证券研究报告 | 行业周报 2025 年 07 月 23 日 风电周报（2025.7.14-2025.7.20） 英国新规放宽 AR7 海风准入门槛，浙江深远海装备基地建设持续推 进 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002202.SZ | 金风科技 | 买入 | 0.7 | 0.85 | 14.36 | 11.82 | | 002487.SZ | 大金重工 | 买入 | 1.41 | 1.98 | 23.03 | 16.4 | | 300129.SZ | 泰胜风能 | 增持 | 0.37 | 0.49 | 19.92 | 15.04 | | 300443.SZ | 金雷股份 | 增持 | 1.16 | 1.57 | 19.35 | 14.3 | | 300772.SZ | 运达股份 | 买入 | 0.88 | 1.14 | 14.82 | 11.44 | | 603062.SH | ...

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002636&announcementId=122411 | 002636 | 金安国纪 | 9942&orgId=9900021766&announcementTime=2025 | -07-10 | | | --- | --- | --- | --- | --- | --- | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=000691&announcementId=122421 | 000691 | *ST亚太 | 5359&orgId=gssz0000691&announcementTime=2025 | -07-21 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=000607&announcementId=122418 | 000607 | 华媒控股 | 8769&orgId=gssz0000607&announcementTime= ...

证券研究报告 | 行业周报 | 机械设备 本周报意在汇总大制造中观策略组内部每周重要深度报告、重要点评报告与边际 变化的观点。 ❑ 【团队核心标的】 华大九天，上海沿浦，浙江荣泰，罗博特科，巨星科技，雅迪控股，爱玛科 技，洪都航空，中际联合，北特科技等。 ❑ 【核心组合】 三一重工、徐工集团、山推股份、杭叉集团、安徽合力、中力股份、诺力股份、 兰剑智能、巨星科技、涛涛车业、杰克股份、华通线缆、中航沈飞、中航西飞、 洪都航空、中航成飞、内蒙一机、北方导航、中兵红箭、中国海防、西部材料、 中国船舶、中国重工。 截至 2025/07/18，上周（2025/07/14-2025/07/18）板块跟踪指数中，表现最好的 五大指数为：通信（申万）（+8%）、医药生物（申万）（+4%）、汽车（申万） （+3%）、机械设备（申万）（+3%）、国防军工（申万）（+2%）。 截至 2025/07/18，上周（2025/07/14-2025/07/18）大制造板块跟踪指数中，表现 最好的三大指数为：长江锂电设备指数（+5%）、汽车零部件（申万）（+4%）、 汽车（申万）（+3%）。 周期筑底、驭势而上、主题轮动 ——大制造中观策略 ...

| 新股发行及今日交易提示 | 2025/7/21 | 星期一 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/7/21 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | | | 001221 | 悍高集团 | 15.43 | 2025/7/21 | 内地市场权益提示 | | | | | | | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300326&announcementId=122418 | 要约收购 | 300326 | ST凯利 | 要约申报期：2025年7月17日至2025年8月15日 | | 9126&orgId=9900021932&announcementTime=2025 | -07-16 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605305 证券简称：中际联合 公告编号：2025-048 中际联合（北京）科技股份有限公司 关于为控股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 ■ 一、担保情况概述 （一）担保的基本情况 为满足中际联合（北京）科技股份有限公司（以下简称"中际联合"或"公司"）生产经营及业务发展的需 要，公司及全资子公司中际联合（天津）科技有限公司（以下简称"中际天津"）向中国民生银行股份有 限公司北京分行（以下简称"民生银行"）申请综合授信。中际天津授信额度不超过人民币3,000.00万 元，授信方式为公司担保，授信期限1年，主要用于申请银行承兑汇票、非融资性保函、开立即期/远期 信用证、短期流动资金贷款、法人账户透支、金融衍生品、商业承兑汇票贴现等业务。公司为子公司中 际天津取得的授信额度（最高额度人民币3,000.00万元）提供担保，担保方式为连带责任保证。本次公 司为中际天津提供担保不收取子公司任何担保 ...

重要内容提示： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 3,000.00 | 中际联合（天津）科技有限公司 万元 | | | --- | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额 | 3,335.01 | 万元 | | | | 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） | 无 | | --- | --- | | 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） | 26,000.00（含本次担保） | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 10.05 | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资 产 100% □担保金额超过上市公司最近一期经审计 净资产 50% | | | □对合并报表外单位担保金额达到或超过 | | | 最近一期经审计净资产 30%的情况下 | | | □对资产负债率超过 70%的单 ...

Investment Rating - The report maintains a "Strong Buy" rating for the wind power sector, with specific stock recommendations including Jin Feng Technology and Yun Da Co., Ltd. [1][6] Core Insights - The wind power industry is experiencing significant growth, with a 134.21% year-on-year increase in new installations in the first five months of 2025, totaling 46.28 GW [1][27] - The report highlights the successful international expansion of domestic wind turbine manufacturers, with a 43% increase in wind turbine exports in Q1 2025 [2] - The report notes a decline in bidding prices for offshore wind turbines, with an average price of 3266.17 RMB/kW [2][49] Industry Dynamics - The Zhejiang Provincial Development and Reform Commission has issued guidelines for the transitional pricing policy for renewable energy, effective from June 1, 2025 [1][11] - The report tracks stock performance, noting that the wind power equipment index has a TTM P/E ratio of 32.89 and an MRQ P/B ratio of 1.64 [5][15] - The report indicates that the offshore wind power market is expected to grow significantly, driven by new technology and larger turbine sizes [6] Market Performance - The wind power equipment sector saw a price increase of 0.72% during the week of July 7-11, 2025, underperforming compared to the broader market indices [15][20] - The top-performing stocks in the wind power sector included Shangwei New Materials and Jushi Technology, with increases of 72.88% and 8.98%, respectively [22][24] Installation Data - As of May 2025, the cumulative installed capacity of wind power in China reached approximately 567.49 GW, with a year-on-year growth of 23.10% [27][36] - The report details that land-based wind power installations decreased by 7.90% year-on-year in Q1 2025, while offshore installations increased by 42.03% [2][27] Material Prices - The report notes fluctuations in raw material prices, with increases in rebar and scrap steel prices, while copper prices have decreased [39][50] - Specific prices include rebar at 3113 RMB/ton and scrap steel at 2190.60 RMB/ton, reflecting recent market trends [39][44] Tendering and Pricing Trends - A total of 1743.50 MW of wind turbine projects were tendered during the week, with 33 land-based projects totaling 3477.50 MW [49][51] - The report emphasizes the competitive nature of the bidding process, with several leading manufacturers participating [49][52]

证券代码：605305 证券简称：中际联合 公告编号：2025-047 中际联合（北京）科技股份有限公司 股票交易异常波动公告 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： 股票交易异常波动情形：中际联合（北京）科技股份有限公司（以下简称 "公司"）股票连续三个交易日内（2025 年 7 月 14 日、7 月 15 日、7 月 16 日） 日收盘价格涨幅偏离值累计达到 20％，触及《上海证券交易所交易规则》规定 的异常波动标准，属于股票交易异常波动情形。 公司核查发现的重大事项和风险事项：经核实，公司目前生产经营一切正 常，日常经营情况及外部经营环境均未发生重大变化。经公司以书面形式向控股 股东、实际控制人发函询问，截至本公告披露日，公司不存在涉及公司的重大资 产重组、股份发行、重大交易类事项、业务重组、股份回购、股权激励、破产重 整、重大业务合作、引进战略投资者等应披露而未披露的重大事项。 经核查，公司目前生产经营一切正常。日常经营情况及外部经营环境均未发 生重大变化。 (二)重大事项情况 经公司自查并向控 ...

中际联合（605305）公告，公司股票连续三个交易日内(2025年7月14日、7月15日、7月16日)日收盘价 格涨幅偏离值累计达到20%，触及《上海证券交易所交易规则》规定的异常波动标准。经核实，公司目 前生产经营正常，日常经营情况及外部环境未发生重大变化。控股股东及实际控制人不存在应披露而未 披露的重大事项。公司股价短期波动幅度较大，敬请广大投资者理性决策，注意投资风险。 ...

Group 1: Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, with a strong focus on the development, production, and sales of smart imaging devices, including action cameras and panoramic cameras [9][11] - The company's revenue is primarily driven by consumer-grade cameras, which accounted for over 86% of its income in 2024, with nearly 80% of revenue sourced from overseas markets [9][10] - From 2017 to 2024, YingShi Innovation's revenue is projected to grow at a compound annual growth rate (CAGR) of 66.2%, reaching 5.57 billion, while net profit is expected to grow at a CAGR of 106.5% to 990 million [9][10] Group 2: Industry Dynamics - The smart portable imaging device industry, which includes action cameras and drones, is experiencing a product cycle upswing, with a projected CAGR of 41% in China from 2024 to 2027, and over 800,000 units expected to be sold in overseas markets during the same period [10][11] - The global market for consumer-grade panoramic cameras is highly concentrated, with YingShi Innovation holding a market share of 67.2% in 2023, while major players in the action camera segment include DJI, YingShi, and GoPro, collectively accounting for over 80% of the market [10][11] Group 3: Competitive Advantages - YingShi Innovation's competitive edge stems from its strong focus on technological innovation, product development, and a comprehensive marketing strategy, which includes advanced features such as AI smart editing and anti-shake technology [11][12] - The company has established a balanced global sales network, utilizing both online platforms like Amazon and Tmall, and offline channels across over 60 countries, enhancing its brand influence [11][12] Group 4: Financial Projections and Valuation - The company is expected to achieve net profit growth of 16%, 44%, and 42% from 2025 to 2027, reaching 1.15 billion, 1.65 billion, and 2.34 billion respectively, with corresponding earnings per share (EPS) of 2.87, 4.12, and 5.84 [12] - The estimated reasonable valuation for YingShi Innovation is between 183.47 and 207.93 per share, corresponding to a price-to-earnings (PE) ratio of 45-50 for 2026 [12]