| 投资者关系 | □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 ☑其他：策略会、线上 | | 活动参与人员 | 参会名单见下方附件一 | | 时间 | 2025 年 8 月 29 日~9 月 5 日 | | 地点 | 策略会现场、公司 | | 上市公司接待人员 | 董事长、董秘、产品经理、证券事务代表、投资者关系员 | | | 一、基本情况介绍 | | | 2025 年半年报情况介绍 | | | 2025 上半年营业收入 14.89 亿元，同比下降 18.86%，实现净利润 2.57 亿元，同 | | | 比下降 42.90%，基本每股收益 0.4813 元，同比下降 42.90%，加权平均净资产收 | | | 益率 5.99%，同比下降 5.63%。 | | | 二、产品情况 | | | 公司的主营业务聚焦于压缩机（组）和真空泵两大核心板块，其中压缩机（组） | | | 板块又细分为制冷和空压两大系列产品，各系列产品有各自市场定位及发展方向。 | | 交流内容及具体问 | （一）制冷产品 | | 答记录 | ...

数据中心液冷需求激增，源于单柜功率提升（如 GB300 达 140kW+）、计算架构功率密度上升及节能（PUE 值）要求。传统螺杆 压缩机向磁悬浮离心式压缩机升级成趋势，预计 2030 年全球数据中心 市场规模将达 5,100-6,900 亿美元，一侧制冷系统需求达 414 亿美元， 其中智能化高效制冷系统占比约 37%，即 153 亿美元。 数据中心冷水机组核心部件为压缩机，成本占比 30%-40%，决定整体 性能。压缩机分为涡旋式（小型）、螺杆式（中型）和离心式磁悬浮轴 承技术（大型）。IDC 数据中心主要采用螺杆式和离心式，未来离心式 占比将提升。中国现有数据中心离心式占比 70%，海外市场螺杆式占比 70%，预计海外市场也将增加离心式应用。 磁悬浮离心式压缩机是高端品种，具备更大制冷量和更好节能效果，将 成为 IDC 一次侧制冷主流技术路线。单个 GB300 柜子对磁悬浮离心式 冷水机组的价值量需求为 14 万人民币。预计到 2030 年，磁悬浮离心 式压缩机市场规模将达到 1,000 亿人民币，未来五年市场需求可能扩容 4 至 5 倍。 全球磁悬浮离心式压缩机市场集中度高，丹佛斯占据 70%份额。螺 ...

Group 1: Overseas Strategy Research - The current AH premium level still has some room to decline, with the narrowing mainly contributed by traditional industries. Traditional industries like real estate and banking still have room for further narrowing, while emerging industries such as semiconductors and hardware are expected to see a gradual narrowing in the future. A-share first-listed companies have a greater downward space for AH premium [3]. Group 2: Strategy Special Report - The structural recovery continues, with AI + overseas expansion being the core prosperity clues in the second-quarter reports. The performance growth of all A non-financial oil and petrochemical (All A two non) slowed down in 25Q2, but the prosperity clues within the technology growth sector accelerated their spread. The global AI industry resonance and overseas expansion are the core prosperity clues. Mid-cap growth stocks have outstanding performance growth, and the prosperity of hard technology and non-banking sectors is dominant [5][6]. Group 3: Industry Strategy - Comprehensive - Interferon α1b, suitable for the Chinese population, has the advantages of low antigenicity and few adverse reactions. It can be used for common viral diseases and malignant tumors, especially in children. The market is mainly in China and India, with a good competitive landscape. Some injections have been included in the medical insurance, and future demand is expected to increase [10]. Group 4: Industry Tracking Report - Military - The military parade demonstrated the high prosperity of the military industry. New and advanced military equipment was showcased, reflecting China's military technological innovation and strategic deterrence capabilities. The industry demand is highly certain, and with the acceleration of reform and innovation, it is expected to maintain high prosperity. Recommended stocks include AVIC Shenyang Aircraft, AVIC Optoelectronics, etc. [13][14][15]. Group 5: Industry Special Research - Household Appliances - The domestic subsidy effect continues, but the marginal effect is decreasing, and the tariff impact on exports is expected to ease. The overseas revenue proportion of the household appliance sector is increasing, and many companies are expanding into new fields. The performance of some companies in Q2 exceeded expectations, mainly in small household appliances and cleaning appliances. Four investment lines are recommended [18][19][20]. Group 6: Industry Strategy - Textile and Apparel - In 2025, the cumulative export of textiles and clothing in China and Vietnam increased year-on-year. In Q2, the revenue growth of many companies slowed down or declined, and the profit margin was under greater pressure. The short-term tariff impact will end at the end of the year, and future order prosperity is the core variable. Recommended stocks include Bailong Eastern, Jiuxing Holdings, etc. [25][26][27]. Group 7: Industry Tracking Report - Social Services - The investment view recommends AI applications, new retail and renovation, and emotional and experiential consumption stocks. The performance of the retail and consumer service sectors last week was ranked 9th and 14th respectively. Key industry information and company announcements were updated [29][30][31]. Group 8: Industry Semi-annual Report - Textile and Apparel - In 25H1, the Hong Kong stock sports sector led the industry in revenue and net profit growth, while the A-share brand performance was divided. The market expectations for brands after the semi-annual reports were mostly revised downwards, but the sports sector showed more resilience. Four investment lines are recommended [34][35][37]. Group 9: Industry Weekly Report - Petroleum - This week, crude oil trading returned to fundamental factors. The probability of interest rate cuts in the US has increased in the medium and long term, and the demand for crude oil has weakened. Recommended stocks include Xin凤鸣, Tongkun Co., Ltd., etc. [39]. Group 10: Company Semi-annual Report Comment - Quicktron Intelligent - The company achieved steady growth in 25H1, with high growth in contract liabilities laying a foundation for future growth. Benefiting from the high prosperity of the downstream AI industry, the demand for its main business continues to grow. The TCB prototype is expected to be launched within this year, expanding the semiconductor packaging map [40][41][42]. Group 11: Company Semi-annual Report Comment - Runhe Software - In 2025H1, the company's non-recurring profit increased significantly, and the intelligent IoT business maintained high prosperity. The company is making efforts in open-source Hongmeng, open-source Euler, and enterprise-level AI to create new driving forces, and is building an AI full-stack technology system [44][45][46]. Group 12: Overseas Report - China Everbright Holdings - The company is a leader in the private equity industry, with both the asset and liability sides showing improvement inflection points. It focuses on technological innovation and is gradually entering the harvest period. A "buy" rating is given for the first coverage, with a target price of HK$14.18 [49][50][51]. Group 13: Company First Coverage - Hanbell Precise Machinery - The company is a leader in the compressor industry, with healthy operating indicators and strong cash flow generation ability. The demand for data centers is surging, and the demand for magnetic levitation compressors is expanding. The company is expected to benefit from the industry's development, and a "buy" rating is given for the first coverage [54][55][56]. Group 14: Company Semi-annual Report Comment - Ruijie Networks - The company's data center business accounts for more than 50% of its revenue, showing strong income elasticity. The net profit margin shows an inflection point trend, and the expense ratio has decreased. A "buy" rating is maintained, with an upward adjustment of the performance forecast [59][60][61]. Group 15: Company Semi-annual Report Comment - Zhonggong International - The company's semi-annual report shows a decline in net profit but an improvement in gross profit margin and cash flow. Newly signed contracts increased by 33%. It has technical and brand advantages in细分 fields, and its investment and operation business in engineering has achieved multi-point breakthroughs. A "buy" rating is maintained [62][63][64]. Group 16: Company Semi-annual Report Comment - Jiuli Special Material - The company's overseas revenue exceeded domestic revenue in the first half of 2025, indicating significant international development achievements. The composite pipe orders were released, and the welding pipe gross profit margin decreased. The power equipment industry is booming, and the alloy company continues to grow. A "buy" rating is maintained [68][69][70]. Group 17: Company Semi-annual Report Comment - MEI Airtech - The company's operation is stable, and its performance is growing steadily. It actively responds to the overseas expansion of new energy and accelerates global layout to expand downstream markets. Solid-state batteries require higher cleanliness, and the company's clean equipment is expected to benefit first. A "buy" rating is maintained [72][73][74]. Group 18: Company Semi-annual Report Comment - Haimuxing - The company's performance was under pressure in 25H1, but it is expected to improve in the future. Its globalization strategy has achieved remarkable results, and its non-lithium battery business is advancing steadily. With sufficient orders, it has strong performance elasticity. A "buy" rating is given [77][78][79]. Group 19: Company First Coverage - FAW Jiefang - The company is a leading enterprise in China's commercial vehicle industry. Its 2025 semi-annual report was under pressure, but with the recovery of the domestic and overseas markets, its profitability is expected to improve. It is accelerating overseas layout to enhance its profitability. A "buy" rating is given for the first coverage [80][81][83]. Group 20: Company Semi-annual Report Comment - Shenzhou Information - The company's revenue increased steadily in the first half of 2025, and its profit in Q2 significantly reduced losses. Its financial software and service business grew steadily against the trend, and its large customer strategy achieved remarkable results. It has deeply explored the "AI + finance" application, and two strategic products have been implemented in scenarios. A "buy" rating is maintained [84][85][86]. Group 21: Company Semi-annual Report Comment - SAIC Motor - The company's reform results are emerging, and its performance is stabilizing and rebounding. The Huawei project is progressing smoothly, and the first model of the SAIC Shangjie brand is worth looking forward to. A "buy" rating is maintained [89][90]. Group 22: Company Semi-annual Report Comment - China World Trade Center - The company's revenue and profit decreased year-on-year in 2025H1, and the rent and occupancy rate of each business format fluctuated. The China World Trade Center supports its core revenue. A "buy" rating is maintained [92][93][94].

| 证券代码 | | 证券简称 | 日涨跌(%) | 每笔成交(股) | | 环比(%) | | --- | --- | --- | --- | --- | --- | --- | | 002403 | | 爱仕达 | 10.03 | 1505 | | 207.02 | | 603101 | | 汇嘉时代 | 10.05 | 1884 | | 184.35 | | 002426 | | 胜利精密 | 10.09 | 6961 | | 158.81 | | 603817 | | 海峡环保 | 10.08 | 2579 | | 149.15 | | 600207 | | 安彩高科 | 9.92 | 2507 | | 128.84 | | 603222 | | 济民健康 | 10.03 | 1859 | | 110.79 | | 300410 | | 正业科技 | 20.02 | 2232 | | 107.90 | | 600778 | | 友好集团 | 9.95 | 1934 | | 107.29 | | 002878 | | 元隆雅图 | 9.99 | 1098 | | 107.10 | | 603608 | ...

| 代码 | 简称 | 深股通专用席位净买入（万元） | 当日涨跌幅（%） | 当日换手率（%） | | --- | --- | --- | --- | --- | | 300502 | 新易盛 | 40102.46 | -15.58 | 11.77 | | 300394 | 天孚通信 | 28200.48 | -15.42 | 8.45 | | 000988 | 华工科技 | 19333.51 | -10.00 | 10.97 | | 000981 | 山子高科 | 7838.79 | -7.06 | 18.49 | | 002882 | 金龙羽 | 7502.04 | 10.01 | 25.25 | | 002222 | 福晶科技 | 6204.47 | -10.00 | 7.72 | | 002251 | 步步高 | 6163.03 | 9.98 | 16.61 | | 002115 | 三维通信 | 2847.34 | 4.80 | 53.57 | | 301488 | 豪恩汽电 | 2469.58 | -2.50 | 40.72 | | 002530 | 金财互联 | 850.68 | 9.96 | ...

汉钟精机9月4日交易公开信息 汉钟精机今日下跌9.95%，全天换手率12.25%，成交额16.96亿元，振幅20.83%。龙虎榜数据显示，机构 净买入4115.51万元，深股通净卖出3801.46万元，营业部席位合计净卖出1.25亿元。 深交所公开信息显示，当日该股因日振幅值达20.83%上榜，机构专用席位净买入4115.51万元，深股通 净卖出3801.46万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4.82亿元，其中，买入成交额为1.80亿 元，卖出成交额为3.02亿元，合计净卖出1.22亿元。 具体来看，今日上榜的营业部中，共有3家机构专用席位现身，即买二、买三、买四、卖四，合计买入 金额8923.13万元，卖出金额4807.63万元，合计净买入4115.51万元，深股通为第一大买入营业部及第一 大卖出营业部，买入金额为6413.89万元，卖出金额为1.02亿元，合计净卖出3801.46万元。 资金流向方面，今日该股主力资金净流出1.21亿元，其中，特大单净流出9206.99万元，大单资金净流出 2891.95万元。近5日主力资金净流入1.79亿元。 融资融券数据显示，该股最新（9月 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002150 | 通润装备 | 15.84 | 10.00% | 9.00万 | 1.43亿 | | 873833 | 美心曼申 | 26.30 | 9.63% | 10.80万 | 2.84亿 | | 873679 | 前进科技 | 25.19 | 7.42% | < 3.00万 | 7355.25万 | | 603090 | 宏盛股份 | 41.70 | 7.03% | 13.85万 | 5.75亿 | | 301528 | 多浦乐 | 58.70 | 6.71% | 2.36万 | 1.37亿 | | 838670 | 恒讲感应 | 26.03 | 6.51% | 20.64万 | 5.16亿 | | 603100 | 川仪股份 | 21.81 | 6.03% | 29.89万 | 6.45 乙 | | 834407 | 驰诚股份 | 20.40 | 5.15% | 3.83万 | 7651.14万 | | 002514 | 宝雪科技 | 7 ...

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]

证券时报·数据宝统计，截至9月3日收盘，沪指报收3813.56点，涨跌幅-1.16%；深成指报收12472.00 点，涨跌幅-0.65%；创业板指报收2899.37点，涨跌幅0.95%。从平均每笔成交数据来看，有1761只个股 平均每笔成交量环比增加，其中，21只个股平均每笔成交量增幅超50%；2797只个股每笔成交量环比下 降。其中汉钟精机、首开股份、欧亚集团等个股环比增幅较大。从单只个股成交笔数来看，*ST威尔、 博杰股份、ST瑞和等三只个股环比增幅居前，说明这些个股近期表现活跃。结合每笔成交量和成交笔 数来看，有8只个股每笔成交量和成交笔数环比增幅均超50%，详情如下表所示。（数据宝） | 证券代码 | | 证券简称 | 日涨跌(%) | 每笔成交(股) | | 环比(%) | | --- | --- | --- | --- | --- | --- | --- | | 002158 | | 汉钟精机 | 10.00 | 1500 | | 225.59 | | 600376 | | 首开股份 | 9.85 | 7701 | | 190.65 | | 600697 | | 欧亚集团 | 9.97 | 160 ...

9月3日，A股市场整体下跌。 截至收盘，上证指数收报3813.56点，下跌1.16%，深证成指收报12472点，下跌0.65%，创业板指收报 2899.37点，上涨0.95%，北证50指数下跌1.49%。A股市场合计成交23961.02亿元，较上一交易日减少 5166.64亿元。 1. A股市场全天主力资金净流出479.12亿元 今日A股市场主力资金开盘净流出51.09亿元，尾盘净流出97.71亿元，全天净流出479.12亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-9-3 | -479.12 | -51.09 | -97. 71 | -202. 78 | | 2025-9-2 | -1196. 85 | -404. 51 | -93.05 | -719.76 | | 2025-9-1 | -364.22 | -183.69 | -41.39 | -131.29 | | 2025-8-29 | -527.66 | -222.09 ...