● 本报记者 张鹏飞 冬日的威海文登，寒意渐浓，但天润工业"黑灯工厂"生产车间内却一派火热景象：智能化生产线高速运 转，机械臂精准完成曲轴加工的关键工序，检测合格的产品正有序装车，即将发往国内外知名主机厂。 当前，北美数据中心自备电源需求的爆发式增长，正为大型发动机发电机组产业链注入强劲动能。作为 深耕发动机核心部件领域七十余年的龙头企业，天润工业凭借在曲轴、连杆等产品上的深厚技术积淀与 充足产能储备，精准卡位这一高景气赛道。 "新建对击锤生产线实现了4米以下曲轴一次成型，加工精度误差控制在0.005毫米以内，技术水平比肩 国际巨头德国阿尔芬，完全匹配高功率柴油发电机组对核心部件的精密性要求。"徐承飞告诉记者。与 此同时，公司在天然气发动机核心部件领域的突破形成协同效应，相关产品涵盖道路、非道路及大机全 场景，将于今年6月量产，9月正式供货国际国内头部企业。据悉，该业务打破海外企业在燃气系统领域 的垄断，其核心难点在于控制系统与硬件的匹配调试及稳定性把控，公司通过组建海外归国专业团队攻 克相关技术，2026年将实现业务突破，未来几年将迎来几何级增长。这一技术将填补国内技术空白，又 可适配燃气发电机组场景，进一 ...

天润工业 20260128 摘要 天润工业的大机曲轴和连杆业务目前的市场分布情况如何？ 目前，公司生产的大马力曲轴和连杆主要面向发电机组市场，其中包括备用电 源、矿用发电机组以及小型船用发电机组等应用场景。虽然具体产品用途难以 一一确认，但增量部分大多用于发电机组，尤其是面向 AIDC 备用电源方向。 例如，公司为潍柴、康明斯等主机厂提供的大部分产品都用于发电设备。此外， 公司还为卡特彼勒提供大马力连杆，这些产品也主要用于发电设备。 天润工业预计 2027-2028 年行业需求达峰值，分别约为 14 亿元和 15 亿元，主要受益于新产品和产能建设周期，公司大机业务收入预计 2025 年超 4 亿元，2026 年达 7.5 亿至 8 亿元。 公司大马力曲轴和连杆主要面向发电机组市场，特别是 AIDC 备用电源 方向，主要客户包括潍柴、康明斯等主机厂，并为卡特彼勒提供大马力 连杆，产品主要应用于发电设备。 汽车行业固定资产投资增加，设备周期长，预计高峰在 2027-2028 年 体现，2026 年或现投资高峰以应对未来需求，公司现有产能或无法满 足市场增量需求。 天润工业客户结构中，潍柴系列占销售收入近 1/3， ...

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [7]. Core Insights - The commercial vehicle industry is experiencing a robust recovery driven by domestic demand policies and a significant increase in heavy truck sales, with wholesale sales expected to exceed 1.144 million units in 2025, representing a year-on-year growth of approximately 27% [3]. - The penetration rate of new energy heavy trucks has reached a historical high, with sales in 2025 reaching 231,100 units, a year-on-year increase of 182% [4]. - The heavy truck export market is thriving, with exports reaching approximately 330,000 units in 2025, marking a record high and indicating a shift towards direct investment and localized operations in overseas markets [4]. Summary by Sections Market Performance - In 2025, the domestic heavy truck wholesale sales reached 819,000 units, showing a year-on-year growth of 34.4% [3]. - The "old-for-new" subsidy program has expanded to include vehicles meeting National IV standards and below, boosting domestic demand [3]. Segment Analysis - The new energy heavy truck segment has seen explosive growth, with a monthly penetration rate exceeding 38% in December 2025 [4]. - Natural gas heavy trucks have also shown steady demand, with a significant recovery in the second half of 2025, achieving a year-on-year growth of 138% in October [4]. Company Performance - China National Heavy Duty Truck Group maintained its position as the industry leader with annual sales of 305,000 units, a year-on-year increase of approximately 26.7% [5]. - Foton Motor achieved a remarkable year-on-year growth of 102.7%, with annual sales reaching 142,000 units, marking a doubling in sales [5]. Investment Opportunities - The report highlights several companies as beneficiaries of the industry's recovery, including China National Heavy Duty Truck A+H, Weichai Power, Foton Motor, and others [6].

Core Viewpoint - North American data centers are accelerating the adoption of self-supply power models to address challenges posed by aging power grids and high energy consumption from AI computing, with diesel generators becoming a critical backup power source [1] Group 1: Data Center Power Supply Trends - Data centers in North America are transitioning to self-supply power models, with diesel generators as essential backup power configurations due to the aging and fragmented U.S. power grid [1] - Major companies like xAI, OpenAI, and Meta have implemented self-supply power solutions to ensure stable operation of their computing clusters [1] Group 2: Demand for Diesel Generators - The construction of data centers is in a high-growth cycle, with significant capital expenditures from domestic and international internet companies driving demand for diesel generators [2] - Google has raised its total capital expenditure for 2025 Q3 to $91-93 billion, while Microsoft plans to double its global data center scale within two years, indicating robust demand for backup power solutions [2] - The global market for data center generators is projected to grow from $6 billion in 2023 to $12 billion by 2030, highlighting the increasing need for diesel generators [2] Group 3: Supply and Pricing Dynamics - Foreign orders for diesel generators are experiencing long-term saturation, leading to a continuous increase in prices due to a tight supply-demand balance [3] - Major foreign brands like Cummins and Caterpillar dominate the large diesel engine market, with some orders having delivery cycles of 12-18 months, contributing to supply constraints [3] - Domestic manufacturers are seizing the opportunity for domestic substitution but face capacity limitations, resulting in ongoing demand for high-power diesel generators [3] Group 4: Cost Pressures and Inflation Transmission - The costs of key components for large diesel engines, such as high-pressure fuel injection and electronic control systems, are rising, primarily driven by foreign suppliers [4] - The scarcity of supply allows manufacturers with core component production capacity to exert pricing power, leading to inflation being transmitted downstream, resulting in a new round of price increases for large diesel engines used in data centers [4] Investment Recommendations - Beneficiaries of this trend include companies such as Weichai Power, Weichai Heavy Machinery, Zhongyuan Inner配, Tianrun Industrial, Changyuan Donggu, and Weifu High-Tech [4]

Core Viewpoint - The A-share market has seen a significant rise in robotics concept stocks, with multiple companies experiencing substantial gains in their stock prices [1] Group 1: Stock Performance - Rui Xin Technology (300828) increased by 14.59%, with a total market value of 3.437 billion [2] - Zhongchao Holdings (002471) and Zhongxin Heavy Industry (601608) both rose by 10.04%, with market values of 10.6 billion and 36.6 billion respectively [2] - Fulei New Materials (605488) and Fenglong Co., Ltd. (002931) both saw gains of 10.01%, with market values of 1.25 billion and 19.8 billion respectively [2] - New Asia Electronics (605277) reached a 10% increase, with a market value of 833.6 million [2] - Galaxy Electronics (002519) rose by 9.97%, with a market value of 9.687 billion [2] - Yichang Technology (002420) increased by 9.96%, with a market value of 3.586 billion [2] - Tianrun Industrial (002283) saw a 9.94% rise, with a market value of 8.193 billion [2] - Chaojie Co., Ltd. (301005) increased by 9.42%, with a market value of 26.5 billion [2] - Gaoxin Technology (300098) rose by 9.21%, with a market value of 1.26 billion [2] - Yunji Group (001288) increased by 8.90%, with a market value of 8.136 billion [2] - Yifan Transmission (301023) rose by 8.58%, with a market value of 4.746 billion [2] - Chongda Technology (002815) increased by 8.12%, with a market value of 19.3 billion [2] - Tieliu Co., Ltd. (603926) rose by 7.37%, with a market value of 6.157 billion [2] - Zhongman Petroleum (603619) increased by 7.15%, with a market value of 1.32 billion [2] - Sihui Fushi (300852) rose by 6.93%, with a market value of 7.158 billion [2]

Group 1 - The robotics sector has shown strong performance, with multiple companies experiencing significant stock price increases [1] - Fule New Materials reached a daily limit increase, indicating strong market interest and investor confidence [1] - Fenglong Co. achieved a remarkable 17 consecutive trading days of price increases, showcasing its strong market momentum [1] Group 2 - Yichang Technology and Tianrun Industrial also hit the daily limit increase, reflecting a broader trend of growth within the robotics industry [1] - Companies such as Ruixin Technology, Yifan Transmission, Jujie Microfiber, and Sihui Fushi saw stock price increases exceeding 10%, further indicating robust sector performance [1]

Core Viewpoint - The company is addressing investor concerns regarding its performance and the progress of its electric steering business related to autonomous driving technology, emphasizing ongoing efforts to improve management and communication with the capital market [2]. Group 1: Company Performance - The company's stock price fluctuations are influenced by various factors, and it is committed to enhancing operational management and exploring new business opportunities to deliver better returns to investors [2]. - The company acknowledges the expectations of public shareholders and is focused on making improvements in its performance [2]. Group 2: Business Development - The electric steering business for commercial vehicles is progressing as planned, with successful real vehicle testing completed in collaboration with leading domestic commercial vehicle manufacturers [2]. - The company has entered the supplier system, indicating a step forward in its business development strategy [2].

Summary of Key Points Core Viewpoint - Tianrun Industrial (002283.SZ) has announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of its own shares [1] Group 1: Share Buyback Details - The company has repurchased a total of 6,195,700 shares, which represents 0.5437% of its current total share capital [1] - The highest transaction price during the buyback was 5.93 yuan per share, while the lowest was 5.26 yuan per share [1] - The total amount spent on the share buyback was 34,742,568.00 yuan, excluding transaction fees [1]

证券代码：002283 证券简称：天润工业 公告编号：2026-001 天润工业技术股份有限公司 关于回购公司股份的进展公告 币9.62元/股（含）调整为不超过人民币9.57元/股（含）。具体内容详见公 司分别于2025年5月13日、2025年9月9日在《证券时报》、《中国证券报》、 《上海证券报》、《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披 露的《关于2024年年度权益分派实施后调整回购股份价格上限的公告》（公 告编号：2025-024）、《关于2025年半年度权益分派实施后调整回购股份 价格上限的公告》（公告编号：2025-045）。 一、回购公司股份进展情况 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监 管指引第 9 号——回购股份》等相关规定，公司应在回购期间每个月的前 三个交易日内披露截至上月末的回购进展情况。现将公司本次股份回购进 展情况公告如下： 截至 2025 年 12 月 31 日，公司通过回购专用证券账户以集中竞价交 易方式累计回购公司股份 6,195,700 股，占公司当前总股本的 0.5437%， 最高成交价为 5.93 元/股，最低成交价为 5 ...

Core Viewpoint - The company announces the upcoming expiration of its 2023 employee stock ownership plan, which is set to end on June 28, 2026, and outlines the necessary disclosures and procedures related to this plan [1][4]. Summary of Relevant Sections Employee Stock Ownership Plan Overview - The 2023 employee stock ownership plan was approved during the board and shareholder meetings held on April 25 and May 18, 2023, respectively [1][2]. - The plan involves the acquisition of 21,404,388 shares, representing 1.88% of the company's total share capital, at a price of 2.73 yuan per share [2]. Current Status of the Plan - As of the announcement date, the plan has reduced its holdings by 9,237,388 shares, retaining 12,167,000 shares, which is 1.07% of the total share capital [3]. - The shares held under the plan are not used for collateral or debt repayment [3]. Arrangements Before Expiration - The management committee will decide on the handling of remaining shares and whether to extend the plan before its expiration [3][5]. - The plan will adhere to market trading rules and relevant regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange [3]. Plan Duration, Changes, and Termination - The plan has a duration of 36 months, and it will automatically terminate if not extended [5][7]. - Changes to the plan require approval from two-thirds of the voting rights at a meeting of the plan participants [6][7]. - The plan can be terminated early if all shares are sold before the expiration, provided it does not result in a duration of less than 12 months [7]. Other Relevant Information - The company will continue to monitor the implementation of the employee stock ownership plan and fulfill its disclosure obligations as required by law [6].