Core Viewpoint - The centrifugal fan industry in China is experiencing significant growth, driven by industrialization, energy-saving policies, and increasing demand across various sectors, with the market expected to expand from 10.7 billion yuan in 2020 to 16.48 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 11.4% [1][7]. Industry Overview - Centrifugal fans are essential mechanical devices that increase gas pressure and are widely used in industries such as power, cement, petrochemicals, coal, mining, and environmental protection [1][3]. - The industry is characterized by a diverse range of manufacturers and a broad market space, with a trend towards consolidation and increased market concentration favoring companies with core technologies and brand advantages [1][7]. Market Size and Growth - The centrifugal fan market in China is projected to grow from 10.7 billion yuan in 2020 to 16.48 billion yuan in 2024, with a CAGR of 11.4% [1][7]. - The global centrifugal fan market is expected to increase from 3.929 billion USD in 2020 to 5.308 billion USD in 2024, with a CAGR of 7.81% [7]. Industry Chain - The upstream of the centrifugal fan industry includes raw materials and components such as steel, fiberglass, and motors, while the midstream involves manufacturing, and the downstream encompasses applications in various sectors like steelmaking and wastewater treatment [6][7]. Competitive Landscape - The global centrifugal fan market features intense competition among major players, including Howden, Greenheck Fan Corporation, and Alstom, while key Chinese companies include Jintongling, Shuangjian, and Shandong Zhangqiu Fan [8][9]. - Jintongling Technology Group focuses on R&D and innovation, with a diverse product range and significant revenue growth projected [9]. - Shandong Zhangqiu Fan has over 50 years of experience and has established a strong market presence, with revenue growth expected [9]. Development Trends - The centrifugal fan industry is moving towards high efficiency and energy-saving technologies, driven by national policies and user demand for lower operational costs [10]. - Smart technology integration is becoming a key driver for transformation, enabling real-time monitoring and predictive maintenance [11][12]. - Low-noise design is increasingly important for enhancing competitiveness and user experience, with manufacturers focusing on acoustic performance improvements [13].

Market Overview - The mechanical equipment, power equipment, and automotive industry indices experienced fluctuations last week, with changes of -0.81%, +3.86%, and 0.00% respectively, ranking 16th, 1st, and 7th among 31 Shenwan primary industries; during the same period, the CSI 300 index rose by 1.07% [1][2] Industry Insights Photovoltaics - In August, the demand for inverters remained stable, with rapid growth in the Indian market; China's total inverter exports in August reached $878 million, a year-on-year increase of 1.93%; exports to India amounted to 366 million yuan, a month-on-month increase of 21.2%; in the first half of 2025, China's inverter exports to India totaled 1.6 billion yuan, a year-on-year increase of 18% [3] - The Indian energy storage market is accelerating its transformation, with new energy storage bidding in India reaching 22 GWh in the first half of 2025, a year-on-year increase of 120%, indicating strong momentum in energy transition; companies with significant market share in India are recommended for attention [3] Industrial Gases - Last week, industrial gas prices predominantly declined; the average price of liquid oxygen in China was 429 yuan/ton, down 5.3% from the previous week but up 18% year-on-year; liquid nitrogen averaged 411 yuan/ton, down 4% week-on-week, remaining stable year-on-year; liquid argon averaged 625 yuan/ton, up 1.46% week-on-week and 1.21% year-on-year [4] - Short-term outlook indicates a price decline due to pre-holiday inventory clearance; medium to long-term, the industrial gas sector is at a cyclical bottom, with potential for a reversal driven by supply optimization and demand stabilization; companies like Hangyang Co. and ShaanGu Power are recommended for attention [4] Automotive - The Ministry of Industry and Information Technology (MIIT) is advancing the approval and road testing of intelligent connected vehicles, which will accelerate the development of the intelligent driving industry; a new development plan for the intelligent connected new energy vehicle industry is being formulated [4] - The introduction of policies related to intelligent connected vehicles is expected to provide a solid policy foundation for the development of this sector in China, with a recommendation to focus on vehicle manufacturers with intelligent capabilities [4]

Core Viewpoint - The general machinery industry in China is experiencing growth driven by infrastructure development and the rapid expansion of new energy sectors, with significant demand for equipment such as pumps, valves, and compressors [1][5][6]. Overview - General machinery is a foundational industry widely used in various sectors including petroleum, chemicals, electricity, and metallurgy, consisting of equipment like pumps, fans, compressors, and valves [2][3]. Market Policy - The Chinese government has implemented several policies to support the development of the general machinery industry, including the "2024-2025 Energy Saving and Carbon Reduction Action Plan" and other initiatives aimed at promoting high-quality development and digital transformation [3][4]. Industry Chain - The industry chain includes upstream suppliers of raw materials like steel and non-ferrous metals, midstream manufacturers of general machinery, and downstream application markets across various sectors [5]. Current Development - In the first half of 2025, the revenue of 8,842 large-scale enterprises in the general machinery industry reached 521.815 billion yuan, a year-on-year increase of 4.45%, with total profits of 36.598 billion yuan, up 3.95% [1][6]. Competitive Landscape - The general machinery industry is characterized by a fragmented market with numerous participants. In the first half of 2025, 210 key member enterprises accounted for only 11.94% of the total revenue of the industry [6][7]. Key Companies - Major listed companies in the industry include Hengli Hydraulic, Shaanxi鼓动力, and Neway Valve, with Hengli Hydraulic achieving a revenue of 5.171 billion yuan in the first half of 2025 [7][8]. Development Trends - The industry is expected to transition towards digitalization and service provision, focusing on improving production efficiency and product quality through advanced technologies and offering comprehensive services beyond equipment sales [9].

Core Insights - Shaanxi Blower (Group) Co., Ltd. has successfully launched its self-developed blast furnace gas waste heat and pressure turbine power generation device at a large steel enterprise project in Turkey, marking a significant achievement in its international operations [1][2] Group 1: Company Achievements - The company has provided nearly 100 sets of large equipment to local users in Turkey, covering industries such as metallurgy and chemicals, demonstrating its strong market presence [1] - The successful trial operation of the new power generation device not only enhances the operational capacity of the user's blast furnace but also reduces production costs and recovers electrical energy efficiently [2] Group 2: Technological Advancements - The newly developed device is a core energy-saving equipment that efficiently recovers secondary energy during the steelmaking process, converting pressure and thermal energy from blast furnace gas into electricity without additional fuel consumption [1] - This technology is crucial for steel enterprises aiming to reduce costs and carbon emissions, aligning with global trends towards green and intelligent upgrades in industrial operations [1][2] Group 3: Project Management - A dedicated project team was established to manage the installation and commissioning process, overcoming challenges such as remote operations and international standards compliance, leading to successful initial testing and stable operation [2]

Group 1 - The core viewpoint of the news is that Shaanxi鼓动力 has experienced fluctuations in financing and stock performance, with significant changes in both financing and stockholder structure [1][2][3] Group 2 - As of September 17, Shaanxi鼓动力's stock price increased by 0.59%, with a trading volume of 81.17 million yuan. The financing buy-in amount was 7.36 million yuan, while the financing repayment was 14.96 million yuan, resulting in a net financing outflow of 7.60 million yuan [1] - The total balance of margin trading for Shaanxi鼓动力 reached 340 million yuan, with the financing balance accounting for 2.33% of the circulating market value, indicating a high level compared to the past year [1] - On the same day, the company repaid 200 shares of securities lending and sold 3,500 shares, with a selling amount of 29,900 yuan. The securities lending balance was 1.19 million yuan, also at a high level compared to the past year [1] Group 3 - As of June 30, the number of shareholders for Shaanxi鼓动力 was 30,100, a decrease of 0.43% from the previous period. The average circulating shares per person increased by 1.29% to 56,738 shares [2] - For the first half of 2025, Shaanxi鼓动力 reported operating revenue of 4.87 billion yuan, a year-on-year decrease of 2.70%, and a net profit attributable to shareholders of 414 million yuan, down 9.75% year-on-year [2] Group 4 - Since its A-share listing, Shaanxi鼓动力 has distributed a total of 7.56 billion yuan in dividends, with 2.33 billion yuan distributed in the last three years [3] - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 13.71 million shares, an increase of 1.12 million shares from the previous period. Other notable changes included a decrease in holdings by 景顺长城中证红利低波动100ETF and the entry of 南方中证1000ETF as a new shareholder [3]

Core Viewpoint - On September 15, a total of 16 listed companies had their restricted shares unlocked, with a total market value of approximately 17.991 billion yuan [1] Group 1: Companies and Their Restricted Shares - Shaanxi Guo Power (陕鼓动力) unlocked 435,600 shares under equity incentive restrictions [1] - Chuangli Group (创力集团) unlocked 3.936 million shares under equity incentive restrictions [1] - Shengquan Group (圣泉集团) unlocked 478,500 shares under equity incentive restrictions [1] - Yingke Medical (英科医疗) unlocked 995,400 shares under equity incentive restrictions [1] - Ruixin Microelectronics (瑞芯微) unlocked 4,500 shares under equity incentive restrictions [1] - Tongcheng New Materials (彤程新材) unlocked 1.5893 million shares under equity incentive restrictions [1] - Softcom Power (软通动力) unlocked 27.3 million shares with an extended lock-up period [1] - Weiman Sealing (唯万密封) unlocked 66.672 million shares prior to issuance restrictions [1] - Wuxi Zhenhua (无锡振华) unlocked 1.005 million shares under equity incentive restrictions [1] - Hangyu Technology (航宇科技) unlocked 798,600 shares [1] - Gaoling Information (高凌信息) unlocked 40 million shares [1] - Weijie Chuangxin (唯捷创芯) unlocked 8.5394 million shares [1] - Silin Jie (思林杰) unlocked 24.5305 million shares [1] - Kejie Intelligent (科捷智能) unlocked 20 million shares [1] - Juquan Technology (钜泉科技) unlocked 39.8841 million shares [1] - Shengke Communication (盛科通信) unlocked 1.5 million shares [1]

Core Points - The company will hold its 2024 annual shareholders' meeting on May 20, 2025, to authorize the board to formulate a mid-term profit distribution plan for 2025 based on the resolution of the shareholders' meeting [1] - The profit distribution plan has been approved by the company's board meeting on August 21, 2025 [1] Distribution Plan - The distribution year is set for the first half of 2025 [2] - The distribution target includes all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the equity registration [2] - The distribution plan is based on a total share capital of 1,723,474,492 shares, with a cash dividend of 0.16 yuan per share (before tax), totaling 275,755,918.72 yuan [1][3] Implementation Method - For shareholders with unrestricted circulating shares, dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited Shanghai Branch [2] - Shareholders who have completed designated transactions can collect cash dividends at their designated securities business department on the dividend payment date [2] Taxation Information - For individual shareholders and securities investment funds, the company will not withhold personal income tax at the time of profit distribution, with an actual cash dividend of 0.16 yuan per share [4] - The actual tax burden varies based on the holding period of the shares, with a 20% tax for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [4] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.144 yuan per share [5] - Similar tax treatment applies to Hong Kong investors under the Stock Connect program [5] Contact Information - For inquiries regarding this equity distribution, shareholders can contact the Securities Investment Department at 029-81871035 [8]

Group 1 - The company announced a cash dividend of 0.16 yuan per share (tax included) for the first half of 2025 [1] - The record date for the dividend is set for September 18, 2025 [1] - The ex-dividend date is scheduled for September 19, 2025 [1]

证券代码：601369 证券简称：陕鼓动力 公告编号：临 2025-043 西安陕鼓动力股份有限公司 A 股每股现金红利0.16元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/18 | － | 2025/9/19 | 2025/9/19 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 西安陕鼓动力股份有限公司(以下简称"公司")2025 年 5 月 20 日召开 2024 年年 度股东会，同意授权董事会根据股东会决议在符合利润分配的前提条件下制定 2025 年中期利润分配方案。根据前述授权，本次利润分配方案经公司 2025 年 8 月 21 日召开的第九届董事会第十五次会议审议通过。 二、分配方案 2025年半年度权益分派实施公告 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： 每股分配比例 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登 ...

Core Viewpoint - ShaanGu Power experienced a decline of 0.71% on August 29, with a trading volume of 123 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On August 29, ShaanGu Power had a financing buy-in amount of 13.27 million yuan and a financing repayment of 19.48 million yuan, resulting in a net financing outflow of 6.21 million yuan [1] - The total financing and securities balance for ShaanGu Power reached 315 million yuan, with the financing balance accounting for 2.18% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, the company repaid 5,200 shares and sold 1,800 shares on August 29, with a selling amount of 15,200 yuan, while the securities lending balance was 902,900 yuan, also at a high level compared to the past year [1] Business Performance - As of June 30, ShaanGu Power reported a total revenue of 4.869 billion yuan for the first half of 2025, reflecting a year-on-year decrease of 2.70%, while the net profit attributable to shareholders was 414 million yuan, down 9.75% year-on-year [2] - The company's main business revenue composition includes energy conversion equipment (46.04%), energy infrastructure operation (45.34%), industrial services (8.42%), and other minor segments [1] Shareholder Information - As of June 30, 2025, the number of shareholders for ShaanGu Power was 30,100, a decrease of 0.43% from the previous period, with an average of 56,738 circulating shares per shareholder, an increase of 1.29% [2] - The company has cumulatively distributed 7.284 billion yuan in dividends since its A-share listing, with 2.054 billion yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 13.7081 million shares, an increase of 1.1211 million shares from the previous period, while other notable changes include a decrease in holdings by Invesco Great Wall CSI Dividend Low Volatility 100 ETF [3]