Core Viewpoint - The report highlights the growth of industrial enterprises in Shandong Province, indicating a positive trend in the industrial sector with a year-on-year increase in the number of enterprises [1]. Group 1: Company Information - Listed companies mentioned include Yanzhou Coal Mining Company (兖矿能源), New潮 Energy (新潮能源), Taishan Petroleum (泰山石油), and others, totaling 16 companies [1]. - The report provides insights into the industrial cloud market in China, with a focus on investment opportunities from 2026 to 2032 [1]. Group 2: Industry Statistics - As of January-November 2025, Shandong Province had 41,271 industrial enterprises, an increase of 1,386 compared to the same period last year, representing a growth rate of 3.47% [1]. - The proportion of Shandong's industrial enterprises accounts for 7.85% of the national total [1]. - The threshold for scale industrial enterprises was raised from an annual main business income of 5 million to 20 million yuan starting in 2011 [1].

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [7] Core Insights - The gas turbine industry is experiencing a tightening global capacity, with domestic supply chains poised to capture the benefits of the AIDC boom [1] - Gas turbines are recognized for their high efficiency and flexibility, making them a preferred choice for power generation [1][34] - The demand for gas turbines is expected to grow significantly due to the rapid expansion of AIDC and the need for equipment replacement [2] - The supply side is characterized by high market concentration, with major players like GEV, Siemens Energy, and Mitsubishi Heavy Industries holding approximately 85% market share [3] - Investment opportunities are highlighted in companies with customer positioning advantages and rigid supply chains [4] Summary by Sections 1. Gas Turbines: Efficient and Flexible Power Generation Equipment - Gas turbines convert fuel energy into mechanical power through a continuous flow of gas, widely used in power generation, transportation, and industrial applications [1] - They are categorized into heavy, medium, small, and aeroderivative types, with heavy-duty turbines being the preferred model for utility power due to their high efficiency and rapid load response [1][24] 2. Demand: Rapid Expansion of AIDC and Replacement Cycle - The AIDC construction scale is rapidly expanding, with gas turbines expected to increase their share in the U.S. data center power supply from 40% in 2024 to over 50% by 2035 [2] - Global annual new installation demand for gas turbines in data centers is projected to exceed 30GW from 2026 to 2030, representing a growth of over 50% compared to the 2016-2023 average [2][4] 3. Supply: Highly Concentrated Market with Tight Overseas Capacity - The market is highly concentrated, with GEV, Siemens Energy, and Mitsubishi Heavy Industries maintaining high order intake and revenue levels [3] - The supply of core components like turbine blades is constrained due to high technical barriers, creating opportunities for domestic supply chain companies to capture market share [3] 4. Investment Recommendations: Focus on Quality Companies with Customer Positioning Advantages - The report recommends focusing on companies with strong customer positioning, supply rigidity, and high certainty of volume growth, including companies like Yingliu Technology, Eagle Precision, and others [4]

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]

Core Viewpoint - The article highlights the strong performance of the CSI 500 Quality Growth Index and its constituent stocks, driven by increasing demand for rare metals in various high-tech sectors, alongside supply constraints that are expected to impact prices positively [1][2]. Group 1: Market Performance - As of January 9, 2026, the CSI 500 Quality Growth Index rose by 1.64%, with notable gains from stocks such as Xiamen Tungsten Industry (+10.00%) and Yuexiu Capital (+9.99%) [1]. - The CSI 500 Quality Growth ETF (560500) increased by 1.60%, reflecting the overall positive market sentiment [1]. - In the past month, the CSI 500 Quality Growth ETF saw a significant scale increase of 52.66 million yuan and a share increase of 16 million units [1]. Group 2: Demand for Rare Metals - Rare metals are identified as a critical foundation for new productive forces, with surging demand in AI computing, new energy, commercial aerospace, and robotics [1]. - Specific examples include AI servers using 2-4 times more copper than traditional servers and humanoid robots requiring 0.9-4 kg of neodymium-iron-boron magnets [1]. - The demand for copper and rare earth magnets in new energy vehicles is significantly higher than in traditional fuel vehicles, indicating a new growth point for rare metals [1]. Group 3: Supply Constraints - Supply-side constraints are intensifying due to environmental regulations, energy consumption limits, and export controls, raising the barriers for mining [2]. - Current inventories of copper, lithium, and rare earths are at historically low levels, making demand increases likely to trigger price volatility [2]. - Geopolitical tensions and the ongoing trend of "de-dollarization" are leading to a re-evaluation of the strategic asset status of rare metals [2]. Group 4: ETF Composition - The CSI 500 Quality Growth Index comprises 100 listed companies selected for high profitability, sustainable earnings, and strong cash flow, providing diverse investment targets [2]. - As of December 31, 2025, the top ten weighted stocks in the index accounted for 22.96% of the total index weight, including companies like Giant Network and Western Mining [3].

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， ...

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：石化机械（000852），冀东装备（000856），运机集团（001288），精工科技（002006）， 天奇股份（002009），山东矿机（002526），新时达（002527），海源复材（002529），金财互联 （002530），林州重机（002535），豪迈科技（002595），金明精机（300281），蓝英装备 （300293），慈星股份（300307），斯莱克（300382），金盾股份（300411） 2019年-2025年1-11月全国专用设备制造业出口货值统计图 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国半导体专用设备行业市场深度分析及投资前景趋势报 告》 根据国家统计局数据可知：2025年11月全国专用设备制造业出口货值为588.3亿元，同比增长13%； 2025年1-11月全国专用设备 ...