Core Insights - The latest financing balance of the ChiNext market is 505.683 billion yuan, with a week-on-week decrease of 2.111 billion yuan, while 30 stocks saw a financing balance increase of over 10% [1][2] - On September 18, the ChiNext index fell by 1.64%, with a total margin balance of 507.308 billion yuan, down by 2.145 billion yuan from the previous trading day [1][2] - Among the stocks with increased financing balances, Suoao Sensor had the highest increase of 63.01%, with a financing balance of 601.515 million yuan and a stock price increase of 20% [1][3] Financing Balance Increase - A total of 392 stocks in the ChiNext market saw an increase in financing balance, with 30 stocks experiencing an increase of over 10% [1] - The stocks with significant financing balance increases include: - Suoao Sensor: 601.515 million yuan, +63.01%, closing price 10.44 yuan, +20% [3] - Tongyu Heavy Industry: 453.225 million yuan, +49.42%, closing price 3.36 yuan, +12.75% [3] - Wavelength Optoelectronics: 439.204 million yuan, +44.67%, closing price 94.50 yuan, +7.24% [3] - The average increase for stocks with over 10% financing balance growth was 4.36%, with 23 stocks rising, including Suoao Sensor and Anlian Ruishi, which hit the daily limit [1][3] Financing Balance Decrease - A total of 552 stocks experienced a decrease in financing balance, with 28 stocks seeing a decline of over 10% [4] - The stocks with the largest decreases in financing balance include: - Zhejiang Hengwei: 61.444 million yuan, -26.28%, closing price 33.60 yuan, -4.65% [4] - Green Island Wind: 44.888 million yuan, -23.01%, closing price 38.54 yuan, -3.63% [4] - Youyou Green Energy: 94.313 million yuan, -16.70%, closing price 192.02 yuan, -1.53% [4] Capital Flow - On September 18, among the stocks with increased financing balances, 20 stocks saw net inflows of main funds, with Tongyu Heavy Industry, Suoao Sensor, and Anlian Ruishi leading with net inflows of 563 million yuan, 434 million yuan, and 112 million yuan respectively [2] - Conversely, 10 stocks experienced net outflows, with Wavelength Optoelectronics, Anpei Long, and Siling Co. seeing the largest outflows of 152 million yuan, 146 million yuan, and 98.186 million yuan respectively [2]

Group 1 - The wind power industry has achieved preliminary results in countering internal competition, with significant stock price increases among key players such as Tongyu Heavy Industry and Chuanrun Co., Ltd. [1] - The average bidding prices for wind turbine models have rebounded in the first half of this year, alleviating pressure across the industry chain. For instance, the minimum bidding price for 5 MW units rose from 1157 RMB/kW in 2024 to approximately 1700 RMB/kW in the first half of this year [1]. - All turbine models' bidding prices in the first half of this year are now above their minimum cost prices, effectively curbing the trend of vicious low-price competition in the industry [1]. Group 2 - Major wind power stocks have seen substantial gains, with companies like China National Materials and Hangzhou Gear achieving over 100% increase in stock prices this year. China National Materials leads with a 192.84% increase [2]. - Mingyang Smart Energy reported a stabilization and recovery in bidding prices for wind turbines, with external environment improvements and better order structures contributing to a clearer path for industry and company profitability recovery [2]. - Significant net inflows of capital were observed in wind power stocks, with Tongyu Heavy Industry and Zhongtian Technology receiving 566 million RMB and 147 million RMB in net inflows, respectively [2][3].

Market Overview - The Shanghai Composite Index fell by 1.15% on September 18, with only three sectors rising: electronics (0.93%), communications (0.19%), and social services (0.03%) [1] - The sectors with the largest declines were non-ferrous metals (-3.56%) and comprehensive industries (-2.85%) [1] - The power equipment sector also experienced a decline of 1.44% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 108.41 billion yuan, with only two sectors seeing net inflows: coal (235 million yuan) and social services (32.24 million yuan) [1] - The non-bank financial sector had the largest net outflow, totaling 18.97 billion yuan, followed by non-ferrous metals with a net outflow of 12.75 billion yuan [1] Power Equipment Sector Performance - The power equipment sector saw a net outflow of 11.11 billion yuan, with 362 stocks in the sector; 68 stocks rose while 293 fell [2] - The top three stocks with net inflows exceeding 100 million yuan were Tongyu Heavy Industry (563 million yuan), Xian Dao Intelligent (350 million yuan), and Far East Holdings (183 million yuan) [2] - The stocks with the largest net outflows included Ningde Times (-1.04 billion yuan), Yiwei Lithium Energy (-1.02 billion yuan), and Wolong Electric Drive (-878 million yuan) [2][4] Top Gainers in Power Equipment Sector - The top gainers in the power equipment sector included: - Tongyu Heavy Industry: +12.75% with a turnover rate of 22.61% and a main capital flow of 563.32 million yuan [2] - Xian Dao Intelligent: +5.90% with a turnover rate of 14.78% and a main capital flow of 350.03 million yuan [2] - Far East Holdings: +9.95% with a turnover rate of 8.22% and a main capital flow of 182.62 million yuan [2] Top Losers in Power Equipment Sector - The top losers in the power equipment sector included: - Ningde Times: -2.71% with a turnover rate of 1.22% and a main capital flow of -1.04 billion yuan [4] - Yiwei Lithium Energy: -4.71% with a turnover rate of 5.31% and a main capital flow of -1.02 billion yuan [4] - Wolong Electric Drive: +9.61% with a turnover rate of 20.28% and a main capital flow of -878 million yuan [4]

Group 1 - Wind power equipment sector increased by 1.39% on September 18, with Tongyu Heavy Industry leading the gains [1] - Shanghai Composite Index closed at 3831.66, down 1.15%, while Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Key stocks in the wind power equipment sector showed significant price increases, with Tongyu Heavy Industry rising by 12.75% to 3.36 [1] Group 2 - Major stocks in the wind power equipment sector experienced varied performance, with some stocks like Haili Wind Power and Daqian Heavy Industry also showing notable gains of 8.32% and 6.72% respectively [1] - The trading volume for Tongyu Heavy Industry reached 8.38 million shares, indicating strong investor interest [1] - The sector saw a net inflow of 4.35 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.68 billion yuan [2][3] Group 3 - The top gainers in the wind power equipment sector included Tongyu Heavy Industry, Haili Wind Power, and Daqian Heavy Industry, with respective closing prices of 3.36, 90.25, and 43.52 [1] - Conversely, some stocks like Weili Transmission and Jinlei Co. faced declines, with Weili Transmission down by 4.19% [2] - The overall market sentiment reflected a mixed performance, with institutional buying contrasting with retail selling in the wind power equipment sector [2][3]

Core Viewpoint - Tongyu Heavy Industry (通裕重工) experienced a significant stock price increase, reaching a limit up of 20.13% on September 18, 2025, attributed to multiple positive factors including state-owned enterprise backing, strong earnings growth, and share buybacks [1][2]. Group 1: Company Developments - The actual controller of Tongyu Heavy Industry changed from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets Supervision and Administration Commission, enhancing resource support and business collaboration expectations [2]. - The company reported a net profit growth of 49.7% year-on-year for the first half of 2025, with a non-recurring net profit increase of 64.16%, indicating significant improvement in core business profitability [2]. - Operating cash flow increased by 35.37% year-on-year, enhancing the company's capital turnover ability and providing a solid foundation for sustainable development [2]. - The company has repurchased 1.05% of its shares and raised the buyback price limit to 3.30 yuan per share, reflecting management's confidence in the company's value and future growth [2]. Group 2: Market and Technical Analysis - The wind power equipment sector showed active performance on the same day, suggesting that Tongyu Heavy Industry, as a related stock, may have benefited from sector-wide movements [2]. - Technical indicators such as the MACD forming a golden cross and the stock price breaking through the upper Bollinger Band could attract more investor attention and contribute to the stock's limit up [2]. - Positive fund flow indicators, such as net inflows from large orders, suggest that institutional investors are optimistic about the stock [2].

Core Viewpoint - Tongyu Heavy Industry has made a significant breakthrough in the manufacturing and assembly of core equipment for ultra-large scientific installations by delivering the walking drive unit for the 110-meter all-direction movable radio telescope [1] Company Summary - Tongyu Heavy Industry (300185) has officially delivered the walking drive unit for the 110-meter all-direction movable radio telescope, marking its first involvement in the field of radio telescope drive units [1] - The project originates from the Xinjiang Astronomical Observatory of the Chinese Academy of Sciences, aiming to create a world-class astronomical observation facility [1] - As the core contractor, Tongyu Heavy Industry is responsible for the design and manufacturing of high-precision mechanical components and transmission systems [1]

申万宏源证券承销保荐有限责任公司 2025 年 9 月 声明 2025 年 5 月 6 日，山东国惠资本有限公司（以下简称"国惠资本"）与通裕重 工股份有限公司（以下简称"通裕重工"或"上市公司"）控股股东珠海港控股 集团有限公司（以下简称"珠海港集团"），及其控股股东珠海交通控股集团有限 公司（以下简称"珠海交控"）签署了《股份转让协议》《表决权委托协议》。 珠海港集团将持有的通裕重工 604,032,700 股股份（占通裕重工总股本的 15.50%） 转让给国惠资本，转让价格为每股人民币 2.22 元，本次股份转让价款合计为人 民币 1,340,952,594 元。珠海港集团将其在《股份转让协议》项下转让股份交割后 （指转让股份过户完成）所持有的通裕重工全部股份 188,394,890 股（占通裕重 工总股本的 4.83%）的表决权、提名和提案权、参会权（即统称"表决权"）不可 撤销、排他且唯一地委托国惠资本行使，授权国惠资本按照自身意思表示行使珠 海港集团作为通裕重工股东而依据法律法规及通裕重工届时有效的公司章程享 有的权利。表决权委托期限自转让股份交割之日起 36 个月。本次权益变动完成 后，国惠资本 ...

Core Viewpoint - The wind power industry experienced significant growth in installed capacity in the first half of 2025, driven by a surge in demand, although profitability varied across different segments of the industry [1][2]. Summary by Sections Industry Performance - In the first half of 2025, the national wind power newly installed capacity reached 51.39 GW, a year-on-year increase of 98.9%, with onshore wind accounting for 48.90 GW and offshore wind for 2.49 GW [1]. - Despite strong revenue growth for many wind power companies, there was a notable divergence in performance across different segments, with wind turbine manufacturers seeing revenue increases but not corresponding profit growth [1][5]. Financial Results of Wind Turbine Manufacturers - Six major wind turbine manufacturers reported total revenues of 716.04 billion yuan, a significant increase, but net profits were only 15.99 billion yuan, indicating a stark performance disparity among companies [2]. - Goldwind Technology, as a leading turbine manufacturer, reported revenues of 285.37 billion yuan, up 41.26%, and net profits of 14.88 billion yuan, up 7.26% [2]. Component Manufacturers' Performance - In contrast to turbine manufacturers, most wind power component companies reported strong performance, benefiting from high demand and price increases [5]. - New Strong Union, a bearing manufacturer, achieved a revenue of 22.10 billion yuan, a year-on-year increase of 108.98%, and a net profit of 4.00 billion yuan, up 496.60% [5]. - Other component manufacturers like Haigang Co., Tongyu Heavy Industry, and Jinlei Co. also saw significant profit increases [5]. Market Trends and Future Outlook - The average bidding price for onshore wind turbines hit a low in early 2024 but began to recover, with the average price for the first half of 2025 at 1,496 yuan/kW, an 8% increase year-on-year [8]. - Companies like Sany Heavy Energy expect a noticeable improvement in profit margins due to rising bidding prices and a strong order backlog [9]. - As of June 30, 2025, Goldwind reported an order backlog of 51.81 GW, a 45.58% increase year-on-year, indicating robust future demand [9][10].

控股股东及实际控制人发生变更的关注公告 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 新世纪评级关于通裕重工股份有限公司 根据公司 2025年 8 月 30 日发布的《关于股份协议转让完成过户登记暨 公司控制权发生变更的提示性公告》,2025年8月28日,国惠资本与珠海港 集团协议转让公司股份事项已经完成过户登记,过户数量为 604.032.700 股 (占公司总股本的 15.50%),同时因受托行使珠海港集团剩余股份表决权, 国惠资本控制表决权比例达 20.33%。通裕重工控股股东变更为国惠资本,国 惠资本系山东发展投资控股集团有限公司(简称"山东发展集团")的全资子 公司。公司实际控制人变更为山东省人民政府国有资产监督管理委员会。 受通裕重工股份有限公司(以下简称"通裕重工"或"公司")委托,上 海新世纪资信评估投资服务有限公司(以下简称"新世纪评级"或"本评级 机构")对公司主体及相关债项进行了信用评级。除因本次评级事项使本评级 机构与评级对象构成委托关系外,本评级机构、评级人员与评级对 ...

上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Inwestors Service Co., Ltd. 新世纪评级关于通裕重工股份有限公司 收到深交所监管函和山东证监局警示函的关注公告 根据深圳证券交易所创业板公司管理部(简称"深交所")于 2025年 8 月 27 日出具的《关于对通裕重工股份有限公司及相关当事人的监管函》,上 述相关定期报告财务信息披露不准确的行为,违反了《创业板股票上市规则 (2025年修订)》第1.4条、第 5.1.1 条的规定;公司董事长刘伟、总经理司 勇、财务总监杨静、时任董事长黄文峰、时任财务总监高升业、时任董事会 秘书李春梅、时任董事司兴奎未能恪尽职守,履行勤勉尽责义务,违反了《创 业板股票上市规则（2025年修订）第 1.4 条、第 5.1.2 条的规定。 根据公司于 2025年 8 月 28 日发布的《通裕重工股份有限公司关于收到 | | Fax: (021)63500872 | | --- | --- | | 上海市汉口路 398 号华盛大厦 14F http://www.shxsj.com E-mail: ma ...