Investment Rating - The report suggests a positive outlook for the machinery sector, particularly highlighting specific companies for investment opportunities [13]. Core Insights - The engineering machinery sector shows short-term fluctuations in operating rates but maintains a long-term recovery logic driven by domestic demand [7][25]. - The new shipbuilding prices have stabilized and are showing signs of recovery, indicating an upward trend in industry sentiment [7][46]. - The gas turbine sector is experiencing robust growth, with significant increases in orders and production expected [7][55]. Market Review - The SW Machinery Equipment Index increased by 0.26% over the past week, ranking 24th among 31 primary industry categories [3][16]. - Year-to-date, the SW Machinery Equipment Index has risen by 8.29%, ranking 7th among the same categories [3][18]. Key Data Tracking General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The operating rate for major engineering machinery products was 56.9% in June, down 7.55% year-on-year [7][25]. - The average working hours for these products were 77.2 hours, reflecting a decline of 9.11% year-on-year [7][25]. Shipbuilding - The global new ship price index reached 187.11 in June, marking a 0.22% increase, the first rise since February [7][46]. Oilfield Equipment - The global rig count has stabilized at over 1,600 units, indicating a bottoming out of demand in the oilfield equipment sector [48]. Gas Turbines - The gas turbine sector is on a steady upward trajectory, with GEV's new orders increasing by 44.9% in Q1 2025 [55][56]. Industry Dynamics - The report emphasizes the importance of monitoring the recovery trends in various segments, including engineering machinery, shipbuilding, and gas turbines, as they present potential investment opportunities [7][55].

Core Viewpoint - The acquisition of a minority stake in Anhui Yingliu Aviation Technology Co., Ltd. by Yingliu Co., Ltd. is under scrutiny due to the company's ongoing losses and the valuation methods used for the transaction [1][3]. Group 1: Acquisition Details - Yingliu Co., Ltd. plans to acquire 28.4615% of Yingliu Aviation for approximately 484 million yuan, with the overall valuation of Yingliu Aviation set at 1.672 billion yuan [2][3]. - Yingliu Aviation reported losses of approximately 50.5 million yuan in 2024 and 11.91 million yuan in the first quarter of the current year [3]. Group 2: Valuation Methodology - The valuation of Yingliu Aviation was assessed using both asset-based and market methods, with the asset-based method yielding a value of approximately 1.213 billion yuan and the market method yielding 1.672 billion yuan, resulting in a difference of about 459 million yuan, or 27.45% [3]. - Yingliu Co., Ltd. argues that the asset-based method fails to capture the value of core resources and future profitability potential due to ongoing R&D investments and initial losses typical in the industry [3][4]. Group 3: Financial Arrangements - The company has secured a bank loan of 380 million yuan from Bank of Communications for the acquisition, with a loan term of 10 years and an interest rate of 2.75% [5][6]. - Yingliu Co., Ltd. maintains that its operational cash flow and existing financing capabilities will adequately cover both daily operational needs and the funds required for the acquisition [6][7].

坤元资产评估有限公司 Canwin Appraisal Co., Ltd. (0571) 81726488 81726388 关于上海证券交易所《关于安徽应流机电股份有限公司有关 收购控股子公司少数股权事项的监管工作函》 回复: 一、补充披露市场法评估的详细计算过程,并说明主要假设、指标、可比 对象等选取和确认的依据与合理性。 (一)评估假设 1. 本次评估以委估资产的产权利益主体变动为前提,产权利益主体变动包 括利益主体的全部改变和部分改变。 评估相关问题之回复 上海证券交易所上市公司管理一部: 安徽应流机电股份有限公司(以下简称应流股份)于2025年6月27日收到 《关于安徽应流机电股份有限公司有关收购控股子公司少数股权事项的监管工 作函》(上证公函【2025】0932 号)(以下简称监管函)。按照要求,应流股 份、安徽应流航空科技有限公司(以下简称应流航空或标的公司)管理层研究后, 已对相关材料进行了补充,本公司承办资产评估师已经认真复核,现将监管函中 涉及资产评估方面的问题答复如下: 问题三、关于标的公司估值。根据前期公告,公司于 2018年对应流航空增 资扩股并引入六安产投、金安产投作为战略投资者, ...

证券代码：603308 证券简称：应流股份 公告编号：2025-021 安徽应流机电股份有限公司关于 上海证券交易所对公司收购控股子公司少数股权 事项的监管工作函的回复公告 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。 安徽应流机电股份有限公司（以下简称"公司"或"应流股份"）于 2025 年 6 月 27 日收到上海证券交易所《关于安徽应流机电股份有限公司有关收购控股子 公司少数股权事项的监管工作函》（上证公函【2025】0932 号）（以下简称"监 管函"）。按照监管函的要求，公司、安徽应流航空科技有限公司(以下简称"应 流航空"或"标的公司")对相关材料进行了补充，现将监管函中问题答复如下： 一、关于标的公司业绩。公告显示，应流航空 2024 年营业收入为 1762 万 元，亏损 5050 万元；2025 年一季度营收 90 万元，亏损 1191 万元，业绩持续 亏损。请公司：（1）结合应流航空所在行业发展周期，以及应流航空的主营 业务、经营模式、投资进展及未来预期，具体说明应流航空业绩持续亏损的原 因；（2）具 ...

证券代码：603308 证券简称：应流股份 公告编号：2025-020 安徽应流机电股份有限公司 关于收购控股子公司少数股权的公告 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。 风险提示： 偿债风险。本次交易底价为 48,433.5139 万元人民币，首期支付保证金为 15,000.00 万元，公司截至 2025 年 3 月 31 日货币资金为 35,832.85 万元。公司拟 使用银行并购贷款和自筹资金购买标的公司股权，将会增加公司融资规模和资产 负债率，若公司所处的宏观政策、经营环境等发生重大不利变化或公司不能对现 金流进行有效管控，则可能对公司资金周转产生不利影响，从而导致一定的偿债 风险。六安产投、金安产投所持有的应流航空 28.4615%股权的评估价值为 47,587.628 万元，转让底价为较评估价格增值约 1.78%。 标的公司持续亏损风险。本次交易标的公司安徽应流航空科技有限公司 为公司控股子公司，其产品尚未实现大规模销售且仍需持续研发投入，如果在研 项目商业化转化不及预期，或者未能形成规模化销售，标的 ...

Core Viewpoint - The company plans to acquire a 28.4615% stake in Yingliu Aviation from Liu'an Investment and Jin'an Investment for a base price of 484 million yuan, which will increase its total ownership in Yingliu Aviation to 90% [1] Group 1 - The acquisition will be funded through bank merger loans and self-raised funds [1] - The transaction has been approved by the company's fifth board of directors and does not require shareholder meeting approval [1] - Liu'an Investment will retain a 10% stake in Yingliu Aviation post-acquisition [1]

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Viewpoints - The company is a leading manufacturer of high-end casting components, benefiting from trends in AIDC, aerospace technology, and nuclear fusion industries [1][9] - The company has established a complete high-end component production system and is a key member of the high-end equipment manufacturing industry chain in China [18][19] - The company plans to issue 1.5 billion convertible bonds to enhance its production capabilities in turbine blade processing and advanced nuclear materials [9][33] Summary by Relevant Sections Business Overview - The company focuses on aviation engines and gas turbine products, benefiting from the demand for domestic large aircraft and AIDC [18] - The company has a strong presence in the high-end parts, aerospace technology, and advanced materials sectors, serving various high-end equipment fields [18][22] Financial Summary - In 2024, the company expects revenue of 2,513 million yuan, a year-on-year increase of 4.2%, and a net profit of 286 million yuan, a year-on-year decrease of 5.6% [4][25] - The company's sales gross margin is projected to be 34.2%, with a net margin of 10% for 2024 [27][28] Gas Turbine Sector - The global gas turbine market is estimated to be 28.14 billion USD in 2024, with a compound annual growth rate (CAGR) of 7.4% from 2025 to 2034 [46] - The company is recognized as a domestic leader in gas turbine blades, with a significant increase in orders, achieving a 102.8% year-on-year growth in 2024 [2][61] Aerospace Sector - The global aerospace engine market was approximately 113.97 billion USD in 2023, expected to reach 151.20 billion USD by 2030, with a CAGR of 4.12% [67] - The company is positioned to benefit from the doubling of global aircraft numbers over the next 20 years, as predicted by Airbus [68] Nuclear Power Sector - The nuclear power industry is expected to grow, with a projected CAGR of 8.4% for installed capacity from 2023 to 2035 [3] - The company has established joint ventures to engage in nuclear fusion materials and components, enhancing its position in the nuclear energy sector [3][9]

应流股份 20250617 摘要 应流股份燃气设备订单自 2022 年起显著增加，2024 年下半年加速增 长，主要受益于下游需求（特别是海外电力和天然气发电需求）快速增 长以及航空市场复苏，截至 2025 年 3 月订单已达 12 亿元，另有近 4 亿元订单待签署。 公司与贝克休斯、西门子等国际巨头建立了深度合作关系。贝克休斯长 协订单至 2024 年底超过 3,000 万美元，预计 2025 年交付 3,000 万美 元，2026 年销售预期 5,000 万美元。西门子新增多个燃机制造任务， 包括先进的 9,000HL 燃机订单，巩固了公司在高端铸造领域的地位。 公司在燃气轮机和航空发动机领域订单充足。西门子未来订单需求预计 超 5 亿元人民币，安萨尔多新增 17 个品种订单，国内东方电气、上海 电气等客户订单均达九位数以上，整体在手订单超十亿元且持续增长。 航空发动机业务快速发展，与 G1 航空签署长协至 2030 年，赛峰和罗 罗新增订单，预计未来一年赛峰需求达 2000 万美元，罗罗年底交付额 约 100 多万英镑。与商发合作涉及 80 多个产品，今年商发民航取证首 个项目在公司完成。 Q&A 请介 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [4]. Core Insights - The UK government is increasing investment in controllable nuclear fusion, with an expected investment of £2.5 billion over five years, which is anticipated to drive the development of the nuclear fusion sector [7]. - The domestic demand for excavators has shown signs of recovery, with a 25.7% year-on-year increase in sales for the first five months of 2025 [19]. - The gas turbine industry is experiencing an upward trend in demand, with significant order increases from leading companies like Siemens Energy and GE Aviation [27]. - The railway equipment sector is expected to see sustained demand recovery, with a 5.9% year-on-year increase in fixed asset investment [46]. - The shipbuilding industry is witnessing improved profitability, as indicated by a 49.28% increase in the global new ship price index compared to the 2020 cycle low [48]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 1.17% in the week from June 9 to June 13, 2025, ranking 21st among 31 primary industry categories [15]. - Year-to-date, the SW Machinery Equipment Index has risen by 6.04%, ranking 8th among the same categories, while the CSI 300 Index has decreased by 1.80% [18]. Key Data Tracking General Machinery - The manufacturing PMI for May was 49.5, indicating a slight improvement but still in a contraction zone [28]. Engineering Machinery - Excavator sales in May reached 18,200 units, a 2.1% year-on-year increase, with domestic sales showing a short-term decline due to high base effects from the previous year [35]. Railway Equipment - Fixed asset investment in railways and passenger volume both increased by 5.9% and 7.3% year-on-year, respectively, indicating a positive outlook for railway equipment demand [46]. Shipbuilding - The global new ship price index reached 186.69 in May, reflecting a 0.14% year-on-year increase, suggesting improved profitability for shipbuilding companies [48]. Oil Service Equipment - Brent crude oil prices surged to around $74 per barrel, influenced by OPEC's production decisions and geopolitical factors in the Middle East [50]. Industrial Gases - Prices for industrial gases are showing mixed trends, with rare gases experiencing a downward adjustment [52]. Industry Dynamics - The report highlights significant contracts and investments in various sectors, including a 4.5 billion yuan contract for a green hydrogen system by Shuangliang Energy [54]. - The report also notes advancements in robotics, including the introduction of a domestic elderly care robot and significant funding for AI-driven robotics companies [57].

据最新消息，世界银行将解除长达数十年的核能融资禁令，支持延长现有反应堆寿命的努力，并帮助支持电网 升级和相关基础设施建设。此外，世界银行还计划帮助开发小型模块化反应堆。 核能领域，传出多则"利好"消息！ 此外，德国核聚变初创公司Proxima Fusion近日获得1.3亿欧元的融资，这是迄今为止欧洲核聚变领域最大的一 笔投资。国际原子能机构（IAEA）曾表示，如果核聚变能实现工业化复制，这项技术有望为全球提供几乎无 限的清洁、安全且价格合理的能源。 A股市场上，6月12日，可控核聚变板块再度异动，融发核电、弘讯科技涨停，利柏特、百利电气、应流股份 等纷纷跟涨。自5月以来，可控核聚变板块指数涨幅接近25%。多家券商表示，看好全球核聚变政策趋势持续 走强带来的产业链投资机遇。 世界银行将解除核能融资禁令 日前，彭博社、路透社等多家外媒报道称，世界银行（简称"世行"）将解除核能融资禁令，旨在加速低排放技 术的开发，以满足发展中国家不断增长的电力需求。 世界银行行长彭安杰周三表示，该行董事会取消了对核能项目的融资禁令，并正在讨论是否为天然气勘探和生 产提供资金，因为该行正在寻求加强电力供应的方法，以实现其核心发展目标 ...