Group 1 - The core point of the article highlights the financing activities of the company, Shanhe Intelligent, which had a financing buy-in amount of 124 million yuan on August 26, ranking 271st in the two markets [1] - Over the last three trading days, Shanhe Intelligent received financing buy-ins of 188 million yuan, 200 million yuan, and 124 million yuan respectively [1] - On the same day, the company had a financing repayment amount of 161 million yuan, resulting in a net sell of 37.81 million yuan [1] Group 2 - In terms of securities lending, the company had no shares sold or net sold on that day, indicating no activity in this area [1]

Group 1 - The core business of Li's Auction House is to assist equipment manufacturers and agents in expanding their international markets through a combination of online and offline auction events [3] - Li's Auction House operates over 110 business institutions globally, serving nearly 200 countries with 530,000 customers, and auctioning more than 390,000 pieces of equipment annually, with a projected global transaction volume of $15.7 billion in 2024 [3] - Changsha is one of the three major global clusters for construction machinery, housing several top 50 global construction machinery companies, and is expected to exceed a scale of 250 billion yuan in the construction machinery industry by 2024, capturing an 8.5% share of the global market with export values exceeding 30 billion yuan [3] Group 2 - The Changsha Free Trade Zone is actively engaging with Li's Group to promote multinational cooperation and support the development of Hunan's construction machinery remanufacturing export industry [3] - The establishment of the Changsha remanufacturing and repair export base for construction machinery is part of the efforts to facilitate the "going out" strategy for construction machinery remanufacturing [3] - Recent initiatives in the Changsha Free Trade Zone have focused on innovation and coordination among various parties to enhance the remanufacturing system reform in the construction machinery sector [3]

Market Overview - As of August 26, the Shanghai Composite Index fell by 0.39% to 3868.3820 points, while the Shenzhen Component Index rose by 0.26% to 12473.174 points [1] Top Gainers in Hunan Stocks - Topvi Information opened at 37.290 and closed at 40.270, achieving a daily increase of 10.00% with a trading volume of 1,329,989 lots [2] - Youa Shares opened at 7.020 and closed at 7.610, marking a rise of 5.84% and a trading volume of 2,169,265 lots [2] - ST Jiajia opened at 6.590 and closed at 6.860, with a daily increase of 5.05% and a trading volume of 106,992 lots [2] - Yuhuan CNC opened at 22.430 and closed at 23.620, reflecting a rise of 4.79% with a trading volume of 155,652 lots [2] - Jiugui Liquor opened at 66.500 and closed at 69.400, increasing by 3.37% with a trading volume of 447,908 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, experiencing a decline of 11.76% with a trading volume of 611,606 lots [3] - Jiu Zhi Tang (Rights Protection) opened at 12.460 and closed at 12.250, down by 3.62% with a trading volume of 526,762 lots [3] - *ST Biology (Rights Protection) opened at 9.770 and closed at 9.450, decreasing by 3.57% with a trading volume of 91,325 lots [3] - Changlan Technology opened at 19.200 and closed at 18.820, falling by 3.14% with a trading volume of 97,154 lots [3] - Shanhe Intelligent opened at 16.660 and closed at 16.220, down by 2.64% with a trading volume of 1,057,297 lots [3]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating an expectation for continued upward trends in the sector [5][6]. Core Insights - The defense and military sector is entering a significant upward cycle driven by domestic demand, particularly due to military modernization efforts, which are expected to enhance growth opportunities [5]. - The global military trade landscape is evolving, with increasing demand driven by geopolitical changes, leading to a strong resonance between supply and demand in China's military exports [5]. - The report highlights the acceleration of satellite internet constellation launches, indicating a maturation of the commercial aerospace industry in China, which presents a golden opportunity for investment [5]. - Key investment targets include companies involved in next-generation equipment, precision-guided munitions, and those leveraging AI and robotics for enhanced military capabilities [5]. Market Review - Last week, the Shenwan Defense and Military Index rose by 3.07%, while the CSI Military Leaders Index increased by 3.27%. In comparison, the Shanghai Composite Index rose by 3.49%, and the CSI 300 Index increased by 4.18% [6]. - The report notes that the defense and military sector's performance ranked 12th among 31 Shenwan primary industry indices, indicating a relative underperformance compared to other sectors [6]. - The top five performing stocks in the defense and military sector last week included Chengfei Integration (up 35.53%), Zhongtian Rocket (up 28.23%), and Lijun Shares (up 23.10%) [6][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 92.71, placing it in the upper range historically, indicating a high valuation compared to past performance [14]. - The report emphasizes that the aerospace and aviation equipment segments are currently at relatively high valuation levels since 2020 [14][18]. Key Valuation Targets - The report provides a detailed valuation table for key companies in the defense and military sector, highlighting projected net profits and PE ratios for the years 2024 to 2027 [20]. - Notable companies include AVIC Shenyang Aircraft Company with a market cap of 1,773.1 billion yuan and a projected PE of 52 for 2027 [20].

Core Viewpoint - The company is undergoing a board re-election process to enhance governance and support business development, with the new board expected to be elected at the second extraordinary shareholders' meeting in 2025 [5][8]. Group 1: Company Governance Changes - The eighth board of directors has completed its term on July 13, 2025, prompting the need for a re-election to adapt to the company's operational and management requirements [5]. - The ninth board will consist of 11 members, including 6 non-independent directors, 4 independent directors, and 1 employee representative [5][8]. - The board has proposed candidates for both non-independent and independent director positions, ensuring compliance with relevant laws and regulations [6][7]. Group 2: Election Process - The election of the ninth board's non-independent directors was approved during the 23rd meeting of the eighth board on August 21, 2025, with candidates being reviewed for eligibility [6]. - Independent director candidates have also been nominated and will be presented for approval at the upcoming shareholders' meeting, following the necessary regulatory checks [7][8]. - The election will utilize a cumulative voting system, and the new board's term will commence upon approval at the shareholders' meeting [7][8].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002097 证券简称：山河智能 公告编号：2025-041 山河智能装备股份有限公司 第八届董事会第二十三次会议决议公告 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。 山河智能装备股份有限公司（以下简称"公司"）第八届董事会第二十三次会议通知于2025年8月15日以 通讯送达的方式发出，于2025年8月21日以通讯会议方式召开。会议应到董事11人，实到董事11人。公 司董事长付向东先生主持会议。会议的召开符合《中华人民共和国公司法》《公司章程》《董事会议事 规则》等相关规定，会议合法有效。 本次会议经投票表决，通过如下决议： 一、会议以同意11票、反对0票、弃权0票的表决结果审议通过了《关于修订〈公司章程〉的议案》； 本议案需提交公司2025年第二次临时股东会审议。有关股东会召开事宜，公司董事会将按相关程序另行 通知。 【具体内容详见公司指定信息披露网站巨潮资讯网http://www.cninfo.com.cn】 二、会议以同意11票、反对0票、弃权0票的表决结果审议通过了《关于修订〈股东会议事规 ...

Core Points - The company, Shanhe Intelligent Equipment Co., Ltd., has revised its articles of association as of September 2025, detailing various aspects of its organization, shareholder rights, and board structure [1][3] - The company was established through the overall change of Changsha Shanhe Engineering Machinery Co., Ltd. and was listed on the Shenzhen Stock Exchange on December 22, 2006, with a registered capital of RMB 1.0746 billion [1][3] - The company has issued 107,461,726.4 shares, all of which are ordinary shares, and follows principles of openness, fairness, and justice in its share issuance [1][3] Shareholder and Shareholder Meeting - The shareholder meeting is the company's power institution, responsible for electing and replacing directors and approving board reports, with annual and temporary meetings held under strict procedural regulations [2] - Proposals for meetings must meet specific criteria, and voting requires a majority or two-thirds majority depending on the resolution type [2] Board of Directors - The board consists of eleven directors, including a chairman and potentially a vice-chairman, with authority over long-term development decisions and executive appointments [2] - The board has established various committees, including an audit committee and a strategic committee, each with defined responsibilities [2] Senior Management - The company has a general manager, several deputy managers, and other senior management roles, all appointed by the board and subject to specific regulations regarding their tenure and obligations [2] Financial and Audit Policies - The company has a financial accounting system in place and actively implements a profit distribution policy, primarily through cash dividends, ensuring that cash distributions over the last three years are at least 30% of the average distributable profit [3] - Internal audits are conducted to oversee business activities, and the appointment of accounting firms is determined by the shareholder meeting [3] Additional Regulations - The articles of association also cover notifications, mergers, capital increases, reductions, dissolution, and amendments, ensuring compliance with regulatory procedures [3] - The recent revision of the articles aims to enhance the company's governance structure and operational mechanisms, providing a solid institutional guarantee for its standardized development [3]

Group 1 - The company announced that its eighth board of directors will complete its term on July 13, 2025 [2] - To adapt to the company's operational management and business development needs, a board re-election has been decided [2] - The ninth board of directors will consist of 11 members, including 6 non-independent directors, 4 independent directors, and 1 employee director [2]

山河智能装备股份有限公司 合规管理制度 （2025 年 8 月 21 日第八届董事会第二十三次会议审议通过） 第一章 总则 第一条 为健全完善山河智能装备股份有限公司（以下简称：山河智能或公 司）合规管理体系，全面规范和加强公司合规管理，有效防控合规经营风险，加 快提升公司依法合规经营管理水平，保障公司持续稳健发展，根据《中华人民共 和国公司法》《上市公司治理准则》等相关法律法规及制度，制定本制度。 第二条 本制度适用于公司及子公司。 第三条 本制度所称合规，是指公司及其员工的经营管理行为符合法律法规、 监管规定、行业准则和公司章程、规章制度以及国际条约、规则等要求。 本制度所称合规风险，是指公司及员工因不合规行为，引发法律责任、受到 相关处罚、造成经济或声誉损失以及其他负面影响的可能性。 本制度所称合规管理，是指以有效防控合规风险为目的，以公司和员工经营 管理行为为对象，开展包括制度制定、风险识别、合规审查、风险应对、责任追 究、考核评价、合规培训等有组织、有计划的管理活动。 第四条 合规管理工作需遵循以下基本原则： （一）全面覆盖。坚持将合规要求覆盖各业务领域、各职能部门、业务部门 及子公司、全体员工，贯 ...

山河智能装备股份有限公司 董事和高级管理人员所持本公司股份及其变动管理办法 （2025 年 8 月 21 日第八届董事会第二十三次会议审议通过） 第一章 总则 第一条 为了加强山河智能装备股份有限公司（以下称"公司"）董事和高 级管理人员（以下简称"高管"）所持本公司股份及其衍生品种变动的管理，进 一步明确相关办理程序，根据《中华人民共和国公司法》（以下称"《公司法》"）、 《中华人民共和国证券法》（以下称"《证券法》"）、《上市公司董事和高级 管理人员所持本公司股份及其变动管理规则》《深圳证券交易所股票上市规则》 （以下称"《股票上市规则》"）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下称"《规范运作指引》"）等法律、法 规、规范性文件以及《公司章程》的有关规定，结合公司的实际情况，特制定本 管理办法。 第二条 本管理办法适用于公司董事和高级管理人员及本管理办法第十六条 规定的自然人、法人或其他组织、持有本公司股份 5%以上的股东。 公司董事和高级管理人员从事融资融券交易时，也应遵守本管理办法并履行 相关询问和报告义务。 公司董事和高级管理人员委托他人代行买卖股票，视作本 ...