| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.24 | 16.00 | 30.900 | 30.560 | 491.60 | | 2025.11.21 | 15.00 | 30.820 | 30.220 | 457.41 | | 2025.11.20 | 17.50 | 32.000 | 31.660 | 557.97 | | 2025.10.10 | 32.00 | 34.000 | 32.640 | 1064.76 | | 2025.10.09 | 33.00 | 33.980 | 33.400 | 1112.18 | | 2025.09.30 | 35.00 | 32.820 | 31.740 | 1140.12 | | 2025.09.29 | 4.00 | 33.000 | 32.320 | 130.60 | | 2025.09.26 | 15.00 | 31.660 | 30.540 | 465.61 | | 2025.09.23 | 7.00 | 33 ...

东北，这片曾铸就新中国工业辉煌的热土，承载着"共和国长子"的荣光。然而，在时代发展浪潮中，部 分国企因历史包袱、投资失利等问题一度陷入困境，其命运不仅关乎自身存续，更牵动着东北振兴大 计。 企业重组是优化资源配置、化解发展困境的重要路径。以中金公司为代表的专业金融机构，深耕东北老 工业基地，通过为企业量身定制重组方案，不仅破解了企业生存难题，还激活了区域产业创新动能，培 育了新质生产力，为东北振兴注入强劲金融动力。 化解企业沉疴，系统性重组盘活"工业母机" 在沈阳机床的宽敞车间里，一条数字化柔性生产线正在"黑灯"环境下自主运转，这是老牌国企焕发新生 的生动写照，更是新质生产力在传统制造业落地的案例。 沈阳机床曾是中国机床行业的骄傲，为新中国成立初期工业发展做出过不小贡献。但后来沉重的债务负 担使其举步维艰，到2019年，这家曾经的行业巨头被迫进入破产重整。 机床行业是制造业的"工业母机"，其技术水平关系到一个国家制造业的精度、效率和核心竞争力，对工 业体系、经济安全、科技突破乃至国防建设具有重要的战略意义。 中金公司凭借对高端装备制造业的理解，认识到沈阳机床的核心价值在于其完整的产业体系、深厚的技 术积累和熟 ...

智通财经APP讯，津上机床中国(01651)发布公告，于2025年11月24日该公司斥资491.6万港元回购16万 股，回购价格为每股30.56-30.90港元。 （原标题：津上机床中国(01651)11月24日斥资491.6万港元回购16万股） ...

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.21 | 15.00 | 30.820 | 30.220 | 457.41 | | 2025.11.20 | 17.50 | 32.000 | 31.660 | 557.97 | | 2025.10.10 | 32.00 | 34.000 | 32.640 | 1064.76 | | 2025.10.09 | 33.00 | 33.980 | 33.400 | 1112.18 | | 2025.09.30 | 35.00 | 32.820 | 31.740 | 1140.12 | | 2025.09.29 | 4.00 | 33.000 | 32.320 | 130.60 | | 2025.09.26 | 15.00 | 31.660 | 30.540 | 465.61 | | 2025.09.23 | 7.00 | 33.000 | 32.760 | 230.54 | | 2025.09.22 | 10.00 | 32 ...

Core Viewpoint - The company,津上机床中国, announced a share buyback plan, indicating confidence in its financial position and future prospects [1] Group 1 - The company plans to repurchase approximately 150,000 shares [1] - The total expenditure for the buyback is around 4.5741 million Hong Kong dollars [1] - The buyback price per share ranges from 30.22 to 30.82 Hong Kong dollars [1]

Core Viewpoint - The metal cutting machine tool production in October increased by 6.2% year-on-year, with a cumulative growth of 14.8% from January to October, indicating a positive trend in the manufacturing sector [1] Group 1: Industry Performance - Manufacturing fixed asset investment and equipment tool purchases grew by 2.7% and 13.0% respectively, reflecting a recovery in manufacturing investment [1] - Manufacturing profits have rebounded for three consecutive months, suggesting an improvement in the overall profitability of the sector [1] - The production of industrial robots in October rose by 17.9% year-on-year, with a cumulative growth of 28.8% from January to October, highlighting rapid development in the humanoid robot industry [1] Group 2: Future Outlook - Domestic policy initiatives and "anti-involution" measures are expected to enhance the profitability of the manufacturing sector, leading to improved demand for machinery and equipment [1] - The Industrial Mother Machine ETF (159667) tracks the CSI Machine Tool Index (931866), which includes listed companies involved in complete machine manufacturing and key component supply, reflecting the overall performance of the machine tool industry [1]

Group 1 - The A-share market experienced a collective decline on November 21, with the Shanghai Composite Index dropping by 2.07% [1] - The machine tool sector saw a significant downturn, with the machine tool ETF (159663.SZ) falling by 3.47%, and key stocks such as Jiangte Electric down by 10.03% [1] - Some individual stocks in the sector showed activity, with Weichuang Electric increasing by 3.25% and Sifangda rising by 0.91% [1] Group 2 - The "14th Five-Year Plan" emphasizes the importance of industrial mother machines as a key area for breakthrough development, with the Ministry of Industry and Information Technology advocating for the establishment of pilot platforms [3] - A series of policy measures are expected to significantly accelerate the technological breakthroughs and industrial application of domestic machine tools, particularly in high-end products like five-axis linkage and turning-milling composite machines [3] - Huolong Securities suggests that strong policy support and a structural recovery in global demand will likely expedite the high-end process of domestic machine tools, recommending focus on leading companies with self-research capabilities in core components [3]

Core Insights - The article discusses the achievements and developments of Dalian's capital market during the "14th Five-Year Plan" period, highlighting its role in supporting industrial upgrades and economic growth in the region [13][14]. Group 1: Market Growth - As of the end of Q3 2025, Dalian has 29 domestic listed companies, an increase of 31.82% from 22 companies at the end of 2020 [2]. - The total market capitalization of Dalian's listed companies reached 457.67 billion yuan, reflecting a growth of 14.62% from 399.28 billion yuan at the end of 2020 [3]. - The total operating revenue of Dalian's listed companies amounted to 398.51 billion yuan in the first three quarters of 2025, marking a 37.07% increase compared to 200.72 billion yuan in the first two quarters of 2020 [3]. Group 2: R&D Investment - In 2024, Dalian's listed companies invested a total of 5.75 billion yuan in R&D, which is a 74% increase from 3.30 billion yuan in 2020 [7]. Group 3: Key Companies - As of the end of Q3 2025, Hengli Petrochemical (600346) had a market capitalization of 120.65 billion yuan [9]. - Hengli Petrochemical reported revenue of 236.40 billion yuan in its 2024 annual report [10]. - Guodian Power (600795) achieved a net profit of 9.83 billion yuan according to its 2024 annual report [12]. Group 4: Capital Market Innovations - Dalian's capital market has facilitated significant projects, including the first stock swap merger in the domestic port industry and the successful issuance of technology innovation corporate bonds [13][14]. - The capital market has played a crucial role in integrating innovation resources and supporting key industries, particularly in the port and petrochemical sectors [14][15]. Group 5: Financial Support for Agriculture - Dalian's capital market has implemented financial tools like "insurance + futures" to support agricultural development, benefiting over 300,000 farmers with a total insurance amount exceeding 3 billion yuan [18]. Group 6: Regulatory Measures - Dalian's regulatory bodies have strengthened risk prevention measures, focusing on compliance and the elimination of illegal financial activities [19][20]. - The Dalian Securities Regulatory Bureau has actively pursued enforcement actions against violations, ensuring a stable financial environment [19].

Core Viewpoint - The news highlights the successful integration of capital markets in Dalian, which has significantly contributed to the region's industrial upgrading and economic development during the "14th Five-Year Plan" period [1][2][4]. Group 1: Capital Market Integration and Industrial Upgrading - Dalian's capital market has played a crucial role in integrating innovation resources and providing financial support for key industries and major projects, thereby promoting high-quality local economic development [2][3]. - The first domestic port industry listed company merger through stock exchange occurred in Dalian, resulting in Liao Port Co., Ltd. having total assets exceeding 55 billion yuan and handling 70% of the coastal cargo throughput in Liaoning [2]. - The restructuring of Liao Port Co., Ltd. has effectively addressed the issue of disordered competition among regional ports, enhancing the region's influence and supporting the construction of the "Northeast Asia International Shipping Center" [2]. Group 2: Support for the Petrochemical Industry - Dalian's petrochemical industry has seen significant growth, driven by leading companies like Hengli Petrochemical, which has completed five key acquisitions to enhance its production capacity in high-end chemical materials [3]. - A notable acquisition in 2023 amounted to 10.153 billion yuan, further solidifying Hengli's position in the market [3]. - The capital market's efforts have facilitated the transformation of the petrochemical industry towards high-end and green development, contributing to the establishment of a trillion-level green petrochemical industry cluster [3]. Group 3: Financial Support for Technological Innovation - During the "14th Five-Year Plan" period, Dalian has supported enterprises in raising 50.355 billion yuan through capital markets, with 11.628 billion yuan from the stock market and 38.727 billion yuan from the bond market [4]. - Six technology companies successfully went public, with notable achievements from Kede CNC, which raised 568 million yuan during its IPO and an additional 600 million yuan through a private placement in 2024 [4]. - Dalian is also home to the first "global unicorn" enterprise in Liaoning, Rinkor Energy, which is preparing for its listing on the Sci-Tech Innovation Board [4]. Group 4: Innovation in the Bond Market - In 2025, Guodian Power successfully issued Dalian's first technology innovation corporate bond, raising 7.5 billion yuan for renewable energy projects [5]. - The introduction of innovative financial products, such as the first rental housing asset-backed securities in Liaoning, has effectively revitalized state-owned assets and enhanced the influence of "Dalian assets" [5]. - Dalian's capital market has also implemented financial tools like "insurance + futures" to support agricultural development, benefiting over 300,000 farmers with insurance policies exceeding 3 billion yuan [5]. Group 5: Regulatory Measures and Risk Prevention - Dalian's capital market has strengthened risk prevention measures through strict enforcement and collaboration among regulatory bodies, ensuring financial stability in the region [6][7]. - The Dalian Securities Regulatory Bureau has focused on addressing illegal financial activities and has successfully reduced the number of local trading venues by approximately 90% [7]. - Regulatory efforts have also included comprehensive inspections of private equity funds to enhance compliance and risk management, safeguarding investor rights [7].

Core Insights - The article highlights the recent surge in investment activity in Jinan, Shandong Province, with four funds launched in five days, totaling 11.3 billion yuan, indicating a strong integration of industry and capital in the region [6][7][12]. Fund Launches - Four funds were established in Jinan, focusing on various sectors including low-altitude economy, industrial mother machines, and mining [6][8]. - The first fund, Shanjin Mining Equity Investment (Jinan) Partnership, has a scale of 1 billion yuan and is backed by major local players including Shanghai Jinlan Investment and Shandong Gold Venture Capital [8][9]. - The second fund, led by Jinan Erji Machine Tool, focuses on high-end CNC machine tools and robotics, with a total scale of 300 million yuan [10][11]. Government Initiatives - The Jinan government has initiated two major funds for the aerospace (low-altitude) industry, each with a target scale of 5 billion yuan, aimed at advancing related sectors [12][13]. - The establishment of these funds aligns with Jinan's three-year action plan for the aerospace information industry, which has been a priority in government reports since 2021 [12][13]. Investment Framework - Jinan's recent fund launches are part of a broader "6+N" fund cluster framework, aiming to establish six guiding funds with a total target of 60 billion yuan over five years [15][16]. - This framework is designed to attract market-driven capital to support local industries, particularly in smart manufacturing and advanced technologies [15][16]. Regional Investment Climate - Shandong Province has seen a significant increase in the number of newly established funds, ranking fourth nationally, with 378 financing events reported this year [19][20]. - The province's strong industrial base, particularly in energy, steel, and machinery manufacturing, provides ample investment opportunities for venture capital and private equity firms [19][20]. Systematic Investment Approach - The Shandong government has established a systematic approach to capital deployment, with a focus on the "new and old kinetic energy conversion" strategy, leading to the creation of 150 funds and investments in over 1,700 projects [20][21]. - This strategic focus has resulted in significant investments in local unicorns and specialized enterprises, enhancing the region's attractiveness for investors [20][21].