Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

截至发稿，黄志钢累计任职时间13年331天，现任基金资产总规模13.46亿元，任职期间最佳基金回报 196.59%， 任职期间最差基金回报-28.86%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，南华基金旗下1只基金位居金橙子十大流通股东。南华丰汇混合A（015245）三季度新进十 大流通股东，持有股数22.1万股，占流通股的比例为0.66%。根据测算，今日浮亏损失约55.92万元。 南华丰汇混合A（015245）成立日期2022年2月28日，最新规模5.29亿。今年以来收益8.92%，同类排名 2462/8890；近一年收益57.32%，同类排名1064/8132；成立以来收益109.8%。 南华丰汇混合A（015245）基金经理为黄志钢。 2月13日，金橙子跌5%，截至发稿，报48.06元/股，成交1.54亿元，换手率3.03%，总市值49.34亿元。 资料显示，北京金橙子科技股份有限公司位 ...

以上内容基于公开资料整理，不构成投资建议。 股票近期走势近7天(2026年2月9日至13日)，金橙子股价波动显著，区间涨跌幅达13.68%，振幅为 18.14%。2月12日受业绩快报提振，股价大涨12.97%，收盘价50.59元；2月13日最新价49.94元，当日跌 1.28%。资金流向显示当日主力净流出34.96万元。 近期事件2026年2月12日，清华大学DISH3D打印技术取得突破，该技术有望推动行业升级，金橙子作 为振镜与控制系统的代表性企业被重点关注。此外，2月9日公司董事长吕文杰表示，金橙子正寻求AI 技术合作机遇，以赋能制造业降本增效。 经济观察网金橙子发布2025年度业绩快报，报告期内公司实现营业收入2.53亿元，同比增长19.46%；归 属于母公司所有者的净利润3726.47万元，同比增长22.20%；扣除非经常性损益的净利润3061.81万元， 同比增长50.74%。业绩增长主要得益于激光加工控制系统、激光系统集成硬件和激光精密加工设备三 大核心业务的平稳增长，以及内部管理优化和联营企业投资收益提升。 ...

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、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以北京金橙子科 技股份有限公司（以下简称"公司"）2025年年度的定期报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 3.上表中基本每股收益的普通股股数为总股本扣除回购股份的加权平均数。归属于母公司所有者的每股 净资产中期末普通股股数为总股本扣除回购股份数。 1、报告期内，营业利润、利润总额分别同比增长53.13%、51.61%，主要系公司持续深耕市场、拓展销 售渠道，激光加工控制系统、激光系统集成硬件、激光精密加工设备三大核心业务均实现平稳增长；同 时深化内部管理，本年度顺利实施员工持股计划，虽相应增加股份支付相关费用，但通过优化管理，期 间费用仍实现有效管控。此外，联营企业经营状况良好，业绩稳步提升，直接带动公司投资 ...

Group 1: Major Announcements - Huapei Power plans to acquire 100% equity of Meichuang Zhiguan (Wuxi) Technology Co., Ltd. through convertible bonds and cash, with trading suspension starting from February 13 [2][3] - Zhongnan Culture is planning a major asset restructuring by acquiring controlling interest in Jiangyin Sulong Thermal Power Co., Ltd. through share issuance and cash payment, with trading suspension starting from February 13 [3] - Xiechuang Data intends to purchase servers from multiple suppliers, with a total contract amount expected to not exceed 11 billion [4] Group 2: Investment Projects - Hudian Co. plans to invest 3.3 billion in a new high-end printed circuit board production project, aiming to meet the growing demand for high-end PCBs in high-performance computing and next-generation networking [5] - Penghui Energy plans to invest a total of 3.3 billion in battery and cell production projects [11] - Jingrui Electric Materials intends to invest 600 million in a comprehensive base for key materials in the integrated circuit manufacturing industry chain in the western region [11] Group 3: Performance Reports - Jinyuanzi reported a total revenue of 253.4 million for 2025, a year-on-year increase of 19.46%, with a net profit of 37.3 million, up 22.20% [7] - Youyan Powder Materials reported a total revenue of 3.9 billion for 2025, a year-on-year increase of 20.85%, with a net profit of 7.1 million, up 19.41% [7] Group 4: Fundraising and Restructuring - Wenzhou Hongfeng plans to raise no more than 450 million through a private placement for lithium battery copper foil and semiconductor etching projects [9] - Yingkerui plans to raise no more than 379 million for various projects including smart high-frequency power supply systems [9] - China Shenhua received approval for issuing shares to acquire assets and raise matching funds [9] Group 5: Important Contracts and Orders - ST Songfa signed contracts for the construction of 17 vessels, with a total contract value between 1.6 billion and 1.8 billion [11] - Zhiguang Electric's subsidiary received a 210 million order for energy storage equipment [16] - Terui De is expected to win a bid for a renewable energy project worth approximately 137 million [16]

Group 1: Company Announcements - De Cai Co., Ltd. (德才股份) reported that Qi Xiang Infinite currently has no related business orders or revenue [1] - Shuangliang Energy (双良节能) has not directly cooperated with SpaceX [1] - Xiamen Airport (厦门空港) plans to acquire 100% equity of Zhaoxiang Technology for 1.193 billion yuan [1] - Shenke Co., Ltd. (申科股份) intends to repurchase shares worth between 40 million to 80 million yuan [1] - Cai Zhi Co., Ltd. (菜直股份) announced that Mingpai Industrial plans to reduce its holdings by no more than 3% [1] Group 2: Project Investments - Huadian Co., Ltd. (沪电股份) plans to invest 3.3 billion yuan in a new high-end printed circuit board production project [1] - Chengzhan Optoelectronics (宸展光电) intends to increase capital for its subsidiary and build an overseas intelligent manufacturing base [1] - Jiuding New Materials (九鼎新材) plans to invest in a special glass fiber winding mat technology renovation project [1] - Jingrui Electric Materials (晶瑞电材) aims to establish a comprehensive base for key materials supporting the integrated circuit manufacturing industry chain in the western region [1] - Penghui Energy (鹏辉能源) plans to invest 1.2 billion yuan in the production of 587Ah and 120Ah batteries [1] Group 3: Contract Awards - Terui De (特锐德) is expected to win a bid for a 137 million yuan renewable energy project [1] - *ST Songfa (ST松发) signed contracts for the construction of 17 vessels with Hengli Shipbuilding [1] Group 4: Financial Performance - Jinhua Co., Ltd. (金橙子) reported a net profit of 37.2647 million yuan for 2025, an increase of 22.20% year-on-year [1] - Hanghua Co., Ltd. (杭华股份) reported a net profit of 109 million yuan for 2025, a decrease of 21.97% year-on-year [1] - Huaxia Bank (华夏银行) reported a net profit attributable to shareholders of 27.2 billion yuan for 2025, a decrease of 1.72% year-on-year [1]

Group 1 - Jia Mei Packaging announced that the capital operation plan related to Magic Atom will be completely independent of the listed company, with no injection plan [2] - Shuangliang Energy indirectly participates in commercial aerospace projects but does not have direct cooperation with SpaceX [2] - Zhangyue Technology expects that the revenue from its AI short drama business in 2025 will not exceed 1% of its total annual revenue [2] Group 2 - Xianglu Tungsten stated that significant economic fluctuations in the countries of its main customers could greatly impact the demand for tungsten products and the recovery of accounts receivable [3] - United Optoelectronics signed a business cooperation framework contract with Lingzhi Cloud Creation to provide assembly and processing services for robot products [4] - Hanbo High-tech's subsidiary plans to acquire assets to layout the wet electronic chemicals industry [4] Group 3 - International Composite Materials confirmed that electronic-grade glass fiber is a key raw material for PCBs and that its operations are normal [5] - Jingrui Electric Materials plans to invest 600 million yuan to build a comprehensive base for key materials in the integrated circuit manufacturing industry in the western region [6] - Wenzhou Hongfeng intends to raise no more than 450 million yuan for the expansion of lithium battery copper foil and electronic copper foil projects [7] Group 4 - Zhi Chuang Data plans to procure servers from multiple suppliers, with a total expected amount not exceeding 11 billion yuan [8] - Zhangyuan Tungsten reported that its current operating conditions and external environment are normal, with no undisclosed significant matters [17] - Yida Co. plans to adjust the technical reform project for the production of 220,000 tons of epoxy propylene derivatives [19] Group 5 - Huazhong Bank reported a net profit of 27.2 billion yuan for 2025, a decrease of 1.72% year-on-year [27][28] - Jin Dike reported a net loss of 173 million yuan for 2025, despite a revenue increase of 40.13% [29] - Luan An Huan Neng reported a 16.8% year-on-year increase in coal sales in January 2026 [30]

（文章来源：证券日报） 证券日报网讯 2月12日，金橙子在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东总 数为6763户。 ...

Group 1: Industry Developments - The National Development and Reform Commission and other departments plan to establish a mandatory insurance system for unmanned aerial vehicles by 2027, enhancing low-altitude insurance products to meet various application needs [1] - Shenzhen's action plan aims to strengthen the semiconductor industry by leveraging AI technology in key areas such as chip design and software optimization, targeting high-performance AI chips for various applications [2] - The internet regulatory authority is intensifying efforts to combat the spread of false information generated by AI without proper labeling, having already addressed over 13421 accounts and 543,000 pieces of illegal information [3] Group 2: Company Updates - Semiconductor company Huahong Semiconductor reported a record fourth-quarter revenue of $659.9 million, a year-on-year increase of 22.4%, with a gross margin of 13.0% [6] - Semiconductor manufacturer SMIC anticipates continued growth driven by domestic product replacements and strong demand for AI-related storage, despite challenges in the low-end market [4] - Aerospace company Hangya Technology plans to raise up to 600 million yuan through convertible bonds to fund various projects, including an intelligent manufacturing base in Malaysia [8] - Hezhong Instrument may face delisting risk due to projected net losses of approximately 89 million yuan for 2025, with revenue expected to be around 97 million yuan [5]

Group 1 - Fuda Alloy's controlling shareholder Wang Dawu plans to reduce his stake by up to 3% of the company's total shares, amounting to a maximum of 406.34 million shares, due to personal funding needs [1] - ST Songfa's subsidiary signed contracts for the construction of 17 vessels, with a total contract value between 1.6 billion to 1.8 billion USD [2] - Pairui Co. signed a technical cooperation agreement with a university to develop large-capacity power semiconductor devices and related power electronic modules, effective for three years [3] Group 2 - Shuangliang Energy indirectly participates in commercial aerospace projects, supplying heat exchangers for SpaceX's fuel production system, with orders totaling approximately 1.39 million CNY [4] - Hangya Technology plans to issue convertible bonds to raise up to 600 million CNY for various projects, including an intelligent manufacturing base in Malaysia [5] - Yuhua Development is publicly selling assets with a base price of 251 million CNY for residential properties [6] Group 3 - Penghui Energy plans to invest 2.1 billion CNY in a new battery production project in Zhengyang County, Henan Province, focusing on high-performance battery products [7] - Haige Communication's shareholder Yang Haizhou intends to reduce his stake by up to 0.1624% of the company's total shares [8] - Yaoshi Technology's controlling shareholder pledged 5.13% of shares to repay loans, with a pledge period from February 10, 2026, to February 2, 2027 [9][10] Group 4 - Hanyu Pharmaceutical received FDA approval for its drug Acetate Glatiramer Injection, used for treating relapsing multiple sclerosis [11] - Baiyao Tai's GoliMab Injection received EMA approval for various indications, including rheumatoid arthritis and ulcerative colitis [12] - Jiangxi Tungsten Equipment plans to issue A-shares to raise up to 1.882 billion CNY for acquisitions [13] Group 5 - Hesong New Materials expects to recognize asset impairment provisions between 23.6 million to 28.5 million CNY for 2025 [14] - ST Meichen's subsidiary is involved in two major lawsuits with a total amount of approximately 31.9 million CNY [15] - China Coal Energy reported a 7.3% year-on-year decline in coal sales for January 2026, with total sales of 20.05 million tons [16] Group 6 - Yida Co. plans to adjust its epoxy propylene derivative project, reducing the total investment from 845 million CNY to 642 million CNY [17] - Fosun Pharma's subsidiary received approval for a clinical trial of HLX15-SC for multiple myeloma treatment [18][19] - Yinfeng Communication's board members and executives have terminated their share reduction plan [20] Group 7 - Huazhong High-tech has waived its preferential purchase rights for a fund, extending the investment period from three to four years [21] - Warner Pharmaceuticals plans to participate in a national drug procurement program, with expected sales of 176 million CNY [22] - Changling Hydraulic announced a tender offer to acquire 12% of its shares at a price of 35.82 CNY per share [23] Group 8 - ST Chuan Zhi's stock may face delisting due to financial data falling below regulatory thresholds [24] - Tian Pharmaceutical and its subsidiaries are participating in a national drug procurement program, with expected sales of 323 million CNY [25] - China Metallurgical Group signed new contracts worth 73.65 billion CNY in January 2026 [26] Group 9 - Torus plans to invest 21.2 million CNY in a venture capital fund focused on artificial intelligence [27] - Shangwei Co. received a government subsidy of 1.764 million CNY, representing 10.79% of its net profit for 2024 [28] - Hanghua Co. reported a 21.97% decline in net profit for 2025, with total revenue of 1.249 billion CNY [29] Group 10 - Huaxia Bank reported a 1.72% decline in net profit for 2025, with total revenue of 91.914 billion CNY [30] - Guotou Fengle plans to transfer 51% of its stake in Hubei Fengle Ecological Fertilizer to optimize management [31] - Huaru Technology is co-investing in a fund with a total commitment of 20 million CNY [32] Group 11 - Jindike reported a loss of 173 million CNY for 2025, despite a 40.13% increase in revenue [33] - Zhenong Co. announced a 0.52% increase in shares held by a major shareholder [34] - Maike Audi plans to recognize asset impairment provisions of approximately 52.55 million CNY [35] Group 12 - Fuan Pharmaceutical's subsidiary is expected to be selected for a national drug procurement program, with projected sales of 680 million CNY [36] - Rundu Co. is participating in a national drug procurement program, with some products expected to be selected [37] - Changqing Co. has postponed its large-scale die-casting project to March 2027 due to customer requirements [38] Group 13 - Pan Asia Micro透 received a patent for a graphene-based automotive headlight defogging device [39] - Luan An Huan Neng reported a 17.1% increase in raw coal production for January 2026, totaling 5 million tons [40] - Guangji Pharmaceutical received a drug registration certificate for Mecobalamin Tablets [41] Group 14 - Ruifeng New Materials announced the resignation of its deputy general manager for personal reasons [42] - Zhiguang Electric's subsidiary signed a procurement contract for energy storage equipment worth 210.4 million CNY [43] - Youyan Powder Materials reported a 19.41% increase in net profit for 2025 [44] Group 15 - Jincheng reported a 22.2% increase in net profit for 2025, with total revenue of 253 million CNY [46]