资金流向方面，今日该股主力资金净流出7.82亿元，其中，特大单净流出5.66亿元，大单资金净流出 2.16亿元。近5日主力资金净流出3.41亿元。 融资融券数据显示，该股最新（12月31日）两融余额为10.47亿元，其中，融资余额为10.44亿元，融券 余额为376.49万元。近5日融资余额合计增加7417.88万元，增幅为7.65%。融券余额合计增加190.54万 元，增幅102.47%。 五洲新春(603667)今日上涨6.03%，全天换手率28.19%，成交额77.07亿元，振幅13.19%。龙虎榜数据显 示，机构净卖出2.21亿元，沪股通净买入7020.77万元，营业部席位合计净买入4.35亿元。 上交所公开信息显示，当日该股因日换手率达28.19%上榜，机构专用席位净卖出2.21亿元，沪股通净买 入7020.77万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交20.10亿元，其中，买入成交额为11.47亿 元，卖出成交额为8.63亿元，合计净买入2.84亿元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即卖二，合计净卖出2.21亿元，沪股通 为第一大买入营业部及第一大卖 ...

Investment Rating - The report assigns an "Outperform the Market" rating for the company [4] Core Insights - The company is a leading manufacturer of anti-corrosion and wear-resistant cladding equipment, actively expanding into overseas markets and new business areas, particularly in HRSG (Heat Recovery Steam Generators) and oil and gas composite pipes, which are expected to drive growth [1][3] - The company has a projected revenue and net profit CAGR of 13.94% and 2.07% from 2018 to 2024, respectively, with a significant increase in overseas revenue share from 11% in 2021 to 55% in 2024 [1][29] - The company is well-positioned to benefit from the upcycle in the HRSG market driven by the demand for gas turbines and AI data centers, with an estimated overseas HRSG demand of approximately 50-80 billion yuan over the next 3-5 years [2][3] Summary by Sections Company Overview - The company, established in 2007, specializes in anti-corrosion and wear-resistant cladding equipment, with applications in energy, environmental protection, and other industrial sectors [14] - It has a strong customer base, including major companies like GE and Hitachi, and is expanding its international presence in markets such as the UAE, the US, and Europe [14][19] Financial Performance - The company experienced a decline in domestic demand, leading to a decrease in revenue from 5.75 billion yuan in 2022 to 4.60 billion yuan in 2024, while net profit is expected to drop from 1.21 billion yuan in 2022 to 0.69 billion yuan in 2024 [25][29] - The overseas revenue share is projected to rise significantly, with a CAGR of 55.72% from 2021 to 2024, indicating a strategic shift towards international markets [29] Business Segments - The HRSG segment is expected to benefit from the increasing demand for gas turbines, with the company investing in production capacity in Vietnam to meet North American market needs [2][3] - The oil and gas composite pipe business is also being developed, targeting the growing demand in the Middle East for deep-sea oil and gas extraction [3][19] Profitability and Valuation - The company forecasts net profits of 0.53 billion yuan, 1.79 billion yuan, and 3.46 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 132, 39, and 20 [3][8] - The reasonable stock valuation range is set between 67.50 and 74.25 yuan, indicating potential upside from the current closing price of 52.28 yuan [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints Manufacturing - Overall: In December, the manufacturing PMI's five - year percentile was at 57.6%, with a change of 37.3%. Four industries had their manufacturing PMI in the expansion range, 4 less than the previous month and 3 less than the same period last year [4]. - Supply: Slightly declined. The 3 - month average of the manufacturing PMI production index in December was 50.5, a 0.1 - percentage - point decrease from the previous month. Five industries showed month - on - month improvement, while 10 industries declined [4]. - Demand: Still needed improvement. The 3 - month average of the manufacturing PMI new orders in December was 49.6, a 0.4 - percentage - point increase from the previous month. Three industries showed month - on - month improvement, and 12 industries declined [4]. - Inventory: Continued destocking. The 3 - month average of the manufacturing PMI finished - goods inventory in December remained flat at 47.9. Five industries saw inventory increase, and 10 industries saw inventory decrease [4]. Non - Manufacturing - Overall: In December, the non - manufacturing PMI's five - year percentile was at 22.0%, with a change of 10.2%. Eleven industries had their non - manufacturing PMI in the expansion range, 5 more than the previous month and 1 more than the same period last year [5]. - Supply: Employment remained at a low level. The 3 - month average of the non - manufacturing PMI employee index in December was 45.5, a 0.4 - percentage - point increase from the previous month. Both the service and construction sectors increased by 0.4 percentage points [5]. - Demand: Still needed improvement. The 3 - month average of the non - manufacturing PMI new orders in December was 46.3, a 0.4 - percentage - point increase from the previous month. The service sector's new orders increased by 0.2 percentage points, and the construction sector's new orders increased by 1.7 percentage points [5]. - Inventory: Continued destocking. The 3 - month average of the non - manufacturing PMI inventory in December was 45.3, with no change from the previous month. The service sector's inventory remained unchanged, and the construction sector's inventory increased by 0.8 percentage points [5]. Summary by Directory Overview - Manufacturing PMI: In December, the manufacturing PMI's five - year percentile was at 57.6%, with a change of 37.3%. Four industries had their manufacturing PMI in the expansion range, 4 less than the previous month and 3 less than the same period last year [10]. - Non - Manufacturing PMI: In December, the non - manufacturing PMI's five - year percentile was at 22.0%, with a change of 10.2%. Eleven industries had their non - manufacturing PMI in the expansion range, 5 more than the previous month and 1 more than the same period last year [10]. Demand - Manufacturing: The 3 - month average of the manufacturing PMI new orders in December was 49.6, a 0.4 - percentage - point increase from the previous month. Three industries showed month - on - month improvement, and 12 industries declined. - Non - Manufacturing: The 3 - month average of the non - manufacturing PMI new orders in December was 46.3, a 0.4 - percentage - point increase from the previous month. The service sector's new orders increased by 0.2 percentage points, and the construction sector's new orders increased by 1.7 percentage points. Five industries showed month - on - month improvement, and 10 industries declined. Pay attention to the improvement in textiles and pharmaceuticals and the decline in petroleum [16]. Supply - Manufacturing: The 3 - month average of the manufacturing PMI production index in December was 50.5, a 0.1 - percentage - point decrease from the previous month. Five industries showed month - on - month improvement, and 10 industries declined. The manufacturing PMI employee index in December was 48.3, a 0.1 - percentage - point decrease from the previous month. Five industries showed month - on - month improvement, and 10 industries declined. - Non - Manufacturing: The 3 - month average of the non - manufacturing PMI employee index in December was 45.5, a 0.4 - percentage - point increase from the previous month. The service and construction sectors both increased by 0.4 percentage points. Eleven industries showed month - on - month improvement, and 3 industries declined. Pay attention to the decline in non - ferrous metals and农副食品 and the improvement in ferrous metals [25]. Price - Manufacturing: The 3 - month average of the manufacturing PMI ex - factory price index in December was 48.2, a 0.2 - percentage - point increase from the previous month. Seven industries saw their ex - factory prices improve, and 8 industries declined. In terms of profit, the profit trend in December increased by 0.4 percentage points, and the overall continued to converge. - Non - Manufacturing: The 3 - month average of the non - manufacturing charge price index in December was 48.3, a 0.2 - percentage - point increase from the previous month. The service sector increased by 0.3 percentage points, and the construction sector decreased by 0.2 percentage points. Eight industries showed month - on - month improvement, and 7 industries declined. In terms of profit, the profit in December remained unchanged. The service sector decreased by 0.1 percentage points, and the construction sector increased by 0.5 percentage points. Pay attention to the improvement in non - ferrous metals and the decline in petroleum [34]. Inventory - Manufacturing: The 3 - month average of the manufacturing PMI finished - goods inventory in December remained flat at 47.9. Five industries saw inventory increase, and 10 industries saw inventory decrease. The manufacturing PMI raw - material inventory in November decreased by 0.2 percentage points to 47.5. Seven industries saw inventory increase, and 8 industries saw inventory decrease. - Non - Manufacturing: The 3 - month average of the non - manufacturing PMI inventory in December was 45.3, with no change from the previous month. The service sector's inventory remained unchanged, and the construction sector's inventory increased by 0.8 percentage points. Five industries saw inventory increase, and 10 industries saw inventory decrease. Pay attention to the destocking of non - metallic products and the increase in construction inventory [42]. Main Manufacturing Industry PMI Charts - The report provides data on the PMI of various manufacturing industries, including general equipment, special equipment, automobiles, computers, motors, pharmaceuticals,农副食品, textiles, non - ferrous metals, petroleum, chemicals, ferrous metals, non - metallic products, metal products, and chemical fiber and rubber products, showing values, month - on - month changes, three - year averages, and year - on - year changes [53][54][57][58][59][66][67][68].

本报记者 王僖 2025年最后一个交易日收盘后，山东省章丘鼓风机股份有限公司（以下简称"山东章鼓"）公告，因涉嫌定期报告财务信息 披露违法违规，被中国证监会立案调查。这距离该公司上次收到监管文件仅约两周时间。 山东章鼓方面在公告中表示，将积极配合中国证监会立案调查工作，并严格按照相关法律法规的规定和监管要求及时履行 信息披露义务，并称目前，该公司各项生产经营活动正常有序开展，本次立案不会对公司生产、经营和管理造成重大影响。 从责令改正到立案调查 王智斌分析认为，关联交易管理缺位表明董事会及专门委员会未能有效识别、审议和披露利益冲突事项；募集资金违规使 用则显示出财务内控制度执行不力，资金审批流程流于形式；股东大会监票问题，则说明议事规则未被严格遵守，中小股东权 利保障机制薄弱。 众和昆仑（北京）资产管理有限公司董事长柏文喜对《证券日报》记者进一步表示，该公司合规文化薄弱、内部审计独立 性不足、独立董事与监事会监督乏力，是治理失效的深层根源。 值得注意的是，内控危机之下，山东章鼓长期"父子掌舵"的治理结构也迎来变局。作为持股29.8%的国资控股股东，济南 市章丘区公有资产经营有限公司（章丘公资公司）一改往日"持 ...

证券研究报告 2026 年 01 月 04 日 湘财证券研究所 行业研究 机械行业周报 12 月 PMI 重回扩张区间，关注通用设备、机器人 ——机械行业周报（2025.12.29~2025.12.31） 相关研究： 1.《20251213湘财证券-机械行业：持续 推荐锂电专用设备、燃气轮机、机器 人》 2.《20251221湘财证券-机械行业：11月 工程机械需求持续好转，工业机器人产 量保持快速增长》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 6.9 3.4 27.5 绝对收益 9.1 3.2 50.2 -20% 0% 20% 40% 60% 25/01 25/03 25/05 25/07 25/09 25/11 机械设备(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 通用设备：2025 年 12 月 PMI 为 50.1%，环比上升 0. ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][9]. Core Insights - The report highlights that xTool holds the largest market share in the laser engraving machine segment, with a market share of approximately 47% in the first nine months of 2025 based on GMV [3]. - Demand is driven by emotional consumption, the rise of the creative economy, and maker culture, which are shifting consumer preferences towards personalized and unique designs [3]. - The supply side benefits from advancements in AI technology, integration of software and hardware ecosystems, and cost reductions from domestic supply chains, enhancing market penetration [3]. - The global market for technology-enabled personal creative tools is projected to grow from $6.8 billion in 2024 to $39.1 billion by 2030, with a compound annual growth rate (CAGR) of 33.8% [3]. - The laser personal creative tools market is expected to expand from $1 billion in 2024 to $3.6 billion by 2030, with a CAGR of 23.1% [3]. Summary by Sections Market Demand - The demand for personal creative tools is influenced by trends in emotional value consumption, the growth of the creative economy, and the emergence of maker culture and social media [3]. Market Supply - Innovations in AI and automation, along with the digital integration of software and hardware, are lowering barriers to entry and improving user experience [3]. Market Size and Growth - The market for personal creative tools is expected to see rapid growth, with significant increases in both overall market size and specific segments like laser tools [3]. Industry Chain - The industry chain includes upstream suppliers of core hardware, midstream product providers like xTool, and downstream users such as individual creators and small businesses [3]. Investment Opportunities - Key investment targets include laser engraving machine manufacturers like xTool and component suppliers such as JPT and Raycus Laser, as well as consumer-level 3D printing companies [3][4].

截至2025年12月31日收盘，山东章鼓（002598）报收于10.69元，较上周的10.7元下跌0.09%。本周，山 东章鼓12月29日盘中最高价报10.91元。12月31日盘中最低价报10.53元。山东章鼓当前最新总市值33.36 亿元，在通用设备板块市值排名178/217，在两市A股市值排名4340/5181。 山东省章丘鼓风机股份有限公司于近日收到中国证券监督管理委员会下发的《立案告知书》，因涉嫌定 期报告财务信息披露违法违规，中国证监会决定对公司进行立案。公司表示将积极配合调查，并按规定 及时履行信息披露义务。目前公司生产经营活动正常，本次立案不会对公司生产、经营和管理造成重大 影响。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总 关于收到中国证券监督管理委员会立案告知书的公告 本周关注点 公司公告汇总：因涉嫌定期报告财务信息披露违法违规，公司被证监会立案调查。 ...

Core Viewpoint - Shandong Weida (002026) has reported a slight increase in stock price and has outlined its plans for 2026, including various financial transactions and associated risks management strategies [1][2]. Company Announcements - The 6th temporary meeting of the 10th Board of Directors was held on December 30, 2025, where several key resolutions were passed, including expected daily related transactions for 2026 with Shandong Weida Rem Machinery Co., Ltd. and Shandong Weida Group Co., Ltd. totaling no more than 13.69 million yuan [1][3]. - The company plans to conduct foreign exchange forward settlement and swap transactions with amounts not exceeding 150 million USD and 10 million USD, respectively, to mitigate foreign exchange risk [2][3]. - The company intends to use up to 1.3 billion yuan of idle funds for entrusted wealth management, with a focus on low-risk, stable financial products for the period from January 1, 2026, to December 31, 2026 [2][3]. Related Transactions - For the fiscal year 2026, the company anticipates related transactions with Shandong Weida Rem Machinery Co., Ltd. involving sales and services not exceeding 30 million yuan and purchases not exceeding 60 million yuan, along with rental of factory space not exceeding 700,000 yuan [2][3]. - The pricing for these related transactions will adhere to market principles and has been approved by the Board of Directors, with related directors abstaining from voting [2][3].

截至2025年12月26日收盘，哈空调（600202）报收于5.9元，较上周的5.93元下跌0.51%。本周，哈空调 12月22日盘中最高价报6.01元。12月23日盘中最低价报5.81元。哈空调当前最新总市值22.5亿元，在通 用设备板块市值排名210/217，在两市A股市值排名4984/5181。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：收到政府补助1,000,000.00元，占最近一期净利润的13.60% 公司公告汇总：转让富山川40%股权获381.26万元，不再并表 哈尔滨空调股份有限公司于2025年12月29日收到政府补助1,000,000.00元，占公司最近一期经审计归属 于上市公司股东净利润的13.60%。该补助为与收益相关，计入当期损益，将对2025年度利润产生积极 影响，具体会计处理以会计师年度审计确认结果为准。 哈尔滨空调股份有限公司通过公开挂牌方式转让所持哈尔滨富山川生物科技发展有限公司40%股权，最 终由哈尔滨工业投资集团有限公司以381.26万元受让。交易完成后，哈空调不再持有富山川股 ...

Group 1 - The core stock price of Hairong Cold Chain (603187) closed at 15.63 yuan on December 26, 2025, reflecting a 4.06% increase from the previous week's closing price of 15.02 yuan [1] - The stock reached a peak price of 16.24 yuan on December 23, 2025, and a low of 14.98 yuan on December 22, 2025 [1] - The current total market capitalization of Hairong Cold Chain is 6.063 billion yuan, ranking 98th out of 217 in the general equipment sector and 2901st out of 5181 in the A-share market [1] Group 2 - The company announced a profit distribution plan, proposing a cash dividend of 3.00 yuan (including tax) for every 10 shares, with no bonus shares or capital reserve fund conversion into share capital [1] - As of September 30, 2025, the parent company achieved a net profit of 307,196,434.78 yuan, with a distributable profit of 1,433,216,017.58 yuan after accounting for retained earnings and previously distributed profits [1] - The profit distribution plan will maintain the distribution ratio per share unchanged, adjusting the total distribution amount if there are changes in the share capital [1]