Group 1 - Northern Long Dragon is planning to acquire the controlling stake of Henan Zhongsheng and raise matching funds, leading to a stock suspension [1] - The company specializes in the research, design, production, and sales of non-metal composite materials for military vehicle equipment [1] - Koyuan Pharmaceutical's major shareholder plans to reduce their stake by up to 3%, amounting to 324.87 million shares [2] Group 2 - Jiaste Technology's shareholder intends to reduce their stake by up to 3%, totaling 1,428.75 million shares [2] - Chengdi Xiangjiang's subsidiary has won a bid for a data center project with China Mobile, valued at 492 million yuan [3] - Zhongchao Holdings' actual controller sold 223 million shares during a period of stock price fluctuation, representing 0.16% of total shares [4] Group 3 - ST Yushun's stock will resume trading after confirming no significant changes in its operational environment [6] - Xing Shuai Er's shareholder plans to reduce their stake by up to 0.37%, equating to 130 million shares [7] - Weiguang Co. intends to reduce its stake by up to 1.32%, totaling 300 million shares [8] Group 4 - Zhongsheng Pharmaceutical's subsidiary has received ethical approval for two Phase III clinical trials for its innovative peptide drug RAY1225 [9][10] - Nongxin Technology's major shareholder plans to reduce their stake by up to 1.35%, amounting to 135 million shares [12] - Mintai Aluminum has signed a strategic cooperation agreement with Penghui Energy for collaboration in battery technology [14] Group 5 - Youyan Powder's controlling shareholder plans to reduce their stake by up to 1%, totaling 103 million shares [16] - Runjian Co. has been shortlisted for a procurement project with China Mobile, valued at 374 million yuan [17] - Bangyan Technology has terminated its plan to issue shares and raise funds for asset acquisition [18] Group 6 - Xianggang Technology's controlling shareholder intends to reduce their stake by up to 3%, equating to 648.42 million shares [19] - Zhongke Shuguang is undergoing a stock suspension due to a planned share swap merger with Haiguang Information [20]

Group 1: Core Insights - The report highlights the strong performance of CATL after its listing on the Hong Kong stock market, with a closing increase of 16.43% on May 20 and a further 10% the next day, indicating that high-quality companies can achieve better pricing in more liquid markets [1][3] - The report expresses optimism about the future performance of globally competitive Chinese manufacturing companies in the H-share market, particularly in light of CATL's value re-evaluation impacting the overall lithium battery sector [1][3] Group 2: Industry Summaries - In the photovoltaic and energy storage sector, April saw a significant increase in domestic installations, driven by demand ahead of the SNEC event, with expectations for continued strong performance in May [2] - The Danish government has restarted a previously paused 3GW offshore wind project, introducing new bidding rules and substantial subsidies, which is expected to enhance demand in the European offshore wind market [2] - In April, the export value of major electrical equipment reached $6.99 billion, a year-on-year increase of 31%, with transformers and high-voltage switches seeing increases of 32% and 55% respectively, indicating robust growth in the electrical equipment sector [3] - The hydrogen and fuel cell sector experienced a significant decline in insurance volume for hydrogen vehicles, down 78.32% year-on-year, although policies promoting hydrogen vehicle applications are expected to accelerate growth [4] Group 3: Key Events - The National Development and Reform Commission emphasized the need to address excessive competition in the energy sector, while the Energy Bureau reported significant year-on-year increases in new photovoltaic and wind power installations for April [6] - Notable developments include BYD signing a large energy storage contract in Latin America and the successful launch of a 3MW PEM electrolyzer hydrogen production project [6]

据郑宗强介绍，目前，国电南瑞重点拓展东南亚、中东、西亚、中亚、拉美区域业务，持续关注欧洲电 网基础设施升级改造及直流输电、储能等项目机会，通过技术交流合作等方式适时参与电网稳定控制、 大规模可再生能源接入控制等业务。 科技部国家科技专家库专家周迪在接受《证券日报》记者采访时表示："2024年，国电南瑞营业收入、 净利润、资产总额等均创历史新高，显示出公司强大的盈利能力和良好的发展态势。从各大业务来看， 公司电网主业'压舱石'作用明显，公司抓住特高压、抽水蓄能发展机遇，在传统优势领域订单量持续增 加，支撑业绩稳定增长。此外，公司新兴业务及海外业务亮眼，拓展成果显著，为公司发展开辟了新的 增长空间。" 国电南瑞主要从事智能电网、数能融合、能源低碳、轨道交通及工业自动化设备的研发、设计、制造、 销售、工程服务与总承包业务。 作为能源电力行业国内领先的信息化整体解决方案提供商，公司强化数能融合，推动人工智能算法在电 力调度中的应用，布局人工智能、数字孪生等数字技术在电力中的应用攻关方向，提升业务效率与服务 质量。2024年，公司数能融合业务实现收入123.6亿元，同比增长11%，毛利率为22.4%。 2024年，国电 ...

天风证券（601162）股份有限公司孙潇雅近期对四方股份（601126）进行研究并发布了研究报告《主业稳健 增长，出海及AIDC有望形成增量》，给予四方股份买入评级。 四方股份 公司业绩持续稳健增长，25Q1利润增长有所加速 24年合计实现营收69.51亿元，yoy+20.86%；归母净利润7.16亿元，yoy+14.09%；扣非净利润6.98亿元， yoy+11.98%。毛利率32.33%，yoy-2.11pcts。净利率10.30%，yoy-0.62pcts。受益于国内新型电力系统及能源绿 色低碳转型的推动，公司持续加强产品和技术创新，营业收入稳步增长，综合毛利率总体保持稳定。 2025Q1营收18.28亿元，yoy+18.34%；归母净利润2.41亿元，yoy+33.38%；扣非净利润2.34亿元， yoy+30.37%。毛利率31.84%，yoy-2.12pcts；净利率13.21%，yoy+1.43pcts。 24年业务分拆： 1、电网自动化：24年实现收入33.09亿，yoy+13.18%，毛利率41.54%，同比下降0.35pcts。 2、电厂及工业自动化：24年实现收入31.22亿元，yoy+ ...

公司报告 | 年报点评报告 四方股份（601126） 证券研究报告 主业稳健增长，出海及 AIDC 有望形成增量 公司业绩持续稳健增长，25Q1 利润增长有所加速 24 年合计实现营收 69.51 亿元，yoy+20.86%；归母净利润 7.16 亿元， yoy+14.09%；扣非净利润 6.98 亿元，yoy+11.98%。毛利率 32.33%， yoy-2.11pcts。净利率 10.30%，yoy-0.62pcts。受益于国内新型电力系统及 能源绿色低碳转型的推动，公司持续加强产品和技术创新，营业收入稳步 增长，综合毛利率总体保持稳定。 2025Q1 营收 18.28 亿元，yoy+18.34%；归母净利润 2.41 亿元，yoy+33.38%； 扣非净利润 2.34 亿元，yoy+30.37%。毛利率 31.84%，yoy-2.12pcts；净利 率 13.21%，yoy+1.43pcts。 24 年业务分拆： 1、电网自动化：24 年实现收入 33.09 亿，yoy+13.18%，毛利率 41.54%， 同比下降 0.35pcts。 25 年展望：公司主业稳健发展，出海、数据中心有望形成增量 1）公 ...

中国通号：中标总计约37.89亿元轨道交通市场重要项目 5月23日晚，中国通号（688009）发布公告称，公司在2025年3月至4月共中标十一个轨道交通市场重要 项目，包括铁路市场8个和城市轨道交通市场3个。以上项目中标金额总计约为37.89亿元，约占该公司 中国会计准则下2024年经审计营业收入的11.67%。因为上述项目跨年分期实施，对2025年当期业绩影 响有不确定性。 资料显示，中国通号成立于2010年12月，主营业务是轨道交通控制系统及其衍生业务，同时开展轨道交 通配套工程施工业务、市政信息化及其配套工程总承包业务和海外轨道交通建设相关业务等。 所属行业：机械设备–轨交设备Ⅱ–轨交设备Ⅲ 新柴股份：拟使用不超过5亿元闲置资金购买理财产品 5月23日晚，新柴股份（301032）发布公告称，公司计划使用不超过5亿元的闲置自有资金购买安全性 高、流动性好、中低风险的结构性存款、收益凭证等理财产品。该计划旨在提高资金使用效率，增加现 金资产收益。 资料显示，新柴股份成立于2007年6月，主营业务是非道路用柴油发动机及相关零部件的研发、生产与 销售。 所属行业：机械设备–通用设备–其他通用设备 5月23日晚， ...

公司报告 | 年报点评报告 神马电力（603530） 证券研究报告 24 年业绩亮眼，订单充足支撑后续业绩增长 2、橡胶密封件：24 年实现收入 2.23 亿元，yoy+14.10%，毛利率 46.86%， 同比上升 3.56pcts。 3、输配电线路复合外绝缘：24 年实现收入 2.09 亿元，yoy+126.57%，毛利 率 25.95%，同比上升 8.65pcts。 在手订单充足，为公司后续业绩增长提供支撑 截至 24 年末，公司新增订单 15.28 亿元，yoy+38.31%（国内 7.86 亿元， yoy+34.33%；海外 7.42 亿元，yoy+43.05%）；截至 25Q1 末，公司新增订单 4.47 亿元（海外 2.20 亿元，同比增长约 42%；国内 2.27 亿元，同比增长 约 12%）。当前在手订单储备充足，为后续业绩释放奠定坚实基础。 深入布局海外市场，美国工厂建设有效推进 截至 24 年底，公司输电复合外绝缘产品实现海外合同收入 1.08 亿元，同 比增长超 200%；变电站复合外绝缘产品实现海外合同收入 5.79 亿元， yoy+34.35%。随公司输配电线路复合外绝缘产品在巴西 ...

24 年业绩亮眼，订单充足支撑后续业绩增长 公司报告 | 年报点评报告 神马电力（603530） 证券研究报告 3、输配电线路复合外绝缘：24 年实现收入 2.09 亿元，yoy+126.57%，毛利 率 25.95%，同比上升 8.65pcts。 在手订单充足，为公司后续业绩增长提供支撑 截至 24 年末，公司新增订单 15.28 亿元，yoy+38.31%（国内 7.86 亿元， yoy+34.33%；海外 7.42 亿元，yoy+43.05%）；截至 25Q1 末，公司新增订单 4.47 亿元（海外 2.20 亿元，同比增长约 42%；国内 2.27 亿元，同比增长 约 12%）。当前在手订单储备充足，为后续业绩释放奠定坚实基础。 深入布局海外市场，美国工厂建设有效推进 截至 24 年底，公司输电复合外绝缘产品实现海外合同收入 1.08 亿元，同 比增长超 200%；变电站复合外绝缘产品实现海外合同收入 5.79 亿元， yoy+34.35%。随公司输配电线路复合外绝缘产品在巴西、美国、西班牙等 欧美地区的持续突破，预计海外订单有望持续增长。同时公司在中东以及 东南亚布局正在密集推进中。美国工厂建设在有 ...

General Principles - The purpose of the fundraising management system is to standardize the management of funds raised by the company, improve the efficiency and effectiveness of fund usage, and protect the interests of investors [1][2] - The funds raised refer to the money obtained by the company through the issuance of stocks and their derivatives for specific purposes [1] Fund Storage - The company must prudently select commercial banks and open special accounts for the raised funds, which should not be stored in the group's financial company [2][3] - A tripartite supervision agreement must be signed with the sponsor or independent financial advisor and the commercial bank within one month of the funds being received [3][4] Fund Usage - The usage of raised funds must strictly follow the approval and decision-making procedures outlined in the system and relevant regulations [4][5] - The company must ensure that the use of funds aligns with the commitments made in the issuance application documents and must not change the direction of fund usage arbitrarily [5][6] Project Feasibility - The board of directors must fully verify the feasibility of fundraising projects, ensuring they have good market prospects and profitability [6][7] - Funds raised should primarily be used for the main business, and certain behaviors, such as financial investments or providing funds to controlling shareholders, are prohibited [7][8] Changes in Fund Usage - Any changes in the use of raised funds must be approved by the board of directors and disclosed in a timely manner [8][9] - If a project is completed, any surplus funds must be used for other fundraising projects with board approval [10][11] Continuous Supervision - The finance department must maintain a ledger of the usage of raised funds, and the audit department must check the storage and usage at least every six months [12][13] - The board of directors must continuously monitor the actual management and usage of raised funds and disclose the situation accurately [14][15]

证券研究报告 | 2025年05月21日 海兴电力（603556.SH） 优于大市 公司业绩短期承压，海外配电业务蓄势待发 公司归母净利润 2024 年度同比增长 2%，2025Q1 同比下降 34%。公司 2024 全年实现营收 47.2 亿元，同比+12.3%，全年实现归母净利润 10 亿元，同比 +2%，毛利率 43.9%，同比+2pct，其中 2024Q4 实现营收 13.1 亿，同比-1.5%， 环比+52%，实现归母净利润 2.1 亿元，同比-33%，环比-18%，毛利率 38.7%， 同比-7pct，环比-10.7pct。2025Q1 公司实现营收 7.8 亿元，同比-13%，环 比-40%，2025Q1 实现归母净利润 1.4 亿元，同比-34%，环比-33%，2025Q1 毛利率 42.4%，同比-1.8pct，环比+3.8pct。 公司海外配电业务蓄势待发。公司 2024 年配电业务收入 45.35 亿元，同比 +13%，毛利率 45.3%，同比+0.9pct。24 年海外市场实现营收 30.6 亿元， 同比+9.6%，其中非洲/亚洲（除中国大陆）/拉美/欧洲分别实现收入 11.4/9.3 ...