Group 1 - The company Shandong Zhanggu announced the convening of its sixth board meeting on August 28, 2025, to discuss the appointment of the board secretary and other documents [1] - For the first half of 2025, Shandong Zhanggu's revenue composition was as follows: wind turbines accounted for 55.53%, slurry pumps for 20.48%, water treatment for 20.03%, electrical equipment for 2.58%, and other businesses for 1.34% [1] Group 2 - The domestic A-class car exhibition, featuring nearly 120 brands and 1,600 vehicles, is set to open in the southwest, indicating a significant shift in the automotive market landscape with the rise of new energy vehicles [1]

烟台艾迪精密机械股份有限公司 董事会议事规则 第一章 总则 第一条 为明确公司董事会的职责权限，规范公司董事会的议事方式和决策 程序，促使公司董事和董事会有效地履行职责，提高公司董事会规范运作和科学 决策水平，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》、《上市公司章程指引》、《上市公司治理准则》、《上海证券交易所 股票上市规则》（以下简称"《股票上市规则》"）及《烟台艾迪精密机械股份有限 公司章程》（以下简称"公司章程"）等有关规定，制定本规则。 第二章 董事会的组成和职权 第二条 公司依法设立董事会，董事会对股东会负责。 第三条 公司董事会由 9 名董事组成，其中独立董事 3 名，并设置 1 名职工 代表董事。 第四条 董事会行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或减少注册资本、发行债券或其他证券及上市方案； （十一）制订公司章程的修改方案； （十二）管理公司信息披露事项； （十三）向股东会提请聘请或更换为公司审计的会计师事 ...

近半年该股累计上榜龙虎榜16次，上榜次日股价平均涨1.47%，上榜后5日平均涨3.46%。 川润股份今日跌停，全天换手率28.24%，成交额19.60亿元，振幅8.70%。龙虎榜数据显示，机构净卖出 8666.63万元，营业部席位合计净卖出4370.18万元。 深交所公开信息显示，当日该股因日跌幅偏离值达-10.51%上榜，机构专用席位净卖出8666.63万元。 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3.21亿元，其中，买入成交额为9520.33 万元，卖出成交额为2.26亿元，合计净卖出1.30亿元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买二、卖一、卖三，合计买入金额 2376.29万元，卖出金额1.10亿元，合计净卖出8666.63万元。 资金流向方面，今日该股主力资金净流出3.14亿元，其中，特大单净流出1.90亿元，大单资金净流出 1.24亿元。近5日主力资金净流出12.08亿元。（数据宝） 川润股份8月29日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元 ...

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]

证券研究报告 | 2025年08月29日 大元泵业（603757.SH） 优于大市 2025 年中报点评：主业收入修复，液冷等新业务持续成长 营收平稳增长，盈利有所承压。公司 2025H1 实现营收 9.6 亿/+14.6%，归母 净利润 1.0 亿/-28.0%，扣非归母净利润 0.9 亿/-10.7%。其中 Q2 收入 5.8 亿/+3.5%，归母净利润 0.6 亿/-37.9%，扣非归母净利润 0.6 亿/-12.3%。Q2 公司营收在高基数下增长平稳，受去年 Q2 厂房处置收益导致的基数压力影 响，叠加新厂房首年转固产生的折旧费用增加，公司 Q2 利润降幅有所扩大。 家用屏蔽泵收入恢复，热泵配套及节能泵迎反弹。H1 公司家用屏蔽泵收入同 比增长 5.8%至 3.6 亿，其中内销略下滑，外销在去库后需求迎来修复。外销 结构持续改善，外销为主的节能泵产品收入同比增长超 20%至约 1.5 亿；热 泵配套产品收入同比增长 55%至约 0.43 亿。随着海外热泵去库存进入尾声， 预计公司屏蔽泵外销有望实现持续较快增长，并改善公司的盈利能力。 农泵需求复苏，商泵、工业泵延续较快增长。H1 公司积极发力，农泵收入 ...

机械设备/通用设备 儒竞科技（301525.SZ） 数据中心热管理及新能源车底盘控制系统有望贡献 2025 年 08 月 29 日 新增长 投资评级：买入（维持） | 日期 | 2025/8/28 | | --- | --- | | 当前股价(元) | 94.71 | | 一年最高最低(元) | 113.98/41.78 | | 总市值(亿元) | 89.32 | | 流通市值(亿元) | 46.79 | | 总股本(亿股) | 0.94 | | 流通股本(亿股) | 0.49 | | 近 3 个月换手率(%) | 225.29 | 股价走势图 -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 儒竞科技 沪深300 数据来源：聚源 相关研究报告 《欧洲热泵有望持续回暖，汽车热管 理成新增长点—公司信息更新报告》 -2025.4.27 《欧州库存降至低位，热泵控制器有 望持续回暖 —公司信息更新报告》 -2024.10.29 《儒竞科技深度 2：欧洲热泵去库或告 一段落，数据中心风机变频控制器打 开商用空调增量—公司深度报告》 -2024.9.6 | 殷晟路（ ...

Market Overview - The general equipment sector experienced a decline of 0.31% on August 29, with Mag Valley Technology leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Rongyi Precision (873223) saw a significant increase of 29.95%, closing at 21.78 with a trading volume of 245,800 shares and a turnover of 496 million [1] - Tongfei Co., Ltd. (300990) rose by 9.51%, closing at 82.13 with a trading volume of 153,400 shares and a turnover of 1.306 billion [1] - Dongmu Co., Ltd. (600114) increased by 9.26%, closing at 30.81 with a trading volume of 591,500 shares and a turnover of 1.780 billion [1] Underperformers - Mag Valley Technology (688448) experienced a significant drop of 15.81%, closing at 52.20 with a trading volume of 88,500 shares and a turnover of 488 million [2] - Chuanrun Co., Ltd. (002272) fell by 9.99%, closing at 17.48 with a trading volume of 1,091,300 shares and a turnover of 196 million [2] - Dayuanquan V (603757) decreased by 8.70%, closing at 54.56 with a trading volume of 253,900 shares and a turnover of 1.424 billion [2] Capital Flow - The general equipment sector saw a net outflow of 1.958 billion from institutional investors, while retail investors had a net inflow of 2.027 billion [2][3] - The top stocks with significant net inflows from retail investors included Dongmu Co., Ltd. (600114) with a net inflow of 1.80 billion [3] - Conversely, major outflows from institutional investors were noted in stocks like Longyin Co., Ltd. (600592) with a net outflow of 1.30 billion [3]

证券研究报告·公司点评报告·通用设备 国茂股份（603915） 2025 年半年报点评：业绩短期承压，聚焦具 身智能新机遇 ◼ 业绩短期承压，拳头产品表现良好 25H1 公司实现营收 12.90 亿元，同比+1.71%；实现归母净利润 1.07 亿元，同比- 26.97%；实现扣非归母净利润 0.94 亿元，同比-23.73%。单 Q2 公司实现营收 6.88 亿 元，同比+0.75%；归母净利润 0.64 亿元，同比-21.86%，扣非归母净利润 0.55 亿元， 同比-15.32%。25H1 公司营收有所回暖，主要系国内减速机行业呈现底部企稳向好态 势，市场需求有所回暖，行业景气度逐步回升；净利润短期承压主要系市场竞争加剧。 分产品看：25H1 减速机实现营收 12.49 亿元，同比+2.44%，其他配件实现营收 0.40 亿元，同比+28.94%。公司工业传动用减速机业务同比增长约 5%；模块化减速机销量 同比增长约 15%，市场份额持续提升；大功率减速机销量同比增长约 13%；摆线针轮 减速机销量同比下滑约 8%，但毛利率维持在约 25%。 ◼ 毛利率有所下滑，期间费用管控良好 25H1 公司销售毛利 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue is under short-term pressure, but losses have narrowed year-on-year [2] - Gross margin has benefited from structural optimization and effective cost control [3] - High R&D investment continues to support the development of a new generation of intelligent CNC systems powered by AI [4] - The profit forecast for 2025-2027 has been adjusted downward due to a slowdown in the intelligent production line business, but the company is still considered a rare asset in the high-end CNC system sector [4] Revenue and Profit Summary - In the first half of 2025, the company achieved revenue of 554 million yuan, a year-on-year decrease of 11.91%, and a net profit attributable to the parent company of -81 million yuan, compared to -107 million yuan in the same period last year [2] - The revenue decline is primarily due to changes in the scope of consolidation from subsidiary divestitures and sanctions affecting overseas production lines [2] - The company’s gross margin for the first half of 2025 was 35.48%, an increase of 0.73 percentage points year-on-year [3] R&D and Innovation - R&D investment in the first half of 2025 was 175 million yuan, accounting for 32% of revenue, with 59 patents granted during the reporting period [4] - The company launched the world's first intelligent CNC system embedded with AI chips and large AI models, significantly enhancing processing efficiency and precision [4]

证券研究报告·公司点评报告·通用设备 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 127,810 | 177,664 | 168,314 | 180,403 | 189,545 | | 同比（%） | (9.70) | 39.01 | (5.26) | 7.18 | 5.07 | | 归母净利润（百万元） | 421.25 | 2,972.34 | 3,023.60 | 3,803.54 | 4,591.99 | | 同比（%） | (86.91) | 605.60 | 1.72 | 25.79 | 20.73 | | EPS-最新摊薄（元/股） | 0.08 | 0.55 | 0.56 | 0.71 | 0.85 | | P/E（现价&最新摊薄） | 105.10 | 14.89 | 14.64 | 11.64 | 9.64 | [Table_Tag] [Table_Summary] 投资要点 ◼ Q2 归母净利润同比- ...