策略研究 | 证券研究报告 — 总量点评 2025 年 8 月 22 日 策略点评报告 并购重组跟踪半月报 2025 年 8 月 4 日—2025 年 8 月 17 日 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 本期中国 A 股上市公司并购重组市场整体活跃度微降，呈现出"频率高、 主体多、领域广"的三大特点。 据万得统计，本期披露并购事件（涵盖买方、卖方及交易标的）累计 80 起，披露交易金额合计 6018.88 亿元人民币，重大并购重组事件数量和金 额环比增加。 从行业分布看，房地产管理和开发、其他金属与采矿、半导体产品、电 子设备、仪器和元件、电气设备Ⅲ、汽车零配件等板块热度较高，成为 并购活跃主力。 民营企业与地方国有企业为主的市场主体积极开展横向整合、战略合作 等多类型并购操作，显 ...

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The hydrogen energy index closed at 2322.90 points as of August 8, 2025, with a weekly increase of 3.68% and a year-to-date increase of 30.73% [9][10] - The number of successful bids for electrolyzer projects has increased, and the hydrogen heavy-duty truck has made significant progress, with a 400kW fuel cell hydrogen truck entering the testing phase [36] Summary by Sections 1. Hydrogen Industry Market Performance - The hydrogen energy index has shown an upward trend, ranking 29th among Shenwan secondary industries as of August 8, 2025 [9] - The top five companies in the hydrogen energy sector for weekly gains were Huaguang Huaneng (46.75%), Koweir (39.81%), Sulian Co. (31.25%), ST Diweixun (30.77%), and Chunhui Zhikong (23.31%) [14] 2. Hydrogen Industry Data Review 2.1 Electrolyzer Data Review - A total of 5 successful bids for hydrogen projects were recorded this week, including 3 for electrolyzers, with a total hydrogen production capacity of 3 Nm³/h [16] - New bidding projects for electrolyzers include a total scale of 55 MW and a hydrogen production capacity of 11,000 Nm³/h [18] 2.2 FCV Related Data Review - In July 2025, the production of fuel cell vehicles (FCVs) increased by 21.81% month-on-month, with 229 new units produced [19] - Cumulative production of FCVs reached 1,593 units in the first seven months of 2025, a year-on-year decrease of 54.47% [19] 3. Industry Dynamics and Company Updates 3.1 Industry Dynamics - A 50,000-ton wind-solar green electricity hydrogen liquefaction project has been approved [31] - The world's first 30MW pure hydrogen gas turbine demonstration project has officially started construction [31] 3.2 Hydrogen Company Dynamics - The 400kW fuel cell hydrogen heavy-duty truck developed by Rongcheng New Energy has completed integration and entered the testing phase [34] - Tianhe Yuan Hydrogen's MW-level container hydrogen production equipment has been shipped to Europe for demonstration [34]

关于发行股份及支付现金购买资产并募集配套资金事项 的进展公告 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、青岛德固特节能装备股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日披露的《青岛德固特节能装备股份有限公司发行股份及支付现金购买资产 并募集配套资金暨关联交易预案》（以下简称"本次交易预案"）及其摘要中已对 本次交易涉及的有关风险因素及尚需履行的审批程序进行了详细说明，敬请广大 投资者认真阅读有关内容，并注意投资风险。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公司尚未发 现可能导致公司董事会或者交易对方撤销、中止本次交易方案或者对本次交易方 案发生实质性变更的相关事项，本次交易工作正在有序推进中。 证券代码：300950 证券简称：德固特 公告编号：2025-051 青岛德固特节能装备股份有限公司 截至本公告披露日，公司已按照《上市公司重大资产重组管理办法》《深圳 证券交易所上市公司自律监管指引第 8 号—重大资产重组》等法律法规和规范性 文件的有关规定，严格履行相关决策程序，及时披露相关信息，并向广大投 ...

证券代码：300950 证券简称：德固特 公告编号：2025-050 青岛德固特节能装备股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 受托方 产品 名称 金额 产品类型 起始 日 到期 日 预期年化 收益率 中国建设银行 股份有限公司 胶州分行 中国建设银行青岛分 行单位人民币定制型 结构性存款 2,500 万元 保本浮动收 益型产品 2025/ 08/08 2025/ 11/08 0.65%- 2.20% 一、本次使用部分闲置募集资金进行现金管理的基本情况 三、投资风险及风险控制措施 1、投资风险 （1）公司的投资产品均经过严格评估，但金融市场受宏观经济影响，不排 除该项投资受到市场波动的影响。 （2）公司将根据经济形势以及金融市场的变化适时适量介入，不排除受到 市场波动的影响，短期投资的收益不可预测。 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。 青岛德固特节能装备股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第五届董事会第五次会议、第五届监事会第五次会议，审议通过了《关于 公司使用闲置募集资金进行现金管理的议案》，同 ...

金融界消息 截至2025年8月8日收盘，德固特（300950）报收于30.38元，上涨1.78%，换手率17.21%， 成交量15.55万手，成交金额4.89亿元。 资金流向方面，今日主力资金净流出1170.52万元，占比成交额2.39%。其中，超大单净流入198.60万 元、占成交额0.41%，大单净流出1369.12万元、占成交额2.8%，中单净流出流入933.15万元、占成交额 1.91%，小单净流入237.36万元、占成交额0.48%。 德固特最新一期业绩显示，截至2025一季报，公司营业总收入1.25亿元、同比减少31.19%，归属净利润 2367.30万元，同比减少53.24%，扣非净利润2335.26万元，同比减少53.23%，流动比率1.914、速动比率 1.192、资产负债率33.81%。 来源：金融界 天眼查商业履历信息显示，青岛德固特节能装备股份有限公司，成立于2004年，位于青岛市，是一家以 从事通用设备制造业为主的企业。企业注册资本15048万人民币，实缴资本15048万人民币。公司法定代 表人为魏振文。 通过天眼查大数据分析，青岛德固特节能装备股份有限公司共对外投资了3家企业，参与 ...

8月4日盘中数据显示，德固特在9点35分出现快速回调，5分钟内跌幅超过2%；随后在10点02分又出现 快速反弹，5分钟内涨幅超过2%。这种剧烈波动显示出市场对该股存在较大分歧。 资金流向方面，德固特8月4日主力资金净流出4785.53万元，占流通市值的1.67%。近五个交易日累计主 力资金净流出10058.16万元，占流通市值的3.52%。 风险提示：股市有风险，投资需谨慎。 德固特8月4日股价报31.62元，较前一交易日下跌1.11元。该股当日呈现明显震荡走势，早盘出现快速回 调后又出现快速反弹。数据显示，该股开盘价为32.51元，最高触及33.73元，最低下探至31.31元，振幅 达到7.39%。 德固特是一家专注于专用设备制造的企业，主要产品包括节能环保装备、新能源装备等。公司位于山东 地区，具有专精特新企业资质，业务涉及氢能源领域。 ...

Group 1 - The A-share market experienced a day of fluctuations, with the three major indices slightly declining [2] - AI intelligent agent concept stocks showed strong performance, with Dingjie Zhizhi rising over 16.06%, and several other stocks like Jinke Environment, Lifang Holdings, and Wanxing Technology increasing by more than 10% [2] - Baidu is testing an AI application entry point on its computer search homepage, allowing users to access AI applications directly from the search box [2] Group 2 - The integrated AI agents on Baidu's homepage mainly come from the Wenxin intelligent agent platform, external high-quality AI applications from the search open platform, and some self-developed applications by Baidu [2] - This feature is currently in a gray testing phase, which involves a specific group of users before a broader rollout [2] - Full access to this feature is expected to be available soon [2]

证券日报网讯德固特8月1日在互动平台回答投资者提问时表示，截至2025年7月31日，公司股东户数为 16180户。 （文章来源：证券日报） ...

Group 1 - The stock price of Degute as of July 29, 2025, is 31.38 yuan, down by 0.87 yuan from the previous trading day [1] - The stock exhibited volatility, opening at 31.88 yuan, reaching a high of 32.57 yuan, and a low of 30.90 yuan, with an amplitude of 5.18% [1] - There was a rapid rebound in the stock price, with a more than 2% increase within 5 minutes at 9:55 AM, bringing the price back to 31.92 yuan [1] Group 2 - Degute specializes in manufacturing specialized equipment, including energy-saving and environmental protection equipment, as well as pressure vessels [1] - The company is listed on the Growth Enterprise Market and is registered in Shandong Province [1] - On July 29, the net outflow of main funds was 16.5158 million yuan, accounting for 0.58% of the circulating market value [1] Group 3 - The trading volume for the day was 120,118 hands, with a transaction amount of 377 million yuan, resulting in a turnover rate of 13.29% [1]

New Stock Issuance - HanSang Technology (301491) issued at a price of 28.91 on July 25, 2025[1] - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] - ST Zitian (300280) reported significant fluctuations on July 21, 2025[1] Market Alerts - Deepwater Regulation Institute (301038) reported severe abnormal fluctuations on July 24, 2025[1] - Guangsheng Tang (300436) announced significant market activity on July 17, 2025[1] - Huayin Power (600744) has been flagged for unusual trading patterns on July 15, 2025[1] Other Notable Stocks - Jiangnan Chemical (002226) reported trading activity on July 23, 2025[3] - China Electric Power Construction (601669) had a trading update on July 25, 2025[3] - Tibet Tourism (600749) reported significant trading activity on July 25, 2025[3]