证券研究报告 | 行业周报 2025 年 07 月 09 日 电力设备及新能源 PEM、AEM 电解槽技术有所突破，多地发布推动氢能发展政策 行情回顾：截至 2025 年 7 月 4 日，氢能源指数收盘价为 2135.09 点，本 周涨跌幅为 1.03%，2025 年初至今涨跌幅为 20.16%。氢能行业周涨幅前 五的公司为雪迪龙、凯美特气、盛德鑫泰、中材科技、华光环能，涨幅分 别为 31.74%、27.46%、22.40%、20.71%、20.06%；氢能行业周跌幅前 三的公司为光智科技、泰和科技、新迅达，跌幅分别为-15.82%、-9.40%、 -9.13%。 重点事件点评：内蒙古 12 套 1000Nm³/h 碱槽氢储项目获备案；全国首条 跨省绿氢管道内蒙古段获批；东莞首批氢能两轮车投运；摩洛哥大型绿色 氢能项目最新进展；英特利制氢电源保障 ACWA 乌兹别克斯坦绿氢工厂产 氢成功；乌兹别克斯坦塔什干绿氢项目成功实现产氢；广州启动氢车与加 氢站全面接入市新能源智能汽车监测平台工作；四川推动氢能"制储运用" 一体化，引领商业化新进程；六部委发展新能源清洁能源船舶，推动氢燃 料电池动力技术应用；明阳氢能新一 ...

Group 1: Fudan Zhangjiang - Shareholders Yang Zongmeng and Wang Haibo plan to reduce their holdings by a total of up to 1.41% of the company's shares [1] - Yang Zongmeng intends to sell up to 10.36 million shares, representing 1.00% of the total share capital [1] - Wang Haibo plans to sell up to 4.27 million shares, representing 0.41% of the total share capital [1] Group 2: Aisen Co., Ltd. - Shareholders including Ailong Venture Capital and executives plan to reduce their holdings by a total of up to 3.86% of the company's shares [1] - Ailong Venture Capital intends to sell up to 2.644 million shares, representing 3.00% of the total share capital [1] - Other executives plan to sell smaller amounts, with individual reductions ranging from 0.17% to 0.45% of the total share capital [1] Group 3: Youyou Food - Actual controller Zhao Ying plans to reduce his holdings by up to 3% of the company's shares [3] - The planned reduction amounts to up to 12.83 million shares [3] Group 4: Chenfeng Technology - The company plans to sell idle assets, including 6 vehicles and 53 pieces of machinery, for a total estimated sale price of 8.1461 million yuan [5] - Expected disposal gains from the sale are approximately 3.6238 million yuan [5] Group 5: *ST Hengtai - The company will cancel its delisting risk warning and other risk warnings, with the stock name changing from "*ST Hengtai" to "Henglitai" [6] - The stock will be suspended for one day and the price fluctuation limit will change to 10% [6] Group 6: Xinyunda - Shareholder Wuku International Trust plans to reduce its holdings by up to 3% of the company's shares [9] - The planned reduction amounts to up to 5.9823 million shares [9] Group 7: Shaoyang Hydraulic - The company is planning a major asset restructuring, which involves issuing shares and cash to acquire part or all of Chongqing Xincheng Hangrui Technology Co., Ltd. [10] - The stock will be suspended for up to 10 trading days [10] Group 8: Xingwang Yuda - The company announced that part of its bank account funds, totaling 25.9335 million yuan, have been frozen [11] - The frozen amount represents 1.42% of the company's most recent audited net assets [11] Group 9: Tianrong Tianyu - Shareholder Yan Xuewei plans to reduce his holdings by up to 3% of the company's shares [12] - The planned reduction amounts to up to 4.2089 million shares [12] Group 10: Qiming Star - The chairman Wei Bing has resigned due to work adjustments at China Mobile Communications Group [13] Group 11: Aosaikang - The company's subsidiary has received a drug registration certificate for Methotrexate injection, which is considered equivalent to passing consistency evaluation [15][16] Group 12: Xinhau Optoelectronics - The company plans to transfer 100% equity of its wholly-owned subsidiary, Xinguang Energy Technology (Anhui) Co., Ltd. [17] Group 13: ST Baili - The company's controlling shareholder has been applied for bankruptcy liquidation due to inability to repay debts [19]

持股 5%以上的股东五矿国际信托有限公司－五矿信托－优质远瞻股权投资 单一资金信托 2 号保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 广西新迅达科技集团股份公司 2025 年公告 证券代码：300518 证券简称：新迅达 公告编号：2025-026 广西新迅达科技集团股份公司 关于持股 5%以上股东减持计划预披露的公告 持公司股份 20,712,082 股（占本公司总股本比例 10.3866%）的股东五矿国 际信托有限公司－五矿信托－优质远瞻股权投资单一资金信托 2 号（以下简称 "五矿国际信托有限公司"）计划在本减持计划公告披露之日起十五个交易日后 的三个月内（在此期间如遇法律、法规规定的窗口期则不减持）拟采用集中竞价 方式减持公司股份，减持不超过 1,994,115 股（含），占公司总股本的 1.00%；拟 采用大宗交易的方式，减持不超过 3,988,231 股（含），占公司总股本的 2.00%。 一、 股东的基本情况 广西新迅达科技集团股份公司（以下简称"公司"）于近日收到股东五矿国 ...

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]

Core Viewpoint - New Xunda (300518.SZ) is selling its entire stake in Huali Technology (301011.SZ) to enhance liquidity due to unsatisfactory results from its dual business strategy [1][2] Group 1: Asset Management - New Xunda plans to sell all shares of Huali Technology, having previously acquired 402,000 shares for 52.26 million yuan in 2018, becoming the third-largest shareholder [2][3] - As of June 17, 2023, New Xunda holds 294,250 shares of Huali Technology, representing 2.01% of its total issued shares, with a potential cash-out value of approximately 88.83 million yuan [2][4] - The company has executed three reduction plans for Huali Technology shares since 2023, indicating a strategic shift to focus on core business and improve asset liquidity [4][5] Group 2: Financial Performance - New Xunda has reported consecutive losses in 2023 and 2024, totaling 513 million yuan over three years of dual business operations [6][7] - The revenue from the new energy business in 2024 was only 1.76 million yuan, accounting for 1.09% of total revenue, reflecting a 50.42% year-on-year decline [6][7] - The company’s total revenue dropped significantly from 5.15 billion yuan in 2022 to 2.5 billion yuan in 2023 and further to 1.61 billion yuan in 2024, with net losses of 255 million yuan and 316 million yuan respectively [6][7] Group 3: Strategic Shift - New Xunda is transitioning its strategy from "live e-commerce" to "direct e-commerce," facing increased competition and declining sales in the live channel [7] - The company has incurred significant asset impairment losses of 173 million yuan, contributing to its financial struggles [7] - Despite the dual business model, the new energy sector has not yet provided substantial revenue support, indicating a need for reevaluation of the business strategy [6][7]

广西新迅达科技集团股份公司 2025 年公告 证券代码：300518 证券简称：新迅达 公告编号：2025-024 广西新迅达科技集团股份公司 关于择机减持参股上市公司股票的公告 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、误导性陈述或重大遗漏。 重要内容提示： 1、广西新迅达科技集团股份公司（以下简称"公司"）拟择机出售持有的广 州华立科技股份有限公司（股票代码：301011 股票简称：华立科技）（以下简称 "华立科技"）的股票。 4、鉴于股票的市场价格受到股票发行公司因素、行业因素、市场因素等多 方面影响而处于动态变化中，本次减持事项存在减持时间、减持价格及是否按期 实施完成的不确定性，敬请广大投资者注意投资风险。 一、本次减持概述 公司分别于 2023 年 1 月 10 日、2024 年 3 月 15 日召开了第五届董事会第五 次会议、第五届董事会第十七次会议，均以 7 票赞成，0 票反对，0 票弃权，分 别审议通过了《关于择机减持华立科技（301011）股票的议案》《关于择机继续 减持华立科技（301011）股票的议案》。截至本公告日，公司持有华立科技股票 2,942,4 ...

广西新迅达科技集团股份公司 2025 年公告 一、董事会会议召开情况 1、本次董事会由董事长吴成华先生召集，会议通知于 2025 年 6 月 11 日以 通讯方式发出。 2、本次董事会于 2025 年 6 月 16 日在公司会议室召开，采取现场投票与通 讯投票结合的方式进行表决。 3、本次董事会应出席董事 7 名，实际出席董事 7 名（不存在委托出席）， 其中独立董事 3 名。 4、本次董事会由董事长吴成华先生主持。 证券代码：300518 证券简称：新迅达 公告编号：2025-025 广西新迅达科技集团股份公司 第五届董事会第二十九次会议决议公告 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。 5、公司部分监事及全体高级管理人员列席会议。 6、本次董事会会议的召集、召开和表决程序符合《中华人民共和国公司法》 等法律、法规及《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 1、 审议通过了《关于拟择机继续减持华立科技（301011）股票的议案》 经审议，公司董事会认为：本次交易是基于公司自身经营发展需要做出的审 慎决定，有利于公司聚焦主营业务，优化资 ...

广东方盾律师事务所 关于广西新迅达科技集团股份公司 2024 年年度股东大会的 法律意见书 深圳市福田区福华路北深圳国际交易广场写字楼 1806 1806, ShenZhen International Exchange Square, North Fuhua Road, Futian district, Shenzhen 电话 Tel：(0755)8273 9170 邮编：518048 二〇二五年五月 法律意见书 广东方盾律师事务所 关于广西新迅达科技集团股份公司 2024 年年度股东大会的 法律意见书 致：广西新迅达科技集团股份公司 广东方盾律师事务所（以下简称"本所"）接受广西新迅达科技集团股份公 司（以下简称"公司"）的委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等现行有效的 法律、行政法规、规章和规范性文件及现行有效的《广西新迅达科技集团股份公 司章程》（以下简称《公司章程》）的有关规定，指派律师出席了公司于 2025 年 5 月 16 日召开的 2024 年年度股 ...

广西新迅达科技集团股份公司 2025 年公告 证券代码：300518 证券简称：新迅达 公告编号：2025-023 广西新迅达科技集团股份公司 1、本次股东大会无增加、变更、否决提案的情形； 2、本次股东大会不涉及变更前次股东大会决议的情形； 3、本次股东大会以现场投票和网络投票相结合的方式召开； 4、为尊重中小投资者利益，提高中小投资者对公司股东大会决议事项的参 与度，本次股东大会对中小投资者进行单独计票。 广西新迅达科技集团股份公司（以下简称"公司"）2024 年年度股东大会采 取现场投票和网络投票相结合的方式召开。公司已于 2025 年 4 月 25 日、2025 年 5 月 15 日在巨潮资讯网（http://www.cninfo.com.cn）上披露了《关于召开 2024 年年度股东大会的通知》（公告编号：2025-016）、《关于召开 2024 年年度 股东大会的提示性公告》（公告编号：2025-022）。 一、会议召开和出席情况 1、会议召开的日期和时间 （1）现场会议召开时间：2025 年 5 月 16 日（星期五）下午 14:30。 2024 年年度股东大会决议公告 本公司及董事会全体成员保 ...

广西新迅达科技集团股份公司 2025 年公告 证券代码：300518 证券简称：新迅达 公告编号：2025-022 广西新迅达科技集团股份公司 关于召开 2024 年年度股东大会的提示性公告 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。 广西新迅达科技集团股份公司（以下简称"公司"）于 2025 年 4 月 25 日在 巨潮资讯网（www.cninfo.com.cn）披露了《关于召开 2024 年年度股东大会的通 知》（公告编号：2025-016）。公司定于 2025 年 5 月 16 日召开 2024 年年度股东 大会。本次会议将采取现场与网络相结合的投票方式，现将会议相关事项再次提 示公告如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会（以下简称"本次股东大会"）。 2、股东大会的召集人：本公司董事会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 4、会议召开日期、时间 （1）现场会议召开时间：2025 年 5 月 16 日（星期五）下午 14:30。 （2） ...