Core Viewpoint - The company plans to invest in the establishment of an industrial fund, focusing on investment opportunities in low-temperature deep cooling technology and controllable nuclear fusion [1] Group 1 - The company is looking to participate in the investment of an industrial fund [1] - The focus areas for investment include low-temperature deep cooling technology and controllable nuclear fusion [1]

证券代码：002430 证券简称：杭氧股份 公告编号：2025-104 债券代码：127064 债券简称：杭氧转债 杭氧集团股份有限公司 第八届董事会第三十三次会议决议公告 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。 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于2025年11月14日以通讯 方式召开了第八届董事会第三十三次会议，本次会议的通知及会议资料于2025年11 月7日以传真、电子邮件等方式送达各位董事。会议由公司董事长郑伟先生主持，应 参加会议的董事9名，实际参加会议的董事9名。本次会议的召集和召开符合《公司 法》及《公司章程》的有关规定，合法有效。 会议审议了列入议程的议案。按照《公司章程》的规定，与会董事以书面表决 方式对以下议案进行了表决，通过了以下决议： 一、审议通过了《关于投资设立产业基金暨关联交易的议案》 同意公司作为有限合伙人与普通合伙人杭州国佑慧通企业管理有限公司（以下 简称"国佑慧通" ，其亦为执行事务合伙人）、杭州岭上之光科创发展有限公司， 以及有限合伙人杭州国佑资产运营有限公司（以下简称"国佑资产"）、杭州市新 能源 ...

Core Viewpoint - The company, Hangzhou Oxygen Plant Co., Ltd. (002430.SZ), aims to strengthen its position and seek industrial investment opportunities by establishing a partnership to create the Hangzhou Guoling Yuanqi Venture Capital Partnership (Limited Partnership) with several other entities [1] Group 1: Investment Partnership Details - The total subscribed capital for the fund is set at RMB 100 million, with the company contributing RMB 20 million, representing 20% of the total [1] - Other partners include Guoyou Asset and New Energy Investment, each contributing RMB 19.9 million (19.90%), and Hangzhou Thermal Power and Zixiang Enterprise Management, each contributing RMB 20 million (20.00%) [1] - The general partner, Lingguang Technology Innovation, and the executive partner, Guoyou Huitong, each contribute RMB 1 million, accounting for 0.10% of the total [1] Group 2: Investment Focus - The partnership's investment strategy primarily targets equity investments in sectors such as industrial gases, low-temperature deep cooling technology, controllable nuclear fusion, and innovative energy power equipment [1] - The equity investments may include shares in unlisted companies and other investments permitted by applicable laws and policies, subject to approval by the investment decision committee [1]

Core Viewpoint - Hangzhou Oxygen Plant Co., Ltd. (002430.SZ) announced its plan to establish a venture capital partnership with several companies, focusing on investment opportunities in industrial gases, cryogenic technology, controlled nuclear fusion, and innovative energy equipment [1] Group 1: Investment Details - The total committed capital for the new fund is 1 billion yuan, with the company contributing 200 million yuan, representing 20% of the total commitment [1] - The partnership includes Hangzhou Guoyou Huitong Enterprise Management Co., Ltd. and Hangzhou Lingshangzhiguang Sci-Tech Development Co., Ltd. [1] Group 2: Focus Areas - The partnership will primarily target investments in the fields of industrial gases, low-temperature cryogenic technology, controllable nuclear fusion, and innovative energy power equipment [1]

Group 1 - The company Hangyang Co., Ltd. (SZ 002430) announced on November 14 that its 33rd meeting of the 8th board of directors was held via telecommunication, where it reviewed proposals including providing guarantees for loans to its controlling subsidiary [1] - For the first half of 2025, the company's revenue composition was as follows: gas industry accounted for 62.68%, manufacturing industry for 35.97%, other businesses for 0.7%, and engineering contracting for 0.66% [1] - As of the report date, Hangyang Co., Ltd. had a market capitalization of 28.1 billion yuan [1]

Core Insights - The high-pressure oxygen chamber concept has seen a decline of 0.21%, ranking among the top declines in concept sectors as of the market close on November 13 [1] - Within the sector, companies like Innovation Medical and International Medicine experienced significant declines, while six stocks saw price increases, with Dahu Co., Aoyang Health, and Samsung Medical leading the gains [1] Market Performance - The top-performing concept sectors today include: - Fluorochemical concept: +4.50% - Organic silicon concept: +4.47% - Sodium-ion battery: +4.47% - Lead metal: +4.27% - Phosphorus chemical: +4.25% [2] - The high-pressure oxygen chamber sector experienced a net outflow of 149 million yuan, with eight stocks seeing net outflows [2] Fund Flow Analysis - The stocks with the highest net outflows in the high-pressure oxygen chamber sector include: - Samsung Medical: -60.80 million yuan - Innovation Medical: -57.39 million yuan - International Medicine: -12.53 million yuan [2] - Conversely, the stocks with the highest net inflows include: - Yingkang Life: +10.12 million yuan - Hangyang Co.: +9.74 million yuan [2] Stock Performance - Key stock performances in the high-pressure oxygen chamber sector: - Samsung Medical: +0.37%, turnover rate: 2.18% - Innovation Medical: -2.00%, turnover rate: 13.41% - International Medicine: -0.80%, turnover rate: 1.13% [2]

Group 1 - Hangzhou Oxygen Group has officially joined the nuclear fusion industry alliance and successfully won the bid for a low-temperature nitrogen system project from Fusion New Energy (Anhui) Co., Ltd, marking its entry into the nuclear fusion sector [1][2] - The "All-Superconducting Tokamak Nuclear Fusion Experimental Device" located in Hefei, Anhui, is expected to be completed and operational by 2027, aiming to challenge extreme temperatures and accelerate the transition to clean energy [1] - Nuclear fusion is referred to as the "artificial sun" due to its principle being similar to the nuclear fusion reactions occurring in the sun, and it is considered the "ultimate energy dream" because of its advantages over fossil fuels and nuclear fission [1] Group 2 - The current industrial manufacturing capabilities and control levels are insufficient for safely and sustainably harnessing nuclear fusion energy, prompting global scientists to compete in this field [2] - Hangzhou Oxygen Group's equipment plays a crucial role in maintaining the extreme conditions required for plasma stability, with temperatures reaching as low as -269 degrees Celsius, showcasing the company's technical capabilities and comprehensive strength in the nuclear fusion field [2] - With over 70 years of experience in large equipment manufacturing, Hangzhou Oxygen Group has also ventured into the hydrogen energy sector since 2021, focusing on technology research and development, equipment sales, project investment, and hydrogen retail [2] Group 3 - Hangzhou Oxygen Group's self-developed "Sliding Radial Flow Purification Device" won a gold medal at the 50th Geneva International Exhibition of Inventions, further validating the strength of "Hangzhou manufacturing" as it enters the nuclear fusion industry [3]

Core Viewpoint - Hangyang Co., Ltd. has experienced a stock price decline of 2.00% on November 12, with a current price of 27.40 CNY per share, reflecting a market capitalization of 26.807 billion CNY [1] Financial Performance - For the period from January to September 2025, Hangyang Co., Ltd. achieved a revenue of 11.428 billion CNY, representing a year-on-year growth of 10.39%, and a net profit attributable to shareholders of 757 million CNY, which is a 12.14% increase compared to the previous year [2] - The company has cumulatively distributed dividends of 3.821 billion CNY since its A-share listing, with 2.165 billion CNY distributed over the last three years [3] Stock Market Activity - The stock has seen a year-to-date increase of 28.04%, with a slight decline of 1.19% over the last five trading days, a 2.81% increase over the last 20 days, and a 20.70% increase over the last 60 days [1] - As of October 31, the number of shareholders for Hangyang Co., Ltd. reached 40,400, an increase of 28.53% from the previous period, while the average circulating shares per person decreased by 22.20% [2] Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 9.8533 million shares, which is a decrease of 1.8381 million shares from the previous period [3]

Core Viewpoint - Hangyang Co., Ltd. shows a mixed performance in financing activities and stockholder dynamics, with a notable increase in shareholder accounts and steady revenue growth, indicating potential investment interest [1][2]. Financing Activities - On November 11, Hangyang Co., Ltd. recorded a financing buy amount of 45.72 million yuan, with a net financing outflow of 0.428 million yuan, leading to a total financing and securities balance of 490 million yuan [1]. - The current financing balance of 487 million yuan accounts for 1.78% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1]. - In terms of securities lending, 4,800 shares were repaid, with 20,100 shares sold, resulting in a selling amount of 562,000 yuan, while the securities lending balance reached 3.28 million yuan, exceeding the 70th percentile level over the past year [1]. Company Performance - As of October 31, the number of shareholders for Hangyang Co., Ltd. increased to 40,400, a rise of 28.53%, while the average circulating shares per person decreased by 22.20% to 24,173 shares [2]. - For the period from January to September 2025, the company achieved an operating income of 11.428 billion yuan, reflecting a year-on-year growth of 10.39%, and a net profit attributable to shareholders of 757 million yuan, up 12.14% year-on-year [2]. Dividend Distribution - Since its A-share listing, Hangyang Co., Ltd. has distributed a total of 3.821 billion yuan in dividends, with 2.165 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, holding 9.8533 million shares, a decrease of 18.3581 million shares from the previous period [3]. - Bosera Growth Navigator Mixed A (010902) remained stable in its holdings, maintaining 9.1475 million shares [3].

Core Insights - On November 11, brokerages issued target prices for listed companies a total of 21 times, with notable increases in target prices for Century Huatong, ZTE Corporation, and Zhuhai Smelter Group, showing increases of 50.48%, 47.02%, and 34.74% respectively, across the gaming, communication equipment, and industrial metals sectors [1][2]. Target Price Increases - Century Huatong received a target price of 26.50 yuan, reflecting a target price increase of 50.48% [2]. - ZTE Corporation's target price was set at 60.13 yuan, indicating a 47.02% increase [2]. - Zhuhai Smelter Group's target price reached 20.40 yuan, with a 34.74% increase [2]. - Other companies with significant target price increases include Jinlei Co. (30.79%), Changan Automobile (30.29%), and Sanhua Intelligent Control (29.84%) [2]. Brokerage Recommendations - The top companies recommended by brokerages on November 11 include Zhonglian Heavy Industry, Xinbao Co., and Sany Heavy Industry, each receiving two brokerage ratings [3]. - Zhonglian Heavy Industry had a closing price of 8.44 yuan, while Xinbao Co. closed at 15.30 yuan, and Sany Heavy Industry at 20.91 yuan [3]. Rating Adjustments - Nanjing Steel Group's rating was upgraded from "Hold" to "Buy" by Zhongtai Securities on November 11 [4]. - A total of 14 companies received first-time coverage from brokerages, with Zhejiang Energy Power rated "Hold" and Zhonggu Logistics rated "Hold" as well [5]. Newly Covered Companies - Newly covered companies include Zhejiang Energy Power (rated "Hold"), Zhonggu Logistics (rated "Hold"), and Longxin General (rated "Outperform") [5]. - Other companies receiving first-time ratings include Yifeng Pharmacy (rated "Outperform") and Haier Smart Home (rated "Buy") [5].