Core Viewpoint - The company, Yingliu Holdings, has shown a mixed performance in terms of financing activities and stockholder dynamics, with a notable increase in revenue and net profit year-on-year. Financing Activities - On November 20, Yingliu Holdings experienced a financing buy-in of 25.82 million yuan, while financing repayment amounted to 45.42 million yuan, resulting in a net financing outflow of -19.60 million yuan [1] - The total financing and securities balance for Yingliu Holdings as of November 20 is 499 million yuan, with the financing balance accounting for 2.02% of the circulating market value, indicating a high level compared to the past year [1] - The company had a securities lending repayment of 15,800 shares and a securities lending sell-out of 4,100 shares, with a sell-out amounting to 148,500 yuan, while the securities lending balance is 2.88 million yuan, which is below the 50th percentile of the past year [1] Company Performance - As of September 30, the number of shareholders for Yingliu Holdings increased to 25,600, reflecting a 13.54% rise, while the average circulating shares per person decreased by 11.93% to 26,505 shares [2] - For the period from January to September 2025, Yingliu Holdings reported a revenue of 2.12 billion yuan, marking an 11.02% year-on-year growth, and a net profit attributable to shareholders of 294 million yuan, which is a 29.59% increase compared to the previous year [2] Dividend Distribution - Since its A-share listing, Yingliu Holdings has distributed a total of 558 million yuan in dividends, with 250 million yuan distributed over the past three years [3] Shareholder Composition - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 38.59 million shares, an increase of 6.52 million shares from the previous period [3] - The third-largest circulating shareholder, Quan Guo Xu Yuan Three-Year Holding Period Mixed A, holds 32.59 million shares, which is a decrease of 19.67 million shares compared to the previous period [3]

Core Insights - The gas turbine generator set is a highly efficient power generation equipment driven by gas turbines, characterized by rapid start-stop, high efficiency, and clean emissions, making it a core device in key areas such as power peak regulation, industrial drive, and data centers [1][5] - In the context of China's energy structure transformation, the installed capacity of natural gas power generation is expected to grow from 90 million kW in 2019 to 144 million kW in 2024, with a compound annual growth rate of 9.8% [5][6] - The gas turbine market in China is projected to reach 75 billion yuan in 2024, with significant innovations achieved by companies like Dongfang Electric in hydrogen and split-shaft gas turbines [6][7] - The global data center electricity consumption is expected to increase from 415 TWh in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand, creating significant export opportunities for China's gas turbine industry [8][10] Industry Overview - Gas turbine generator sets are categorized into heavy-duty, aeroderivative, and light-duty types, with heavy-duty turbines used in large power plants and light-duty turbines suitable for peak regulation [3][4] - The industry has established a complete product system covering 15-200 MW, with a focus on technological breakthroughs and market expansion [6][11] Market Dynamics - The gas turbine market in China is experiencing steady growth, driven by policies promoting natural gas utilization and the integration of renewable energy sources [5][6] - The market is characterized by a competitive landscape where international giants like GE and Siemens dominate the high-end market, while domestic companies like Dongfang Electric and Shanghai Electric are rapidly advancing [11][12] Future Trends - The gas turbine industry is expected to focus on self-sufficiency, green transformation, intelligent upgrades, and globalization [12][13][14] - There is a significant push towards the development of low-carbon and zero-carbon fuels, with ongoing research into hydrogen and ammonia combustion technologies [12] - The integration of digital and intelligent technologies is enhancing operational efficiency and extending service offerings in the gas turbine sector [13][14]

Group 1 - The global gas turbine market is experiencing a historic surge, with major players like GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries seeing accelerated orders and tight production capacity [1] - Siemens Energy's unfulfilled order backlog reached a record high of €138 billion for FY2025, with approximately 60% of new gas turbine orders in the first half coming from data centers [1] - GE Vernova added 20.2 GW of new gas turbine orders last year, a year-on-year increase of 112.6%, with current backlog extending to 2028 [1] - Mitsubishi Heavy Industries plans to double its gas turbine production capacity within the next two years [1] Group 2 - The demand surge is driven by the escalating power supply-demand imbalance in North America, particularly due to the rapid expansion of AI data centers [2] - In 2023, U.S. data centers consumed 176 TWh of electricity, accounting for 4.4% of total power demand, with projections indicating consumption could rise to 325 TWh-580 TWh by 2028, increasing its share to 6.7%-12% [2] - North American cloud providers are expected to have a total capital expenditure of $362 billion this year, a year-on-year increase of 58.5%, maintaining a high growth rate of around 30% through 2026 [1][2] Group 3 - The aging power grid in North America and the retirement of many old coal and gas projects create a short-term challenge in alleviating the power supply-demand imbalance [2] - Gas-fired power generation is seen as the optimal solution to address this imbalance, with gas turbines offering high thermal efficiency, quick start-up, short construction periods, stable power output, low costs, and relatively clean energy [2] - The construction cost of gas power plants in the U.S. has surged by approximately 50% over the past three years, reflecting growing demand and tight supply of gas turbines [2] Group 4 - The high industry growth is also reflected in the Chinese capital market, with significant stock price increases for gas turbine-related companies [5] - Companies like Yingliu Technology and Weichai Power have seen substantial stock price gains, indicating a deep integration of the Chinese supply chain with international giants [5] - Key domestic suppliers are expected to benefit from the opportunity to enter the global supply chain, particularly in high-value components like turbine blades and core parts [5] Group 5 - Hydrogen combustion is emerging as a development trend in the gas turbine industry, with the potential to reduce carbon emissions and mitigate natural gas price volatility [6] - Collaborations between gas turbine manufacturers and Chinese power companies are underway to explore hydrogen combustion technologies [6] - The increasing penetration of renewable energy and the anticipated arrival of the green hydrogen era may drive demand for hydrogen-blended gas turbines, enhancing their role in China's power supply [6]

Meeting Overview - The first extraordinary general meeting of shareholders was held on November 17, 2025, at the company's conference room in Hefei, Anhui Province [2] - The meeting was convened by the board of directors and chaired by Chairman Du Yingliu, utilizing a combination of on-site and online voting methods [2] Attendance - All 9 current directors and 3 supervisors attended the meeting, along with the board secretary and all senior management [3] Resolutions Passed - The following resolutions were approved during the meeting: - Cancellation of the supervisory board and amendment of the Articles of Association [4] - Amendments to the Rules of Procedure for Shareholders' Meetings [5] - Amendments to the Rules of Procedure for Board Meetings [5] - Amendments to the Independent Director Work System [5] - Amendments to the Rules for Convertible Bondholders' Meetings [5] - Amendments to the Internal Control Management System [5] - Amendments to the External Guarantee System [5] - Amendments to the Related Party Transaction Management System [5] - Amendments to the Fundraising Management System [5] - Amendments to the External Investment Management System [6] - Authorization for management to handle business registration changes [6] Legal Verification - The meeting was witnessed by Anhui Tianhe Law Firm, and the lawyers confirmed that the meeting's procedures and resolutions complied with the Company Law and the company's Articles of Association [6] Election of Employee Representative Director - The company held an employee representative meeting on November 17, 2025, where Yang Hao was elected as the employee representative director, joining the fifth board of directors [7] - Yang Hao has a background in finance and previously served as a supervisor and deputy manager in the company [8]

Investment Rating - The report maintains a positive outlook on the defense and military industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [23]. Core Insights - The military industry is entering an upward cycle as per the "14th Five-Year Plan" recommendations, with expectations of performance recovery in Q4 2025, driven by increased military trade and order fulfillment [3][4]. - The report highlights that the military trade landscape is evolving due to rising global geopolitical uncertainties, leading to increased demand for military products, particularly in the Middle East and Asia [3]. - Key investment opportunities are identified in next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems, with a focus on companies that are expected to benefit from these trends [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.15%, while the CSI Military Leaders Index decreased by 1.53%. In comparison, the Shanghai Composite Index dropped by 0.18% and the CSI 300 by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 27th among 31 Shenwan primary industries, indicating a relatively poor performance compared to other sectors [4]. - The report lists the top five gainers in the defense sector: Tian'ao Electronics (up 12.63%), Aerospace Development (up 8.54%), *ST Dali (up 7.1%), Aerospace Intelligence Equipment (up 5.72%), and 712 (up 4.21%) [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 76.94, placing it in the upper range historically, with a valuation percentile of 65.32% since January 2014 and 91.95% since January 2019 [12][13]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][13].

Core Insights - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution across various downstream sectors, with a focus on high-end equipment and autonomous manufacturing [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential of humanoid robots, which are currently in a transformative phase, with significant commercial prospects anticipated in the near future [1][49] Group 3: Engineering Machinery - Domestic engineering machinery has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - The global layout of engineering machinery is expected to smooth domestic cyclical fluctuations and enhance profitability [7] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, which presents substantial growth potential [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and future growth potential in controlled nuclear fusion [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as key value directions within the machinery industry [7][10] - It recommends focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - The report suggests a combination of growth and forward-looking investment opportunities, highlighting specific companies across various segments [7][10] - Long-term investment recommendations include companies in detection services, engineering machinery, and renewable energy equipment [7][10]

安徽应流机电股份有限公司（以下简称"公司"）根据《中华人民共和国公 司法》(以下简称"公司法")《安徽应流机电股份有限公司公司章程》(以下简称 "公司章程")的有关规定，于 2025 年 11 月 17 日召开职工代表大会，经与会 职工代表审议，会议决议如下： | 证券代码：603308 | 证券简称：应流股份 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：113697 | 债券简称：应流转债 | | 二零二五年十一月十八日 安徽应流机电股份有限公司 关于选举职工代表董事的公告 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。 选举职工杨浩担任公司职工代表董事职务，与经审议通过的其他六位董事及 三位独立董事组成公司第五届董事会，任期与公司第五届董事会任期一致。 杨浩先生简历见附件。 特此公告。 安徽应流机电股份有限公司董事会 2 1 附件：职工代表董事简历 杨浩，男，1980 年出生，中国国籍，无境外永久居留权，专科学历。 曾任 安徽应流机电有限责任公司预算管理部副经理,安徽应流 ...

股东大会法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 2025 年第一次临时 股东大会法律意见书 天律证 2025 第 03086 号 致：安徽应流机电股份有限公司 根据《中华人民共和国公司法》(下称"公司法")、《中华人民共和国证券 法》(下称"证券法")和贵公司（下称"公司"）《公司章程》、《股东大会议事规 则》的规定，以及公司与安徽天禾律师事务所（以下简称"天禾"）签订的《法 律顾问合同》，天禾律师出席公司 2025 年第一次临时股东大会(下称"本次股东 大会")并对本次股东大会相关事项进行见证，出具法律意见。 为出具本法律意见，天禾律师审查了公司提供的以下文件： 1、公司章程、股东大会议事规则； 2、公司 2025 年 10 月 30 日第五届董事会第十三次会议决议和会议记录； 3、公司 2025 年 10 月 31 日刊登于《中国证券报》、《上海证券报》、《证券日 报》、《证券时报》和上海证券交易所网站（www.sse.com.cn）的第五届董事会第 十三次会议决议公告； 4、公司 2025 年 10 月 31 日刊登于《中国证券报》、《上海证券报》、《证券日 报》、《证券时报》和上 ...

| 证券代码：603308 | 证券简称：应流股份 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：113697 | 债券简称：应流转债 | | 安徽应流机电股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 17 日 (二)股东大会召开的地点：安徽省合肥市繁华大道 566 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 600 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 310,250,149 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 45.6897 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由公 ...

Core Viewpoints - The relationship between China and Japan is becoming tense, highlighting the need for self-sufficiency in the industrial machinery sector, particularly in core components like CNC systems and lead screws [3] - The deep-freezing equipment industry is experiencing stable and rapid growth in new orders, indicating a favorable environment for Chinese companies to expand overseas [3] - Siemens Energy has seen a significant increase in gas turbine orders, which bodes well for its domestic supplier, Yingliu, as demand for turbine blades is expected to rise [4][5] Market Performance - The SW Machinery Equipment Index fell by 2.22% during the week of November 10-14, 2025, ranking 28th among 31 primary industry categories [1][2] - Year-to-date, the SW Machinery Equipment Index has risen by 31.88%, ranking 7th among the same categories, while the CSI 300 Index has increased by 17.62% [1][2] Industry Insights - The global deep-freezing equipment market is projected to grow, with Chart Industries reporting a 79% year-over-year increase in new orders for Q3 2025 [3] - Siemens Energy's Gas Services business secured new orders worth €23 billion in the 2025 fiscal year, reflecting a 43% increase compared to the previous year [4] - The demand for turbine blades is expected to rise due to the high technical barriers and significant value contribution of these components [5] Sector Performance Indicators - General machinery is under pressure, while engineering machinery is accelerating upward [5] - The shipbuilding sector is experiencing a slowdown, and oil service equipment is stabilizing at the bottom [5] - Railway equipment is showing steady growth, and gas turbines are also on a stable upward trend [5]