Core Viewpoint - The A-share market has seen a surge in military stocks, driven by U.S. President Trump's proposal to increase the military budget from approximately $1 trillion to $1.5 trillion by 2027, along with calls for defense companies to boost production and R&D investments while halting stock buybacks and dividends [1]. Group 1: Stock Performance - Shaoyang Hydraulic and Haheng Huaton both hit the 20% limit up, while Dongtu Technology rose by 11% [1]. - A total of 12 companies, including China First Heavy Industries, Tianqi Mould, and Nanjing Panda, experienced a 10% limit up [1]. - The following companies showed significant year-to-date performance: - Shaoyang Hydraulic: 56.91% increase [2] - Haheng Huaton: 35.21% increase [2] - Dongtu Technology: 14.78% increase [2] - China First Heavy Industries: 23.31% increase [2] - Nanjing Panda: 46.40% increase [2] Group 2: Market Capitalization - The market capitalization of notable companies includes: - Shaoyang Hydraulic: 5.403 billion [2] - Haheng Huaton: 11.6 billion [2] - Dongtu Technology: 14.4 billion [2] - China First Heavy Industries: 33.7 billion [2] - Nanjing Panda: 16.3 billion [2] - Other companies with significant market caps include: - Aerospace Electric: 28.7 billion [2] - China Nuclear Engineering: 51 billion [2] - Aerospace Morning Light: 14.7 billion [2] - Aerospace Electronics: 86 billion [2]

Group 1 - The commercial aerospace sector is experiencing significant growth, with multiple stocks reaching their daily limit up, indicating strong market interest and investment potential [1][2]. - Notable stocks include Shaoyang Hydraulic, which saw a 20.01% increase, and other companies like Taisheng Wind Power and Jinhong Gas, which also reported substantial gains of 14.15% and 12.30% respectively [2]. - The latest research from CITIC Securities highlights that the commercial aerospace industry is poised to enter a new era, driven by national policy support and technological breakthroughs [1][3]. Group 2 - A total of over ten stocks in the commercial aerospace sector have hit their daily limit up, showcasing a broad-based rally in this industry [1]. - The market capitalization of leading companies in this sector, such as Shaoyang Hydraulic at 54.03 billion and Taisheng Wind Power at 124.5 billion, reflects strong investor confidence [2]. - The overall positive sentiment in the commercial aerospace market is further supported by the performance of various stocks, with many achieving double-digit percentage increases [2].

Group 1 - The sixth board meeting of Lanzhou Lanshi Heavy Equipment Co., Ltd. was held on December 29, 2025, with all 9 directors present, complying with relevant laws and regulations [2] - The board approved the proposal to formulate the "Management System for Shares Held by Directors and Senior Management and Their Changes," with a unanimous vote of 9 in favor [3] - The announcement was made by the company on December 30, 2025 [5]

证券日报网讯 12月29日，兰石重装发布公告称，兰石重装第六届董事会第十次会议于2025年12月29日 以现场加通讯方式召开，会议审议通过《关于制订的议案》。 （文章来源：证券日报） ...

二、董事会会议审议情况 会议以记名投票方式形成如下决议： 1. 审议通过《关于制订<董事和高级管理人员所持本公司股份及其变动管理 制度>的议案》 证券代码：603169 证券简称：兰石重装 公告编号：临 2025-100 兰州兰石重型装备股份有限公司 第六届董事会第十次会议决议公告 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。 一、董事会会议召开情况 兰州兰石重型装备股份有限公司（以下简称"公司"）第六届董事会第十次 会议于 2025 年 12 月 29 日以现场加通讯表决方式在公司六楼会议室召开。会议 通知于 2025 年 12 月 24 日以电子邮件方式送达全体董事。会议应出席董事 9 人， 实际出席董事 9 人，公司高级管理人员列席会议。会议由公司董事长郭富永主持， 会议的召集、召开符合《公司法》及公司《章程》的相关规定。 兰州兰石重型装备股份有限公司董事会 2025 年 12 月 30 日 表决结果：9 票同意，0 票反对，0 票弃权。 详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《兰州兰石 ...

Group 1 - The core viewpoint of the article highlights that Lanshi Heavy Industry (SH 603169) held its 10th meeting of the 6th Board of Directors on December 29, 2025, to discuss the management system for shares held by directors and senior management [1] - For the year 2024, Lanshi Heavy Industry's revenue composition is as follows: Mechanical manufacturing accounts for 72.87%, new metal materials for 14.29%, engineering contracting for 9.96%, technical services for 2.02%, and other businesses for 0.86% [1] - As of the report date, Lanshi Heavy Industry has a market capitalization of 13.8 billion yuan [1]

兰州兰石重型装备股份有限公司 董事和高级管理人员所持本公司股份 及其变动管理制度 第一章 总 则 第一条 为加强对兰州兰石重型装备股份有限公司(以下简称"公司")董事 和高级管理人员所持本公司股份及其变动的管理，进一步明确管理程序，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》"）《上市公司董事和高级管理人员所持本公司股份及其变动管理 规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第 8 号——股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号—— 股东及董事、高级管理人员减持股份》等有关法律、行政法规、部门规章、规范 性文件及公司《章程》的有关规定，制定本规则。 第二条 公司董事、高级管理人员应当遵守《公司法》《证券法》和有关法 律、行政法规、部门规章、规范性文件以及上海证券交易所规则中关于股份变动 的限制性规定。 公司董事、高级管理人员等主体对持有股份比例、持有期限、变动方式、变 动数量、变动价格等作出承诺的，应当严格履行所作出的承诺。 第四条 公司董事、高级管理人员所持本公司股份是指登记在其名下和利用 他人 ...

Core Viewpoint - The traditional energy equipment manufacturing giant, Lanzhou Lanshi Heavy Equipment Co., Ltd. (Lanshi Heavy Equipment), is strategically transitioning into the new energy sector, focusing on hydrogen and nuclear fusion technologies through partnerships with research institutions [1][2]. Group 1: Strategic Partnerships - Lanshi Heavy Equipment and its subsidiary signed agreements with the Hefei Comprehensive National Science Center Energy Research Institute to establish joint laboratories for hydrogen-ammonia fusion technology and nuclear fusion heat exchange equipment [1][2]. - This collaboration aims to promote the localization of core hydrogen and nuclear fusion equipment, addressing critical technological challenges [2]. Group 2: Industry Positioning - Lanshi Heavy Equipment is expanding its capabilities in the energy revolution, focusing on both nuclear fusion and hydrogen-ammonia sectors, reflecting its strategic commitment to the new energy equipment industry [2][3]. - The company has established a comprehensive industrial chain in nuclear energy, covering everything from nuclear-grade materials to environmental protection equipment, with a significant increase in orders in the nuclear sector [3]. Group 3: Technological Development - In the nuclear fusion field, Lanshi Heavy Equipment has developed a new type of compact heat exchanger for fusion engineering, contributing to major scientific projects and achieving a 90% market share in nuclear-grade plate heat exchangers [3]. - The joint laboratory for fusion heat exchange equipment aims to tackle extreme temperature challenges and drive technological advancements in fusion power generation [3]. Group 4: Hydrogen-Ammonia Sector - Lanshi Heavy Equipment is developing a systematic solution capability in the hydrogen-ammonia sector, establishing a green hydrogen integrated demonstration base and creating leading core equipment in the industry [4]. - The partnership with the Energy Research Institute aims to advance research and industrial application of zero-carbon technologies in hydrogen and ammonia fusion, with ambitious goals for modular ammonia production facilities [4]. Group 5: Innovation and Talent Development - The collaboration establishes a closed-loop system for industry-academia-research cooperation, enhancing the transition of scientific research into market applications [6]. - The establishment of a nuclear fusion science and engineering college in partnership with Lanzhou University aims to strengthen talent cultivation, creating a virtuous cycle of research, transformation, and talent development [6].

Core Viewpoint - Lansi Heavy Industry (603169) is advancing its development in nuclear energy and hydrogen energy equipment by establishing joint laboratories with Hefei Comprehensive National Science Center's Energy Research Institute to promote research and industrial development in zero-carbon technologies and high-performance fusion heat exchange equipment [1] Group 1: Joint Laboratory Agreements - Lansi Heavy Industry and its subsidiary signed agreements to establish two joint laboratories focused on hydrogen-ammonia fusion engineering technology and high-efficiency fusion heat exchange equipment [1] - The collaboration aims to enhance research in controlled nuclear fusion and develop high-performance heat exchange equipment, with specific research directions including compact and efficient heat exchange equipment for fusion power systems and low-temperature heat exchange equipment [1][1] - The goal is to create a technology roadmap and key milestone progress charts within one year, and to achieve significant results in the fusion energy sector within two to five years [1][1] Group 2: Research Focus and Goals - The joint laboratory for hydrogen-ammonia fusion will focus on modular flexible ammonia synthesis, green hydrogen liquefaction, and ammonia cracking for hydrogen production [1] - The aim is to establish modular industrial ammonia synthesis plants with capacities ranging from 10,000 to 100,000 tons and to develop hydrogen stations with a capacity of over 1,000 kg/d within two to five years [1][1] - Hefei Energy Research Institute has made significant breakthroughs in clean energy utilization and renewable energy technologies since its establishment in 2019 [1] Group 3: Market Position and Growth - Lansi Heavy Industry has developed a strategic emerging industry focusing on "nuclear-hydrogen-light-storage" new energy equipment and efficient heat exchange equipment [1] - The company has achieved a 90% market share in nuclear-grade plate heat exchangers and has received orders worth 306 million yuan in the nuclear energy sector, reflecting a 32.16% year-on-year growth [1][1] - The company is enhancing its production capacity to strengthen its manufacturing capabilities for high-end nuclear power equipment, aiming for future market growth [1]

Core Viewpoint - Lansi Heavy Industry (603169) is advancing its development in nuclear energy and hydrogen energy equipment by establishing joint laboratories with Hefei Comprehensive National Science Center's Energy Research Institute to promote research and industrial development in zero-carbon technologies and high-performance fusion heat exchange equipment [2][3][4]. Group 1: Joint Laboratory Agreements - Lansi Heavy Industry and its subsidiary signed agreements to establish joint laboratories focused on hydrogen-ammonia fusion engineering technology and high-efficiency fusion heat exchange equipment [2][3]. - The collaboration aims to enhance research in controlled nuclear fusion and develop new technologies for high-performance heat exchange systems [3][4]. Group 2: Research Directions and Goals - The joint laboratory for fusion heat exchange equipment will focus on three main areas: compact and efficient heat exchange systems for fusion power generation, low-temperature heat exchange equipment, and optimization of flow channels in Tokamak devices [3][4]. - The goal is to create a roadmap for technology development within one year and achieve significant results in the fusion energy sector within two to five years, including prototypes for efficient heat exchange equipment [4]. Group 3: Hydrogen-Ammonia Fusion Technology - The establishment of the hydrogen-ammonia fusion engineering technology laboratory will facilitate research in modular flexible ammonia synthesis, green hydrogen liquefaction, and ammonia cracking for hydrogen production [4][5]. - The aim is to develop a modular industrial ammonia synthesis facility powered by renewable energy sources and establish a hydrogen station with a capacity exceeding 1000 kg/d [5]. Group 4: Market Position and Growth - Lansi Heavy Industry has built a robust industry system in the fusion heat exchange equipment sector, achieving a 90% market share in nuclear-grade plate heat exchangers [6]. - The company reported a 32.16% year-on-year increase in nuclear energy orders, amounting to 306 million yuan in the first half of 2025, and is enhancing production capacity to meet future market demands [7].