Investment Strategy Overview - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - The investment strategy for the mechanical industry in 2026 focuses on cyclical reversal, growth emergence, and accelerated overseas expansion [4] Core Companies and Recommendations - Key companies recommended include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, XCMG, and others [2][3] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG, and China Shipbuilding, among others, indicating a diversified investment approach [3] Industry Performance and Trends - As of November 21, 2025, the best-performing indices in the manufacturing sector included shipbuilding and engineering machinery, with declines of -0.4% and -2.7% respectively [17][19] - The mechanical sector is expected to see a cyclical reversal with improvements in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6] Growth Opportunities - Growth areas identified include embodied intelligence, controllable nuclear fusion, semiconductor equipment, AIDC, and PCB equipment, with a focus on domestic and international market expansion [6][7] - The report highlights the importance of domestic substitution in semiconductor equipment and the ongoing demand for AI-driven solutions in AIDC [7] Company-Specific Insights - For Zhejiang Rongtai, Q3 2025 saw a significant increase in revenue and net profit, with a gross margin reaching a new high of 38%, indicating strong performance despite industry headwinds [8][9] - The company is also investing in humanoid robot components, which are expected to drive future growth, particularly with the upcoming mass production of Tesla's humanoid robots [8][9] Earnings Forecasts - Earnings forecasts for key companies show substantial growth, with projected net profits for 2025-2027 for companies like Yokogawa Precision and Zhejiang Rongtai indicating strong CAGR rates [15][8] - For instance, Zhejiang Rongtai's net profit is expected to grow from 2.77 billion to 8.39 billion by 2027, reflecting a CAGR of 53.9% [8][15]

Group 1 - The core viewpoint of the article highlights the growth in China's excavator industry, with a projected production increase of 15.3% year-on-year in September 2025, reaching 32,000 units [1] - Cumulative excavator production from January to September 2025 is reported at 277,000 units, reflecting a growth of 16.8% [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, indicating a robust market outlook for the excavator sector in China [1] Group 2 - Listed companies in the excavator industry include SANY Heavy Industry, XCMG Machinery, Zoomlion Heavy Industry, Shantui, LiuGong, Xiamen XGMA Machinery, Shanhe Intelligent, Anhui Heli, Hengli Hydraulic, and Construction Machinery [1] - Zhiyan Consulting has released a report titled "2025-2031 China Excavator Industry Market Survey and Future Outlook," which provides insights into market trends and forecasts [1] - The article emphasizes Zhiyan Consulting's expertise in industry research and its role in supporting investment decisions through comprehensive industry solutions [1]

Investment Rating - The report does not explicitly state an investment rating for the industry [3]. Core Insights - Siemens Energy has raised its gas turbine production target, indicating strong demand for gas turbines, which benefits leading turbine blade manufacturer Yingliu. Siemens aims for a production capacity of 17GW in FY24, increasing to 22GW from 2025 to 2027, and exceeding 30GW from 2028 to 2030 [5][24]. - The tractor market showed stable data in October, with corn prices returning to positive year-on-year growth, suggesting a recovery in agricultural machinery demand [5][24]. - The robotics sector is approaching a pivotal moment with upcoming mass production from leading companies, highlighting the potential for domestic suppliers to break through [5][24]. - The general machinery sector remains under pressure, while engineering machinery is accelerating upward, and gas turbines are showing steady growth [5][24]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 4.78% in the week of November 17-21, 2025, ranking 13th among 31 primary industry categories. Year-to-date, the index has risen by 25.58%, ranking 6th [3][15]. Key Data Tracking - General Machinery: Continues to face pressure with a PMI of 49.0% in October, indicating contraction [23]. - Engineering Machinery: Sales of excavators reached 18,096 units in October, up 7.8% year-on-year, indicating a recovery [31]. - Railway Equipment: Steady growth with fixed asset investment maintaining around 6% [43]. - Gas Turbines: GEV's new gas turbine orders grew by 39% year-on-year in the first three quarters of 2025, reflecting strong industry demand [55][56]. Industry Dynamics - The report highlights significant developments in various sectors, including the acquisition of Mitsubishi Electric's motor business by Ebara and advancements in 3D printing technology by INTAMSYS [59][60].

Core Viewpoint - The major shareholder, Shenno Technology (Hong Kong) Co., Ltd., has reduced its stake in Hengli Hydraulic, triggering a notification regarding the change in equity reaching the 5% threshold [1][2]. Group 1: Shareholder Actions - From September 29, 2025, to November 20, 2025, Shenno Technology reduced its holdings by 12,840,924 shares, accounting for 0.96% of the total shares, decreasing its ownership from 65.96% to 65.00% [1]. - The weighted average price of Hengli Hydraulic during this period was 93.602 yuan per share, resulting in a total reduction amount of approximately 1.202 billion yuan [1]. - Prior to this, from September 8, 2025, to September 25, 2025, Shenno Technology had reduced its holdings by 10,456,808 shares, which represented 0.78% of the total shares, lowering its ownership from 66.74% to 65.96% [2]. - The weighted average price during this earlier period was 92.278 yuan per share, leading to a reduction amount of approximately 965 million yuan [2].

Group 1 - The provincial government emphasizes the importance of integrating technological innovation with industrial innovation to enhance the competitiveness of modern industrial clusters [1] - Jiangsu Hengli Hydraulic Company is highlighted for its production of high-precision products, with a focus on increasing R&D investment and innovation to drive industry transformation towards intelligence and sustainability [1] - Weiyi Intelligent Manufacturing Technology Company is leveraging AI and big data for the digital transformation of industrial enterprises, with a call for enhanced support in computing power and data resources [1] Group 2 - The new energy sector is identified as a key industry in Changzhou, with a focus on breakthroughs in materials, energy efficiency, and safety in power and energy storage batteries [2] - The government stresses the need for deep integration of industry, academia, and research to enhance the overall R&D application level in the new energy industry [2] - The urban renewal project in Zhonglou District aims to improve living conditions in older neighborhoods through scientific planning and quality control in construction [2]

Core Insights - The engineering machinery sector experienced a rise of 0.81% on November 20, with construction machinery leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Engineering Machinery Sector Performance - Key stocks in the engineering machinery sector showed varied performance, with notable gainers including: - Construction Machinery (600984) at 4.26, up 4.41% with a trading volume of 737,900 shares and a turnover of 312 million yuan [1] - Changling Hydraulic (605389) at 70.15, up 3.01% with a trading volume of 33,700 shares [1] - Hengli Hydraulic (601100) at 89.74, up 2.56% with a trading volume of 72,200 shares [1] - Other stocks such as Xugong Machinery (000425) and Liugong (000528) also saw modest increases of 1.28% and 1.10% respectively [1] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 36.05 million yuan from institutional investors, while retail investors experienced a net outflow of 44.80 million yuan [2] - Conversely, speculative funds recorded a net inflow of 80.85 million yuan [2] Individual Stock Capital Flow - Notable capital flows for specific stocks included: - Yichang Heavy Industry (600031) with a net inflow of 76.39 million yuan from institutional investors [3] - Hailun Zhe (300201) with a net inflow of 29.80 million yuan from institutional investors [3] - Construction Machinery (600984) had a net inflow of 15.71 million yuan from institutional investors [3]

Core Viewpoint - The company, Hengli Hydraulic (601100.SH), announced a significant reduction in shareholding by its controlling shareholder, Shennuo Technology (Hong Kong) Co., Ltd., which has implications for the company's ownership structure and potential market perception [1] Summary by Relevant Sections - **Shareholding Reduction** - Shennuo Technology reduced its shareholding in Hengli Hydraulic by 12.8409 million shares, representing 0.96% of the total shares [1] - The shareholding percentage of Shennuo Technology and its concerted parties decreased from 65.96% to 65.00% [1] - This reduction in shareholding reached a threshold of 5%, indicating a significant change in ownership dynamics [1] - **Transaction Details** - The reduction occurred between September 29, 2025, and November 20, 2025, through block trades and centralized bidding [1] - The method of share reduction may influence market liquidity and investor sentiment towards the company [1]

江苏恒立液压股份有限公司 简式权益变动报告书 上市公司名称：江苏恒立液压股份有限公司 上市地点：上海证券交易所 股票简称：恒立液压 股票代码：601100 信息披露义务人：江苏恒立控股集团有限公司 住所：武进国家高新技术产业开发区新雅路 18 号 461 室 通讯地址：武进国家高新技术产业开发区新雅路 18 号 461 室 信息披露义务人：申诺科技（香港）有限公司 住所：九龙长沙湾道 828 号万利中心三楼 B 室 通讯地址：九龙长沙湾道 828 号万利中心三楼 B 室 信息披露义务人：宁波恒屹投资有限公司 住所：浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 A 区 C2093 通讯地址：浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 A 区 C2093 股份变动性质：股份减少 签署日期：2025 年 11 月 20 日 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》、《中华人民 共和国证券法》、《上市公司收购管理办法》、《公开发行证券的公司信息披露内容 与格式准则第 15 号—权益变动报告书》及其他相关法律、法规及部门规章的有 关规定编写。 二、信息披 ...

证券代码：601100 证券简称：恒立液压 公告编号：2025-034 江苏恒立液压股份有限公司 关于持股 5%以上股东权益变动触及 5%刻度的 申诺科技（香港）有限公司保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 提示性公告 重要内容提示： 权益变动方向 比例增加□ 比例减少√ 权益变动前合计比例 65.96% 权益变动后合计比例 65.00% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否√ 是否触发强制要约收购义务 是□ 否√ 二、 权益变动触及 5%刻度的基本情况 江苏恒立液压股份有限公司（以下简称"公司"）于 2025 年 11 月 20 日收到 控股股东申诺科技（香港）有限公司（以下简称"申诺科技"）的《关于减持恒立 液压股份比例达到 5%刻度的告知函》，2025 年 9 月 29 日至 2025 年 11 月 20 日 期间，申诺科技通过大宗交易和集中竞价方式减持公司股份 12,840,924 股，占公 司股份总数的 0.96%，申诺科技及其一致行动人持有的公司股份比例从 65.96% 变动至 65.00%，权益变动比例触及 5%刻度情形。具体情况如下： ...

恒立液压公告称，2025年9月29日至11月20日，控股股东申诺科技（香港）有限公司通过大宗交易和集 中竞价方式减持公司股份1284.0924万股，占公司股份总数的0.96%。申诺科技及其一致行动人持有的公 司股份比例从65.96%降至65.00%，权益变动比例触及5%刻度情形。本次权益变动为履行减持计划，不 触及要约收购，不会导致公司控股股东、实际控制人发生变化。 ...