民币 10,000 万元，租 赁期限不超过 3 年。 本次办理融资租赁业务事项已经公司第九届董事会第二十次会议审议通过，无须提 交股东会审议。 一、本次融资租赁业务概述 公司第九届董事会第二十次会议于 2025 年 12 月 29 日召开，以 8 票同意，0 票反对， 0 票弃权审议通过了《关于公司控股孙公司呼和浩特气体开展融资租赁业务的议案》，该 议案无须提交股东会审议。 为盘活呼和浩特气体资产，满足资金需求，呼和浩特气体拟以自有 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-061 西安陕鼓动力股份有限公司 第九届董事会第二十次会议决议公告 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次会议于 2025 年 12 月 29 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 2025 年 12 月 23 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 2026 年度日常关联交易的议案》 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 年度日常关联交易的 公告》（临 2025-062）。 本议案已经公司独立董事专门会议审议通过。 表决结果：同意 4 票，占公 ...

Group 1 - The core viewpoint of the news is that Xi'an Shangu Power Co., Ltd. has seen a stock price increase of 1.27%, reaching 10.40 CNY per share, with a total market capitalization of 17.924 billion CNY as of the report date [1] - The company, established on June 30, 1999, and listed on April 28, 2010, specializes in the development, manufacturing, and sales of various turbine machinery and systems, including turbine compressor units and energy recovery devices [1] - The main revenue composition of the company includes energy conversion equipment (46.04%), energy infrastructure operation (45.34%), industrial services (8.42%), and other minor segments [1] Group 2 - From the perspective of fund holdings, Huafu Fund has a significant position in Xi'an Shangu Power, with the Huafu Xinhua Zhongcheng Hongli Value Index A fund holding 201,200 shares, representing 3.38% of the fund's net value [2] - The Huafu Xinhua Zhongcheng Hongli Value Index A fund has a total scale of 38.8288 million CNY and has achieved a return of 5.12% since its inception on May 7, 2025 [2] - The fund managers, Zhang Ya and Li Xiaohua, have substantial experience, with Zhang having a tenure of 19 years and Li having 4 years, managing assets of 15.62 billion CNY and 12.118 billion CNY respectively [2]

Macro Economic Insights - The US GDP grew by 2.33% year-on-year and 4.30% quarter-on-quarter in Q3 2025[7] - The industrial output in the US increased by 2.29% year-on-year in November 2025[8] - The EU's crude steel production in November 2025 was 102 million tons, down 4.67% year-on-year[10] Market Performance - Major global stock indices saw gains: Nikkei 225 up 2.5%, Shanghai Composite up 1.9%, and S&P 500 up 1.4% for the week ending December 26, 2025[6] - Commodity prices rose significantly, with COMEX copper up 6.7% and London gold up 4.4%[6] - The US dollar index fell by 0.7%, while the Chinese yuan appreciated by 0.5% against the dollar[6] Investment Trends - The Chinese stock market is expected to stabilize above 4000 points, indicating a potential "transformation bull" market[27] - Emerging technologies are projected to be the main investment focus for 2025, with cyclical finance as a potential dark horse[27] - The risk premium for the Shanghai Composite relative to the 10Y government bond has decreased, indicating improved market sentiment[20] Sector Analysis - The average price of liquid argon has nearly doubled year-on-year, indicating strong demand in the mechanical sector[53] - The insurance sector is seeing a valuation recovery, benefiting from asset reallocation by residents[19] - The real estate market is experiencing a seasonal rebound, with increased transactions in Beijing following relaxed purchase restrictions[19]

Core Viewpoint - The A-share market has seen a rise in hydrogen energy concept stocks, driven by Sichuan's commitment to advancing the hydrogen industry, with significant progress expected in the coming years [1] Group 1: Policy and Development - Sichuan is firmly promoting the development of the hydrogen energy industry, with a key meeting scheduled for April 2024 to further discuss the advancement of the green hydrogen industry chain [1] - The province has made strides in improving policy frameworks, implementing industrial "circle-building and chain-strengthening" initiatives, and focusing on core technology breakthroughs [1] Group 2: Future Plans - Sichuan will continue to focus on the "Sichuan Hydrogen Energy Industry Medium and Long-term Development Plan (2025-2035)" and the "Action Plan for Further Promoting the Development and Application of the Hydrogen Energy Industry Chain (2024-2027)" [1] - Key areas of focus will include creating typical application scenarios, reducing overall application costs, accelerating major technological breakthroughs, promoting the integration of hydrogen energy with various energy sources, and enhancing management and service systems [1]

Investment Rating - The report assigns an "Accumulate" rating for the mechanical industry [1]. Core Insights - The price of liquid argon continues to rise, while the average weekly price of rare gases remains stable [3][4]. - The operating load rate of China's industrial gas sector has increased on a weekly basis [3][4]. - Hangyang has won the bid for the BEST low-temperature distribution valve box project, which includes seven sets of low-temperature distribution valve boxes for the compact fusion energy experimental device [3][4]. Summary by Sections Price Trends - Liquid argon has an average price of 949 RMB/ton, showing a week-on-week increase of 3.94% and a year-on-year increase of 52.84% [4]. - The average prices for other gases are as follows: - Liquid oxygen: 372 RMB/ton, down 2.87% week-on-week, down 5.1% year-on-year - Liquid nitrogen: 388 RMB/ton, down 0.78% week-on-week, down 3.6% year-on-year - High-purity helium (cylinder): 625 RMB/bottle, stable week-on-week, down 5.15% year-on-year - Xenon: 22,500 RMB/cubic meter, stable week-on-week, down 23.73% year-on-year - Krypton: 215 RMB/cubic meter, stable week-on-week, down 38.57% year-on-year - Neon: 110 RMB/cubic meter, stable week-on-week, down 12% year-on-year [4][8]. Operating Load Rate - As of December 10, 2025, the average operating load rate for China's industrial gas sector is 70.28%, reflecting an increase of 1.28 percentage points week-on-week [4][7]. Key Events - Hangyang has successfully secured the bid for the low-temperature distribution valve box project for the BEST low-temperature system, marking a significant achievement in the industry [4][3]. Recommended Stocks - Recommended stocks include Hangyang Co., Ltd. and Shaanxi Blower Co., Ltd. with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4].

Group 1 - The core point of the article is that Shaan Gu Power (601369) has reported a total of 28,856 shareholders as of November 28, 2025, combining both ordinary accounts and margin trading accounts [1]