Group 1 - The global gas turbine market is experiencing a historic surge, with major players like GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries seeing accelerated orders and tight production capacity [1] - Siemens Energy's unfulfilled order backlog reached a record high of €138 billion for FY2025, with approximately 60% of new gas turbine orders in the first half coming from data centers [1] - GE Vernova added 20.2 GW of new gas turbine orders last year, a year-on-year increase of 112.6%, with current backlog extending to 2028 [1] - Mitsubishi Heavy Industries plans to double its gas turbine production capacity within the next two years [1] Group 2 - The demand surge is driven by the escalating power supply-demand imbalance in North America, particularly due to the rapid expansion of AI data centers [2] - In 2023, U.S. data centers consumed 176 TWh of electricity, accounting for 4.4% of total power demand, with projections indicating consumption could rise to 325 TWh-580 TWh by 2028, increasing its share to 6.7%-12% [2] - North American cloud providers are expected to have a total capital expenditure of $362 billion this year, a year-on-year increase of 58.5%, maintaining a high growth rate of around 30% through 2026 [1][2] Group 3 - The aging power grid in North America and the retirement of many old coal and gas projects create a short-term challenge in alleviating the power supply-demand imbalance [2] - Gas-fired power generation is seen as the optimal solution to address this imbalance, with gas turbines offering high thermal efficiency, quick start-up, short construction periods, stable power output, low costs, and relatively clean energy [2] - The construction cost of gas power plants in the U.S. has surged by approximately 50% over the past three years, reflecting growing demand and tight supply of gas turbines [2] Group 4 - The high industry growth is also reflected in the Chinese capital market, with significant stock price increases for gas turbine-related companies [5] - Companies like Yingliu Technology and Weichai Power have seen substantial stock price gains, indicating a deep integration of the Chinese supply chain with international giants [5] - Key domestic suppliers are expected to benefit from the opportunity to enter the global supply chain, particularly in high-value components like turbine blades and core parts [5] Group 5 - Hydrogen combustion is emerging as a development trend in the gas turbine industry, with the potential to reduce carbon emissions and mitigate natural gas price volatility [6] - Collaborations between gas turbine manufacturers and Chinese power companies are underway to explore hydrogen combustion technologies [6] - The increasing penetration of renewable energy and the anticipated arrival of the green hydrogen era may drive demand for hydrogen-blended gas turbines, enhancing their role in China's power supply [6]

Core Viewpoint - The launch of the "Technology Board" in the bond market in May 2025 has significantly boosted the issuance of innovation bonds, with over 600 entities issuing approximately 1.4 trillion yuan in the first three quarters, establishing innovation bonds as a crucial financing channel for technological innovation [1][4]. Group 1: Market Dynamics - The issuance of innovation bonds has seen explosive growth, transitioning from an average monthly issuance of 1.6 billion yuan in March 2021 to 91.6 billion yuan in April 2023, and reaching a historical high of approximately 1.4 trillion yuan in the first three quarters of 2023 [4]. - State-owned enterprises dominate the market, accounting for over 80% of the issuance, while private enterprises, which represent over 92% of high-tech companies, only participate at around 10% [3][6]. Group 2: Challenges for Private Enterprises - High financing costs, limited credit enhancement channels, and mismatched terms are significant barriers for private enterprises in participating in the innovation bond market [3][10]. - The average coupon rate for private enterprise innovation bonds is higher than that of state-owned enterprises, indicating a disparity in market perception and risk tolerance [10][11]. Group 3: Policy Support and Future Outlook - Recent policy measures, including the establishment of a "green channel" for bond issuance and the introduction of risk-sharing tools, are expected to enhance the participation of private enterprises in the innovation bond market [4][12]. - Analysts predict that the market for small and medium-sized technology enterprises could exceed 500 billion yuan, although current issuance remains below 10 billion yuan [9][10]. Group 4: Investment Trends - The low interest rate environment has shifted investor focus from traditional sectors to high-growth technology sectors, facilitating a strategic transformation in the bond market [5][6]. - Major companies, including BOE Technology Group and others, are actively issuing innovation bonds to fund key projects in emerging industries such as integrated circuits and artificial intelligence [7][8]. Group 5: Risk Management and Rating Adjustments - The current rating models tend to exclude high-risk, high-debt enterprises, which affects the ability of many private technology firms to issue bonds [12][13]. - There is a call for a new rating methodology that incorporates factors specific to technology innovation, such as patent quality and R&D investment, to better reflect the creditworthiness of these enterprises [13][14].

General Aviation ETF - There are two ETFs named General Aviation ETF, one managed by Yongying Fund tracking the Guozheng General Aviation Industry Index, and the other managed by Huatai-PB Fund tracking the CSI General Aviation Theme Index [2][4] - The Guozheng General Aviation Industry Index includes 50 constituent stocks with an average market capitalization of approximately 217 billion [3][4] - The CSI General Aviation Theme Index also includes 50 stocks but has a higher average market capitalization of about 259 billion [4][5] - Both indices share 26 common constituent stocks, with each having 24 unique stocks [5][9] - The annualized return of the Guozheng General Aviation Industry Index has outperformed the CSI General Aviation Theme Index over the past year and three years [8][10] - The annualized volatility of both indices is around 30% [8] High-end Equipment ETF - There are two ETFs named High-end Equipment ETF, one managed by Jiashi Fund tracking the CSI High-end Equipment Sub-index 50, and the other managed by Huaxia Fund tracking the CSI Equipment Industry Index [14][15] - The CSI High-end Equipment Sub-index 50 consists of 50 stocks with an average market capitalization of approximately 355 billion [15] - The CSI Equipment Industry Index includes 119 stocks with a significantly higher average market capitalization of about 742 billion [15][16] - The two indices share 23 common stocks, with the CSI High-end Equipment Sub-index 50 having 27 unique stocks and the CSI Equipment Industry Index having 96 unique stocks [16] - The CSI Equipment Industry Index has outperformed the CSI High-end Equipment Sub-index 50 in terms of returns over the past year, three years, and five years [18] - The current TTM price-to-earnings ratio of the CSI High-end Equipment Sub-index 50 is above the historical 90th percentile, while the CSI Equipment Industry Index is close to the historical 80th percentile [18]

Core Viewpoint - The fusion energy sector is entering a phase of intensive bidding, with significant procurement projects exceeding 2 billion yuan recently announced by Fusion New Energy, indicating strong growth potential in the industry [1][3]. Group 1: Procurement Projects - Fusion New Energy has recently announced procurement projects totaling over 2 billion yuan, covering critical components such as power systems, low-temperature systems, and shielding layers [1][2]. - The BEST project has seen a notable acceleration in bidding activities, with significant procurement announcements made in October and November, including key components like low-temperature systems and ECRH gyrotrons [2][3]. - Major procurement projects include: 1) Low-temperature system key components: approximately 728 million yuan 2) BEST project ECRH gyrotron: 440 million yuan 3) BEST system magnetic power supplies: 189 million yuan 4) BEST assembly engineering: 180 million yuan 5) BEST ion cyclotron wave source system: 170 million yuan 6) BEST shielding layer system stainless steel shielding blocks: 139 million yuan [2]. Group 2: Industry Trends - The fusion industry is experiencing a surge in capital expenditure, with multiple large-scale bidding events occurring, including a recent announcement of over 1.3 billion yuan in procurement projects by the Hefei Institute of Physical Science [3]. - The strategic value of fusion energy is highlighted by the increasing demand for electricity driven by AI and cloud computing, with predictions that data centers will account for 5%-9% of global electricity consumption by 2050 [4]. - Major tech companies are investing in fusion energy, with agreements such as Helion's deal with Microsoft for 50MW of commercial fusion power starting in 2028, and CFS's agreement with Google for 200MW of power from a planned fusion power plant [4]. Group 3: Investment Opportunities - Companies to watch in the fusion energy sector include: 1) Vacuum chambers and internal components: Huaneng Intelligent (603011.SH), Guoguang Electric (688776.SH), Antai Technology (000969.SZ) 2) Magnet systems: Lianchuang Optoelectronics (600363.SH), Yongding Co. (600105.SH) 3) Power systems: Sichuan Chuang (600990.SH), Wangzi New Materials (002735.SZ) 4) Low-temperature systems: Hangyang Co. (002430.SZ), Ice Wheel Environment (000811.SZ) [5].

Group 1: Macroeconomic Insights - In October, general public budget expenditure turned negative year-on-year, with spending related to "three guarantees" and infrastructure investment showing a decline compared to the previous month, necessitating attention to the effectiveness of incremental fiscal policies since September [2] - Government fund revenues and expenditures are both slowing down, with expectations for improvement once local government debt limits are set and utilized to supplement overall financial capacity [2] - The supply of government bonds for the year is nearing its end, while an increase in fiscal deposits year-on-year in October indicates that there is still room for fiscal funds to be released, which is favorable for future liquidity [2] Group 2: High-end Manufacturing Industry - The controlled nuclear fusion industry is projected to have long-term growth potential, with a recent procurement project exceeding 2 billion yuan, covering areas such as power systems, low-temperature systems, and shielding layers [3] - Key companies to watch in the vacuum chamber and internal components segment include: Hezhong Intelligent, Guoguang Electric, Antai Technology, Yingliu Co., Parker New Materials, and Tiangong International [3] - In the magnet system segment, notable companies include Lianchuang Optoelectronics and Yongding Co., while in the power system segment, focus on Sichuan Chuang Electronics, Wangzi New Materials, and Xuguang Electronics [3] Group 3: Non-ferrous Metals Industry - Supply growth for steel, copper, and aluminum remains constrained, with gold benefiting from the US interest rate cut cycle and central bank purchases [4] - Recommended stocks for steel include Baosteel Co. and Jiuli Special Materials, with attention to companies like Ordos, CITIC Special Steel, and Hualing Steel [4] - For copper, recommended stocks are Zijin Mining and Luoyang Molybdenum, with a focus on Tongling Nonferrous Metals and Western Mining [4] Group 4: Real Estate Market - As of November 16, 2025, new home transactions in 20 cities totaled 674,000 units, a decrease of 10.6% year-on-year, with significant declines in cities like Beijing (-16%) and Shenzhen (-25%) [5] - In the second-hand housing market, transactions in 10 cities reached 667,000 units, an increase of 4.5% year-on-year, with notable growth in Shenzhen (+15%) and Shanghai (+11%) [5] Group 5: Company Research - Electronics - The company is expected to see performance improvement driven by its cellular baseband business, with mobile SoC and ASIC products supporting future growth [6] - Profitability recovery in the IoT business is slower than expected, leading to a downward revision of net profit forecasts for 2025 and 2026 [6] - The company maintains a "buy" rating due to the potential for growth in its mobile SoC product matrix and the high growth of its ASIC business benefiting from the trend of AI localization [6]

Meeting Overview - The first extraordinary general meeting of shareholders was held on November 17, 2025, at the company's conference room in Hefei, Anhui Province [2] - The meeting was convened by the board of directors and chaired by Chairman Du Yingliu, utilizing a combination of on-site and online voting methods [2] Attendance - All 9 current directors and 3 supervisors attended the meeting, along with the board secretary and all senior management [3] Resolutions Passed - The following resolutions were approved during the meeting: - Cancellation of the supervisory board and amendment of the Articles of Association [4] - Amendments to the Rules of Procedure for Shareholders' Meetings [5] - Amendments to the Rules of Procedure for Board Meetings [5] - Amendments to the Independent Director Work System [5] - Amendments to the Rules for Convertible Bondholders' Meetings [5] - Amendments to the Internal Control Management System [5] - Amendments to the External Guarantee System [5] - Amendments to the Related Party Transaction Management System [5] - Amendments to the Fundraising Management System [5] - Amendments to the External Investment Management System [6] - Authorization for management to handle business registration changes [6] Legal Verification - The meeting was witnessed by Anhui Tianhe Law Firm, and the lawyers confirmed that the meeting's procedures and resolutions complied with the Company Law and the company's Articles of Association [6] Election of Employee Representative Director - The company held an employee representative meeting on November 17, 2025, where Yang Hao was elected as the employee representative director, joining the fifth board of directors [7] - Yang Hao has a background in finance and previously served as a supervisor and deputy manager in the company [8]

室 坑车工 2025 年 11 月 17 日 时代小说书 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 册 分歧污 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 申万宏源研究微信服务号 关注军贸及消耗类武器, 配置周期 国防军工行业周报（2025年第 47 周） 本期投资提示: 上周申万国防军工指数下跌 2.15%，中证军工龙头指数下跌 1.53%，同期上证综指下 ● 跌 0.18%, 沪深 300 下跌 1.08%, 创业板指下跌 3.01%, 申万国防军工指数跑赢创业 板指、跑输沪深 300、跑输上证综指、跑输军工龙头指数。1、从细分板块来看，上周 国防军工板块 2.15%的跌幅在 31 个申万一级行业涨跌幅排名第 27 位。2、从我们构建 的军工集团指数变化来看，上周中证民参 ...

Investment Rating - The report maintains a positive outlook on the defense and military industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [23]. Core Insights - The military industry is entering an upward cycle as per the "14th Five-Year Plan" recommendations, with expectations of performance recovery in Q4 2025, driven by increased military trade and order fulfillment [3][4]. - The report highlights that the military trade landscape is evolving due to rising global geopolitical uncertainties, leading to increased demand for military products, particularly in the Middle East and Asia [3]. - Key investment opportunities are identified in next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems, with a focus on companies that are expected to benefit from these trends [3]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.15%, while the CSI Military Leaders Index decreased by 1.53%. In comparison, the Shanghai Composite Index dropped by 0.18% and the CSI 300 by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 27th among 31 Shenwan primary industries, indicating a relatively poor performance compared to other sectors [4]. - The report lists the top five gainers in the defense sector: Tian'ao Electronics (up 12.63%), Aerospace Development (up 8.54%), *ST Dali (up 7.1%), Aerospace Intelligence Equipment (up 5.72%), and 712 (up 4.21%) [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 76.94, placing it in the upper range historically, with a valuation percentile of 65.32% since January 2014 and 91.95% since January 2019 [12][13]. - The report indicates a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][13].

Core Insights - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution across various downstream sectors, with a focus on high-end equipment and autonomous manufacturing [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential of humanoid robots, which are currently in a transformative phase, with significant commercial prospects anticipated in the near future [1][49] Group 3: Engineering Machinery - Domestic engineering machinery has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - The global layout of engineering machinery is expected to smooth domestic cyclical fluctuations and enhance profitability [7] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, which presents substantial growth potential [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and future growth potential in controlled nuclear fusion [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as key value directions within the machinery industry [7][10] - It recommends focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - The report suggests a combination of growth and forward-looking investment opportunities, highlighting specific companies across various segments [7][10] - Long-term investment recommendations include companies in detection services, engineering machinery, and renewable energy equipment [7][10]

安徽应流机电股份有限公司（以下简称"公司"）根据《中华人民共和国公 司法》(以下简称"公司法")《安徽应流机电股份有限公司公司章程》(以下简称 "公司章程")的有关规定，于 2025 年 11 月 17 日召开职工代表大会，经与会 职工代表审议，会议决议如下： | 证券代码：603308 | 证券简称：应流股份 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：113697 | 债券简称：应流转债 | | 二零二五年十一月十八日 安徽应流机电股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 选举职工杨浩担任公司职工代表董事职务，与经审议通过的其他六位董事及 三位独立董事组成公司第五届董事会，任期与公司第五届董事会任期一致。 杨浩先生简历见附件。 特此公告。 安徽应流机电股份有限公司董事会 2 1 附件：职工代表董事简历 杨浩，男，1980 年出生，中国国籍，无境外永久居留权，专科学历。 曾任 安徽应流机电有限责任公司预算管理部副经理,安徽应流 ...