Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The report emphasizes the significance of the Yarlung Tsangpo River downstream hydropower project, which aims to harness the region's abundant hydropower potential and drive economic development [1][10] - The development of large-capacity impulse turbines, with a single unit capacity of approximately 800 MW, represents a world-first achievement, addressing extreme challenges in high-altitude and high-head environments [1][10] - The gas-insulated transmission line (GIL) technology is highlighted for its advantages in high-capacity power transmission, low losses, and adaptability to various environments, making it a preferred choice in special scenarios [2][26] Summary by Sections 1. Large Capacity Impulse Turbines - The Yarlung Tsangpo River downstream hydropower project is set to utilize impulse turbines with a capacity of 800 MW, surpassing current global standards [1][10] - The project faces significant technical challenges due to high water heads and extreme environmental conditions, necessitating advanced turbine designs and manufacturing techniques [10][11] 2. Gas-Insulated Transmission Lines (GIL) - GIL technology is recognized for its ability to efficiently transmit high voltage and large currents in confined spaces, making it suitable for urban and challenging geographical environments [2][26] - The report notes successful applications of GIL in various projects, including the Su Tong GIL comprehensive corridor, which is the highest voltage and largest capacity GIL project globally [27][33] 3. High-Altitude Electrical Equipment - The report discusses the need for altitude adjustments in electrical equipment due to the unique challenges posed by high-altitude environments, particularly in the Yarlung Tsangpo River project [2][3] - The development of high-altitude, high-seismic equipment is crucial for the effective transmission and consumption of clean energy [2][3] 4. Reliable Key Supply Chain - The report identifies key companies in the supply chain for hydropower equipment, including Harbin Electric, Dongfang Electric, and China XD Electric, among others [3][4] - The supply chain's reliability is essential for supporting the ambitious hydropower projects outlined in national plans [3][4]

国机重装最新一期业绩显示，截至2025一季报，公司营业总收入34.81亿元、同比增长21.24%，归属净 利润1.11亿元，同比增长2.03%，扣非净利润1.06亿元，同比增长14.87%，流动比率1.604、速动比率 1.340、资产负债率54.21%。 天眼查商业履历信息显示，国机重型装备集团股份有限公司，成立于2001年，位于德阳市，是一家以从 事专用设备制造业为主的企业。企业注册资本721355.589万人民币，实缴资本406477.8万人民币。公司 法定代表人为韩晓军。 金融界消息 截至2025年7月30日收盘，国机重装（601399）报收于3.38元，下跌0.29%，换手率1.95%， 成交量140.97万手，成交金额4.78亿元。 资金流向方面，今日主力资金净流出4667.11万元，占比成交额9.76%。其中，超大单净流出3369.89万 元、占成交额7.05%，大单净流出1297.22万元、占成交额2.71%，中单净流出流入2457.53万元、占成交 额5.14%，小单净流入2209.58万元、占成交额4.62%。 通过天眼查大数据分析，国机重型装备集团股份有限公司共对外投资了14家企业，参与 ...

Group 1 - The stock price of Guojizhongzhuang closed at 3.39 yuan on July 29, down 0.03 yuan, a decline of 0.88% [1] - The trading volume on that day was 1.8899 million hands, with a transaction amount of 640 million yuan [1] - Guojizhongzhuang is part of the specialized equipment manufacturing industry, focusing on the research and manufacturing of major technical equipment [1] Group 2 - The company has officially put into production its newly developed 168-meganewton mechanical hot die forging press, which has overcome several core technologies [1] - This equipment will supply key automotive components for FAW Forging [1] - On July 29, the net outflow of main funds for Guojizhongzhuang was 20.3553 million yuan [1] Group 3 - The current price-to-earnings ratio of the stock is 55.07 times, and the price-to-book ratio is 1.69 times [1]

其将为一汽锻造（青岛）有限公司稳定供应高品质汽车前轴、曲轴等关键零件，有力保障国产高端重型 汽车关键零部件自主可控，为重大技术装备高端化、智能化、绿色化发展提供有力支撑。 据介绍，该项目由国机重装所属二重装备负责。二重装备通过对全线设备关键技术攻关及数智化赋能， 突破大型楔式压机预应力组合机架、超大输出扭矩离合制动器、抗偏载多面导向结构等核心技术，成功 打造的这一高水平超大型智能化锻造装备，满足了用户超长超宽汽车模锻件高强度成形需求和高效率、 高可靠性运维需要。 来源：上海证券报·中国证券网 上证报中国证券网讯 （记者 张问之）记者从国机重装获悉，近日，公司成功研制的全球最大机械式热 模锻压力机——168兆牛热模锻压力机正式投产，标志着我国超大型智能化锻造装备及工艺技术跻身国 际先进行列。 用户表示，二重装备不仅打造了先进高端的重大技术装备，更创造了24天完成主机、切边机、压弯机、 辊锻机单机调试任务纪录，充分展现了重装人专业的技术水平和优良的工作作风。 ...

New Stock Issuance - Tianfu Long (732406) issued at a price of 23.60 on July 28, 2025[1] - Shenkai Co. (002633) has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] Abnormal Fluctuations - ST Wanfang (000638) reported significant abnormal fluctuations on July 25, 2025[2] - ST Zhengping (603843) experienced abnormal fluctuations on July 24, 2025[2] - Jiangnan Chemical (002226) noted abnormal fluctuations on July 23, 2025[2] Market Alerts - ST Zitian (300280) reported severe abnormal fluctuations on July 21, 2025[1] - Huayin Power (600744) indicated abnormal fluctuations on July 15, 2025[1] - ST Gaohong (000851) reported abnormal fluctuations on July 23, 2025[3]

General Provisions - The company, SINOMACH HEAVY EQUIPMENT GROUP CO., LTD., was established on September 25, 2007, and registered in Deyang, Sichuan Province with a unified social credit code of 91510600735892505H [2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 300 million shares on January 14, 2010, and listed on the Shanghai Stock Exchange on February 2, 2010 [2][3] - The company’s registered capital is RMB 7,213,555,890 [3] Company Structure and Governance - The company is a permanent stock company, and its legal representative is elected by the board of directors [3][4] - The company is responsible for civil activities conducted by its legal representative, and shareholders are liable for the company's debts only to the extent of their shares [4][5] - The company has established internal audit mechanisms and supports the establishment of a labor union to protect employees' rights [4][5] Business Objectives and Scope - The company's business objective is to operate independently, bear its own profits and losses, and maximize economic benefits and investment returns for shareholders [6][7] - The business scope includes manufacturing and repairing machinery, metal products, software development, engineering contracting, and import-export trade [7] Share Issuance and Management - The company issues shares in the form of stocks, with each share having a par value of RMB 1 [8][9] - The total number of shares is 7,213,555,890, all of which are ordinary shares [8] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [9][10] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise the company, and transfer their shares [12][13] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed shares [16][17] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [16][17] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting occurring within six months after the end of the previous fiscal year [22][23] - Shareholder meetings are the company's decision-making body, with specific powers including electing directors and approving major transactions [22][23] - The company must provide legal opinions on the meeting's legality and ensure proper procedures are followed [27][28]

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 2025-034 国机重型装备集团股份有限公司 关于修订公司章程的公告 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。 国机重型装备集团股份有限公司（以下简称"公司"）于2025年7月24日召开第 五届董事会第三十一次会议，审议通过了《关于修订公司章程的议案》。 为落实上市公司监管最新要求，保障公司规范运作，结合监事会改革要求以及 公司内部管理实际，根据《中华人民共和国公司法》 《上市公司章程指引》 《上海证 券交易所股票上市规则》等相关法律法规规定，公司将不再设置监事会，监事会职 权由董事会审计与风险管理委员会行使，同时对《公司章程》中监事会设置、审计 与风险管理委员会职责等相关条款进行了修订完善。具体如下： 一、 第一条 为维护国机重型装备集团股 第一条 为维护国机重型装备集团股 份有限公司（以下简称公司）、股东和债权 份有限公司（以下简称公司）、股东、职工 人的合法权益，规范公司的组织和行为， 和债权人的合法权益，规范公司的组织和行 ...

Board Restructuring - The company is undergoing a board restructuring process as the term of the fifth board has expired, in accordance with relevant laws and regulations [1][2] - The company has nominated candidates for the sixth board, including non-employee directors and independent directors, with specific qualifications outlined [1][2] Candidate Qualifications - All nominated candidates meet the legal and regulatory requirements, have not faced penalties from regulatory bodies, and do not hold shares in the company [2] - Independent director candidates possess the required independence and have no relationships with the company or its major stakeholders [2] Acknowledgment of Current Board - The company expresses gratitude to the current board members for their diligent efforts and contributions to the company's development during their tenure [3]

Market Overview - The Shanghai Composite Index rose by 0.65% on July 24, with 28 out of 31 sectors experiencing gains, led by the beauty care and non-ferrous metals sectors, which increased by 3.10% and 2.78% respectively [1] - The mechanical equipment sector saw an increase of 1.13% [1] - The banking, communication, and public utilities sectors were the worst performers, declining by 1.42%, 0.15%, and 0.09% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 8.913 billion yuan, with 16 sectors experiencing net inflows [1] - The non-ferrous metals sector had the highest net inflow of 7.736 billion yuan, followed by the non-bank financial sector with a net inflow of 5.644 billion yuan and a daily increase of 2.06% [1] - Conversely, 15 sectors experienced net outflows, with the construction decoration sector leading with a net outflow of 3.417 billion yuan, followed by the mechanical equipment sector with a net outflow of 2.737 billion yuan [1] Mechanical Equipment Sector Performance - In the mechanical equipment sector, 404 out of 530 stocks rose, with 6 hitting the daily limit [2] - The top three stocks with the highest net inflow were Dongmu Co., Ltd. (1.87 billion yuan), Dazhu CNC (1.70 billion yuan), and China Railway Industry (1.65 billion yuan) [2] - The sector had a total net outflow of 2.737 billion yuan, with 15 stocks experiencing outflows exceeding 50 million yuan, led by China Railway Construction (8.74 billion yuan), Snowman Group (4.95 billion yuan), and Guoji Heavy Industry (4.81 billion yuan) [2][3] Top Gainers in Mechanical Equipment Sector - The top gainers in the mechanical equipment sector included: - Dongmu Co., Ltd. with a 10.00% increase and a turnover rate of 4.76% [2] - Dazhu CNC with a 17.84% increase and a turnover rate of 31.68% [2] - China Railway Industry with a 9.99% increase and a turnover rate of 8.13% [2] Top Losers in Mechanical Equipment Sector - The top losers in the mechanical equipment sector included: - China Railway Construction with an 8.43% decrease and a turnover rate of 12.66% [3] - Snowman Group with a 6.21% decrease and a turnover rate of 45.84% [3] - Guoji Heavy Industry with a 7.82% decrease and a turnover rate of 8.27% [3]

国机重型装备集团股份有限公司 董事会议事规则 第一章 总 则 第一条 为进一步规范国机重型装备集团股份有限公司（以下简称公司）董 事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会 规范运作和科学决策水平，根据《中华人民共和国公司法》（以下简称《公司法》） 《中华人民共和国证券法》（以下简称《证券法》）《上市公司治理准则》《上 海证券交易所股票上市规则》（以下简称《上市规则》）和《国机重型装备集团 股份有限公司章程》（以下简称《公司章程》）等有关规定，制订本规则。 第二条 本规则适用于公司董事会、董事会各专门委员会、董事、董事会秘 书及本规则中涉及的有关部门及人员。 第二章 董事会工作规则 第一节 董事会的一般规定 （二）三分之一以上董事联名提议时； （三）审计与风险管理委员会提议时； （四）董事长认为必要时； 第三条 董事会下设董事会办公室，处理董事会日常事务。 第四条 董事会会议分为定期会议和临时会议。 第五条 公司董事会定期会议应当在每年的 4 月底、8 月底、10 月底前召开。 第六条 在发出召开董事会定期会议的通知前，董事会办公室应当形成会议 提案交董事长审定。 第七条 有下列情 ...