Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

证券代码：605305 证券简称：中际联合 公告编号：2025-044 中际联合（北京）科技股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 1 ● 本次现金管理受托方：兴业银行股份有限公司北京通州北苑支行 ● 本次委托现金管理金额：人民币 6,000.00 万元 ● 本次现金管理产品名称：兴业银行企业金融人民币结构性存款产品 ● 现金管理期限：30 天 可以循环使用，投资期限自公司 2023 年年度股东大会审议通过之日起 12 个月内 有效。公司监事会发表了明确的同意意见，保荐人中信建投证券股份有限公司对 本事项出具了明确的核查意见。详细内容见公司于 2024 年 4 月 13 日、2024 年 5 月 9 日在上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露的相 关公告。 一、前次使用募集资金进行现金管理到期赎回的情况 并继续进行现金管理的进展公告 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： ● 履行的审议程序：中际联合（北京）科技股份有限公司（以下简称"公 司"）于 20 ...

证券代码：605305 证券简称：中际联合 公告编号：2025-043 中际联合（北京）科技股份有限公司 法定代表人：刘雅心 类型：其他有限责任公司 关于对外投资设立控股子公司完成注册登记的公告 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。 一、对外投资概述 中际联合（北京）科技股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日 召开第四届董事会第十二次会议，审议通过了《关于对外投资设立控股子公司的议案》， 同意公司对外投资设立控股子公司，注册资本为 2,000 万元，其中公司以自有资金出 资 1,400 万元，持有标的公司 70%股权。具体内容详见公司于 2025 年 4 月 19 日在上 海证券交易所网站（www.sse.com.cn）披露的《中际联合（北京）科技股份有限公司 关于对外投资设立控股子公司的公告》（公告编号：2025-031）。 二、对外投资的进展情况 2025 年 6 月 25 日，控股子公司已完成设立登记手续，并取得烟台经济技术开发 区市场监督管理局颁发的《营业执照》，具体信息如下： 公 ...

证券代码：605305 证券简称：中际联合 公告编号：2025-042 中际联合（北京）科技股份有限公司 关于使用闲置募集资金进行现金管理到期赎回 ● 履行的审议程序：中际联合（北京）科技股份有限公司（以下简称"公 司"）于 2025 年 4 月 17 日召开第四届董事会第十二次会议及第四届监事会第十 一次会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 该议案并经公司 2024 年年度股东大会审议通过，同意公司及子公司在确保募投 项目所需资金正常使用和保证募集资金安全的前提下，对不超过人民币 6,000.00 万元（含本数）的闲置募集资金进行现金管理，在上述额度内，资金 可以循环使用，投资期限自公司 2024 年年度股东大会审议通过之日起 12 个月内 有效。公司监事会发表了明确的同意意见，保荐人中信建投证券股份有限公司对 本事项出具了明确的核查意见。详细内容见公司于 2025 年 4 月 19 日、2025 年 5 月 10 日在上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露的 相关公告。 公司于 2024 年 4 月 11 日召开第四届董事会第七次会议及第四 ...

证券代码：605305 证券简称：中际联合 公告编号：2025-041 本次变更后，公司首次公开发行股票持续督导的保荐代表人为张松先生和刘 世鹏先生，持续督导期至中国证券监督管理委员会和上海证券交易所规定的持续 督导义务结束为止。 特此公告。 中际联合（北京）科技股份有限公司 董事会 2025 年 5 月 30 日 中际联合（北京）科技股份有限公司 关于更换持续督导保荐代表人的公告 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。 中际联合（北京）科技股份有限公司（以下简称"公司"）近日收到公司保 荐人中信建投证券股份有限公司（以下简称"中信建投"）《关于更换中际联合 （北京）科技股份有限公司首次公开发行股票持续督导保荐代表人的函》。 中信建投担任公司首次公开发行股票的保荐人，原指派隋玉瑶先生和刘世鹏 先生担任公司首次公开发行股票的保荐代表人，并由上述保荐代表人负责后续的 持续督导工作。 目前，隋玉瑶先生因个人工作变动原因，无法继续履行保荐代表人职责。为 了切实做好持续督导工作，根据《证券发行上市保荐业务管理办法》的相关规定， ...

Core Points - The company announced a cash dividend distribution of 0.45 yuan per share for the fiscal year 2024, approved at the shareholders' meeting on May 9, 2025 [2][3] - The total cash dividend to be distributed amounts to 95,634,000 yuan, based on a total share capital of 212,520,000 shares [4] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [3] - The distribution method involves the Shanghai Branch of China Securities Clearing Corporation handling the payment through its fund clearing system for shareholders who have completed designated transactions [5] Taxation Details - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of 0.45 yuan per share [8] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, leading to a net distribution of 0.405 yuan per share [9] - Other shareholders, including institutional investors, are responsible for their own tax obligations, with the gross dividend remaining at 0.45 yuan per share [9]

Key Points - The company announced a cash dividend of 0.45 CNY per share for its A shares, totaling 95,634,000 CNY to be distributed [1] - The record date for the dividend is set for May 28, 2025, with the ex-dividend date on May 29, 2025, and the payment date also on May 29, 2025 [1] - The total number of shares for the dividend distribution is based on the company's total share capital of 212,520,000 shares [1] - The company will distribute dividends to shareholders who are registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the record date [1] - For individual shareholders holding unrestricted circulating shares, the actual cash dividend will be subject to personal income tax based on the holding period [3][4] - For QFII shareholders, the company will withhold corporate income tax as per regulations, and those eligible for tax treaty benefits can apply to the tax authority [4][6] - The company will not withhold taxes for other shareholders, who are responsible for their own tax obligations [7]

中际联合（北京）科技股份有限公司 证券代码：605305 证券简称：中际联合 公告编号：2025-040 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0.45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 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | 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 四、 分配实施办法 本次利润分配方案经中际联合（北京）科技股份有限公司（以下简称"公司"） 2025 年 5 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 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： 本次利润分配以方案实施前的公司总股本212 ...

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" [1] Core Views - The offshore wind power sector is progressing steadily with major projects expected to commence in the first half of 2025, and over 25GW of projects approved and awaiting bidding nationwide, indicating a record year for bidding in 2025. The average annual installed capacity for offshore wind during the 14th Five-Year Plan is expected to exceed 20GW, significantly surpassing the previous plan's levels. Onshore wind installations are projected to exceed 90GW in 2025, with stable main unit prices and cost reductions driving a rebound in profitability. The export of Chinese wind turbines is gaining momentum, with high growth in orders expected from 2025 to 2026, leading to significant profit elasticity in manufacturing. The profitability of components is expected to decline from 2022 to 2024 but is anticipated to recover in 2025 [4][5]. Summary by Sections Industry News - The wind power sector has seen a general increase in stock prices over the past two weeks, with the top three performing segments being complete machines (+3.1%), blades (+2.9%), and mooring systems (+1.7%). The top three individual stocks in terms of growth are Lixing Co. (+9.6%), Zhongcai Technology (+8.6%), and Guoda Special Materials (+7.9%) [3]. Market Performance - As of 2025, the cumulative publicly tendered capacity for wind turbines nationwide is 46.3GW (+75%), with onshore wind accounting for 36.8GW (+57%) and offshore wind for 9.6GW (+213%). The average winning bid price for onshore wind turbines (excluding towers) in 2025 is 1,774 CNY/kW. For 2024, the total publicly tendered capacity is expected to reach 107.4GW (+61%) [7][11]. Investment Recommendations - Four key areas to focus on include: 1) Leading companies in tower/pile production with high capacity and export potential; 2) Leading submarine cable companies with expected recovery and opening export markets; 3) Leading complete machine manufacturers with domestic profitability bottoming out and accelerating exports; 4) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Recommended companies include Goldwind Technology, Oriental Cable, Guoda Special Materials, Zhongji United, Dajin Heavy Industry, Times New Materials, Hewei Electric, Riyue Co., and Sany Renewable Energy [5][6].

Core Viewpoint - The company has approved the use of idle raised funds for cash management, aiming to enhance fund efficiency and returns while ensuring the safety of the raised funds [2][4][17]. Group 1: Cash Management Overview - The purpose of cash management is to improve the efficiency of raised funds, increase returns, and reduce financial costs while ensuring normal operations and project funding [4]. - The source of funds for cash management is part of the company's idle raised funds [5]. - The company has authorized a cash management amount of up to RMB 60 million, which can be reused within a 12-month period [2][17]. Group 2: Cash Management Details - The entrusted party for cash management is Industrial Bank Co., Ltd., with a specific product being a structured deposit [6][13]. - The cash management product has a term of 17 days, and the total amount managed is RMB 60 million [6]. - The cash management product is categorized as a principal-protected floating return product, ensuring it does not affect the normal operation of the fundraising projects [12]. Group 3: Financial Status and Impact - As of March 31, 2025, the company's total liabilities were RMB 682.354 million, with a debt-to-asset ratio of 20.25%, indicating a reasonable financial structure [15]. - The company has no bank loans, and its liabilities mainly arise from operational transactions, ensuring a sound financial position while engaging in cash management [15]. - The cash management will be recorded as "trading financial assets" on the balance sheet, with interest income reflected in the profit statement as "investment income" [15].