证券研究报告 | 行业点评报告 2026 年 02 月 25 日 油气景气度加速发酵，油服装备迎来认知差反转 油服行业点评报告 中游制造/机械 受地缘政治波动影响，油气产业链加速震荡。市场长期以来的认知差在全球 能源需求的持续增长和产能瓶颈下持续存在，行业转向价值与成长共振，看 好油服行业产业链的投资机会。 1）开采端： 2）运输端： 2.1） 供给侧：油运环节的供给结构极度脆弱，超大型油轮老龄化加剧，而 2024-2025 年新船交付量处于历史低位。由于船厂产能已被集装箱船 挤占至 2028 年后，运力缺口在短期内难以弥合，进一步加剧了产业 链的紧张局势。 3）油服装备端： 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 479 | 9.3 | | 总市值（十亿元） | 5741.3 | 5.0 | | 流通市值（十亿元） | 4897.6 | 4.8 | 行业指数 % 1m 6m 12m 绝对表现 2.1 24.3 47.6 相对表现 2.0 16.8 29.0 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Feb/25 ...

Core Viewpoint - The industrial control valve market in China is expanding steadily due to the country's economic growth and diverse industrial demands, with projections indicating a market size of 534.9 billion yuan by 2025, recovering from a dip in 2019 caused by trade tensions and demand fluctuations [1][12]. Industry Overview - Industrial control valves are devices used to regulate the flow, pressure, temperature, or level of fluids in various industrial applications, including oil and gas, chemicals, and power generation [2]. - The classification of industrial control valves includes types based on function (regulating and switching valves), stroke characteristics (linear and rotary), and the power source for actuators (pneumatic, electric, hydraulic) [2]. Industry Development History - The development of industrial control valves is closely linked to advancements in industrial production, with significant milestones from ancient Rome to modern smart control technologies [4][5]. - China's industrial control valve industry began in the 1960s and has rapidly evolved, with domestic manufacturers increasingly adopting advanced technologies and improving product quality [5][6]. Industry Supply Chain - The upstream supply chain for industrial control valves includes materials like stainless steel and rubber, while the downstream applications span various sectors such as petrochemicals, energy, and pharmaceuticals [6][8]. - The production cost distribution shows that raw materials account for over 80% of costs, with manufacturing and labor costs being significantly lower [8]. Current Industry Status - The Chinese industrial control valve market is characterized by a balance between supply and demand, with production expected to grow from 9.02 million units in 2015 to 27.49 million units by 2025, reflecting a compound annual growth rate of 12% [10][11]. - The market demand is projected to increase from 19.23 million units in 2015 to 44.89 million units by 2025, with a compound annual growth rate of 9% [10]. Competitive Landscape - The industry features a competitive landscape with foreign brands dominating the high-end market, while domestic companies like Jiangsu Shentong and Neway are gaining ground in mid to low-end segments [12][13]. - The competition is intensifying as local firms enhance their technological capabilities and begin to penetrate high-end markets, supported by government policies promoting domestic manufacturing [12][13]. Future Trends - The industrial control valve industry is expected to optimize its supply chain and meet growing market demands through advancements in materials and manufacturing processes [16]. - There will be a shift towards digitalization and smart technologies, enhancing the efficiency and adaptability of control valves in industrial applications [17]. - Customization and service-oriented manufacturing will become increasingly important as industries demand tailored solutions for complex operational requirements [18].

经济观察网纽威股份（603699）控股股东近期减持公司股份，同时公司股价出现短期波动，基本面数据 显示前三季度业绩增长。 高管变动 截至2025年9月30日，公司2025年1-9月实现营业收入56.03亿元，同比增长25.76%；归母净利润11.14亿 元，同比增长34.54%。股东结构方面，香港中央结算有限公司持股1.03亿股，较上期增加4056.53万 股。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 2026年2月6日，纽威股份股价下跌2.00%，报56.30元/股，主力资金净流出95.84万元，成交额4132.83万 元。今年以来股价累计上涨8.33%，但近5个交易日下跌6.94%。 业绩经营情况 公司于2026年2月5日公告，控股股东席超在2026年1月12日至2月5日期间通过集中竞价方式累计减持公 司股份559.87万股，占公司总股本的0.72%。减持后，席超及其一致行动人合计持股比例由62.70%降至 62.00%，且减持计划尚未实施完毕。 ...

非银金融 沪深北交易所优化再融资，资本市场服务实体经济提质增效 措施的落地对上市公司、资本市场和实体经济均具有深远影响。①对上市公司而言，措施降低了优质企业的融资门槛与成 本，拓宽了融资渠道，为企业转型升级与技术创新提供了有力支撑。②对资本市场而言，措施进一步完善了再融资制度体 系，推动再融资市场从扩量向提质转变，强化了资本市场资源配置功能。③对实体经济而言，再融资制度优化可引导社会资 本更多流向科技创新、产业升级、新质生产力培育等重点领域。 措施的推出或标志着融资层面监管进入新阶段。2023年8月证监会阶段性收紧IPO及再融资后，监管对于资本市场融资端基本 持谨慎态度，政策导向以防风险、扶优限劣为主。2024年后，监管以科创板为试验田，推出科创板"1+6"改革等代表性举措， 开始针对科创板企业融资进行差异化支持，推动相关政策精准滴灌。本次一揽子措施的政策对象则进一步放宽至全市场具有 代表性与市场认可度的优质上市公司，或表明融资层面政策导向已由"差异化支持"逐步过渡至"系统性优化"。 IPO及再融资市场逐步回暖，叠加政策优化信号，券商投行业务修复可期。2025年，伴随资本市场改革深化以及市场活跃度 提升，IP ...

Core Viewpoint - The announcement reveals that the controlling shareholder, Xi Chao, has reduced his stake in Niuwei Co., Ltd. by 5,598,723 shares, representing 0.72% of the total share capital, following a previously disclosed reduction plan [1][4]. Shareholder Changes - Xi Chao's shareholding decreased from 10.77% (8,354,548 shares) to 10.05% (7,794,676 shares) during the reduction period from January 12, 2026, to February 5, 2026 [4]. - The combined shareholding of Xi Chao and his concerted parties fell from 62.70% to 62.00% after the reduction [1][4]. Financial Impact - The weighted average price during the reduction period was 56.98 yuan per share, resulting in a total cash-out of approximately 319 million yuan [2]. Compliance with Previous Plans - This reduction aligns with the previously disclosed reduction plan announced on December 2, 2025, and does not trigger a mandatory bid [4]. - The reduction will not lead to changes in the controlling shareholder or actual controller, nor will it significantly impact the company's governance structure or ongoing operations [4]. Shareholder Composition - As of December 31, 2024, the controlling shareholders and actual controllers include Wang Baoqing, Cheng Zhangwen, Lu Bin, and Xi Chao, who are all concerted parties [5].

Core Viewpoint - The article emphasizes the significant progress and challenges in the liquid hydrogen industry, highlighting the need for technological advancements and standardization to facilitate its commercialization and large-scale application [2][3]. Industry Progress - The liquid hydrogen industry is transitioning from aerospace applications to civilian industrialization, with 2025 identified as a critical year for breakthroughs [2]. - The entire industry chain for liquid hydrogen production, storage, transportation, and usage has been established domestically, with notable projects such as the 10-ton civil hydrogen liquefaction equipment by Guofu Hydrogen Energy and the first civil liquid hydrogen demonstration project led by Zhongke Fuhai [2]. - Key storage and transportation developments include the 400 cubic meter liquid hydrogen sphere tank by CIMC and the 20m³ liquid hydrogen storage tank by the Sixth Academy of Aerospace [2]. Challenges and Bottlenecks - The industry faces multiple bottlenecks that hinder large-scale implementation, particularly in the upstream hydrogen production and liquefaction, midstream storage and transportation, and downstream application sectors [3]. - Upstream challenges include high energy consumption in hydrogen liquefaction and the performance gap of domestic liquefaction equipment compared to international standards [3]. - Midstream issues involve high evaporation rates of domestic storage tanks and insufficient stability and adaptability of hydrogen refueling equipment [3]. - Downstream, despite successful demonstrations, the small scale of applications and high costs limit the commercialization of liquid hydrogen in heavy-duty vehicles and commercial aerospace [3]. Conference Details - The 2026 TrendBank Liquid Hydrogen Industry Conference will be held on April 15, 2026, in Wuxi, Jiangsu, focusing on breaking bottlenecks and promoting the civilian use of liquid hydrogen [4][5]. - The conference aims to gather industry elites to discuss core topics such as technological breakthroughs, cost optimization, and standardization [4]. Discussion Topics - Key discussion topics will include the construction of safety standards for the entire liquid hydrogen industry chain, commercialization in heavy-duty vehicles, and technological paths for liquid hydrogen energy storage [7]. - Other topics will cover applications in aerospace, shipping, rail transport, and advanced medical technologies [7]. Notable Participants - The conference will feature representatives from various organizations, including the Chinese Academy of Sciences, Aerospace Sixth Academy, and several energy and technology companies [8]. Event Highlights - The conference coincides with the 2026 International Gas Industry Expo, which will showcase over 600 exhibitors and attract approximately 50,000 visitors from around the world [9].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603699 证券简称：纽威股份 公告编号：临2026-002 苏州纽威阀门股份有限公司 关于控股股东权益变动触及1%刻度的提示性公告 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： ■ 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 2.信息披露义务人信息 ■ 3.一致行动人信息 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 ■ 二、权益变动触及1%刻度的基本情况 公司于2026年2月5日收到控股股东席超先生的通知，2026年1月12日至2026年2月5日期间，席超先生通 过集中竞价方式累计减持公司5,598,723股A股股票，占公司当前总股本的0.72%。本次权益变动后，其 与一致行动人合计持有公司股份比例由减持计划公告时的62.70%减少至当前总股本的62.00%，权益变 动触及1%刻度，具体情况如下： ■ 注1：公司于2026年1月23日对2023年限制性股票激励计划部分激励对象已获授但尚未解除限售的合计 243,228股限制性股票进行回 ...

截至9月30日，纽威股份股东户数1.38万，较上期增加10.65%；人均流通股54711股，较上期减少 9.63%。2025年1月-9月，纽威股份实现营业收入56.03亿元，同比增长25.76%；归母净利润11.14亿元， 同比增长34.54%。 分红方面，纽威股份A股上市后累计派现45.98亿元。近三年，累计派现22.80亿元。 来源：新浪证券-红岸工作室 2月4日，纽威股份涨0.27%，成交额2.73亿元。两融数据显示，当日纽威股份获融资买入额1437.64万 元，融资偿还1272.95万元，融资净买入164.69万元。截至2月4日，纽威股份融资融券余额合计1.54亿 元。 融资方面，纽威股份当日融资买入1437.64万元。当前融资余额1.52亿元，占流通市值的0.34%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，纽威股份2月4日融券偿还5.41万股，融券卖出500.00股，按当日收盘价计算，卖出金额2.92 万元；融券余量3.70万股，融券余额215.97万元，超过近一年80%分位水平，处于高位。 资料显示，苏州纽威阀门股份有限公司位于江苏省苏州市苏州高新区泰山路666号，成立日期200 ...

格隆汇2月5日丨纽威股份(603699.SH)公布，公司于2026年2月5日收到控股股东席超先生的通知，2026 年1月12日至2026年2月5日期间，席超先生通过集中竞价方式累计减持公司559.87万股A股股票，占公司 当前总股本的0.72%。本次权益变动后，其与一致行动人合计持有公司股份比例由减持计划公告时的 62.70%减少至当前总股本的62.00%，权益变动触及1%刻度。 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2026-002 苏州纽威阀门股份有限公司 关于控股股东权益变动触及 1%刻度的提示性公告 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 62.70% | | | | 权益变动后合计比例 | 62.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | ...