证券代码：603308 证券简称：应流股份 公告编号：2025-021 安徽应流机电股份有限公司关于 上海证券交易所对公司收购控股子公司少数股权 事项的监管工作函的回复公告 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。 安徽应流机电股份有限公司（以下简称"公司"或"应流股份"）于 2025 年 6 月 27 日收到上海证券交易所《关于安徽应流机电股份有限公司有关收购控股子 公司少数股权事项的监管工作函》（上证公函【2025】0932 号）（以下简称"监 管函"）。按照监管函的要求，公司、安徽应流航空科技有限公司(以下简称"应 流航空"或"标的公司")对相关材料进行了补充，现将监管函中问题答复如下： 一、关于标的公司业绩。公告显示，应流航空 2024 年营业收入为 1762 万 元，亏损 5050 万元；2025 年一季度营收 90 万元，亏损 1191 万元，业绩持续 亏损。请公司：（1）结合应流航空所在行业发展周期，以及应流航空的主营 业务、经营模式、投资进展及未来预期，具体说明应流航空业绩持续亏损的原 因；（2）具 ...

Core Viewpoint - The Credit Risk Mitigation Warrant (CRMW) serves as a "credit bridge" to alleviate financing difficulties for private enterprises, with recent revisions to the operational guidelines aimed at enhancing its effectiveness in supporting the real economy [1][2]. Summary by Relevant Sections CRMW Overview - CRMW is a key tool for supporting bond financing for private enterprises and risk-sharing for technology innovation bonds, functioning similarly to a "credit insurance policy" for specific debts [2]. - Since the introduction of the CRMW model linked to bond issuance in 2018, approximately 150 billion has been created, supporting over 340 billion in bond issuances for more than a hundred enterprises [2]. Recent Developments - The inclusion of "debt restructuring" as a credit event in CRMW products for technology companies marks a significant expansion of risk coverage, enhancing investor confidence and improving financial services for the real economy [3]. Revisions to Operational Guidelines - The recent revisions to the operational guidelines include four main optimizations to better support the financing of the real economy: 1. Establishing a comprehensive CRMW regulatory framework that includes self-regulatory rules, business guidelines, operational details, and standard texts [4]. 2. Removing restrictions on CRMW business by decoupling the creation institutions from core dealers, allowing more financial and credit enhancement institutions to participate [5]. 3. Strengthening the responsibilities and rights of participants by adding self-regulatory norms and clarifying requirements for information disclosure, pricing, trading, and management [5]. 4. Setting differentiated requirements based on the characteristics of CRMW, such as simplifying disclosure requirements for financial institutions and allowing for price inquiry methods for bond-linked creations [5].

Group 1 - The core viewpoint of the news is the enthusiastic market response to the issuance of technology innovation bonds, with significant participation from various institutions and a diverse range of issuers [1][2]. - As of June 7, 2023, a total of 147 institutions have issued technology innovation bonds exceeding 374.8 billion yuan, with 39 financial institutions contributing 223.9 billion yuan and 108 non-financial enterprises issuing 150.998 billion yuan [1]. - The China Interbank Market Dealers Association supported 73 non-financial enterprises in issuing 97.72 billion yuan, accounting for 65% of the total issuance by non-financial enterprises [1]. Group 2 - The issuance structure is diverse, with 95% of the supported private enterprises being represented by 17 companies, including notable firms like iFlytek and Heng'an International [1][2]. - The majority of the bonds have medium to long-term maturities, with 60% of the bonds having a maturity of over one year, and a total of 83.6 billion yuan in bonds with maturities exceeding 10 years [2]. - The initiative has attracted a wide range of investors, including banks, wealth management firms, funds, and brokerages, enhancing confidence in the issuance of medium to long-term technology innovation bonds [2]. Group 3 - The Association is promoting a risk-sharing mechanism to support technology enterprises, with tools like credit risk mitigation certificates being created by commercial banks [2]. - The supported enterprises span 21 provinces and regions, including Hong Kong, with the top five regions for issuance being Beijing, Shanghai, Shandong, Jiangsu, and Zhejiang [2]. - The first month saw private equity firms like Junlian Capital and Dongfang Fuhai registering 4.8 billion yuan, indicating an optimization in the structure of issuing entities [2][3].

Core Insights - The report emphasizes the ongoing recovery of the Chinese economy, with consumption and investment as the main driving forces, suggesting a favorable environment for long-term investments in the stock market [5][9][12] - The report highlights the performance of various sectors, with banking, electricity, and chemical pharmaceuticals leading the market, while software development and automotive parts lag behind [5][9][12] - The report suggests a balanced investment strategy, focusing on companies with strong mid-year performance and reasonable valuations, particularly in the banking, electricity, and chemical pharmaceutical sectors [5][9][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,457.75, with a slight increase of 0.39%, while the Shenzhen Component Index rose by 0.11% to 10,476.29 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 14.13 and 38.67, respectively, indicating a suitable environment for medium to long-term investments [5][9] International Market Performance - Major international indices, including the Dow Jones and S&P 500, experienced declines of 0.67% and 0.45%, respectively, reflecting a mixed global market sentiment [4] Industry Analysis - The photovoltaic industry saw a record high in new installations in May, with 92.92 GW added, marking a year-on-year increase of 388.03% [14][15] - The report notes a significant increase in solar power generation capacity, with a focus on the integration of solar energy in desertification control projects [13][14] - The semiconductor industry continues to show growth, with global sales reaching $56.96 billion in April, a year-on-year increase of 22.7% [18] Investment Recommendations - The report recommends focusing on sectors with strong fundamentals and stable profitability, such as traditional engineering machinery and high-speed rail equipment, while also considering emerging technologies like humanoid robots and AIDC [29][30] - In the media sector, the report suggests monitoring the performance of films during the summer box office season, with several high-profile releases scheduled [32][35]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - The appointment of Zhang Yujin as the chairman of AVIC Engine Group indicates a potential return to high growth for the engine sector, with a broad market outlook [3][7] - The core technologies in the aviation engine industry are maturing, and the pressure on profitability from high investment in model development is expected to ease [7] - The maintenance, commercial aviation, and gas turbine sectors are opening up broader development opportunities for the aviation engine segment [7] Summary by Relevant Sections Industry Overview - The aviation engine industry has made significant progress over the past five years, achieving independence from imported engines for military applications and actively participating in the development of domestic commercial engines [7] Market Dynamics - The demand for weaponry and equipment is expected to expand due to ongoing international tensions, which will benefit the military trade market [6] Investment Recommendations - The report suggests focusing on specific segments within the aviation engine industry, including maintenance, commercial aviation, and gas turbines, as they present substantial growth potential [3][7] - Listed companies under AVIC Group include AVIC Power (600893), AVIC Control (000738), AVIC Technology (600391), and AVIC Materials (688563) [7]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [50]. Core Insights - The China Electronics Technology Group Corporation (CETC) held a low-altitude economy development conference, launching three major product systems: "Tianxing," "Tianwei," and "Tiangong," indicating a structured approach to expanding in the low-altitude economy sector [6][9]. - The report highlights three key companies in the low-altitude economy: Lais Information, Guorui Technology, and Sichuan Electronic Technology, which are expected to benefit from CETC's initiatives [9][11]. Summary by Sections Industry Overview - The low-altitude economy sector includes 122 listed companies with a total market capitalization of 334.069 billion yuan and a circulating market value of 286.285 billion yuan [3]. - The absolute performance of the sector over the past 12 months is 12.2%, while the performance over the last month and six months is 0.6% and -2.5%, respectively [3]. Product Systems - **Tianxing Series**: Focuses on low-altitude support, providing management systems and equipment for high-density, high-frequency flights, achieving a flight punctuality rate of 99.89% [7]. - **Tianwei Series**: Concentrates on low-altitude safety, offering comprehensive safety solutions for urban and regional areas, already implemented in various cities [8]. - **Tiangong Series**: Targets low-altitude manufacturing, with a significant market share in the domestic flight training sector [9]. Company Insights - **Lais Information**: Recognized as a leader in low-altitude digitalization, leveraging its advantages in air traffic management to expand into low-altitude services [11]. - **Guorui Technology**: Positioned to benefit from military trade and low-altitude safety systems, with innovative products like the low-altitude intelligent perception system [14][16]. - **Sichuan Electronic Technology**: Aims to become a leader in low-altitude safety, developing systems for micro-meteorological monitoring and comprehensive safety solutions [19]. Market Performance - The Huachuang Transportation Low-altitude 60 Index increased by 6.3% in the past week and 7% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which declined by 0.3% [24][26]. - Notable stock performances include Guoxuan High-Tech (25%), New Morning Technology (16%), and Green Energy Wisdom Charge (14%) [27]. Investment Recommendations - The report suggests focusing on three major application scenarios for the low-altitude economy from 2025 to 2027: new consumption in cultural tourism, manned transportation, and specialized uses [35]. - Key sectors to watch include main manufacturers, supply chains, low-altitude new infrastructure, and operational applications [36].

Industry Dynamics - The humanoid robot sector is experiencing significant developments, with various companies announcing new projects and partnerships, including Midea's successful deployment of its self-developed humanoid robot in factories and the release of the Star Motion Q5 intelligent robot [1] - The 3D printing equipment production in May saw a year-on-year increase of 40% [1] Government News - The China Securities Regulatory Commission (CSRC) announced support for companies in cutting-edge technology sectors to apply the fifth set of listing standards on the Sci-Tech Innovation Board [2] - Several strategic partnerships were formed in the humanoid robot sector, including Demar Technology's agreement with Zhiyuan Robotics and Qinan Co.'s investment in Moxian Technology [2] Key Focus Stocks - The week highlights key stocks such as Longxi Co., Jindi Co., Yirui Technology, Yingliu Co., and Dingyang Technology [3] Investment Insights 1. Humanoid Robots: Focus on value and positioning, emphasizing suppliers with strong capabilities and identifying incremental opportunities in the market, particularly in components like joint modules, dexterous hands, reducers, and motors [4] 2. AI Infrastructure: Continued growth in capital expenditure for data centers driven by AI demand, with key beneficiaries including Hanzhong Precision, Ice Wheel Environment, and Yingliu Co. [4] 3. Low-altitude Economy: Rapid advancements in the low-altitude economy, with a focus on core components such as engines and motors, highlighting companies like Yingliu Co. and Zongshen Power [5] 4. 3D Printing: As an additive manufacturing technology, 3D printing is expected to open market opportunities across various sectors, with key players including Bolite and Huazhou High-Tech [5] 5. Nuclear Fusion: Progress in nuclear fusion energy is seen as a long-term direction for energy transformation, with companies like Yingliu Co. and Jiangsu Shentong being highlighted [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the mechanical equipment industry [4][30]. Core Views - The humanoid robot sector is highlighted for its growth potential, with a focus on key suppliers and companies with strong market positions. Specific components such as joint modules, dexterous hands, and reducers are identified as critical areas for investment [2][3]. - AI infrastructure is expected to see continued capital expenditure growth driven by demand for data centers, benefiting companies involved in gas turbines and chillers [2]. - The low-altitude economy is progressing rapidly, with a national low-altitude traffic project initiated to standardize air traffic management [3]. - The smart welding robot market is projected to grow significantly, particularly in the steel structure industry, with a market potential nearing 100 billion [3]. - 3D printing technology is gaining traction in various sectors, including aerospace and consumer electronics, due to its advantages in creating complex structures and reducing development cycles [3]. - X-ray detection equipment is experiencing rapid growth driven by demand in healthcare and industrial sectors, with a focus on domestic production of core components [3]. Summary by Sections Industry Dynamics - Recent developments include the introduction of various humanoid robots and AI infrastructure projects, such as the opening of a new data center by Alibaba Cloud in South Korea [1][19]. - The report notes significant growth in 3D printing equipment production, with a year-on-year increase of 40% in May [20]. Government News - The China Securities Regulatory Commission supports the application of the fifth set of listing standards for companies in cutting-edge technology sectors, including AI and low-altitude economy [21]. Company Developments - Notable partnerships and investments include Demar Technology's strategic agreement with Zhiyuan Robotics and Qinan Co., Ltd.'s investment in Moxian Technology [23][24]. - Midea's humanoid robot has successfully begun operations in its factories, marking a significant step in automation [16]. - The launch of the Star Motion Q5 intelligent robot showcases advancements in flexible joint technology and AI control systems [18]. Key Company Earnings Forecast and Valuation - Several companies are rated as "Outperform the Market," including Green's Harmonics, Huichuan Technology, and Zhaowei Electric, with projected earnings per share (EPS) growth for 2024 and 2025 [7][28].

Group 1: Fusion Industry Insights - The high-temperature superconducting material company Shanghai Superconductor has received approval for its IPO, indicating that China's technology in high-temperature superconducting tape is nearing or has reached international standards, with continuous capacity expansion [11] - The company aims to raise 1.2 billion yuan to build a second-generation high-temperature superconducting tape production facility, which is expected to add 6,000 kilometers of production capacity annually once fully operational [11] - Investment from China National Petroleum Corporation into Kunlun Capital for fusion projects highlights the financial backing for the fusion industry [11] Group 2: New Oriental Education Performance Forecast - New Oriental is expected to report revenue of $1.186 billion for Q4 FY25, a year-on-year increase of 4.4%, with the education segment (including cultural tourism) projected to generate $1.034 billion, up 13.3% [12] - The company anticipates a Non-GAAP net profit of $51 million, reflecting a 39.2% increase year-on-year, with a Non-GAAP net profit margin of 4.3%, expanding by 1.1 percentage points [12] - The growth of the study abroad business is slowing, with a forecasted revenue of $298 million for overseas exam training and consulting, representing a 5% increase, which is a slowdown compared to previous periods [12][13] Group 3: Strategic Adjustments and Future Outlook - New Oriental has adjusted its revenue forecasts for FY25-FY27 to $4.84 billion, $5.7 billion, and $7.03 billion, respectively, due to the slowdown in study abroad business growth [13] - The company has increased its Non-GAAP net profit estimates for the same period to $467 million, $575 million, and $710 million, respectively, due to cost control measures and improved operational efficiency [13] - The DCF target price has been raised to $76.3, corresponding to a PE ratio of 17.1 for FY25, indicating a positive outlook for the company's market valuation [13]

Core Viewpoint - The article emphasizes the rapid advancements in nuclear fusion projects both domestically and internationally, highlighting significant investments and technological breakthroughs that could lead to commercial viability in the near future [2][6][21]. Group 1: Recent Developments in Domestic Fusion Projects - The "BEST" project has commenced assembly ahead of schedule, with the goal of completing construction by 2027 [4]. - Various tenders related to the "BEST" and "Xinghuo No. 1" projects have been launched, indicating a robust pipeline of activities and investments [4][6]. - The "Chinese Circulation No. 3" project achieved a significant milestone with a fusion triple product reaching 10^20, marking a critical advancement in plasma performance [4]. Group 2: Investment and Financing Trends - TAE Technologies, a leading U.S. fusion company, raised over $150 million in its latest funding round, bringing its total funding to $1.35 billion, with participation from major investors like Chevron and Google [6]. - Japan announced an additional investment of 10 billion yen (approximately $69 million) into its three major fusion research institutions, aiming for commercialization in the 2030s [6]. - The UK government plans to invest £2.5 billion over the next five years to advance its fusion energy initiatives, including the STEP project [6]. Group 3: Technological Innovations Driving Progress - Innovative magnetic field structures, such as spherical tokamaks, are expected to enhance confinement performance and increase fusion power output in smaller volumes [8]. - The application of high-temperature superconductors is anticipated to significantly improve fusion output power by allowing for higher current densities and stronger magnetic fields [12][14]. - The integration of AI and supercomputing technologies is facilitating real-time predictions and optimizations in plasma behavior, thereby accelerating research and development processes [16]. Group 4: Global Competition and Market Dynamics - The U.S. and China are the largest investors in nuclear fusion, with China's investment growth outpacing that of the U.S. in recent years [18][23]. - As of 2024, the U.S. has invested $5.63 billion in fusion, while China has invested $2.49 billion, indicating a competitive landscape [23]. - The article outlines the potential for fusion energy to meet global energy demands sustainably, with significant advantages over traditional energy sources [21][24]. Group 5: Future Outlook and Application Scenarios - The most optimistic projections suggest that the first fusion power plant could connect to the grid between 2025 and 2030, while a more conservative estimate places this timeline between 2031 and 2035 [48]. - The potential applications of nuclear fusion include electricity generation, industrial heating, and propulsion for spacecraft, with key developments expected around 2030 [53][55]. - The article highlights a "three-step" strategy for China's fusion energy application, progressing from experimental validation to commercial demonstration [42].