New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]

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].

证券代码：920284 证券简称：灵鸽科技 公告编号：2025-127 无锡灵鸽机械科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 10 月 13 日 活动地点：线上会议 参会单位及人员：汇添富基金管理股份有限公司、易方达基金管理有限公司、 广发基金管理有限公司、东方证券股份有限公司。 上市公司接待人员：公司董事会秘书、财务负责人、董事：王玉琴女士。 三、 投资者关系活动主要内容 □现场参观 1、 公司的固态电池物料处理系统在处理硫化物固态电解质上的具体优势是什 么？ 回答：公司有多年的橡塑、精细化工等基础行业深耕经验，在处理高粘、高 毒、高腐蚀的物料上有多年技术沉淀；同时，公司与新能源行业头部客户的保持 多年合作；整体而言，公司的固态电池物料处理系统在处理硫化物固态电解质上 具有一定的优势。 2、 ...

Investment Rating - The report indicates a positive outlook for the energy storage industry, particularly focusing on lithium-ion battery technologies and their advancements [1][2]. Core Insights - The research highlights significant progress in solid-state lithium batteries, particularly in solid-solid interface contact, which is crucial for their engineering applications [6][7]. - The electrochemical energy storage sector is experiencing rapid growth, with a notable increase in installed capacity and technological diversification [10][11]. - As of June 2025, the total operational energy storage capacity reached 75.79 GW/175.12 GWh, with lithium-ion batteries dominating the market [25][36]. Summary by Sections 1. Rapid Development of Electrochemical Energy Storage Technologies - The report emphasizes the advancements in solid-state lithium batteries, which are seen as the next generation of energy storage devices due to their high safety and energy density [6][7]. - The energy storage technology landscape is diversifying, with lithium-ion batteries maintaining a dominant position, accounting for 97.34% of the total operational energy storage capacity as of June 2025 [36][19]. 2. Market Performance of North Exchange Technology Growth Stocks - The median price change for North Exchange technology growth stocks was +0.11% from October 9 to October 10, 2025, with 80 companies (52%) experiencing an increase [42][44]. - Notable performers included Changfu Co., Ltd. (+29.89%) and Lingge Technology (+29.82%) [45]. 3. Industry Valuation Metrics - The median TTM price-to-earnings ratio for the new energy industry increased by 1.70% to 38.7X, indicating a positive valuation trend [46]. - The electronic equipment sector's median TTM P/E ratio rose from 57.8X to 58.6X, reflecting a stable market environment [46]. 4. Company Announcements - Tianhong Lithium Battery and Shaanxi Hongda Electric Power Engineering Co., Ltd. plan to jointly establish a holding subsidiary with a registered capital of RMB 50 million [4]. 5. Energy Storage Industry Overview - The report identifies 24 companies within the energy storage industry chain on the North Exchange, categorized into upstream (materials & production equipment), midstream (manufacturing & integration), and downstream (systems & operations) sectors [37][39]. - The report notes that large-scale energy storage projects (over 100 MW) are becoming increasingly prevalent, with a significant portion of new installations focusing on independent energy storage systems [33][30].

Core Viewpoint - Lingge Technology (920284) experienced significant trading activity on October 13, 2025, with a price fluctuation of 34.35% and a trading volume of 13,002,200 shares, amounting to a total transaction value of 561 million yuan [1]. Group 1 - The stock closed at 46.01 yuan on the day it appeared on the trading leaderboard [1]. - The leading buying position was held by an institutional investor, which purchased shares worth approximately 48.72 million yuan [1]. - The main selling position was from Huazhong Securities Co., Ltd., which sold shares worth about 13.41 million yuan [1]. Group 2 - The trading data indicates multiple institutional buying positions, with the second-largest buy being approximately 44.03 million yuan from another institutional investor [2]. - Other notable buying positions included CITIC Securities and China Galaxy Securities, with purchases of approximately 15.40 million yuan and 13.38 million yuan, respectively [2]. - On the selling side, Huazhong Securities was the largest seller, followed by other institutional and brokerage firms, indicating a diverse trading environment [2].

| 股东名称 | 股东身份 | | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | | | | （股） | （%） | | | 深圳市大 | 持股 | 5%以上 | 13,760,580 | 13.1321% | 上市前取得 | | 族创业投 | 股东 | | | | | | 资有限公 | | | | | | | 司（以下简 | | | | | | | 称"大族创 | | | | | | | 投"） | | | | | | 一、 减持主体减持前基本情况 二、 减持计划的实施结果 证券代码：920284 证券简称：灵鸽科技 公告编号：2025-126 无锡灵鸽机械科技股份有限公司 股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | | | | | | 减持 | | | | | 减 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

证券代码：920284 证券简称：灵鸽科技 公告编号：2025-125 本次变动前，大族创投持有公司股份12,712,780股，占公司总股本12.1322%， 本次权益变动后，大族创投持有公司股份11,664,880股，占公司总股本的比例从 12.1322%减少至11.1321%，权益变动触及1%的情形。现将其有关权益变动情况 公告如下： 一、 本次权益变动基本情况 （一） 信息披露义务人基本情况 无锡灵鸽机械科技股份有限公司 关于持股5%以上股东权益变动达到1%的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 无锡灵鸽机械科技股份有限公司（以下简称"灵鸽科技"、"公司"）于2025年 10月10日收到持股5%以上股东深圳市大族创业投资有限公司（以下简称"大族创 投"、"信息披露义务人"）出具的《关于股份减持进展的告知函》，大族创投自 2025年10月10日通过集中竞价累计减持灵鸽科技1,047,900股，占公司总股本的 1.0000%。 （一）深圳市大族创业投资有限公司出具的《股份减持结果 ...

Core Points - As of October 10, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) is 7.473 billion yuan, a decrease of 40.23 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Shuguang Shuchuang, Better Ray, and Jinbo Biological, with balances of 373 million yuan, 341 million yuan, and 339 million yuan respectively [1] - On October 10, 108 stocks on the BSE received net margin purchases, with 25 stocks having net purchases exceeding 1 million yuan, led by Lingge Technology with a net purchase of 23.06 million yuan [1][2] Industry Summary - The industries with the most stocks receiving net margin purchases over 1 million yuan are machinery equipment, power equipment, and computers, with 6, 5, and 3 stocks respectively [2] - The average increase for stocks with net margin purchases over 1 million yuan on October 10 was 14.44%, with notable increases from Aomeisen (349.82%), Tonghui Electronics (13.61%), and Qifeng Precision (3.18%) [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 4.11%, with Aomeisen, Changfu Co., and Lingge Technology having turnover rates of 79.79%, 33.55%, and 22.82% respectively [2] Company Performance - Lingge Technology had a margin balance of 68.48 million yuan, with an increase of 23.06 million yuan, representing 2.57% of its market value [3] - Shuguang Shuchuang experienced a decrease of 5.03% in stock price, with a margin balance of 372.99 million yuan and an increase of 10.67 million yuan [3] - Aomeisen saw a significant increase of 349.82% in stock price, with a margin balance of 4.57 million yuan, marking a substantial increase [3][4]

Group 1 - The report highlights the escalation of Sino-US tensions, leading to a decline in global stock indices and a drop of 1.42% in the North Exchange 50 index. The market sentiment has turned cautious due to the announcement of additional tariffs by US President Trump, effective from November 1, 2025, which will impose a 100% tariff on all goods imported from China and export controls on key software [9][10][11]. - The report notes that the North Exchange has shown limited adjustment compared to previous market downturns, indicating that the market's price-performance ratio has reached a favorable level for potential investment opportunities post-adjustment. The strong stock ratio has decreased to 19.8%, which is historically low, and the relative excess return of the CSI 2000 compared to the CSI 1000 has also adjusted to a historical low [9][10][11]. Group 2 - The North Exchange 50 index experienced a decline of 1.42%, with a median PE ratio of 47.40 times. The total trading volume for the week was 16.14 billion shares, with a trading value of 38.008 billion yuan. The margin balance stood at 7.507 billion yuan [22][27][28]. - The report mentions that one new stock, Aomeisen, was listed this week, with a first-day increase of 349.82% and a turnover rate of 79.79%. As of October 10, 2025, there are 278 companies listed on the North Exchange [31][32]. Group 3 - The report indicates that among the stocks listed on the North Exchange, 143 stocks rose while 128 fell, resulting in a rise-fall ratio of 1.12. The top gainers included Changfu Co. and Lingge Technology, both in the machinery sector [38][40]. - The report also highlights the high turnover rates of certain stocks, with Jin Hua New Materials leading at 67.45%, followed by Changfu Co. and Lingge Technology [44]. Group 4 - The report discusses the recent regulatory updates regarding the issuance of convertible bonds and margin trading, aimed at optimizing these processes and enhancing investor protection [49]. - The new third board saw no new listings or delistings this week, with no new financing planned or completed, maintaining a total of 6022 companies listed [50][51].

专 题 研 究 相关研究 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 汪秉涵 (8621)23297818× wangbh@swsresearch.com 2025 年 10 月 12 日 中美摩擦升温，短期性价比逐步显 现 ——北交所策略周报（20251009-20251012） 本周策略观点： 本周市场行情： 北交所新股： 研究支持 新三板动态： ⚫ 本周新挂牌 0 家，摘牌 0 家，周新增计划融资 0 亿元，完成融资 0 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 三 板 ...