安徽应流机电股份有限公司 内部问责管理制度 （2025年制定） 第一章 总则 第一条 为进一步完善安徽应流机电股份有限公司（以下简称"公司"）治 理结构，健全内部约束和责任追究机制，督促公司董事、高级管理人员、各级管 理人员及其他有关人员恪尽职责，提高公司经营管理与决策水平，根据《中华人 民共和国公司法》、《中华人民共和国证券法》、《安徽应流机电股份有限公司 公司章程》（以下简称《公司章程》）的规定以及公司内部控制制度的相关规定， 制定本制度。 第二条 公司董事会、高级管理人员须按《中华人民共和国公司法》、《中 华人民共和国证券法》等相关法律、法规、部门规章及《公司章程》等有关规定 完善公司内控体系的建设，规范公司运作。 第三条 内部问责制是指对公司董事会成员、高级管理人员、中层管理人员 以及分支机构负责人等在其所管辖的部门及工作职责范围内，以及从事公司信息 披露违规行为和股票内幕交易的人员，因其故意或重大过失给公司造成严重不良 影响或严重不利后果的行为进行责任追究的制度。 第四条 内部问责的对象为公司的董事、独立董事、高级管理人员、中层管 理人员以及各分支机构负责人。纳入公司合并报表范围内的全资子公司和控股 ...

（2025年10月制定） 第一章 总则 第一条 为规范安徽应流机电股份有限公司（以下简称"公司"）董事及 高级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股 东的合法权益，公司根据《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》）《上海证券交易所股票上市规则》 等法律、法规及规范性文件及《安徽应流机电股份有限公司章程》（以下简称 《公司章程》）的有关规定，结合公司实际情况，制定本制度。 安徽应流机电股份有限公司 董事、高级管理人员离职管理制度 第二章 离职情形 第三条 董事可以在任期届满以前辞任。董事辞任应当向公司提交书面辞 职报告，公司收到辞职报告之日辞任生效，公司将在两个交易日内披露有关情 况。 董事提出辞任的，公司应当在 60 日内完成补选，确保董事会及其专门委 第四条 出现下列规定情形的，除法律法规、部门规章和《公司章程》另 有规定外，在改选出的董事就任前，原董事仍应当按照法律法规、上海证券交 易所相关规定及《公司章程》规定继续履行职责： 1 员会构成符合法律法规和《公司章程》的规定。 （一）董事任期届满未及时改选，或者董事在任期内辞任导致 ...

安徽应流机电股份有限公司 对外投资管理制度 第一章 总则 公司参股公司发生的本制度所述的对外投资，可能对公司股票、债券 及其衍生品种交易价格产生较大影响的，公司应当参照本制度的规定 履行相应审批程序后，再行按照参股公司章程及其有关制度行使公司 的权利。 短期投资是指公司购入能够随时变现，并且持有时间不超过一年（含 一年）的投资，包括各种股票、债券、基金、分红型保险等。 长期投资是指投资期限超过一年，不能随时变现或不准备变现的投资， 包括债券投资、股权投资和其他投资等。包括但不限于以下情形： （一）公司独立兴办的企业或独立出资的经营项目； （二）公司出资与其他境内、境外独立法人实体、自然人成立合资、 1 第一条 为了加强安徽应流机电股份有限公司（以下简称"公司"）对外投资活 动的管理，规范公司投资行为，建立有效的对外投资决策和风险约束 机制，实现资产的保值增值，根据《中华人民共和国公司法》（以下 简称"《公司法》"）及中国其他相关法律、法规、规章、规范性文 件（以下合称"中国法律法规"）和《安徽应流机电股份有限公司章程》 （以下简称"《章程》"）以及其他相关规定，特制定本制度。 第二条 本制度适用于公司及其所属 ...

安徽应流机电股份有限公司 信息披露管理制度 第一章 总 则 （五）公司控股股东和持有公司5%以上股份的股东； （六）其他负有信息披露职责的公司人员和部门。 第三条 公司董事会办公室是负责公司信息披露事务的常设机构，即信息 披露事务管理部门。 董事会应当保证本制度的有效实施，确保公司相关信息披露的及时性和公 平性，以及信息披露内容的真实、准确、完整。 第一条 为规范安徽应流机电股份有限公司（以下简称"公司"）的信息披 露行为，正确履行信息披露义务，切实保护公司、股东、债权人及其他利益相 关者的合法权益，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 中国证券监督管理委员会（以下简称"中国证监会"）《上市公司信息披露管理 办法》、《上海证券交易所股票上市规则》（以下简称"《上市规则》"）、《上 海证券交易所上市公司自律监管指引第2号——信息披露事务管理》、《上海 证券交易所上市公司信息披露事务管理制度指引》和《上海证券交易所上市公 司信息披露直通车业务指引》等有关规定，结合《安徽应流机电股份有限公司 章程》，制定本制度。 第二条 本制度适用于以下人员和机构： （一）公司董事和董事会； （二）公司董事会秘 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating a positive outlook compared to the market [1]. Core Views - The machinery sector continues to show resilience, with a focus on high-growth areas such as construction machinery, shipbuilding, robotics, and AIDC [1][5]. - The report highlights a market uptrend, with traditional sectors like mining and metallurgy machinery gaining attention due to favorable market sentiment [5]. Summary by Sections 1. Machinery Sector Performance - In October, the CITIC machinery sector declined by 0.32%, underperforming the CSI 300 index by 1.94 percentage points, ranking 19th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as mining and metallurgy machinery, nuclear power equipment, and shipbuilding saw significant gains, with increases of 8.2%, 6.05%, and 4.92% respectively [4][10]. 2. Engineering Machinery - In September, excavator sales reached 19,858 units, a year-on-year increase of 25.4%, while loader sales were 10,530 units, up 30.5% [22][31]. - The report suggests that the engineering machinery sector is in a recovery phase, with leading companies expected to see performance improvements [43]. 3. Robotics - Industrial robot production in September was 76,287 units, reflecting a year-on-year growth of 28.3% [44]. - The report emphasizes the upward cycle in the robotics industry, particularly in humanoid robots, which are gaining traction in the market [53]. 4. Shipbuilding - The shipbuilding sector is experiencing a period of adjustment, with new orders declining by 23.5% year-on-year, while the completion volume increased by 6% [54]. - Despite the decline in new orders, the profitability of shipbuilding companies is expected to continue recovering [54].

Group 1 - The shortage of gas turbines is becoming a bottleneck for the expansion of AI data centers, leading developers to procure mobile generator sets modified from retired aircraft engines [1] - By 2026, the biggest obstacle to the expansion of AI data centers may no longer be computing power, land, or capital, but rather jet engines [1] - The global demand for natural gas power generation is surging due to the AI boom, resulting in a severe supply bottleneck in the gas turbine market [1] Group 2 - According to DoraPartners, the global new orders for gas turbines (measured by installed capacity) are expected to rise from approximately 60 GW in 2024 to nearly 85 GW in 2025, with the number of orders increasing from about 800 to over 1000, marking a new high since 2011 [1] - The complexity of gas turbine manufacturing makes it difficult to quickly respond to demand shocks, with some core component delivery cycles taking years [1] - The "turbine purchasing war" led by American tech companies has extended equipment delivery cycles to three years [2] Group 3 - Companies like Yingliu Technology, a leader in high-temperature blades for gas turbines, have established business relationships with several gas turbine and aircraft engine manufacturers, with current orders exceeding 1.2 billion yuan [2] - Deweier is continuously developing forging and heat treatment technology for low-pressure gas turbine shaft products, with future supply expected to clients such as Baker Hughes and Caterpillar [2]

Core Viewpoint - The article discusses the investment strategy of Zhao Yi, focusing on three main sectors: AI, lithium battery, and military industry, highlighting a shift from a single focus on new energy to a diversified approach that includes technology and industries in transition [1][17]. Fund Performance - The fund managed by Zhao Yi, named Quan Guo Xu Yuan, achieved a net value growth of 4.75% since its inception, with a notable performance of 45.5% in the third quarter [3][8]. - Despite the recent performance, the fund has underperformed against its benchmarks and the CSI 300 index in previous years, particularly in 2023 where it recorded a -25.87% return [6][7]. Investment Strategy - Zhao Yi's investment strategy has evolved to a "dual allocation" approach, focusing on both the technology AI sector and industries in transition, particularly in new energy and military [11][17]. - The fund's top ten holdings now include a mix of sectors, with 70% of its top holdings in new energy, indicating a diversification in its investment portfolio [11][12]. Portfolio Composition - As of the end of the third quarter, the fund's top ten holdings accounted for over 60% of its total assets, with a turnover rate of 26.9%, suggesting a more stable portfolio structure [13][14]. - Key stocks in the portfolio include Ningde Times, Tencent, and new additions like Tianqi Lithium and Alibaba, reflecting a strategic shift towards high-growth sectors [15][16]. Market Outlook - Zhao Yi is optimistic about the lithium battery sector, particularly focusing on materials with tight supply and long production cycles, predicting a healthier and more sustainable price and volume growth compared to previous cycles [17][18]. - The article emphasizes the importance of AI in Zhao Yi's strategy, targeting internet leaders, new application-driven companies, and cloud service providers [17].

Core Viewpoint - The stock price of Yingliu Co., Ltd. has shown significant growth this year, with a year-to-date increase of 177.12% and notable recent performance in the market [2]. Group 1: Stock Performance - As of October 27, Yingliu's stock price rose by 2.13% to 38.88 CNY per share, with a trading volume of 4.91 billion CNY and a turnover rate of 1.90%, resulting in a total market capitalization of 26.401 billion CNY [1]. - The stock has experienced a 13.45% increase over the last five trading days, a 25.42% increase over the last 20 days, and a 42.26% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Yingliu reported a revenue of 1.384 billion CNY, reflecting a year-on-year growth of 9.11%, and a net profit attributable to shareholders of 188 million CNY, which is a 23.91% increase compared to the previous year [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Yingliu increased by 5.56% to 22,600, with an average of 30,095 circulating shares per person, a decrease of 5.27% [3]. - Since its A-share listing, Yingliu has distributed a total of 558 million CNY in dividends, with 250 million CNY distributed over the last three years [4]. Group 4: Business Overview - Yingliu Co., Ltd., established on April 25, 2006, and listed on January 22, 2014, specializes in the research, production, and sales of high-end components for specialized equipment, primarily serving sectors such as oil and gas, clean energy generation, and high-end machinery [2]. - The company's revenue composition includes 53.59% from mechanical equipment components, 43.94% from pump and valve parts, and 2.48% from other sources [2].

Core Viewpoint - The A-share market is experiencing a surge in stocks related to controllable nuclear fusion, indicating growing investor interest and optimism in this sector [1] Group 1: Stock Performance - Wan Yi Technology has seen a rise of over 13% [1] - China Nuclear Engineering has increased by 7% [1] - Srei New Materials has gained 6% [1] - Yingliu Co., Ltd. has risen by over 5% [1]

Investment Rating - The report maintains a "Buy" rating for the controlled nuclear fusion industry, highlighting its potential for significant growth and investment opportunities [4]. Core Insights - The controlled nuclear fusion industry is entering a capital expenditure expansion phase, driven by the strategic value of fusion energy and increased financing activity [1][2][11]. - The global fusion energy sector has seen a substantial increase in financing, with a total of $9.7 billion raised by July 2025, indicating strong investor interest [1][50]. - The industry is characterized by diverse technological pathways, with a focus on magnetic confinement fusion and inertial confinement fusion, reflecting a competitive landscape among major economies [24][57]. Summary by Sections Section 1: Global Trends and Strategic Value - Fusion energy is positioned as a key solution to long-term energy supply challenges, with its high energy density and safety profile making it a viable alternative to fossil fuels and renewable energy sources [21][23]. - The demand for clean energy is expected to grow significantly, with projections indicating that clean energy sources will dominate by 2050, creating opportunities for fusion energy [21][27]. Section 2: Domestic Developments - China is transitioning from a participant in the ITER project to a leader in the fusion industry, with significant investments exceeding 150 billion yuan in planned or ongoing projects [2][24]. - The domestic fusion industry is expected to enter a construction phase for experimental reactors around 2027, further expanding investment and project scale [2][11]. Section 3: High-Value Components Analysis - Key components such as magnet systems, vacuum chambers, and power systems are expected to benefit significantly from increased capital expenditures, with their cost contributions being 28%, 25%, and 15% respectively [3][11]. - The report emphasizes the importance of high-temperature superconductors in magnet systems, which are anticipated to see widespread application [3][11]. Section 4: Key Companies and Investment Recommendations - The report recommends several companies that are well-positioned to benefit from the industry's growth, including: - 合锻智能 (HGD Intelligent) - Positioned in the vacuum chamber segment with potential for increased value [12]. - 应流股份 (Yingliu Co.) - Benefiting from a strong order book and deep reserves in fusion and aerospace sectors [12]. - 冰轮环境 (Ice Wheel Environment) - Expected to see growth from rising demand for temperature control equipment in data centers [12]. - 王子新材 (Wangzi New Materials) - Anticipated breakthroughs in fusion applications for its film capacitor products [12]. - 派克新材 (Parker New Materials) - A key supplier of precision forged components for high-value fusion applications [12]. Section 5: Market Dynamics and Future Outlook - The report highlights the increasing competition in the fusion sector, with major economies investing heavily in domestic fusion projects while also participating in international collaborations like ITER [24][26]. - The expected timeline for commercial fusion energy is set around 2035, with a significant number of companies anticipating operational demonstration plants by then [61].