此外，有机构分析指出，随着军队人事调整和相关制度改革的逐步落地、"十四五"后期订单有望逐步落实、积压叠加新增需求、外延并购预期 升温，预计2025下半年国防军工行业即将进入业绩兑现阶段。 实际上，部分国防军工上市公司二季报已呈现业绩好转趋势。据数据宝统计，目前已有42只军工股披露2025年上半年业绩（含快报、业绩预 告），合计实现净利润接近56亿元（2025年上半年业绩预告股取中值），较上一年同期净利润增长超45%。以可比口径统计，这42股净利润增 幅触底反弹，创近5年同期最高水平。 连涨4天后，7月30日，国防军工盘初冲高回落，午后加速走低！代码有"八一"的国防军工ETF（512810）跌逾2%，成份股建设工业跌停，六 九一二、洪都航空跌逾5%。 值得关注的是，512810场内溢价走阔，资金逢跌吸筹痕迹明显。此前2日，已有超3500万元资金进场。 | स्त्रेष्ठ | 多日 1分 ▼ | | | | | F9 盘前盘后 否加 九转 画线 丁具 & (?) » | | | | | | | | | 国防至工ETF ① | | | | | --- | --- | --- | --- | --- | --- ...

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 ...

Investment Rating - The report maintains an investment recommendation for the controllable nuclear fusion sector, indicating a positive outlook for future developments in this area [1]. Core Insights - The report emphasizes that controllable nuclear fusion is seen as a potential ultimate energy solution, with significant advancements expected in the coming years as the industry transitions from experimental to engineering phases [4][14]. - Domestic projects are progressing beyond expectations, with increased capital investment from various sectors, indicating a robust growth trajectory for the industry [18][22]. - Internationally, countries like the United States are accelerating their nuclear fusion initiatives, which could further enhance the global market for fusion energy [23][24]. Summary by Sections 1. Controllable Nuclear Fusion: A Frontier Technology - Controllable nuclear fusion is highlighted as a solution to energy challenges, with abundant fuel reserves and sustainability potential [14][15]. - The report outlines the four key stages of nuclear fusion development: scientific feasibility verification, engineering feasibility verification, demonstration reactors, and commercial application reactors [27][30]. 2. Investment Opportunities - The report forecasts a capital expenditure exceeding 145.5 billion yuan in the next 3-5 years, with annual investments potentially reaching close to 10 billion yuan [6][45]. - Key components of the nuclear fusion technology, such as magnets, vacuum chambers, and power systems, are identified as high-value segments within the industry [7][49]. 3. Industry Chain Analysis - The industry chain is segmented into upstream strategic materials, midstream high-end manufacturing, and downstream operational management [8]. - Specific companies are recommended for investment, including China Nuclear Power, Lianchuang Optoelectronics, and Sihua Electronics, which are involved in various aspects of nuclear fusion technology [8][46]. 4. Key Company Introductions - China Nuclear Power is noted for its investment in China Fusion Energy Company, positioning itself for long-term growth in the nuclear sector [8]. - Lianchuang Optoelectronics is recognized for its advancements in high-temperature superconducting magnets and participation in significant projects like the Spark-1 [8]. - Sihua Electronics is highlighted for its successful bids in key projects, indicating strong market positioning in the nuclear fusion space [8].

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].

Core Viewpoint - The Shanghai Stock Exchange's listing review committee has approved Anhui Yingliu Electromechanical Co., Ltd.'s refinancing, confirming it meets the issuance, listing, and information disclosure requirements [1]. Group 1: Key Issues Raised During the Review - The issuer was asked to clarify the sales situation of cast blank products, customer performance verification progress, expected revenue during production, and existing orders to assess the feasibility of the "Blade Machine Box Processing Coating Project" and the reasonableness of the new capacity [2]. - The issuer was requested to provide details on the expected new orders and project specifics related to the "Advanced Nuclear Materials and Key Components Intelligent Upgrade Project" to evaluate customer stability and the rationality of the new capacity, as well as any potential capacity digestion risks [2]. - The issuer was required to explain the situation of accounts receivable over one year old, addressing any significant credit risks and the adequacy of bad debt provisions [2]. Group 2: Fundraising and Project Investment - The company plans to issue convertible bonds with a total fundraising amount not exceeding 150 million yuan, which will be used for the Blade Machine Box Processing Coating Project, Advanced Nuclear Materials and Key Components Intelligent Upgrade Project, working capital supplementation, and bank loan repayment [3]. - The investment amounts for the projects are as follows: Blade Machine Box Processing Coating Project (115 million yuan), Advanced Nuclear Materials and Key Components Intelligent Upgrade Project (64 million yuan), and working capital and loan repayment (45 million yuan), totaling 224 million yuan [4]. - The convertible bonds will be issued at face value, with each bond having a face value of 100 yuan, and the issuance will be managed by Huatai United Securities Co., Ltd. [4].

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 ...

Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is a leading enterprise in high-end casting, primarily engaged in the manufacturing of high-end components such as gas turbine blades, aircraft engine blades, nuclear power products, and low-altitude economy-related products [4][19]. Financial Performance - In 2024, 应流股份 achieved revenue of 2.5 billion yuan, a year-on-year increase of 4%, while profit was 290 million yuan, down 5.6% year-on-year [2][6]. - The decline in profit is attributed to increased investments in the two-machine business and new fields, leading to higher capital expenditures [2][6]. - Fixed assets reached approximately 4 billion yuan, with ongoing construction nearing 1.4 billion yuan, resulting in significant depreciation [2][6]. - Current gross margin is around 34%, with a net margin of 10%, expected to gradually increase to over 40% and net margins to 15%-20% in the future [6]. Market Dynamics - The gas turbine market is experiencing significant growth, driven by increased demand influenced by AI, particularly in Europe and the US [2][9]. - Gas turbines are the primary power generation equipment in data centers in Europe and the US, accounting for nearly 70% of the market [10]. - The global gas turbine market is projected to be approximately 200 billion yuan in 2024, with the blade market alone estimated at 50 billion yuan [10]. Industry Trends - The capital expenditure of the four major cloud service providers in North America is expected to reach 212 billion USD in 2024, with a projected increase to 320 billion USD in 2025, reflecting a year-on-year growth rate of 50% [11]. - The gas turbine market is dominated by GE, Siemens, and Mitsubishi Heavy Industries, which collectively hold nearly 90% market share [12]. Strategic Initiatives - 应流股份 plans to issue 1.5 billion yuan in convertible bonds to enhance the production capacity of gas turbine and aircraft engine blade coating processes, aiming to increase output and average selling price (ASP) [2][8]. - The company has secured over 1.2 billion yuan in orders for gas turbine blades by the end of 2024, doubling compared to 2023 [3][13]. Competitive Landscape - The aircraft engine market is significantly larger than the gas turbine market, with the global aircraft engine manufacturing market exceeding 1 trillion yuan, compared to approximately 200 billion yuan for gas turbines [14]. - The order-to-sales ratio in the aircraft engine industry has increased from 0.8 in 2019 to 2.1 in 2024, indicating rapid growth [17]. Future Outlook - 应流股份 anticipates revenues of over 400 million yuan, 550 million yuan, and 740 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 48x, 35x, and 26x [5][21]. - The company is well-positioned to capitalize on the growing demand in the gas turbine and aircraft engine sectors, with a clear growth trajectory and high market potential [21]. Additional Insights - 应流股份 has established long-term strategic partnerships with GE Aviation and Safran, enhancing customer engagement and product development [18]. - The traditional casting business accounts for approximately 45% of the company's revenue, generating about 1.2-1.3 billion yuan annually with a stable gross margin of around 30% [20]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market dynamics, strategic initiatives, and future outlook.

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].