长江证券承销保荐有限公司 关于山东万通液压股份有限公司 使用闲置募集资金进行现金管理的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为山 东万通液压股份有限公司（以下简称"万通液压"或"公司"）持续督导的保荐机 构，根据《证券发行上市保荐业务管理办法》《北京证券交易所上市公司持续监 管办法（试行）》《北京证券交易所证券发行上市保荐业务管理细则》《北京证券 交易所股票上市规则》《北京证券交易所上市公司持续监管指引第 9 号——募集 资金管理》等相关规定，对公司使用闲置募集资金进行现金管理的事项进行了 审慎核查，具体情况如下： 一、募集资金基本情况 2025 年 10 月 14 日，山东万通液压股份有限公司向特定对象发行可转换公 司债券 1,500,000 张，发行方式为向特定对象发行，发行价格为 100 元/张，募 集资金总额为 150,000,000.00 元，实际募集资金净额为 148,219,339.63 元，到账 时间为 2025 年 10 月 20 日。 二、募集资金使用情况 （一）募集资金使用情况和存储情况 截至 2025 年 12 月 2 日，公司上述发行可转换公司债券 ...

山东万通液压股份有限公司（以下简称"公司"）为提高资金的使用效率， 合理利用资金增加投资收益，在不影响公司主营业务的正常开展并确保正常经 营需求的前提下，拟使用部分闲置自有资金购买安全性高、流动性好的理财产 品。 （二） 委托理财金额和资金来源 证券代码：920839 证券简称：万通液压 公告编号：2025-124 债券代码：810013 债券简称：万通定转 山东万通液压股份有限公司 关于使用闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、 委托理财概述 （一） 委托理财目的 有效期自公司董事会审议通过《关于使用闲置自有资金进行现金管理的议 案》之日起 12 个月内有效，如单笔产品存续期超过前述有效期，则决议的有 效期自动顺延至该笔交易期满之日。 二、 决策与审议程序 在不影响公司主营业务正常发展的前提下，公司本次拟使用不超过人民币 0.8 亿元（包含本数）的闲置自有资金进行现金管理。 （三） 委托理财方式 1、 预计委托理财额度的情形 本次拟使用额度（按理财产品存续 ...

| 证券代码：920839 | 证券简称：万通液压 | 公告编号：2025-123 | | --- | --- | --- | | 债券代码：810013 | 债券简称：万通定转 | | 山东万通液压股份有限公司 关于使用闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、募集资金基本情况 2025 年 10 月 14 日，山东万通液压股份有限公司向特定对象发行可转换公 司债券 1,500,000 张，发行方式为向特定对象发行，发行价格为 100 元/张，募集 资金总额为 150,000,000.00 元，实际募集资金净额为 148,219,339.63 元，到账时 间为 2025 年 10 月 20 日。 二、募集资金使用情况 （一）募集资金使用情况和存储情况 截至 2025 年 12 月 2 日，公司上述发行可转换公司债券的募集资金使用情况 具体如下： 单位：元 | 序 | | 实施 | 募集资金计划投 | 累计投入募集 | 投入进度 （%） | | --- | -- ...

| 证券代码：920839 | 证券简称：万通液压 公告编号：2025-122 | | --- | --- | | 债券代码：810013 | 债券简称：万通定转 | 山东万通液压股份有限公司 第四届董事会第十七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 8 日 2.会议召开地点：公司会议室 3.会议召开方式：现场及通讯 4.发出董事会会议通知的时间和方式：2025 年 12 月 3 日以书面方式发出 5.会议主持人：董事长王万法先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开符合《中华人民共和国公司法》《公司章程》和《董 事会议事规则》的相关规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事王榕、李美文、王月虎因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于使用闲置募集资金进行现金管理的议案》 1.议 ...

北交所策略专题报告 2025 年 12 月 07 日 北交所做市公司家数增长，做市商"择优而市"向核心指数汇集 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所做市公司数增至 143 家和北证 50 和北证专精特新指数重合度较高。 2025 年 10 月 24 日北交所、全国股转公司对证券公司 2025 Q1-3 的执业质量情况 进行了评价，合计有 21 家券商获得北交所做市得分。从有做市商的企业市值规 模和数量来看，整体队伍稳步"扩容"，截至 2025 年 12 月 5 日，北交所合计有 143 家企业有做市商，较 2024 全年增长 21.19%，北交所有做市商的企业总市值 达 4993.45 亿元。从收益率来看，有做市商的企业的涨幅以及成交更活跃，2025 年至今北交所有做市商的企业收益率达 48.51%，高于没有做市商企业的 39.11%，。从行业角度来看，做市公司中高端制造行业数量有 64 家，占比 44.76%。 从市值角度来看，20-50 亿市值企业占比最大，占比为 48.25%。从企业画像来看， 有做 ...

Group 1 - The first batch of eight actively managed theme funds on the Beijing Stock Exchange (BSE) is set to enter its second open period, with an average cumulative return of nearly 100% over the past two years, outperforming major indices such as the ChiNext 50 and the BSE 50 by 50% [3][6][8] - As of December 5, 2025, the average cumulative return of these eight theme funds since inception is 62.31%, with some funds achieving returns exceeding 100%, the highest being 138% [3][6][7] - The total market value of publicly offered funds' heavy holdings in BSE stocks has shown a rising trend, surpassing 10 billion yuan in Q3 2025, indicating a more diversified investment approach [3][8] Group 2 - The BSE market has seen the issuance of 33 BSE 50 index funds, with a total scale of 13.3 billion yuan as of December 5, 2025, reflecting a steady growth in passive index fund offerings [10][11] - The overall price-to-earnings (PE) ratio of BSE A-shares remains at 44X, with daily trading volume averaging 13.9 billion yuan, indicating a stable market environment [20][23] - The BSE 50 index has reported a weekly increase of 1.49%, closing at 1,408.34 points, while the overall sentiment in the A-share market remains cautious amid upcoming significant meetings [17][25] Group 3 - The BSE has witnessed a total of 47 companies listed from January 1, 2024, to December 5, 2025, with one new company, Jingchuang Electric, listed in the week of December 1, 2025 [26][27] - The average issuance PE ratio for newly listed companies in 2024 is 13.79X, with an average first-day price fluctuation of 288% [12][13]

Summary of 2025: "The End of the 14th Five-Year Plan" and Foundation Building - In 2025, the Beijing Stock Exchange (BSE) achieved multiple breakthroughs, with total market capitalization exceeding 820 billion yuan, number of accounts reaching 9.5 million, and average daily trading volume approaching 30 billion yuan, indicating a significant improvement in liquidity [4] - The market's "specialized, refined, distinctive, and innovative" characteristics became more pronounced, with national-level "little giants" accounting for 61%, fostering a group of high-growth, scarce enterprises in sectors such as new energy, robotics, and AI [4][10] - The quality of enterprises continued to improve, with the average net profit of newly listed companies increasing from 30 million yuan to 110 million yuan over three years [4] - As of the first three quarters of 2025, the median revenue and net profit of BSE companies were 293 million yuan and 22 million yuan, respectively, while the BSE 50 component stocks reached 508 million yuan and 46 million yuan, indicating stable business operations [4] Outlook for 2026: "The Beginning of the 15th Five-Year Plan" - The BSE will focus on "scarcity" and "new quality productivity" as dual main lines for deepening its layout, with policies expected to continue along the path of "Deep Reform 19 Articles" [4] - The average first-day increase of IPOs in the first 11 months of 2025 was 356%, with average subscription funds exceeding 640 billion yuan, suggesting a continuation of active performance in the new share market in 2026 [4] - The BSE will emphasize sectors such as technology manufacturing (AI supply chain, solid-state batteries, humanoid robots, intelligent driving), new materials (semiconductor materials, specialty fibers), and distinctive consumption (health, beauty, emotional consumption) [4] Market Characteristics and Investment Opportunities - The BSE has a unique market structure, with 65% of companies having a market capitalization of less than 2.5 billion yuan, while over 40% of BSE 50 companies exceed 5 billion yuan, indicating a small-cap characteristic [4][19] - The BSE's PE ratio reached 44 times as of November 21, 2025, with a valuation discount disappearing, and the PE ratio compared to the Sci-Tech Innovation Board has decreased to about 60%, highlighting investment value [4][29][34] - The BSE's industry distribution is more concentrated in mechanical equipment, power equipment, and basic chemicals compared to the ChiNext and Sci-Tech Innovation Board, aligning with its "specialized, refined, distinctive, and innovative" positioning [4][24][25] Performance and Growth Trends - The BSE's specialized and innovative component stocks showed the fastest revenue growth, with a year-on-year increase of 13% in the first three quarters of 2025 [35] - The median net profit of BSE 50 component stocks has surpassed that of the Sci-Tech Innovation Board and ChiNext, indicating a positive trend in profitability [40] - The overall profit growth rate of BSE companies is under pressure, but the specialized and innovative enterprises exhibit resilience, making them worthy of attention [40][41]

Core Viewpoint - The hydraulic industry in China is experiencing a shift towards increased domestic production and technological advancements, with key players focusing on expanding their market presence both domestically and internationally [2][4][7]. Group 1: Company Business Layout - The hydraulic industry companies primarily focus on the domestic market, with companies like Jilun Intelligent and Fenglong Co., Ltd. having higher foreign sales ratios of 56.33% and 38.97% respectively [2][3]. - Companies such as Hengli Hydraulic, Aidi Precision, and Shaoyang Hydraulic have over 80% of their revenue coming from hydraulic-related products [2]. Group 2: Business Planning - Hengli Hydraulic plans to deepen its global layout, focusing on Southeast Asia and Europe, and aims to innovate in electric cylinders and hydraulic integration products [6]. - Aidi Precision is set to enhance strategic cooperation with main engine manufacturers and scale up production of core components like hydraulic motors and pumps [6]. - AVIC Heavy Machinery aims to leverage its aviation technology to expand hydraulic applications in high-end industrial markets [6]. - Fenglong Co., Ltd. plans to improve production capacity and quality through automation and lean management [6]. Group 3: Import and Export Overview - China's hydraulic trade deficit has been decreasing from 2019 to 2024, with a trade surplus of $2.93 million in 2024, attributed to advancements by leading companies like Hengli Hydraulic and Aidi Precision [7]. - The export value of China's hydraulic products has shown an upward trend, reaching a record high of $2.182 billion in 2024, with a year-on-year growth of 9.4% [9].

Group 1 - The core point of the article highlights that the Huatai-PineBridge North Exchange Innovation Selected Two-Year Open Mixed Fund A/C has performed poorly in November, with returns of -13.50% and -13.52%, ranking at the bottom of the mixed fund performance list for the month [1] - As of the latest report, the fund has a cumulative return of 96.74% and 93.60%, with a cumulative net asset value of 1.9405 yuan and 1.9095 yuan respectively [1] - The fund focuses on companies with excellent management quality and favorable fundamental trends that align with China's economic and industrial development direction, with its top ten holdings including companies like Kaitian Co., Minshida, and Wantong Hydraulic [1] Group 2 - The current fund manager, Ma Xiang, has been with Huatai-PineBridge since 2011 and has served as an industry analyst before taking on the role of fund manager since November 23, 2021 [1] - The fund was established on November 23, 2021, and has a total fund size of 1.88 billion yuan for the C share and 1.91 billion yuan for the A share as of the end of November 2023 [2]

Core Viewpoint - WanTong Hydraulic (920839) has shown a significant increase in financing activities, indicating positive investor sentiment towards the stock [1] Financing Activities - On December 1, 2025, WanTong Hydraulic had a financing buy-in of 5.2821 million yuan and a financing repayment of 3.2586 million yuan, resulting in a net financing increase of 2.0235 million yuan [1] - The total financing balance reached 47.8099 million yuan, reflecting a 4.42% increase compared to the previous day [1][2] - Over the last three trading days, the cumulative net buy-in amounted to 2.6506 million yuan [1] Margin Trading Data - The margin trading balance on December 1, 2025, was 47.8099 million yuan, with a change of 202.35 thousand yuan, representing a 4.42% increase [2] - The previous trading days showed smaller fluctuations, with the balance on November 28 at 45.7864 million yuan, increasing by 0.41% [2] - The trend indicates a consistent upward movement in the financing balance over the past few days, with the largest increase noted on December 1 [2]