太平洋证券股份有限公司崔文娟,张凤琳近期对恒立液压（601100）进行研究并发布了研究报告《Q2业绩 创单季度历史新高，看好主业复苏+新业务持续开拓》，上调恒立液压目标价至104.85元，给予买入评 级。 恒立液压 事件：公司发布2025年半年报，上半年实现收入51.71亿元，同比增长7.00%，实现归母净利润14.29亿 元，同比增长10.97%。其中Q2单季度实现收入27.49亿元，同比增长11.24%，实现归母净利润8.12亿元， 同比增长18.31%。 Q2业绩创单季度历史新高，盈利能力持续提升。公司Q2实现归母净利润8.12亿元，创单季度历史新高， 主要系：1)主业复苏带动收入规模向上；2)产品结构优化提升毛利率；3)汇兑收益增加等。Q2公司销售毛 利率、净利率分别为44.01%、29.59%，分别同比增长0.89pct、1.79pct。费用率方面，Q2公司销售、管 理、研发、财务费用率分别为1.66%、5.78%、7.56%、-2.50%，分别同比-0.43pct、 +1.46pct、-1.68pct、-0.59pct。 工程机械行业景气向上，公司主业充分受益。根据工程机械工业协会数据，2025上 ...

盈利能力不断优化，现金流水平稳健。25H1毛利率41.85%，同比+0.33pct，25Q2毛利率44%，同比 +1.12pct，主要由于规模增长、成本管控和产品结构优化，如中大挖泵阀、马达等占比提升。25H1销售/管 理/研发/财务费用率分别2.01%/5.72%/6.89%/-5.17%，同比+0.05pct/+1.11pct/-0.03pct/-3.06pct，管理费用率 上升主要由于员工薪酬及差旅费增加，财务费用降低主要由于汇兑收益增加。此外，25H1公司经营性现 金流6.19亿元/+13.25%yoy，表现稳健。Q2经营性现金流5.68亿元/+26%yoy，较去年同期增加1.16亿元， 资本开支3.3亿元，较去年同期+2亿元，未来资本开支将逐渐减少且集中海外。 行业持续回暖，公司市场份额和产品丰富度提升。1-6月挖机内销增速23%，7月内销增速17%超预期，行 业逐步从5-6月份的淡季回暖，资金到位情况转优，1-7月挖机累计内销仅达21年同期高点的35%，尚处低 位。同时非挖层面7月起重机等表现亦较强。海外，1-6月和7月中国挖机出口增速分别10%和32%，自5月 以来出口增速逐月回升。金、铜等多数 ...

牛市还没上车？ 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 上市公司2025年中报正在密集披露，QFII上半年末重仓股及二季度持股变动情况随之浮出水面。 Choice数据显示，截至8月26日，已有3072家A股上市公司披露了2025年中报。其中， 663家公司的前十大流通股东名单中出现了QFII的身影 。具体来 看，QFII在二季度新进成为374只个股的前十大流通股东；同时，对另外157只个股的持股数量相比上季度有所增加。 行业方面， QFII对电子行业持仓市值超120亿元，对有色金属行业持仓市值超50亿元。 持仓生益科技超95亿元 Choice数据显示，截至8月26日，共计3072家A股上市公司披露了2025年中报。 在已披露2025年中报的上市公司中，有663家上市公司的前十大流通股东中 出现了QFII的身影，合计持股数量达32.78亿股，持股市值为525.15亿元（以2025年上半年末收盘价计算）。 从QFII持仓市值排名看，QFII对生益科技的持仓市值达95.50亿元，位居第一 ；对紫金矿业、九号公司-WD的持仓市值分居第二、第三位，分别达33.83 亿 ...

机构评级来看，近5日共有9家机构给予该股评级，预计目标价最高的是中金公司证券，8月26日中金公 司证券发布的研报预计公司目标价为102.00元。（数据宝） 恒立液压8月27日大宗交易平台出现一笔成交，成交量6.88万股，成交金额578.54万元，大宗交易成交价 为84.09元。该笔交易的买方营业部为瑞银证券有限责任公司上海花园石桥路证券营业部，卖方营业部 为中国国际金融股份有限公司上海分公司。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为791.99万元。 证券时报·数据宝统计显示，恒立液压8月27日收盘价为84.09元，下跌3.23%，日换手率为1.32%，成交 额为15.15亿元，全天主力资金净流出2.35亿元，近5日该股累计上涨0.12%，近5日资金合计净流出3.46 亿元。 两融数据显示，该股最新融资余额为4.33亿元，近5日减少5074.03万元，降幅为10.49%。 （文章来源：证券时报网） | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（% ...

汇丰预计2027年将是人形机器人"大规模商业化元年"，投资回报期将缩短至2年左右。中国机器人制造商在商业化进程上领先海外同行，具有领先的价格 成本及供应链优势。报告认为，相比下游整机厂商，上游零部件供应商将在即将到来的行业爆发中获得更高盈利能力。 8月26日，据汇丰最新发布的行业报告，中国人形机器人制造商的商业化进程正在加速超越海外竞争对手。尽管特斯拉7月份下调了其Optimus机器人的 生产目标，令市场对人形机器人前景产生担忧，但报告认为市场忽视了中国企业在这一领域取得的进展。 报告指出，优必选、宇树科技等中国主要机器人制造商均计划在2025年生产超过1000台机器人，而大多数海外企业的产品仍处于培训阶段。 中国企业的优势主要来自四个方面： 更接近供应链、产品定价更具竞争力、获得国企大额订单支持，以及政府政策扶持。 该行预计，随着劳动力成本上升、机器人成本下降和效率提升， 人形机器人的投资回报期将从目前的7年大幅缩短至2027年的约2年 ，这将标志着大规 模商业化部署的开始。其 预计人形机器人成本将降至约10万元人民币/台。 真正的赢家：上游核心零部件供应商 这份报告提出了与市场共识不同的观点：即使人形机器 ...

Summary of Key Points Core Viewpoint - The report provides a detailed overview of the stock holdings and market values of various companies as of the end of the first half of 2025, highlighting significant investments in specific sectors and companies [1]. Group 1: Company Holdings - Shengyi Technology (生益科技) holds 31,676.13 thousand shares with a market value of 955,035.33 thousand yuan [1]. - Zijin Mining (紫金矿业) has 17,346.42 thousand shares valued at 338,255.27 thousand yuan [1]. - Ninebot Company (九号公司-WD) possesses 1,974.93 thousand shares worth 116,856.63 thousand yuan [1]. - Dongfang Yuhong (东方雨虹) holds 9,473.55 thousand shares with a market value of 101,651.19 thousand yuan [1]. - Hengli Hydraulic (恒立液压) has 1,265.52 thousand shares valued at 91,117.27 thousand yuan [1]. - Beixin Building Materials (北新建材) holds 2,921.99 thousand shares worth 77,374.20 thousand yuan [1]. - Jincheng Mining (金诚信) possesses 1,618.59 thousand shares valued at 75,167.36 thousand yuan [1]. - Juxing Technology (巨星科技) holds 2,774.30 thousand shares with a market value of 70,772.37 thousand yuan [1]. - Jianghuai Automobile (江淮汽车) has 1,683.45 thousand shares valued at 67,489.45 thousand yuan [1]. - Baofeng Energy (宝丰能源) holds 3,755.50 thousand shares worth 60,613.72 thousand yuan [1].

数据显示，阿联酋阿布达比投资局持有恒立液压股份，截至2025年二季度末，QFII对恒立液压的持仓市 值超过9亿元。8月27日，恒立液压发生一笔大宗交易，成交6.88万股，成交金额578.54万元，成交价与 收盘价持平。 风险提示：股市有风险，投资需谨慎。（本内容由AI生成，仅供参考，不构成投资建议。） 恒立液压股价报84.09元，较前一交易日下跌2.81元，跌幅3.23%。盘中最高触及87.20元，最低下探 84.00元，成交量为17.73万手，成交金额15.15亿元。 恒立液压主营业务为液压元件及液压系统的研发、生产和销售，产品广泛应用于工程机械、冶金机械等 领域。公司是国内液压行业的重要企业之一。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][16]. Core Views - The company reported a slight earnings beat in Q2 2025, with total revenue of 5.17 billion yuan, a year-on-year increase of 7.0%, and a net profit of 1.43 billion yuan, up 11.0% year-on-year. The second quarter alone saw revenues of 2.75 billion yuan, growing 11.2% year-on-year, and a net profit of 0.81 billion yuan, up 18.3% year-on-year [2][7]. - The company is positioned as a leading hydraulic component manufacturer in China, continuously expanding into high-end products and non-cyclical industries, which supports its rapid growth through economic cycles [7][8]. Financial Performance Summary - For 2025, the company is projected to achieve total revenues of 10.81 billion yuan, a year-on-year growth of 15.1%, and a net profit of 2.87 billion yuan, up 14.5% year-on-year. The earnings per share (EPS) is expected to be 2.14 yuan [2][8]. - The company’s gross margin and net margin for the first half of 2025 were 41.8% and 27.7%, respectively, showing slight improvements from the previous year [7]. - The company has implemented over 400 cost-reduction measures, which are expected to continue benefiting its profitability in the future [7]. Market Position and Growth Drivers - The domestic excavator industry saw sales of 120,520 units in the first half of 2025, a year-on-year increase of 16.8%, with the company selling 308,300 hydraulic cylinders, up over 15% [7]. - The company has expanded its customer base significantly, adding nearly 300 new clients for its screw rod business, and its Mexico factory has commenced operations, enhancing its global market presence [7][8]. - The report anticipates that the company will achieve revenues of 12.62 billion yuan and 14.87 billion yuan in 2026 and 2027, respectively, with corresponding net profits of 3.44 billion yuan and 4.15 billion yuan [2][8].

据证券之星公开数据整理，近期恒立液压(601100)发布2025年中报。截至本报告期末，公司营业总收入 51.71亿元，同比上升7.0%，归母净利润14.29亿元，同比上升10.97%。按单季度数据看，第二季度营业 总收入27.49亿元，同比上升11.24%，第二季度归母净利润8.12亿元，同比上升18.31%。本报告期恒立 液压盈利能力上升，毛利率同比增幅0.5%，净利率同比增幅3.78%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率41.85%，同比增0.79%，净利率27.7%，同比增 3.78%，销售费用、管理费用、财务费用总计1.32亿元，三费占营收比2.56%，同比减42.62%，每股净资 产12.22元，同比增11.82%，每股经营性现金流0.46元，同比增13.25%，每股收益1.07元，同比增11.46% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 48.33 亿 | 51.71亿 | 7.009 | | 归母净利润(元) | 12.88 Z | 14.29 亿 | 10.979 | ...

Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% compared to the CSI 300 index [38] Core Views - Excavator sales maintained a strong recovery in July, with significant growth in both domestic and international markets. The demand for construction machinery is expected to continue due to favorable policies such as water conservancy projects and urban renewal actions. Additionally, the reduction of tariff disturbances in major global regions will enhance the cost-performance advantage of domestic construction machinery [3][30] - The recent launch of NVIDIA's new robot computing platform, Jetson Thor, has significantly improved performance and energy efficiency compared to its predecessor. This advancement is seen as a critical phase for the industry, enabling humanoid robots to achieve higher levels of autonomy and control capabilities. Continuous attention to investment opportunities in the supply chain is recommended [3][30] Industry News - The tower crane utilization rate in July was 57.2%, an increase of 0.3 percentage points from the previous month [10] - The national construction machinery operating rate in July was 44.43%, with a month-on-month increase of 4.44% [10] - The U.S. has included mobile cranes, bulldozers, and other heavy equipment in its steel and aluminum tariff list, which may impact the industry [10] Company Announcements - Huichuan Technology reported a 40.15% year-on-year increase in net profit for the first half of 2025 [18] - Sany Heavy Industry announced a 46.00% year-on-year increase in net profit for the first half of 2025 [19] - Zhongdali De reported a 6.50% year-on-year increase in net profit for the first half of 2025 [20] Market Review - From August 20 to August 26, 2025, the CSI 300 index rose by 5.43%, while the machinery equipment industry increased by 2.90%, underperforming the CSI 300 by 2.53 percentage points [21] - As of August 26, 2025, the TTM P/E ratio for the machinery equipment industry was 31.40 times, with a valuation premium of 135.94% compared to the CSI 300 [22]