Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights the significant investment opportunity presented by the Yarlung Zangbo River hydropower project, which is the largest single investment in clean energy in recent years, with a total investment of approximately 1.2 trillion yuan, expected to generate three times the power output of the Three Gorges Project [5][6] - The establishment of the China Yarlung Group is seen as a key development to ensure the smooth construction and operation of the Yarlung hydropower project, indicating a rapid advancement phase for large strategic projects [5][6] - The report emphasizes the expected increase in demand for construction machinery and equipment due to the scale and complexity of the Yarlung hydropower project, particularly for companies that can provide advanced equipment suitable for harsh high-altitude conditions [6][7] Summary by Sections Industry Overview - The mechanical equipment industry is poised for growth driven by large-scale infrastructure projects like the Yarlung hydropower project, which has a planned installed capacity of approximately 70 million kilowatts and an annual power generation of about 300 billion kilowatt-hours [5][6] Investment Opportunities - Recommended companies for investment include: 1. Tunneling equipment manufacturers: China Railway Construction Heavy Industry, China Railway Industry, and Wuxin Tunneling Equipment 2. Excavators, loaders, cranes, and road machinery: XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and Shantui 3. Cranes: Farlantek [7]

Market Overview - The A-share market showed slight gains with the Shanghai Composite Index up 0.25% to 3568.78 points, the Shenzhen Component Index up 0.56% to 11069.57 points, and the ChiNext Index up 0.69% to 2312.74 points [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.14 trillion yuan, an increase of 513 billion yuan compared to the previous trading day [3] Sector Performance - The infrastructure sector experienced a significant rally, with key sectors such as precious metals and construction leading the gains in A-shares [3] - The concept stocks related to the Yajiang Hydropower Station and water conservancy construction continued to perform strongly, with notable increases in stock prices [4][5] - Steel stocks also saw widespread gains, with companies like Xining Special Steel and Yinlong Co. hitting the daily limit [10] Notable Stocks - Yajiang Hydropower Station concept stocks surged, with Wuxin Tunnel Equipment hitting a 30% limit up for two consecutive trading days, bringing its market capitalization to over 7.4 billion yuan [5][7] - Semiconductor company SMIC saw a 3.28% increase in its stock price, leading the Hang Seng Index constituents [9] - Other notable gainers included Iron Construction Heavy Industry and Zhukang Design, both of which saw their stock prices rise by over 20% [13] Policy and Regulatory Updates - The Ministry of Human Resources and Social Security announced plans to advance national coordination of pension insurance and reform measures related to personal pension policies [14]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on new technology directions such as AI equipment and humanoid robots [1]. Core Views - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with a focus on the "Two New" policies [6]. - The demand for high-performance servers, GPUs, and advanced PCBs is increasing due to the rapid iteration of AI models and smart hardware applications [6]. - The report highlights the growth potential in the third-party testing space within the semiconductor industry, with a projected market size of $21.02 billion by 2031, growing at a CAGR of 6.9% [20]. Summary by Sections Industry Overview - The mechanical industry consists of 632 listed companies with a total market capitalization of 5,372.56 billion yuan and a circulating market value of 4,423.447 billion yuan [3]. - The industry has shown strong performance, with a 1-month absolute return of 7.2%, a 6-month return of 13.8%, and a 12-month return of 38.2% [4]. Key Company Earnings Forecasts and Valuations - Several companies are rated as "Strong Buy," including: - 汇川技术 (Inovance Technology): EPS forecast of 2.12 yuan for 2025, with a PE ratio of 30.78 [2]. - 法兰泰克 (Falan Tech): EPS forecast of 0.60 yuan for 2025, with a PE ratio of 16.11 [2]. - 信捷电气 (Xinjie Electric): EPS forecast of 1.83 yuan for 2025, with a PE ratio of 31.97 [2]. - Other notable companies include: - 欧科亿 (Okai): EPS forecast of 0.71 yuan for 2025, with a PE ratio of 27.59 [2]. - 安徽合力 (Anhui Heli): EPS forecast of 1.63 yuan for 2025, with a PE ratio of 11.77 [2]. Investment Recommendations - The report suggests focusing on companies in various sectors, including: - Industrial control: 汇川技术, 信捷电气, 伟创电气 [6]. - Robotics: 柯力传感, 东华测试, 鸣志电器 [6]. - Machine tools: 海天精工, 纽威数控, 科德数控 [6]. - Tools: 鼎泰高科, 中钨高新, 新锐股份 [6]. - Testing: 华测检测, 广电计量, 东华测试 [6]. - Engineering machinery: 三一重工, 恒立液压, 徐工机械 [6]. - Forklifts: 安徽合力, 杭叉集团 [6]. - Laser industry: 锐科激光, 铂力特 [6]. - Logistics equipment: 法兰泰克, 兰剑智能 [6].

Summary of Key Points Core Viewpoint - Shanghai Zhixiang Enterprise Management Co., Ltd. has released all pledged shares related to the "Falan Convertible Bonds," which were fully redeemed and delisted on June 20, 2025. This indicates a significant change in the shareholding structure of Falan Tech Heavy Industry Co., Ltd. as the controlling shareholders have no remaining pledged shares [1]. Group 1: Shareholding and Pledge Details - Shanghai Zhixiang holds 46,846,276 shares of Falan Tech, accounting for 11.75% of the total share capital [1]. - Of the shares held by Shanghai Zhixiang, 36,648,000 shares (78.23% of its holdings) were pledged as collateral for the "Falan Convertible Bonds," which have now been fully released [1]. - Following the release of the pledge, the controlling shareholders, including Jin Hongping and Tao Fenghua, along with their concerted actions, hold a total of 142,980,786 shares, representing 35.86% of the total share capital [1]. Group 2: Pledge Release and Compliance - The release of the pledged shares occurred on July 8, 2025, with the total number of shares released being 36,648,000, which constitutes 9.19% of the company's total share capital [1]. - There are no remaining pledged shares for both Shanghai Zhixiang and its concerted actions, indicating a complete removal of pledge obligations [1]. - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations [1].

证券代码：603966 证券简称：法兰泰克 公告编号：2025-047 | 股东名称 | 上海志享 | | --- | --- | | 本次解除质押股份 | 36,648,000 股 | | 占其所持股份比例 | 78.23% | | 占公司总股本比例 | 9.19% | | 解除质押时间 | 2025 年 7 月 8 日 | | 持股数量 | 46,846,276 股 | | 持股比例 | 11.75% | | 剩余被质押股份数量 | 0 股 | 1、本次股份解质押基本情况 | 剩余被质押股份数量占其所持股份比例 | 0% | | --- | --- | | 剩余被质押股份数量占公司总股本比例 | 0% | 法兰泰克重工股份有限公司 关于大股东股份质押解除的公告 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法律责任。 重要内容提示： 上海志享企业管理有限公司（以下简称"上海志享"）持有法兰泰克重工 股份有限公司（以下简称"公司"）股份 46,846,276 股，占总股本的 11.75%， 其中为"法兰转债"提供质押担保的数量为 36 ...

Summary of Key Points Core Viewpoint - The company, Falan Tech, has announced a cash dividend distribution and provided a guarantee for its subsidiary, indicating ongoing financial activities and commitments to shareholders and subsidiaries [1][2]. Company Announcements - Falan Tech has declared a cash dividend of 0.23 yuan per share, totaling 91,701,169.28 yuan, with the ex-dividend date set for July 7, 2025 [1][3]. - The company has provided a guarantee of 30 million yuan for its wholly-owned subsidiary, Hangzhou Guodian Dali Electromechanical Engineering Co., Ltd., with a total guarantee balance of 140 million yuan [2]. Financial Metrics - As of July 4, 2025, Falan Tech's stock closed at 9.24 yuan, down 0.86% from the previous week, with a market capitalization of 3.684 billion yuan [1]. - The total amount of external guarantees provided by the company and its subsidiaries is 52,317.85 million yuan, representing 32.32% of the latest audited net assets [2].

证券代码：603966 证券简称：法兰泰克 公告编号：2025-046 关于为全资子公司提供担保的进展公告 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： 担保对象及基本情况 | 被担保人名称 | | 杭州国电大力机电工程有限公司 | | --- | --- | --- | | 本次担保金额 | 3,000.00 | 万元 | | 实际为其提供的担保余额 担保对象 | 14,000.00 | 万元（含本次） | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 52,317.85 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 32.32 | 一、担保情况概述 （一）担保的基本情况 1、担保方式：连带责任保证 2、担保金额：债权 ...

证券代码：603966 证券简称：法兰泰克 公告编号：2025-045 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.23元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/4 | － | 2025/7/7 | 2025/7/7 | 法兰泰克重工股份有限公司 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 26 日的2024年年度股东大会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 四、分配实施办法 1. 实施办法 （1）无限售条件流通股的红利委托中国结算上海 ...

| 证券代码：603966 | 证券简称：法兰泰克 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：113598 | 债券简称：法兰转债 | | 法兰泰克重工股份有限公司 关于为全资子公司提供担保的进展公告 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： 被担保人名称：法兰泰克重工股份有限公司（以下简称"公司"）的全资 子公司诺威起重设备（苏州）有限公司（以下简称"诺威苏州"） 本次担保金额及已实际为其提供的担保余额：公司本次为诺威苏州提供 的担保金额为 3,600.00 万元。截至本公告日，公司已实际为诺威苏州提供的担 保余额为 16,600.00 万元（含本次）。 一、担保情况概述 公司分别于 2024 年 4 月 25 日、2024 年 5 月 17 日召开第四届董事会第十 九次会议和 2023 年年度股东大会审议通过了《关于预计为控股子公司提供担保 额度的议案》，同意公司为合并报表范围内子公司新增担保额度最高不超过 9.70 亿元，具体内容详见公司于 2024 ...

Core Viewpoint - The company has announced the early redemption of its convertible bonds, which meets the necessary conditions for redemption based on stock price performance and will enhance its capital strength while reducing future interest expenses [1][2][4]. Redemption Announcement - The total amount of bonds to be redeemed is 347,000 yuan (3,470 bonds) [1]. - The total redemption payment amount is 354,700.37 yuan, including the current interest [1]. - The redemption payment date is set for June 20, 2025 [1]. Conditions for Redemption - The company's stock price has been above 130% of the conversion price (9.69 yuan/share) for 15 consecutive trading days from May 7 to May 27, 2025, fulfilling the redemption conditions [1][2]. Redemption Details - The company’s board approved the early redemption of the convertible bonds during the sixth meeting of the fifth board on May 27, 2025 [1]. - The bonds will stop trading from June 17, 2025, and any unconverted bonds will be frozen after June 19, 2025 [4]. Impact on Company - As of June 19, 2025, the total amount of convertible bonds converted into shares is 329,653,000 yuan, resulting in 43,525,528 shares, which is 12.31% of the total shares before conversion [2][3]. - The total share capital will increase to 398,700,736 shares after the redemption, which is expected to strengthen the company's capital position and support sustainable development [4].