Market Performance - The specialized equipment sector increased by 0.81% on September 22, with Bai'ao Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Bai'ao Intelligent (300836) closed at 56.41, up 20.00% with a trading volume of 94,100 shares and a transaction value of 486 million [1] - Lihexing (301013) closed at 30.50, up 14.62% with a trading volume of 855,800 shares and a transaction value of 2.507 billion [1] - Kaige Precision Machinery (301338) closed at 75.23, up 14.33% with a trading volume of 79,800 shares and a transaction value of 573 million [1] Other Notable Performers - Hezhuan Intelligent (603011) closed at 18.66, up 10.02% with a trading volume of 1,003,600 shares and a transaction value of 1.804 billion [1] - Jinggong Technology (002006) closed at 22.52, up 10.01% with a trading volume of 670,800 shares and a transaction value of 1.470 billion [1] - Yingxiongke (002837) closed at 81.88, up 9.99% with a trading volume of 604,300 shares and a transaction value of 4.837 billion [1] Market Flow - The specialized equipment sector saw a net inflow of 618 million from institutional investors, while retail investors contributed a net inflow of 150 million [2] - The sector experienced a net outflow of 767 million from speculative funds [2] Individual Stock Fund Flow - Yingweike (002837) had a net inflow of 111.7 million from institutional investors, while it faced a net outflow of 78.9 million from speculative funds [3] - Hezhuan Intelligent (603011) saw a net inflow of 31.6 million from institutional investors, with a net outflow of 10.3 million from speculative funds [3] - Jinggong Technology (002006) had a net inflow of 20 million from institutional investors, while it faced a net outflow of 61.1 million from speculative funds [3]

Group 1 - The A-share market showed mixed performance on September 22, with the Shanghai Composite Index rising by 0.06%, driven by gains in sectors such as computer hardware and electronic components, while the restaurant and tourism sectors faced declines [1] - The machine tool sector demonstrated strength, with the machine tool ETF (159663) increasing by 0.66%, and notable individual stock performances included Weichuang Electric rising by 8.15%, Dazhu Laser by 6.88%, and Hezhu Intelligent by 5.13% [1] Group 2 - According to Wind data, the production of metal cutting machine tools in China is projected to reach approximately 71,000 units by August 2025, reflecting a year-on-year growth of 16.4%, although the growth rate has decreased by 3.9 percentage points compared to the previous month [3] - From January to August, the cumulative production of machine tools was about 564,000 units, showing a year-on-year increase of 14.6%, with a month-on-month growth rate increase of 0.7 percentage points [3] - The production of industrial robots in China is expected to be around 64,000 units by August 2025, with a year-on-year growth of 14.4% [3] - Xiangcai Securities reported that the manufacturing PMI in China rose by 0.1 percentage points to 49.4% in August, indicating improvements in production, new orders, and backlogged orders, suggesting a recovery in supply and demand within the manufacturing sector [3] - The machine tool ETF (159663) closely tracks the China Machine Tool Index, which encompasses key areas of high-end equipment manufacturing, including laser equipment, machine tools, robots, and industrial control equipment, highlighting the emphasis on innovation and industrial upgrading [3]

Industry Insights - Zhang Jie, an academician from the Chinese Academy of Sciences, announced plans to build the first 50 Hz, 1 million kW laser fusion power plant in Shanghai by around 2045, which is expected to provide electricity for a city with a population of 2 million [1] - The fusion energy sector is projected to drive significant advancements in human civilization, with the potential to create a trillion-yuan industry chain encompassing upstream, midstream, and downstream sectors [1] - Under the guidance of China's Atomic Energy Law and top-level industry policies, the nuclear fusion industry is experiencing rapid development, with both state-owned and private capital accelerating the transition from laboratory research to commercialization [1] Company Developments - Hezhong Intelligent has participated in the pre-research work for the manufacturing of core components such as fusion reactors, vacuum chambers, and filters, and has co-founded the Fusion Industry Alliance, serving as a vice-chairman unit [2] - Yongding Co., Ltd. has applied high-temperature superconducting materials in various fields, including superconducting induction heating, single crystal growth, controllable nuclear fusion magnets, and superconducting power equipment [2]

来源：市场资讯 （来源：财报翻译官） 朋友们，最近外资的动向，真的有点东西！ 不知道大家注意到没有，总被我们吐槽"坏得很"的华尔街巨头——摩根、高盛、瑞银，最近居然不约而 同地盯上了一家A股的高端制造公司：合锻ZN。$合锻智能(603011) 外资不是慈善家，他们真金白银砸进来，绝对不是来短期炒作的。合锻吸引他们的，绝不是眼下这点利 润，而是三个硬核逻辑： 外资买的不是它的过去，而是中国高端制造不可逆转的未来。 第二把火：财报里藏着两个关键积极信号！ 虽然净利润暂时下滑，但我们绝对不能只看这一个数字。财报里有两个关键细节，比利润更重要： 一家二季度业绩还下滑11%的公司，凭什么能同时吸引顶级投行的目光？是短线炒作，还是看到了什么 我们没看到的东西？ 当财官仔细扒开它最新的财报，发现了几组"极度矛盾"的数据： 这说明什么？ 说明这家公司表面上业绩承压，但体内正暗流涌动，很可能在憋一个大招。 今天，财官就带大家盘一盘，合锻到底是不是真的被低估了。 第一把火：三大外资同时买入，他们看中了什么？ 面上业绩：净利润951万，同比下降11%（看起来有点拉垮） 暗里变化：存货13.67亿，创历史新高，同比大增13% 回款能 ...

Company Overview - Hefei HuoDuan Intelligent Manufacturing Co., Ltd. was established on September 7, 1997, and listed on November 7, 2014. The company specializes in the research, production, and sales of forging equipment and intelligent detection and sorting equipment [2] - The main business revenue composition includes: color sorting machines 49.80%, hydraulic presses 30.93%, mechanical presses 14.87%, and others 3.62% [2] - As of June 30, 2025, the number of shareholders is 70,900, a decrease of 11.09% from the previous period, with an average of 6,975 circulating shares per person, an increase of 12.47% [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 982 million yuan, a year-on-year increase of 8.23%, while the net profit attributable to the parent company was 9.51 million yuan, a year-on-year decrease of 11.39% [2] - The company has distributed a total of 157 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Stock Performance - On September 17, the stock price of HuoDuan Intelligent fell by 2.04%, trading at 16.82 yuan per share, with a total market capitalization of 8.316 billion yuan [1] - Year-to-date, the stock price has increased by 145.55%, with a decline of 1.81% over the last five trading days, and increases of 5.72% and 8.66% over the last 20 and 60 days, respectively [1] - The company has appeared on the trading leaderboard 19 times this year, with the most recent appearance on June 19, where it recorded a net buy of -125 million yuan [1] Institutional Holdings - As of June 30, 2025, the fourth largest circulating shareholder is Huaxia High-end Manufacturing Mixed A, holding 4.6428 million shares, an increase of 900 shares from the previous period. Huaxia Leading Stock is the tenth largest shareholder, holding 2 million shares as a new shareholder [3]

Investment Rating - The mechanical equipment sector is rated as "Outperform" compared to the market, with a weekly increase of 3.52% against the Shanghai Composite Index's 1.38% [2][11]. Core Insights - The mechanical equipment sector has shown strong performance, particularly in laser equipment, which increased by 10.13% [2][11]. - The overall PE-TTM valuation for the mechanical equipment sector rose by 3.43%, with the highest performing sub-sectors being laser equipment (+10.53%), robotics (+7.21%), and industrial control equipment (+6.28%) [19][18]. - The report highlights significant developments in humanoid robots entering industrial applications, particularly in the semiconductor display industry, with a notable order of nearly 500 million yuan for deployment in various operations [5][10]. Summary by Sections Industry Performance - The mechanical equipment sector ranked 7th out of 31 in the Shenwan industry rankings for the week [2][11]. - The sector's PE-TTM is currently at 37.1x, with the robotics sub-sector leading at 199.9x [18][19]. Key Developments - Major companies are advancing in product cost reduction and channel expansion, particularly in the robotics sector, with recommendations to focus on core component suppliers like 德昌电机控股 and 中大力德 [4]. - The advanced packaging industry is expected to benefit significantly from high demand for key equipment, with companies like 盛美上海 and 长川科技 highlighted for their growth potential [4]. - The report notes the acceleration of nuclear fusion engineering, with key technology demands expected to enhance industry activity, recommending关注西部超导 and 合锻智能 [4]. Company Announcements - 拓荆科技 plans to raise up to 46 billion yuan for the construction of a high-end semiconductor equipment industrialization base and a cutting-edge technology R&D center [27]. - The report mentions significant contracts and collaborations, including a 2.35 billion yuan industrial service contract signed by 博实股份 [29] and advancements in carbon-silicon technology by 晶盛机电 [31].

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]

公司公告汇总 北京市天元律师事务所就合肥合锻智能制造股份有限公司2025年第三次临时股东会出具法律意见。本次 股东会于2025年9月12日14时30分以现场与网络投票方式召开，由董事会召集，董事长严建文主持。出 席股东共803人，代表股份185,748,460股，占公司总股本的37.5693%。会议审议通过《关于公司使用公 积金弥补亏损的议案》，同意股数占出席会议股东所持表决权的99.5793%，中小投资者同意股数占比 97.7374%。现场会议由股东代表与律师监票计票，网络投票以上证所信息网络有限公司统计结果为 准。律师认为，本次股东会召集、召开程序、出席人员资格、召集人资格、表决程序及结果均合法有 效。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年9月12日收盘，合锻智能（603011）报收于16.95元，较上周的15.33元上涨10.57%。本周， 合锻智能9月12日盘中最高价报18.5元。9月8日盘中最低价报15.27元。本周共计1次涨停收盘，无跌停收 盘情况。合锻智能当前最新总市值84.25亿元，在专用设 ...

Group 1 - The core point of the announcement is the decision made during the third extraordinary general meeting of shareholders regarding the use of capital reserves to cover losses [2][4][7] - The meeting was held on September 12, 2025, with all nine directors present, and the voting process complied with legal and regulatory requirements [2][3] - The resolution to use capital reserves to cover losses was approved, with specific amounts detailed in the financial report [4][8] Group 2 - The company reported a cumulative undistributed profit of -398,157,643.03 yuan as of December 31, 2024, and plans to use 20,871,998.43 yuan from surplus reserves and 377,285,644.60 yuan from capital reserves to offset this loss [8] - The company is required to notify creditors of this decision within 30 days of the shareholders' meeting, allowing them to claim debts or request guarantees [9][10] - Creditors have a 45-day window from the announcement date to assert their claims, with specific procedures outlined for submission [10][12]

证券代码：603011 证券简称：合锻智能 公告编号：2025-041 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个别及连带责任。 一、通知债权人的原由 合肥合锻智能制造股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日、 2025 年 9 月 12 日召开第五届董事会第十九次会议、2025 年第三次临时股东会， 审议通过了《关于公司使用公积金弥补亏损的议案》。具体内容详见公司于 2025 年 8 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的《关于使用公积 金弥补亏损的公告》（公告编号：2025-038）。 根据容诚会计师事务所（特殊普通合伙）出具的《审计报告》，截至 2024 年 12 月 31 日，公司母公司财务报表口径累计未分配利润为-398,157,643.03 元， 盈余公积为 20,871,998.43 元，资本公积为 1,375,614,375.14 元。根据《中华 人民共和国公司法》、财政部《关于公司法、外商投资法施行后有关财务处理问 题的通知》等法律法规、规范性文件以及《公 ...