证券日报网讯12月11日，美湖股份（603319）在互动平台回答投资者提问时表示，截至2025年11月28 日，公司在册股东总数为27213户。 ...

优必选与卓世科技达成战略合作，众擎发布 T800 [Table_Industry] 汽车 人形机器人行业跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 近期国内外人形机器人产业在政策、产品和订单方面均取得重要进展，我们认为当 前人形机器人行业正处于商业化初期的关键阶段，需要重视行业的边际变化对国产 链和海外链优质公司的影响。 投资要点： [Table_Report] 相关报告 | 汽车《线控转向相关国标发布，产业迎来重要助 | | --- | | 推》2025.12.07 | | 汽车《零跑 Lafa 5 上市，海外布局延伸至南美》 | | 2025.11.30 | | 汽车《10 月重卡天然气持续回暖，新能源再创新 | | 高》2025.1 ...

汽车零部件Ⅲ 美湖股份（603319.SH） 增持-A(首次) 泵类主业稳中求进，AI+机器人打开成长空间 2025 年 12 月 8 日 公司研究/深度分析 公司近一年市场表现 投资要点： | 市场数据：2025 年 | 12 | 月 5 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 38.78 | | 总股本（亿股）： | | | 3.39 | | 流通股本（亿股）： | | | 3.39 | | 流通市值（亿元）： | | | 131.52 | | 基础数据：2025 年 月 日 9 30 | | --- | | 每股净资产（元/股）： 7.38 | | 每股资本公积（元/股）： 2.62 | | 每股未分配利润（元/ 3.33 | | 股）： | 潘宁河 执业登记编码：S0760523110001 邮箱：panninghe@sxzq.com 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 林挺 执业登记编码：S0760524100003 泵类产品领军企业，多领域布局打开成长空间。公司始建于 1949 年，自 ...

投资要点： 投资建议：预计公司25-27 年归母公司净利润分别为1.94/2.30/2.86 亿元，同比增长17.1%/18.6%/24.2%。 考虑到公司作为油泵领域细分市场的龙头企业，技术成熟、产品质量领先、主业增长稳健且积极拓展新 能源车型，同时受益于AIDC 及人形机器人的新成长曲线，公司业绩确定性较强，首次覆盖，给予"增 持-A"评级。 泵类产品领军企业，多领域布局打开成长空间。公司始建于1949 年，自1967 年正式开始生产机油泵， 具备丰富的行业技术沉淀，并于2016 年在上海证券交易所上市。公司紧跟行业的最新发展趋势，不断 丰富产品线，业务范畴由发电机泵类产品逐步拓展至变速器油泵、电子泵类、减速器、电机、具身智能 关节模组、轻量化材料等多个领域。同时，公司凭借深厚的技术积累与制造实力，与国内外众多知名客 户建立了长期稳定的战略配套合作关系。 风险提示：原材料成本上升风险，下游行业的需求波动风险，国际贸易形式恶化、汇率波动及关税风 险，人形机器人产业化进度不及预期风险等。 AI 催化柴发机油泵，新能源车提振电子泵。1）柴油机油泵：数据中心按冗余设置进行分类，配电冗余 通常由UPS 系统、柴油发 ...

Core Insights - Meihua Co., Ltd. has seen a significant stock price increase of 174.05% year-to-date, with a recent 9.53% rise over the last five trading days [2] - The company specializes in the research, manufacturing, and sales of key components for engine systems, with a diverse revenue stream from various products [2][3] Stock Performance - As of December 2, Meihua's stock price reached 38.15 CNY per share, with a market capitalization of 12.939 billion CNY [1] - The stock has experienced a net inflow of 50.066 million CNY from major funds, indicating strong investor interest [1] Financial Performance - For the period from January to September 2025, Meihua reported a revenue of 1.624 billion CNY, reflecting a year-on-year growth of 9.75%, while net profit decreased by 10.67% to 129 million CNY [3] - Cumulative cash dividends since the company's A-share listing amount to 402 million CNY, with 186 million CNY distributed over the last three years [4] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 3.85% to 24,300, with an average of 13,979 shares held per shareholder, a decrease of 3.71% [3] - Notable institutional shareholders include Yongying Advanced Manufacturing Mixed Fund and Penghua Carbon Neutral Theme Mixed Fund, which have increased their holdings significantly [5]

Group 1: Overall Market Insights - The report highlights the focus on the Federal Reserve's potential interest rate cuts, liquidity recovery, and AI chip competition in December, predicting a volatile recovery in the US stock market with opportunities for low-cost investments [4][14][15] - Domestic PMI shows slight improvement, with attention on policy signals from the Political Bureau and Central Economic Work Conference, indicating a cautious but positive outlook for the A-share market [4][19][21] - The report anticipates a range-bound movement in the A-share market, with a focus on low-consumption sectors, price recovery cycles, and technology themes driven by industrial catalysts [4][22] Group 2: Key Stock Recommendations - The report lists ten key stocks, including Luxshare Precision (002475.SZ) in electronics, Rui Ming Technology (002970.SZ) in new energy, and Zhongmin Resources (002738.SZ) in non-ferrous metals, among others, with no specific ranking [5][12] - Luxshare Precision is expected to benefit from AI-enabled consumer electronics, with a projected revenue growth from 265.32 billion to 358.63 billion RMB from 2024 to 2026 [23][26] - Rui Ming Technology is positioned as a leader in commercial vehicle AI solutions, with revenue forecasts of 26.7 billion to 41.5 billion RMB from 2025 to 2027, driven by policy support and safety requirements [30][34] Group 3: Industry-Specific Insights - The electronics sector, particularly Luxshare Precision, is experiencing growth due to AI integration in consumer electronics, with significant revenue increases expected [23][24] - The storage market is recovering, with companies like Zhaoyi Innovation (603986.SH) benefiting from rising demand and prices for niche DRAM products, projecting revenues of 73.83 million to 107.37 million RMB from 2024 to 2026 [27][28] - The new energy sector, represented by Rui Ming Technology, is set for high growth due to increasing demand for intelligent driving solutions and supportive regulations, with revenue forecasts indicating substantial growth [30][34] Group 4: Financial Performance and Projections - Luxshare Precision reported a revenue of 177.18 billion RMB for the first three quarters of 2024, with a year-on-year growth of 13.67% [23] - Zhaoyi Innovation's revenue for Q1 2024 showed a year-on-year increase of 21.32%, reflecting a recovery in the consumer market [27] - Zhongmin Resources is enhancing its lithium salt self-sufficiency and expanding its copper mining projects, with projected revenues of 56.91 billion to 97.27 billion RMB from 2024 to 2026 [49][50]

11月28日，美湖股份涨5.03%，截至发稿，报36.94元/股，成交5.25亿元，换手率4.33%，总市值125.28 亿元。 资料显示，湖南美湖智造股份有限公司位于湖南省衡东县城关镇衡岳北路69号，成立日期1994年7月4 日，上市日期2016年11月30日，公司主营业务涉及发动机(或内燃机)系统的关键及重要零部件-泵类产品 的研发、制造和销售。主营业务收入构成为：柴油机机油泵28.57%，新能源车用零部件(新能源车 泵)21.57%，汽油机机油泵15.28%，其他12.11%，电机8.12%，金属冶金制品零部件6.95%，变速箱泵 5.97%，其他(补充)1.43%。 数据显示，长城基金旗下1只基金重仓美湖股份。长城久鑫混合A（000649）三季度增持24.02万股，持 有股数43.73万股，占基金净值比例为6.75%，位居第二大重仓股。根据测算，今日浮盈赚取约77.41万 元。 长城久鑫混合A（000649）成立日期2014年7月30日，最新规模1.44亿。今年以来收益60.6%，同类排名 359/8127；近一年收益63.6%，同类排名314/8059；成立以来收益163.85%。 长城久鑫混合A（ ...

Core Viewpoint - Meihua Co., Ltd. has experienced a significant stock price increase of 157.74% this year, despite a recent decline in the last five, twenty, and sixty trading days [2] Group 1: Stock Performance - As of November 28, Meihua's stock price rose by 2.02% to 35.88 CNY per share, with a trading volume of 294 million CNY and a turnover rate of 2.45%, resulting in a total market capitalization of 12.169 billion CNY [1] - Year-to-date, Meihua's stock has seen a 157.74% increase, but it has declined by 1.67% over the last five and twenty trading days, and by 2.50% over the last sixty trading days [2] Group 2: Financial Performance - For the period from January to September 2025, Meihua achieved a revenue of 1.624 billion CNY, reflecting a year-on-year growth of 9.75%, while the net profit attributable to shareholders decreased by 10.67% to 129 million CNY [3] Group 3: Shareholder Information - As of October 10, 2025, the number of shareholders for Meihua increased by 3.85% to 24,300, with an average of 13,979 circulating shares per person, which is a decrease of 3.71% [3] - The top ten circulating shareholders include several institutional investors, with notable increases in holdings from Yongying Advanced Manufacturing Mixed Fund and Penghua Carbon Neutral Theme Mixed Fund [5] Group 4: Business Overview - Meihua Co., Ltd., established on July 4, 1994, and listed on November 30, 2016, specializes in the research, development, manufacturing, and sales of key components for engine systems, particularly pump products [2] - The company's main revenue sources include diesel engine oil pumps (28.57%), components for new energy vehicles (21.57%), and gasoline engine oil pumps (15.28%) [2] Group 5: Dividend Information - Since its A-share listing, Meihua has distributed a total of 402 million CNY in dividends, with 186 million CNY distributed over the past three years [4]

Core Insights - The report indicates that market volatility is driven by fluctuations in win rates rather than a complete reversal, suggesting that the index is expected to remain in a state of oscillation [5][6] - The overall market liquidity remains ample, with margin financing balances at 2.46 trillion yuan, placing it in the 97.5th percentile over the past three years [3] - The report highlights that the recent market decline reflects a phase of win rate logic fluctuations, primarily influenced by external factors such as the Federal Reserve's interest rate decisions and concerns over AI-related debt [3][4] Market Analysis - The technology sector continues to face adjustments primarily due to expectation volatility, with the AI industry chain experiencing high valuations and limited upside potential [4] - Defensive demand and a slight recovery in domestic inflation are benefiting dividend and cyclical styles, as indicated by a 0.2% year-on-year increase in October CPI, marking the first positive change in four months [4] - The report notes that the win rate logic has not shifted, with the Federal Reserve's interest rate trajectory remaining below expectations, while the U.S. economy may require further rate cuts [5] Investment Strategy - The report suggests a focus on sectors with lower crowding within technology, such as gaming and media, while also recommending global pricing resources like gold and copper due to the backdrop of overseas rate cuts and fiscal expansion [6] - The December stock selection includes a mix of ETFs and individual stocks across various sectors, emphasizing a defensive strategy amid market oscillation [9][10]

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所关于 湖南美湖智造股份有限公司 2025 年第三次临时股东会的法律意见书 康达股会字【2025】第 0496 号 致：湖南美湖智造股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东会规 则》（以下简称《规则》）、《湖南美湖智造股份有限公司章程》（以下简称《公司 章程》）及湖南美湖智造股份有限公司（以下简称"公司"）与北京市康达律师事务 所（以下简称"本所"）签订的《法律顾问协议》，本所律师受聘出席公司 ...