转自：前瞻产业研究院 行业主要上市公司：恒立液压(601100);艾迪精密(603638);中航重机(600765);合锻智能(603011);邵阳液压 (301079)等。 本文核心内容：中国液压行业营收变动;中国液压行业销售毛利率; 本文章选取液压行业代表性上市企业包括万通液压(920839)、威博液压(920245)、恒立液压(601100)、长 龄液压(605389)、川润股份(002272)、邵阳液压(301079)、恒工精密(301261)、福事特(301446)、艾迪精 密(603638)、中航重机(600765)、合锻智能(603011)、鲍斯股份(300441)、川润股份(002272)、巨轮智能 (002031)、万安科技(002590)。 中国液压行业营收变动情况 从中国液压行业代表性企业的营收情况均值变动情况来看，2019-2024年中国液压行业上市企业营收均 值呈现增长趋势，2024年中国液压行业上市企业营收均值为26.77亿元。在增速上看，2021年增速较 高，达到22.3%，近年来行业代表性企业增速在5%左右水平。 中国液压行业盈利能力情况 从图表来看，2020 - 2024 年 ...

中国经济网北京12月1日讯恒立液压（601100）(601100.SH)11月28日晚间发布关于持股5%以上股东减持 股份结果公告。2025年9月1日至2025年11月28日，申诺科技(香港)有限公司减持32,074,509股，减持价 格区间为元/股84.00至104.82元/股，减持总金额2,926,271,271.85元。 | 股东名称 | 申诺科技(香港)有限公司 | | --- | --- | | 减持计划首次披露日期 | 2025年8月8日 | | 减持数量 | 32,074,509股 | | 减持期间 | 2025年9月1日~2025年11月28日 | | 减持方式及对应减持数 | 集中竞价减持,13,408,209 股 | | 量 | 大宗交易减持,18,666,300 股 | | 减持价格区间 | 84.00~104.82元/股 | | 减持总金额 | 2,926,271,271.85元 | | 减持完成情况 | 未完成:8,150,120 股 | | 减持比例 | 2. 39% | | 原计划减持比例 | 不超过:3% | | 当前持股数量 | 189,095,760股 | | 当前持股比例 ...

Flash | 30 Nov 2025 19:35:05 ET │ 12 pages China Humanoid Robots Weekly Highlights; Positive Implications for Hengli Hydraulic and UBTECH CITI'S TAKE We summarize in this note the key updates in the humanoid robot space over the past week: 1) Hengli Hydraulic (601100.SS) confirmed that it has entered the leading US humanoid robot supply chain; 2) UBTECH (9880.HK) won another Rmb143mn humanoid robot order from the Jiangxi Jiujiang humanoid robot data collection and training center, increasing accumulated hum ...

T 链进展及重点推荐：长盈精密、恒立液压 20251130 摘要 近期人形机器人板块回调已达低点，成交金额触底回升，与历史回调周 期相似，但核心标的跌幅小于上次，表明市场对人形机器人量产预期更 乐观，可择机布局。 特斯拉供应链进展提速，尤其在马斯克股权激励计划通过后，第三代产 品订单频率和数量显著增加，目标是明年一季度末进入小批量生产，中 国及海外供应链节奏加快。 特斯拉北美客户正积极寻找中国自动化产线供应商，进行设计方案探讨 和报价，以配合第三代产品量产，中国非标自动化厂商迎来机遇。 第三代产品供应商名单逐渐收敛，多数仍为海外供应商，少数中国供应 商获试制订单，未通过审厂的中国厂商将在 12 月再次接受审查，以争 取北美大客户订单。 选股标准包括：供应链进展靠后、能拿到第三代订单、收入贡献预期大 的公司；单机价值量高的公司；附加值高、净利润率高且技术壁垒强的 公司；已通过审查并具备批量生产能力的企业。 Q&A 请介绍一下当前人形机器人板块的交易情况和未来趋势。 截至上周末，300 家人形机器人公司的成交占比已经降至 5.1%，这是今年 7 月份低点 5.4%的水平。去年整个板块较为冷清时，成交金额也在 5% ...

行情回顾 本周板块表现：上周（2025/11/24-2025/11/28）5 个交易日，SW 机械设备指数上涨 3.91%，在申万 31 个一级行 业分类中排名第 7；同期沪深 300 指数上涨 1.64%。2025 年至今表现：SW 机械设备指数上涨 30.48%，在申万 31 个一级行业分类中排名第 6；同期沪深 300 指数上涨 15.04%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 AI 催化燃气轮机需求上行，持续看好核心零部件涡轮叶片。目前全球大型数据中心数量高速增长，导致电力需 求高增。燃气轮机发电凭借项目建设速度快、发电稳定、成本低等优势，有望成为 AIDC 供电的重要方案，预计 2025-2028 年，美国数据中心总功耗约从 8.9GW 提升到 111.3GW，按照燃机占比 46%-52%的假设，对应燃机需求 为 4.1GW-57.9GW，26-28 年增速分别为 219%/135%/88%，保持高增。涡轮叶片是燃机核心零部件，价值量大，壁 垒高，全球产能严重不足。应流股份是国内叶片龙头，经历了长期重 ...

Economic Outlook - Domestic policy expectations are rising in December, and the probability of a Federal Reserve rate cut is increasing, which may lead to improved external liquidity and a potential market rebound[5] - Key focus areas include the upcoming Central Economic Work Conference and the potential for a Federal Reserve rate cut, which could lead to a valuation recovery in the technology sector[5] Investment Strategy - The report emphasizes three main investment themes: 1. Technology growth sectors, particularly AI hardware like optical modules and semiconductors, as well as energy storage and lithium battery sectors[5] 2. Market hot spots such as robotics and innovative pharmaceuticals, which are expected to rebound[5] 3. Chemical industries benefiting from "anti-involution" policies that optimize supply-demand dynamics[5] Recommended Stocks - Key recommended sectors include metals, chemicals, electric new energy, machinery, banking, automotive, pharmaceuticals, electronics, communications, and media[5] - Specific stock recommendations include: - Metals: Huaxi Nonferrous (华锡有色) with an expected EPS growth from 1.04 in 2024 to 2.17 in 2027[28] - Chemicals: Yara International (亚钾国际) with an expected EPS growth from 1.02 in 2024 to 5.87 in 2027[28] - Electric New Energy: Slin (斯菱股份) with an expected EPS growth from 1.73 in 2024 to 2.21 in 2027[28] - Machinery: Hengli Hydraulic (恒立液压) with an expected EPS growth from 1.87 in 2024 to 3.18 in 2027[28] - Banking: Bank of Communications (交通银行) with a projected PB of 0.58x in 2025[18] - Automotive: Top Group (拓普集团) with an expected EPS growth from 1.78 in 2024 to 2.38 in 2027[28] - Pharmaceuticals: Junshi Biosciences (君实生物) with a projected EPS turnaround by 2027[28] - Electronics: Dongshan Precision (东山精密) with an expected EPS growth from 0.64 in 2024 to 3.72 in 2027[28] - Communications: Zhongji Xuchuang (中际旭创) with projected net profits of 105.19 billion in 2025[26] - Media: Kaiying Network (恺英网络) with a projected EPS growth from 0.76 in 2024 to 1.47 in 2027[28] Risk Factors - Economic recovery may fall short of expectations due to slow employment growth, declining corporate revenues, and reduced market demand[30] - Significant changes in individual stock fundamentals could adversely affect performance[30]

证券时报·数据宝统计显示，恒立液压今日收盘价为101.30元，下跌0.08%，日换手率为1.75%，成交额 为23.54亿元，全天主力资金净流出1.60亿元，近5日该股累计上涨9.93%，近5日资金合计净流出7335.15 万元。 恒立液压11月28日大宗交易平台共发生2笔成交，合计成交量63.00万股，成交金额5939.64万元。成交价 格均为94.28元，相对今日收盘价折价6.93%。从参与大宗交易营业部来看，机构专用席位共出现在2笔 成交的买方或卖方营业部中，合计成交金额为5939.64万元，净买入5939.64万元。 进一步统计，近3个月内该股累计发生91笔大宗交易，合计成交金额为16.04亿元。 11月28日恒立液压大宗交易一览 | 成交量（万 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | （万元） | （元） | 价（%） | 业部 | | | 55.00 | 5185.40 | 94.28 | -6.93 | 机构专 | 中国国际金融股份有限公司 | | | | | | ...

江苏恒立液压股份有限公司 关于持股 5%以上股东减持股份结果公告 证券代码：601100 证券简称：恒立液压 公告编号：2025-035 大股东及董监高持股的基本情况 减持计划的实施结果情况 | 宁波恒屹投资 | 178,186,340 | 13.29% | 该主体为公司实际控 | | --- | --- | --- | --- | | 有限公司 | | | 制人控制企业 | | 合计 | 894,831,478 | 66.74% | — | 二、减持计划的实施结果 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： | 股东名称 | 申诺科技（香港）有限公司 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | √是 | □否 | | | 直接持股 5%以上股东 | □是 | □否 | | | 董事、监事和高级管理人员 | □是 | □否 | | 持股数量 | 221,170,269股 | | | | 持股比例 | 16.50% | | | ...

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [70]. Core Insights - The mechanical equipment industry experienced a bi-weekly decline of 3.36%, outperforming the CSI 300 index by 0.61 percentage points, ranking 11th among 31 industries [12]. - Year-to-date, the mechanical equipment sector has increased by 28.67%, surpassing the CSI 300 index by 13.92 percentage points, ranking 7th among 31 industries [12]. - The report highlights the acceleration of human-shaped robot development driven by continuous policy support and technological advancements, which is expected to enhance application scenarios [4][66]. - The engineering machinery sector is projected to see sustained demand due to the commencement of major national projects and the acceleration of funding and replacement policies [4][67]. Summary by Sections Market Review - As of November 27, 2025, the mechanical equipment sector's bi-weekly performance showed a decline of 3.36%, with a month-to-date decline of 4.73% and a year-to-date increase of 28.67% [12][15]. - Among the five sub-sectors, the engineering machinery sector had the smallest decline of 0.31% bi-weekly, while the rail transit equipment II sector saw the largest decline of 6.46% [20][21]. Valuation - The overall PE TTM for the mechanical equipment sector is 30.48 times, with sub-sectors showing varying valuations: general equipment at 42.01 times, specialized equipment at 30.72 times, and rail transit equipment II at 17.16 times [3][24]. Data Updates - The report includes updates on sales figures for various machinery, such as a 10.20% year-on-year increase in truck crane sales for October 2025, and a 15.90% increase in forklift sales [63]. Company Announcements - The report notes several companies' announcements regarding shareholding changes and patent grants, indicating ongoing innovation and market activity within the sector [66]. Recommendations - The report suggests focusing on companies like Huichuan Technology, Green Harmonic, Sany Heavy Industry, and Hengli Hydraulic, citing their strong market positions and growth potential driven by infrastructure investments and technological advancements [68].

Market Overview - In November, the A-share market experienced a general decline, with the STAR Market 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3%. Other major indices such as CSI 300, ChiNext, and CSI 1000 saw declines of -2.7%, -4.5%, and -3.4% respectively. The performance across industries showed significant divergence, with sectors like comprehensive services, banking, and media leading in gains [1][8][10] - The Hong Kong stock market also showed a volatile trend in November, influenced by fluctuations in the Federal Reserve's interest rate expectations and increasing concerns over the AI bubble. As of November 26, 2025, the Hang Seng Hong Kong 35 index rose by 1.1%, while the Hang Seng Index and Hang Seng China Enterprises Index saw minimal changes of 0.1% and -0.1%, respectively. The Hang Seng Technology Index dropped by 4.9% [1][10][11] A-share Insights - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. Compared to previous bull markets, there remains considerable room for index growth, but the emphasis on a "slow bull" policy may prioritize the duration of the bull market over its magnitude. Short-term catalysts appear weak, leading to a potential focus on defensive and consumer sectors, while TMT and advanced manufacturing sectors are recommended for mid-term attention [2][13][14][16][19] - In the context of market fluctuations, defensive sectors such as banking, utilities, and coal, along with consumer sectors like food and beverage, are highlighted as potential areas for investment. Historical trends suggest that previously lagging sectors may perform better during periods of market turbulence [16][17] Hong Kong Market Insights - The outlook for the Hong Kong market remains positive, with expectations of continued upward movement due to strong overall profitability and relatively low valuations. The "dumbbell" strategy is recommended, focusing on technology growth and high dividend stocks. Key areas of interest include domestic policies supporting self-sufficiency in chips and high-end manufacturing, as well as independent internet technology companies [3][21][24] - The report emphasizes the importance of high dividend, low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking, which can provide stable returns [21][24] Stock Recommendations - For December 2025, the A-share stock selection includes: Sunlord Electronics, Zhongji Xuchuang, Huayou Cobalt, Sinopec, PetroChina, Zhengguang Co., Haier Smart Home, Hengli Hydraulic, Hangcha Group, and Goldwind Technology [26][27] - The recommended stocks for the Hong Kong market include: Tencent Holdings, China Mobile, China Tower, CNOOC Services, Huiju Technology, Sinopec Engineering, and AIA Group [30][31]