行 业 及 产 业 机械设备/ 专用设备 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 刘宏达 A0230524020002 liuhd@swsresearch.com 研究支持 刘建伟 A0230521100003 liujw@swsresearch.com 联系人 何佳霖 A0230523080002 hejl@swsresearch.com 2026 年 02 月 01 日 银价飙升光伏承压，激光技术助力 降本 看好 ——光伏激光设备行业点评 行业点评 重点公司估值表 | 代码 | 简称 | 2026/1/30 | | 归母净利润（亿） | | | | PE | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市值（亿） ...

Core Viewpoint - *ST Xingnong is facing significant financial challenges, with projected losses for 2025 and potential delisting risks due to financial indicators [1][2][3] Financial Performance Summary - The company expects a net profit loss of between 1.5 billion to 2.2 billion yuan for the year 2025, with total revenue projected to be between 3.5 billion to 4 billion yuan [1][5] - The anticipated net profit attributable to the parent company is expected to be between 900 million to 1.35 billion yuan, with a net profit loss after deducting non-recurring gains and losses estimated at 1.5 billion to 2.2 billion yuan [2][3] - The expected operating revenue is projected to be between 3.1 billion to 3.5 billion yuan after excluding non-main business income [1][2] Stock and Market Position - As of January 30, 2026, *ST Xingnong's stock closed at 5.82 yuan, reflecting a 4.68% increase from the previous week, with a total market capitalization of 1.574 billion yuan [1] - The company ranks last in the specialized equipment sector and is positioned 5163 out of 5184 in the A-share market [1] Regulatory and Audit Status - The company is under a delisting risk warning due to financial indicators for the fiscal year 2024, and its stock may be terminated from listing if the 2025 annual report triggers specific regulations [2][3] - The company is currently under investigation by the China Securities Regulatory Commission, and the final audit opinion is still pending [2][3]

公司公告汇总：陕鼓动力为全资子公司EKOL公司提供折合人民币约0.3146亿元的担保。 截至2026年1月30日收盘，陕鼓动力（601369）报收于10.66元，较上周的10.49元上涨1.62%。本周，陕 鼓动力1月26日盘中最高价报11.14元，股价触及近一年最高点。1月30日盘中最低价报10.11元。陕鼓动 力当前最新总市值183.72亿元，在专用设备板块市值排名18/177，在两市A股市值排名1161/5184。 本周关注点 西安陕鼓动力股份有限公司为全资子公司EKOL,spol.sr.o.向银行申请授信提供担保，本次担保金额合计 折合人民币约0.3146亿元，担保方式为备用信用证，反担保由EKOL公司以其固定资产、存货及持有下 属子公司的股权等资产提供抵质押。截至公告日，公司及其控股子公司对外担保总额为2.8494亿元，占 最近一期经审计净资产的3.21%，无逾期担保。该事项已经公司第九届董事会第十七次会议审议通过。 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 ...

Core Insights - The performance of listed companies is becoming a key consideration for public funds in their investment strategies [1] - Numerous public funds are actively researching companies that have announced profit increases, indicating a trend towards focusing on companies with strong core competitiveness [1] Group 1: Company Performance and Fund Activity - Public funds are frequently visiting companies that have announced profit increases, with notable examples including Daikin Heavy Industries and Runfeng Co., which expect significant profit growth in 2025 [2] - Daikin Heavy Industries forecasts a net profit of 1.05 billion to 1.2 billion yuan, representing a year-on-year increase of 121.58% to 153.23% [2] - Runfeng Co. anticipates a net profit of 1.03 billion to 1.17 billion yuan, with a year-on-year growth of 128.85% to 159.95% [2] - Over 60 fund companies, including major players like GF Fund and Bosera Fund, participated in the research activities for Daikin Heavy Industries [2] Group 2: Fund Holdings and Investment Strategies - Active investment funds have already positioned themselves in several profit-increasing stocks, holding significant shares in companies like Baiwei Storage and Runfeng Co. [3] - As of the end of 2025, active investment funds collectively held 46.91 million shares of Baiwei Storage, with specific funds holding over 8 million shares each [3] - Runfeng Co. is also heavily held by multiple funds, with a total of 23.75 million shares held by active investment funds by the end of 2025 [3] Group 3: Industry Trends and Future Outlook - Recent data indicates that institutional research frequency has reached nearly 14,000 times in the past month, with high interest in sectors such as specialized equipment, general equipment, medical devices, and electronic equipment manufacturing [4] - Fund managers emphasize that company performance will be a crucial factor in future investments, with expectations of high growth in sectors like AI, non-ferrous metals, and lithium battery materials [4] - The focus on performance-driven investment opportunities is expected to continue, with a particular interest in companies that exceed profit expectations [4] Group 4: Investment Themes and Market Sentiment - Fund managers are looking to leverage solid on-the-ground research to better understand industry trends and investment directions, focusing on technology growth as a primary theme [5] - There is a strong belief in the sustainability of investments in computing power and domestic manufacturing capabilities, particularly in the semiconductor sector [5] - The investment outlook for 2026 is seen as structurally favorable, with a focus on performance-driven opportunities across technology and cyclical sectors [5]

Group 1 - The company Dongfang Precision announced the convening of its 21st temporary meeting of the fifth board of directors on January 30, 2026, to discuss significant asset sale proposals [1] - The meeting was held in person and reviewed documents related to the major asset sale plan [1] Group 2 - The article highlights the emergence of China's autonomous driving sector, indicating a growing trend in the industry [1] - The report mentions the involvement of this sector in equipping Abu Dhabi, suggesting international collaboration and expansion [1]

Core Viewpoint - The company, Hanchuan Intelligent (688022.SH), expects to turn a profit in 2025, projecting a net profit attributable to shareholders of approximately 42.75 million yuan, compared to a loss in the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately 42.75 million yuan for the year 2025, indicating a turnaround from the previous year's loss [1] - The expected net profit excluding non-recurring gains and losses is projected to be around -49.2 million yuan for 2025 [1] Business Strategy - The company has strategically adjusted its business structure, focusing resources on the automotive equipment sector and enhancing delivery management capabilities [1] - A shift in order strategy prioritizes high-margin quality clients while reducing low-margin clients, contributing to an increase in gross margin [1] Cost Management - The company has achieved certain efficiencies in cost reduction and expense control, which have positively impacted its financial performance [1] - Improved cash collection has led to a reversal of credit impairment losses during the reporting period [1]

（记者 王晓波） 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，瀚川智能1月30日晚间发布业绩预告，苏州瀚川智能科技股份有限公司预计2025年年度实 现归属于母公司所有者的净利润与上年同期相比将实现扭亏为盈，实现归属于母公司所有者的净利润为 4275万元左右。业绩变动主要原因是，报告期内，公司业务结构战略性调整，集中资源，聚焦并深耕汽 车装备领域等优势业务，保障交付，加强了交付管理能力；调整汽车装备业务的接单策略，优先承接高 毛利的优质客户，减少承接低毛利回款差的客户，毛利率上升，成为公司净利润增长的核心支撑；公司 降本增效、费用管控工作也取得一定成效；报告期内公司回款较好进而信用减值损失转回。 ...

Core Viewpoint - The specialized equipment sector experienced a slight increase of 0.67% on January 30, with Oat Technology leading the gains, while the overall Shanghai Composite Index fell by 0.96% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4117.95, down 0.96% [1]. - The Shenzhen Component Index closed at 14205.89, down 0.66% [1]. - Oat Technology (688312) saw a significant increase of 13.17%, closing at 38.85, with a trading volume of 101,100 shares and a transaction value of 376 million [1]. - Other notable gainers included: - Lijun Thermal (603391) up 10.00% to 69.71 [1]. - Tianqi Co., Ltd. (002009) up 10.00% to 28.38, with a trading volume of 949,100 shares and a transaction value of 2.581 billion [1]. - Keda Manufacturing (600499) up 8.79% to 17.69, with a trading volume of 1,414,500 shares and a transaction value of 2.429 billion [1]. Group 2: Capital Flow - The specialized equipment sector saw a net outflow of 236 million from institutional investors, while retail investors contributed a net inflow of 946 million [2]. - The capital flow for specific stocks included: - Invek (002837) had a net inflow of 101.1 million from institutional investors but a net outflow of 650 million from retail investors [3]. - Tianqi Co., Ltd. (002009) had a net inflow of 36.9 million from institutional investors but a net outflow of 19.7 million from retail investors [3]. - Keda Manufacturing (600499) had a net inflow of 78.3 million from institutional investors, with significant outflows from retail investors [3].

Core Viewpoint - Tianqi Co., Ltd. (SZ002009) experienced a limit-up on January 30, 2026, reaching a price of 28.38 yuan, with a 10% increase, resulting in a total market capitalization of 11.415 billion yuan and a circulating market capitalization of 10.050 billion yuan, with a total transaction amount of 2.37 billion yuan [1] Group 1: Financial Performance - The company is projected to achieve a net profit of 45 million to 65 million yuan in 2025, a significant improvement from a loss of 255 million yuan in the previous year, indicating a turnaround to profitability, with a year-on-year growth in net profit attributable to shareholders of 117.64% to 125.48% [2] - The company's asset optimization efforts, including the transfer of 7% equity in Youqi Intelligent for 130 million yuan in cash and confirming an investment income of 115 million yuan, have positively impacted the stock price [2] Group 2: Business Growth and Strategic Initiatives - The intelligent equipment business is showing a clear growth trend, with high-margin overseas projects and stable domestic project progress, while the lithium battery recycling business has turned profitable due to rising cobalt prices, significantly narrowing losses [2] - The company is collaborating with Galaxy General and Foxconn to develop embodied intelligent robots, planning to achieve mass production in 2026 and deploy 2,000 units over five years, which opens new growth opportunities [2] Group 3: Market Trends and Technical Indicators - Recent data from Dongfang Caifu indicates a trend of capital inflow into the specialized equipment sector, with stocks in the same sector, including Tianqi Co., also experiencing limit-up situations, creating a sector-wide linkage effect [2] - The technical analysis shows that the MACD indicator for the stock has formed a golden cross recently, indicating short-term upward momentum [2]

Core Viewpoint - China Railway Construction Heavy Industry Group Co., Ltd. has shown a mixed performance in financing activities and financial results, with a slight decline in revenue and net profit year-on-year, while maintaining a significant presence in the tunneling and rail transportation equipment sectors [1][2]. Financing Activities - On January 29, the company's stock price fell by 0.93%, with a trading volume of 142 million yuan. The financing buy-in amount for the day was 23.40 million yuan, while the financing repayment was 14.93 million yuan, resulting in a net financing buy-in of 8.47 million yuan [1]. - As of January 29, the total financing and securities lending balance for the company was 551 million yuan, with the financing balance at 548 million yuan, accounting for 1.92% of the circulating market value, indicating a relatively high level compared to the past year [1]. - In terms of securities lending, there were no shares repaid on January 29, with 1,000 shares sold short, amounting to 5,350 yuan at the closing price. The securities lending balance was 2.71 million yuan, which is below the 20th percentile level over the past year, indicating a low level of short selling activity [1]. Company Overview - China Railway Construction Heavy Industry was established on November 23, 2006, and went public on June 22, 2021. The company specializes in the design, research and development, manufacturing, sales, leasing, and service of tunneling machines, rail transit equipment, and specialized equipment [2]. - The main business revenue composition includes tunneling machines (64.05%), rail transit equipment (22.66%), and specialized equipment (12.87%). Within tunneling machines, the share of vertical and inclined shaft tunneling machines and hard rock TBMs is 19.65%, while intelligent and ultra-large shield machines account for 17.64% [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 6.63 billion yuan, representing a year-on-year decrease of 2.44%. The net profit attributable to shareholders was 1.00 billion yuan, also down by 2.47% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 2.01 billion yuan in dividends, with 1.49 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 69,300, up by 16.93% from the previous period. The average circulating shares per person decreased by 14.48% to 76,999 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 36.97 million shares, an increase of 12.95 million shares from the previous period. The Southern CSI 500 ETF is the fifth-largest shareholder with 23.25 million shares, a decrease of 570,000 shares [3].