Investment Rating - The mechanical equipment industry is rated as "Standard Configuration" indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The mechanical equipment industry experienced a 2.50% decline in the last two weeks, underperforming the CSI 300 index by 2.02 percentage points, ranking 25th among 31 industries [12][18]. - Year-to-date, the mechanical equipment sector has increased by 33.88%, outperforming the CSI 300 index by 16.50 percentage points, ranking 6th among 31 industries [12][18]. - The demand for industrial robots has rebounded in the first half of 2025, with exports increasing by approximately 54.90% year-on-year [42]. - The domestic sales of excavators have shown a month-on-month increase, supported by the commencement of major national projects and ongoing demand in downstream sectors [42]. Summary by Sections 1. Market Review - As of October 16, 2025, the mechanical equipment industry has seen a 2.50% decline in the last two weeks, ranking 25th among 31 industries [12]. - The industry has increased by 33.88% year-to-date, outperforming the CSI 300 index [12][18]. - The sub-sector performance shows that the rail transit equipment II sector had the highest increase of 3.45% [18]. 2. Valuation Situation - The current PE TTM for the mechanical equipment sector is 31.64 times, with sub-sectors showing varied valuations: - General Equipment: 40.72 times - Specialized Equipment: 31.43 times - Rail Transit Equipment II: 18.39 times - Engineering Machinery: 23.84 times - Automation Equipment: 52.74 times [3][22]. 3. Data Updates - The report indicates a significant increase in the demand for industrial robots, with exports rising by 54.90% year-on-year in the first three quarters of 2025 [42]. - The domestic sales of excavators have also shown positive trends, with both domestic and international sales increasing month-on-month [42]. 4. Industry News - The Shanghai Municipal Economic and Information Commission has issued a development action plan for the intelligent terminal industry, emphasizing support for humanoid robot product development [40]. - The introduction of new industrial robots and the acceleration of product launches are expected to stimulate market performance [42]. 5. Company Announcements - Companies such as SANY Heavy Industry and Hengli Hydraulic are highlighted for their strong market positions and expected growth due to increased domestic demand [43][45]. 6. Weekly Insights - The report suggests focusing on companies like Huichuan Technology and Greentech Harmonic, which are positioned to benefit from the growth in the robotics sector [42][43].

Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [45]. Core Insights - The company, Aomeisen, specializes in intelligent manufacturing equipment, focusing on the research, design, production, and sales of smart production devices and lines, primarily serving the air conditioning, environmental protection, and new energy sectors [1][29]. - The intelligent manufacturing equipment industry in China is expected to grow from approximately 3.2 trillion yuan in 2023 to 3.6 trillion yuan in 2024, driven by increasing demand in downstream sectors [2][11]. - Aomeisen has established significant technological advantages in core areas such as forming processes, workpiece transfer, and intelligent control, which contribute to its competitive edge in the industry [3][39]. Summary by Sections 1. Industry Overview - The intelligent manufacturing equipment industry in China is in a growth phase, with increasing demand from enterprises for smart manufacturing solutions [11]. - The household appliance sector, a key application area for Aomeisen's products, is transitioning towards technology-driven competition, with a focus on quality and efficiency improvements [17]. 2. Company Overview - Aomeisen's main products include intelligent equipment for heat exchanger production and pipeline processing, with a strong customer base among leading appliance manufacturers like Gree and Midea [4][29]. - The company reported revenues of 279 million yuan, 325 million yuan, and 358 million yuan for 2022, 2023, and 2024 respectively, with a projected revenue of 191.38 million yuan for the first half of 2025, reflecting a year-on-year growth of 17.75% [1][35]. 3. Technological Innovation - Aomeisen has developed proprietary technologies such as a non-shrinkage expansion tube process, achieving over 99.6% qualification rates and reducing energy consumption by 70% [3][39]. - The company holds 467 valid patents, including 195 domestic invention patents, which protect its core technologies and enhance its market position [40]. 4. Market Position and Growth Potential - Aomeisen's core products are expected to generate significant revenue, with intelligent equipment for heat exchangers projected to account for 69.89% of its main business revenue in 2024 [4][41]. - The company is expanding into environmental protection and new energy sectors, with products like SRF/RDF production lines and lithium battery equipment, positioning itself as a multi-domain intelligent equipment service provider [6][41].

Core Insights - The company Aomisen (920080) has seen significant financing activity, with a net financing purchase of 2.1576 million yuan on October 14, 2025, contributing to a total financing balance of 7.7608 million yuan, marking a continuous net purchase over the last three trading days [1][2]. Financing Activity Summary - On October 14, 2025, the net financing purchase was 2.1576 million yuan, with a financing balance of 7.7608 million yuan, representing 1.08% of the circulating market value [2]. - On October 13, 2025, the net financing purchase was 1.0350 million yuan, with a financing balance of 5.6032 million yuan, which was 0.73% of the circulating market value [2]. - On October 10, 2025, the net financing purchase was 4.5682 million yuan, with a financing balance of 4.5682 million yuan, accounting for 0.54% of the circulating market value [2]. Margin Trading Overview - The total margin trading balance on October 14, 2025, was 7.7608 million yuan, reflecting an increase of 2.1576 million yuan, or 38.51%, compared to the previous day [3]. - On October 13, 2025, the margin trading balance was 5.6032 million yuan, with an increase of 1.0350 million yuan, or 22.66% [3]. - The margin trading balance on October 10, 2025, was 4.5682 million yuan, with no previous day data for comparison [3].

Core Points - Aomisen (920080) experienced a decline of 7.04% today, with a turnover rate of 36.34% and a trading volume of 268 million yuan, showing a fluctuation of 8.10% [2] - The stock was listed on the Beijing Stock Exchange due to its high turnover rate, with a net buying amount of 3.1077 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 52.9222 million yuan, with a buying amount of 28.0149 million yuan and a selling amount of 24.9073 million yuan, resulting in a net buying of 3.1077 million yuan [2] Brokerage Activity - The largest buying brokerage was Founder Securities Co., Ltd. Beijing Tonglin Road Securities Office, with a buying amount of 7.6052 million yuan, while the largest selling brokerage was Huafu Securities Co., Ltd. Xiamen Hubin South Road Securities Office, with a selling amount of 6.1976 million yuan [2] - Detailed trading data shows the top five buying and selling brokerages, with significant buying from Guotai Junan Securities Co., Ltd. and selling from various brokerages [2]

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first listing day, ignoring lock-up restrictions. As of October 10, 2025, the IPO yield for a Class A account with a scale of 2 billion is 2.34%, while for a Class B account of the same scale, it is 2.10%. For accounts with a scale of 10 billion, the yield is 0.74% for Class A and 0.67% for Class B[10][11][12] - The report provides a rolling tracking of the average first-day increase in stock prices for 20 newly listed stocks. The average increase for Sci-Tech Innovation Board stocks is 218.45%, while for ChiNext stocks, it is 244.28%[15][16][22] - The report calculates the theoretical IPO yield for different account scales using the average winning rate of Class A accounts. The formula for calculating the full subscription yield is: $ Full\ subscription\ quantity = Maximum\ subscription\ limit \times Average\ winning\ rate $ $ Full\ subscription\ yield = (First\ board\ price - Initial\ price) \times Full\ subscription\ quantity $ The yield for most stocks ranges between 5 to 20 thousand yuan, with the highest being United Power (50.81 thousand yuan), Guangdong Jianke (17.63 thousand yuan), and Jianda Zhixin (12.58 thousand yuan)[35][36][38] - The report estimates monthly IPO yields for Class A accounts of different scales, assuming all stock quotes are shortlisted, with a 90% fund utilization rate. For a 2 billion Class A account, the cumulative yield since 2024 is 6.07%, and since 2025, it is 2.34%[39][40][41] - Similarly, the report estimates monthly IPO yields for Class B accounts of different scales. For a 2 billion Class B account, the cumulative yield since 2024 is 5.02%, and since 2025, it is 2.10%[44][45][46]

Market Overview - The specialized equipment sector declined by 0.43% on October 13, with Aomeisen leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers in Specialized Equipment Sector - Lihexing (301013) saw a significant increase of 20.01%, closing at 37.90 with a trading volume of 848,000 shares and a transaction value of 3.061 billion [1] - Lingge Technology (920284) rose by 16.90%, closing at 46.01 with a trading volume of 130,000 shares and a transaction value of 561 million [1] - ST Xinyuan (300472) increased by 11.96%, closing at 6.46 with a trading volume of 376,200 shares and a transaction value of 234 million [1] Top Losers in Specialized Equipment Sector - Yunmeima (920080) experienced a decline of 8.11%, closing at 34.10 with a trading volume of 95,200 shares and a transaction value of 323 million [2] - Haoyang Co. (300833) fell by 7.94%, closing at 39.64 with a trading volume of 33,000 shares and a transaction value of 132 million [2] - Rutong Co. (603036) decreased by 6.78%, closing at 22.15 with a trading volume of 191,700 shares and a transaction value of 423 million [2] Capital Flow Analysis - The specialized equipment sector saw a net outflow of 1.135 billion from institutional investors and 170 million from retail investors, while retail investors had a net inflow of 1.305 billion [2] - Notable capital inflows included Beikang Technology (600980) with a net inflow of 99.84 million from institutional investors [3] - Zhengfan Technology (688596) had a net inflow of 64.25 million from institutional investors, while experiencing a net outflow of 113 million from retail investors [3]

Investment Rating - The report does not explicitly state an investment rating for the industry [34] Core Insights - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 19.0 billion yuan, a decrease of 10.9% week-on-week [8][17] - The North Certificate 50 index fell by 1.42% during the week, with an average turnover rate of 2.3% [8][17] - The top five gainers for the week included Aomisen (349.8%), Changfu Co. (29.9%), Lingge Technology (29.8%), Jiuling Technology (15.1%), and Tonghui Electronics (12.1%) [17][18] - The top five losers were Luqiao Information (-12.6%), Tianhong Lithium Battery (-11.8%), Tonghui Information (-10.6%), Digital Human (-8.6%), and Yuanhang Precision (-8.5%) [17][19] Market Overview - The market experienced a significant decline in trading volume, with only two trading days during the week, leading to a synchronized pullback in major indices [3][27] - New stock listings performed well, indicating a structural divergence in market performance [3][27] - Over 40% of the 278 stocks in the market saw an increase, reflecting a pattern of "few active, many stable" [3][27] Key News and Policies - The Shanghai biopharmaceutical industry is expected to exceed 1 trillion yuan this year, with state-owned funds accelerating their layout across the entire chain ecosystem [21] - The Ministry of Industry and Information Technology and other departments adjusted the technical requirements for tax exemptions on new energy vehicles, raising the range threshold for plug-in hybrids and extended-range electric vehicles to 100 km [20][21] Core Driving Factors Analysis - Macro liquidity remains ample, with the central bank conducting a 110 billion yuan reverse repurchase operation, providing a stable liquidity environment for the capital market [23] - The release of long-term benefits from industrial policies, particularly in the biomedical field, is expected to accelerate industry standardization and promote specialized enterprises with core technologies [24][26] Investment Recommendations and Strategies - Short-term impacts from international trade tensions may enhance risk aversion, putting pressure on risk assets [30] - The expectation of supply chain restructuring is rising, with companies possessing supply chain autonomy likely to attract funding [30] - Traditional safe-haven assets such as U.S. Treasuries and gold may see increased demand in the short term [30] - Focus on companies with high R&D investment, leading market share in niche sectors, and capabilities for import substitution [32]

Core Insights - On October 13, 2025, Aomisen (920080) was featured on the stock exchange's "Dragon and Tiger List" due to a significant trading activity, with a turnover rate of 42.02% and a trading volume of 9.52 million shares, amounting to a transaction value of 323 million yuan [1][2]. Trading Activity Summary - The top buying brokerage was Founder Securities Co., Ltd., Beijing Tonglin Road Securities Business Department, with a purchase amount of approximately 7.73 million yuan [1][2]. - The top selling brokerage was GF Securities Co., Ltd., Shenzhen Dongbin Road Business Department, with a selling amount of approximately 5.60 million yuan [1][2]. - Other notable buying brokerages included Huafu Securities and Guojin Securities, with buying amounts of approximately 6.30 million yuan and 5.58 million yuan, respectively [2].

Core Points - Aomisen (920080) experienced a decline of 8.11% today, with a turnover rate of 42.02% and a trading volume of 323 million yuan, showing a fluctuation of 10.25% [2] - The stock was listed on the North Exchange due to its high turnover rate, with a net buying amount of 7.3715 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 60.7692 million yuan, with a buying amount of 34.0704 million yuan and a selling amount of 26.6989 million yuan, resulting in a net buying of 7.3715 million yuan [2] Brokerage Activity - The largest buying brokerage was Founder Securities Co., Ltd. Beijing Tonglin Road Securities Office, with a buying amount of 7.7258 million yuan [2] - The largest selling brokerage was GF Securities Co., Ltd. Shenzhen Dongbin Road Securities Office, with a selling amount of 5.6050 million yuan [2] - Detailed trading data shows various other brokerages involved in both buying and selling activities, with significant amounts from Huafu Securities and Dongbei Securities [2]

证券研究报告 2025 年 10 月 13 日 星期一 【新股发行跟踪（20251013）】 一、上周新股表现情况 上周（10 月 6 日-10 月 10 日）共有 1 只新股上市，上市首日涨跌幅为 349.82%。 表 1：上周新股表现 新股发行跟踪 图 2：周度新股上市首日涨跌幅均值及破发率 | 股票代码 | 股票简称 | 上市日期 | 上市 | 发行价 | 发行市 | 证监会行业 | 首日收盘 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 板块 | 格（元） | 盈率 | | 涨跌幅(%) | | 920080.BJ | 奥美森 | 2025-10-10 | 北证 | 8.25 | 12.52 | 专用设备制造业 | 349.82 | 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（10 月 6 日-10 月 10 日，下同）较上 上周（9 月 29 日-10 月 3 日，下同）相比，上市新股数量少 1 只，首发募 资金额少 21.79 亿元。 从周度上市新股表现来看，上周与上上周均无 ...