岁末年初的一个个热气腾腾的定格，或许可以给出答案：2025年12月30日，特斯拉全球第900万辆 电动车在上海超级工厂下线，这个创造了"特斯拉速度"的标杆，还在不断创造新的传奇纪录；同一天， 友邦保险资管、荷全保险资管两家外资全资资管公司获批在上海开业；2025年的最后一天，上纬新材董 事长稚晖君发布了一款能装进书包的机器人"启元Q1"，这是继智元机器人实现第5000台通用具身机器 人量产下线后，1个月内再次在人形机器人领域发布突破性成果…… 营商环境是企业生存发展的土壤，是经济繁荣兴盛的基石，也是塑造城市核心竞争力的关键。持之 以恒的改革淬炼，不仅彰显了上海对"打造国际一流营商环境、持续提升企业感受"的深刻理解与坚定践 行，更勾勒出一条从对标跟跑到引领创新、从政策突破到生态构建的进阶之路。持续优化的营商环境， 犹如肥沃的土壤、清洁的水源，孕育了近悦远来、创新活跃、高质量发展的活力上海。 改革淬炼：从"点上突破"到"生态构建"的跨越 新年伊始，法雷奥位于上海市嘉定区的新制造基地正爬坡提升产能，为争取新订单做更多准备。法 雷奥集团首席执行官克里斯托夫·佩里亚说，新工厂建设得到了上海的大力支持，"优质的营商环境是 ...

（来源：工人日报） 12月8日10时，冬日的暖阳斜照在河南油田双452井的井场上。 40岁的康凯刚刚完成了一次皮带更换作业。他直起身，习惯性地用目光再次扫过运转中的抽油机，确认 皮带轮与电机轮的咬合处于绝对的直线上。"哪怕是几毫米的偏差，在高速运转中都会被无限放大"。 这就是康凯的绝活儿。每次加皮带，他都要反复推敲怎样调正电机、怎样省劲、怎样延长寿命。经他手 的皮带，更换周期往往比别的多出好几个月。 就在一个多月前，这位来自采油一厂维护班的采油工，在2025年全国行业职业技能竞赛中拿下了集输工 专业的金牌。 "拿出竞技者的姿态，一切皆有可能。"这句话，康凯说得很响亮。 时钟拨回2020年，那时的康凯还是原下二门采油站里一名普通采油工，看到年轻同事李幸站在了全国大 赛的领奖台，一种由衷的渴望在心里升腾："我也要拿金牌。" 2021年，康凯第一次试水河南油田采油工技术比武。现实给了他冷硬的一击：因为缺乏实战经验，临场 发挥失误，他空手而归。 "功夫下在平常，才有可能出类拔萃"。接下来，康凯默默地把工作之余的所有时间，都填进了那些枯燥 的规程和原理中。 2023年，康凯调岗至采油一厂生产指挥中心，负责集输运行。 " ...

Core Viewpoint - The company, Zhenlan Instrument (301303), is focusing on three main business segments: gas meter, water meter, and automotive parts, with gas meter being the core business and water meter and automotive parts as new growth areas for 2024 [1] Business Segments - The gas meter business is the company's pillar, while the water meter and automotive parts businesses are newly initiated for future growth [1] - The company plans to enhance its competitiveness in gas meter products while increasing investment in industrial measurement fields such as gas flow meters, electromagnetic flow meters, and vortex flow meters [1] - The water meter and automotive parts businesses are expected to drive future performance growth, with ongoing investments in fixed assets to expand production capacity and improve automation [1] Strategic Initiatives - The company is focusing on strengthening its technical reserves and market channels in the industrial measurement sector [1] - There is a commitment to enhance supplier management and raw material selection, alongside continuous improvements in production processes and quality control systems [1] - The aim is to increase product precision, stability, and lifespan while accelerating the establishment of the new business's industrial chain layout [1]

证券代码： 301303 证券简称：真兰仪表 上海真兰仪表科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动 √ | 特定对象调研 分析师会议 □ | | | --- | --- | --- | | 类别 □ | 媒体采访 □ | 业绩说明会 | | □ | 新闻发布会 □ | 路演活动 | | □ | 现场参观 | | | □ | 其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 浙商证券、汇丰晋信、大朴资产、上海乾瞻投资、赋格投资 | | | 人员姓名 | | | | 时间 | 年 月 日（周一）14:00~17:30 2025 12 15 | | | 地点 | 公司会议室 | | | 上市公司接待人 | 董事长、总裁：李诗华 | | | 员姓名 | 副总裁、董事会秘书：王文军 | | | | 财务负责人：徐斌 | | | | 证券事务代表：陈意 | | | | 公司董事长、总裁首先对公司近期的经营情况做了简略的介 | | | | 绍；调研期间，公司董事会秘书带领机构调研人员参观了公司的 | | | | 智能化生产车间和数字化产品展厅。 | | | | 提问 ...

科隆公司选择利润再投资，得益于今年我国出台的税收新政。6月底，财政部、国家税务总局、商务部联合印发《关于境外投资 者以分配利润直接投资税收抵免政策的公告》，以政策"红利"为外资企业减负松绑。政策明确，对境外投资者以境内分配利润 在2025至2028年期间新增的有效投资，按照投资额的10%抵免境外投资者应纳税额，不足抵免的部分准予向后结转。 由于亚洲市场需求持续攀升，科隆测量技术（上海）有限公司决定在沪启动新建工厂项目，新工厂占地约64亩，建成后可开发 和制造电磁流量计及其相关零部件。这家来自德国的外资企业给自己算了一笔账，得益于国家今年起实施的境外投资者利润再 投资税收抵免新政，他们可享受税收减免超300万元。 今年1至10月，上海新设外商投资企业5169家，比去年同期增长3.1%。值得注意的是，近年来，鼓励境外投资者以利润扩大在华 投资，已成为吸引外资的新趋势。上海正成为境外投资者利润再投资首选地之一。 利润再投资成为外资新趋势 利润再投资，即境外投资者将在中国境内居民企业分配的利润不汇出境外，转而留在中国境内再行投资。上海市外商投资协会 会长黄峰解释，利润再投资包括对已投资企业进行增资、新设企业或收购其他 ...

Group 1 - The core theme of the 2025 Third Process Industry Instrument Equipment and Technology Localization Supply and Demand Matching Conference is "independent and controllable, safe and reliable," with over 300 industry experts and representatives attending [1] - Jinka Tianxin showcased several domestic instrument products, including the TCF series Coriolis mass flowmeter, which was successfully included in the "Petrochemical Industry Instrument Localization Replacement Product Catalog (2025 Edition)" [1][19] - Jinka Tianxin is committed to providing safe and reliable instrument equipment and technical solutions for the process industry, contributing to the high-quality development of the industry [1][19] Group 2 - The Zhejiang Aid Tibet Command visited Jinka Intelligent to discuss water management in Naqu, emphasizing the need for intelligent control and precise management in water systems [6][24] - Jinka Intelligent aims to deepen collaboration with the Zhejiang Aid Tibet Command and Naqu City to support the digital upgrade of water management systems [6][24] Group 3 - Jinka Intelligent participated in the 12th China (Chengdu) International Pipeline Exhibition, showcasing innovations in gas, water, and process sectors, and delivered a keynote speech on urban lifeline engineering [8][26] - The company is focused on empowering urban pipeline safety management through digital means, transitioning from risk prevention to proactive governance [8][26] Group 4 - Jinka Intelligent presented its comprehensive energy measurement solutions at Enlit Europe 2025, highlighting its commitment to safety, low carbon, intelligence, and connectivity [11][29] - The company aims to build an integrated smart measurement system covering residential, commercial, industrial, and urban governance sectors [11][29] Group 5 - Jinka Intelligent actively participated in the China Metrology Association's annual meeting, contributing to metrology technology innovation and modernization efforts [14][32] - The company is recognized as the director unit of the Gas Meter Working Committee of the China Metrology Association, emphasizing its leadership in the industry [14][32] Group 6 - Jinka Tianxin received two provincial honors for its innovative capabilities, including the selection of its "Intelligent Process Measurement Equipment" project as a high-value patent cultivation project for 2025 [16][34] - The company is committed to strengthening innovation-driven development and contributing to the high-quality growth of the industry [16][34] Group 7 - Jinka Intelligent was listed among the "2025 Wenzhou Top 100 Enterprises (Comprehensive)" and "2025 Wenzhou Manufacturing Top 50 Enterprises," reflecting its comprehensive strength and contributions to regional development [18][35] - The company plans to increase R&D investment and focus on technological innovation to support the development of advanced manufacturing in Wenzhou [18][35]

Core Viewpoint - The actual controller of Chongqing Chuan Yi Automation Co., Ltd. has officially changed to China National Machinery Industry Group Co., Ltd., marking a significant strategic integration aimed at enhancing the domestic instrumentation industry and promoting high-quality development in this sector [1][2][3]. Group 1: Strategic Integration - The acquisition represents the largest control transfer of a local state-owned listed company by a central enterprise in the past five years, and it is the largest control acquisition in the domestic instrumentation industry history [3]. - The integration aims to create a comprehensive R&D and manufacturing system covering high-performance materials, advanced sensors, high-end instruments, and intelligent control systems, thereby establishing a strong foundation for achieving self-sufficiency in major equipment [3][5]. - The newly formed National Machinery Instrumentation Group will focus on intelligent, green, and integrated development, enhancing original innovation and tackling key core technologies [3][5]. Group 2: Company Development - Chuan Yi Automation, with a history of 60 years, has developed world-class products such as high-precision intelligent pressure transmitters and electromagnetic flow meters, contributing significantly to the high-quality development of key sectors in the national economy [4][5]. - The company will leverage its new position within the National Machinery Instrumentation Group to strengthen collaborative efforts in core technology, accelerate the development of world-class products, and enhance its industry influence [6]. - Future plans include expanding internationalization efforts and utilizing the advantages of the central enterprise's overseas channels to drive growth and elevate the company's competitive position [6]. Group 3: Industry Context - The instrumentation industry is a core component of the "Five Basics" of industry, serving as a critical support for new industrialization and the development of new productive forces [2]. - Despite steady growth in the domestic instrumentation industry, challenges such as low industry concentration and insufficient innovation capabilities remain, necessitating the establishment of a national-level strategic force in this sector [2].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved operating revenue of 2.355 billion yuan in the first three quarters of 2025, a year-on-year increase of 5.52%, while net profit attributable to the parent company was 207 million yuan, a year-on-year decrease of 30.49% [2] - The company is focusing on high-quality customers and controlling procurement costs, which is expected to stabilize and improve gross margins [2][3] - The company is increasing its investment in overseas resources and has successfully secured orders in several countries along the "Belt and Road" initiative, enhancing its global supply chain [3] - The domestic production process measurement segment is deepening, with significant breakthroughs in key products and customer acquisition, supported by national policies promoting domestic substitution [4] - The company is positioned as a leader in the measurement industry, benefiting from urban renewal projects and macroeconomic conditions, with expectations for revenue growth driven by domestic substitution demand [5] Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 36.69%, a slight increase of 0.18 percentage points quarter-on-quarter, but a decrease of 4.96 percentage points year-on-year [2] - The company’s expense ratio for the first three quarters of 2025 was 27.47%, a year-on-year decrease of 2.39 percentage points [3] - Revenue projections for 2025-2027 are estimated at 3.19 billion, 3.51 billion, and 3.88 billion yuan, respectively, with corresponding earnings per share of 0.82, 0.93, and 1.04 yuan [5][7]

Group 1: Strategic Partnerships and International Expansion - The company has signed a joint investment agreement with Samruk-Kazyna Invest LLP in Kazakhstan, establishing GoldcardSmart Group Kazakhstan LLP to enhance local market services and explore similar models in other countries [1] - The company is increasing investments in overseas markets, having achieved breakthroughs in several "Belt and Road" countries, and plans to further expand its global presence [2] Group 2: Product Development and Market Opportunities - The process measurement segment has successfully completed certifications for key products, including quality flow meters and electromagnetic flow meters, achieving sales breakthroughs with nearly 60 clients [3] - The company is positioned to benefit from national policies promoting domestic substitution of key technologies, creating significant market opportunities for leading domestic instrument manufacturers [3] Group 3: Competitive Landscape and Domestic Substitution - Foreign brands like Emerson and Endress+Hauser still hold market share in high-end industrial gas measurement, but the domestic substitution trend is accelerating, with the company leading in hydrogen measurement technology [3] - The company plans to increase R&D investments to strengthen its market position and expand both domestically and internationally [3] Group 4: Financial Performance and Shareholder Relations - The company's gross profit margin decreased by 4.96% year-on-year due to various macroeconomic and market factors, prompting a focus on optimizing product structure and cost reduction [4] - The increase in shareholding by Hong Kong Central Clearing Limited by 0.185 percentage points indicates foreign investors' confidence in the company's fundamentals and market outlook [4] Group 5: Future Business Development - The company’s subsidiary, Zhejiang Tianxin New Energy, is positioned to capitalize on the growing solar and energy storage markets, leveraging its software and patent technologies [5] - The company emphasizes its commitment to shareholder returns and plans to maintain high dividend levels, contingent on financial health and operational performance [5]

Investment Rating - The report assigns an "Accumulate" rating for *ST Weir (002058) [5] Core Views - *ST Weir is undergoing a strategic transformation by acquiring a 51% stake in Zijiang New Materials for 546 million yuan, aiming to enter the high-growth lithium battery aluminum-plastic film sector [1][4] - The acquisition is expected to help *ST Weir mitigate its delisting risk and improve profitability by leveraging Zijiang's strong market position and customer relationships [1][4] Summary by Sections 1. Strategic Acquisition - *ST Weir has faced continuous losses in its traditional business and is at risk of delisting, prompting the need for transformation [1][15] - Zijiang New Materials is a leading player in the aluminum-plastic film market, with a 22.2% market share in China and a 14.6% global share, making it a suitable target for *ST Weir's strategic shift [1][17] - The acquisition plan is designed to ensure "shell protection and risk control," with clear key milestones and manageable funding [1][22] 2. Market Transformation Driven by Solid-State Batteries - The demand for aluminum-plastic films is expected to rise significantly due to the increasing adoption of solid-state batteries, which require enhanced film performance [2][24] - The global aluminum-plastic film market is projected to reach 1.39 billion square meters by 2030, with a market size of 16.07 billion yuan [2][30] 3. Zijiang New Materials' Competitive Edge - Zijiang is expected to achieve over 50 million square meters in shipments in 2024, with a year-on-year growth of 26% and a capacity utilization rate of 50.6% [3][44] - The company has made significant technological advancements, including patents for high-temperature resistant materials and innovative packaging structures, positioning it as a leader in the industry [3][21] - Zijiang's strong customer base includes major players like BYD and ATL, and it is actively expanding into overseas markets [3][20] 4. Profitability Forecast - The report forecasts *ST Weir's revenue to grow significantly post-acquisition, with projected revenues of 884.49 million yuan in 2025, reflecting a year-on-year increase of 444% [4][46] - The expected net profit for 2025 is projected at 227.52 million yuan, marking a substantial turnaround from previous losses [4][46]