再 call 陶瓷丝杠+新 T 链 20251127 摘要 陶瓷球在机器人领域具有广阔应用前景。由于其优越的绝缘性、低发热系数、 自润滑属性和低噪音特点，越来越多企业尝试使用陶瓷球替代传统钢球。目前 力星股份已经做好了量产规划，并且正在开发更大规格的产品，以满足不同部 位对四缸的需求。此外，在高端航空航天行业中起源的陶瓷球技术，也逐渐向 汽车市场和人机线等高端行业渗透。 新梯链概念中的哪些公司值得关注？ 新梯链概念中值得关注的公司包括恒立液压、万向钱潮等。恒立液压因其与特 斯拉深入合作而被市场看好，其市值有望显著提升。万向钱潮则在轴承环节取 得突破，其产品已逐步渗透到特斯拉的人形机器人身体各部分轴承中，并且有 望通过并购进一步提升业绩。此外，一些国内头部企业也开始关注并尝试采用 新的灵巧手技术，这将进一步推动相关公司的发展。 滚珠丝杠技术变革推动陶瓷球应用，张荣泰、恒立液压和力星股份等公 司凭借技术积累和市场先机占据领先地位，有望受益于机器人产业发展。 陶瓷球因其优越的绝缘性、低发热系数和自润滑特性，在机器人灵巧手 和关节等关键部位的应用前景广阔，正逐步替代传统钢球。 新梯链概念中，恒立液压因与特斯拉的深入合 ...

Core Insights - The article discusses the recent large-scale transactions of Hengli Hydraulic, highlighting significant trading activity and price movements [2][3] Group 1: Trading Activity - On November 27, Hengli Hydraulic had a total of 5 large transactions, with a cumulative volume of 500,000 shares and a total transaction value of 44.93 million yuan [2] - The average transaction price was 89.86 yuan, representing an 11.36% discount compared to the closing price of the day [2] - Over the past three months, the stock has seen a total of 90 large transactions, amounting to 1.55 billion yuan [2] Group 2: Market Performance - The closing price of Hengli Hydraulic on the same day was 101.38 yuan, reflecting a 10.00% increase, with a turnover rate of 2.41% and a total trading volume of 3.172 billion yuan [2] - The net inflow of main funds for the day was 57.11 million yuan, and the stock has increased by 12.97% over the past five days, with a total net inflow of 62.99 million yuan [2] Group 3: Financing Data - The latest financing balance for Hengli Hydraulic is 493 million yuan, which has decreased by 58.03 million yuan over the past five days, representing a decline of 10.53% [3] - The company, Jiangsu Hengli Hydraulic Co., Ltd., was established on June 2, 2005, with a registered capital of 1.34082 billion yuan [3]

11月27日，恒立液压大宗交易成交50万股，成交额4493.15万元，占当日总成交额的1.4%，成交价89.86 元，较市场收盘价101.38元折价11.36%。 | 交易日期 | 证券商称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 舞出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-27 | 恒立液压 | 601100 | 89.86 | 3079.9 | 34.27 | 机构专用 | 看周公司 198 | 图 | | 2025-11-27 | 恒立液压 | 601100 | 89.86 | 449.3 | દે | | 量增及制正式分裂 | Ka | | 2025-11-27 | 恒立液压 | 601100 | 89.86 | 449.3 | 5 | 有關公司 在线路 | 有限公司主持分裂 | 물 | | 2025-11-27 | 恒立液压 | 601100 | 89.86 | 314.51 | 3.5 | 机构专用 | 君園公筒主婦努怒 | 播 ...

Core Insights - The engineering machinery sector experienced a slight increase of 0.08% on November 27, with N Nant leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Engineering Machinery Sector Performance - N Nant saw a significant rise in its closing price to 24.51, with a remarkable increase of 183.03% and a trading volume of 525,200 shares, resulting in a transaction value of approximately 1.396 billion yuan [1] - Other notable performers included Hengli Hydraulic, which increased by 10.00% to a closing price of 101.38, with a trading volume of 322,700 shares and a transaction value of about 3.172 billion yuan [1] - The overall trading activity in the engineering machinery sector showed mixed results, with some stocks experiencing declines [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 263 million yuan from institutional investors and a net outflow of 107 million yuan from speculative funds, while retail investors contributed a net inflow of 370 million yuan [2] - Specific stocks like Hengli Hydraulic and N Nant had varying capital flows, with Hengli Hydraulic experiencing a net inflow of approximately 56.73 million yuan from institutional investors [3] - The overall sentiment in the sector indicates a cautious approach from institutional and speculative investors, contrasted by retail investor confidence [2][3]

据天眼查APP显示，江苏恒立液压股份有限公司成立于2005年06月02日，注册资本134082.0992万人民 币。（数据宝） （文章来源：证券时报网） 数据宝统计，截至14:12，恒立液压成交额26.89亿元，创上市以来新高。最新股价上涨10.00%，换手率 2.05%。上一交易日该股全天成交额为7.92亿元。 ...

Group 1 - The core point of the news is that Hengli Hydraulic's stock price increased by 5.14%, reaching 96.90 CNY per share, with a trading volume of 830 million CNY and a turnover rate of 0.66%, resulting in a total market capitalization of 129.926 billion CNY [1] - Hengli Hydraulic, established on June 2, 2005, and listed on October 28, 2011, is located in Wujin High-tech Zone, Changzhou, Jiangsu Province. The company specializes in the research, production, and sales of high-pressure hydraulic cylinders [1] - The revenue composition of Hengli Hydraulic includes hydraulic cylinders (50.70%), hydraulic pumps, valves, and motors (38.16%), parts and castings (7.28%), hydraulic systems (3.16%), and others (0.69%) [1] Group 2 - From the perspective of major fund holdings, one fund under Dongfang Fund has a significant position in Hengli Hydraulic. The Dongfang New Growth Mixed Fund (400025) held 46,000 shares in the third quarter, accounting for 4.63% of the fund's net value, making it the largest holding [2] - The Dongfang New Growth Mixed Fund (400025) was established on September 3, 2014, with a latest scale of 95.0527 million CNY. Year-to-date returns are 4.04%, ranking 6825 out of 8130 in its category; the one-year return is 5.49%, ranking 6771 out of 8054; and the cumulative return since inception is 36.53% [2]

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [2][29]. Core Views - The construction machinery sector is experiencing a recovery in October, with continued growth in excavator and loader sales. The demand growth logic is clear, supported by favorable domestic construction activity. The "14th Five-Year Plan" emphasizes expanding domestic demand and effective investment, which is expected to boost the industry further as key projects are implemented and equipment renewal policies deepen [2][29]. - The overseas market is also showing promise, with major regions maintaining high levels of construction activity. Recent tariff disruptions have weakened, and leading domestic machinery companies are accelerating their overseas market expansion. Chinese construction machinery products are competitive in terms of technology maturity and cost-effectiveness, making international market development a key focus for the industry [2][29]. Industry News - In October, China's construction machinery import and export trade amounted to USD 4.844 billion, a year-on-year increase of 0.07%. The export value was USD 4.668 billion, up 1.29% year-on-year, while imports decreased by 24.2% to USD 176 million [10][11]. - The average operating rate of construction machinery in October was 45.56%, a month-on-month increase of 1.4%, with significant growth in the operating rates of lifting equipment [11][10]. - The rental rate index for aerial work platforms in October was 660 points, showing a slight month-on-month decline but a year-on-year increase of 4.6% [10][11]. Company Announcements - China Railway Signal & Communication Corp won ten significant projects from September to October, with a total bid amount of approximately RMB 2.539 billion, which is about 7.82% of the company's audited revenue for 2024 [19][20]. - Jin Di Precision Machinery and Dong Pei Industrial signed a strategic cooperation letter of intent to explore collaboration in humanoid robot components [21]. Market Review - From November 19 to November 25, the CSI 300 index fell by 1.70%, while the machinery equipment sector declined by 2.31%, underperforming the CSI 300 by 0.60 percentage points [22][23]. - As of November 25, the price-to-earnings ratio (TTM) for the machinery equipment sector was 30.33 times, with a valuation premium of 131.21% compared to the CSI 300 [23].

Group 1 - The mechanical equipment industry has shown a strong performance with a 55.20% increase from January to October 2025, outperforming the CSI 300 index by 25.03 percentage points, ranking fifth among Shenwan industries [14][6][29] - Revenue and net profit attributable to the parent company for the first three quarters of 2025 grew by 6.11% and 14.52% year-on-year, respectively, indicating improved profitability and operational quality [17][29][30] - The industry is benefiting from factors such as product exports, cost control, and optimization of product structure, leading to enhanced profitability [17][29] Group 2 - The engineering machinery sector has experienced significant growth in exports, with a focus on increasing electrification rates. Domestic excavator sales showed a slowdown in October 2025, attributed to preemptive inventory replenishment [34][44][54] - The demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [34][49] - The global market for electric engineering machinery is projected to grow significantly, with China's electrification rate expected to reach 7.90% by 2024 [69][74] Group 3 - The humanoid robot sector is seeing advancements in industrial applications, particularly in dexterous hand technology, which is crucial for the deployment of humanoid robots in various settings [75][78] - The integration of AI models is enhancing the capabilities of robots, making them more versatile for industrial applications [77][78] - Tesla's Optimus Gen3 is set to launch in Q1 2026, with significant demand for components, indicating a robust growth trajectory for humanoid robotics [79][80] Group 4 - The automation equipment sector is experiencing a mixed recovery, with industrial robots facing intensified competition and a shift towards high-end markets [80][81] - The demand for industrial automation is expected to recover in specific sub-sectors, while overall manufacturing PMI remains below the growth line [80][81] - The machine tool sector is witnessing a gradual recovery in revenue growth, supported by improved downstream demand and policy support [80][81] Group 5 - Investment recommendations for 2026 focus on technology development, cyclical recovery, and export chain layout, with specific companies highlighted for potential investment [6][29][40]

Core Insights - The engineering machinery sector experienced a 1.9% increase on November 26, with Liugong leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Engineering Machinery Sector Performance - Liugong (000528) closed at 12.04, up 6.74% with a trading volume of 1.2395 million shares [1] - Huadong Heavy Machinery (002685) closed at 8.29, up 6.15% with a trading volume of 1.2092 million shares [1] - Other notable performers include: - XD Hangcha (603298) at 25.62, up 3.22% - Shantui (000680) at 10.56, up 3.02% - Zoomlion (000157) at 8.15, up 2.52% [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 63.9794 million yuan from institutional investors, while retail investors experienced a net outflow of 5.171 million yuan [2] - Major stocks with significant capital inflows include: - Huadong Heavy Machinery with a net inflow of 209 million yuan [3] - Xugong Machinery with a net inflow of 40.2421 million yuan [3] - Hengli Hydraulic with a net inflow of 38.9485 million yuan [3]

Market Overview - The engineering machinery sector increased by 0.26% on November 25, with Helen Zhe leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Helen Zhe (300201) closed at 6.36, up 6.00% with a trading volume of 1.5095 million shares and a turnover of 944 million yuan [1] - Jin Dao Technology (301279) closed at 28.89, up 5.13% with a trading volume of 27,900 shares and a turnover of 797.584 million yuan [1] - Xia Gong Co. (600815) closed at 3.74, up 3.31% with a trading volume of 1.382 million shares and a turnover of 511 million yuan [1] - Changling Hydraulic (605389) closed at 67.01, up 3.20% with a trading volume of 20,900 shares and a turnover of 140 million yuan [1] - Aidi Precision (603638) closed at 19.90, up 3.11% with a trading volume of 137,300 shares and a turnover of 274 million yuan [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 23.2778 million yuan from institutional investors and 12.6804 million yuan from speculative funds, while retail investors saw a net inflow of 35.9582 million yuan [2] - The top net inflows from institutional investors included Zhonglian Cheke (000157) with 38.2059 million yuan and Helen Zhe (300201) with 36.83 million yuan [3] - The largest net outflows from retail investors were seen in Zhonglian Cheke (000157) with -50.0579 million yuan and Helen Zhe (300201) with -25.7235 million yuan [3]