Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

| 股票代码：002430 | 股票简称：杭氧股份 | 公告编号：2025-110 | | --- | --- | --- | | 转债代码：127064 | 转债简称：杭氧转债 | | 杭氧集团股份有限公司 关于 2021 年限制性股票激励计划 第二个解除限售期第二批预留授予股份解除限售及上市流 通的提示性公告 1、2021 年 11 月 30 日，公司第七届董事会第十七次会议审议通过了《2021 年限制性股票激励计划（草案）》及其摘要、《2021 年限制性股票激励计划实 施考核管理办法》《关于提请公司股东大会授权董事会办理公司 2021 年限制性 股票激励计划有关事项的议案》等相关议案，关联董事对相关议案进行了回避表 决，独立董事对公司本次激励计划相关事项发表了同意的独立意见。同日，公司 第七届监事会第十七次会议审议通过相关议案。公司监事会对本次激励计划的相 关事项进行核实并出具了相关核查意见。 2021 年 12 月 4 日，公司披露了《2021 年限制性股票激励计划（草案）》（更 新稿）及其摘要、《浙商证券股份有限公司关于杭州制氧机集团股份有限公司 2021 年限制性股票激励计划（草案）之独立财务顾问 ...

Group 1 - The resignation of non-independent director Mo Zhaoyang was due to work arrangements, but he will continue as the company's executive vice president [2][3] - Mo Zhaoyang held 63,000 shares in the company and will comply with regulations regarding share changes after his resignation [2][3] - The company will supplement one non-independent director, with Li Bo nominated as the candidate, pending approval at the upcoming shareholders' meeting [3][10] Group 2 - The company's eighth board of directors held its 34th meeting on November 26, 2025, where the resignation and election of a new non-independent director were approved [9][10] - The board's decision to hold the 2025 fourth extraordinary shareholders' meeting was also approved, with specific proposals to be discussed [12][13] - The shareholders' meeting is scheduled for December 12, 2025, and will include both on-site and online voting options [18][19]

证券日报网讯11月26日晚间，杭氧股份（002430）发布公告称，杭氧集团股份有限公司(以下简称"公 司"或"本公司")董事会于近日收到公司董事莫兆洋先生提交的书面辞职报告，莫兆洋先生因工作安排需 要申请辞去公司第八届董事会非独立董事职务(原定任期为2024年1月26日至2027年1月25日)，辞职后继 续担任公司常务副总经理职务。 ...

每经AI快讯，杭氧股份11月26日晚间发布公告称，公司第八届第三十四次董事会会议于2025年11月26日 以现场会议及通讯方式召开。会议审议了《关于召开2025年第四次临时股东会的议案》等文件。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 曾健辉） 2025年1至6月份，杭氧股份的营业收入构成为：气体行业占比62.68%，制造业占比35.97%，其他业务 占比0.7%，工程总包占比0.66%。 截至发稿，杭氧股份市值为257亿元。 ...

每经AI快讯，11月26日，杭氧股份公告，公司董事会于近日收到董事莫兆洋先生提交的书面辞职报 告，莫兆洋先生因工作安排需要申请辞去公司第八届董事会非独立董事职务，原定任期为2024年1月26 日至2027年1月25日，辞职后继续担任公司常务副总经理职务。根据相关规定，莫兆洋先生的离任未导 致公司董事会成员低于法定最低人数，其辞职报告自送达公司之日起生效。截至公告披露日，莫兆洋先 生持有公司股份63,000股，离任后将继续遵守有关股份变动的法律法规，亦不存在应当履行而未履行的 承诺事项。 ...

股票代码：002430 股票简称：杭氧股份 公告编号：2025-108 转债代码：127064 转债简称：杭氧转债 截至本报告披露日，莫兆洋先生持有公司股份 63,000 股，莫兆洋先生离任公司 非独立董事职务后，将继续遵守《上市公司董事和高级管理人员所持本公司股份及 其变动管理规则》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、 高级管理人员减持股份》等法律法规中有关上市公司离任董事股份变动的规定，亦 不存在应当履行而未履行的承诺事项。 莫兆洋先生在公司任职董事期间恪尽职守、勤勉尽责，在公司规范治理等方面 做出了突出贡献，公司及公司董事会对莫兆洋先生任职期间对公司所做出的贡献表 示衷心感谢！ 二、非独立董事补选情况 为保证公司董事会的正常运作，根据《中华人民共和国公司法》《杭氧集团股 份有限公司章程》及有关法律法规的规定，公司董事会拟增补 1 名非独立董事。经 公司持股 5%以上股东——中国中信金融资产管理股份有限公司提名，公司董事会提 名委员会审查同意并经公司第八届董事会第三十四次会议审议通过《关于董事辞职 暨选举非独立董事的议案》，同意李博先生（简历详见附件）为公司第八届董事会 非独立 ...

| | | 转债代码：127064 转债简称：杭氧转债 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 关于召开2025年第四次临时股东会的通知 一、召开会议的基本情况 1、股东会届次：2025年第四次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法、合规性：公司第八届董事会第三十四次会议审议通过了 《关于召开2025年第四次临时股东会的议案》，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。 4、会议时间： （1）现场会议时间：2025年12月12日（星期五）15:00； （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2025 年12月12日9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票（http://wltp.cninfo.com.cn）的具体时间为2025年12月12日9:15至15:00的任意 时间。 5、会议的召开方式：本次股东会采取现场投票和网络投票相结合的方式召开。 （1）现场投票：股东本人出席现场会议或者通过授权 ...

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26日以现场 会议及通讯方式召开了第八届董事会第三十四次会议，本次会议的通知及会议资料 于2025年11月21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8名，实际参加会议的董事8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《关于董事辞职暨选举非独立董事的议案》；并同意提交 2025 年第四次临时股东会审议。 证券代码：002430 证券简称：杭氧股份 公告编号：2025-107 债券代码：127064 债券简称：杭氧转债 杭氧集团股份有限公司 第八届董事会第三十四次会议决议公告 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。 1.关于董事辞职暨选举非独立董事的提案； 2.关于为控股子公司贷款提供担保的提案。 表决结果：8票同意，0票反对，0票弃权。同意票数占有表决权总票数的100%。 《关 ...

Core Viewpoint - The company has shown steady growth in performance and profitability, with significant expansion in overseas business and strategic moves into the nuclear fusion sector [4][5][6]. Group 1: Financial Performance - In Q1-Q3 2025, the company achieved operating revenue of 11.43 billion, a year-on-year increase of 10.4%, and a net profit attributable to shareholders of 760 million, up 12.1% [4]. - In Q3 2025, the company reported operating revenue of 4.1 billion, reflecting a 13.1% year-on-year growth, with a net profit of 280 million, increasing by 16.8% [4]. - The gross margin stood at 20.6%, up 0.2 percentage points year-on-year, while the net margin was 7.4%, an increase of 0.3 percentage points [4]. Group 2: Overseas Business Expansion - In H1 2025, the company generated overseas revenue of 290 million, marking a substantial growth of 78.9% [5]. - The company successfully signed a contract for a 22,000 air separation project in Africa, marking a significant breakthrough in the region [5]. - The establishment of new subsidiaries in Singapore and Malaysia is underway, with plans to expand beyond equipment exports to include gas investments [5]. Group 3: Nuclear Fusion Sector Engagement - The company’s subsidiary won a bid for the low-temperature nitrogen system project for the nuclear fusion company, which is crucial for maintaining superconducting magnetic field stability [6]. - This project is part of the BEST (Compact Fusion Energy Experimental Device) low-temperature system, indicating the company's growing recognition and capability in the nuclear fusion field [6]. - The recent acceleration in bidding for the BEST project suggests ongoing opportunities for the company in this sector [6].