资金流向方面，主力资金净流出738.97万元，特大单买入1777.45万元，占比2.73%，卖出3386.06万元， 占比5.21%；大单买入1.35亿元，占比20.72%，卖出1.26亿元，占比19.38%。 截至9月30日，恒立液压股东户数3.69万，较上期减少15.76%；人均流通股36379股，较上期增加 18.70%。2025年1月-9月，恒立液压实现营业收入77.90亿元，同比增长12.31%；归母净利润20.87亿元， 同比增长16.49%。 11月25日，恒立液压盘中下跌2.01%，截至14:27，报90.21元/股，成交6.50亿元，换手率0.53%，总市值 1209.55亿元。 恒立液压今年以来股价涨74.25%，近5个交易日涨1.77%，近20日跌3.16%，近60日涨8.04%。 资料显示，江苏恒立液压股份有限公司位于江苏省常州市武进高新区龙潜路99号，成立日期2005年6月2 日，上市日期2011年10月28日，公司主营业务涉及高压油缸的研发、生产和销售。主营业务收入构成 为：液压油缸50.70%，液压泵阀及马达38.16%，配件及铸件7.28%，液压系统3.16%，其他(补 充)0 ...

Core Viewpoint - The article provides a comprehensive overview of the hydraulic industry in China, detailing its supply chain, key players, and regional distribution of companies [1][3]. Industry Supply Chain - The upstream of the hydraulic industry consists of three main categories: steel, components, and working media, with steel supplied by major domestic steel enterprises such as Baosteel, Ansteel, and Hebei Steel [3]. - The midstream includes manufacturing companies like Hengli Hydraulic, Shaoyang Hydraulic, and Aidi Precision, which produce hydraulic motors, pumps, valves, cylinders, and systems [1][3]. - The downstream applications span various large engineering sectors, including construction machinery, aerospace, machine tools, agricultural machinery, automotive, and heavy machinery [1]. Regional Distribution - The hydraulic industry is primarily concentrated in Zhejiang and Jiangsu provinces, with Zhejiang having 5,747 hydraulic enterprises and Jiangsu having 3,999 as of October 2025 [5]. - Notable hydraulic companies in Zhejiang include Hengli Hydraulic and Youweili Hydraulic, while Jiangsu features companies like Aidi Precision and Shaoyang Hydraulic [7]. Representative Companies and Financial Performance - Key companies in the hydraulic sector include Hengli Hydraulic, Shaoyang Hydraulic, and Aidi Precision, with their hydraulic-related revenue exceeding 80% of total revenue [8]. - Financial data for representative companies shows Hengli Hydraulic with a hydraulic business revenue of 9.325 billion and a hydraulic-related business ratio of 99.31% [10]. - Aidi Precision reported a hydraulic business revenue of 2.266 billion, with a hydraulic-related business ratio of 83.15% [10].

花旗发表报告指，11月18日至20日期间，与五家仿真机器人相关公司会晤，包括优必选、奥比中光、领 益智造、绿的谐波及浙江荣泰。该行称，会谈所得支持该行对行业正面看法。报告称，五家公司全部预 期明年仿真机器人相关收入可录指数级上升，或最少按年倍升，因内地及美国仿真机器人公司加快生 产。它们相信领先美国新能源车及仿真机器人公司已加快供应链建设及增加产能。 该行在仿真机器人首选股维持优必选，但对零件生产商绿的谐波看法更趋正面。该行建议趁近期股价弱 势收集恒立液压、绿的谐波及双环传动。 ...

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]

行情回顾 本周板块表现：上周（2025/11/17-2025/11/21）5 个交易日，SW 机械设备指数下跌 4.78%，在申万 31 个一级行 业分类中排名第 13；同期沪深 300 指数下跌 3.77%。2025 年至今表现：SW 机械设备指数上涨 25.58%，在申万 3 1 个一级行业分类中排名第 6；同期沪深 300 指数上涨 13.18%。 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 西门子能源上调燃机扩产目标，持续看好燃机涡轮叶片龙头应流股份。11 月 20 日，西门子能源在 Capital Mar ket Day 表示，24 财年燃机产能 17GW，预计 25-27 年提升至 22GW，28-30 年超过 30GW。西门子能源本次给出 28 年之后的扩产目标，我们认为此举一方面反映了燃机需求端超预期，另一方面，主机厂的扩产目标的完成需要 依靠涡轮叶片等上游核心零部件环节的扩产。应流股份是国内涡轮叶片龙头，2025 年 7 月，西门子能源高层访 问应流集团并表示：未来希望应流在西门子主力机型上承担更多责任 ...

9月26日，恒立液压发布公告称，公司于2025年9月25日收到申诺科技的《关于减持恒立液压股份比 例达到1%刻度的告知函》。2025年9月8日至2025年9月25日期间，申诺科技通过大宗交易和集中竞价方 式减持恒立液压股份10,456,808股，占恒立液压股份总数的0.78%，申诺科技及其一致行动人持有的恒 立液压股份比例从66.74%变动至65.96%，权益变动比例触及1%刻度情形。恒立液压于2025年9月8日至 2025年9月25日期间加权均价为92.278元/股，以此计算，申诺科技减持金额约为9.65亿元。 （责任编辑：田云绯） 中国经济网北京11月21日讯 恒立液压(601100.SH)昨日晚间发布关于持股5%以上的股东权益变动触 及5%刻度的提示性公告。 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 ...

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]

格隆汇11月20日丨恒立液压(601100.SH)公布，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1284.09万股，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%变动至65.00%，权益变动比例触及5%刻度情形。 ...