Core Insights - Harbin Sitong Warner Electric Power Equipment Manufacturing Co., Ltd. is experiencing significant growth due to the "Central Enterprise +" comprehensive effect promoted by Harbin city, focusing on quality and detail in production for central enterprises [1][2] - The company, established in 2016, has evolved from a small workshop to a strategic supplier in the energy equipment sector, increasing its supply amount from hundreds of thousands to 40 million yuan by 2024 [1] - Recent investments of over 50 million yuan in high-precision heavy equipment have enabled the company to enhance its core processing capacity for turbine products, leading to over 30 patents in the last three years [1] Company Development - The newly completed digital workshop for turbine assembly products includes a new production facility and five key core CNC and lifting equipment, which will add 50 turbine units annually [2] - The company anticipates reaching an output value of 50 million yuan by 2025, marking its transition from a "small workshop" to a "large enterprise" [2] - Continuous high R&D investment has allowed the company to overcome several critical technical challenges, with guidance from key enterprises like Harbin Electric Group [2]

Group 1 - The core viewpoint emphasizes the importance of developing the real economy, particularly through advanced manufacturing as a backbone of a modern industrial system, as outlined in the "14th Five-Year Plan" [1] - CITIC Financial Assets is committed to implementing national policies by focusing on strategic emerging industries such as high-end equipment manufacturing and aerospace, exploring comprehensive financial models like "equity + debt" and "restructuring + relief" [1] Group 2 - CITIC Financial Assets collaborates with local state-owned enterprises to implement a combination of "property rights restructuring + management restructuring + debt restructuring" to facilitate substantial corporate restructuring [2] - The project team designed a trust transaction structure to inject funds for operational recovery, while also introducing advanced technologies and optimizing management processes [2] - By 2025, the revitalized company, a historic brand in manufacturing, will resume operations after a six-month halt, enhancing its market competitiveness with new high-efficiency turbine models [2] Group 3 - The project team conducts in-depth research on the needs of "specialized, refined, distinctive, and innovative" enterprises within the industrial park, aiming to enhance occupancy rates and industry clustering [4] - CITIC Financial Assets collaborates with CITIC Securities and CITIC Bank to create tailored financial service plans, preparing for future issuance of CMBS or REITs [4] - This initiative revitalizes idle assets and injects financial resources into the domestic large aircraft industry chain, supporting Xi'an's ambition to become a world-class aviation city [4] Group 4 - CITIC Financial Assets identifies the real needs of technology-driven enterprises and high-end manufacturing in their transformation, offering a unique "three-chain synergy" comprehensive financial solution [5] - The innovation chain focuses on technology breakthroughs and mechanism optimization, leveraging CITIC Group's resources to provide comprehensive value through management optimization and confidence in development [5] - The funding chain ensures comprehensive coverage and collaboration across all licenses, providing a one-stop service from equity investment to M&A restructuring, creating a technology finance ecosystem [5]

"融资+融智" 老字号汽轮机企业涅槃重生 青岛某汽轮机集团曾是新中国汽轮机工业的"三大四小"骨干企业之一，承载着深厚的工业记忆与民 族匠心。然而，因内部股权纠纷导致管理混乱，企业一度资不抵债，累计负债超60亿元，1200多名职工 面临失业风险。 宏伟蓝图引领时代征程，实体经济铸就强国根基。"十五五"规划建议明确提出，要"坚持把发展经 济的着力点放在实体经济上""构建以先进制造业为骨干的现代化产业体系"。 中国中信金融资产坚决贯彻落实党中央决策部署，依托中信集团赋能优势，聚焦高端装备制造、航 空航天等战略性新兴产业，瞄准产业链供应链关键环节和龙头企业，积极探索"股权+债权""重组+纾 困"等综合金融模式，以实际行动践行"金融向实、产业向新"的责任担当。 记者在采访中了解到，项目团队深入调研园区内专精特新企业需求，依托中信城开招商引入低空经 济、航空产业链上下游企业，提升园区入驻率与产业集聚度。同时，联合中信证券、中信银行等兄弟单 位，量身定制全生命周期金融服务方案，积极对接资本市场，为未来发行产业园CMBS或REITs做足准 备。该项目不仅有效盘活沉淀资产，更通过"科技—产业—金融"良性循环，为国产大飞机产业链 ...

Core Viewpoint - The article emphasizes the importance of building a modern industrial system as the material and technological foundation for Chinese-style modernization, highlighting the need for innovation and the strengthening of the real economy [1][5]. Group 1: Importance of the Real Economy - The real economy is identified as the cornerstone of national strength, with a focus on its role in supporting economic growth and employment [3][4]. - In 2024, China's industrial added value reached 40.5 trillion yuan, accounting for about 30% of GDP, with a year-on-year growth of 6.1% in the first three quarters [4]. - The real economy employs over 400 million people, representing more than half of the national employment population [4]. Group 2: Modern Industrial System Construction - The construction of a modern industrial system is crucial for connecting production and consumption, serving as a key pivot in the national economy for achieving high-quality development [5][6]. - The manufacturing sector's added value accounts for nearly 30% of the global total, maintaining the world's largest scale for 15 consecutive years [7]. - The shift towards intelligent, green, and integrated transformations in the real economy is essential for building a modern industrial system [7][10]. Group 3: Emerging Pillar Industries - The article introduces the concept of emerging pillar industries, which combine characteristics of both emerging and pillar industries, playing a significant role in economic growth [12][16]. - By 2025, the added value of strategic emerging industries is expected to exceed 17% of GDP, an increase of approximately 5.3 percentage points from the end of the 13th Five-Year Plan [16]. - The development of new industries such as low-altitude economy is highlighted, with a projected market size of 1.5 trillion yuan in 2023, potentially reaching 3.5 trillion yuan by 2035 [18]. Group 4: Future Outlook - The article stresses the need to optimize traditional industries while proactively planning for future industries, which are seen as potential strategic emerging industries [19]. - The traditional industries currently account for about 80% of the added value in manufacturing, with an estimated market space of 10 trillion yuan to be added in the next five years [19]. - Strengthening the foundation of the real economy and accelerating the construction of a modern industrial system will lay a solid material foundation for Chinese-style modernization [19].

Core Viewpoint - The construction of a modern industrial system is essential for China's economic development, emphasizing the importance of the real economy and technological innovation as foundational elements for future growth [1][5]. Group 1: Importance of the Real Economy - The real economy is highlighted as the cornerstone of national strength, with a focus on its role in supporting economic stability and growth [1][3]. - In Shandong's Bingzhou, the local kitchenware industry, which includes over 2,800 enterprises, has transformed through innovation and investment, now accounting for 40% of the national market [2][4]. Group 2: Current Economic Data - In 2024, China's industrial added value is projected to reach 40.5 trillion yuan, constituting about 30% of the GDP, with a year-on-year growth of 6.1% in the first three quarters of the current year [4]. - The real economy employs over 400 million people, representing more than half of the national employment population [4]. Group 3: Future Directions and Strategies - The modern industrial system is crucial for achieving high-quality development, with a focus on localizing and regionalizing industrial and supply chains [5][6]. - The "14th Five-Year Plan" has laid a solid foundation for building a modern industrial system, with China's manufacturing value added accounting for nearly 30% of the global total [6][7]. Group 4: Technological Advancements - The shift towards intelligent, green, and integrated transformations in the real economy is essential for enhancing competitiveness [7][10]. - The "smart revolution" in manufacturing has led to a 12% to 15% increase in productivity, exemplified by Shanghai's turbine manufacturing plant [8]. Group 5: Emerging Pillar Industries - The concept of "emerging pillar industries" combines characteristics of both emerging and traditional industries, playing a significant role in economic growth and technological advancement [12][17]. - By 2025, the added value of strategic emerging industries is expected to exceed 17% of GDP, indicating a substantial increase from previous years [18]. Group 6: Market Opportunities - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan this year, with expectations of growing to 3.5 trillion yuan by 2035 [20]. - The traditional industries, which currently account for about 80% of manufacturing value added, are also expected to see significant market expansion, potentially adding around 10 trillion yuan in the next five years [21].

现代化产业体系，中国式现代化的物质技术基础。 习近平总书记强调："必须把因地制宜发展新质生产力摆在更加突出的战略位置，以科技创新为引领、 以实体经济为根基，坚持全面推进传统产业转型升级、积极发展新兴产业、超前布局未来产业并举，加 快建设现代化产业体系。" "十五五"规划建议部署了12项战略任务，摆在第一位的就是"建设现代化产业体系，巩固壮大实体经济 根基"。 首位任务，彰显分量之重，释放鲜明信号—— "我国经济是靠实体经济起家的，也要靠实体经济走向未来。" 实体经济何以成为我国经济的重要支撑？剖析一个样本，会有直观感受。 山东滨州市兴福镇，集聚了2800多家商业厨具上下游企业。然而，几年前，兴福镇厨具产业发展一度举 步维艰：技术落后、品牌不强，企业利润逐年下滑。 还要守着实业吗？是否另谋新路？要不要找些赚快钱的行业？ 几经考量，兴福镇决定坚守厨具、狠抓创新：一手加大投入，引进先进设备；一手全国引才，携手高校 搞研发。 创新引领，有企业研发出节能高效的燃气灶具，热效率提高30%以上；有企业研发出智能炒菜机器 人……如今，兴福镇厨具产业约占全国40%的市场，从业人员达4.2万人。 一座城镇的发展，实业为先；一个国 ...

Group 1: Financial Performance - The company's 2025 semi-annual report indicates a decline in profit compared to the previous year, with specific reasons for the decrease discussed [2] - The gross profit margin has improved, attributed to changes in research and development expenses [2] Group 2: Product Applications - The gas turbine products are primarily used in distributed energy projects, covering sectors such as power, chemicals, municipal services, and papermaking [2] - Successful projects include gas turbine units provided to Kunshan GCL, Zhejiang Petrochemical, and others [2] Group 3: Market Demand - The service segment for gas turbines has seen new maintenance service orders, indicating a potential growth trend in market demand [2] - The company is actively seeking growth opportunities in the overseas gas turbine market, expecting a significant increase in orders compared to the previous year [3] Group 4: R&D Progress - The company has successfully completed ignition and full-load testing of its independently developed gas turbine, meeting discharge standards [2] - Ongoing comprehensive inspections and specialized tests are planned for the turbine's major components and control systems [2] - The gas turbine will be tested at the Lianyungang demonstration power station, which the company is investing in [2]

Core Viewpoint - The report discusses the merger of Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Turbine Power Group Co., Ltd., highlighting the operational performance and sustainability of the latter amid industry challenges and competition. Group 1: Company Performance - The main business of the absorbed party includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [2] - The absorbed party's gross profit and profit margins have been declining over the reporting periods, with gross profits of 1.294 billion, 1.178 billion, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% respectively [2][3] - The absorbed party's net profits were 708 million, 736 million, and 638 million yuan over the same periods, indicating a downward trend [2][3] Group 2: Market Conditions - The global steam turbine market is projected to grow from 28.375 billion USD in 2024 to 33.752 billion USD by 2032, with a compound annual growth rate of 2.19% [6][23] - The domestic steam turbine market is expected to maintain a scale of 35-40 billion yuan, influenced by the "dual carbon" policy and adjustments in the traditional energy structure [7][23] - The absorbed party's industrial steam turbine business is under pressure due to increased competition and market changes, with a significant decline in production and sales volume [11][16] Group 3: Competitive Landscape - The steam turbine market is characterized by a "multi-polar and tiered" competition structure, with international leaders like Siemens Energy and General Electric dominating the global market [9][10] - The absorbed party holds a leading position in the domestic industrial steam turbine sector, with over 50% market share in production and sales from 2021 to 2023 [10][21] - The absorbed party's industrial steam turbines are recognized for their high customization capabilities, allowing them to meet specific customer needs effectively [26][27] Group 4: Future Outlook - The absorbed party has a robust order backlog exceeding 6 billion yuan, providing a solid foundation for future operations [21] - The company is actively exploring new growth opportunities in equipment upgrades, energy-saving renovations, and overseas market expansion [23][24] - The absorbed party's technological innovation and strong R&D capabilities are expected to drive sustainable development and competitive advantage in the market [25][27]

Company Overview - Hangzhou Hailianxun Technology Co., Ltd. (referred to as Hailianxun or the company) is undergoing a share swap merger with Hangzhou Turbine Power Group Co., Ltd. [1] - The main business of the merged entity includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [1][2]. Financial Performance of the Merged Entity - The financial performance of the merged entity shows a continuous decline in gross profit and profit margins over the reporting periods, with gross profits of 1.294 billion yuan, 1.178 billion yuan, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% respectively [1][2]. - The net profit for the reporting periods was 708 million yuan, 736 million yuan, and 638 million yuan, indicating a downward trend [2][3]. Market Conditions and Competitive Landscape - The industrial steam turbine market is facing increased competition due to the "dual carbon policy" and the impact of new energy units on traditional turbine markets, leading to a decline in production and sales [1][9]. - The global steam turbine manufacturing market is projected to grow from 28.375 billion USD in 2024 to 33.752 billion USD by 2032, with a compound annual growth rate of 2.19% [9][24]. Product Segmentation and Sales Dynamics - The merged entity's product offerings include industrial drive steam turbines and industrial power generation steam turbines, with the former accounting for 33.61% of the revenue from steam turbine business [7][12]. - The sales price of industrial drive steam turbines was 1,003.82 thousand yuan in 2024, while the sales price for industrial power generation turbines was 870.79 thousand yuan [14]. Strategic Initiatives and Future Outlook - The company is focusing on enhancing its market position by improving order structures and cost control, with a reported increase in the proportion of industrial drive steam turbine revenue from approximately 40% in 2024 to around 50% in the first quarter of 2025 [18]. - The company has a robust order backlog exceeding 6 billion yuan for industrial steam turbines, indicating a solid foundation for future operations [22]. Technological Advancements - The company has established a comprehensive technology and product research and development system, with multiple national-level innovation platforms to support its technological capabilities [26][27]. - The company has developed unique technologies in the turbine field, enhancing production efficiency and product performance, which are critical for maintaining competitive advantages in the market [27][29].

Core Viewpoint - The merger between Hangzhou Hailianxun Technology Co., Ltd. and Hangzhou Turbine Power Group Co., Ltd. is under scrutiny, focusing on the operational performance and sustainability of the latter, which has shown declining profitability in recent years [1][2]. Group 1: Company Performance - Hangzhou Turbine Power Group's main business includes the design, manufacturing, installation, and operation of industrial steam turbines, gas turbines, generators, and hydraulic turbines [2]. - The company's gross profit and profit margins have been declining, with gross profits of 1.294 billion, 1.178 billion, and 939 million yuan, and gross margins of 29.30%, 26.78%, and 21.21% over the reporting periods [2][12]. - The net profits for the reporting periods were 708 million, 736 million, and 638 million yuan, indicating a downward trend [2]. Group 2: Market Conditions - The global steam turbine market is projected to grow from $28.375 billion in 2024 to $33.752 billion by 2032, with a compound annual growth rate of 2.19% [6][23]. - The Chinese steam turbine market is expected to maintain a scale of 35-40 billion yuan in the coming years, despite pressures from the "dual carbon policy" and adjustments in the traditional energy structure [6][23]. - The industrial steam turbine market in China is facing challenges due to increased competition and a shift towards renewable energy sources, impacting traditional steam turbine sales [7][10]. Group 3: Competitive Landscape - The steam turbine market is characterized by a "multi-polar and tiered" competition structure, with international leaders like Siemens Energy and General Electric dominating the global market [9][10]. - Domestic players such as Dongfang Electric and Shanghai Electric lead the market, with Hangzhou Turbine Power maintaining a significant share in the industrial drive turbine sector [10][21]. - Hangzhou Turbine Power has a competitive edge in customized turbine manufacturing, allowing it to meet specific client needs effectively [15][25]. Group 4: Future Prospects - The company has a robust order backlog exceeding 6 billion yuan, indicating a solid foundation for future operations [20]. - The focus on energy efficiency and carbon reduction is expected to create new growth opportunities in equipment upgrades and energy-saving retrofits [23][24]. - The company is actively expanding its market presence in Southeast Asia and the Middle East, targeting new projects that align with its capabilities [23][24].