国机重型装备集团股份有限公司 2026 年第一次临时股东会 会 议 材 料 二〇二六年二月六日 四川·德阳 国机重型装备集团股份有限公司 2026年第一次临时股东会会议材料 国机重型装备集团股份有限公司 2026 年第一次临时股东会会议议程 会议时间：2026 年 2 月 6 日 会议地点：国机重型装备集团股份有限公司第三会议室 （四川省德阳市珠江东路 99 号） 会议议程： 一、审议议案 五、签署会议决议及会议记录 - 1 - 国机重型装备集团股份有限公司 2026年第一次临时股东会会议材料 目录 1.关于公司董事、监事薪酬的议案。 2.关于向银行金融机构申请综合授信额度的议案。 3.关于向国机财务、农业银行、中国银行、工商银行申请综合授信额度暨关 联交易的议案。 二、进行表决 三、宣读决议 四、宣读见证意见 | 议案一 | 关于公司董事、监事薪酬的议案 - | - | 3 | | --- | --- | --- | --- | | 议案二 | 关于向银行金融机构申请综合授信额度的议案 - | - | 5 | | 议案三 | 关于向国机财务、农业银行、中国银行、工商银行申请综合授信额度暨 | | | | 关 ...

（编辑 袁冠琳） 证券日报网1月29日讯 ，国机重装在接受调研者提问时表示，在国内市场领域，公司主要为东方电气、 上海电气、中国重燃等提供燃机锻件及铸件产品；在海外市场，公司是西门子能源全球的铸锻件供应 商，并为韩国斗山恒能供应燃气轮机铸锻件。 ...

证券日报网1月29日讯，国机重装（601399）在接受调研者提问时表示，公司作为国家重大技术装备产 业链安全的重要保障力量、先进制造业和高端装备制造的主力军，持续深耕燃气轮机铸锻件的开发，进 行了全生产流程创新和一系列的技术攻关，掌握了重型燃气轮机铸锻件关键材料及核心制造技术，具备 稳定、批量的产品供货能力。 ...

证券日报网1月29日讯，国机重装（601399）在接受调研者提问时表示，公司聚焦超临界二氧化碳循环 发电系统的核心需求，开展了关键压力容器用耐腐蚀材料、结构设计、高性能制造工艺等研究，突破了 高温高压极端工况下的高参数压力容器设计和制造技术，形成了具有自主知识产权的解决方案，为全球 首台"超碳一号"机组提供了4台关键压力容器产品。公司依托在清洁能源装备领域的技术积累，围绕新 一代核电、先进火电、重型燃机、大型水电等清洁能源领域，加强先进材料、高端基础零部件的研发布 局，着力推进高端先进材料基础研究和关键制造工艺技术攻关，为能源装备绿色化贡献重装智慧。 ...

证券日报网1月29日讯，国机重装（601399）在接受调研者提问时表示，2025年，公司成功实现BEST核 聚变装置TF线圈盒的首台套研制与交付，并成功中标8套BESTTF线圈盒批量件项目，目前批量件正按 计划时序进行生产加工。 ...

Investment Rating - The mechanical equipment industry is rated as "stronger than the market" based on its performance relative to the CSI 300 index, which decreased by 0.62% during the week while the mechanical equipment sector increased by 2.57% [5][6]. Core Insights - SpaceX is advancing its Starlink system upgrades and capitalizing on its operations, planning to launch a second-generation Starlink system by 2027, which will enhance satellite performance and network capacity. The company aims to reduce the cost of launching to below $100 per pound through full reusability of its Starship [2]. - The capital market is preparing for SpaceX's IPO, expected in Q3 2026, with a valuation around $800 billion based on recent internal equity transactions. The report suggests that the valuation uplift in China's private rocket companies will follow a similar trajectory as SpaceX, transitioning from project-based products to infrastructure and technology services [2]. - In the PCB equipment sector, companies such as Chipbond (688630), Dongwei Technology (688700), and Dazhu CNC (301200) are recommended, with a focus on the increasing demand for advanced packaging and fine line technology [3]. - The humanoid robot sector is highlighted with recommendations for companies like Inovance Technology (300124) and Sanhua Intelligent Control (002050), as the production of Tesla's Optimus V3 approaches, which is expected to catalyze the market [3]. - In the controlled nuclear fusion sector, Guoji Heavy Industry (601399) is recommended, with expectations of increased procurement activity related to fusion projects, potentially exceeding previous investment forecasts [4]. Summary by Sections Mechanical Equipment Sector - The mechanical equipment sector's PE-TTM valuation increased by 2.56%, with the best-performing sub-sector being abrasives, which rose by 8.58% [5][6]. - The report indicates that the mechanical equipment industry ranks 13th out of 31 in the Shenwan industry classification [5]. Commercial Aerospace - Companies such as Yingliu Co. (603308), Srey New Materials (688102), and West Materials (002149) are recommended for investment in the commercial aerospace sector [5]. PCB Equipment - The report emphasizes the transition towards thinner substrates and finer line requirements in PCB manufacturing, with specific recommendations for companies involved in advanced packaging technologies [3]. Humanoid Robots - The report suggests focusing on core enterprises in the humanoid robot sector, particularly as Tesla ramps up production of its Optimus V3 robot, which is expected to begin sales in 2027 [3]. Controlled Nuclear Fusion - The procurement pace for fusion projects is accelerating, with significant budget allocations expected for various projects, indicating a robust growth outlook for companies in this sector [4].

庞亚平累计任职时间7年102天，现任基金资产总规模3684.72亿元，任职期间最佳基金回报117.1%， 任 职期间最差基金回报-37.67%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，易方达基金旗下1只基金重仓国机重装。易方达中证500ETF联接A（007028）四季度持有股 数3000股，位居第二大重仓股。根据测算，今日浮亏损失约870元。 易方达中证500ETF联接A（007028）成立日期2019年3月20日，最新规模14.18亿。今年以来收益 14.33%，同类排名827/5579；近一年收益54.51%，同类排名1304/4270；成立以来收益102.65%。 易方达中证500ETF联接A（007028）基金 ...

Core Viewpoint - The A-share market is experiencing significant investment interest in the controllable nuclear fusion sector, with the Wind nuclear fusion index rising by 20.5% at its peak in January and currently up by 15.92%, with monthly trading volume exceeding 780 billion yuan [1][2]. Industry Developments - Several companies, including Zhongji HuanKe, Antai Technology, Tiangong International, and Xuguang Electronics, have disclosed their involvement in controllable nuclear fusion, while others have clarified their limited business scale to manage market expectations [2][13]. - The compact fusion energy experimental device (BEST) in Hefei has made significant progress, with key components successfully delivered, and it is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation [4][15]. - The controllable nuclear fusion industry is advancing rapidly in China, with a notable increase in commercialization efforts since 2022, and a significant number of startups emerging in the past five years, attracting around $6.5 billion in investments [6][16]. Market Performance - As of January 23, 2026, many nuclear fusion concept stocks have seen substantial gains, with companies like Zinc Industry Co., Yuguang Gold Lead, and Western Materials hitting their daily price limits [2][14]. - The stock prices of companies involved in nuclear fusion have shown significant increases, with Zhongji HuanKe's stock rising by 18.31% since the beginning of January [18]. Regulatory Environment - The implementation of the Atomic Energy Law on January 15, 2023, encourages and supports controllable nuclear fusion, providing a foundational framework for the industry's development [5][16]. Company Initiatives - Companies like Antai Technology and Tiangong International are actively participating in nuclear fusion projects, with Antai signing agreements for advanced filter projects and Tiangong achieving breakthroughs in neutron shielding materials [19][20]. - Star Ring Fusion announced a record-breaking 1 billion yuan A-round financing, with plans to complete engineering validation by 2028 and start construction of a commercial demonstration reactor by around 2032 [17][18].

Core Conclusion - By 2026, China's commercial aerospace industry is expected to reach a turning point in cost reduction for launch capacity, driven by the concentrated deployment of low Earth orbit (LEO) constellations and the normalization of high-frequency launches, with reusable rockets nearing breakthroughs in reducing unit launch costs. The industry's business model will shift from state-driven tasks to market-driven profitability, with a valuation logic transitioning towards "space infrastructure" as application scenarios and business models are restructured [3]. Market Outlook - 2026 is anticipated to be a prosperous year for China's commercial aerospace sector, with an accelerated pace of multi-constellation launches transitioning to large-scale deployment, leading to a rapid increase in rocket launch frequency. The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, corresponding to a CAGR of approximately 35.8%, primarily driven by high-frequency launch demand from dense deployment of LEO constellations [4][11]. - The industry is expected to maintain medium to long-term growth, with over 237,000 satellites needing to be deployed in accordance with ITU regulations by 2039. Starlink currently has over 9,000 satellites in orbit, and the demand for subsequent launches remains robust due to tightening frequency resources [4][11]. Cost Reduction Pathways - The essence of commercial rockets is a "space logistics" business, where core variables include efficiency improvements and cost reductions in launch capacity. Key pathways for cost reduction include breakthroughs in full-flow engine technology, high-frequency reuse capabilities, and industrialization in manufacturing [5]. - The unit cost of launching rockets is expected to decrease significantly through various stages: 1. Initial launch cost is approximately 55,000 yuan/kg 2. By around 2026, after achieving first-stage reuse, costs may drop to about 25,000 yuan/kg 3. Upgrading from aluminum to stainless steel structures could further reduce costs to approximately 19,000 yuan/kg 4. With the maturation of recovery methods, costs may decline to around 13,000 yuan/kg 5. Long-term, achieving second-stage reuse could bring costs close to 5,000 yuan/kg [5]. Industry Structure and Investment Opportunities - The commercial rocket industry is still in its early growth and valuation evolution phase. Key catalysts for valuation uplift in China's commercial aerospace sector include the realization of reusable rockets for large-scale LEO satellite networking and the transition from customized to standardized launches through long-term batch tasks [7][8]. - The valuation logic for commercial aerospace companies is shifting from manufacturing-oriented to platform and infrastructure-oriented technology enterprises, covering diverse long-term space mission needs such as manned flights and deep space exploration [8]. Key Players and Market Segments - The core technical barriers in rocket engines are concentrated in critical components such as thrust chambers and turbine pumps. The value in satellite manufacturing is primarily found in communication payloads [9]. - Key companies involved in the aerospace supply chain include: - Power Systems: Yingliu Co., Srey New Materials, Guoji Precision Engineering - Satellite Communication Systems: Shanghai Hantong, Aerospace Electronics, Guobo Electronics - Materials and Structural Components: Western Materials, Parker New Materials, Guoji Heavy Industry, Huazhuo High-Tech - Testing and Verification: Xicai Testing, Su Testing [9][10].

Investment Rating - The report rates the industry as "stronger than the market" [1] Core Insights - The report concludes that 2026 will mark a turning point for China's commercial aerospace industry, with a shift from state-driven missions to market-driven profitability, driven by the deployment of low-orbit satellite constellations and advancements in reusable rocket technology [1][6] - The commercial rocket launch service market in China is projected to grow from 10.26 billion yuan in 2025 to 47.39 billion yuan by 2030, with a CAGR of approximately 35.8% [1][12] - The report emphasizes that the core components of rocket launch services are engines (54%) and structural components (24%), which together account for 78% of the value in the launch service segment [1][12] Summary by Sections Industry Overview - The commercial aerospace industry is defined as activities that provide aerospace products and services through social capital investment under national policy guidance, including the R&D, manufacturing, launch, and operation of spacecraft and rockets [6][7] - The global aerospace economy is expected to reach $612 billion by 2024, with commercial aerospace revenues accounting for approximately $480 billion, representing about 78% of the total [6][7] Market Dynamics - The demand for satellite launches is expected to surge as China enters a concentrated deployment phase for low-orbit satellite constellations, with over 200,000 satellites planned for deployment [18][19] - The report highlights that the competition for low-orbit frequency resources is intensifying, necessitating faster deployment of satellite constellations [19][21] Cost Structure and Efficiency - The report breaks down the cost structure of rockets, indicating that engines and structural components dominate the value chain [1][12] - It outlines a pathway for reducing launch costs, projecting that the unit cost of launching payloads could decrease significantly as technology advances [1][12] Investment Recommendations - The report suggests focusing on companies involved in key segments such as propulsion systems, satellite communication systems, materials and structural components, and testing and validation services [2][4] - Specific companies to watch include 应流股份 (603308), 斯瑞新材 (688102), and 上海瀚讯 (300762), among others [2][4]