| | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他 （请文字说明其他活动内容） | | | 广发证券、浙商证券、巨杉资产、华能信托、财通证券、 广发自营、上海勤辰、和远基金、华泰证券、百年资管、 | | | 野村证券、勤辰私募、广发证券、广大资管、长江机械、 | | 参与单位名称 | 嘉实基金、益恒投资、天风证券、中信证券、丹羿投资、 | | 及人员姓名 | 准锦投资、巨子私募、万家基金、东北证券、圆信永丰 | | | 基金、安益资产、中金公司、黑皇资管、瓴仁投资、大 | | | 朴资产、上海尚雅投资、国联民生证券、申万菱信、鹏 | | | 华基金 | | 时间 | 2026 年 2 月 25 日、2026 年 2 月 26 日 | | 地点 | 公司汽轮动力大厦 3 楼 304 会议室 | | 上市公司接待 | 王钢、陈翔及公司董事会办公室人员 | | 人员姓名 | | | | 问题 1：公司与杭州汽轮动力集团股份有限公司（以下 | | ...

证券日报网讯2月27日，海联讯（300277）在互动平台回答投资者提问时表示，杭汽轮工业汽轮机产品 主要用于石油、炼化、煤化工、纺织、冶金、热电联产、大型电站配套等领域。 ...

（文章来源：每日经济新闻） 每经AI快讯，海联讯（300277.SZ）2月27日在投资者互动平台表示，杭汽轮工业汽轮机产品主要用于石 油、炼化、煤化工、纺织、冶金、热电联产、大型电站配套等领域。 ...

Group 1: Company Overview and Merger Progress - The merger with Hangzhou Steam Turbine Group Co., Ltd. (Hangzhou Steam Turbine) has been completed, and the new shares were listed on February 11, 2026 [2][3] - The company plans to change its name, securities abbreviation, business scope, registered capital, and address post-merger [2] - The board of directors has initiated the election of the sixth board members, with relevant proposals approved in the first temporary meeting of 2026 [2] Group 2: Hangzhou Steam Turbine's Business and History - Hangzhou Steam Turbine, established in 1958, is a key player in the industrial steam turbine sector in China, contributing significantly to national economic security and defense [3] - The company has a diverse product range, including steam turbines, gas turbines, and related services, with applications in various industries such as petrochemicals, textiles, and power generation [3][4] - The development of industrial steam turbines has evolved through four stages, from product exploration to independent innovation since 2000 [4] Group 3: Gas Turbine Business Development - The gas turbine business is a core focus for the company's strategic transformation during the 14th and 15th Five-Year Plans [4] - Since 2005, the company has collaborated with Mitsubishi and Siemens, delivering over 50 gas turbine units to the market [5] - The first self-developed 50MW gas turbine model is expected to complete its full-load testing by mid-2025, marking a significant milestone in the company's independent R&D efforts [5] Group 4: Project Progress and Market Expansion - The Lianyungang gas turbine demonstration project is crucial for the application of the self-developed gas turbine, with key milestones achieved, including project registration and contract signing [5] - The company has established a subsidiary focused on independent operation and maintenance services for gas turbines, enhancing its service capabilities [6] - The overseas market expansion strategy focuses on countries along the Belt and Road Initiative, primarily through partnerships with domestic contractors [7][8]

近年来，世通华纳先后投入资金5000余万元，购置高精密重型设备，用于突破汽轮机核心产品加工产能 问题。近三年累计获得专利30余项，成为产业链上的"战略级供应商"。 将气缸吊装到龙门铣床上，调试好程序后，又一件汽轮机主机配件将很快走下生产线……哈尔滨世通华 纳电力设备制造有限公司的重装车间内，工人们正在加班加点为央企配套生产。 日前，世通华纳汽轮机成套产品数字化车间技改项目建成投用。该项目新建一栋汽轮机产品成套生产厂 房，新增重点核心数控、起重等设备5台（套），年可新增汽轮机设备50台（套）。世通华纳总经理乔 锦治介绍，得益于哈市在推进央地合作中不断放大的"央企+"综合效应，世通华纳不断成长壮大，2025 年，企业产值达5000万元。 据了解，哈尔滨世通华纳电力设备制造有限公司是一家专注为能源装备龙头企业提供核心部件的配套企 业。20余年来，在各级政府的大力扶持和培育下，通过给哈电集团哈尔滨汽轮机厂有限责任公司提供机 组主机装配件等，从几十万元配套额起步，通过不断提升产能，增强核心竞争力，从一家中小装配件加 工的"小作坊"发展到为高精密产品与大型核心部件配套，配套额从最初的几十万元发展到2024年的4000 万 ...

Core Insights - Harbin Sitong Warner Electric Power Equipment Manufacturing Co., Ltd. is experiencing significant growth due to the "Central Enterprise +" comprehensive effect promoted by Harbin city, focusing on quality and detail in production for central enterprises [1][2] - The company, established in 2016, has evolved from a small workshop to a strategic supplier in the energy equipment sector, increasing its supply amount from hundreds of thousands to 40 million yuan by 2024 [1] - Recent investments of over 50 million yuan in high-precision heavy equipment have enabled the company to enhance its core processing capacity for turbine products, leading to over 30 patents in the last three years [1] Company Development - The newly completed digital workshop for turbine assembly products includes a new production facility and five key core CNC and lifting equipment, which will add 50 turbine units annually [2] - The company anticipates reaching an output value of 50 million yuan by 2025, marking its transition from a "small workshop" to a "large enterprise" [2] - Continuous high R&D investment has allowed the company to overcome several critical technical challenges, with guidance from key enterprises like Harbin Electric Group [2]

Group 1 - The core viewpoint emphasizes the importance of developing the real economy, particularly through advanced manufacturing as a backbone of a modern industrial system, as outlined in the "14th Five-Year Plan" [1] - CITIC Financial Assets is committed to implementing national policies by focusing on strategic emerging industries such as high-end equipment manufacturing and aerospace, exploring comprehensive financial models like "equity + debt" and "restructuring + relief" [1] Group 2 - CITIC Financial Assets collaborates with local state-owned enterprises to implement a combination of "property rights restructuring + management restructuring + debt restructuring" to facilitate substantial corporate restructuring [2] - The project team designed a trust transaction structure to inject funds for operational recovery, while also introducing advanced technologies and optimizing management processes [2] - By 2025, the revitalized company, a historic brand in manufacturing, will resume operations after a six-month halt, enhancing its market competitiveness with new high-efficiency turbine models [2] Group 3 - The project team conducts in-depth research on the needs of "specialized, refined, distinctive, and innovative" enterprises within the industrial park, aiming to enhance occupancy rates and industry clustering [4] - CITIC Financial Assets collaborates with CITIC Securities and CITIC Bank to create tailored financial service plans, preparing for future issuance of CMBS or REITs [4] - This initiative revitalizes idle assets and injects financial resources into the domestic large aircraft industry chain, supporting Xi'an's ambition to become a world-class aviation city [4] Group 4 - CITIC Financial Assets identifies the real needs of technology-driven enterprises and high-end manufacturing in their transformation, offering a unique "three-chain synergy" comprehensive financial solution [5] - The innovation chain focuses on technology breakthroughs and mechanism optimization, leveraging CITIC Group's resources to provide comprehensive value through management optimization and confidence in development [5] - The funding chain ensures comprehensive coverage and collaboration across all licenses, providing a one-stop service from equity investment to M&A restructuring, creating a technology finance ecosystem [5]

Group 1 - The core viewpoint emphasizes the importance of focusing on the real economy and building a modern industrial system centered on advanced manufacturing as outlined in the "14th Five-Year Plan" [1] - China CITIC Financial Assets is committed to implementing the central government's decisions by leveraging CITIC Group's advantages, focusing on strategic emerging industries such as high-end equipment manufacturing and aerospace [1] Group 2 - A Qingdao turbine manufacturer, once a key player in China's turbine industry, faced severe financial difficulties with over 6 billion yuan in debt and management chaos due to internal disputes [2] - China CITIC Financial Assets collaborated with local state-owned enterprises to implement a comprehensive restructuring strategy, including property rights restructuring, management reorganization, and debt restructuring, to revitalize the company [2] - The company successfully developed new high-efficiency turbine models, improving efficiency by 3 to 10 percentage points, thereby enhancing its market competitiveness and solidifying Qingdao's position in the turbine industry [2] Group 3 - A large aircraft manufacturing industrial park in Xi'an faced operational inefficiencies due to slow construction and poor investment attraction [3] - China CITIC Financial Assets identified the park's strategic value and initiated a trust plan to acquire equity and implement management restructuring [3] - The project aims to enhance the park's occupancy and industry concentration by attracting upstream and downstream enterprises in the aviation industry, preparing for future capital market engagements [3] Group 4 - China CITIC Financial Assets provides a unique "three-chain synergy" financial solution to meet the real needs of technology-driven enterprises and high-end manufacturing during their transformation [4] - The company focuses on innovation chain empowerment, industry chain aggregation, and funding chain protection, offering comprehensive services throughout the enterprise lifecycle [4] Group 5 - China CITIC Financial Assets aims to optimize innovative financial service models to support the development of the real economy and contribute to building a modern industrial system [5]

Core Viewpoint - The article emphasizes the importance of building a modern industrial system as the material and technological foundation for Chinese-style modernization, highlighting the need for innovation and the strengthening of the real economy [1][5]. Group 1: Importance of the Real Economy - The real economy is identified as the cornerstone of national strength, with a focus on its role in supporting economic growth and employment [3][4]. - In 2024, China's industrial added value reached 40.5 trillion yuan, accounting for about 30% of GDP, with a year-on-year growth of 6.1% in the first three quarters [4]. - The real economy employs over 400 million people, representing more than half of the national employment population [4]. Group 2: Modern Industrial System Construction - The construction of a modern industrial system is crucial for connecting production and consumption, serving as a key pivot in the national economy for achieving high-quality development [5][6]. - The manufacturing sector's added value accounts for nearly 30% of the global total, maintaining the world's largest scale for 15 consecutive years [7]. - The shift towards intelligent, green, and integrated transformations in the real economy is essential for building a modern industrial system [7][10]. Group 3: Emerging Pillar Industries - The article introduces the concept of emerging pillar industries, which combine characteristics of both emerging and pillar industries, playing a significant role in economic growth [12][16]. - By 2025, the added value of strategic emerging industries is expected to exceed 17% of GDP, an increase of approximately 5.3 percentage points from the end of the 13th Five-Year Plan [16]. - The development of new industries such as low-altitude economy is highlighted, with a projected market size of 1.5 trillion yuan in 2023, potentially reaching 3.5 trillion yuan by 2035 [18]. Group 4: Future Outlook - The article stresses the need to optimize traditional industries while proactively planning for future industries, which are seen as potential strategic emerging industries [19]. - The traditional industries currently account for about 80% of the added value in manufacturing, with an estimated market space of 10 trillion yuan to be added in the next five years [19]. - Strengthening the foundation of the real economy and accelerating the construction of a modern industrial system will lay a solid material foundation for Chinese-style modernization [19].

Core Viewpoint - The construction of a modern industrial system is essential for China's economic development, emphasizing the importance of the real economy and technological innovation as foundational elements for future growth [1][5]. Group 1: Importance of the Real Economy - The real economy is highlighted as the cornerstone of national strength, with a focus on its role in supporting economic stability and growth [1][3]. - In Shandong's Bingzhou, the local kitchenware industry, which includes over 2,800 enterprises, has transformed through innovation and investment, now accounting for 40% of the national market [2][4]. Group 2: Current Economic Data - In 2024, China's industrial added value is projected to reach 40.5 trillion yuan, constituting about 30% of the GDP, with a year-on-year growth of 6.1% in the first three quarters of the current year [4]. - The real economy employs over 400 million people, representing more than half of the national employment population [4]. Group 3: Future Directions and Strategies - The modern industrial system is crucial for achieving high-quality development, with a focus on localizing and regionalizing industrial and supply chains [5][6]. - The "14th Five-Year Plan" has laid a solid foundation for building a modern industrial system, with China's manufacturing value added accounting for nearly 30% of the global total [6][7]. Group 4: Technological Advancements - The shift towards intelligent, green, and integrated transformations in the real economy is essential for enhancing competitiveness [7][10]. - The "smart revolution" in manufacturing has led to a 12% to 15% increase in productivity, exemplified by Shanghai's turbine manufacturing plant [8]. Group 5: Emerging Pillar Industries - The concept of "emerging pillar industries" combines characteristics of both emerging and traditional industries, playing a significant role in economic growth and technological advancement [12][17]. - By 2025, the added value of strategic emerging industries is expected to exceed 17% of GDP, indicating a substantial increase from previous years [18]. Group 6: Market Opportunities - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan this year, with expectations of growing to 3.5 trillion yuan by 2035 [20]. - The traditional industries, which currently account for about 80% of manufacturing value added, are also expected to see significant market expansion, potentially adding around 10 trillion yuan in the next five years [21].