证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2025】第 038 号 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称 及人员姓名 | 彤源投资潘贻立 | | | 时间 | 2025 年 7 月 11 日 | | | 地点 | 腾讯会议 | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | | 活动期间谈论的主要内容如下： | | | --- | --- | | 一、讨论了公司业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式压缩机、活塞式压缩机、涡 | | | 旋式压缩机、各类工业热泵、储能蓄能装置、真空冻干设备、速 | | ...

| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | √路演活动 | | | □现场参观 | □其他 | | 参与单位名称 | 长江证券 | 贾少波，富国基金罗松、胡怀瑾、顾飞飞、刘莉莉、 | | 及人员姓名 | 汤启、徐颖真、张弘、毕天宇、杨冬 | | | 时间 | 2025 年 7 月 11 日 | | | 地点 | 腾讯会议 | | | 上市公司接 | 董事会秘书孙秀欣 | | | 待人员姓名 | | | | 活动期间谈论的主要内容如下： | | | --- | --- | | 一、讨论了公司业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式压缩机、活塞式压缩机、涡 | | | 旋式压缩机、各类工业热泵、储能蓄能装置、真空冻干设备、速 | | | 冻装置、换热 ...

我目前两手抓，一方面警惕蓝筹风格，另一方面不会轻易放弃前面走强的板块，如数字货币，虽可能深 度调整，但调整下来我会当机会看。每个人对板块偏好不同，就像工作选择，有人求安稳，有人要高收 入。我不会轻易放弃前期走强板块，像稀土虽凉了一阵，但我每天都在看。PCB负担着点燃算力行情的 任务，我对这个方向比较关心。 7月11日，和讯投顾都业华称，关于光伏板块，最近很多人询问，我稍作提醒。在很多人看来，光伏的 优点是位置低，做超跌反弹可能很带劲，毕竟跌了这么多，反弹力度或许不小。这是光伏设备板块指 数，从乐观角度看，若把去年924国庆后的关键点位标记，目前可设想一个乐观的中期目标三号点，这 样看似乎还有空间。但经验告诉我，对长期下跌趋势的品种处理要谨慎。若以三号点为中期目标，途中 可能出问题的地方在哪？这就像"事前验尸"，做项目前设想若失败，最可能失败在哪个环节。对光伏而 言，这里有个明显的下跌中枢，其上沿是关键阻力位，目前股价已接近，节奏处理需留意。虽然不能随 意猜测趋势反转，但光伏走到这里，技术走势上可能面临节奏转化，可能需要调整酝酿新行情。光伏范 围广，近期光伏玻璃、硅料等细分领域表现较好，可能与产业链关联，需仔细 ...

强军胜战——国防科技行业 2025 年度中期投资策略 20250709 摘要 十四五期间军工板块 EPS 增长是核心驱动力，白马公司业绩兑现推动股 价上涨，多轮主题投资提供参与机会。航空赛道关注新型号、后市场和 军转民等细分领域。 新装备领域，高超音速、低成本武器及火炸药是补短板重点。军贸方面， 央国企支持力度加大，新一代装备如运 20、直 20、歼 35A 等出口潜力 巨大，军贸是重要增长点。 主题投资如低空经济、商业航天、深海科技和可控核聚变等，具备中长 期高增长潜力。2024 年 9 月后，事件催化带来超额收益，板块进入新 增长阶段。 军工板块成长空间广阔，内需方面，中国军费占 GDP 比重低于欧美，增 长空间 20%-100%；外需方面，军贸占比提升空间超 60%；军转民方 面，大飞机产业链市场潜力巨大。 投资策略上，应以盈利驱动的价值投资为主，甄选优质白马股。航空赛 道关注新型号列装、后市场需求及军转民潜力，C919 国产替代空间广 阔。 如何看待十四五期间军工板块的表现？ 十四五期间，军工板块实现了绝对正收益，核心原因是 EPS 增长。许多白马公 司业绩兑现良好，推动股价上涨。此外，多轮主题投资机 ...

向海外市场要空间、以技术革命拓成长——机械行业 2025 年度中期投资策略 20250709 摘要 通用设备领域内需企稳，若叠加外需增量，将构成较好的投资方向。中 长期来看，海外建厂将成为设备需求的重要驱动力，并带来需求结构的 边际变化，尤其关注注塑机、工业机器人等通用设备出口大幅增长。 新技术方向如固态电池、人形机器人、可控核聚变等领域，板块容量大 且边际变化不断推进，下半年仍存在投资机会。关注人形机器人核心零 部件及功能模组与应用场景的爆发机会。 借鉴日本经验，通过出口寻找业绩增量。中美关税及全球关税影响下， 产能地区发生显著变化，企业分散供应链成趋势，具备制造业基础、人 口资源充足、基建完善的地区或成产能聚集地。 石油开采行业设备开支未来三到五年或呈长期增长趋势，中东地区资本 开支上升，为纽威、杰瑞等中国企业带来海外收入机会，贸易政策和新 增需求也增加了中国企业进入海外市场的机会。 制造业延伸将带动流程行业设备需求增长，新兴市场向上游延伸，需要 自制原材料，推动钢铁、化工等流程行业设备需求。长期来看，这是一 个值得关注的发展方向。 Q&A 机械行业在下半年有哪些主要投资策略？ 下半年的机械行业投资策略主 ...

Group 1: Market Overview - US stock markets rose, with the Dow Jones up 0.43%, Nasdaq up 0.09%, and S&P 500 up 0.27%. Notable stock movements included Tesla rising 4.73% and Nvidia up 0.75% [1] - The Shanghai Composite Index reached a new high, boosting market confidence and potentially attracting more capital into the market, with expectations of a continued upward trend [3] Group 2: Industry Insights - The ice-making industry in Henan is experiencing a surge in demand due to high temperatures, with some factories producing nearly 300 tons of ice daily, leading to a doubling of sales. The market for ice products is projected to exceed 63 billion yuan by 2026 [4] - Coal futures saw a significant increase, with coking coal rising 3.98% and coking coal up 3.44%. The demand for coal is expected to rise due to seasonal factors and policy changes aimed at reducing excess production capacity [5] - JD.com is entering the short drama market, indicating a strategic focus on this growing sector, with competitive salaries offered to attract top talent [5][6] - The micro-short drama market in China is projected to reach 505 billion yuan by 2024, surpassing annual box office revenues for films, with a compound annual growth rate of 19.2% expected [6] Group 3: Company Announcements - Baosteel plans to adjust the price of rare earth concentrate for Q3 2025 to 19,109 yuan per ton [9] - Guosheng Financial Holdings expects a net profit of 150 million to 220 million yuan for the first half of the year, a year-on-year increase of 236.85% to 394.05% [9] - The expected net profit for Sailyus in the first half of the year is between 2.7 billion to 3.2 billion yuan, reflecting a significant year-on-year increase of 66.20% to 96.98% [9] - WuXi AppTec anticipates an adjusted net profit of approximately 6.315 billion yuan for the first half of the year, a year-on-year increase of about 44.43% [9] Group 4: Emerging Technologies - Chengdu Hanhai Fusion Energy is set to witness a milestone event on July 18, marking the completion of China's first linear fusion device, HHMAX-901, which signifies a major breakthrough in the commercialization of controlled nuclear fusion [8]

Group 1: Nuclear Fusion - Chengdu Hanhai Fusion announced an event on July 18 to celebrate the completion of China's first linear fusion device HHMAX-901 and the achievement of plasma ignition, marking a significant breakthrough in controllable nuclear fusion commercialization [1] - The main technological paths for controllable nuclear fusion include magnetic confinement (Tokamak), inertial confinement (NIF), and magnetic inertial confinement (linear devices), with multiple facilities under construction globally [1] - Hanhai Fusion is the only commercial fusion company in China using the field-reversed configuration technology, which has a power density approximately 100-1000 times that of Tokamak devices [1] Group 2: Short Dramas - JD Group is recruiting for short drama operation positions, indicating its intention to enter the short drama market, which has seen explosive growth since 2023, with over 600 million users expected by 2024 [2] - The micro-short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing annual box office revenue for the first time, with an expected growth to 63.43 billion yuan by 2025 and 85.65 billion yuan by 2027, reflecting a compound annual growth rate of 19.2% [2] Group 3: Quantum Computing - CSIRO researchers developed a groundbreaking semiconductor process technology that successfully applies Quantum Machine Learning (QML) to construct process models, enhancing manufacturing precision and efficiency while potentially lowering chip production costs [3] - Quantum computing is seen as a core driver of next-generation information technology, with a significant shift towards industrial applications expected between 2025 and 2030, potentially reaching a market size of hundreds of billions of dollars [3] - China's "14th Five-Year Plan" identifies quantum technology as a core strategy, with expectations for breakthroughs in quantum communication and optical quantum computing [3] Group 4: Domestic Services - The Ministry of Commerce plans to implement policies to promote domestic service brands and improve the credit system in the sector, as part of the "2025 Domestic Service Action Plan" [4] - The domestic service market in China surpassed 1.16 trillion yuan in 2023, growing approximately 7.3% from 2022, driven by increasing demand due to family size reduction and aging population [4] - The domestic service industry has a significant talent gap, with over 30 million workers currently employed, indicating a strong potential for job creation [4] Group 5: Autonomous Driving - An international standard for testing scenarios of autonomous driving systems was officially released, outlining evaluation processes and requirements for testing scenarios [5] - The diversity and coverage of testing scenarios are crucial for the effectiveness and reliability of autonomous driving system evaluations, which involve multiple industries including AI, IoT, and urban infrastructure [5] Group 6: Artificial Intelligence - The Shanghai government is preparing for the 2025 World Artificial Intelligence Conference, promoting global cooperation in AI and focusing on key sectors for innovation [6] - The competition in large model technology is intensifying, with significant differences in development paths between China and the US, as domestic companies work on core technology and industry applications [6] Group 7: Gaming Industry - Zhejiang Province has implemented a comprehensive policy to support the international development of gaming companies, aiming to strengthen local game enterprises and foster a gaming export industry cluster [7] - The gaming industry is expected to enter a new development phase characterized by content refinement, AI industrialization, and systematic internationalization by 2025 [7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][12][13]. Core Insights - The company is positioned to benefit from stable growth in traditional businesses while also capitalizing on three key growth areas: special powders, amorphous materials, and controlled nuclear fusion [6][9][15]. - The company has shown continuous improvement in operational efficiency, with a notable decrease in the proportion of expenses relative to revenue, indicating effective cost management [7][40]. - The company has a comprehensive product portfolio, structured under a "2+3+4" business model, which includes two core industries, three key industries, and four incubating industries, allowing for diversified growth opportunities [9][27]. Summary by Sections 1. Business Structure and Market Position - The company operates as a core platform for metal new materials under China Steel Research, focusing on high-end applications in various strategic industries such as AI, new energy, and aerospace [21][24]. - The "2+3+4" structure includes two core industries (refractory tungsten and molybdenum, rare earth permanent magnets), three key industries (amorphous/nanocrystalline materials, high-alloy high-speed steel, superhard materials), and four incubating industries (special powders, injection molding, welding materials, controlled nuclear fusion) [27][28]. 2. Historical Performance and Financial Health - The company has experienced steady revenue and net profit growth from 2021 to 2023, with a two-year compound annual growth rate (CAGR) of 14.26% and 20.53%, respectively [32][35]. - In Q1 2025, the company reported a revenue of 1.782 billion yuan, a year-on-year decrease of 5.76%, while net profit increased by 4.95% to 83 million yuan, indicating resilience despite challenges [7][32]. 3. Growth Drivers - The special powders segment is expected to see sustained high growth due to increasing demand in the electric vehicle and AI sectors, with a projected compound annual growth rate of 10.5% in the global injection molding market from 2023 to 2030 [15][48]. - The amorphous materials segment is entering a high-growth cycle, with significant applications in energy-efficient transformers and electric motors, which are gaining traction in the market [61][74]. - The controlled nuclear fusion segment is accelerating towards commercialization, with the company positioned to benefit from advancements in this field [75]. 4. Profitability Forecast and Valuation - The company is projected to achieve net profits of 330 million yuan, 422 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively, with earnings per share (EPS) expected to be 0.31, 0.40, and 0.52 yuan [11][13]. - The report suggests a valuation premium for the company due to its multiple business segments entering growth phases, with a price-to-earnings (P/E) ratio forecasted at 40.38 for 2025 [12][13].

石油ETF跟踪的是油气产业指数，该指数由中证指数有限公司编制，主要从沪深市场中选取涉及石油与 天然气勘探、开采、加工及相关服务业务的上市公司证券作为指数样本，以反映中国油气行业相关上市 公司证券的整体表现。该指数具备较强的周期性和资源属性特征，能够较好地体现油气产业链企业的市 场走势。 消息面上，2025年7月7日，中科炼化液化烃码头二期项目正式投运，该项目将进一步提升华南地区液化 烃储运能力；同日，石化机械与阿布扎比国家石油公司签署合作备忘录，双方将在油气装备领域深化技 术合作。此外，2025年7月6日，浙江石油35家易捷养车汽服店同步开业，标志着其非油业务向汽车后市 场服务延伸取得新进展。 上海证券指出，传统能源设备行业景气持续，加速出海。美国石油库存处于历史低位，且临近6-9月石 油消费旺季，有望支撑油价上行；地缘政治扰动如美伊核谈判、俄乌冲突、中美关税等因素也对行业产 生影响。中国油气设备公司正加速出海，海外订单贡献盈利。此外，新型能源设备领域可控核聚变资本 开支和景气度上行，商业化渐行渐近。近5年核聚变行业初创企业涌现且投融资活跃，技术进展层出不 穷，国内行业发展进入加速期。2025年以来国内核聚变 ...

核聚变、量子信息、深空探测，在国内，这些前沿关键词聚集在了一个地方，那就是安徽。 "十四五"期间，安徽的重大科技基础设施建设迎来了快速发展期，重大原创科技成果竞相涌现。今天让我们一起跟着记者的脚步，走进安徽合肥，看看那里 的最新建设情况。 重大原创科技成果 竞相涌现 在安徽合肥聚变堆的园区，每座建筑都是一个巨大的实验室，里面分别在研发安装"人造太阳"的不同关键部件。记者所在的实验室里，最明显的一座半圆形 的装置，看起来非常像一个"橘子瓣"，它的学名叫作： 聚变堆主机八分之一真空室及总装平台。目前，这里正在进行偏滤器部件和遥操作系统的集成测 试，将进一步验证这个总装平台的综合能力。 中国科学院合肥物质院等离子体物理研究所团委书记叶华龙：我们的园区是2022年3月份投入使用，19个子系统建设的进程，节奏是全面加快了，预计到年 底就会基本建成。 所谓人造太阳，是模仿太阳的原理，让氢原子在超高温高压下碰撞融合，释放出巨大能量。每一升海水里面提取的氢的同位素氘，经过聚变反应，就能释放 出相当于300升汽油的能量，而且生成物是氦气和水，没有任何废物和放射性元素，是未来的理想能源。 要建设"人造太阳"，就要有极其特殊的技术 ...