Investment Rating - The report maintains a "Recommended" investment rating for the industry [7] Core Viewpoints - The low-altitude economy is developing well, with strong support from government policies, particularly in emergency equipment and low-altitude applications [3][4] - The mechanical equipment sector is expected to maintain steady growth, driven by competitive advantages in exports and domestic demand [4] Weekly Market Review - From July 20 to July 25, 2025, the Shanghai Composite Index rose by 1.67%, the Shenzhen Component Index by 2.33%, and the ChiNext Index by 2.76%. The Shenwan Mechanical Equipment Index increased by 2.56%, outperforming the CSI 300 Index by 0.86 percentage points, ranking 16th among 31 Shenwan primary industries [12][14] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment saw respective increases of 2.32%, 1.98%, 3.02%, 5.34%, and 1.48% [12][15] Key Sector Tracking - The low-altitude economy sector is bolstered by various government initiatives, including the "Three-Year Action Plan for High-Quality Development of Emergency Equipment Industry in Hunan Province (2025-2027)", aiming for an industry revenue exceeding 100 billion yuan by 2027 [3][25] - The mechanical equipment sector is supported by a recent trade agreement between the US and Japan, which is expected to enhance the competitive position of domestic leading enterprises [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar [5] - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [5]

证券代码：002097 证券简称：山河智能 公告编号：2025-037 山河智能装备股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特别风险提示：截至本公告日，山河智能装备股份有限公司及下属子公司对 外担保总额超过最近一期经审计净资产 50%，对合并报表外的单位担保金额超过 最近一期经审计净资产 30%，请投资者充分关注担保风险。 一、担保情况概述 山河智能装备股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开 的第八届董事会第二十一次会议、第八届监事会第十五次会议及于 2025 年 5 月 20 日召开的 2024 年年度股东大会审议通过了《关于为子公司提供担保的议案》， 同意公司为全资及控股子公司提供总额为人民币 136,935 万元的担保。担保业务 具体实施时，公司可视情况决定由公司或下属子公司为全资或控股子公司提供担 保，可根据与金融机构的协商签订相关担保合同。上述内容详见公司于 2025 年 4 月 26 日刊载在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （www.cnin ...

Market Overview - The Shanghai Composite Index rose by 0.12% on July 28, with 15 out of the 28 sectors experiencing gains. The top-performing sectors were defense and military industry, and non-bank financials, with increases of 1.86% and 1.51% respectively. The machinery equipment sector saw a rise of 0.55%. Conversely, the coal and steel sectors faced declines of 2.60% and 1.41% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 18.575 billion yuan. Eight sectors saw net inflows, with the electronics sector leading at a net inflow of 3.655 billion yuan and a daily increase of 1.10%. The telecommunications sector followed with a net inflow of 2.848 billion yuan and a daily increase of 1.24% [1] - In contrast, 23 sectors experienced net outflows, with the computer sector leading at a net outflow of 6.892 billion yuan, followed by the non-ferrous metals sector with a net outflow of 3.254 billion yuan. Other sectors with significant outflows included machinery equipment, electric power equipment, and transportation [1] Machinery Equipment Sector Performance - The machinery equipment sector rose by 0.55% despite a net outflow of 2.095 billion yuan. Out of 530 stocks in this sector, 329 stocks increased, with 9 hitting the daily limit. Conversely, 182 stocks declined. A total of 183 stocks saw net inflows, with 6 stocks having inflows exceeding 100 million yuan. The top stock for net inflow was Shanhe Intelligent, with an inflow of 364 million yuan, followed by Shenkai Co. and Dongfang Precision, with inflows of 300 million yuan and 183 million yuan respectively [2] - The outflow list for the machinery equipment sector included 7 stocks with outflows exceeding 100 million yuan. The leading stock for outflow was Zhongtie Industrial, with a net outflow of 326 million yuan, followed by Tiejian Heavy Industry and Shanghai Mechanical, with outflows of 165 million yuan and 150 million yuan respectively [3]

Stock Performance - Copper Crown Copper Foil has seen a 20.00% increase over 3 days with a focus on copper-clad laminates [2] - Junya Technology debuted with a 10.01% rise, driven by PCB and smart driving technologies [2] - Xing Sen Technology also debuted with a 10.02% increase, attributed to RSW [2] - Fangbang Co. achieved a 20.01% increase, linked to copper foil production [2] - Dazhu CNC experienced a 19.99% rise, driven by PCB equipment [2] - Shen Nan Circuit debuted with a 10.00% increase, attributed to RSW [3] - Chip Qu Technology saw a 20.00% rise, linked to PCB and lithography machines [3] - Nanya New Materials experienced a 14.47% increase, driven by copper-clad laminates [3] Pharmaceutical Industry - The domestic innovative drug industry is expected to experience a significant sales surge and overseas revenue increase over the next two years, marking a pivotal point for the industry's profitability model [4] - Fengyuan Pharmaceutical debuted with a 9.97% increase, linked to the pharmaceutical sector [5] - Haisike saw a 10.00% rise, attributed to innovations in Tibetan medicine [5] - Yatai Pharmaceutical debuted with a 9.95% increase, focusing on innovative drugs [6] - Heng Rui Pharmaceutical achieved a 10.00% increase, driven by innovative drug developments [6] Engineering Machinery - A major investment of 1.2 trillion yuan in a super hydropower project was officially announced, boosting the engineering machinery sector [7] - Southern Road Machinery has seen a 10.01% increase over 6 days, attributed to engineering machinery and robotics [8] - Mountain River Intelligent experienced a 9.99% rise, linked to shield machines [8] Military Industry - The military sector is showing signs of performance improvement, with positive changes becoming more evident [9] - Boyun New Materials achieved a 10.00% increase over 6 days, linked to military and shield machinery [10] - Great Wall Electric saw a 10.05% rise, attributed to nuclear power and military applications [10] Robotics - The launch of the Unitree R1 humanoid robot, priced from 39,900 yuan, is expected to drive growth in the robotics sector [12] - Shenkai Co. debuted with a 9.96% increase, linked to robotics [13] - Tian Yong Intelligent saw a 9.99% rise, attributed to robotics [13] Digital Currency - The Hong Kong Stablecoin Regulation is set to take effect on August 1, which may impact the digital currency market [18] - Aoride achieved a 10.09% increase, linked to RWA and computational power [19] Agricultural Chemicals - The China Pesticide Industry Association announced a campaign to improve market order, expected to reduce competition by 2027 [20] - New Agricultural Co. saw a 10.03% increase over 2 days, linked to agricultural chemicals [21] - Hailier achieved a 9.99% rise, attributed to the agricultural sector [21] Cultural Media - The anti-war film "Nanjing Photo Studio" grossed 157 million yuan on its opening day, indicating strong market interest [22] - China Film saw a 10.04% increase, linked to the film industry [24] Sports Industry - The 2025 World Games will be held in Chengdu, China, focusing on non-Olympic sports [25] - Shuhua Sports debuted with a 10.05% increase, linked to fitness equipment [26] Water Conservancy - The announcement of a 1.2 trillion yuan investment in a super hydropower project is expected to boost the water conservancy sector [27] - Han Jian He Shan achieved a 10.08% increase over 6 days, linked to water conservancy [28]

山河智能再度涨停，6个交易日内录得5个涨停，累计涨幅为51.00%，累计换手率为80.80%。截至9:37， 该股今日成交量1.50亿股，成交金额17.64亿元，换手率13.98%。最新A股总市值达130.14亿元，A股流 通市值129.90亿元。 证券时报·数据宝统计，两融数据来看，该股最新（7月25日）两融余额为6.13亿元，其中，融资余额 6.11亿元，较前一个交易日增加1.23亿元，环比增长25.10%，近6日累计增加1.87亿元，环比增长 44.14%。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%、日换手率达20%、日振幅值达 15%上榜龙虎榜2次，买卖居前营业部中，深股通累计净卖出615.35万元，营业部席位合计净卖出 3273.76万元。 4月26日公司发布的一季报数据显示，一季度公司共实现营业总收入15.13亿元，同比下降8.96%，实现 净利润0.32亿元，同比增长57.31%。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.07.25 | -6. ...

暗盘资金一眼洞悉庄家意图>> 工程机械板块短线拉升，山河智能（002097）、南方路机（603280）涨停，拓山重工（001226）此前封 板,铁拓机械涨超10%，恒立钻具、永达股份（001239）、五新隧装、唯万密封（301161）、厦工股份 （600815）等跟涨。 ...

Investment Rating - The industry investment rating is "Overweight" [12] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project is expected to significantly benefit the engineering machinery sector, with a total investment of approximately 1.2 trillion yuan, making it the highest investment project in a single country [5][6] - The project will require a high degree of mechanization, with a projected demand for engineering machinery equipment amounting to about 120 billion yuan, which is estimated to be 10% of the total investment [5][6] - The geological conditions favor the use of tunnel boring machines (TBM), leading to an expected increase in the proportion of TBM construction methods [4][5] Summary by Sections General Engineering Machinery - General engineering machinery such as excavators, cranes, concrete machinery, and aerial work platforms will see increased demand due to the project's construction cycle and local conditions [4] - The demand for larger and electric equipment is anticipated to be higher, reflecting greater profitability for companies [4] Tunnel Boring Machinery - The project will utilize TBM and other drilling equipment, with expectations of more extensive tunnel construction compared to previous projects [4][5] - The average length of tunnels in similar projects has been noted to be around 16.7 kilometers, with the Yarlung Zangbo project expected to have even longer tunnels [4][5] Large Cable Cranes - Large cable cranes will be essential for transporting concrete and installing metal structures in the challenging mountainous terrain [4] Key Beneficiaries - Core companies to focus on include Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and others for general engineering machinery; China Railway Engineering Corporation and others for tunnel boring machinery; and Farlantech for cable cranes [6]

Market Overview - The Shanghai Composite Index fell by 0.33% on July 25, with 9 out of the 28 sectors rising, led by the electronics and computer sectors, which increased by 1.37% and 1.26% respectively [1] - The construction decoration and building materials sectors experienced the largest declines, with drops of 2.06% and 1.69% respectively [1] - The machinery equipment sector also saw a decrease of 0.42% [1] Capital Flow Analysis - The total net outflow of capital from the two markets was 49.376 billion yuan, with only 4 sectors experiencing net inflows [1] - The computer sector had the highest net inflow of capital, amounting to 2.924 billion yuan, while the electronics sector followed with a net inflow of 2.348 billion yuan [1] - The non-ferrous metals sector faced the largest net outflow, totaling 6.911 billion yuan, followed by the power equipment sector with a net outflow of 5.773 billion yuan [1] Machinery Equipment Sector Performance - The machinery equipment sector saw a net outflow of 5.476 billion yuan, with 530 stocks in the sector; 284 stocks rose while 236 fell [2] - Among the stocks with net inflows, Shanghai Mechanical had the highest inflow of 153 million yuan, followed by Taijia Co. and New Times with inflows of 122 million yuan and 96.6 million yuan respectively [2] - The stocks with the largest net outflows included China Railway Industry, which saw an outflow of 814 million yuan, followed by Shanhe Intelligent and Iron Construction Heavy Industry with outflows of 568 million yuan and 356 million yuan respectively [3]

4月26日公司发布的一季报数据显示，一季度公司共实现营业总收入15.13亿元，同比下降8.96%，实现 净利润0.32亿元，同比增长57.31%。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.07.23 | 10.00 | 1.27 | 10023.77 | | 2025.07.22 | 9.98 | 12.49 | 4928.19 | | 2025.07.21 | 9.98 | 9.02 | 19383.92 | | 2025.07.18 | -0.62 | 1.14 | -1218.77 | | 2025.07.17 | 1.13 | 1.47 | 135.68 | | 2025.07.16 | 1.01 | 1.05 | 153.66 | | 2025.07.15 | -1.49 | 1.60 | -1086.41 | | 2025.07.14 | 0.25 | 1.53 | 42.12 | | 2025.07.11 | 1.01 | 1.87 | -635.02 | | 20 ...

Group 1 - The engineering machinery sector is experiencing a significant upward trend, with Southern Road Machinery (603280) reaching a new high [1] - Shanhe Intelligent (002097) has achieved four consecutive trading limit increases, while Tuoshan Heavy Industry (001226) has seen two consecutive limit increases [1] - Hengli Drilling Tools has risen over 15%, also reaching a new high, with other companies like Tietuo Machinery, Liugong (000528), Changling Hydraulic (605389), Shantui (000680), and Fushite (301446) following suit with price increases [1] Group 2 - Dark pool funds are flowing into these stocks, indicating increased investor interest [2]