登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603308 证券简称：应流股份 公告编号：2025-018 安徽应流机电股份有限公司 安徽应流机电股份有限公司（以下简称"应流股份"或"公司"）于2025年5月14日收到上海证券交易所 （以下简称"上交所"）出具的《关于安徽应流机电股份有限公司向不特定对象发行可转换公司债券申请 文件的审核问询函》（上证上审（再融资）〔2025〕145 号）（以下简称"审核问询函"）。 公司收到审核问询函后，按照要求会同相关中介机构就审核问询函提出的问题进行了认真研究和逐项落 实，同时对募集说明书等相关文件进行了相应的补充和更新。现依据有关规定，对审核问询函回复的具 体内容以及募集说明书等相关文件进行公开披露，具体内容详见公司在上海证券交易所网站 （http://www.sse.com.cn）披露的《关于安徽应流机电股份有限公司向不特定对象发行可转换公司债券 申请文件的审核问询函的回复》等相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得中国证券监督管理委员会 （以下简称"中国证监会"）作出同意注册的决定后方可实施。该事项最终能否通过上 ...

股票简称：应流股份 股票代码：603308 安徽应流机电股份有限公司 （Anhui Yingliu Electromechanical Co.,Ltd.） （安徽省合肥市经济技术开发区繁华大道 566 号） 向不特定对象发行可转换公司债券 并在主板上市 募集说明书 （申报稿） 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年五月 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-2 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、关于本次可转换公司债券发行符合发行条件 ...

股票简称：应流股份 股票代码：603308 安徽应流机电股份有限公司 与华泰联合证券有限责任公司 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 公告日期：2025 年 5 月 7-1-1 上海证券交易所： 安徽应流机电股份有限公司（以下简称"公司"、"发行人"或"应流股份"） 收到贵所于 2025 年 5 月 14 日下发的《关于安徽应流机电股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2025〕 145 号）（以下简称"《问询函》"），公司已会同华泰联合证券有限责任公司 （以下简称"华泰联合证券"或"保荐人"）、天健会计师事务所（特殊普通合 伙）（以下简称"会计师"）、安徽天禾律师事务所（以下简称"律师"）进行 了认真研究和落实，并按照问询函的要求对所涉及的事项进行了资料补充和问题 回复，现提交贵所，请予以审核。 除非文义另有所指，本问询函回复中的简称与《安徽应流机电股份有限公司 向不特定对象发行可转换公司债券并在主板上市募集 ...

天禾律师 应流股份可转债补充法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券之 补充法律意见书（一） 地址：安徽省合肥市怀宁路 288 号置地广场 A 座 35 楼 电话：（0551）62642792 传真：（0551）62620450 7-3-1 天禾律师 应流股份可转债补充法律意见书 安徽天禾律师事务所 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券之 补充法律意见书（一） 天律证 2025 第 00793-1 号 致安徽应流机电股份有限公司： 根据《公司法》《证券法》《注册管理办法》《可转债管理办法》《编报规 则》等有关法律、法规及规范性文件的规定，安徽应流机电股份有限公司与安徽 天禾律师事务所签订了《聘请专项法律顾问合同》，委托本所律师陈明、洪雅娴 （以下简称"本所律师"）以特聘专项法律顾问的身份，参加应流股份本次向不 特定对象发行可转换公司债券工作。本所律师按照律师行业公认的业务标准、道 德规范和勤勉尽责精神，出具本补充法律意见书。 本所律师已经按照《注册管理办法》等法律法规的要求，对应流股份就本次 发行批准授权、实质条件等有关事宜发表法律意 ...

| | | | 一、关于融资规模和效益测算………………………………………第 | | 1—18 | 页 | | --- | --- | --- | --- | | 二、关于业务及经营情况………………………………………… | 第 | 18—93 | 页 | | 三、关于财务性投资……………………………………………… | 第 | 93—97 | 页 | 11 1 关于安徽应流机电股份有限公司 向不特定对象发行可转换公司债券审核 问询函中有关财务事项的说明 天健函〔2025〕5-28 号 上海证券交易所： 由华泰联合证券有限责任公司转来的《关于安徽应流机电股份有限公司向不 特定对象发行可转换公司债券申请文件的审核问询函》（上证上审(再融资)〔2025〕 145 号，以下简称审核问询函）奉悉。我们已对审核问询函所提及的安徽应流机 电股份有限公司（以下简称应流股份公司、应流股份或公司）财务事项进行了审 慎核查，现汇报如下。 本说明中涉及货币金额的单位，如无特别注明，均为人民币万元，部分合计 数与各单项数据之和在尾数上存在差异，这些差异是由于四舍五入原因所致。 本说明中，公司 2025 年 3 月 31 日/2025 年一 ...

安徽应流机电股份有限公司（以下简称"应流股份"或"公司"）于2025年5 月14日收到上海证券交易所（以下简称"上交所"）出具的《关于安徽应流机电股 份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证上审 （再融资）〔2025〕145 号）（以下简称"审核问询函"）。 公司收到审核问询函后，按照要求会同相关中介机构就审核问询函提出的问题 进行了认真研究和逐项落实，同时对募集说明书等相关文件进行了相应的补充和更 新。现依据有关规定，对审核问询函回复的具体内容以及募集说明书等相关文件进 行公开披露，具体内容详见公司在上海证券交易所网站（http://www.sse.com.cn）披 露的《关于安徽应流机电股份有限公司向不特定对象发行可转换公司债券申请文件 的审核问询函的回复》等相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得 中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可 实施。该事项最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时 间尚存在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广 大投资者注意投资风险 ...

Core Viewpoint - The defense industry in China is expected to benefit from both external pressures and internal growth drivers due to the changing global military environment and the country's strategic planning [2]. Group 1: Market Performance - As of May 28, 2025, the CSI Defense Index (399973) decreased by 0.54%, with mixed performance among constituent stocks [1]. - The Defense ETF (512670) fell by 0.57%, with a latest price of 0.7 yuan, but has seen a 3.53% increase over the past month [1]. - The Defense ETF's latest scale reached 4.512 billion yuan, marking a one-year high [1]. Group 2: Industry Outlook - The defense industry is anticipated to experience a recovery in market conditions due to a significant number of orders being issued as 2025, a key planning year, approaches [2]. - The industry is expected to benefit from a combination of policy dividends, performance growth, and technological innovation, highlighting its long-term investment value [1]. - The top ten weighted stocks in the CSI Defense Index account for 43.61% of the index, indicating concentrated investment in key players [3].

Summary of the Conference Call for 应流股份 Company Overview - 应流股份 is involved in multiple sectors including gas turbines, aviation engines, and nuclear power, with a focus on expanding its market presence and enhancing profitability through increased capacity utilization and product development [2][9][10]. Key Industry Insights Gas Turbine Sector - The gas turbine business has seen record revenue and orders, with a forecast upgrade for fiscal year 2025 due to rising electricity demand in Europe, India, and the US, particularly for small to medium-sized gas turbines [2][3]. - Potential signed projects in the gas turbine sector could reach 10 to 20 GW, indicating strong overseas order demand [2][3]. - The supply chain for gas turbine blades is tight, with core suppliers operating at full capacity, which is affecting the availability of blades for gas turbines [2][5]. Aviation Engine Sector - The aviation engine market is experiencing significant growth, driven by domestic demand for large aircraft and opportunities in Southeast Asia [6][12]. - The market size for aviation engines exceeds 100 billion RMB, with strong demand from clients like 吉祥航空, 赛峰, and 罗罗 [12]. - 应流股份 has established strategic agreements with major clients, indicating a robust pipeline for future orders [12]. Nuclear Power Sector - The nuclear power industry has seen a continuous increase in approved projects since 2019, with the share of nuclear energy in total power generation rising from approximately 4% in 2018 to about 5% currently [7][8]. - 应流股份 is well-positioned in the nuclear sector, with expected revenue growth from 4.2 to 5 billion RMB in 2025, reflecting the industry's upward trajectory [15][16]. Financial Performance - 应流股份 has shown a consistent improvement in profitability, with a significant increase in orders, particularly in the gas turbine sector, where total orders reached approximately 1.2 billion RMB [10][11]. - The company’s gross margin has improved, benefiting from capacity release and cost dilution effects [2][9]. - The expected growth rate for the nuclear power sector is between 10% to 20%, with potential for even higher growth [10]. Strategic Developments - 应流股份 has a comprehensive product coverage in gas turbine blades, with over 700 models and more than 100 projects under development [11]. - The company is focusing on domestic substitution opportunities in the heavy-duty segment, which could enhance its competitive position [5]. - The capital expenditure has been steadily increasing, indicating ongoing investments in capacity and technology [13]. Market Outlook - The overall market sentiment for the gas turbine and aviation engine sectors remains positive, with expectations for significant growth in the coming years [10][14]. - 应流股份 is strategically positioned to benefit from both domestic and international market trends, with a focus on expanding its market share in the gas turbine and aviation engine sectors [10][18]. Conclusion - 应流股份 is poised for substantial growth across its key sectors, supported by strong demand, strategic partnerships, and a focus on innovation and capacity expansion. The company’s financial health and market positioning suggest a promising outlook for investors [2][9][18].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds to stimulate technological innovation and market vitality [1][3]. Group 1: Issuance Progress - Nearly 100 institutions have issued technology innovation bonds, totaling over 250 billion yuan [3]. - The first batch of technology innovation bonds was issued by two technology companies and one equity investment institution in Guangdong, with a scale of 2.5 to 3 billion yuan [3]. - In Beijing, the first equity investment institution issued a technology innovation bond of 500 million yuan with a 5-year term, while another technology company, BOE Technology Group, issued a bond of 1 billion yuan with a 10-year term [3][4]. Group 2: Regional Initiatives - Various provinces are actively promoting the issuance of technology innovation bonds, with notable examples from Shandong and Anhui, where multiple companies have successfully issued bonds [4]. - The issuance of technology innovation bonds is expected to lower financing costs, broaden financing channels, and enhance the financing capacity of issuers [4]. Group 3: Recommendations for Improvement - Analysts suggest expanding the range of issuers beyond large banks and state-owned enterprises to include small and medium-sized banks, local financial institutions, and private technology companies [5]. - Recommendations include improving risk-sharing mechanisms, introducing long-term capital, enhancing secondary market liquidity, and implementing differentiated assessments for banks [5]. Group 4: Systematic Design and Local Adaptation - The issuance mechanism for technology innovation bonds should be designed based on regional resource endowments and specific local industrial characteristics [6][7]. - A multi-dimensional implementation framework is recommended, focusing on differentiated financing tools based on the maturity and market conditions of technology enterprises [7][8]. Group 5: Financial Institution Role - Financial institutions are encouraged to transition from being mere fund intermediaries to value creators and discoverers, ensuring stable funding for technology enterprises [8][9]. - Large banks can leverage their funding advantages to issue specialized technology innovation bonds, while small banks can develop niche products tailored to local needs [9].

重点子行业观点 人形机器人： 根据中国机器人网，小鹏汽车董事长何小鹏于5 月21 日的财报会议上分享了小鹏人形机器人的进展： 2025 年小鹏的物理世界基座大模型将在 AI 汽车领域全面应用，同时正在研发更大规模的云端基座大模 型和端侧模型；下一步，小鹏汽车将会从 L2 + 辅助驾驶的研发开始向更高等级的 L3 和 L4 级别自动驾 驶技术发展，并且目标在 2026 年内能够推出面向工业和商业场景的人形机器人，通过量产场景的数据 驱动快速进化。今年在上海车展期间，小鹏展出了第四代人形机器人产品IRON，接下来将在第五代机 器人上部署图灵芯片，大幅提高机器人的端侧算力。 5 月21 日，特斯拉官方Optimus 社交账号发布了Optimus 人形机器人能力的展示视频，展示的多种能力 包括扔垃圾、使用扫帚和吸尘器、撕纸巾、搅拌锅中的食物、打开橱柜、关闭窗帘等日常家务。此外， 它还成功地将一辆 Model X 的前连杆拾起并放置在手推车上，所有这些任务都是通过单一神经网络实 现的。特斯拉Optimus 团队通过将人类执行类似任务的第一人称视频数据输入机器人，使其能够直接学 习并模仿这些动作，这一系统有望为擎天柱快速 ...