Investment Rating - The report recommends an "Overweight" rating for the gas turbine industry, anticipating a strong performance due to high demand and limited supply [5][73]. Core Insights - The gas turbine industry is expected to enter a new upward cycle driven by the accelerating demand for electricity from AI data centers, with a significant supply-demand mismatch [3][11]. - The global gas turbine market is dominated by major players such as Siemens, GE, and Mitsubishi, but there is substantial potential for domestic manufacturers to capture market share through localization and partnerships [3][25]. - The report highlights specific companies that are well-positioned to benefit from this trend, including Jereh, Yingliu, Haomai Technology, and Lande [3][73]. Summary by Sections 1. Industry Overview - The gas turbine industry is experiencing a significant upturn, characterized by a supply-demand mismatch, with global gas turbine orders exceeding 80 GW while actual deliverable capacity is below 50 GW [3][32]. - The demand for gas turbines is being driven by the rapid growth of AI data centers, which require reliable and stable power sources [3][11]. 2. Domestic Manufacturers - Domestic gas turbine manufacturers are expected to benefit from the increasing demand and the potential for localization of production [3][25]. - Jereh has secured substantial orders from leading AI companies, indicating strong market acceptance and growth potential [3][39]. - Yingliu is focusing on high-value turbine blades, which are critical components in gas turbines, and is well-positioned for growth as domestic production increases [3][57]. 3. Investment Recommendations - The report suggests focusing on companies with high order visibility and strong growth potential, such as Jereh for its gas turbine generator sets, Yingliu for turbine blades, Haomai Technology for turbine components, and Lande as a supplier to Caterpillar [3][73]. - The expected growth in the gas turbine market is supported by the increasing electricity demand from AI data centers and the limitations in supply capacity [3][32].

Core Viewpoint - The gas turbine industry is expected to enter a new upward cycle due to the accelerating construction of AI data centers, which is leading to a widening power supply-demand gap [1][2] Supply and Demand Dynamics - Demand is rapidly increasing while supply is constrained by supply chain issues and a delivery cycle of 3-5 years, resulting in a clear supply-demand gap; by 2025, global gas turbine order intentions have exceeded 80 GW, but actual deliverable capacity is less than 50 GW [2] - Heavy-duty gas turbines offer advantages in power and long-term stable operation, while medium and small-sized turbines are more flexible and reliable, with stronger demand elasticity in data center scenarios [2] - North America and the Middle East are driving demand, with the U.S. facing increasing constraints on its power system and the Middle East benefiting from low gas prices and data center projects [2] Domestic Equipment Manufacturers' Opportunities - The global gas turbine market is primarily dominated by companies like Siemens, GE, Mitsubishi Heavy Industries, and Caterpillar, indicating significant potential for domestic replacements [3] - Jerry Holdings has secured a $200 million order from a leading U.S. AI company and has sufficient gas turbine production capacity [3] - Haomai Technology focuses on gas turbine power cylinders and components, with a full order book from leading gas turbine companies [3] - Yingliu Technology specializes in high-temperature alloy blades, which are critical components in gas turbines, and is expected to increase its market share [3] - Linde Co. supplies castings for Caterpillar gas turbines and diesel engines, positioning it to benefit directly from market growth [3] Investment Recommendations - The gas turbine industry is recommended for investment due to the combination of explosive demand, supply constraints, and domestic replacement opportunities, highlighting companies like Jerry Holdings, Yingliu Technology, Haomai Technology, and Linde Co. [4]

Group 1 - The core announcement from Haomai Technology is the approval of the expected daily related transactions for the year 2026 during the first extraordinary shareholders' meeting of 2026 [2] - The company also received approval for a proposal to apply for a comprehensive credit line from banks [2]

Group 1 - Company沃尔核材 (002130) is a leading domestic high polymer nuclear radiation modified material enterprise, focusing on the research and supply of insulation and protection materials for fusion devices, with core products including radiation-resistant heat shrink tubing and high-temperature insulation sleeves [1][35] - The radiation-resistant heat shrink tubing is made from specially modified polymer materials, capable of withstanding strong radiation and high-temperature environments within fusion devices, used for insulating superconducting magnet coils and signal cables [1][35] - The high-temperature insulation sleeves developed by the company can withstand temperatures above 200℃, meeting the insulation needs of cables inside the fusion reactor vacuum chamber, and possess excellent corrosion resistance and aging resistance [1][35] Group 2 - Company宝胜股份 (600973) is a leading domestic wire and cable enterprise, focusing on the research and manufacturing of special cables for fusion devices, with core products including radiation-resistant low-smoke halogen-free cables and low-temperature superconducting cable accessories [2][36] - The radiation-resistant cables utilize cross-linked polyethylene insulation materials with added radiation stabilizers, capable of long-term stable operation in radiation doses of 10^6 Gy, already applied in the power distribution system of fusion experimental devices [2][36] - The company is also developing control cables specifically for fusion reactors, optimizing the cable shielding structure to enhance electromagnetic interference resistance, ensuring stable transmission of control signals [2][36] Group 3 - Company西部超导 (688122) is a leading domestic high-end titanium alloy and superconducting materials enterprise, focusing on the research of titanium alloy structural materials and superconducting strip substrates for superconducting magnets in fusion devices [3][37] - The high-strength and high-toughness titanium alloy produced by the company is a core material for the support frame of superconducting magnets, capable of withstanding the enormous electromagnetic forces generated during magnet excitation [3][37] - The company is also developing seamless titanium alloy pipes that are resistant to high pressure and corrosion, used for medium transmission in the cooling system of fusion reactors, becoming an important supplier in the nuclear fusion materials field [3][37] Group 4 - Company钢研高纳 (300034) is a leading domestic high-temperature alloy enterprise, focusing on the research of high-temperature alloy materials for core components of fusion reactors, with core products including nickel-based high-temperature alloys and refractory metal alloys [4][38] - The nickel-based high-temperature alloys developed by the company can withstand temperatures above 1200℃ and possess excellent radiation swelling resistance, suitable for components like the first wall and divertor in fusion reactors [4][38] - The company collaborates with research institutions to conduct research on surface coating technology for high-temperature alloys, enhancing the materials' high-temperature and corrosion resistance [4][38] Group 5 - Company中密控股 (300470) is a leading domestic mechanical sealing enterprise, focusing on the research and manufacturing of sealing components for fluid systems in fusion devices, with core products including high-temperature mechanical seals and vacuum seals [5][39] - The high-temperature mechanical seals can withstand high-temperature and high-pressure media in the cooling system of fusion reactors, with zero leakage sealing performance, already applied in the main circulation pump sealing system of fusion experimental devices [5][39] - The company is also developing dynamic sealing components for fusion devices, addressing sealing challenges for rotating components in fusion reactors [5][39] Group 6 - Company中泰股份 (300435) is a leading domestic deep cooling technology equipment enterprise, focusing on the research and manufacturing of low-temperature refrigeration systems for fusion devices, with core products including large liquid nitrogen refrigeration units and liquid helium temperature refrigeration equipment [6][40] - The large liquid nitrogen refrigeration units can provide a low-temperature cold source of -196℃, supporting the primary cooling of superconducting magnets [6][40] - The company is also developing integrated technology for low-temperature systems in fusion reactors, providing a comprehensive solution of "refrigeration equipment + low-temperature pipelines + insulation systems" [6][40] Group 7 - Company汉钟精机 (002158) is a leading domestic screw compressor enterprise, focusing on the research and manufacturing of vacuum pumps for the vacuum systems of fusion devices, with core products including dry screw vacuum pumps and Roots vacuum pumps [7][42] - The dry screw vacuum pumps can reduce the pressure in the vacuum chamber to 10^-5 Pa, featuring radiation resistance and low vibration, preventing oil vapor contamination in the vacuum environment [7][42] - The company is also optimizing the rotor structure design of vacuum pumps to enhance fatigue resistance and extend the service life in extreme environments of fusion devices [7][42] Group 8 - Company中科三环 (000970) is a leading domestic rare earth permanent magnet materials enterprise, focusing on the research of permanent magnet materials for the magnet systems of fusion devices, with core products including high-performance NdFeB permanent magnets [8][43] - The high coercivity NdFeB permanent magnets produced by the company have excellent magnetic performance and temperature stability, used in auxiliary magnet systems for fusion devices [8][43] - The company is also developing radiation-resistant NdFeB permanent magnets, optimizing the composition by adding niobium and dysprosium to reduce the impact of radiation on magnetic performance [8][43] Group 9 - Company安泰环境 (300179) is a leading domestic high-end environmental and energy chemical equipment enterprise, focusing on the research of gas purification and treatment systems for fusion devices, with core products including high-purity gas purifiers and waste gas treatment devices [9][44] - The gas purifiers can enhance the purity of deuterium-tritium gas to 99.9999%, removing impurities such as oxygen and moisture, ensuring efficient fusion reactions [9][44] - The company is also developing equipment for the recovery and reuse of deuterium-tritium gas, improving fuel utilization rates in fusion reactors [9][44] Group 10 - Company万华化学 (600309) is a leading domestic chemical new materials enterprise, focusing on the research and supply of high-performance polymer materials for fusion devices, with core products including radiation-resistant polyimide films and high-temperature fluoroplastics [10][45] - The radiation-resistant polyimide films have excellent insulation and radiation resistance, used for the insulation layer of superconducting magnets, preventing short circuits in magnet coils [10][45] - The company is also developing high-sealing, radiation-resistant silicone sealants for fusion devices, ensuring the sealing performance of various components [10][45] Group 11 - Company中核科技 (000777) is a leading domestic nuclear-grade valve enterprise, focusing on the research and manufacturing of special nuclear-grade valves for fusion devices, with core products including nuclear-grade shut-off valves, safety valves, and vacuum isolation valves [11][46] - The nuclear-grade shut-off valves are designed to withstand high temperatures, high pressures, and strong radiation, ensuring safe operation in fusion reactors [11][46] - The company is also developing vacuum isolation valves with a sealing vacuum degree of 10^-6 Pa, isolating the vacuum chamber of fusion reactors from external systems [11][46] Group 12 - Company海陆重工 (002255) is a leading domestic industrial furnace and nuclear power equipment enterprise, focusing on the research and manufacturing of heat treatment equipment for high-temperature components in fusion devices, with core products including vacuum heat treatment furnaces and high-temperature sintering furnaces [12][47] - The vacuum heat treatment furnaces can operate in a vacuum environment of 10^-3 Pa, enhancing the density and mechanical strength of components [12][47] - The company is also developing customized heat treatment solutions for fusion device components, optimizing their performance [12][47] Group 13 - Company盾安环境 (002011) is a leading domestic refrigeration and air conditioning equipment enterprise, focusing on the research and manufacturing of temperature control systems for fusion devices, with core products including high-precision constant temperature control systems and low-temperature cooling units [13][48] - The high-precision constant temperature control systems can maintain a temperature accuracy of ±0.1℃, ensuring stable operation of electronic devices in fusion reactors [13][48] - The company is also developing integrated temperature control systems for fusion devices, providing a comprehensive solution of "cooling equipment + temperature sensors + control systems" [13][48] Group 14 - Company抚顺特钢 (600399) is a leading domestic special steel enterprise, focusing on the research and supply of special alloy steels for fusion devices, with core products including martensitic stainless steel and precipitation-hardened stainless steel [14][49] - The martensitic stainless steel produced by the company has high strength and corrosion resistance, suitable for the shell manufacturing of vacuum chambers in fusion reactors [14][49] - The company is also conducting research on the radiation resistance of steel used in fusion devices, optimizing compositions by adding rare earth elements [14][49] Group 15 - Company东华科技 (002140) is a leading domestic engineering design and general contracting enterprise, focusing on the engineering design and system integration of fusion devices, providing full-chain services from process design to construction installation [15][50] - The company has participated in multiple engineering design projects for domestic fusion experimental devices, optimizing the layout design of vacuum chambers, cooling systems, and power systems [15][50] - The company is also developing technical reserves for the engineering design of commercial fusion power plants, supporting future construction [15][50]

证券代码：002595 证券简称：豪迈科技 公告编号：2026-001 山东豪迈机械科技股份有限公司 2026年第一次临时股东会决议的公告 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、误导性陈述或者重大遗漏。 特别提示： 一、会议召开和出席情况 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2026年1月8日 上午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的时间为 2026年1月8日上午9:15至下午15:00期间的任意时间。 2. 会议地点：山东省高密市密水科技工业园豪迈路2069号，办公楼二楼会议室。 本次股东会出席现场会议的股东及委托代理人共7人，代表股份386,081,370股，占公司有 表决权股份总数的48.2602%。 （2）网络投票股东参与情况 通过网络投票参加本次股东会的股东共计221人，代表股份105,044,325股，占公司有表决 权股份总数的13.1305%。 合计参加本次股东会的股东人数为228人，代表股份491,125,695股，占公司有表决权股份 1 1. 本次股东会没有出 ...

北京德和衡律师事务所 关于山东豪迈机械科技股份有限公司 2026年第一次临时股东会的 法律意见书 德和衡证见意见（2026）第2号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北 京 德 和 衡 律 师 事 务 所 B E I J I N G D H H L A W F I R M 北京德和衡律师事务所 关于山东豪迈机械科技股份有限公司 2026年第一次临时股东会的 法律意见书 德和衡证见意见（2026）第2号 致：山东豪迈机械科技股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受山东豪迈机械科技股份有限公司（以下 简称"公司"或"贵公司"）的委托，指派本所律师出席贵公司 2026 年第一次临时股东会。 本所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《山东豪迈机械科技股份有限公司章程》（以下简称"《公司章程》"）及相关法律法规以及 规范性文件的规定， ...

Investment Rating - The report maintains a "Buy" rating for the equipment manufacturing industry, particularly highlighting investment opportunities in AI-driven sectors and computing infrastructure [2]. Core Insights - The equipment manufacturing industry in China is transitioning into a technology-driven phase, with AI and computing infrastructure being key areas for investment. The report emphasizes the growth potential of AI endpoint products and computing infrastructure investments [2]. - The report identifies three main drivers for the recovery of machinery equipment exports by 2026: the expected interest rate cuts by the Federal Reserve, strong infrastructure demand along the Belt and Road Initiative, and the rising demand for AI computing equipment [3]. Summary by Sections AI-Driven Growth - Investment opportunities are seen in AI endpoints such as humanoid robots, smart manufacturing, and various consumer AI products, which are expected to experience rapid growth. This will lead to increased demand for chips used in training, inference, and storage, initiating a new investment cycle in semiconductor equipment [2]. - The report also highlights the importance of computing infrastructure investments to support AI endpoints, recommending investments in cooling systems and energy solutions due to power shortages [2]. Export Recovery Drivers - The report outlines three key drivers for the expected recovery in machinery equipment exports by 2026: 1. Recovery in overseas demand due to anticipated interest rate cuts by the Federal Reserve, which will boost global industrial product demand [3]. 2. Strong infrastructure demand in countries along the Belt and Road Initiative, particularly in the Middle East, where domestic oil service equipment manufacturers are expected to benefit from high growth [3]. 3. Increased demand for equipment driven by AI computing needs, leading to growth in gas turbines and diesel generator sets, as well as PCB materials and testing equipment [3]. Company Profit Forecasts - The report provides profit forecasts for key recommended companies, all rated as "Buy," indicating a positive outlook for their performance in the coming years [5].

Core Viewpoint - Haomai Technology and Haomai Group operate independently with complete assets and businesses, each developing in different fields and leveraging their competitive advantages to seek new business opportunities independently [1] Group 1 - Haomai Technology confirmed its independence from Haomai Group during an interaction with investors [1] - Both companies have distinct management teams and business structures [1] - The focus is on utilizing competitive advantages to explore new business developments [1]

Group 1 - The core viewpoint of the news is that Haomai Technology has shown significant financial performance with a notable increase in revenue and net profit, alongside active trading in its stocks [2][3] - As of December 29, Haomai Technology's stock price decreased by 1.04%, with a trading volume of 213 million yuan and a net financing purchase of 2.97 million yuan [1] - The company has a total financing and margin trading balance of 381 million yuan, with a financing balance of 376 million yuan, representing 0.56% of its market capitalization [1] Group 2 - For the period from January to September 2025, Haomai Technology achieved an operating income of 8.076 billion yuan, reflecting a year-on-year growth of 26.88%, and a net profit attributable to shareholders of 1.788 billion yuan, up 26.21% [2] - The company has distributed a total of 3.976 billion yuan in dividends since its A-share listing, with 1.417 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 9.88% to 18,100, while the average circulating shares per person decreased by 8.99% to 43,850 shares [2]

Core Insights - The increasing contradiction between "U.S. power shortages" and explosive growth in computing power demand is driving a rigid demand for electricity from high-energy-consuming facilities like data centers, creating a historic opportunity for gas turbines as a rapid response and efficient power supply solution [1][19] - Major international gas turbine companies like General Electric (GE Vernova) and Siemens Energy are experiencing strong stock performance, reflecting market expectations for future growth, with GE Vernova's stock up over 115% this year and over 430% since its spin-off [20][1] - The strong demand wave from overseas is transmitting through the supply chain, providing unprecedented development opportunities for related A-share listed companies deeply integrated into the overseas power generation equipment supply chain, with expectations for a dual explosion in orders and performance by 2026 [20][1] Electricity Demand and Supply Gap - The electricity gap in the U.S. is continuously expanding, with the U.S. Energy Information Administration (EIA) predicting that electricity consumption will reach 4,267 billion kilowatt-hours by 2026, driven primarily by AI data centers and cryptocurrency mining [2][20] - Morgan Stanley estimates that the cumulative electricity gap for U.S. data centers from 2025 to 2028 will reach 47 gigawatts, equivalent to the total electricity consumption of nine Miami areas, with a shortfall of 6-16 gigawatts expected even after accounting for rapid power supply solutions [2][20] Gas Turbines as a Core Solution - In the context of electricity shortages, gas turbines are becoming the core choice for addressing the U.S. power gap due to their quick startup speed, strong peak-shaving capabilities, and low carbon emissions [21][20] - Compared to traditional coal power, gas turbines can start within hours and respond quickly to the intermittent power demands of data centers, while also providing stable power supply as a baseload source, unaffected by weather conditions [21][20] Global Energy Transition and Gas Turbines - The global energy transition is accelerating under the "dual carbon" goals, with gas turbines serving as a core equipment for transitional energy due to their lower carbon emissions compared to coal power [3][21] - Policies like the U.S. Inflation Reduction Act (IRA) support clean energy projects, including gas power generation, particularly for low-carbon modifications like hydrogen combustion in gas turbines [3][21] Performance and Capacity Expansion of Major Players - GE Vernova and Siemens Energy have provided strong performance guidance and capacity expansion plans, indicating high industry prosperity, with GE Vernova expecting revenues of $41-42 billion in 2026 and a significant increase in gas turbine orders [4][22] - GE Vernova's new gas turbine orders reached 18 gigawatts in Q4 2025, tripling year-on-year, with total orders expected to exceed 80 gigawatts, reflecting a doubling from the beginning of the year [22][25] - Siemens Energy's gas turbine orders reached 26 gigawatts, with a 94% year-on-year increase, and an order value of €23 billion, indicating strong demand from data centers [25][29] Supply Chain Opportunities for A-Share Companies - A-share gas turbine supply companies have achieved technological breakthroughs in various segments, with some becoming core suppliers to overseas giants [34][36] - Companies like Yingliu Technology and Zhenjiang Co. are positioned to benefit from the expansion of GE Vernova and Siemens Energy in North America, with substantial orders and production capacity [35][36] - The demand for key materials and components, such as high-temperature alloy materials and precision parts, is expected to grow significantly, with domestic companies like Sry New Materials leading in the production of high-purity chromium powder [36][34]