证券代码：001696 证券简称：宗申动力 公告编号：2026-07 对外担保进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、担保情况概述 1．担保审议情况 重庆宗申动力机械股份有限公司（简称"公司"）分别召开第十一届董事会 第十九次会议和 2024 年年度股东大会审议通过《关于 2025 年度对子公司担保的 议案》：同意 2025 年度公司对合并报表范围内的下属子公司担保、全资子公司 对公司担保及下属子公司间互保额度预计为 44.30 亿元，公司向控股子公司提供 的诉讼保全信用担保的额度预计为 2 亿元，有效期至公司 2025 年年度股东大会 重新核定额度前。具体内容详见公司于 2025 年 4 月 1 日和 4 月 22 日在巨潮资讯 网（www.cninfo.com.cn）上披露的相关公告。 2．担保进展情况 近日，公司对合并报表范围内的下属子公司重庆宗申通用动力机械有限公司、 重庆大江动力设备制造有限公司、东莞市锂智慧能源有限公司申请的综合授信额 度提供连带责任保证担保合计 55,000 万元。具体如下： | 保证人 | 债务人 | 债权人 ...

持有重庆宗申动力机械股份有限公司（简称"公司"）股份 186,445,000 股（占本公司总股本比例 16.2830%）的股东西藏国隆商贸服务有限公司计划自 本公告发布之日起 15 个交易日后的三个月内，以集中竞价方式和大宗交易方式 减持本公司股份不超过 34,350,807 股（不超过公司股份总数的 3%）。 近日，公司收到股东西藏国隆商贸服务有限公司出具的《关于计划减持公司 股票的告知函》，现将具体情况公告如下： 证券代码：001696 证券简称：宗申动力 公告编号：2026-06 重庆宗申动力机械股份有限公司 关于持股 5%以上股东减持股份的预披露公告 公司股东西藏国隆商贸服务有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、拟减持股东的基本情况 | 西藏国隆商贸服务 | 持股 5%以上 | 186,445,000 | 16.2830% | | --- | --- | --- | --- | | 股东名称 有限公司 | 股东身份 非第一大股东 | 持股数量（股） | 占本公司 ...

证券代码：001696 证券简称：宗申动力 公告编号：2026-05 重庆宗申动力机械股份有限公司 关于筹划重大资产置换暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1．本次交易尚处于筹划阶段，具体交易标的资产范围、交易价格等要素均 未最终确定，交易双方尚未签署任何协议，交易方案仍需进一步论证和沟通协 商，并需按照相关法律、法规及公司章程的规定履行必要的决策和审批程序后 方可正式实施。 2．本次交易相关事项尚存在不确定性，公司将根据相关事项的进展情况， 及时履行信息披露义务。敬请广大投资者注意投资风险。 1 / 2 具体详见公司于 2026 年 2 月 14 日披露的《关于筹划重大资产置换暨关联交 易的提示性公告》（编号：2026-04）。 二、本次交易进展情况 一、本次交易概述 重庆宗申动力机械股份有限公司（简称"公司"）拟将所持有的摩托车发动 机业务相关资产与负债（以重庆宗申发动机制造有限公司股权为核心）与隆鑫通 用动力股份有限公司（简称"隆鑫通用"，证券代码：603766）持有的通用机械 业务相关资产与负债（以重庆新隆 ...

Investment Rating - The report rates the commercial aerospace industry as "Outperform" compared to the market [2] Core Insights - The commercial aerospace index experienced a decline of 4.01% during the week of March 2 to March 6, 2026, while the overall market maintained a volatile pattern. The index's PE ratio decreased by 4.58%, placing its current valuation at the 48.44% percentile over the past three months [2] - Key companies that saw significant gains include Huaru Technology (+33.23%), Huagong Technology (+27.73%), and Zongshen Power (+20.47%). Conversely, companies with the largest declines were *ST Guandian (-23.63%), ST Dahua (-18.57%), and Liujin Technology (-16.53%) [2] - Blue Arrow Aerospace achieved a breakthrough with its "Blue Yan" 220-ton liquid oxygen-methane engine, enhancing the development of reusable rocket propulsion systems. The engine has completed over 100 ignition tests since its first full-system test in May 2025 [2] - SpaceX continues to expand its Starlink low-orbit satellite constellation, with over 9,900 satellites currently in orbit. The company is also advancing the development of the next-generation Starship V3, which is expected to conduct its first flight in approximately four weeks [2] Summary by Sections Industry Performance - The commercial aerospace index has shown a volatile performance, with a notable decline of 4.01% in the recent week. The index's valuation metrics indicate a decrease in PE ratio, reflecting a cautious market sentiment [2][3] Key Developments - Blue Arrow Aerospace's advancements in rocket engine technology are expected to drive growth in the commercial aerospace sector, particularly in the areas of payload capacity and launch frequency [2] - The upcoming Shanghai Commercial Aerospace Conference from March 12 to 14, 2026, is anticipated to increase industry visibility and engagement [2] Investment Recommendations - The report suggests focusing on companies such as Western Materials (300124), Guoji Precision (002046), and Huazhu High-Tech (688433) as potential investment opportunities within the commercial aerospace sector [2]

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The low-altitude economy is gaining momentum with significant policy support, including a joint announcement from five ministries to strengthen the digital infrastructure for low-altitude operations and promote high-quality development of low-altitude insurance [3][10][14] - The report highlights the successful financing activities in the eVTOL sector, with WoFei ChangKong completing nearly 1 billion yuan in a new round of financing, marking the largest single financing in the low-altitude economy at the start of the year [3][27] - The introduction of innovative eVTOL models, such as the world's first 5-ton eVTOL by Fengfei Aviation, is expected to redefine low-altitude transportation efficiency and expand market opportunities [16][17] Summary by Sections Market Performance - In February 2026, the low-altitude economy index increased by 4.56%, outperforming the Shanghai Composite Index by 3.47 percentage points [8][12] Policy Dynamics - A joint document from five ministries emphasizes the need to enhance information communication capabilities to support low-altitude infrastructure development, with specific targets for 5G-A industry supply and low-altitude communication coverage [10][11] - The National Development and Reform Commission and other agencies have set goals for establishing a mandatory insurance system for unmanned aerial vehicles by 2027, aiming to enhance the safety framework for low-altitude operations [14][15] Industry Chain Progress - Fengfei Aviation's V5000 eVTOL has successfully completed its conversion flight, marking a significant milestone in the eVTOL industry and showcasing China's leadership in this technology [16][17] - Yesheng Aviation has become the first company globally to hold three special flight permits for ultra-light eVTOLs, indicating strong progress in regulatory approvals and product development [21][22] Investment and Financing Dynamics - WoFei ChangKong's recent financing round, led by CITIC Capital, is aimed at accelerating the certification process for its AE200 series and expanding its commercial model [27] - Tianling Technology has also secured over 100 million yuan in financing to advance its INFLYNC L600 eVTOL, which is expected to enter commercial operations by 2028 [28] Investment Recommendations - The report suggests focusing on key segments such as complete aircraft, power systems, flight control systems, and low-altitude monitoring, with specific companies highlighted for potential long-term benefits [31]

Group 1 - The core objective of the asset swap between Zongshen Power and Longxin General is to resolve the issue of industry competition and achieve business focus and specialization [1][2][3] - After the asset swap, Longxin General will concentrate on motorcycle and engine businesses, while Zongshen Power will focus on general machinery [2][5] - As of September 2025, Zongshen Power and Longxin General have total assets of approximately 12.7 billion and 17.67 billion respectively, with motorcycle sales in 2024 reaching 1.8 million and 1.54 million units, ranking second and third in the industry [3][4] Group 2 - In the first half of 2025, Zongshen Power's motorcycle engine business generated total revenue of 2.33 billion, a year-on-year increase of 14.39%, while its general machinery business achieved revenue of 3.65 billion, up 73.06% [4] - Longxin General's motorcycle business generated sales revenue of 7.27 billion in the first half of 2025, a year-on-year increase of 23.14%, with the Wujie VOGE series contributing 1.98 billion, up 30.23% [4] - For the year 2025, Zongshen Power's net profit is expected to be between 646 million and 738 million, while Longxin General's net profit is projected to be between 1.65 billion and 1.8 billion, leading to a combined profit of over 2.296 billion [6]

Industry Overview - In January, the motorcycle industry in China experienced a strong start, with significant year-on-year and month-on-month growth in production and sales, as well as continued positive trends in foreign trade exports, achieving a monthly export volume that reached a recent high [1] Production and Sales - The total production and sales of fuel motorcycles in January were 1.6985 million and 1.7236 million units, respectively, with month-on-month increases of 1.88% and 3.97%, and year-on-year increases of 23.24% and 22.95% [3] - Electric motorcycle production and sales were 306,100 and 281,500 units, showing month-on-month declines of 9.74% and 7.45%, but year-on-year increases of 43.97% and 27.99% [3] - The total motorcycle production and sales reached 2.0046 million and 2.0051 million units, with a month-on-month production decrease of 0.08% and a sales increase of 2.2%, while year-on-year growth was 26.01% and 23.63% [3] - Domestic sales of motorcycles were 682,100 units, with a month-on-month decline of 5.78% and a year-on-year increase of 21.16% [3] Model Breakdown - Among the three major motorcycle types, the production and sales of cross-country motorcycles were 1.0475 million and 1.0526 million units, with month-on-month growth of 3.01% and 0.06%, and year-on-year growth of 17.91% and 18.85% [4] - Scooter production and sales were 528,400 and 503,900 units, with a month-on-month production decrease of 0.93% and a sales increase of 9.4%, while year-on-year growth was 37.23% and 29.03% [4] - The production and sales of step-through motorcycles were 206,300 and 229,300 units, with month-on-month growth of 0.28% and 19.71%, and year-on-year growth of 39.71% and 36.38% [4] Three-Wheeled Motorcycles - In January, the production and sales of three-wheeled motorcycles were 210,800 and 207,800 units, with month-on-month declines of 15.76% and 19.37%, but year-on-year increases of 24.18% and 17.05% [6] - The production and sales of ordinary cargo three-wheelers were 160,000 and 157,800 units, with month-on-month declines of 12.84% and 15.85%, and year-on-year growth of 15.5% and 9.66% [6] Export Performance - In January, motorcycle exports continued the high growth trend from the previous year, with export volume and value both achieving double-digit growth month-on-month and year-on-year, setting a new historical high for monthly exports [8] - The total motorcycle export volume was 1.323 million units, with a month-on-month increase of 6.86% and a year-on-year increase of 24.94%, while the export value reached $876 million, with a month-on-month increase of 6.89% and a year-on-year increase of 31.28% [9] - The export volume of two-wheeled motorcycles was 1.2633 million units, with a month-on-month increase of 7.36% and a year-on-year increase of 25.24% [9] Economic Performance - In 2022, motorcycle manufacturing enterprises achieved an industrial output value of 148.975 billion yuan, a year-on-year increase of 11.96%, and an industrial sales value of 149.321 billion yuan, a year-on-year increase of 11.41% [14] - The total operating income reached 159.03 billion yuan, a year-on-year increase of 10.73%, while total profits amounted to 12.297 billion yuan, reflecting a year-on-year increase of 34.11% [14] - The total costs of motorcycle manufacturing enterprises were 134.401 billion yuan, with various expenses also showing year-on-year increases [14]

Core Viewpoint - The low-altitude economy is transitioning from a conceptual phase to large-scale commercial use, as evidenced by recent events and technological advancements in the sector [2][3][5]. Group 1: Low-altitude Economy Developments - The first eVTOL water airport, developed by Fengfei Aviation, was showcased during the Spring Festival, marking a significant milestone in low-altitude infrastructure [3][5]. - A record-breaking drone performance featured 22,580 drones, setting a Guinness World Record for the largest simultaneous drone flight, highlighting the technological capabilities within the low-altitude economy [5][13]. - The low-altitude flight network in the Yangtze River Delta is expanding, with routes connecting Shanghai to various locations, significantly reducing travel time for residents [6][7]. Group 2: Market Trends and Capital Involvement - In early 2026, WoFei ChangKong secured nearly 1 billion yuan in funding, marking the largest single financing round in the low-altitude economy sector this year [10][11]. - Financial institutions are shifting from being mere capital providers to strategic partners, actively engaging in the technological and industrial risks associated with low-altitude ventures [12]. - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025, with significant growth in drone operations and eVTOL orders, indicating a robust demand for low-altitude services [13][15]. Group 3: Competitive Landscape - Companies are actively positioning themselves in the low-altitude economy, with established firms like WanFeng AoWei and ZhongShen Power making strategic acquisitions to enhance their product offerings [14]. - New entrants and established companies are collaborating to expand the industry, with firms like SF Express and ZTE entering the market, leveraging their existing capabilities to support low-altitude operations [14]. - The industry is expected to see five major trends in 2026, including refined airspace management and rapid development of low-altitude logistics, which will attract further investment [15].

Core Viewpoint - Longxin General Power Co., Ltd. plans to conduct an asset swap with Chongqing Zongshen Power Machinery Co., Ltd. to address the issue of competition in the motorcycle and general machinery sectors, aiming for business focus and specialization [2][3] Group 1: Asset Swap Details - Longxin General intends to exchange its general machinery-related assets and liabilities, primarily the equity of Chongqing Xinlongxin Electromechanical Co., Ltd., for Zongshen Power's motorcycle engine-related assets and liabilities, mainly the equity of Chongqing Zongshen Engine Manufacturing Co., Ltd. [2] - The difference in the valuation of the swapped assets will be compensated in cash by one party to the other, and the transaction will not involve issuing shares or changing the controlling shareholder [2] Group 2: Background and Strategic Focus - The asset swap is motivated by a change in the actual controller of Longxin General, which will occur in December 2024, leading to indirect control by Zongshen Industrial Group Co., Ltd. This has resulted in competition in related business areas with subsidiaries controlled by Zongshen Group, including Zongshen Power [2] - Post-transaction, Longxin General will focus its resources on developing motorcycle complete vehicles and motorcycle engine businesses, emphasizing core power technology research and global channel layout to enhance its motorcycle powertrain capabilities [3]

Financial Data - As of the end of January, the social financing scale increased by 8.2% year-on-year, and the broad money supply (M2) grew by 9.0%, significantly higher than the nominal GDP growth rate, creating a favorable monetary environment for economic recovery [3]. Stock Market Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, with the inclusion of CATL, Luoyang Molybdenum, and Laopu Gold, while Zhongsheng Holdings will be removed. These changes will take effect after the market closes on March 6 and will be implemented on March 9 [3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) announced administrative penalties and market bans against Tianfeng Securities for alleged violations related to financing and information disclosure for Wuhan Contemporary Technology Industry Group [3]. Company News - Southwest Securities plans to issue A-shares to specific investors, raising up to 6 billion yuan to supplement its capital for various business operations [7]. - SAIC Group's subsidiary, SAIC Jin控, will establish a private equity fund with an initial subscription of 2.5 billion yuan, focusing on solid-state batteries and other advanced technologies [8]. - KOTAI Power has decided to terminate its H-share issuance preparations, stating that this decision will not significantly impact its operations [8]. - YG Chip received a notice from the CSRC regarding an investigation for suspected information disclosure violations, while its business activities continue normally [8]. - Meituan expects a loss of 23.3 billion to 24.3 billion yuan for the fiscal year 2025, primarily due to a shift from a profit of approximately 52.4 billion yuan in 2024 to an operational loss in 2025, alongside increased investments in overseas operations [9]. - Zongshen Power plans to swap motorcycle engine-related assets with Longxin General's assets to resolve competition issues and promote clearer business development [9]. Industry Insights - Huatai Securities believes that the advancement of a unified national electricity market will benefit the new power system construction from multiple dimensions, focusing on the accelerated development of energy storage, continuous construction of the main grid, and structural growth in renewable energy demand [11].