证券研究报告·北交所公司点评报告·通用设备 方盛股份（832662） 2025 中报点评： 风电需求旺盛推动营收增 长，储能、数据中心液冷及氢能为新增长极 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 343.38 | 347.17 | 454.16 | 577.94 | 736.06 | | 同比 | (2.71) | 1.10 | 30.82 | 27.26 | 27.36 | | 归母净利润（百万元） | 62.61 | 29.81 | 43.41 | 60.94 | 79.88 | | 同比 | 16.01 | (52.39) | 45.63 | 40.38 | 31.08 | | EPS-最新摊薄（元/股） | 0.72 | 0.34 | 0.50 | 0.70 | 0.91 | | P/E（现价&最新摊薄） | 62.07 | 130.38 | 89.53 | 63.77 | 48.65 | [Ta ...

过沌口、经军山、奔汉南，全长22公里的左岸大道经开段沌口至大军山段8月20日全线 贯通。 "左岸大道不仅是一条城市交通主动脉，更是一条正在兴起的新千亿产业带。"武汉经开 区发展改革局副局长周文智说。 8月20日，左岸大道经开段西侧，一栋栋红色外墙的建筑大楼拔地而起。再过10来天， 华中科技大学军山校区迎来新生开学，未来技术创新研究院中试基地、"下一代动力电池"技 术等30个科技成果转化项目，正在从实验室走向生产线。大军山北麓的武汉理工大学军山校 区一期已建成启用，在新能源汽车、氢能、智能网联、船舶交通等领域与武汉经开区展开深 度融合。 围绕两大校区，军山新城规划建设的22公里环大学创新发展带初显雏形，一个个科创项 目建设跑出"加速度"。 与武汉理工大学军山校区一路之隔，湖北迈睿达供应链总部基地将打造国家级研发中 心、智能物流机器人生产基地；正在岚图云峰工厂安装的1.6万吨超大压铸机产线，将让新 能源汽车减重三成，强度还更高；海珀特武汉研发中心推出的全球首款氢燃料电池干线物流 重卡，续航超过1000公里，正奔赴海外市场。 "军山新城蓬勃兴起，潜力无限。"武汉经开区军山新城负责人介绍，在左岸大道沿线， 布局了氢能 ...

Group 1 - Puyang is located at the intersection of Hebei, Shandong, and Henan provinces, known as a historical and cultural city with deep roots tracing back to ancient times [1][3] - The city is recognized as the birthplace of "Chinese Dragon" and has various cultural titles such as "Hua Xia Long Du" and "Chinese Cang Jie Culture Town" [3][9] - Puyang has a rich historical background, with significant events and figures from ancient Chinese history associated with the area, including the legendary Yellow Emperor and Cang Jie [8][9] Group 2 - Puyang is home to the "Chinese Dragon" discovered in 1987, which is over 6,400 years old, pushing the history of Chinese civilization forward by over a thousand years [11][13] - The city has a strong cultural heritage, including the "Three Cao Culture" from the Three Kingdoms period, and is known for its contributions to Chinese calligraphy and literature [18][20] - Puyang has a notable red culture, being a revolutionary base during modern history, with significant events such as the crossing of the Yellow River by the Liu-Deng army in 1947 [29][31][35] Group 3 - The city has transitioned from being heavily reliant on the oil industry, with the establishment of the Zhongyuan Oilfield in 1975, to diversifying its economy into petrochemicals, equipment manufacturing, and green food industries [41][43] - Puyang is focusing on emerging industries, particularly in hydrogen energy and new materials, aiming to transform into a "Hydrogen City" while developing a modern industrial system [45][47] - The city is also enhancing its logistics capabilities, positioning itself as a regional logistics hub with significant agricultural product trading and processing facilities [54][56] Group 4 - Puyang is recognized for its ecological initiatives, aiming to build a livable city with green spaces and sustainable development practices [60] - The city is actively promoting its cultural heritage and tourism, encouraging visitors to explore its historical and natural attractions [60]

石化和炼油行业反内卷，对化工行业影响几何？ 20250820 摘要 石化行业面临国内外市场产品价格下降和激烈竞争，以及反倾销诉讼的 挑战。国家通过摸排产能、淘汰重复装置和技术升级等措施，推动节能 降碳和产业结构优化，反内卷成为年度重点任务。 产能预警报告显示，炼油、丙烯、PVC 等 14 种产品为高风险，纯碱、 乙二醇等 10 种为较高风险，存在结构性过剩问题，低端产品过剩而高 端产品依赖进口，需淘汰老旧装置并引进先进技术。 民营企业在石化行业转型升级中更具优势，其设备新技术先进且盈利状 况良好，更愿意投入节能改造。央国企则面临更大的转型压力，需对老 旧装置进行核心改造升级。 碳达峰前，石化行业新增产能包括一次炼油能力增加 4,000 万吨，代表 先进技术和方向，不会导致过剩。乙烯等基础原料的新增装置将为"十 五五"期间高质量发展奠定基础。 石化产业链发展依赖政策引导和下游市场需求，鼓励炼化一体化、延长 产业链。医药、生物、航空航天、新能源等新兴市场需求增加，推动可 降解材料 BDO 和光伏材料 POE 等产品快速发展。 Q&A 石化行业在反内卷政策背景下的现状和发展趋势如何？ 反内卷政策对石化行业来说是一个 ...

The Hong Kong and China Gas Company Limited (0003.HK) 2025 Interim Results 20 August 2025 1 The Hong Kong and China Gas | 2025 Interim Results 2025: Overall Operating Environment and Group Strategy Macro Environment Group Strategy Uncertainty in tariff policies affects industrial energy consumption Weak economy and slight decline in PMI affect exports "Launching the Construction of Zero-Carbon Parks" brings positive impacts to green energy The government boosts consumption through fiscal subsidies and consu ...

文、编辑 | 白 前言 当全球还在为石油定价权厮杀时，中国科学家悄然从海洋中劈开一条能源革命的血路，他们竟让海水直 接"燃烧"成了氢能！ 一群中国人破解了困扰世界半个世纪的终极难题，海水中的腐蚀性元素曾摧毁无数实验装置，如今却在 中国团队的电极材料前俯首称臣。更惊人的是，这项技术竟将制氢成本砍至每公斤20元以下，比一瓶奶 茶还便宜！ 中国三百万平方公里的海域瞬间化作"无限氢矿"，石油卡脖子时代或将终结。而西方巨头严防死守的氢 能专利墙，已被一脚踏碎。 当氢能成本跌破"白菜价"，全球能源霸权将如何崩塌？ 海水制氢 中国团队在"直接海水电解制氢"技术上，干出全球领先的成绩！别小看这个"制氢"二字，它可不是实验 室里点个火、吹个泡就行，而是动真格地卡住了人类能源转型的脖子。 很多人可能还不知道，海水制氢其实是全球科研圈几十年来的难题。为什么？因为海水里面不只有水， 还有一大堆"捣乱分子"，盐分、氯离子、杂质，这些玩意一旦参与反应，不但氢气纯度下降，还能把设 备腐蚀到报废。 说直白点，以前大家都想用海水搞清洁能源，但设备一上来，几天就锈成废铁，搞不下去。 以后别说被人"卡油脖子"，就算国际油价飙升，中国也能淡定："不 ...

Product Portfolio - The company has developed a product structure consisting of four major segments: internal combustion engine components, automotive electronics, braking systems, and hydrogen energy [2][3] - The internal combustion engine segment includes cylinder liners, pistons, piston rings, and bearings, with cylinder liners recognized as a manufacturing champion and holding a leading global market share [2] - The automotive electronics segment focuses on turbocharger electronic actuators, which have seen a year-on-year increase in market share [2] - The braking system segment features composite brake drums, which are positioned at the forefront of the industry due to technological advantages and product performance [2] - The hydrogen energy segment includes a comprehensive range of products such as hydrogen fuel cell engines and bipolar plates [2] Overseas Expansion - The company plans to invest no more than RMB 350 million to establish a factory in Thailand, aiming to enhance its global market presence [3] - The Thai factory will feature four casting production lines and 18 cylinder liner processing lines, with an annual design capacity of 7 million cylinder liners [3] - The first casting production line has been completed, and the initial batch of qualified products has been successfully produced [3] Product Advantages and Capacity Expansion - The company's dual-metal composite brake drum offers advantages such as lightweight design, improved durability, and better thermal performance compared to traditional brake drums [4] - The second phase of the brake drum project was completed and put into production in June 2025, with an overall planned annual capacity of 1.4 million units [4] - The company will adjust production lines based on market demand to meet both domestic and international customer needs [4] Electric Actuator Development - The electric actuator product line includes various models for gasoline and diesel engines, with advantages in size, weight, integration, and cost [5][6] - The company has secured a significant order from an international client for its diesel engine smart electric actuators, breaking the monopoly of foreign brands in the high-end commercial vehicle market [6] - Continuous investment in production line expansion is planned to meet the growing demand for electric actuators [6] Research and Development Initiatives - In 2024, the company established an industrial development research institute in Shanghai, focusing on internal combustion engine research, new energy development, and automotive electronics [7] - The research institute aims to enhance innovation and support the company's technological advancements and industrial upgrades [7]

Market Performance - On August 18, A-shares saw all three major indices close higher, with the Shanghai Composite Index rising by 0.85% to 3728.03 points, the Shenzhen Component Index increasing by 1.73% to 11835.57 points, and the ChiNext Index up by 2.84% to 2606.2 points. The North Star 50 Index surged by 6.79% [1][2] - The total trading volume for the day reached 280.91 billion yuan, an increase of 53.63 billion yuan compared to the previous day, with over 4000 stocks rising across the market [1] Overnight Market Trends - In the U.S. stock market on August 18, the Dow Jones Industrial Average fell by 34.30 points (0.08%) to 44911.82 points, while the S&P 500 decreased by 0.65 points (0.01%) to 6449.15 points. The Nasdaq Composite rose by 6.80 points (0.03%) to 21629.77 points [3][4] - European markets showed mixed results, with the UK FTSE 100 up by 0.21% to 9157.74 points, while the French CAC40 and German DAX indices fell by 0.50% and 0.18%, respectively [3][4] - International oil prices increased, with WTI crude oil rising by 0.99% to $63.42 per barrel and Brent crude oil up by 1.14% to $66.60 per barrel [3][4] Industry Developments - The Ministry of Commerce announced an extension of the anti-subsidy investigation into imported dairy products from the EU until February 21, 2026, due to the complexity of the case [5] - Beijing plans to establish a hydrogen energy infrastructure network covering the city and the Beijing-Tianjin-Hebei region, promoting hydrogen energy applications and projects [6] - The Shanghai Futures Exchange will launch options for fuel oil, petroleum asphalt, and pulp starting September 10, 2025 [7] - The National Radio and Television Administration is encouraging the production of high-quality micro-short dramas for television broadcasting, aiming to enhance content supply [8][9] - The People's Bank of China emphasized the need for policy support to invigorate the movable property financing market, particularly for small and medium-sized enterprises [10] - As of August 17, the national railway has sent over 7.12 million passengers during the summer transport period, marking a year-on-year increase of 4.1% [11] Capital Flow Insights - The top five industries with net inflows of capital included communication equipment (3.2% increase), electronic components (3.12% increase), and consumer electronics (4.03% increase) [13] - The top five stocks with significant net inflows were ZTE Corporation, Northern Rare Earth, and Liyuan Intelligent Manufacturing, among others [15] - Conversely, the securities sector experienced a net outflow of 62.58 billion yuan, with Tianfeng Securities being the largest net outflow stock [13][15]

Key Points - The article discusses various significant news and developments in different sectors, including finance, media, and technology [5][10]. Group 1: Financial Developments - The Shanghai Stock Exchange reported that from January 1 to August 17, 2025, 15 IPO companies raised a total of 34.233 billion yuan, while the Shenzhen Stock Exchange's main board had 8 IPOs raising 4.378 billion yuan, and the ChiNext board had 24 IPOs raising 14.887 billion yuan, totaling 64.821 billion yuan across all exchanges [7]. - The company "淳中科技" clarified that its business does not involve the production of liquid-cooled servers, only participating in testing platforms [11]. - "中国船舶" announced that its stock will resume trading on August 19 [12]. Group 2: Media and Content Regulations - The National Radio and Television Administration implemented measures to enhance television content supply, encouraging the inclusion of high-quality micro-short dramas in TV broadcasts [3][7]. - The "Content Renewal Plan" aims to improve content innovation and management policies for TV series, including adjustments to the number of episodes and airing intervals [7]. Group 3: Technology and Innovation - The "北京市可再生能源开发利用条例实施方案" draft seeks to advance hydrogen energy infrastructure and applications, aiming to establish a comprehensive hydrogen infrastructure network in the Beijing-Tianjin-Hebei region [8]. - The "河北省加快推动北斗规模应用三年行动方案" draft focuses on enhancing the Beidou infrastructure and establishing a public service platform for Beidou applications [8]. Group 4: Corporate Performance - "芯动联科" reported a net profit increase of 173.37% year-on-year for the first half of the year and plans to distribute 1.56 yuan per 10 shares [16]. - "国盛金控" achieved a net profit of 209 million yuan in the first half of the year, marking a 369.91% increase [17]. - "骄成超声" reported a net profit of 58.037 million yuan, reflecting a 1005.12% year-on-year growth [18].

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a significant decline in net profit, primarily due to industry challenges and pricing pressures in the carbon fiber sector [2][3]. Financial Performance - The company achieved operating revenue of 1.2008 billion yuan, a year-on-year increase of 3.87% [3]. - The net profit attributable to shareholders was 269.45 million yuan, down 26.85% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 245.62 million yuan, a decrease of 24.23% year-on-year [3]. - The net cash flow from operating activities was 307.01 million yuan, down 15.76% from the previous year [3]. - Basic earnings per share were 0.3241 yuan, a decline of 27.27% [3]. - Total assets at the end of the reporting period were 8.0425 billion yuan, a slight decrease of 0.36% from the end of the previous year [3]. Segment Performance - The carbon fiber segment, including the expansion of fiber and Inner Mongolia Guangwei, generated sales of 636 million yuan, down 6.85% year-on-year due to supply-demand imbalance and price declines [2][3]. - The energy new materials segment, which includes wind power carbon beams, achieved sales of 369 million yuan, a significant increase of 47.95% year-on-year due to new customer growth and increased orders from traditional clients [3]. - The prepreg business in the general new materials segment saw sales of 111 million yuan, a decrease of 5.17% due to market competition and price declines [4]. - The composite materials technology segment reported sales of 35 million yuan, down 46.20% year-on-year [5]. - The precision machinery segment achieved sales of 37 million yuan, an increase of 7.88% [6]. - The Guangsheng technology segment generated sales of 7.54 million yuan, up 44.79% year-on-year, focusing on aerospace applications [6]. Strategic Developments - The company has established collaborations in the hydrogen energy sector, with over half of its civil fiber business revenue, approximately 120 million yuan, coming from hydrogen bottle applications [6]. - The company has been included in the procurement catalog for major aircraft projects, indicating a growing presence in the aerospace industry [6].