Core Insights - Ningxia Runxia Energy Chemical Co., Ltd. has successfully tested a domestically produced high-speed motor for its 150,000 tons/year nitric acid unit, marking a significant technological breakthrough in the field of nitric acid production in China [1] - The project, contracted by Xi'an Shaangu Power Co., Ltd., demonstrates a replicable and efficient domestic technology path for high-speed motor-driven nitric acid units, contributing to the low-carbon upgrade of China's process industry [1][3] Industry Context - The implementation of the "dual carbon" strategy in China has led to the shutdown or transformation of traditional coal-fired boilers, necessitating a green transition in high-energy-consuming industries [3] - Companies face the choice of either investing heavily in new steam systems or seeking new driving methods, such as the "steam-to-electric" conversion, which offers advantages like reduced equipment, smaller footprint, and higher efficiency [3] Technological Advancements - Shaangu has developed the largest operational "360,000 tons/year high-efficiency wide working condition nitric acid unit" in China, showcasing its leading technology and extensive experience in the field [3][4] - The project involved deep collaborative research and development, addressing challenges such as critical speed matching and control system integration, ensuring high-quality project execution [4][5] Strategic Implications - The successful implementation of the "steam-to-electric" conversion not only represents a breakthrough in domestic production but also positions Shaangu as a leader in defining technological paths and standards for the industry [5] - This shift reflects a broader transformation of the industrial ecosystem, moving from merely providing key equipment to leading the upgrade of the entire supply chain in alignment with national low-carbon industrial goals [5]

Core Insights - The project by Ningxia Runxia Energy Chemical Co., Ltd. to convert its nitric acid production unit from steam turbine to high-speed electric motor has successfully passed its first trial run, achieving a stable operating speed of 9,540 RPM [1] - This transformation aligns with China's dual carbon strategy, focusing on the green transition of traditional high-energy-consuming industries, and highlights the growing interest in "steam-to-electric" conversions due to their efficiency and space-saving benefits [1] - The project represents the first fully domestically produced high-pressure variable frequency motor conversion demonstration in China's nitric acid industry, facing significant technical challenges and complexities in system integration [1] Company and Industry Summary - The conversion project aims to reduce operational costs and enhance reliability while promoting energy efficiency through the use of high-speed electric motors [1] - The collaboration between Shaanxi Angu Power Co., Ltd. and Ningxia Runxia has involved over 20 technical exchanges to address critical challenges such as critical speed matching and system integration [2] - The successful implementation of this project is expected to help Ningxia Runxia reduce its reliance on steam, leading to lower investment and operational costs while simultaneously improving economic and environmental benefits [2]

证券代码：601369 证券简称：陕鼓动力 公告编号：临2025-058 西安陕鼓动力股份有限公司 第九届董事会第十九次会议决议公告 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"）第九届董事会第十九次会议于2025年12月3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11月28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《关于聘任公司高级管理人员的议案》 具体内容详见临时公告《西安陕鼓动力股份有限公司关于高级管理人员离任及聘任高级管理人员的公 告》（临2025-059）。 本议案已经公司董事会提名委员会审议通过。 表决结果：同意8票，占公司全体董事的100%；反对0票，占公司全体董事的0%；弃权 ...

Core Viewpoint - The company is planning to increase its capital by €54.46 million (approximately RMB 448 million) to repay a loan for the acquisition of EKOL, spol. s r.o. due to limited profitability of its subsidiary in Hong Kong [1] Group 1 - The company announced the acquisition of 100% equity of EKOL, spol. s r.o. [1] - The loan principal and interest balance for the Hong Kong subsidiary amounts to €54.46 million [1] - The company intends to use its own funds to increase capital for the Hong Kong subsidiary to complete the loan repayment [1]

Core Viewpoint - The company announced plans to increase its capital by €54.46 million (approximately RMB 448 million) to repay a loan balance for the acquisition of EKOL, spol. s r.o. [1] Group 1 - The company is acquiring 100% of EKOL, spol. s r.o. [1] - A loan of €54.46 million is currently outstanding, which is necessary for the acquisition [1] - The company's subsidiary in Hong Kong has limited profitability, prompting the need for capital injection [1]

Group 1 - Company announced the acquisition of 100% equity in EKOLspol.sr.o. [1] - The company’s wholly-owned subsidiary in Hong Kong applied for a loan of 54.46 million euros, with the current loan principal and interest balance at this amount [1] - Due to limited profitability of the Hong Kong subsidiary, the company plans to increase its capital by 54.46 million euros (approximately 448 million RMB) to repay the loan [1]

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-060 1. 审批风险：本次增资涉及资金出境，尚需获得相关政府主管部门的备案 或审批，能否取得备案或审批，以及最终取得备案或审批时间存在不确定性。 2. 汇率风险：本次增资采用欧元结算，存在汇率波动造成的汇率支付风险。 3. 管理风险：本次增资事项符合公司经营规划，但因香港法律、政策体系 以及商业环境等与大陆的区别，仍可能存在一定的经营管理风险。 一、本次增资概述 （一）本次交易概况 西安陕鼓动力股份有限公司 关于向全资子公司增资的公告 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： 本次增资事项已经公司董事会战略委员会 2025 年第三次会议、第九届董事 会第十九次会议审议通过，无需提交公司股东会审议。 其它需要提醒投资者重点关注的风险事项 1、本次交易概况 为完成收购 EKOL,spol.sr.o.公司 100%股权，前期公司全资子公司陕鼓动力 （香港）有限公司（以下简称"香港公司"）向金融机构申请贷款，目前贷款本 息余额 5,446 万欧 ...

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-059 二、聘任高级管理人员情况 2025 年 12 月 3 日公司召开第九届董事会第十九次会议，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苗福 源先生（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。 西安陕鼓动力股份有限公司 关于高级管理人员离任及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。 一、高级管理人员离任情况 西安陕鼓动力股份有限公司（以下简称"公司"）近日收到公司副总经理李 广友先生的书面辞职报告。李广友先生因达到法定退休年龄，申请辞去公司副总 经理职务。辞职后，李广友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 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | ...

表决结果：同意 8 票，占公司全体董事的 100%；反对 0 票，占公司全体董事的 0%； 弃权 0 票，占公司全体董事的 0%。 2、审议通过《关于公司向陕鼓动力（香港）有限公司增资的议案》 证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-058 西安陕鼓动力股份有限公司 第九届董事会第十九次会议决议公告 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"）第九届董事会第十九次会议于 2025 年 12 月 3 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 11 月 28 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《关于聘任公司高级管理人员的议案》 具体内 ...

Group 1 - The core viewpoint of the article highlights the significant growth of index investment, with the scale of stock ETFs reaching 4.11 trillion yuan by Q3 2025, while the total scale of passive index funds (including ETFs) reached 4.44 trillion yuan [2][6] - The number of passive index funds tracking A-share stock indices has increased to 1,521, with 56 indices having a tracking scale exceeding 10 billion yuan as of November 28, 2025 [5][6] - Major indices with the largest tracking scales include the CSI 300 at 1,181.33 billion yuan, the CSI A500 at 195.35 billion yuan, and the SSE 50 at 188.34 billion yuan [7] Group 2 - The article discusses the impact of index component stock adjustments, which are conducted biannually by index companies, potentially creating trading opportunities due to significant changes in component stocks [6][8] - The methodology for measuring the impact of these adjustments includes calculating the net adjustment scale for individual stocks based on their buy and sell volumes across different indices [9][10] - Stocks expected to see significant net buying include Shenghong Technology, Dongshan Precision, and Guangqi Technology, with projected net buying scales of 4.865 billion yuan, 4.791 billion yuan, and 3.487 billion yuan respectively [10][11] Group 3 - The article identifies stocks with a projected net selling scale exceeding 5 billion yuan, including Yangguang Electric Power, Zhongji Xuchuang, and Hanwha Technology, with expected net selling scales of 5.679 billion yuan, 3.898 billion yuan, and 3.125 billion yuan respectively [12][13] - Stocks with high impact coefficients, indicating significant potential market impact due to adjustments, include Taipai Group, Jiangzhong Pharmaceutical, and Shandong Power, with coefficients of 8.69, 8.44, and 6.99 respectively [11][12]