行业研究 证 券 研 究 报 告 机械行业周报（20250630-20250706） 推荐（维持） 关注长期竞争力企业，重视机器人场景落地 重点公司盈利预测、估值及投资评级 | 简称 | 股价（元） | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 64.11 | 2.12 | 2.55 | 3.01 | 30.27 | 25.17 | 21.29 | 5.25 | 强推 | | 法兰泰克 | 9.24 | 0.60 | 0.76 | 0.94 | 15.41 | 12.08 | 9.80 | 2.10 | 强推 | | 信捷电气 | 55.19 | 1.83 | 2.30 | 2.78 | 30.11 | 24.02 | 19.85 | 3.48 | 强推 | | 欧科亿 | 18.21 | 0.71 | 1.0 ...

北交所策略专题报告 2025 年 07 月 06 日 北交所小巨人主阵地的新质生产力扩容，高端制造链再升级 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北交所进一步提"质"，2025 年新受理公司聚焦硬科技与先进制造 2025 年 6 月 18 日中国证监会发布《关于在科创板设置科创成长层增强制度包容 性适应性的意见》。对比创业板、北交所上市标准，科创板本次调整体现了中国 资本市场各板块清晰的市场定位。北交所定位服务创新型中小企业，通过差异化 的市值和财务标准，北交所构建了能容纳不同发展阶段企业的多层次准入体系， 特别是为研发投入大、盈利周期长的科技型企业提供了对接资本市场的渠道。此 外北交所将创新属性作为审核的核心维度之一，通过多角度评估企业的创新能 力。截至 2025 年 7 月 4 日，北交所 2025 年新受理企业数量 133 家，其中国家级 专精特新"小巨人"企业数量 44 家，占比达 33.08%。从行业板块来看，工业、 材料和信息技术企业数量分别占比 33.08%、23.31%和 11.28%。多数 ...

北交所策略专题报告 2025 年 07 月 06 日 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 工信部会议治理光伏无序竞争，关注"反内卷"预期下北证光伏标的机会 2025 年 7 月 3 日，工业和信息化部党组书记、部长李乐成主持召开第十五次制 造业企业座谈会，听取光伏行业企业及行业协会情况介绍和意见建议，李乐成强 调，依法依规、综合治理光伏行业低价无序竞争，推动落后产能有序退出，实现 健康、可持续发展。目前北交所内在光伏行业共有 8 家标的，截至 2025 年 7 月 4 日总市值达到 227.19 亿元。产品包含生长炉、硅锭、汇流条等。从业绩情况看 整体受行业影响承压，行业"反内卷"预期带来机会。海泰新能（835985.BJ） 业务主要包括光伏组件销售、光伏电站开发建设出售、光伏电站 EPC 业务等。 2024 全年海泰新能实现归母净利润 18221.36 万元同比增长 33.56%。 北证行业：本周医药生物本周平均涨跌幅+1.92% 本周高端装备、信息技术、化工新材、消费服务、医药生物五大行业平均涨跌幅 分别为 ...

Group 1 - The company held its fourth supervisory board meeting on July 4, 2025, which was conducted in accordance with relevant laws and regulations [1][2] - The supervisory board's powers will be exercised by the audit committee of the board of directors, and the company's articles of association have been amended accordingly [2] - The resolution to cancel the supervisory board will not adversely affect the company's governance or operations [2] Group 2 - The voting results for the resolution were 3 votes in favor, 0 against, and 0 abstentions, and the proposal will be submitted to the shareholders' meeting for approval [2]

Group 1 - The company Zhangjiagang Zhonghuan Hailu High-end Equipment Co., Ltd. has proposed amendments to its Articles of Association and certain internal regulations, which have been approved by the eighth meeting of the fourth Supervisory Board held on July 4, 2025 [1][2] - The amendments are in accordance with relevant laws and regulations, including the Company Law of the People's Republic of China and the Shenzhen Stock Exchange's rules for listed companies [2] - The company's Supervisory Board's powers will be transferred to the Audit Committee of the Board of Directors, and the Supervisory Board's meeting rules will be abolished, which is not expected to negatively impact the company's governance or operations [2] Group 2 - The specific amendments to the Articles of Association and other regulations have been disclosed on the Giant Tide Information Network [2] - The company will continue to operate normally until the shareholders' meeting approves the amendments, ensuring compliance with relevant laws and regulations [2]

Core Points - The company has revised its articles of association to enhance the protection of the rights and interests of shareholders, employees, and creditors, and to regulate its organizational behavior in accordance with relevant laws and regulations [3][4][12] - The revised articles establish legal binding documents that govern the rights and obligations between the company, shareholders, and management [4][6] - The company can provide financial assistance for acquiring its shares, with a limit of 10% of the total issued share capital, subject to board approval [5][17] - Shareholders holding more than 5% of the company's shares are restricted from buying and selling shares within a six-month period, with profits from such transactions being returned to the company [7][8] - The articles outline the rights of shareholders, including profit distribution, participation in meetings, and the ability to request the company to buy back shares in case of dissent regarding mergers or splits [32][40] Summary by Sections Company Governance - The articles of association serve as a legal framework for the company's governance, ensuring compliance with the Company Law and Securities Law [3][4] - The company must hold annual and extraordinary shareholder meetings, with specific procedures for calling these meetings [44][50] Shareholder Rights - Shareholders have the right to receive dividends, participate in meetings, and supervise company operations [32][40] - The articles specify the process for shareholders to propose temporary motions and the requirements for proxy voting [26][30] Financial Assistance and Guarantees - The company can provide financial assistance for share acquisition, subject to board approval and limits on the total amount [5][17] - Guarantees provided by the company must also adhere to specific thresholds and require shareholder approval in certain cases [17][18] Management Accountability - The articles hold directors and senior management accountable for any losses incurred due to violations of laws or the articles themselves [9][10] - Shareholders can initiate legal action against management for breaches of duty, ensuring a mechanism for accountability [10][11]

Core Points - The document outlines the operational guidelines for the management of Zhangjiagang Zhonghuan Hailu High-end Equipment Co., Ltd, aiming to enhance management efficiency and standards [1] - The guidelines establish the roles and responsibilities of the general manager, deputy general managers, and other senior management personnel [1][2] - The document emphasizes the legal binding nature of these guidelines on the management team from the date of effectiveness [2] Management Structure - The company has a management structure consisting of one general manager, several deputy general managers, one financial officer, and one board secretary [2] - The board must approve any changes in the positions of the general manager and other senior management personnel [2][3] - The general manager can resign before the end of their term, with specific procedures outlined in their employment contract [2] Responsibilities and Obligations - Senior management personnel must adhere to legal regulations and the company's articles of association, and they are liable for any losses caused by violations [2][4] - Specific disqualifications for senior management roles are listed, including criminal convictions and financial irresponsibility [3][4] - Management personnel are required to act in the best interests of the company and its shareholders, avoiding conflicts of interest [4] General Manager's Authority - The general manager is responsible for the company's operational management, implementing board resolutions, and reporting to the board [5][6] - The general manager has the authority to propose the hiring or dismissal of deputy general managers and other management personnel [5] - The general manager's decision-making power includes various financial and operational transactions, subject to board approval for significant matters [6][7] Meeting and Reporting Procedures - Regular meetings of the general manager are mandated to discuss significant operational matters, with specific attendance requirements [8][9] - The management team is required to report to the board quarterly and provide updates on significant events affecting the company [12][13] - The guidelines stipulate that the board must be informed of any major legal issues or changes in economic conditions impacting the company [12][13]

张家港中环海陆高端装备股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善公司治理结构，建立现代企业制度，改善董事会结 构，保护中小股东及利益相关者的利益，促进公司的规范运作，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》、 《上市公司独立董事管理办法》、《深圳证券交易所上市公司自律监管指引第 司章程》（以下简称"公司章程"）的有关规定，特制定本独立董事工作制度。 第二条 独立董事是指不在本公司担任除董事外的其他职务，并与公司及 其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其 进行独立客观判断关系的董事。 第三条 独立董事应当独立公正地履行职责，不受公司主要股东、实际控 制人或其他与公司存在利害关系的单位和个人的影响。若发现所审议事项存 在影响其独立性的情况，应当向公司申明并实行回避。任职期间出现明显影响 独立性情形的，应及时通知公司，提出解决措施，必要时应当提出辞职。 第四条 独立董事对公司及全体股东负有诚信和勤勉义务。独立董事应当 按照相关法律法规的要求，认真履行职责，维护公司整体利益，尤其要关注中 小股东的合法权益不受损害。 第五条 ...

Group 1 - The core viewpoint is that Guizhou Province is effectively transforming its ecological advantages into developmental advantages while maintaining good environmental quality during rapid economic growth [1][2] - From 2020 to 2024, Guizhou's GDP is projected to increase from 1.78 trillion yuan to 2.27 trillion yuan, with forest coverage rising from 61.5% to 63.3%, and the proportion of the green economy in GDP increasing from 42% to 48% [1] - Guizhou is leveraging its diverse terrain and climate to develop mountain characteristic agriculture, leading to increased farmer income, with the province ranking first in the national planting scale for various crops [1] Group 2 - In 2023, Guizhou is integrating green and low-carbon development throughout its high-quality growth process, promoting low-carbon and refined development in resource-based industries such as coal, phosphorus, aluminum, and manganese [1][2] - Since the 14th Five-Year Plan, the energy consumption per unit of industrial added value in Guizhou has decreased by 18.9% [1] - Guizhou is actively developing four types of green industries: ecological utilization, circular efficiency, low-carbon cleanliness, and environmental governance, effectively expanding the pathway from "green mountains and clear waters" to "golden mountains and silver mountains" [2]

【深圳商报讯】今年以来，中资企业境外IPO势头向好。Dealogic数据显示，上半年中资企业境外IPO累 计完成55单，募资规模合计约134亿美元。按承销规模排名，前十名中介机构共完成30单项目，承销规 模合计约78亿美元。其中，中资机构占得五席，中金公司位居榜首。 今年港股IPO市场大幅升温，释放出强劲吸引力，募资规模时隔6年重回全球首位。Dealogic数据显示， 上半年已有42家企业登陆港交所，融资规模137.03亿美元，已超过2024年全年数据。 A股企业赴港上市潮流持续升温，"A+H"双重上市模式展现出强劲的发展势头。自去年9月至今，已有 10家A股上市公司成功登陆港交所，同时数十家企业正在积极筹备相关事宜。从行业分布来看，新能 源、医药生物与高端制造成为赴港上市的主力军。科创板企业参与度显著提升，和辉光电、峰岹科技等 企业积极推进相关进程。 从港股IPO保荐机构口径看，中金公司作为行业"排头兵"，今年已成功保荐13单，承销规模27.42亿美 元，均排名市场第一。中金公司在三花智控、海天味业、派格生物、元光科技、博雷顿等多单项目的承 销比例均超过70%，优于高盛、摩根士丹利等外资投行。华泰证券的承销 ...