中信建投证券股份有限公司 关于上海沪工焊接集团股份有限公司 （二）经上海证券交易所自律监管决定书[2020]239号文同意，公司本次发 行的40,000.00万元可转换公司债券于2020年8月10日起在上海证券交易所上市交 易，债券简称"沪工转债"，债券代码"113593"。 （三）根据《上海证券交易所股票上市规则》的相关规定和《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，"沪工转债"自2021年1月25日起可转换为公司 股份，初始转股价格为21.32元/股；因公司实施2020年年度利润分配，转股价格 自2021年6月10日起调整为21.12元/股；因公司实施2021年年度利润分配，转股 价格自2022年6月29日起调整为21.10元/股；因公司实施2024年年度利润分配， 转股价格自2025年6月10日起调整为21.09元/股。 一、可转债发行上市概况 （一）经中国证券监督管理委员会出具的《关于核准上海沪工焊接集团股 份有限公司公开发行可转换公司债券的批复》（证监许可[2020]983号）核准， 公司于2020年7月20日公开发行可转换公司债券 ...

格隆汇12月9日丨上海沪工(603131.SH)公布，公司股票自2025年11月12日至2025年12月9日，已有十五 个交易日的收盘价不低于"沪工转债"当期转股价格 21.09元/股的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》的约定，已触发"沪工转 债"的有条件赎回条款。 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《关于提前赎回"沪工转债"的议 案》，公司董事会决定行使"沪工转债"的提前赎回权利，按照债券面值加当期应计利息的价格对赎回登 记日登记在册的全部未转股的"沪工转债"赎回。 ...

上海沪工焊接集团股份有限公司 关于提前赎回"沪工转债"的公告 | 证券代码：603131 | 证券简称：上海沪工 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：113593 | 债券简称：沪工转债 | | 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、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会出具的《关于核准上海沪工焊接集团股份有限公 司公开发行可转换公司债券的批复》（证监许可[2020]983 号）核准，公司于 2020 年 7 月 20 日公开发行可转换公司债券 400 万张，每张面值 100 元人民币，发行 总额 40,000.00 万元，期限为发行之日起 6 年。可转债票面利率为：第一年 0.40%、 第二年 0.60%、第三年 1.20%、第四年 2.00%、第五年 2.40%、第六年 2.80%。 （二）可转债上市情况 上海沪工焊接集团股份有限公司（以下简称"公司"）股票自 2025 年 11 月 12 日至 2025 年 ...

Group 1 - The AI glasses market is entering a new phase of scaled growth, with significant participation from major tech companies and startups [6][7] - Google announced the development of two types of AI glasses, with the first model expected to launch in 2026, in collaboration with partners like Samsung and Warby Parker [5] - The global smart glasses market is projected to ship 12.8 million units in 2025, a 26% year-on-year increase, with China's market expected to reach 2.75 million units, growing by 107% [6] Group 2 - As of December 8, over 40 concept stocks related to the AI glasses industry have a combined market value exceeding 1.8 trillion yuan, with an average increase of 16.35% this year [7] - Jiangbolong has seen a remarkable increase of 217.44% since 2025, making it the top performer among AI glasses concept stocks, with a net profit of 713 million yuan in the first three quarters of the year [7][8] - Institutional interest in AI glasses stocks is high, with nine stocks receiving more than ten institutional research visits this year, including Jiangbolong, which has been researched 56 times [7][9]

Group 1: Commercial Aerospace - Focus on core targets in satellite manufacturing and launch sectors, which are expected to maintain stable or improving value under cost reduction trends[3] - Key targets include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics for satellite manufacturing, and Hai Ge Communication, Guo Bo Electronics, and Tong Yu Communication for application terminals[3] - Anticipated mergers and acquisitions in Aerospace Technology Group due to its substantial external assets[3] Group 2: Wind Power - Offshore wind power in China is experiencing rapid growth due to abundant resources and proximity to major electricity consumption centers, with significant long-term growth potential[3] - The offshore wind power installation capacity is projected to increase significantly, with various provinces planning substantial projects, such as Zhejiang's 28 GW and Guangdong's 16 GW[38] - European offshore wind construction is expected to accelerate as financing costs decrease, with an anticipated installation of 8.7 GW by 2026[40] Group 3: Hengbo Co., Ltd. - Hengbo is projected to achieve net profits of 1.52/1.77/2.05 billion yuan from 2025 to 2027, with year-on-year growth rates of 16.3%/16.6%/15.4%[3] - The company is positioned as a leading supplier in the intake system sector, leveraging its cost advantages and customer resources to expand into overseas markets[3] - The PEEK business, through joint ventures, is expected to capture significant market share in high-end manufacturing applications, particularly in humanoid robots[3] Group 4: Tool Industry - The tool industry is experiencing a supply expansion due to high profit margins attracting numerous manufacturers, leading to increased competition[3] - Rising tungsten prices are prompting raw material suppliers to demand cash payments, which may lead to the exit of smaller firms and stabilize the industry structure[3] - Major companies are expected to expand production capacity, enhancing their resilience against market fluctuations[3]

Core Insights - The recent ZZJ work meeting in December has set the tone for the economy in 2024, emphasizing stability and quality improvement, with more proactive fiscal policies and moderately loose monetary policies [1][2] - The meeting highlighted the need for a comprehensive policy toolbox to support macroeconomic stability, combining both existing and new policies [2] Economic Policy Summary - **Economic Outlook**: The economy faces challenges such as insufficient domestic demand and risks, but the foundational conditions remain strong [2] - **Fiscal Policy**: A more proactive fiscal policy is to be implemented, including increasing the fiscal deficit ratio and enhancing fiscal spending efficiency [2] - **Monetary Policy**: The monetary policy will remain moderately loose, with measures such as potential interest rate cuts and maintaining liquidity [2] Market Reaction - Following the announcement of the meeting, there was significant capital inflow into sectors like computing hardware and innovative chips, indicating strong institutional interest [1][3] - The technology sector, particularly AI computing hardware and commercial aerospace, has shown robust performance, with various sub-sectors experiencing substantial gains [1][4] Investment Themes - **Commercial Aerospace**: Identified as a key investment theme due to its strong policy support and technological advancements, with significant upcoming events expected to drive growth [6][9] - **AI Computing**: The AI computing sector is also highlighted as a major area of investment, with strong performance indicators and market interest [4][6] Sector-Specific Opportunities - **Key Sectors**: The commercial aerospace sector is supported by a comprehensive action plan from the National Space Administration, which includes funding and streamlined processes for development [6][9] - **Technological Innovations**: Upcoming launches and technological breakthroughs in the aerospace sector are expected to create new investment opportunities [6][12] Summary of Investment Lines - **Four Main Lines**: The market is currently focused on four main lines: commercial aerospace, cross-strait speculation, AI computing, and financial sector movements [4][6] - **Long-term Focus**: The commercial aerospace sector is particularly noted for its long-term potential due to ongoing policy and technological support [6][9]

■ 新增条款导致后续各章节或条款序号发生变化的，也相应进行调整。修订后的《公司章程》详见上海证 券交易所网站（www.sse.com.cn）。 本议案尚需提交公司股东大会审议。 特此公告。 上海沪工焊接集团股份有限公司董事会 2025年12月5日 证券代码：603131 证券简称：上海沪工 公告编号：2025-068 ● 募投项目延期情况：在募投项目实施主体、实施方式、募集资金投资用途及投资规模不发生变更的前 提下，将"精密数控激光切割装备扩产项目"达到预定可使用状态日期从2025年12月31日延期至2026年12 月31日。 ● 上述事项已经上海沪工焊接集团股份有限公司（以下简称"公司"或"上海沪工"）第五届董事会第十一 次会议、第五届监事会第七次会审议通过。根据《上市公司募集资金监管规则》等有关规定，本次部分 募投项目延期事项无需提交公司股东大会审议。 一、募集资金基本情况 重要内容提示： 经中国证券监督管理委员会《关于核准上海沪工焊接集团股份有限公司公开发行可转换公司债券的批 复》（证监许可[2020]983号）核准，公司向社会公开发行人民币400,000,000.00元可转换公司债券，每 张面值100 ...

证券代码：603131 证券简称：上海沪工公告编号：2025-066 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 关于取消监事会并修订《公司章程》的公告 二、《公司章程》的修订情况 根据《中华人民共和国公司法（2023年修订）》、《上市公司章程指引（2025年修订）》等相关法律法 规、指引及规范性文件规定，公司结合实际经营情况，拟对《公司章程》进行修订。除将"股东大会"改 为"股东会"、删除监事表述、以审计委员会替代监事会表述的条款及其他非实质性内容修改的条款未单 独列示外，其他主要修订情况如下： ■■■■ ■ 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。 上海沪工焊接集团股份有限公司（以下简称"公司"）于2025年12月3日召开第五届董事会第十一次会 议，审议通过了《关于修订〈公司章程〉的议案》，并于同日召开第五届监事会第七次会议，审议通过 了《关于取消监事会并废止〈监事会议事规则〉的议案》，现将具体情况公告如下： 一、取消监事会并废止《监事会议事规则》的相关情况 根据《公司法》《上市公司 ...

（编辑 袁冠琳） 证券日报网讯 12月4日晚间，上海沪工发布公告称，公司于2025年12月3日召开第五届董事会第十一次 会议、第五届监事会第七次会议，审议通过了《关于终止部分募投项目并将剩余募集资金永久补充流动 资金的议案》，同意公司终止实施"航天装备制造基地一期建设项目"并将剩余募集资金永久补充流动资 金。该议案尚需提交股东大会和可转债债券持有人会议审议通过后方可实施。 ...

Group 1: China Satellite (600118) - China Satellite is a leading player in the domestic satellite manufacturing sector and a key support for the national satellite internet strategy, handling over 50% of domestic low-orbit communication satellite orders [1][20] - The company has a monopoly advantage in small and micro-satellite platform technology, with products covering optical remote sensing, communication, and navigation [1][20] - It benefits from the increasing density of domestic satellite launches and the acceleration of constellation networking processes [1][20] Group 2: China Satcom (601698) - China Satcom is the only domestic telecom operator with independent satellite communication resources, managing multiple commercial communication satellites and providing a global satellite communication network [2][21] - The company plays a dominant role in aviation satellite internet services, providing high-speed and stable satellite-ground connectivity for flights [2][21] - Its business model encompasses the entire chain from satellite operation to bandwidth leasing and value-added services, benefiting from the growing demand for satellite bandwidth resources [2][21] Group 3: Shanghai Huguang (603131) - Shanghai Huguang is a core player in the private satellite manufacturing sector, with capabilities in the assembly, integration, and testing (AIT) services for the G60 Qianfan constellation project [3][22] - The company has a production capacity of over 100 satellites annually, supporting the deployment of 15,000 satellites for the Qianfan constellation [3][22] - It leverages advanced welding technology and automation to meet precision manufacturing requirements, achieving a 20% improvement in weld strength compared to traditional methods [3][22] Group 4: Chengchang Technology (001270) - Chengchang Technology is one of the few companies providing complete solutions for satellite internet phased array T/R chips, focusing on GaN, GaAs, and silicon-based processes [4][23] - The company’s products are widely used in various scenarios, achieving international advanced performance levels [4][23] - It benefits from the growing demand for satellite communication chips and the domestic replacement of high-end RF chips [4][23] Group 5: Huali Chuantong (300045) - Huali Chuantong is a core supplier of satellite communication terminals, playing a key role in the satellite communication functionality of Huawei's Mate60 series [5][24] - The company’s products cover satellite communication, BeiDou navigation, and simulation testing, with significant advantages in both military and civilian sectors [5][24] - It is well-positioned to benefit from the increasing penetration of consumer-grade satellite communication terminals [5][24] Group 6: Haige Communication (002465) - Haige Communication has a complete technology system in the low-orbit satellite internet sector, providing integrated solutions from chips to terminals and systems [6][25] - The company is deeply involved in major domestic BeiDou navigation and satellite internet projects, with a strong customer base in military satellite communication [6][25] - It is positioned to benefit from the dual growth of military and civilian markets through its collaborative development model [6][25] Group 7: Qian Zhao Optoelectronics (300102) - Qian Zhao Optoelectronics is a leading supplier of gallium arsenide solar cells in the commercial aerospace sector, holding over 50% market share [7][26] - The company has achieved vertical integration from gallium arsenide epitaxial wafers to chips, with products suitable for extreme space environments [7][26] - It benefits from the increasing satellite launch volumes and the growth of the commercial aerospace industry [7][26] Group 8: Aerospace Electronics (600879) - Aerospace Electronics specializes in providing key electronic devices and control systems for satellites and rockets, serving as a core support for the aerospace industry [8][27] - The company has a strong technical reserve in inter-satellite links and high-precision measurement and control [8][27] - It is positioned to benefit from the rapid development of commercial aerospace and the increasing demand for aerospace equipment [8][27] Group 9: Zhenlei Technology (688270) - Zhenlei Technology is a core supplier in the satellite internet chip sector, with a market share exceeding 40% in satellite RF chips and power management chips [9][28] - The company has achieved breakthroughs in high-end chip domestic production, with reliability and performance reaching international standards [9][28] - It is well-positioned to benefit from the demand for satellite internet core components and the domestic replacement of imported products [9][28] Group 10: Guobo Electronics (688375) - Guobo Electronics is a leading company in the satellite phased array T/R component sector, focusing on the development of compound semiconductor devices [10][29] - The company has a complete technical system for the design, manufacturing, and testing of phased array T/R components [10][29] - It is positioned to benefit from the growing demand for high-frequency communication in satellite applications [10][29] Group 11: Zhongke Xingtou (688568) - Zhongke Xingtou is a leader in satellite remote sensing data processing and visualization, providing critical data support for satellite internet applications [11][30] - The company has a full-chain technology for satellite remote sensing data acquisition, processing, analysis, and visualization [11][30] - It is positioned to benefit from the explosion of satellite remote sensing data and the digital transformation of industries [11][30] Group 12: Siwei Tuxin (002405) - Siwei Tuxin is a leader in high-precision mapping and positioning navigation, providing integrated solutions for satellite internet applications in smart driving [12][31] - The company has a leading high-precision map database and core technology for BeiDou navigation [12][31] - It is positioned to benefit from the integration of satellite positioning technology and map data in the automotive sector [12][31] Group 13: Shanghai Huanxun (300762) - Shanghai Huanxun is a core enterprise in the military communication and satellite internet integration sector, serving as the exclusive payload supplier for the G60 Qianfan constellation [13][32] - The company has developed core technologies for 6G communication, enhancing frequency utilization and anti-interference capabilities [13][32] - It is positioned to benefit from the dual growth of military and civilian satellite communication markets [13][32] Group 14: Obit (300053) - Obit specializes in the development and production of core electronic devices for satellites, adapting to the trends of satellite miniaturization and lightweight [14][33] - The company’s products are widely used in various satellites and spacecraft, ensuring stable operation in orbit [14][33] - It is positioned to benefit from the increasing demand for satellite electronic products as commercial satellite launches rise [14][33] Group 15: Aerospace Hanyu (688523) - Aerospace Hanyu focuses on the development and production of structural components and electronic devices for satellites and rockets, serving as a key support for the aerospace industry [15][34] - The company has a complete capability from product design to mass production, meeting high reliability and precision manufacturing requirements [15][34] - It is positioned to benefit from the acceleration of satellite networking and the increasing launch density of rockets [15][34] Group 16: Tongyu Communication (002792) - Tongyu Communication is a leading company in the satellite communication antenna sector, focusing on the development of antennas for satellite and mobile communication [16][35] - The company has a complete capability from antenna design to testing, with products applied in various satellite communication projects [16][35] - It is positioned to benefit from the construction of ground facilities for satellite internet and the upgrading of communication equipment [16][35] Group 17: Tianyin Electromechanical (300342) - Tianyin Electromechanical is a core supplier of satellite attitude control system components, playing a significant role in commercial satellite systems [17][36] - The company’s products ensure stable satellite attitude and energy supply, with applications in various commercial satellites [17][36] - It is positioned to benefit from the increasing demand for attitude control system components as satellite launches rise [17][36]