消息面上，万马股份近期披露，其超高压绝缘料三期项目达产后年产能将达6万吨，国内市场占有率提 升至约20%。此外，公司正推进青岛年产35万吨环保型高分子材料项目，以完善北方市场布局。公司产 品已应用于三峡水电站等多个大型水电项目，并持续跟进雅鲁藏布江下游水电工程。 资金方面，7月31日主力资金净流出4936.96万元，占流通市值的0.34%。 截至2025年7月31日收盘，万马股份股价报14.26元，较前一交易日下跌1.52%。当日成交额5.95亿元， 换手率4.11%。 万马股份属于电网设备、新材料等板块，公司主营业务包括电线电缆、高分子材料及汽车充电设备等。 其子公司万马高分子是国内少数能生产超高压电缆绝缘料的企业之一。 风险提示：市场有风险，投资需谨慎。 ...

调研纪要：万马股份副总经理、董事会秘书赵宇恺介绍了公司'一体两翼'发展战略及电线电缆、新材 料、新能源三大业务板块的发展情况。万马高分子主要产品涵盖电线电缆制造所需的各种材料，包括不 同电压等级的绝缘料、屏蔽料等，化学交联和硅烷交联绝缘料产品占国内市场份额约为30%，超高压绝 缘料年产能将达6万吨，主要同行有美国陶氏、北欧化工等，国内市场占有率为20%。公司在深海材料 方面自主研发，产品性能达到国际先进水平。2022年至2024年营收分别为46.54亿、48.72亿、51.85亿。 公司电缆产品种类齐全，包括超高压电缆、防火电缆等，处于国内领先地位。公司曾参与多个大型水电 站项目，产品包括超高压、中压、控制电缆及高分子材料。万马机器人智连CCa系统提供柔性运动机器 人电缆的整体解决方案，公司通信产品包括同轴电缆、光纤光缆、数据缆、工业线缆等。 申万菱信基金成立于2004年，截至目前，资产管理规模(全部公募基金)826.4亿元，排名67/210；资产管 理规模(非货币公募基金)705.63亿元，排名59/210；管理公募基金数151只，排名50/210；旗下公募基金 经理27人，排名49/210。旗下最近一年表 ...

Investment Rating - The report indicates a strong growth potential for the humanoid robot harness industry, with a projected market size increase from 340 million RMB in 2025 to 8.16 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 121.34% [42][45]. Core Insights - The humanoid robot harness industry is characterized by high performance requirements, surpassing those of industrial robot harnesses but slightly below automotive-grade harnesses. The industry is expected to evolve towards smart, high-performance, lightweight integration, and biomimetic designs [4][37]. - The market growth is driven by global robotics policies, technological advancements in China, and the expansion of application scenarios for humanoid robots [4][45]. Industry Definition - Humanoid robot harnesses consist of a collection of wires and cables connecting various robot components, essential for power transmission, signal control, and data communication, likened to the "blood vessels" and "nervous system" of robots [5][4]. Product Classification - Humanoid robot harnesses are categorized into flexible and rigid cables, as well as power and signal harnesses. Specialized harnesses include liquid cooling harnesses and unique signal harnesses to meet specific operational needs [6][9][12]. Industry Characteristics - The industry features high barriers to entry in terms of capital, technology, and customer relationships, with a trend towards intelligent, high-performance, lightweight, and biomimetic developments [15][16][19]. Development History - The humanoid robot harness has evolved through several stages, from basic external wiring in the early years to the current stage of intelligent reconfigurable and biomimetic designs [21][24]. Industry Chain Analysis - The upstream of the humanoid robot harness industry includes raw materials such as wires, insulation materials, and connectors, while the midstream consists of harness manufacturers, predominantly overseas suppliers for major humanoid robot companies [25][30]. Market Size and Growth - The humanoid robot harness market is expected to grow significantly, driven by supportive government policies, technological breakthroughs, and increasing market demand due to aging populations and rising labor costs [42][45][46]. Competitive Landscape - The competitive landscape is dominated by international giants like Amphenol and Sumitomo Electric, with emerging Chinese companies like Luxshare Precision and Wuxi Xinhongye gaining traction [50][52]. Company Overview - Luxshare Precision Industrial Co., Ltd. reported a revenue of 16 billion RMB with a year-on-year growth of 7.3% and a gross margin of 11.8% [55].

Core Viewpoint - The company, Wanma Co., is positioned as a leading provider of high-voltage cable materials in China and is actively monitoring the Yarlung Tsangpo River downstream hydropower project, which has a total investment of approximately 1.2 trillion yuan [1] Group 1: Company Position and Capabilities - Wanma Co. is recognized as the largest and most comprehensive materials service provider in the domestic wire and cable materials sector, with a focus on high-voltage applications [1] - The company has successfully developed and applied ultra-high voltage cable materials, including 220kV ultra-clean XLPE insulation materials and 220kV ultra-smooth shielding materials, in various domestic and international high-voltage projects [1] - In 2024, Wanma Co. will see the operation of the first domestic 110kV carbon black shielding cable, the delivery of the first cable for the State Grid's 220kV AC cable project, and the successful testing of the first domestic 500kV cross-linked polyethylene power cable system, marking significant breakthroughs in ultra-high voltage materials [1] Group 2: Industry Engagement - The company maintains a strong focus on national hydropower development plans and possesses extensive experience and historical achievements in large-scale hydropower projects [1] - Wanma Co. is continuously following up on the Yarlung Tsangpo River downstream hydropower project and will provide updates based on official disclosures [1]

Group 1 - The energy sector is experiencing significant developments, with the acceleration of virtual power plant construction and the launch of major energy projects, creating favorable growth opportunities for domestic companies [1] - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan, planning to build five stepped power stations with a total installed capacity of 60-70 million kilowatts, equivalent to three Three Gorges projects [3] - The project is likely to achieve 100% localization due to high domestic equipment manufacturing rates and security considerations, providing substantial opportunities for domestic cable and related industry chain companies [3] Group 2 - High-altitude power grid areas have stringent requirements for cable materials, necessitating that ultra-high voltage cable materials withstand temperature variations from -40°C to 70°C, strong UV radiation, and low atmospheric pressure, with a lifespan of over 30 years [3] - Domestic companies are accelerating the localization of high-end cable materials, with over 100,000 tons of high-voltage cable insulation materials imported annually, of which foreign companies account for 80% [3] - Wanma Co., Ltd. has achieved stable production of 220kV ultra-clean XLPE insulation materials, with its 500kV cable system materials entering national demonstration projects and achieving stable operational data, breaking the import monopoly [3][4] Group 3 - Wanma Co., Ltd. is one of the few domestic companies capable of supplying 110kV-220kV high-voltage cable materials and has obtained downstream certifications, positioning itself strategically in the localization process [4] - The company has recently added "water conservancy" and "green electricity" labels, indicating its products' suitability for hydropower stations, having previously participated in major projects like the Three Gorges and Nanning pumped storage power station [4] - The Yarlung Tsangpo project, located in a high-altitude area with complex geological conditions, demands high stability from equipment materials, suggesting that domestic companies with technical and performance advantages are likely to secure more orders in major energy projects as localization rates increase [4]

Core Viewpoint - Wanma Co., Ltd. plans to invest approximately 1.245 billion yuan in a new project in Qingdao to produce 350,000 tons of environmentally friendly polymer materials annually, aiming to alleviate capacity delivery pressure and fill market gaps [1][2]. Group 1: Expansion Plans - The new project will be established in the Dongjiakou Economic Zone of Qingdao, involving the construction of new facilities and production lines, with a total investment of about 1.245 billion yuan [2]. - The project will be developed in three phases over five years, from 2025 to 2030, focusing on products such as silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and shielding materials [2][3]. Group 2: Market Position and Strategy - Wanma Co., Ltd. has over 30 years of experience in the polymer materials sector, with its subsidiary, Wanma Polymer, maintaining a leading position in the industry [3]. - The expansion aligns with the company's "North-South linkage" strategy, enhancing market competitiveness and operational efficiency while facilitating product exports [1][2]. Group 3: Financial Health and R&D Investment - Despite significant investments, the company's financial status remains secure, with sufficient liquidity to support ongoing projects [4][8]. - R&D expenditures have consistently increased from 473 million yuan in 2021 to 657 million yuan in 2024, contributing to the company's technological and competitive advantages [9]. Group 4: Revenue and Profitability - The polymer materials business is a significant revenue source, with projected revenues of 4.872 billion yuan in 2023 and 5.185 billion yuan in 2024, accounting for 32.22% and 29.20% of total revenue, respectively [3]. - Overall revenue grew from 12.767 billion yuan in 2021 to 17.761 billion yuan in 2024, with net profit increasing from 271 million yuan to 555 million yuan in the same period [9].

分组1 - Watson Bio signed a strategic cooperation framework agreement with Yuxi State-owned Capital Operation Company to establish a long-term partnership in the vaccine and bioproducts industry [1] - The cooperation aims to promote innovation in vaccines and synthetic biological manufacturing through various methods such as establishing equity investment funds and strategic investments [1] - Watson Bio was founded in January 2001 and focuses on the research, production, and sales of human vaccines and biotechnological drugs [2] 分组2 - Yuan Dong Bio announced a preliminary transfer price of 42.06 yuan per share for its stock, attracting 12 institutional investors with a total subscription of 540,000 shares, resulting in a subscription multiple of 1.60 times [3] - Yuan Dong Bio was established in June 2009 and specializes in the research, production, and sales of chemical raw materials, high-end chemical drugs, and biological drugs [3] 分组3 - Weiming Environmental reported a total power generation of 2.262 billion kWh in the first half of the year, representing a year-on-year increase of 7.54% [4] - The company also achieved a total online power generation of 1.863 billion kWh, with an average online electricity price of 0.569 yuan per kWh [4] - Weiming Environmental was founded in December 2001 and focuses on low-carbon environmental technology, products, and services [5] 分组4 - Qidi Design won a bid for the Henan Airport Intelligent Computing Center project with a total bid amount of 860 million yuan [6] - The project includes construction, maintenance, and operation of a computing cluster, with a construction period of 150 calendar days [6] - Qidi Design was established in March 1988 and specializes in design consulting, construction engineering, and new energy projects [7] 分组5 - Tiantan Bio's subsidiary received approval for a production site change for its product "Recombinant Human Coagulation Factor VIII" used in treating hemophilia A [8] - The new production site is located in Chengdu, Sichuan Province [8] - Tiantan Bio was founded in June 1998 and focuses on blood products using human plasma and recombinant technology [9] 分组6 - East China Pharmaceutical's HDM1002 tablet clinical trial application was approved by the FDA, aimed at weight management for overweight or obese individuals [10] - The company also received approval for a new drug abbreviated application for injectable cabozantinib, enhancing its product pipeline in the anti-infection field [10] - East China Pharmaceutical was established in March 1993 and specializes in drug research, production, and sales [10] 分组7 - Jinlong Co. plans to acquire a 29.32% stake in Shenzhen Benmao Technology Co., Ltd. [11] - Jinlong Co. was founded in April 1997 and focuses on securities company operations [11] 分组8 - Hasi Lian's injectable diltiazem hydrochloride passed the consistency evaluation by the National Medical Products Administration [12] - The drug is primarily used for treating cardiovascular diseases [12] - Hasi Lian was established in June 1996 and specializes in the research, production, and sales of chemical drug formulations [13] 分组9 - Matrix Co. reported new signed orders of 272 million yuan in the second quarter, with a total of 677 million yuan in signed but uncompleted orders [14] - Matrix Co. was founded in March 2010 and focuses on space design and soft decoration [15] 分组10 - Nanshan Aluminum plans to use up to 1 billion yuan of idle funds for low-risk financial investments [16] - Nanshan Aluminum was established in March 1993 and specializes in the development, production, processing, and sales of aluminum and aluminum alloy products [17] 分组11 - Danhua Technology received a warning letter for failing to timely disclose related party transactions [18][19] - Danhua Technology was founded in February 1994 and focuses on the production and sales of coal chemical products [20] 分组12 - Jinkong Coal Industry announced a cash dividend of 0.755 yuan per share based on a total share capital of 1.674 billion shares [21] - Jinkong Coal Industry was established in July 2001 and specializes in coal production and sales [21] 分组13 - Blue Sky Gas announced that shareholders and the secretary of the board plan to reduce their holdings by a total of 2.61 million shares [22] - Blue Sky Gas was founded in December 2002 and focuses on pipeline natural gas and urban gas services [23] 分组14 - Huagong Technology received approval for the issuance of 2 billion yuan in short-term financing bonds and medium-term notes [24] - Huagong Technology was established in July 1999 and specializes in intelligent manufacturing equipment and related technologies [25] 分组15 - Chengjian Development completed the issuance of 500 million yuan in medium-term notes with a coupon rate of 2.05% [26] - Chengjian Development was founded in December 1998 and focuses on real estate development and investment [27] 分组16 - Feilong Co. reported a net profit of 210 million yuan in the first half of the year, a year-on-year increase of 14.49% [28] - The company achieved a total revenue of 2.162 billion yuan, a year-on-year decrease of 8.67% [28] - Feilong Co. was established in January 2011 and specializes in manufacturing thermal management components for automotive and civil applications [29] 分组17 - Guanghe Technology plans to invest 30 million yuan to establish a new venture capital fund focusing on emerging industries [30] - Guanghe Technology was founded in June 2002 and specializes in the research, production, and sales of multi-layer printed circuit boards [31] 分组18 - Dongnan Network won a bid for the EPC project of Qianjiang Century City Intelligent Comprehensive Science and Technology Park with a total bid amount of 1.183 billion yuan [32] - The project has a total construction area of 273,600 square meters and a planned total investment of 3.956 billion yuan [32] - Dongnan Network was established in December 2001 and focuses on steel structures and new energy [33] 分组19 - Guangdian Measurement plans to raise no more than 1.3 billion yuan through a private placement [34] - The funds will be used for various projects including testing platforms and upgrading laboratories [34] - Guangdian Measurement was founded in May 2002 and specializes in measurement services and technical services [35] 分组20 - Wanma Co. plans to invest in a project to produce 350,000 tons of environmentally friendly polymer materials [36] - The total investment for the project is approximately 1.245 billion yuan, with a construction period from 2025 to 2030 [36] - Wanma Co. was established in December 1996 and focuses on the research, production, and sales of wires, cables, and charging equipment [37] 分组21 - Dingxin Communications plans to sell its subsidiary Haina Smart for 240 million yuan [38] - Dingxin Communications was founded in March 2008 and specializes in low-voltage power line carrier communication products [39] 分组22 - Jiayun Technology plans to transfer its wholly-owned subsidiary Jinyuan Interactive for 10 million yuan [40] - Jiayun Technology was established in May 2002 and focuses on internet marketing services [41] 分组23 - Guangsheng Nonferrous plans to publicly transfer a 3% stake in Guangdong Pearl River Rare Earth Co., Ltd. [42] - The transfer price is not less than 5.9764 million yuan, aimed at clearing unrelated assets [42] - Guangsheng Nonferrous was founded in June 1993 and specializes in rare earth mining and processing [43] 分组24 - Zhongwei Semiconductor plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [44] - Zhongwei Semiconductor was established in June 2001 and focuses on the research, design, and sales of digital and analog chips [45] 分组25 - Zhongrong Co. announced that its chairman and general manager has been released from custody and is resuming normal duties [46] - Zhongrong Co. was founded in April 1990 and specializes in the research, design, production, and sales of paper packaging products [47] 分组26 - Jiangling Motors reported a net profit of 733 million yuan in the first half of the year, a year-on-year decrease of 18.17% [48] - The company achieved total revenue of 18.092 billion yuan, a year-on-year increase of 0.96% [48] - Jiangling Motors was established in January 1997 and focuses on the production and sales of commercial vehicles and related parts [49] 分组27 - Glodon plans to reduce its holdings by up to 2.08% of the company's shares [50] - Glodon was founded in August 1998 and specializes in digital construction platform services [51] 分组28 - Olin Bio's controlling shareholder plans to reduce its holdings by up to 3% of the company's shares [52] - Olin Bio was established in December 2009 and focuses on the research, production, and sales of human vaccines [53] 分组29 - Tianrun Industrial plans to acquire 100% of Shandong Altai's shares for 135 million yuan [54] - The acquisition aims to enhance the company's capabilities in lightweight automotive components [54] - Tianrun Industrial was founded in December 1995 and specializes in the production of crankshafts and connecting rods [55] 分组30 - Goer Technology plans to acquire Mega Precision Technology and Channel Well Industrial for approximately 10.4 billion HKD [56] - The acquisition aims to enhance Goer Technology's capabilities in precision components and smart hardware [56] - Goer Technology was established in June 2001 and focuses on precision components and intelligent acoustic products [57]

Core Viewpoint - The establishment of a wholly-owned subsidiary, Qingdao Wanma Polymer Materials Co., Ltd., aims to enhance production capacity and market competitiveness in the polymer materials sector [1][2]. Group 1: Investment and Project Details - Wanma Polymer plans to invest approximately 1.245 billion yuan in a project to produce 350,000 tons of environmentally friendly polymer materials annually, with funding sourced from its own or self-raised funds [3]. - The project will be developed in three phases from 2025 to 2030, focusing on products such as silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and shielding materials for cables [3]. Group 2: Company Background - Wanma Polymer is a core subsidiary of Wanma Co., Ltd., established in 1994, recognized as a national key high-tech enterprise and a model unit for intelligent manufacturing by the Ministry of Industry and Information Technology [4]. - The company specializes in a range of polymer materials required for cable manufacturing, with applications across various sectors including transportation, new energy, construction, communication, and electronics [4]. Group 3: Production Capacity - The first phase of the ultra-high voltage insulation material project will have an annual production capacity of 20,000 tons, with subsequent phases also targeting the same capacity [5].

Core Viewpoint - Wanma Co., Ltd. plans to invest approximately 1.245 billion yuan in a new project to produce 350,000 tons of environmentally friendly polymer materials annually in Qingdao, Shandong Province, aiming to enhance its core competitiveness and support sustainable development [1][3]. Group 1: Project Details - The project will be constructed in three phases over five years, from 2025 to 2030, and will involve the establishment of a new company and the acquisition of land and facilities [1]. - The main products of the project include silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and shielding materials for cables [1]. Group 2: Company Background - Wanma Co., Ltd. is headquartered in Hangzhou, Zhejiang, and specializes in the research, production, and sales of electric wires and cables, polymer materials, and automotive charging equipment [2]. - Wanma Polymer has over 30 years of experience in developing and producing environmentally friendly polymer materials for electric cables, maintaining a leading position in the domestic market [2]. Group 3: Financial Performance - In 2024, the sales volume of Wanma's new materials segment is expected to grow, with a total product output increase of 9.31% year-on-year, and a monthly sales peak exceeding 55,500 tons [3]. - The polymer materials segment is projected to achieve a revenue of 5.185 billion yuan in 2024, reflecting a year-on-year growth of 6.42% [3]. Group 4: Strategic Implications - The investment in the new project is anticipated to alleviate capacity delivery pressures, expand market share, and enhance market competitiveness and operational efficiency [3]. - Establishing the project in Qingdao will improve the domestic market layout for the polymer materials segment, fill the gap in the northern market, and facilitate product exports, aligning with the company's overall development strategy [3].

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。 证券代码：002276 证券简称：万马股份 公告编号：2025- 036 债券代码：149590 债券简称：21 万马 01 浙江万马股份有限公司 关于万马高分子投资建设年产 35 万吨环保型高分子 材料产业化项目的公告 一、对外投资概述 1.浙江万马股份有限公司（以下简称"公司"）子公司浙江万马高分子材料集 团有限公司（以下简称"万马高分子"）为实现可持续发展战略，增强核心竞争力， 拟在山东省青岛市董家口经济区建设"年产 35 万吨环保型高分子材料产业化项 目"。预计项目总投资约 12.45 亿元（最终以实际投资情况为准），项目拟设立新 公司，新购置土地，建设新厂房，并新增部分产线，项目资金来源为万马高分子 自有资金或其自筹资金。 2.2025 年 7 月 19 日，公司第六届董事会第三十七次会议以 9 票同意、0 票 反对、0 票弃权，审议通过《关于万马高分子投资建设年产 35 万吨环保型高分 子材料产业化项目的议案》。本次投资事项在董事会审议范围内，无需股东大会 或有关部门批准。 3.本次投资事项不构成关联 ...