本期业绩变动的主要原因如下：1、风电行业市场竞争态势持续活跃，行业成本压力逐步向上游传导， 公司风电齿轮箱产品售价面临进一步承压，对公司整体盈利水平及利润空间造成一定程度影响；2、公 司积极调整经营发展战略，报告期内营业收入实现同比大幅增长。但为保障增速器智慧工厂(一期)项目 快速达成产能目标，公司加大人员及产能投入力度，致使职工薪酬、社会保险及福利费支出显著增加， 叠加费用化利息同比大幅上升，公司整体利润空间相应承压。3、报告期内，公司非经常性损益同比大 幅缩减，预计减少净利润2000-2500万，主要原因系与收益相关的政府补助显著下降，叠加交易性金融 资产处置产生损失所致。 格隆汇1月28日丨威力传动(300904.SZ)公布，预计2025年1月1日至2025年12月31日归属于上市公司股东 的净利润亏损1.15亿元-8500万元；扣除非经常性损益后的净利润亏损1.37亿元-1.07亿元。 ...

| 晨会纪要 | | --- | | 数据日期:2026-01-26 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4132.60 | 14316.63 | 4706.96 | 15595.08 | 4178.14 | 1532.79 | | 涨跌幅度（%） | -0.08 | -0.85 | 0.09 | -1.33 | -1.33 | -1.34 | | 成交金额（亿元） | 14518.59 | 17963.42 | 7968.32 | 6285.86 | 8384.90 | 1089.16 | $$\overline{{{\prod_{i\in\mathbb{R}}}}}\frac{\Delta}{\Delta}\pm\overline{{{\prod_{i\in\mathbb{R}}}}}$$ (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$] 宏观与策略 固定收益周报:公募 REITs 周报（第 51 期）- ...

证券研究报告·行业点评报告 2026 年 1 月 26 日 江海证券研究发展部 执业证书编号：S1410525090001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 25.83 23.59 59.62 绝对收益 27.31 24.49 82.31 数据来源：聚源 注：相对收益与沪深 300 相比 电新汽车行业研究组 分析师：王金帅 德力佳扩产 10MW 风电齿轮箱，关注 风机大型化带来的投资机会 事件： 行业评级：增持（维持） 德力佳 1 月 25 日公告，公司与无锡宛山湖产业发展有限公司、羊尖镇人民政府 达成合作并签署了《德力佳 10MW 以上风电用变速箱研发制造项目投资合作协 议》，推进公司风电齿轮箱产能扩充，项目总投资 50 亿元。该项目的实施将有 效提升公司的生产规模和交付能力，进一步巩固和增强公司在风电齿轮箱领域 的市场竞争力和行业地位。 投资评级说明 | 投资建议的评级标准 | | 评级 | 说明 | | --- | --- | --- | --- | | | | 买入 增持 | 相对同期基准指数涨幅在 15%以上 相对同期基准指数涨幅在 | | 评级标准为发布报告日后的 ...

证券研究报告 | 2026年01月26日 德力佳（603092.SH） 公司产能持续扩张，夯实成长前景 公司研究·公司快评 电力设备·风电设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码：S0980523050002 联系人： 王喆萱 wangzhexuan@guosen.com.cn 事项： 2026 年 1 月 25 日，公司与无锡宛山湖产业发展有限公司、羊尖镇人民政府签署《德力佳 10 兆瓦以上风电 用变速箱研发制造项目投资合作协议》，推进公司风电齿轮箱产能扩充。该项目主要面向陆上及海上大功 率风电机型（10 兆瓦以上）的齿轮箱配套需求，总投资 50 亿元（初期预投 20 亿），资金来源为公司自有 资金和银行贷款，预计 2026 年 7 月开工。 国信电新观点：公司顺应风电行业"大型化、海上化"发展趋势，新建 10MW 以上风电齿轮箱项目以匹配 陆上及海上风电大功率机型齿 ...

德力佳（603092）(603092.SH)发布公告，为顺应海内外风电行业持续增长的发展趋势，满足市场对风 电齿轮箱的旺盛需求，公司于2026年1月25日与无锡宛山湖产业发展有限公司、羊尖镇人民政府在互惠 互利、优势互补的基础上达成合作并签署了《德力佳10兆瓦以上风电用变速箱研发制造项目投资合作协 议》，推进公司风电齿轮箱产能扩充。 项目总投资50亿元(初期预投20亿，包括所有基建、首批设备投资及部分流动资金;后期投资进度视产能 需求分批实施。具体以实际投资金额为准)，拟规划用地约350亩。该项目的实施将有效提升公司的生产 规模和交付能力，进一步巩固和增强公司在风电齿轮箱领域的市场竞争力和行业地位，为公司未来业务 发展奠定更加坚实的基础。 ...

格隆汇1月25日丨德力佳(603092.SH)公布，为顺应海内外风电行业持续增长的发展趋势，满足市场对风 电齿轮箱的旺盛需求，公司于2026年1月25日与无锡宛山湖产业发展有限公司、羊尖镇人民政府在互惠 互利、优势互补的基础上达成合作并签署了《德力佳10兆瓦以上风电用变速箱研发制造项目投资合作协 议》，推进公司风电齿轮箱产能扩充。项目总投资50亿元（初期预投20亿，包括所有基建、首批设备投 资及部分流动资金；后期投资进度视产能需求分批实施。具体以实际投资金额为准），拟规划用地约 350亩。该项目的实施将有效提升公司的生产规模和交付能力，进一步巩固和增强公司在风电齿轮箱领 域的市场竞争力和行业地位，为公司未来业务发展奠定更加坚实的基础。 ...

Group 1 - The report highlights that Jinma Amusement has achieved significant performance growth through technological breakthroughs and a comprehensive industry chain layout, covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, with exports to nearly 50 countries [1][2][14] - The amusement equipment industry in China is undergoing structural upgrades driven by policy support and market demand, with the global theme park market expected to reach USD 55.9 billion in 2024, growing by 8.21% year-on-year, indicating a strong recovery trend [2][14] - Jinma Amusement is positioned as a benchmark enterprise in the industry, holding over 240 authorized patents and participating in the formulation of 26 industry standards, while continuously enhancing its R&D capabilities and accelerating the application of AI and robotics in the cultural tourism sector [2][14] Group 2 - The company has a broad customer network, deeply binding with leading domestic theme park groups and entering high-end markets in Europe and the "Belt and Road" emerging markets, with new orders expected to grow by over 40% year-on-year in 2024 [3][14] - Jinma Amusement's strategic investment in Shanghai Matrix Super Intelligence aims to promote the implementation of cultural tourism robotics, establishing a joint venture to create a digital service ecosystem [3][14] - The report projects Jinma Amusement's net profit attributable to shareholders to be CNY 1.09 billion, CNY 2.07 billion, and CNY 3.46 billion for 2025-2027, with corresponding PE ratios of 83, 44, and 26 times, respectively, and assigns a target price of CNY 81.16, indicating a potential upside of 40.7% from the current stock price [3][14]

Core Viewpoint - The stock of Weili Transmission has shown fluctuations with a recent increase of 2.18%, and the company is primarily engaged in the research, production, and sales of wind power gearboxes, which constitute 98.23% of its revenue [1][2]. Group 1: Stock Performance - As of December 25, Weili Transmission's stock price is 63.66 CNY per share, with a market capitalization of 4.608 billion CNY [1]. - The stock has increased by 5.80% year-to-date, with a recent 5-day increase of 2.56%, but has decreased by 5.95% over the last 20 days and 5.83% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) twice this year, with the latest occurrence on September 29, where it recorded a net buy of -51.7177 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Weili Transmission achieved a revenue of 638 million CNY, representing a year-on-year growth of 95.03% [2]. - The net profit attributable to the parent company was -57.8929 million CNY, a significant decrease of 461.61% compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Weili Transmission is 10,400, an increase of 29.51% from the previous period [2]. - The average number of circulating shares per shareholder is 2,104, which has decreased by 22.78% [2]. - The company has distributed a total of 73.1071 million CNY in dividends since its A-share listing [3].

Group 1 - The core business of Jiangtian Technology is to provide label integration for mid-to-high-end consumer brands, with a focus on self-adhesive labels for various sectors [2][3] - The company has a total market capitalization of 1.121 billion yuan and an issuance price of 21.21 yuan, with a price-to-earnings ratio of 14.5 [2] - In the past three years, the company's revenue has shown significant growth, with 2023 revenue at 508 million yuan (+53.00%) and a projected net profit of 538 million yuan for 2024 (+6.00%) [3] Group 2 - The company has a market share of 58.09% from its top five customers in 2024, indicating strong customer reliance [3] - The main revenue sources include 79.58% from film-based self-adhesive labels, 14.75% from paper-based self-adhesive labels, and 5.38% from other printing products [2] - The fundraising will be directed towards the construction of intelligent production lines for packaging printing products and technology research and development [3]

每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 王晓波） 2025年1至6月份，威力传动的营业收入构成为：风电齿轮箱占比98.23%，其他产品占比1.77%。 每经AI快讯，威力传动（SZ 300904，收盘价：64.37元）12月15日晚间发布公告称，公司第四届2025年 第五次董事会临时会议于2025年12月15日在公司会议室以现场结合通讯方式召开。会议审议了《关于聘 任公司高级管理人员的议案》等文件。 截至发稿，威力传动市值为47亿元。 ...