国金·月度金股 8 月： | 代码 | 简称 | 行业 | 收盘价 | 流通市值 | | EPS(元) | | PE | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | | | | | | | | | | 2025/7/28 | 百万元 | 2025E | 2026E | 2025E | 2026E | | 000425.SZ | 徐工机械 | 工程机械 | 8.60 | 69632.81 | 0.68 | 0.88 | 12.72 | 9.82 | | 603308.SH | 应流股份 | 通用设备 | 27.18 | 18456.21 | 0.66 | 0.92 | 41.50 | 29.54 | | 000831.SZ | 中国稀土 | 小金属 | 45.89 | 48699.42 | 0.36 | 0.45 | 126.42 | 102.43 | | 6881.HK | 中国银河* | 证券Ⅱ | 11.24 | 41486.67 | 1.06 | 1.20 | 10.60 | 9.37 | | 1428.HK ...

证 券 研 究 报 告 环保及公用事业行业深度研究报告 可控核聚变系列研究（一）：终极能源？投资 推荐（维持） 在东方欲晓时 行业研究 环保及公用事业 2025 年 07 月 28 日 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 153 | 0.02 | | 总市值(亿元) | 9,815.35 | 0.97 | | 流通市 ...

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。 交易信息汇总：7月25日主力资金净流出936.21万元，占总成交额3.48%。 公司公告汇总：应流股份向不特定对象发行可转换公司债券申请获得上海证券交易所上市审核委 员会审核通过。 7月25日，应流股份的资金流向情况如下：主力资金净流出936.21万元，占总成交额3.48%；游资资金净 流入13.88万元，占总成交额0.05%；散户资金净流入922.34万元，占总成交额3.43%。 公司公告汇总 安徽应流机电股份有限公司（证券代码：603308，证券简称：应流股份）发布公告称，公司向不特定对 象发行可转换公司债券的申请已获得上海证券交易所上市审核委员会的审核通过。根据2025年7月24日 召开的第25次审议会议结果，公司此次发行申请符合发行条件、上市条件和信息披露要求。但该事项还 需获得中国证券监督管理委员会作出同意注册的决定后方可实施，最终能否获得证监会同意注册的决定 及其时间尚存在不确定性。公司承诺将根据该事项的进展及时履行信息披露义务，并提醒投资者注意投 资风险。 截至2025年 ...

Investment Rating - The report maintains a positive outlook on the mechanical equipment sector, with specific recommendations for companies such as Yingliu Co., Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic [11]. Core Insights - GEV's new gas turbine orders increased by 35.56% year-on-year in the first half of 2025, indicating a strong demand in the gas turbine industry [25]. - Tesla's humanoid robot, Optimus Gen3, is set to launch a prototype within three months, with production expected to start in early 2026, which is anticipated to positively impact the robotics industry [25]. - The commencement of the Yaxia Hydropower Station project, with an estimated total investment of 1.2 trillion yuan, is expected to accelerate the recovery of domestic engineering machinery sales [25]. - The "Industrial Mother Machine+" initiative is driving domestic substitution and industrial upgrades, particularly in sectors like aerospace and new energy vehicles [25]. - The report highlights a robust demand for engineering machinery, with excavator sales showing resilience and growth in both domestic and international markets [30]. Summary by Sections Market Review - The SW Mechanical Equipment Index rose by 2.56% over the past week, outperforming the CSI 300 Index, which increased by 1.69% [14][15]. Key Data Tracking - General machinery sector remains under pressure, while engineering machinery shows a steady upward trend with excavator sales increasing by 13.3% year-on-year in June 2025 [23][30]. - The gas turbine sector is experiencing a robust upward trend, with GEV's new orders indicating a significant recovery [50]. Industry Dynamics - The report notes a stable growth in railway equipment investments, maintaining around 6% growth in 2025 [39]. - The shipbuilding sector is showing signs of marginal improvement after a period of decline, with new ship price indices stabilizing [41]. - Oil service equipment is showing signs of bottoming out, with global rig counts increasing, indicating a recovery in oil service demand [42].

2.请发行人代表结合"先进核能材料及关键零部件智能化升级项目"的预计新增订单、相关项目具体情 况、导入客户核电设备供应链等，说明客户稳定性和募投项目新增产能合理性，是否存在产能消化风 险。请保荐代表人发表明确意见。 3.请发行人代表结合报告期末账龄1年以上应收账款的具体情况，说明对应客户是否存在重大信用风 险，相关款项是否存在较大回收风险，是否应当按照单项计提坏账准备，应收账款坏账准备计提是否充 分。请保荐代表人发表明确意见。 需进一步落实事项： 无。 中国经济网北京7月25日讯据上交所网站消息，上海证券交易所上市审核委员会2025年第25次审议会议 于2025年7月24日召开，审议结果显示，安徽应流机电股份有限公司(以下简称"应流股份（603308）") 再融资符合发行条件、上市条件和信息披露要求。 上市委会议现场问询的主要问题： 1.请发行人代表结合报告期相关铸件毛坯产品销售情况、客户工艺性能验证进展、投产运营期的预计收 入及需求产能、在手订单等，说明"叶片机匣加工涂层项目"实施是否存在重大不确定性，以及新增产能 是否具有合理性。请保荐代表人发表明确意见。 | 序号 | 项目名称 | 项目投资金额 | 事 ...

Group 1 - Company stock of Yingliu Co., Ltd. (603308) closed at 27.16 yuan on July 24, 2025, with an increase of 1.42% and a turnover rate of 2.38% [1] - The trading volume was 161,900 shares, with a total transaction amount of 446 million yuan [1] Group 2 - On July 24, 2025, the net outflow of main funds was 2.78 million yuan, accounting for 0.62% of the total transaction amount; speculative funds had a net inflow of 3.64 million yuan, accounting for 0.82%; retail investors had a net outflow of 864,200 yuan, accounting for 0.19% [2][3] - Yingliu Co., Ltd. received approval from the Shanghai Stock Exchange Listing Review Committee for its application to issue convertible bonds to unspecified objects [2][3] - The issuance of convertible bonds is subject to approval from the China Securities Regulatory Commission, and the timing of this approval remains uncertain [2]

公司本次向不特定对象发行可转换公司债券事项尚需获得中国证券监督管 理委员会(以下简称"证监会")作出同意注册的决定后方可实施。本次发行最终 能否获得证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的 进展情况，按照相关规定和要求及时履行信息披露义务，敬请广大投资者注意投 资风险。 特此公告。 安徽应流机电股份有限公司董事会 二零二五年七月二十五日 安徽应流机电股份有限公司 关于向不特定对象发行可转换公司债券申请 获得上海证券交易所上市审核委员会审核通过的公告 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个别及连带责任。 上海证券交易所上市审核委员会于 2025 年 7 月 24 日召开 2025 年第 25 次 审议会议(以下简称"会议")，对安徽应流机电股份有限公司(以下简称"公司") 向不特定对象发行可转换公司债券的申请进行了审议。根据会议结果，公司本次 向不特定对象发行可转换公司债券的申请符合发行条件、上市条件和信息披露要 求。 证券代码：603308 证券简称：应流股份 公告编号：2025-022 ...

应流股份 20250723 摘要 应流股份 2024 年营收 25 亿元，同比增长 4%，利润 2.9 亿元，同比下 滑 5.6%，主要因两机业务及新领域投入增加，资本开支扩大，固定资 产已达约 40 亿元，在建工程接近十四五亿，折旧摊销较大，但未来利 润释放弹性及盈利能力有望提升。 公司计划发行 15 亿元转债，用于提升燃气轮机和航空发动机叶片涂层 加工工艺产能，提高产值和叶片单价，提升毛利率水平，预计未来毛利 率可逐步提升至 40%以上，净利率可达 15%至 20%。 燃气轮机市场景气度显著提升，受 AI 驱动需求增加影响，欧美地区需求 快速增长，燃气轮机在欧美数据中心中是主力发电设备，占比接近 70%，其核心零部件叶片市场空间巨大，2024 年全球约为 500 亿人民 币。 数据中心需求加速推动燃气轮机行业景气度提升，北美四大云服务厂商 2024 年资本开支约为 2,120 亿美元，2025 年预计达到 3,200 亿美元， 同比增速达 50%，国内科技巨头也开始大幅增长资本开支。 燃气轮机市场由 GE、西门子和三菱重工垄断，叶片市场由 Howmet 和 PCC 垄断，应流股份通过快速扩产抓住海外供应不 ...

Investment Rating - The report maintains a positive outlook on the defense and military industry, suggesting an increase in focus on military investments [4][5]. Core Insights - The military trade supply and demand are strongly resonating, creating a new industry landscape, with expectations for continuous progress [5]. - The military industry is entering an upward cycle, driven by domestic demand from military construction, particularly in the transition to "mechanization + informationization" and the upcoming "intelligent + unmanned" equipment [5]. - The global geopolitical changes are expanding military trade demand, with China's military products gaining recognition, leading to a strong resonance between supply and demand in military trade [5]. - The growth cycle in the military sector is expected to enhance industry valuations, with a recognition of "technological equity" in military advancements [5]. - Recommendations include increasing attention to military investments, focusing on next-generation equipment and precision-guided weapons, which are expected to see initial growth by 2025 [5]. Market Review - Last week, the Shenwan Defense and Military Index rose by 2.26%, while the CSI Military Leaders Index increased by 3.68%, outperforming the Shanghai Composite Index, which rose by 0.69% [6][4]. - The top five performing stocks in the defense and military sector were Beihua Co. (23.37%), Yingliu Co. (20.37%), Feilihua (15.98%), AVIC Shenyang Aircraft (12.78%), and Aerospace Power (11.37%) [6][13]. - The bottom five performing stocks included Changchun Yidong (-9.36%), Rongfa Nuclear Power (-6.6%), Rainbow Co. (-6.14%), Guorui Technology (-5.02%), and Galaxy Electronics (-4.66%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan Military Sector is 83.84, placing it in the upper range historically, with a valuation percentile of 71.57% since January 2014 [14]. - Valuations are slightly differentiated among sub-sectors, with aerospace and aviation equipment at a relatively high valuation since 2020 [14][19]. Key Valuation Targets - The report lists key valuation targets in the military sector, including companies like AVIC Shenyang Aircraft, AVIC Chengfei, and others, with projected net profits and PE ratios for the coming years [21].

投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 行情回顾 本周板块表现：上周（2025/07/14-2025/07/18）5 个交易日，SW 机械设备指数上涨 2.91%，在申万 31 个一级行 业分类中排名第 4；同期沪深 300 指数上涨 1.09%。2025 年至今表现：SW 机械设备指数上涨 13.53%，在申万 31 个一级行业分类中排名第 6；同期沪深 300 指数上涨 3.14%。 核心观点 与西门子能源合作加深，持续看好应流股份。AIDC 叠加沙特能源转型催化全球燃机需求上行，叶片是燃机核心 零部件，海外龙头 HWM 和 PCC 产能紧张，看好应流股份燃机叶片订单高增。7 月 17 日，西门子能源管理层团队 访问应流集团，西门子表示：应流股份是其燃机透平热端叶片在中国的唯一供应商，对其供应链至关重要，未 来希望应流在西门子主力机型（如 4000F 和 9000HL）上承担更多责任，提供更广泛的产品，并在产能与资源上 给予西门子业务更高优先级。西门子也将派遣更多技术专家常驻应流，提供全方位支持。双方合作进一步加深， 看好 ...