数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据可知：2025年12月全国仪器仪表制造业出口货值为174亿元，同比增长0.6%；2025 年全国仪器仪表制造业累计出口货值为1690.5亿元，累计同比增长5%。 2019年-2025年全国仪器仪表制造业出口货值统计图 上市公司：创远信科（831961），奥迪威（832491），同惠电子（833509），海能技术（430476），新 芝生物（430685），基康仪器（830879），天罡股份（832651），驰诚股份（834407），莱赛激光 （871263） 相关报告：智研咨询发布的《2026-2032年中国仪器仪表市场供需预测及未来发展趋势报告》 ...

Core Viewpoint - The report highlights the growth of the instrument manufacturing industry in China, indicating an increase in the number of enterprises and their contribution to the overall industrial sector [1]. Industry Summary - As of January-November 2025, the number of enterprises in the instrument manufacturing industry reached 7,682, which is an increase of 364 compared to the same period last year, representing a year-on-year growth of 4.97% [1]. - The instrument manufacturing sector accounts for 1.46% of the total industrial enterprises in China [1]. Company Summary - The report mentions several listed companies in the instrument manufacturing sector, including Chuangyuan Xinke (831961), Aodiwei (832491), Tonghui Electronics (833509), Haineng Technology (430476), Xinzheng Biological (430685), Bikang Instruments (830879), Tiangang Co., Ltd. (832651), Chicheng Co., Ltd. (834407), and Laisai Laser (871263) [1].

Core Insights - The article highlights the significance of electronic measurement instruments in modern industry and scientific exploration, emphasizing their role in ensuring performance, reliability, and safety [1] - Changzhou Tonghui Electronics Co., Ltd. has evolved from a single instrument manufacturer to a high-end testing solution provider over its 31 years of development, becoming a key player in the industry [1] - The company has successfully listed on the Beijing Stock Exchange and is part of the Beizheng 50 Index and the Specialized and New Index [1] Group 1: Precision Foundation - Tonghui Electronics has established a rigorous quality control system to ensure precision, with a product qualification rate consistently above 99.8% [3] - The company’s product matrix includes over 400 models across five categories, catering to various industries such as consumer electronics, home appliances, semiconductors, and new energy [2][3] - The company’s commitment to precision is reflected in its manufacturing processes, which combine automation and manual inspection to eliminate defects [3] Group 2: Innovation and Technology - Tonghui Electronics is focused on overcoming the "bottleneck" challenges in the high-end electronic measurement sector, which has historically relied on imports for core testing instruments [4][5] - The company has invested over 86 million yuan in R&D from 2022 to 2024, with R&D expenses accounting for 13.7% of total costs in the first three quarters of 2025 [5] - The company has achieved significant technological breakthroughs, including advanced impedance measurement technology and specialized instruments for the semiconductor testing market [5] Group 3: Strategic Expansion - The company aims to deepen its domestic market presence while expanding globally, with plans to increase overseas revenue from 10% to 30%-50% within 3 to 5 years [8] - Tonghui Electronics has established a wholly-owned subsidiary in Germany, marking a significant step in its global strategy [8] - The company is transitioning from a single instrument sales model to a high-end testing solution provider, focusing on intelligent services and customized solutions [8][9]

Core Viewpoint - The manufacturing sector in China has shown growth in the number of enterprises, indicating a positive trend in industrial development and investment opportunities [1] Group 1: Manufacturing Sector Overview - As of January to October 2025, the number of manufacturing enterprises reached 487,309, an increase of 13,423 compared to the same period last year, representing a year-on-year growth of 2.83% [1] - Manufacturing enterprises account for 93.1% of the total industrial enterprises, highlighting their significant role in the industrial landscape [1] Group 2: Industry Reports and Insights - The report titled "2026-2032 China Manufacturing Market Competition Pattern Analysis and Investment Development Research Report" by Zhiyan Consulting provides in-depth analysis and insights into the manufacturing sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports, business plans, feasibility studies, and customized services [1]

Group 1 - On November 10, a total of 13 companies were investigated by institutions, with 8 companies being surveyed by funds [1] - The most attention was given to Boying Special Welding, which had 17 participating funds, followed by Jiayi Co., Ltd. and Inno Laser with 9 and 5 funds respectively [1] - Among the surveyed companies, there was 1 from the main board, 5 from the ChiNext, 1 from the Sci-Tech Innovation Board, and 1 from the Beijing Stock Exchange [1] Group 2 - Of the companies surveyed, 7 had a total market capitalization of less than 10 billion yuan, including Canaan Technology, Super Equipment, and Boying Special Welding [1] - In terms of market performance, 4 out of the surveyed stocks increased in the last 5 days, with the highest gains from Kelu Electronics, Inno Laser, and Pumen Technology, showing increases of 5.42%, 5.29%, and 1.44% respectively [1] - Conversely, 4 stocks experienced declines, with Tonghui Electronics, Boying Special Welding, and Jiayi Co., Ltd. showing the largest drops of 7.23%, 4.03%, and 3.94% respectively [1]

Core Viewpoint - The performance of companies listed on the Beijing Stock Exchange shows significant differentiation, with many emerging sectors like semiconductors, robotics, new energy, aerospace, and biomedicine demonstrating strong growth potential and long-term confidence despite short-term profit pressures [1][2]. Financial Performance - Companies on the Beijing Stock Exchange have shown a clear divergence in financial performance for the first three quarters, with some achieving revenue and profit growth through product optimization and market expansion, while others faced profit declines due to increased competition and costs [2]. - Tonghui Electronics reported a revenue of 151 million yuan, a year-on-year increase of 16.37%, and a net profit of 44.14 million yuan, up 59.36%, driven by high-end product demand and production efficiency [2]. - Xingtou Measurement and Control has provided services for over 300 satellites, with a contract liability growth of 177.26% compared to the beginning of the year, indicating a steady business scale increase [2]. Industry Trends - Companies are focusing on high-growth sectors such as semiconductors, robotics, new energy, aerospace, and biomedicine, leveraging technological innovation and global expansion to strengthen long-term competitiveness [4]. - Fengguang Precision has successfully entered the robotics supply chain with its harmonic reducers and is expanding its semiconductor equipment client base [4]. - Tongli Co. is targeting overseas markets, particularly in Africa, Central Asia, and South America, with significant sales growth in its new energy mining vehicles [4]. New Material Developments - Minshida's aramid paper products are being increasingly applied in high-end sectors like aerospace and high-speed rail, with a new production line expected to enhance capacity [5]. - Lintai New Materials is advancing its product development in automotive friction materials and other new products, with expected revenue contributions in the near future [5]. - Xingtou Measurement and Control is building an AI-driven intelligent computing platform to enhance satellite operations and space traffic management [5]. Global Expansion Efforts - Companies are accelerating capacity construction and overseas expansion, with Fangsheng's Malaysian subsidiary expected to add significant production capacity by the end of 2025 [6]. - Tonghui Electronics has registered its German subsidiary, which is set to commence operations in the fourth quarter, aiding in overseas business growth [6]. - Lingge Technology is progressing on its material handling equipment manufacturing base, with completion expected in early 2026 [6].

Core Insights - The company, Tonghui Electronics, has experienced significant growth in the semiconductor testing market, driven by the increasing demand for testing equipment in emerging fields such as third-generation semiconductors [4][5] - The founder, Zhao Haohua, emphasizes a focus on technology and product quality, which has been a guiding principle for the company since its inception [3][6] - The company plans to enhance its production capacity and expand its market presence, particularly in high-value products and overseas markets [6][7] Company Background - Tonghui Electronics was founded by Zhao Haohua and seven partners, evolving from a focus on consumer electronics testing to semiconductor and new energy testing [3][4] - The company has been in operation for 30 years, with a commitment to solid technical development and product quality [3] Product Development - The company has launched three core semiconductor testing products: a precision source meter, a high-resistance meter, and a CV testing integrated product, which have been crucial for establishing its presence in the semiconductor sector [5][6] - The production capacity utilization rate has reached approximately 70%, with plans to increase it to over 80% in the next two to three years [5] Market Strategy - The company adopts a dual strategy of focusing on high-value products while expanding into international markets, particularly in Europe, North America, and Southeast Asia [6][7] - Currently, overseas revenue accounts for only 10% of total revenue, indicating significant potential for growth in international markets [7] Future Outlook - The company aims to align its product development with market trends and national policies, particularly in the semiconductor industry, which is supported by government initiatives [7] - The focus on high-value products and global market expansion is expected to drive sustainable profit growth and strengthen the company's competitive position [6][7]

Core Insights - The company, Tonghui Electronics, has successfully transitioned from focusing on consumer electronics testing to semiconductor and new energy testing, marking a significant shift in its business strategy [1][2][3] Company Development - Founded by Zhao Haohua and seven partners, Tonghui Electronics has maintained a strong team spirit and commitment to technology and product quality over its 30 years of operation [1] - The company has achieved substantial growth in semiconductor testing products, driven by the rapid development of the domestic semiconductor industry and increasing demand for testing equipment [1][2] Product Strategy - Tonghui Electronics has launched three core products in the semiconductor testing field: a precision source meter, a high-resistance meter for microcurrent applications, and a CV testing integrated product for power semiconductor devices [2][3] - The company plans to continue developing a series of semiconductor testing products and enhance collaboration with leading clients in the semiconductor and new energy sectors [2][3] Capacity and Investment - The company's current capacity utilization rate is approximately 70%, with plans to increase it to over 80% in the next two to three years [3] - Tonghui Electronics is focusing on high-value-added products and investing in R&D to tackle core technical challenges, aiming to improve profit margins and strengthen its market position [3][4] Market Strategy - The company adopts a dual strategy of focusing on high-value-added products while expanding into international markets, particularly in Europe, North America, and Southeast Asia [4] - Currently, overseas revenue accounts for only 10% of total revenue, indicating significant potential for growth in international markets [4] Alignment with National Strategy - The company emphasizes the importance of aligning its market focus with national strategic priorities, particularly in the semiconductor industry, which is supported by government initiatives [4]

Core Insights - The general equipment sector experienced a decline of 1.27% on October 16, with Tonghui Electronics leading the losses [1][2] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - Notable gainers in the general equipment sector included: - Kaichuang Electric (301448) with a closing price of 61.50, up 9.82% [1] - Nuwei CNC (688697) at 16.05, up 8.52% [1] - Sand Technology (300515) at 21.50, up 7.39% [1] - Conversely, Tonghui Electronics (920509) saw a significant drop of 7.14%, closing at 39.00 [2] - Other notable decliners included: - Lioo Co., Ltd. (002131) down 7.05% [2] - Sanchuan Wisdom (300066) down 6.39% [2] Capital Flow - The general equipment sector saw a net outflow of 2.299 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.994 billion yuan [2][3] - Key stocks with significant capital flow included: - Yingliu Co., Ltd. (603308) with a net inflow of 1.23 billion yuan from institutional investors [3] - Tongrun Equipment (002150) with a net inflow of 62.15 million yuan from institutional investors [3] - Notably, retail investors showed a net outflow from several stocks, including Tongrun Equipment and Sand Technology [3]

Investment Rating - The report indicates a defensive attribute for the North Exchange market, with a slight decline in the North Exchange 50 Index by 0.22% and an overall trading volume of 20.68 billion yuan, suggesting a focus on sectors with stable performance [3][12]. Core Insights - The North Exchange A-share trading volume reached 20.68 billion yuan on October 14, an increase of 0.889 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1484.19, down 0.22% [1][7]. - The market showed significant differentiation, with certain stocks like Tonghui Electronics and KaiTeng Gas rising against the trend, while others like Jiuling Technology and Ximic Technology experienced notable declines [3][14]. - The main market themes revolved around trade dynamics and domestic substitution, particularly in the cultivated diamond and superhard materials sectors, which saw substantial gains due to export control policies [3][17]. Summary by Sections Market Review - On October 14, the North Exchange A-share trading volume was 20.68 billion yuan, with 278 companies listed, of which 121 rose, 9 remained flat, and 148 fell [1][12][14]. - The top five gainers included Huifeng Diamond (14.7%), Huaguang Source Sea (10.7%), and Aieneng Ju (9.3%), while the top five losers were Jiuling Technology (-10.2%), Yuanhang Precision (-9.3%), and Changfu Co., Ltd. (-7.5%) [14][16]. Important News - Tesla's Cybertruck sales have fallen short of expectations, with production line utilization estimated at only 10%, leading to skepticism about actual sales figures [17]. Key Company Announcements - Zhongke Meiling announced a cash management plan not exceeding 250 million yuan, while Yeguangming plans to invest up to 100 million yuan in safe and liquid financial products [18][19].