天眼查商业履历信息显示，江苏恒立液压股份有限公司，成立于2005年，位于常州市，是一家以从事通 用设备制造业为主的企业。企业注册资本134082.0992万人民币，实缴资本134082.0992万人民币。公司 法定代表人为汪立平。 通过天眼查大数据分析，江苏恒立液压股份有限公司共对外投资了9家企业，参与招投标项目336次，知 识产权方面有商标信息83条，专利信息671条，此外企业还拥有行政许可34个。 来源：金融界 金融界消息 截至2025年8月6日收盘，恒立液压（601100）报收于80.11元，上涨3.46%，换手率1.16%， 成交量15.56万手，成交金额12.40亿元。 资金流向方面，今日主力资金净流入4842.01万元，占比成交额3.91%。其中，超大单净流入4571.62万 元、占成交额3.69%，大单净流入270.39万元、占成交额0.22%，中单净流出流出9914.84万元、占成交 额8.0%，小单净流入5072.83万元、占成交额4.09%。 恒立液压最新一期业绩显示，截至2025一季报，公司营业总收入24.22亿元、同比增长2.56%，归属净利 润6.18亿元，同比增长2.61%，扣非净 ...

Market Overview - The engineering machinery sector increased by 1.58% on August 6, with Weiman Sealing leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Top Gainers - Weiman Sealing (301161) closed at 34.40, up 5.62% with a trading volume of 224,200 shares and a transaction value of 774 million [1] - Tongli Co. (834599) closed at 23.67, up 5.01% with a trading volume of 102,300 shares and a transaction value of 240 million [1] - Zhongli Co. (603194) closed at 42.70, up 4.10% with a trading volume of 74,800 shares and a transaction value of 319 million [1] Top Losers - Southern Road Machinery (603280) saw a significant decline of 9.97%, closing at 51.50 with a trading volume of 97,400 shares and a transaction value of 520 million [2] - Hengli Drilling Tools (836942) decreased by 5.64%, closing at 49.90 with a trading volume of 97,500 shares and a transaction value of 494 million [2] - Wuxin Suizhuang (835174) fell by 3.34%, closing at 59.41 with a trading volume of 65,900 shares and a transaction value of 39.5 million [2] Capital Flow - The engineering machinery sector experienced a net outflow of 681 million from institutional investors, while retail investors saw a net inflow of 657 million [2][3] - Major stocks like Hengli Hydraulic (601100) had a net inflow of 48.42 million from institutional investors, while retail investors contributed a net inflow of 50.73 million [3] - Weiman Sealing (301161) had a net inflow of 22.17 million from institutional investors, with retail investors also contributing a net inflow of 22.34 million [3]

Market Performance - The engineering machinery sector rose by 1.22% on August 5, with Noli Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Highlights - Noli Co., Ltd. (603611) closed at 25.85, with a gain of 10.00% and a trading volume of 202,400 shares, amounting to a transaction value of 519 million yuan [1] - Other notable performers included: - Shanhe Intelligent (002097) at 17.17, up 9.99% with a volume of 3,672,300 shares [1] - Hengli Hydraulic (601100) at 77.43, up 4.72% with a volume of 172,200 shares [1] - Weiman Sealing (301161) at 32.57, up 4.42% with a volume of 120,260 shares [1] Fund Flow Analysis - The engineering machinery sector experienced a net outflow of 1.061 billion yuan from institutional investors, while retail investors saw a net inflow of 818 million yuan [2][3] - Notable net inflows from retail investors were observed in: - Hengli Hydraulic with a net inflow of 1.35 billion yuan [3] - Noli Co., Ltd. with a net inflow of 67.78 million yuan [3] Individual Stock Fund Flow - Hengli Hydraulic had a net institutional inflow of 1.35 billion yuan, but saw net outflows from both retail and speculative investors [3] - Noli Co., Ltd. had a net institutional inflow of 67.78 million yuan, with outflows from speculative and retail investors [3] - Zhejiang Dingli (603338) recorded a net institutional inflow of 49.51 million yuan, while facing outflows from retail investors [3]

通过天眼查大数据分析，江苏恒立液压股份有限公司共对外投资了9家企业，参与招投标项目335次，知 识产权方面有商标信息97条，专利信息671条，此外企业还拥有行政许可34个。 金融界消息 截至2025年8月5日收盘，恒立液压（601100）报收于77.43元，上涨4.72%，换手率1.28%， 成交量17.22万手，成交金额13.14亿元。 资金流向方面，今日主力资金净流入1.35亿元，占比成交额10.3%。其中，超大单净流入1.06亿元、占 成交额8.1%，大单净流入2896.76万元、占成交额2.2%，中单净流出流出6194.14万元、占成交额 4.71%，小单净流出7341.73万元、占成交额5.59%。 恒立液压最新一期业绩显示，截至2025一季报，公司营业总收入24.22亿元、同比增长2.56%，归属净利 润6.18亿元，同比增长2.61%，扣非净利润6.82亿元，同比增长16.42%，流动比率4.514、速动比率 3.926、资产负债率17.73%。 天眼查商业履历信息显示，江苏恒立液压股份有限公司，成立于2005年，位于常州市，是一家以从事通 用设备制造业为主的企业。企业注册资本134082.09 ...

Market Overview - The Shanghai Composite Index closed at 3608.33 points, above the six-month moving average, with an increase of 0.70% [1] - The total trading volume of A-shares reached 1.29 trillion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 120 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Fuheng New Materials: 5.55% deviation, closing price at 15.15 yuan, with a daily increase of 6.77% and turnover rate of 13.58% [1] - Canqin Technology: 5.40% deviation, closing price at 27.66 yuan, with a daily increase of 6.59% and turnover rate of 3.17% [1] - Fuling Electric: 4.86% deviation, closing price at 9.90 yuan, with a daily increase of 5.54% and turnover rate of 5.43% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Qianwei Yangchu: 3.10% deviation, closing price at 15.64 yuan, with a daily increase of 9.99% and turnover rate of 6.56% [1] - ST Zhongzhuang: 4.77% deviation, closing price at 3.63 yuan, with a daily increase of 4.91% and turnover rate of 2.79% [1] - Datang Telecom: 4.32% deviation, closing price at 8.93 yuan, with a daily increase of 5.18% and turnover rate of 4.64% [1]

Summary of Conference Call on China Construction Machinery Sector Companies Involved - Hengli Hydraulic - XCMG - Zoomlion Key Points and Arguments Industry Outlook 1. **Domestic Demand Recovery**: There is a positive sentiment regarding the recovery of domestic demand in the construction machinery sector, alongside continued growth in overseas revenues [2][8] 2. **Yarlung Zangbo Hydropower Project**: This project is expected to significantly impact the industry, with leading companies like Zoomlion and XCMG anticipating benefits due to the demand for eco-friendly and intelligent high-end electric products [2][8] 3. **Anti-involution Policy**: XCMG reports limited impact from this policy, maintaining decent margins, while Zoomlion views it as a long-term positive that could lead to increased market concentration [2][8] Company-Specific Insights 1. **Hengli Hydraulic**: - Focused on developing new screw products, expecting significant revenue growth by the end of Q3 2025 [2][3] - The company anticipates breakeven for its ball screw plant by 2026, with mass production expected by the end of Q3 2025 [3][10] 2. **XCMG**: - Maintained a revenue growth guidance of 10%, with export revenue growth outpacing domestic growth [4][7] - Anticipates mining machinery revenue exceeding Rmb10 billion for 2025 and Rmb20 billion by 2027 [4][7] 3. **Zoomlion**: - Revenue guidance remains unchanged, with expectations for H2 revenue growth to surpass H1 [5][11] - Adjusting strategy to focus on high-end overseas markets in agricultural machinery [2][5] Financial Performance 1. **Revenue Guidance**: Both Zoomlion and XCMG have largely maintained their full-year revenue guidance, with overseas growth expected to outpace domestic growth [2][4] 2. **Profit Growth Estimates**: Preliminary estimates suggest double-digit profit growth for all original equipment manufacturers (OEMs) in Q2 2025 [2][8] Risks and Challenges 1. **Downside Risks**: The sector faces potential risks including slower-than-expected property and infrastructure investment, weaker replacement demand, and potential trade frictions impacting overseas sales [8][9][10] 2. **Upside Risks**: Conversely, faster-than-expected recovery in property investment and stronger replacement demand could positively impact the sector [8][9][10] Valuation and Recommendations 1. **Investment Ratings**: - XCMG and Hengli Hydraulic are rated as "Buy" for medium to long-term investment [2][24] - Zoomlion and Lonking are rated as "Neutral" [2][24] Additional Insights 1. **Market Dynamics**: The construction machinery industry is expected to see rising concentration, which could benefit larger players [2][8] 2. **Product Demand**: There is a noted increase in demand for earthmoving machinery and other products, despite muted demand for tower cranes and concrete machinery [4][7] This summary encapsulates the key insights from the conference call regarding the construction machinery sector in China, highlighting the outlook, company-specific developments, financial performance, and associated risks.

Group 1: Strategy Overview - The report emphasizes that the Chinese economy is undergoing a transformation, leading to a "transformation bull market" in the stock market, with expectations for new highs in the future [1][15][16] - Key investment themes include a focus on financials, growth sectors, and certain cyclical industries, as the market adjusts and gains confidence [1][2][3] Group 2: Key Investment Recommendations - The August stock selection includes: 1. Banking: China Merchants Bank 2. Non-bank: CICC and New China Life Insurance 3. Overseas Technology: Tencent Holdings and Kuaishou-W 4. Electronics: Cambricon Technologies, Chipone Technology, and Suzhou Tianmai 5. Computing: Dingjie Smart and Anheng Information 6. Machinery: Hengli Hydraulic and Mingzhi Electric 7. Military: AVIC Shenfei 8. Coal: Shaanxi Coal and Chemical Industry 9. Light Industry: Sun Paper 10. Agriculture: Muyuan Foods 11. Transportation: SF Express 12. Pharmaceuticals: MicroPort Medical 13. Real Estate: China Resources Mixc Lifestyle 14. Utilities: Huadian International Power [1][4][12] Group 3: Banking Sector Insights - The banking sector is expected to face revenue pressure but maintain positive net profit growth, with a gradual recovery in net interest margins anticipated [22][23] - China Merchants Bank is projected to benefit from economic recovery, with an upward revision of net profit growth forecasts for 2025-2027 [25][26][27] Group 4: Non-Banking Sector Insights - The impact of the new tax on bond interest income is expected to be limited for the non-banking sector, with continued optimism for growth in this area [30][32] - CICC is forecasted to see significant profit growth driven by active trading and investment recovery, with an increase in EPS estimates for 2025-2027 [33][34] Group 5: Technology Sector Insights - Major tech companies are increasing capital expenditures significantly, particularly in AI, indicating a robust growth trajectory for the sector [43][45] - Tencent is expected to leverage AI to enhance its core business, with revenue and profit projections being adjusted upwards for 2025-2027 [45][46][47]

Market Performance - The engineering machinery sector rose by 0.55% on August 4, with Weiman Sealing leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Top Gainers - Weiman Sealing (301161) closed at 31.19, up 12.36% with a trading volume of 242,000 shares and a transaction value of 731 million [1] - Shanhai Intelligent (002097) closed at 15.61, up 10.01% with a trading volume of 1,532,800 shares and a transaction value of 2.36 billion [1] - Huadong Heavy Machine (002685) closed at 8.11, up 4.92% with a trading volume of 1,181,100 shares [1] Top Losers - Tietuo Machinery (873706) closed at 25.39, down 4.58% with a trading volume of 69,400 shares [2] - Heng7 Drill Tools (836942) closed at 56.90, down 4.42% with a trading volume of 117,800 shares [2] - Wuxin Suizhuang (835174) closed at 63.13, down 3.88% with a trading volume of 66,900 shares [2] Capital Flow - The engineering machinery sector saw a net inflow of 477 million from main funds, while retail funds experienced a net outflow of 32.95 million [2][3] - Major stocks like Shanhai Intelligent and Weiman Sealing had significant net inflows from main funds, indicating strong institutional interest [3] Individual Stock Analysis - Shanhai Intelligent had a main fund net inflow of 46 million, representing 19.49% of its trading volume, while retail funds saw a net outflow of 22.6 million [3] - Weiman Sealing experienced a main fund net inflow of 55.83 million, accounting for 7.64% of its trading volume, with retail funds also seeing a net outflow [3]

Investment Rating - The report maintains a positive outlook on the mechanical equipment sector, particularly highlighting the strong performance of specific companies like 应流股份 and 恒立液压 [11][16]. Core Insights - The gas turbine industry is experiencing a sustained increase in demand, with GEV signing new gas turbine orders of 12.2GW in H1 2025, representing a year-on-year growth of 35.56% [5][58]. - The report emphasizes the tight supply of turbine blades, a critical component in gas turbines, due to insufficient global production capacity, which is causing delivery challenges [5][23]. - The robotics sector is shifting from pure technology competition to application-specific scenarios, with significant advancements in automation and data utilization [5][24]. - The manufacturing PMI for July is reported at 49.3%, indicating a contraction in the manufacturing sector, but specific sub-sectors like forklifts are showing signs of recovery [5][33]. Summary by Sections Market Review - The SW Mechanical Equipment Index fell by 0.76% in the last week, ranking 9th among 31 primary industry categories, while the Shanghai Composite Index dropped by 1.75% [3][13]. - Year-to-date, the SW Mechanical Equipment Index has risen by 15.54%, ranking 6th among the same categories, compared to a 3.05% increase in the Shanghai Composite Index [3][14]. Key Data Tracking - General machinery continues to face pressure, with the manufacturing PMI below the neutral mark for four consecutive months [25][33]. - The engineering machinery sector shows resilience, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [38]. - The gas turbine sector is on an upward trend, with significant order growth and a robust market outlook [58]. Industry Dynamics - The report highlights the ongoing tightness in the supply of turbine blades, which is critical for gas turbine production, and the implications for companies like 应流股份 [5][23]. - The robotics industry is advancing towards practical applications, with notable developments in automation and machine learning [5][24]. - The report suggests monitoring the forklift and injection molding machine sectors, which are expected to benefit from domestic demand policies [5][33].

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or the embodied intelligence sector Core Insights - The embodied intelligence sector is entering a rapid implementation phase as of 2025, with multiple manufacturers planning mass production of robots across various applications [12][16][18] - The automotive industry is actively integrating embodied intelligence into its supply chain, leveraging existing technological advancements and manufacturing capabilities [34][37] - Government policies across various provinces are increasingly supportive of the embodied intelligence and robotics industries, aiming to foster innovation and market expansion [17][21][18] Summary by Sections 1. Rapid Development of Embodied Intelligence - The period from 2020 to 2025 marks a significant evolution in embodied intelligence, driven by advancements in AI and robotics, particularly following the release of OpenAI's ChatGPT3 [11] - Major manufacturers like Tesla and Xiaomi are entering the market, with Tesla predicting a production capacity of over 5,000 units by 2025 and 50,000 units by 2026 [13][16] - The demand for robots in various sectors is projected to grow significantly, with manufacturing being a primary area for automation due to its repetitive tasks [25][27] 2. Integration of Automotive and Embodied Intelligence - The automotive industry is leveraging its existing technological expertise in areas such as sensor fusion and control algorithms to facilitate the development of embodied intelligence [34][37] - Over ten automotive manufacturers are actively pursuing the embodied intelligence sector through self-development and strategic investments [36][37] - The shared supply chain for components like sensors and chips between automotive and robotics sectors is expected to reduce costs and enhance production efficiency [43][49] 3. Government Support and Policy Framework - Various provinces, including Shenzhen and Beijing, have introduced policies to support the development of embodied intelligence, focusing on technology breakthroughs and ecosystem building [17][21][18] - The policies aim to create a conducive environment for innovation, with specific targets for industry scale and technological advancements by 2027 [18][21] - The report highlights a collaborative approach among regions to drive the growth of the embodied intelligence sector, emphasizing the importance of technology and market integration [18][21]