1、上市企业融资主要用于扩增生产线和补充流动资金 根据代表性上市企业公告的梳理，液压行业的上市公司融资手段主要通过定向增发方式进行。从整体来 看，我国液压上市企业融资目的主要是用于项目扩增生产线和补充流动资金等，例如恒立液压通过定向 增发扩大全球范围内的液压技术研发中心及生产线建设。截至2025年主要的融资事件如下： | 图表 1: 2017-2025年中国液压代表性上市企业融资时间汇总(单位:亿元) | | --- | | 时间 | 公司名称 | 融资类型 | 金额(亿元) | 融资目的 | | --- | --- | --- | --- | --- | | 2024.12.24 | 中航重机 | 定向增发 | 18.89 | 1、收购宏山锻造 80%股权项目; 2、技术研究院建设项 | | | | | | 目:3、补充流动资金 | | 2023.08.24 | 川润股份 | 定向增发 | 2.56 | 1.川润液压液冷产品产业化及智能制造升级技术改造项 | | | | | | 目:2.补充流动资金 | | 2022.12.15 | 恒立液压 | 定向增发 | 19.99 | 1.恒立墨西哥项目:2.线性驱 ...

合锻智能所属申万行业为：机械设备-专用设备-其他专用设备。所属概念板块包括：核聚变、航天军 工、海工装备、机械、商业航天（航天航空）等。 截至9月30日，合锻智能股东户数7.80万，较上期增加10.01%；人均流通股6340股，较上期减少9.10%。 2025年1月-9月，合锻智能实现营业收入16.73亿元，同比增长14.03%；归母净利润-4432.77万元，同比 减少677.25%。 12月23日，合锻智能（维权）盘中下跌2.14%，截至10:20，报22.37元/股，成交3.13亿元，换手率 2.79%，总市值110.60亿元。 资金流向方面，主力资金净流出375.56万元，特大单买入1753.56万元，占比5.61%，卖出1300.52万元， 占比4.16%；大单买入5055.91万元，占比16.17%，卖出5884.51万元，占比18.82%。 合锻智能今年以来股价涨226.57%，近5个交易日涨2.85%，近20日涨6.93%，近60日涨19.88%。 今年以来合锻智能已经33次登上龙虎榜，最近一次登上龙虎榜为12月12日，当日龙虎榜净买入-924.85 万元；买入总计2.52亿元 ，占总成交额比 ...

评级调高方面，12月22日，券商调高上市公司评级达到1家次，最新数据包括了东吴证券对华盛锂电的 评级从"增持"调高至"买入"。 首次覆盖方面，12月22日券商共给出了13次首次覆盖，其中神开股份、鑫铂股份获得爱建证券分别给 予"买入"评级，天振股份获得天风证券给予"增持"评级，合锻智能获得东北证券给予"增持"评级，神火 股份获得信达证券给予"买入"评级。 免责声明：文中涉及的观点、数据、个股等要素仅供参考，不构成投资建议，操作风险自担，投资有风 险，入市需谨慎。 南财投研通数据显示，12月22日，券商给予上市公司目标价共5次，按最新收盘价计算，目标价涨幅排 名居前的公司有五粮液、华友钴业、天振股份，目标价涨幅分别为94.87%、20.38%、20.27%，分别属 于白酒、能源金属、家居用品行业。 从券商推荐家数来看，12月22日有21家上市公司得到券商推荐，其中皖新传媒、神开股份、鑫铂股份均 获得1家推荐。 ...

[Table_Title] 证券研究报告 / 公司点评报告 积极布局核聚变产业，主业持续深耕 [Table_Summary] 公司为国内成型机床制造商，以高端成形机床和智能分选设备为主 业。公司是成形机床细分领域的单项冠军企业，产品应用于汽车、航空 航天、国防军工、智能家电、船舶、轨道交通、新材料、电子等多领 域，核心产品包括液压机、机械压力机、聚变堆核心零部件等。公司生 产的光电分选设备主要围绕大宗原材料的分选、分级、提质、增效，面 向大米、杂粮、茶叶、固体废弃物、矿石、煤炭六大分选领域。 积极布局核聚变产业，卡位"终极能源"产业。公司在核聚变领域布 局深入，公司参与发起成立了聚变产业联合会并成为副理事长单位，公 司董事长严建文担任聚变产业联合会理事长，受聘为聚变产业联合会总 工艺师，同时担任聚变新能（安徽）有限公司董事长及合肥综合性国家 科学中心能源研究院执行院长。业务端，公司聚变堆、真空室等核心部 件的制造工作进展顺利，完成了"BEST 真空室首批重力支撑"交付，同 时公司首套真空室扇区制造进展顺利，已经进入最终成环准备阶段。公 司还参与 BEST 真空室偏滤器及包层项目研制工作，与李政道研究所 签约共 ...

Investment Rating - The report assigns an "Accumulate" rating for the controllable nuclear fusion industry [5]. Core Insights - The controllable nuclear fusion industry is experiencing a significant acceleration in bidding, with major contracts focusing on components such as magnets and power supplies. The total amount of contracts awarded has exceeded 1 billion RMB [3][4]. - Trump Media Technology has announced a final merger agreement with TAE Technologies, valued at over 6 billion USD, aimed at building large fusion power plants to meet energy demands driven by artificial intelligence [4][18]. - The U.S. Department of Energy has invested 87 million USD to promote the application of artificial intelligence in fusion energy research, indicating a strong governmental push towards technological advancements in this field [24]. Summary by Sections Market Performance - During the week of December 15-19, the nuclear fusion index fell by 0.59%, underperforming the broader market by 0.62 percentage points [8][11]. Bidding and Contract Information - The report highlights that the bidding activity has significantly increased, with major contracts awarded primarily for magnets and power supplies. Notable companies involved in recent contracts include Aike Saibo and Qifan Cable [4][10]. Domestic and International News - Gyro Swin, an AI tool developed by a research team, has achieved a 1000-fold increase in the speed of 5D plasma modeling, reducing computation time from days to seconds [13]. - Thea Energy has unveiled the Helios concept design for a commercial fusion power station, which aims to simplify the manufacturing of complex magnetic fields necessary for plasma confinement [16][17]. Investment Dynamics - The merger between Trump Media Technology and TAE Technologies is expected to facilitate the construction of the first utility-scale fusion power plant, with an initial capacity of 50 MW and plans for future expansion [19][23]. - The report emphasizes the importance of focusing on key components such as magnets, power supplies, and other critical systems within the controllable nuclear fusion sector, identifying several key domestic suppliers [27].

转自：前瞻产业研究院 全球液压行业应用分布：工业部门应用占比相对较高 根据应用，液压元件市场细分为工业和移动领域。工业部门主要是指的是液压系统应用于固定的工业设 备和生产线上，用于驱动和控制各种工业生产过程;移动部门主要是指液压系统应用于可移动的机械设 备上。比如工程机械中的挖掘机、起重机、装载机、推土机等，农业机械中的拖拉机、收割机等，以及 叉车、高空作业车等物料搬运设备。由于液压系统在工业应用中的广泛使用、工业部门的持续增长、技 术的进步以及对工业流程安全性和精度的关注，工业领域占据了市场主导地位。此外，工业部门对安全 性和精度的重视进一步推动了对液压元件的需求。2024年全球液压行业工业部门应用占比约为56%。 全球液压行业发展历程 全球液压产业从古代的理论奠基起步，历经工业应用开启、技术不断突破、与电子技术融合以及走向智 能化等阶段，逐渐发展成为一个技术先进、应用广泛的重要产业，在全球工业发展中发挥着关键作用。 行业主要上市公司：恒立液压(601100);艾迪精密(603638);中航重机(600765);合锻智能(603011);邵阳液压 (301079)等。 本文核心内容：全球液压行业市场规模;全 ...

Core Viewpoint - The specialized equipment sector experienced a rise of 1.39% on December 19, with Keg Precision Machinery leading the gains, while the Shanghai Composite Index and Shenzhen Component Index also saw increases of 0.36% and 0.66% respectively [1] Group 1: Market Performance - The closing price of Keg Precision Machinery was 72.56, reflecting a significant increase of 11.29% with a trading volume of 73,400 shares [1] - Zhongyou Technology and China First Heavy Industries also showed strong performance, with increases of 10.94% and 10.06% respectively [1] - The overall trading volume in the specialized equipment sector was substantial, with notable transactions in companies like Aerospace Engineering and Yangtian Co., which rose by 10.01% and 9.99% respectively [1] Group 2: Capital Flow - The specialized equipment sector saw a net inflow of 466 million yuan from institutional investors, while retail investors contributed a net inflow of 153 million yuan [2] - Notably, Aerospace Engineering attracted a significant net inflow of 377 million yuan from institutional investors, despite a net outflow from retail investors [2] - China First Heavy Industries also experienced a net inflow of 338 million yuan from institutional investors, indicating strong institutional interest [2]

格隆汇12月18日丨合锻智能(603011.SH)在投资者互动平台表示，公司近期并未签订18亿核聚变订单。 ...

Group 1 - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.23% during the session, while sectors such as telecommunications, non-ferrous metals, and comprehensive industries performed well, whereas agriculture, forestry, animal husbandry, and real estate sectors faced declines [1] - The machine tool sector showed strength, with the Machine Tool ETF (159663.SZ) rising by 0.56% as of 9:43 AM, and its constituent stocks such as Yujing Co., Ltd. increasing by 3.35%, Hezhuan Intelligent by 3.31%, Zhejiang Haideman by 2.88%, Xinjie Electric by 2.25%, and Jiangte Electric by 1.98% [1] Group 2 - Starting in December, Tesla's team initiated a new round of factory inspections for Optimus Gen3, indicating that the mass production of Optimus is entering a critical phase [3] - The cumulative delivery of the three major robot families from Zhiyuan reached 5,000 units, with the respective deliveries being 1,742 for Expedition, 1,846 for Lingxi, and 1,412 for Spirit, establishing a foundation for over 10,000 units to be delivered next year [3] - Guotai Junan Securities noted that as leading overseas humanoid robot manufacturers accelerate product iterations, domestic manufacturers are also launching products, which, combined with the rapid application of domestic scenarios, presents a favorable outlook for key components of robots, including motors, reducers, sensors, and screws, benefiting domestic suppliers in the long term [3] - The Machine Tool ETF (159663) closely tracks the China Securities Machine Tool Index, covering a critical segment of China's manufacturing industry—high-end equipment manufacturing, which includes laser equipment, machine tools, robots, and industrial control equipment, aligning with the core practices of innovation-driven and industrial upgrading [3]

12月16日临近午盘，A股三大指数集体下跌，上证指数盘中下跌1.28%，贵金属、能源设备跌幅居前。 机床板块走低，截至11:10，机床ETF（159663）下跌2.48%，其成分股合锻智能下跌7.54%，国机精工 下跌5.33%，宇环数控下跌5.17%。部分个股活跃，鼎泰高科上涨2.66%，恒进感应上涨1.36%。 数据显示，日本机床订单总额连续五个月实现增长，其中海外订单同比大幅增长23.2%，北美、中国及 印度等市场在新能源汽车、数据中心及能源基础设施等领域的资本开支成为核心驱动力，验证全球高端 制造投资的复苏趋势。 华龙证券表示，结合国内"十五五"规划将工业母机列为超常规攻关重点，以及中试平台建设等产业政策 的大力支持，内外双重动能正共同推动国产高端机床的突破与产业化。在此背景下，建议重点关注那些 在核心部件上具备自研能力、产品线已覆盖高端领域、并能受益于全球资本开支回升的龙头企业。 机床ETF（159663），紧密跟踪的中证机床指数，涵盖了我国制造业产业链中的关键一环——高端装备 制造领域，涉及激光设备、机床工具、机器人、工控设备等行业，是新质生产力理念强调创新驱动与产 业升级落地实践的核心阵地。其场 ...