证券代码：603131 证券简称：上海沪工 公告编号：2026-019 关于为全资子公司综合授信提供担保的公告 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： 担保对象及基本情况 | 被担保人名称 | 本次担保金 | | 实际为其提供的担 | | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | --- | --- | | | 额 | | 保余额（不含本次 | | 期预计额 | 是否有反 | | | | 担保金额） | | | 度内 | 担保 | | 沪工智能科技（苏 | 5,000 万元 | 3,353.81 | | 万元 | 是 | 否 | | 州）有限公司 | | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（万元） | 3,353.81 | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） | 2.74 | | 特别风险提示 | 无 | ...

因自身资金需求，明鑫光储计划自本公告披露之日起15个交易日后的3个月内，通过集中竞价和大宗交 易方式合计减持不超过公司总股本的3%，即不超过约1011万股；其中通过集中竞价减持不超过公司总 股本的1%，即不超过约337万股；通过大宗交易减持不超过公司总股本的2%，即不超过约674万股。若 在减持计划期间，公司有送股、资本公积金转增股本等股份变动事项，本次拟减持股份数量将相应进行 调整。 每经AI快讯，上海沪工1月25日晚间发布公告称，截至本公告披露日，上海明鑫光储企业管理有限公司 持有上海沪工焊接集团股份有限公司股份约2531万股，占公司总股本的7.51%。股份来源为通过协议转 让取得。 （记者 王晓波） 每经头条（nbdtoutiao）——丹麦士兵荷枪实弹上岛，准备战斗！反击特朗普夺岛图谋，美最大债主3.6 万亿美元"金融核弹"可随时引爆，格陵兰风云骤起 ...

证券代码：603131 证券简称：上海沪工 公告编号：2026-020 上海沪工焊接集团股份有限公司 关于持股 5%以上股东减持股份计划公告 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： | 一、减持主体的基本情况 | | --- | | 股东名称 | 上海明鑫光储企业管理有限公司 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | √是 | □否 | | | 董事、监事和高级管理人员 | □是 | √否 | | | 其他：/ | | | | 持股数量 | 25,314,077股 | | | 大股东持股的基本情况：截至本公告披露日，上海明鑫光储企业管理 有限公司（以下简称"明鑫光储"）持有上海沪工焊接集团股份有限公 司（以下简称"公司"）股份 25,314,077 股，占公司总股本的 7.51%。 股份来源为通过协议转让取得。 减持计划的主要内容：因自身资金需求，明鑫光储计划自本公 ...

上海沪工公告称，截至公告披露日，持股7.51%股东明鑫光储持有公司股份25,314,077股，股份来源为 协议转让。因自身资金需求，其计划自公告披露之日起15个交易日后的3个月内（即2026年2月24日至5 月23日），通过集中竞价和大宗交易合计减持不超公司总股本3%，即不超10,107,216股，其中集中竞价 减持不超3,369,072股，大宗交易减持不超6,738,144股。减持计划实施存在不确定性，不会导致公司控制 权变更，也不会对公司治理及经营产生重大影响。 ...

联合〔2026〕622 号 联合资信评估股份有限公司 受上海沪工焊接集团股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司 （以下简称"联合资信"）对公司主体及相关债项进行了信用评级。根据最新的评级结果，公司主 体长期信用等级为 A，"沪工转债"信用等级为 A，评级展望为稳定。 根据公司于 2026 年 1 月 23 日披露的《上海沪工焊接集团股份有限公司关于"沪工转债"赎 回结果暨股份变动的公告》，"沪工转债"已于 2026 年 1 月 22 日完成兑付并于上海证券交易所摘 牌，不再存续。根据有关法规、监管规定、自律规则及联合资信《终止评级制度》，自本公告发布 之日起，联合资信终止对公司及"沪工转债"的信用评级，并将不再更新公司及上述债项的评级结 果。 特此公告 联合资信评估股份有限公司 关于终止上海沪工焊接集团股份有限公司主体及"沪工转债" 信用评级的公告 二〇二六年一月二十三日 主体长期信用评级报告 ...

Core Viewpoint - Shanghai Huguang Welding Group Co., Ltd. has announced the redemption of its convertible bonds, "Huguang Convertible Bonds," following the fulfillment of specific conditions related to stock price performance [2][3]. Group 1: Redemption Announcement - The company triggered the conditional redemption clause of the "Huguang Convertible Bonds" as the stock price met the required threshold of 130% of the conversion price for 15 out of 30 trading days [2]. - The board of directors approved the early redemption of the bonds during a meeting on December 9, 2025, and detailed the redemption process in subsequent announcements [3][4]. Group 2: Redemption Details - The redemption date is set for January 21, 2026, with a total of 6,700 bonds (valued at 670,000 yuan) being redeemed at a price of 101.4268 yuan per bond, including accrued interest [4][5]. - The total amount to be paid out for the redemption, including interest, is 679,559.99 yuan, with payment scheduled for January 22, 2026 [9]. Group 3: Impact on Company - The redemption will not significantly impact the company's cash flow, as the total redemption amount is relatively small [10]. - Following the redemption, the company's total share capital will increase to 336,907,220 shares, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce the debt-to-asset ratio in the long run [10]. Group 4: Conversion Status - As of January 21, 2026, a total of 399,330,000 yuan of "Huguang Convertible Bonds" have been converted into A-shares, representing 5.95% of the total shares before conversion [7][8]. - The bonds will cease trading from January 16, 2026, and any remaining bonds will be frozen and stop converting after the redemption date [8].

| 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2026-018 | | --- | --- | --- | | 债券代码：113593 | 债券简称：沪工转债 | | 上海沪工焊接集团股份有限公司 关于"沪工转债"赎回结果暨股份变动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： （一）有条件赎回条款满足情况 上海沪工焊接集团股份有限公司（以下简称"公司"）的股票自 2025 年 11 月 12 日至 2025 年 12 月 9 日期间，满足连续三十个交易日内有十五个交易日收 盘价格不低于"沪工转债"当期转股价格的 130％，即不低于 27.417 元/股。根 据《上海沪工焊接集团股份有限公司公开发行 A 股可转换公司债券募集说明书》 （以下简称"《募集说明书》"）的约定，已触发"沪工转债"的有条件赎回条款。 （二）本次赎回事项公告披露情况 公司于 2025 年 12 月 9 日召开第五届董事会第十二次会议，审议通过了《关 于提前赎回"沪工转债"的议案》，公司董事会决定行使"沪工转 ...

Core Viewpoint - Shanghai Huguang's stock price has shown volatility, with a recent increase of 2.04% but a year-to-date decline of 13.92%, indicating potential investment opportunities and risks in the company's performance [1]. Group 1: Stock Performance - As of January 22, Shanghai Huguang's stock price is 26.04 yuan per share, with a trading volume of 1.20 billion yuan and a turnover rate of 1.38%, resulting in a total market capitalization of 8.762 billion yuan [1]. - The stock has experienced a decline of 13.92% year-to-date, a drop of 7.59% over the last five trading days, and a decrease of 2.69% over the last 20 days, while showing a 14.01% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Shanghai Huguang reported an operating income of 641 million yuan, a year-on-year decrease of 12.65%, and a net profit attributable to shareholders of -1.9732 million yuan, reflecting a year-on-year decline of 104.20% [2]. Group 3: Shareholder Information - As of January 20, the number of shareholders for Shanghai Huguang is 58,500, an increase of 3.46% from the previous period, with an average of 5,748 circulating shares per shareholder, a decrease of 0.99% [2]. - The company has distributed a total of 185 million yuan in dividends since its A-share listing, with 3.8159 million yuan distributed over the last three years [3]. - As of September 30, 2025, the seventh largest circulating shareholder is Yongying High-end Equipment Intelligent Mixed Fund A, holding 1.5728 million shares, an increase of 595,900 shares from the previous period [3].

Group 1 - The company Shanghai Huguang (603131) reported that as of January 20, 2026, the number of shareholders is 58,539 [1]

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]