股东大会法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 2025 年第一次临时 股东大会法律意见书 天律证 2025 第 03086 号 致：安徽应流机电股份有限公司 根据《中华人民共和国公司法》(下称"公司法")、《中华人民共和国证券 法》(下称"证券法")和贵公司（下称"公司"）《公司章程》、《股东大会议事规 则》的规定，以及公司与安徽天禾律师事务所（以下简称"天禾"）签订的《法 律顾问合同》，天禾律师出席公司 2025 年第一次临时股东大会(下称"本次股东 大会")并对本次股东大会相关事项进行见证，出具法律意见。 为出具本法律意见，天禾律师审查了公司提供的以下文件： 1、公司章程、股东大会议事规则； 2、公司 2025 年 10 月 30 日第五届董事会第十三次会议决议和会议记录； 3、公司 2025 年 10 月 31 日刊登于《中国证券报》、《上海证券报》、《证券日 报》、《证券时报》和上海证券交易所网站（www.sse.com.cn）的第五届董事会第 十三次会议决议公告； 4、公司 2025 年 10 月 31 日刊登于《中国证券报》、《上海证券报》、《证券日 报》、《证券时报》和上 ...

| 证券代码：603308 | 证券简称：应流股份 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：113697 | 债券简称：应流转债 | | 安徽应流机电股份有限公司 2025年第一次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 17 日 (二)股东大会召开的地点：安徽省合肥市繁华大道 566 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 600 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 310,250,149 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 45.6897 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由公 ...

数据来源于沪深交易所、公开资料等。 11月17日，截至发稿，通用航空ETF华宝（159231）盘中表现平稳，场内价格微涨0.35%。成份股方 面，晨曦航空和天和防务表现最为亮眼，涨幅分别达到7.19%和7.11%，中无人机紧随其后，上涨 3.99%。另一方面，万丰奥威、中信海直和珠海冠宇走势较弱，跌幅分别为1.52%、1.23%和1.0%。 消息面上，11月12日第十五届中国国际航空航天博览会在珠海开幕，首次实现"一展多地"模式，珠海国 际航展中心启用13个展馆，集中展示航空装备领域前沿技术。此外，中国航发在"2025南昌飞行大会"展 出CJ2000等多款发动机，展现民用航空和通用航空动力领域的创新成果，推动航空产业绿色转型。 华福证券指出，11月7日我国首艘电磁弹射型航母福建舰入列，其自主设计的电磁弹射技术达世界先进 水平。当前军工板块市盈率TTM 70.35倍（分位数92.55%），虽短期指数下跌0.47%，但考虑到2025- 2026年十五五计划、建军百年目标及军贸发展等多重催化，行业内外需增长明确，基本面强恢复预期下 配置性价比凸显，新景气周期即将到来。 东北证券指出，国防军工板块基本面逐步复苏，20 ...

Core Viewpoints - The relationship between China and Japan is becoming tense, highlighting the need for self-sufficiency in the industrial machinery sector, particularly in core components like CNC systems and lead screws [3] - The deep-freezing equipment industry is experiencing stable and rapid growth in new orders, indicating a favorable environment for Chinese companies to expand overseas [3] - Siemens Energy has seen a significant increase in gas turbine orders, which bodes well for its domestic supplier, Yingliu, as demand for turbine blades is expected to rise [4][5] Market Performance - The SW Machinery Equipment Index fell by 2.22% during the week of November 10-14, 2025, ranking 28th among 31 primary industry categories [1][2] - Year-to-date, the SW Machinery Equipment Index has risen by 31.88%, ranking 7th among the same categories, while the CSI 300 Index has increased by 17.62% [1][2] Industry Insights - The global deep-freezing equipment market is projected to grow, with Chart Industries reporting a 79% year-over-year increase in new orders for Q3 2025 [3] - Siemens Energy's Gas Services business secured new orders worth €23 billion in the 2025 fiscal year, reflecting a 43% increase compared to the previous year [4] - The demand for turbine blades is expected to rise due to the high technical barriers and significant value contribution of these components [5] Sector Performance Indicators - General machinery is under pressure, while engineering machinery is accelerating upward [5] - The shipbuilding sector is experiencing a slowdown, and oil service equipment is stabilizing at the bottom [5] - Railway equipment is showing steady growth, and gas turbines are also on a stable upward trend [5]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a favorable investment environment [7]. Core Insights - The report emphasizes the upgrade of intelligent combat modes, highlighting the broad future market for unmanned drones, particularly the Attack-11, which showcases significant advancements in China's unmanned combat capabilities [10][11]. - The upcoming maiden flight of the reusable rocket "Zhuque-3" is expected to accelerate the scaling of satellite constellation networking plans, with its design aiming to reduce launch costs significantly [12][13]. - The report continues to favor domestic demand for new combat capabilities and military trade, anticipating a resonance between internal and external demand as the "14th Five-Year Plan" approaches [14][15]. Summary by Sections Investment Suggestions and Targets - The report suggests focusing on unmanned and anti-unmanned equipment, deep-sea technology, and combat informationization as key areas of new productive forces [14]. - Long-term attention is directed towards breakthroughs in domestic power systems and the acceleration of military trade markets, with civil and military trade expected to become a second growth driver for the sector [15]. - Specific investment targets include companies in the aerospace and propulsion chain, new domains, military electronics, and military trade/main equipment [15]. Market Performance - The defense and military industry index (Shenwan) decreased by 2.15%, underperforming the CSI 300 index, which fell by 1.08% [17][18]. - The report notes that the defense and military sector ranked 27th out of 31 in terms of performance among Shenwan's primary industry indices [20]. Industry News - The report includes a summary of significant domestic and international news related to the military industry, highlighting ongoing developments and training exercises [25][26].

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a focus on specific companies for investment opportunities [11]. Core Insights - The report highlights the increasing tension in Sino-Japanese relations, suggesting a need for China to focus on self-sufficiency in industrial machinery, particularly in core components like CNC systems and lead screws [5][23]. - The deep cooling equipment sector is experiencing significant growth, with a notable increase in new orders for leading companies, indicating a favorable environment for Chinese firms to expand internationally [5][24]. - Siemens Energy has reported a substantial increase in gas turbine orders, which bodes well for domestic suppliers like Yingliu, suggesting a robust demand for turbine blades [5][24]. - The report categorizes various segments of the machinery industry, indicating differing levels of economic performance, with general machinery under pressure, while engineering machinery is accelerating upward [5][25][47]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Huazhong CNC, Zhongtai Co., and Yingliu [11]. 2. Market Review - The SW Machinery Equipment Index fell by 2.22% in the last week, ranking 28th among 31 sectors, while it has risen by 31.88% year-to-date, ranking 7th [13][17]. 3. Core Insights Update - The report emphasizes the need for China to develop self-sufficiency in industrial machinery due to geopolitical tensions, and it identifies key companies to watch in this context [5][23]. - The deep cooling equipment sector is highlighted for its growth potential, with significant order increases reported by leading firms [5][24]. - The gas turbine market is also noted for its high demand, particularly benefiting companies like Yingliu [5][24]. 4. Key Data Tracking 4.1 General Machinery - The general machinery sector is under pressure, with the PMI at 49.0%, indicating contraction [25]. 4.2 Engineering Machinery - The engineering machinery sector is showing signs of recovery, with excavator sales increasing by 7.8% year-on-year [35]. 4.3 Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment maintaining around 6% [47]. 4.4 Shipbuilding - The shipbuilding sector is seeing a slowdown, with new ship price indices indicating a decline [48]. 4.5 Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with ongoing high demand in the Middle East [50]. 4.6 Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability and increased downstream activity [56]. 4.7 Gas Turbines - The gas turbine sector is experiencing robust growth, with significant new orders reported [58].

Group 1: Solid-State Battery Equipment - The Ministry of Industry and Information Technology is currently conducting a mid-term review, and it is expected that leading manufacturers will soon initiate equipment bidding for pilot production lines [1][2] - Solid-state batteries are still in the pilot production stage, primarily utilizing hundred-megawatt-level pilot lines, with dry processing technology as the main focus, creating new demand for equipment [2] - Investment recommendations include solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and others [2] Group 2: Gas Turbine Market - The expansion of AI data centers is driving an increase in electricity demand, necessitating reliable and stable power sources [3] - Major players in the global gas turbine market include Siemens, GE, Mitsubishi Heavy Industries, and Caterpillar, with significant potential for domestic brand substitution [3] - Companies such as Jereh, Haomai Technology, Yingliu, and Liande are highlighted as beneficiaries of this trend due to their existing partnerships and product offerings [3] Group 3: Liquid Cooling Technology - AI computing capital expenditures (CAPEX) are accelerating, with significant growth expected in the shipment of GB200/300 racks [4] - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, offering advantages such as low energy consumption and reduced total cost of ownership (TCO) [4] - The domestic supply chain is gradually entering the market, with companies like Yingwei and Hongsheng being recommended for their roles in liquid cooling solutions [5]

Investment Rating - The report maintains a positive investment recommendation for the controllable nuclear fusion industry, indicating an upward trend in capital expenditure and technological breakthroughs [1]. Core Insights - The controllable nuclear fusion industry is experiencing accelerated capital expenditure, with significant recent developments in financing and technological advancements [1][8]. - The report highlights that the domestic nuclear fusion projects are expected to see a peak in bidding and investment over the next 3 to 5 years, with an estimated total investment of 146.5 billion yuan [8][19]. Summary by Sections Capital Expenditure - On November 12, the Institute of Plasma Physics at the Chinese Academy of Sciences announced a new tender worth 1.3454 billion yuan, focusing on high-value areas such as fuel cycle and tritium recovery [1][8]. - In the first half of November, the total tender amount from the Institute and Fusion New Energy in Anhui reached 1.976 billion yuan, with five projects exceeding 200 million yuan [7][19]. Financing - On November 10, Xinneng Xuanguang completed a Pre-A round financing of several hundred million yuan, led by Ant Group, aimed at enhancing the performance of its in-construction devices and expanding its team [1][8]. Technological Breakthroughs - On November 6, the Southwest Institute of Nuclear Physics completed the final design review of the ITER Langmuir probe, marking a significant advancement in the development of key diagnostic systems for the ITER project [2][10]. Recommended Companies - The report continues to recommend Lianchuang Optoelectronics and Hezhu Intelligent, while suggesting to pay attention to Guoguang Electric [3]. - In the magnet segment, companies such as Western Superconducting, Yongding Co., and Jingda Co. are highlighted for their high value contribution [3][34]. - For structural components and others, the report recommends companies like Sichuan Electronics, Yingliu Co., and Wanyi Technology, with a suggestion to monitor Antai Technology [3][35].

Summary of Conference Call Records Industry Overview - The new power system is witnessing a decline in domestic thermal power proportion, with an increase in independent energy storage demand. The overseas energy storage market, particularly in Southeast Asia, Australia, and Europe, shows promising prospects. In the U.S., the utilization hours of energy storage in AI data centers are expected to increase, potentially driving storage products to evolve towards 6-8 hours [1][2]. Key Insights and Arguments - **Energy Storage Demand**: The demand for energy storage is expected to exceed expectations, with growth rates revised from approximately 15% to over 20%, potentially nearing 30%. This is primarily driven by energy storage needs, which may lead to a continued shortage of battery cells and a tight supply-demand situation lasting until mid-next year [1][4]. - **Price Increases in Battery Materials**: Key battery upstream materials such as lithium hexafluorophosphate, VC additives, iron lithium, and needle coke are entering a price increase cycle. Manufacturers of aluminum foil, separators, and copper foil are also considering price hikes, indicating a broader trend in material costs [1][5]. - **Integration of New Energy Development**: The development path for new energy includes integration with traditional and emerging industries, such as coal, oil and gas development, computing power, and hydrogen production. Concepts like zero-carbon factories, zero-carbon parks, and virtual power plants are also highlighted as important supplements to new energy demand [1][6]. - **Photovoltaic and Wind Power Industry**: The photovoltaic industry is advised to pay attention to policy changes, while the wind power sector should focus on offshore wind, particularly deep-sea wind-related segments, which are expected to develop significantly under policy support [1][7]. Noteworthy Companies - In the energy storage integrated products and battery cell sectors, companies such as Sungrow Power Supply, HIBOR, Canadian Solar, CATL, EVE Energy, and Xinwangda are recommended for continued observation. Additionally, companies involved in non-electric utilization pathways, such as China Tianying, China Shipbuilding Technology, and Shuangliang Eco-Energy, are also highlighted [2][3][8]. Additional Important Insights - **Chemical Industry Upstream**: The chemical industry is seeing growth in upstream materials like iron phosphate and sulfur. The phosphate market is expected to remain tight due to insufficient new mining projects, while sulfur prices have surged due to increased demand from the energy sector [9][10]. - **Lithium Carbonate Market Dynamics**: The price of lithium carbonate has risen significantly, with expectations of further increases due to improved storage demand. The overall growth of power batteries is projected to reach 10-15% next year [19][20]. - **Future Supply and Demand for Lithium**: The supply-demand balance for lithium is expected to remain tight, with risks of shortages increasing in the coming years due to limited new projects and rising demand from downstream sectors [20][21]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state and future outlook of the energy storage and related industries.

Core Viewpoint - The General Aviation ETF managed by E Fund (159255) opened with a decline of 0.50%, priced at 1.003 yuan, indicating a negative market sentiment towards the sector [1] Group 1: ETF Performance - The General Aviation ETF (159255) has a performance benchmark based on the National General Aviation Industry Index return [1] - Since its establishment on July 25, 2025, the ETF has yielded a return of 0.67%, while its return over the past month has been -5.01% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include Wan Feng Ao Wei, which opened down 0.66%, Hongdu Aviation down 0.24%, and Aerospace Rainbow down 0.14% [1] - Other notable declines include Zhongzhi Shares down 0.19%, Zhuhai Guanyu down 0.85%, Huali Chuantong down 1.08%, Yingliu Shares down 0.94%, Nanjing Power Technology down 0.83%, Ruichuang Weina down 0.55%, and China Satellite down 0.90% [1]