Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the defense and military industry [5] Core Insights - The defense and military sector has shown resilience, outperforming major indices such as the Shanghai Composite Index and the ChiNext Index during the week of December 19 to December 26, 2025, with the Shenwan Defense and Military Index rising by 6.00% [14][18] - The report highlights significant individual stock performances, with China Satellite leading with a 36.24% increase, followed by Guanglian Aviation at 32.44% [18][19] - Key announcements from companies in the sector include significant contracts and share repurchase plans, indicating active corporate strategies to enhance shareholder value and operational capacity [20] Summary by Sections 1. Defense and Military Market Review - The China Securities Military Index rose to 13,616.67 points, up 6.16%, while the China Defense Index increased to 1,816.41 points, up 5.57% during the specified week [14][15] - The Shenwan Defense and Military Index outperformed the Shanghai Composite Index, which rose by 1.88%, and the CSI 300 Index, which increased by 1.95% [14][15] 2. Key Company Announcements - Lianchuang Optoelectronics announced a share pledge and repurchase plan involving a total of 319,932,200 yuan for shares held by a major shareholder [20] - Huayin Technology signed a framework agreement worth 392,105,597 yuan for the processing of aircraft engine components [20] 3. Key Industry News - France's President Macron confirmed the initiation of a new generation aircraft carrier program with an estimated cost of 10.25 billion euros [21] - RTX's Raytheon secured a $1.7 billion contract to deliver Patriot missile defense systems to Spain [21]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and new energy industry [2] Core Insights - The demand for grid equipment is expected to increase due to domestic and international resonance, driven by significant investments in smart grids, west-to-east power transmission, and urban-rural grid upgrades [2][4] - The cumulative investment in national grid projects reached 560.4 billion yuan from January to November 2025, reflecting a year-on-year increase of 5.9% [4][38] - The export value of domestic transformers reached 8.08 billion USD from January to November 2025, marking a year-on-year growth of 35.19% [4][59] Summary by Sections Market Review - As of December 25, 2025, the electric power equipment industry rose by 2.10% over the past two weeks, outperforming the CSI 300 index by 0.11 percentage points [11] - The wind power equipment sector increased by 4.37%, while the photovoltaic equipment sector rose by 1.59% [11][19] Valuation and Industry Data - The PE (TTM) ratio for the electric power equipment sector is 33.43 times, with sub-sectors like motors at 59.57 times and photovoltaic equipment at 30.07 times [4][24] - The report highlights that the demand for high-efficiency, energy-saving, and environmentally friendly transformers will dominate the future market [4][46] Industry News - The rapid development of artificial intelligence in the U.S. is driving the construction of large-scale data centers, which require high-performance transformers for stable and efficient power supply [4][56] - The report suggests focusing on leading new energy companies with technological and scale advantages [4][60]

Core Viewpoint - Tongda Co., Ltd. announced that it is expected to win bids for materials valued at approximately RMB 154 million from the State Grid Corporation of China, which represents about 2.48% of the company's projected revenue for 2024 [1] Group 1 - The company has been listed as a candidate for procurement in the 85th, 88th, and 89th batches announced by the State Grid Corporation [1] - The expected contracts are anticipated to positively impact the company's future operations and performance [1] - The projects are expected to enhance the company's wire and cable segment, improving profitability and core competitiveness [1]

Group 1 - Shenghui Integration (603163.SH): The stock price has risen significantly in the short term, deviating from the company's fundamentals, indicating a potential risk of decline in the future [1] - Victory Energy (001331.SZ): The company does not engage in robotics-related business [1] - Aerospace Engineering (603698.SH): The company does not involve in commercial aerospace [1] Group 2 - Wankai New Materials (301216.SZ): The controlling subsidiary plans to provide lightweight components and structural parts related to humanoid robot arms and humanoid assembly services to Lingxin Qiaoshou [1] - Huakang Clean (301235.SZ): The consortium is pre-awarded the procurement project for special departments of Huian County Hospital (Phase I) [1] - Tongda Co., Ltd. (002560.SZ): Pre-awarded a 154 million yuan project from the State Grid [1] Group 3 - Aier Eye Hospital (300015.SZ): Plans to acquire partial equity in 39 institutions including Bozhou Aier and Lianyungang Aier [1] - Aucma (600336.SH): Plans to transfer 55% equity of the Information Industry Park company [1] - Donghong Co., Ltd. (603856.SH): Plans to repurchase shares with an investment of 30 million to 60 million yuan [1] Group 4 - Caesar Travel (000796.SZ): Jingu Trust plans to reduce its holdings by no more than 3% [1] - Jindun Co., Ltd. (300411.SZ): High-tech Investment and Founder Securities plan to collectively reduce their holdings by no more than 4% [1] - Hengdian East Magnetic (002056.SZ): The controlling shareholder plans to reduce its holdings by no more than 1% [1] Group 5 - Lianchuang Electronics (002036.SZ): Plans to raise no more than 1.63 billion yuan through a private placement to Jiangxi State-owned Capital Venture [1] - Xingyuan Zhuomag (301398.SZ): Received project designation notification from a client [1]

责任编辑：山上 股票频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月24日丨通达股份(002560.SZ)公布，国家电网有限公司电子商务平台于近日在"招标采购\推荐 中标候选人公示"中发布了《国家电网有限公司2025年第八十五批采购（输变电项目第六次变电设备 （含电缆）招标采购）推荐的中标候选人公示》（简称"公示1"）、《国家电网有限公司2025年第八十 八批采购（输变电项目第六次线路装置性材料招标采购）推荐的中标候选人公示》（简称"公示2"）、 《国家电网有限公司2025年第八十九批采购（输变电项目第二次35-330千伏材料协议库存招标采购）推 荐的中标候选人公示》（简称"公示3"），公示开始时间为2025年12月24日，公示期3日。据河南通达电 缆股份有限公司测算，在上述公示中公司预中标物资总价值共计人民币15,393.286387万元，约占公司 2024年度营业总收入的2.48%。 ...

一、预中标情况概述 公示 1 中公示公司为国家电网有限公司 2025 年第八十五批采购（输变电项 目第六次变电设备（含电缆）招标采购）推荐的中标候选人，具体情况如下： 证券代码：002560 证券简称：通达股份 公告编号：2025-094 河南通达电缆股份有限公司 关于国家电网预中标的自愿性信息披露公告 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。 国家电网有限公司电子商务平台(https://ecp.sgcc.com.cn/ecp2.0/porta l/)于近日在"招标采购\推荐中标候选人公示"中发布了《国家电网有限公司 2 025 年第八十五批采购（输变电项目第六次变电设备（含电缆）招标采购）推荐 的中标候选人公示》（以下简称"公示 1"）、《国家电网有限公司 2025 年第八十 八批采购（输变电项目第六次线路装置性材料招标采购）推荐的中标候选人公示》 （以下简称"公示 2"）、《国家电网有限公司 2025 年第八十九批采购（输变电 项目第二次 35-330 千伏材料协议库存招标采购）推荐的中标候选人公示》（以下 简称"公示 3"），公示开始时间为 20 ...

Core Viewpoint - Tongda Co., Ltd. (002560.SZ) announced that the State Grid Corporation of China has published the recommended candidates for procurement in three separate announcements, indicating potential new contracts for the company [1] Group 1: Procurement Announcements - The State Grid Corporation released three public announcements regarding procurement for various electrical equipment and materials, with the public notice period starting on December 24, 2025, lasting for three days [1] - The announcements include: 1. The 85th batch of procurement for transformer substation equipment (including cables) [1] 2. The 88th batch of procurement for line installation materials [1] 3. The 89th batch of procurement for 35-330 kV materials [1] Group 2: Financial Impact - The estimated total value of materials for which the company is expected to be awarded contracts is approximately RMB 153.93 million, which represents about 2.48% of the company's projected revenue for the fiscal year 2024 [1]

Group 1 - The company has been announced as a candidate for a bid by the State Grid Corporation of China, with a total value of approximately RMB 154 million [1] - This amount represents about 2.48% of the company's projected total revenue for the year 2024 [1] - The bid includes items such as control cables, energy-saving wires, and conventional wires [1]

证券代码：002560 证券简称：通达股份 公告编号：2025-093 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 河南通达电缆股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开 的第六届董事会第六次会议、第六届监事会第六次会议和 2025 年 5 月 16 日召开 的 2024 年度股东大会，审议通过了《关于 2025 年度为子公司提供担保额度预计 的议案》，同意公司为合并报表范围内的子公司：河南通达新材料有限公司（简 称"通达新材料"）、河南通达久通电缆有限公司、洛阳中盛贸易有限公司、河南 通达宏基科技有限公司提供不超过 73,000 万元的担保额度。 具体内容详见公司于 2025 年 4 月 24 日在《证券时报》《中国证券报》《上海 证券报》和巨潮资讯网(http://www.cninfo.com.cn)上披露的《关于 2025 年度 为子公司提供担保额度预计公告》（公告编号：2025-025）。 二、担保进展情况 河南通达电缆股份有限公司 关于为子公司提供担保的进展公告 近日，公司与浙商银行股份有限公司郑州分 ...

证券日报网讯12月19日晚间，通达股份（002560）发布公告称，截至2025年12月19日，公司经审议批准 的处于有效期内的对子公司提供担保的总额为73，000万元。公司对子公司担保余额为29，775.14万 元，占公司2024年经审计净资产的11.73%，剩余可担保额度为43，224.86万元。公司及子公司不存在逾 期担保、涉及诉讼的担保及因担保被判决败诉而应承担损失的情况。 ...