Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a focus on specific companies for investment opportunities [11]. Core Insights - The report highlights the increasing tension in Sino-Japanese relations, suggesting a need for China to focus on self-sufficiency in industrial machinery, particularly in core components like CNC systems and lead screws [5][23]. - The deep cooling equipment sector is experiencing significant growth, with a notable increase in new orders for leading companies, indicating a favorable environment for Chinese firms to expand internationally [5][24]. - Siemens Energy has reported a substantial increase in gas turbine orders, which bodes well for domestic suppliers like Yingliu, suggesting a robust demand for turbine blades [5][24]. - The report categorizes various segments of the machinery industry, indicating differing levels of economic performance, with general machinery under pressure, while engineering machinery is accelerating upward [5][25][47]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Huazhong CNC, Zhongtai Co., and Yingliu [11]. 2. Market Review - The SW Machinery Equipment Index fell by 2.22% in the last week, ranking 28th among 31 sectors, while it has risen by 31.88% year-to-date, ranking 7th [13][17]. 3. Core Insights Update - The report emphasizes the need for China to develop self-sufficiency in industrial machinery due to geopolitical tensions, and it identifies key companies to watch in this context [5][23]. - The deep cooling equipment sector is highlighted for its growth potential, with significant order increases reported by leading firms [5][24]. - The gas turbine market is also noted for its high demand, particularly benefiting companies like Yingliu [5][24]. 4. Key Data Tracking 4.1 General Machinery - The general machinery sector is under pressure, with the PMI at 49.0%, indicating contraction [25]. 4.2 Engineering Machinery - The engineering machinery sector is showing signs of recovery, with excavator sales increasing by 7.8% year-on-year [35]. 4.3 Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment maintaining around 6% [47]. 4.4 Shipbuilding - The shipbuilding sector is seeing a slowdown, with new ship price indices indicating a decline [48]. 4.5 Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with ongoing high demand in the Middle East [50]. 4.6 Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability and increased downstream activity [56]. 4.7 Gas Turbines - The gas turbine sector is experiencing robust growth, with significant new orders reported [58].

证券日报网讯 11月13日晚间，中泰股份（300435）发布公告称，公司于2025年11月13日召开职工代表 大会，会议选举俞富灿先生为公司第五届董事会职工代表董事。 ...

Company Overview - Zhongtai Co., Ltd. (SZ 300435) announced its fifth board meeting on November 13, 2025, to discuss the election of audit committee members and other related documents [1] - As of the report, Zhongtai's market capitalization is 8 billion yuan [1] Revenue Composition - For the year 2024, Zhongtai's revenue composition is as follows: - Gas operation industry: 51.54% - Deep cooling technology industry: 42.58% - Gas supply: 5.83% - Others: 0.05% [1]

证券代码：300435 证券简称：中泰股份 公告编号：2025-050 杭州中泰深冷技术股份有限公司 （1）现场会议召开日期及时间：2025 年 11 月 13 日（星期四）下午 14:30 开始。 2025年第二次临时股东大会决议的公告 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。 特别提示： 1.本次股东大会无新增和变更议案，也未出现否决议案。 2.本次股东大会未出现涉及变更前次股东大会决议。 3.本次股东大会以现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 1.2025 年 11 月 13 日，杭州中泰深冷技术股份有限公司（以下简称"公司"） 董事会以公告的方式向全体股东发出召开公司 2025 年第二次临时股东大会的通 知。 2.会议召开方式：本次股东大会以现场投票与网络投票相结合的方式召开。 3.会议召开时间： （2）网络投票日期和时间：2025 年 11 月 13 日（星期四） A、通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 11 月 13 日（星期四）上午 9:15-9:25，9:30-11:30，下午 13: ...

北京德恒（杭州）律师事务所 关于杭州中泰深冷技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 杭州市上城区新业路 200 号华峰国际 10-11 层 邮编：310016 电话：(+86)571-86508080 传真：(+86)571-87357755 关于杭州中泰深冷技术股份有限公司 北京德恒（杭州）律师事务所 2025 年第二次临时股东大会的法律意见书 北京德恒（杭州）律师事务所 关于杭州中泰深冷技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 德恒【杭】书（2025）第11022号 致：杭州中泰深冷技术股份有限公司 北京德恒（杭州）律师事务所受杭州中泰深冷技术股份有限公司（以下简称 "公司"）委托，指派毛林燕律师、陈杏文律师（以下简称"本所律师"）出席 公司 2025 年第二次临时股东大会（以下简称"本次股东大会"），对本次股东 大会的合法性进行见证并出具法律意见书。 本法律意见书根据《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》"）等有关法律、法规和规范性文件以及《 ...

第五届董事会第十九次会议决议的公告 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。 一、 董事会会议召开情况 证券代码：300435 证券简称：中泰股份 公告编号：2025-048 杭州中泰深冷技术股份有限公司 杭州中泰深冷技术股份有限公司（以下简称"公司"）第五届董事会第十九 次会议于2025年11月13日在杭州市富阳区东洲街道高尔夫路228号公司研发楼会 议室以现场和通讯的方式召开，本次董事会会议经全体董事一致同意豁免会议通 知期限要求，与会的各位董事已知悉与所议事项相关的必要信息。本次会议应出 席会议董事9名，实际出席会议董事9名，本次会议由董事长章有春先生主持，会 议的召开和表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 经与会董事认真审议本次会议议案并表决，形成本次董事会决议如下： 二、 董事会会议审议情况 杭州中泰深冷技术股份有限公司 董事会 2025 年 11 月 13 日 选举黄平先生、袁少颖女士、俞富灿先生为公司第五届董事会之审计委员会 成员，其中黄平先生为审计委员会召集人。任期自本次董事会审议通过之日起至 本届董事会届满之日 ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-049 杭州中泰深冷技术股份有限公司 关于董事辞任暨选举职工代表董事的公告 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。 一、 关于董事辞任的情况 杭州中泰深冷技术股份有限公司（以下简称"公司"）于近日收到董事俞富 灿先生的书面辞职报告。因公司治理结构调整，俞富灿先生申请辞去公司第五届 董事会董事职务，辞职后将继续在公司担任其他职务。俞富灿先生担任公司董事 的原定任期至第五届董事会届满之日，其辞职报告自送达公司董事会之日起生 效。俞富灿先生的辞任不会导致公司董事会成员低于法定最低人数，俞富灿先生 不存在应履行而未履行的公开承诺。 二、 关于选举职工代表董事的情况 根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 2号——创业板上市公司规范运作》等法律法规、规范性文件以及《公司章程》 的有关规定，公司于2025年11月13日召开职工代表大会，会议选举俞富灿先生（简 历附后）为公司第五届董事会职工代表董事，任期自职工代表大会选举之日起至 第五届董事会任期届满之日止。俞富灿先生当选公 ...

证券代码：300435 证券简称：中泰股份 公告编号：2025-050 杭州中泰深冷技术股份有限公司 2025年员工持股计划第一次持有人会议决议的公告 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。 一、 持有人会议召开情况 杭州中泰深冷技术股份有限公司（以下简称"公司"）2025年员工持股计划 （以下简称"本员工持股计划"）第一次持有人会议于2025年11月13日在杭州市 富阳区东洲街道高尔夫路228号公司研发楼会议室以现场和通讯的方式召开。本 次会议由董事会秘书周娟萍女士召集和主持，应出席本次会议的持有人18人，实 际出席本次会议的持有人18人，代表2025年员工持股计划份额71,092,533份，占 本次员工持股计划已认购总份额的100%。 二、 持有人会议审议情况 1、 审议通过《关于设立公司2025年员工持股计划管理委员会的议案》 为保证公司2025年员工持股计划的顺利实施，保障持有人的合法权益，根据 《员工持股计划》和《管理办法》等相关规定，持有人会议同意设立公司2025 年员工持股计划管理委员会，对本次员工持股计划进行日常管理，代表持有人行 使股 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].