Core Viewpoint - China National Machinery Industry Corporation (国机重装) announced that due to its operational needs, two branches of Bank of China plan to reduce their holdings in the company by up to 72.1355 million shares, which represents no more than 1% of the total share capital [1] Group 1 - The reduction in shareholding will occur within three months after the announcement, starting 15 trading days from the date of disclosure [1] - The share reduction will be executed through centralized bidding or block trading methods [1]

Summary of Key Points Core Viewpoint - China National Machinery Heavy Equipment Group Co., Ltd. (referred to as "the Company") announced a share reduction plan by its shareholders on September 30, 2025 [1] Shareholder Holding Situation - The Bank of China Deyang Branch holds 345,857,039 shares, accounting for 4.79% of the total share capital - The Bank of China Zhenjiang Runzhou Branch holds 83,056,558 shares, accounting for 1.15% of the total share capital - Together, these branches hold 428,913,597 shares, representing 5.95% of the total share capital, and all shares are from the pre-relisting period, which were fully released from restrictions on June 8, 2021 [2] Details of the Reduction Plan - The Deyang and Zhenjiang branches plan to reduce their holdings by a total of up to 72,135,500 shares, not exceeding 1% of the total share capital, within three months from October 30, 2025, to January 29, 2026 - The Deyang Branch plans to reduce up to 58,166,900 shares (0.81%), while the Zhenjiang Branch plans to reduce up to 13,968,600 shares - Any changes in share capital due to stock dividends or other corporate actions during the reduction period will adjust the number of shares to be reduced accordingly [3] Commitments and Risks Related to the Reduction - The Deyang and Zhenjiang branches previously committed not to transfer or manage their shares for 12 months post-relisting, and this reduction plan aligns with that commitment - The implementation of the reduction plan is uncertain and will depend on market conditions and the company's stock price - The reduction will not lead to a change in control of the listed company and will not significantly impact the company's governance structure or future operations - The reduction plan complies with relevant laws and regulations, and the shareholders will adhere to disclosure obligations during the reduction period [4]

国机重型装备集团股份有限公司 关于合计持股 5%以上股东及其一致行动人减持股份计划公告 国机重型装备集团股份有限公司 证券代码：601399 证券简称：国机重装 公告编号：2025-043 本公司董事会、全体董事及相关股东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： 大股东及董监高持股的基本情况 国机重型装备集团股份有限公司（以下简称"公司"）股东中国银行股份有限 公司德阳分行（以下简称"中行德阳分行"）持有公司股份 345,857,039 股，占公 司总股本的 4.79%，中国银行股份有限公司镇江润州支行（以下简称"中行镇江润 州支行"）持有公司股份 83,056,558 股，占公司总股本的 1.15%。中行德阳分行、 中行镇江润州支行同属于中国银行股份有限公司辖属分支机构，构成一致行动人， 合计持有公司股份 428,913,597 股，占公司总股本的 5.95%。 上述股份来源均为公司重新上市前股份，且已于 2021 年 6 月 8 日全部解除限 售并上市流通。 减持计划的主要内容 因自身经营之需要，中行德阳分行、中行镇江润州 ...

Core Viewpoint - China National Machinery Industry Corporation Heavy Equipment (国机重装) announced plans for share reduction by its banking branches, indicating a strategic move in response to operational needs [1] Group 1 - The company disclosed that the Bank of China branches in Deyang and Zhenjiang plan to reduce their holdings [1] - The total number of shares to be reduced is up to 72.1355 million shares, which represents no more than 1% of the company's total share capital [1] - The reduction will occur within three months after a 15 trading day period from the announcement date, utilizing centralized bidding or block trading methods [1]

人民财讯9月29日电，国机重装（601399）9月29日公告，股东中行德阳分行、中行镇江润州支行为一致 行动人，合计持有5.95%公司股份，中行德阳分行、中行镇江润州支行拟通过集中竞价或大宗交易方式 减持公司股份数量合计不超过7213.55万股，即不超过公司总股本的1%。 ...

Core Viewpoint - Major shareholders of Guomao Heavy Industry, namely Bank of China Deyang Branch and Zhenjiang Runzhou Branch, plan to reduce their holdings by a total of up to 72.1355 million shares, which accounts for no more than 1% of the company's total share capital [1] Summary by Relevant Categories Shareholder Actions - Bank of China Deyang Branch intends to reduce its holdings by up to 58.1669 million shares, representing 0.81% of the total share capital [1] - Zhenjiang Runzhou Branch plans to reduce its holdings by up to 13.9686 million shares, accounting for 0.19% of the total share capital [1] Reduction Method and Reason - The reduction will be executed through centralized bidding or block trading, driven by the operational needs of the shareholders [1] - The implementation of the reduction is subject to uncertainty and will depend on market conditions and stock prices [1]

Core Insights - The investment in the nuclear fusion industry is highly differentiated, with significant funding concentrated in core areas such as magnet systems, power supplies, and superconducting materials, which have high technical barriers [1][2] - The magnet system accounts for the largest share of the budget at 287 million yuan, representing 42.34% of the total investment, indicating its critical role in nuclear fusion device funding [1] - The CFEDR project is expected to have a substantial investment of around 120 billion yuan, with equipment costs estimated at 72 billion yuan, suggesting significant future value release in the industry chain from 2030 to 2033 [2] Investment Opportunities - Current investment opportunities in the nuclear fusion industry chain are primarily focused on two areas: 1. Segments with clear performance delivery rhythms, such as the magnet system with a cumulative budget of 370 million yuan and the power supply system exceeding 100 million yuan, providing strong performance locking for related manufacturers [3] 2. Manufacturers that have established good verification and customer connections during the BEST phase are expected to maintain advantages in the CFEDR pre-research and subsequent construction [3]

Core Insights - The report highlights the growth in electricity generation in Sichuan Province, with a total generation of 332.9 billion kWh in April 2025, representing a year-on-year increase of 4.6% [1] - From January to April 2025, the total electricity generation reached 1,390.8 billion kWh, showing a year-on-year growth of 4.1% [1] Generation Breakdown - In the first four months of 2025, thermal power generation was 364.7 billion kWh, accounting for 26.2% of total generation, which is a decrease of 2.1% year-on-year [1] - Hydropower generation was 911.3 billion kWh, making up 65.5% of total generation, with an increase of 8.4% year-on-year [1] - Wind power generation was 78.1 billion kWh, representing 5.6% of total generation, showing a decline of 16.1% year-on-year [1] - Solar power generation reached 36.7 billion kWh, accounting for 2.6% of total generation, with a significant increase of 27.5% year-on-year [1] Industry Context - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2] - The report covers large-scale industrial enterprises with annual main business revenues of 20 million yuan or more, ensuring comparability of data across years [2]

国机重型装备集团股份有限公司 证券代码：601399 证券简称：国机重装 公告编号：临 2025-042 国机重型装备集团股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 23 日（星期二）11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 16 日（星期二）至 9 月 22 日（星期一）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 sinomach-he -dsh@sinomach-he.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 国机重型装备集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果 ...

Overview - The rapid development of industries such as automotive, aerospace, and new energy equipment in China has led to a continuous increase in demand for various forgings, particularly in the new energy vehicle sector, which has a strong demand for high-precision and high-efficiency forgings [1][9] - The forging press industry in China is expected to reach a market size of 34.073 billion yuan in 2024, with a year-on-year growth of 7.14% [1][10] Market Policies - The Chinese government has issued several policies to support the development of the forging equipment industry, including guidelines for high-quality development, growth stabilization plans, and action plans for equipment updates and environmental protection [4][5] Industry Chain - The upstream of the forging press industry includes suppliers of raw materials such as steel, aluminum, and copper, as well as key component suppliers like sensors and hydraulic systems. The midstream consists of forging press manufacturers, while the downstream includes various high-end manufacturing sectors such as automotive, aerospace, and engineering machinery [6][7] Development History - The forging press industry in China has evolved from a weak foundation in the early years to a competitive sector with significant technological advancements. The industry has seen a focus on innovation and quality improvement since 2011, with many outdated enterprises being eliminated or restructured [3][4] Competitive Landscape - The forging press industry is characterized by high entry barriers and market concentration, with leading companies such as China National Heavy Duty Truck Group, Deyang Heavy Equipment, and Hefei Hohhot Intelligent Manufacturing dominating the market [10][11] - In 2024, China National Heavy Duty Truck Group is projected to achieve a total revenue of 12.670 billion yuan, with 422 million yuan from forging and extrusion equipment, accounting for 3.33% of total revenue [11][12] Future Trends - The forging press industry is expected to integrate technologies such as IoT and artificial intelligence, enhancing automation and real-time monitoring capabilities. Additionally, there will be a stronger emphasis on green development, focusing on energy-saving technologies and environmentally friendly materials to meet stricter environmental standards [14][15]