Market Overview - The engineering machinery sector experienced a decline of 1.75% on July 31, with Hengli Drilling leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Top Performers - Tianyuan Intelligent (603273) saw a significant increase of 10.02%, closing at 21.09 with a trading volume of 218,000 shares and a turnover of 455 million yuan [1] - Southern Road Machinery (603280) also rose by 10.01%, closing at 54.86 with a trading volume of 82,400 shares [1] - Changling Hydraulic (605389) increased by 9.99%, closing at 48.99 with a trading volume of 45,400 shares [1] Underperformers - Hengli Drilling (836942) experienced the largest decline, down 11.39% to 57.90 with a trading volume of 135,500 shares and a turnover of 811 million yuan [2] - Tuoshan Heavy Industry (001226) fell by 9.97%, closing at 40.00 with a trading volume of 109,400 shares [2] - Wuxin Suizhuang (835174) decreased by 7.19%, closing at 64.67 with a trading volume of 87,500 shares [2] Capital Flow - The engineering machinery sector saw a net outflow of 566 million yuan from institutional investors and 196 million yuan from speculative funds, while retail investors contributed a net inflow of 762 million yuan [2][3] - Notable capital flows include Huadong Heavy Machine (002685) with a net inflow of 17.7 million yuan from institutional investors, while Tianyuan Intelligent (603273) had a net outflow of 143 million yuan from institutional investors [3]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问诺力股份有涉及人形机器人的应用研究吗？ 诺力股份（603611.SH）7月30日在投资者互动平台表示，公司目前正在进行具身智能机器人的应用研 究。 ...

Core Viewpoint - Noli Co., Ltd. (603611) is actively engaging in the development of smart forklifts and unmanned forklifts to serve construction logistics in complex high-altitude environments, while also aiming to participate in major national projects [1] Group 1 - Noli Co., Ltd. is focusing on smart forklifts and unmanned forklifts [1] - The company is targeting complex environments, specifically high-altitude construction logistics [1] - Noli Co., Ltd. plans to seize opportunities to participate in significant national projects [1]

格隆汇7月30日丨诺力股份(603611.SH)在投资者互动平台表示，公司目前正在进行具身智能机器人的应 用研究。 ...

Core Viewpoint - Noli Co., Ltd. (603611.SH) is actively engaging in the development of smart forklifts and unmanned forklifts, which are designed to operate in complex environments such as high-altitude construction logistics. The company aims to seize opportunities to participate in major national projects [1] Group 1 - The company offers products like smart forklifts and unmanned forklifts [1] - These products are specifically tailored for high-altitude and complex environments [1] - The company is committed to actively participating in significant national projects [1]

格隆汇7月30日丨诺力股份(603611.SH)在投资者互动平台表示，公司会积极寻找机会参与雅下水电站工 程。为国家重大项目贡献力量。 ...

Group 1 - The core viewpoint of the news is that Noli Co., Ltd. (诺力股份) has experienced a decline in stock price and a mixed performance in its latest financial results, indicating potential challenges and opportunities for investors [1][3]. - As of July 29, 2025, Noli's stock closed at 22.86 yuan, down 0.95%, with a turnover rate of 4.23% and a trading volume of 109,000 hands, amounting to a transaction value of 248 million yuan [1]. - The net outflow of main funds today was 42.53 million yuan, accounting for 17.12% of the transaction amount, with significant outflows from large orders [1]. Group 2 - For the first quarter of 2025, Noli reported total operating revenue of 1.634 billion yuan, a year-on-year decrease of 6.69%, while net profit attributable to shareholders was 123 million yuan, an increase of 6.30% [1]. - The company’s non-recurring net profit was 106 million yuan, reflecting a year-on-year growth of 18.21%, with a current ratio of 1.300 and a quick ratio of 0.765 [1]. - Noli has a debt-to-asset ratio of 64.62%, indicating a relatively high level of leverage [1]. Group 3 - Noli Intelligent Equipment Co., Ltd. was established in 2000 and is located in Huzhou, primarily engaged in loading, unloading, and warehousing industries [2]. - The company has made investments in 21 enterprises and participated in 204 bidding projects, showcasing its active role in the industry [2]. - Noli holds 99 trademark registrations and 672 patent applications, along with 18 administrative licenses, indicating a strong focus on intellectual property [2].

| 投资者关系 | ☑特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 泉果基金：陈霄翔、尚广豪，和谐健康保险：朱之轩， | | 及人员姓名 | 申万菱信：谢欣雨、刘世昌，泓德投资：李昕阳， | | | 广发基金：杜威、何珏威， | | | 鹏华基金：孟昊、赵花荣、黄奕彬、张卓然、胡颖、戴钢、刘玉 | | | 江、蔡春根、张炜， | | | 广发证券：何珏威，杜威，王颂，邱世磊，杨定光，陈樱子，王 | | | 瑞冬，冯汉杰 | | 时间 | 2025 年 7 月 22 日 | | 上市公司 | 金婉怡（证券事务代表）、戴文斌 | | 接待人员姓名 | | | | 问答： | | | Q：为什么做具身智能搬运机器人？ | | | A：我们公司一直处于物料搬运行业。近八年科技日新月异，但 | | | 是除了十几年前的 AGV 产品，好像现象级划时代的新产品在物料 | | | 搬运行业并没有产生。我们公司从去年就开始广泛调查研究全球 | | | 科技，特别 ...

Core Viewpoint - The company, Noli Co., has experienced significant growth in revenue from over 1 billion yuan in 2015 to nearly 7 billion yuan in 2024, driven by advancements in intelligent logistics and embodied intelligence technology [1] Group 1: Company Overview - Noli Co. was established in 2000 and specializes in intelligent logistics system solutions, offering a full range of products including forklifts, intelligent warehouses, AGV systems, and supply chain management software [1][2] - The company went public on the Shanghai Stock Exchange in 2015 and has since invested in the development of AGV technology, which has laid a strong foundation for future advancements in embodied intelligent logistics robots [2] Group 2: Technological Advancements - The market demand for flexible and intelligent logistics systems is growing at an annual rate of 25%, presenting a unique opportunity for industry transformation [1] - Noli Co. has developed advanced AGV products, such as the APT15 and PS15-CB, which have won awards in global competitions, showcasing their technological capabilities [2] - The company aims to enhance embodied intelligent robots by focusing on three key areas: multi-modal perception technology, optimization of planning algorithms, and overcoming mechanical and drive technology limitations [3] Group 3: Strategic Collaborations - In April, Noli Co. signed a strategic cooperation agreement with Zhejiang University to establish a laboratory that combines academic expertise with industrial experience to accelerate technological breakthroughs [3][4] - The company has made strategic acquisitions in 2016 and 2020 to strengthen its position in the intelligent logistics sector, enabling it to offer comprehensive solutions from smart forklifts to large-scale logistics systems [4] Group 4: Future Directions - Noli Co. is committed to investing 70% of its funds into upgrading traditional business operations while allocating 30% to emerging robotics ventures, ensuring stable revenue while pursuing innovation [4] - The company envisions embodied intelligent robots as a core component of future logistics, capable of addressing complex industrial environments that are challenging for human workers [4][5] - Noli Co. aims to build a collaborative ecosystem in the logistics industry, advocating for partnerships among manufacturers, research institutions, and software developers to create integrated solutions [6]

Group 1 - The report aims to summarize important weekly deep reports, significant commentary, and marginal changes within the macro strategy team of large manufacturing [1] - Core stocks identified by the team include Huada Jiutian, Shanghai Yanpu, Zhejiang Rongtai, and others [1] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG Group, and others, indicating a focus on key players in the manufacturing sector [1] Group 2 - As of July 18, 2025, the best-performing indices in the last week included Communication (+8%), Pharmaceutical Biology (+4%), and Automotive (+3%) [2][13] - The top three indices in the large manufacturing sector were Changjiang Lithium Battery Equipment Index (+5%), Automotive Parts (+4%), and Automotive (+3%) [2][15] - A deep report on Xuguang Electronics highlights its leadership in domestic vacuum devices and growth potential in controllable nuclear fusion and electronic materials [4] Group 3 - The report indicates that the total investment of approximately 1.2 trillion yuan in the Yarlung Zangbo River downstream hydropower project has commenced, driving demand for construction machinery [3] - The defense sector is expected to benefit from military trade leading to strategic reassessment, particularly in regions like the Middle East [3] - The competitive landscape for vacuum arc extinguishing chambers shows a high concentration in the domestic market, with a CR2 of about 60% [5] Group 4 - The report forecasts a revenue CAGR of approximately 35% for the megawatt-level electronic tube segment from 2024 to 2027 [4] - The power equipment business is expected to achieve a revenue CAGR of about 10% during the same period, driven by ongoing investments in the power grid [4] - The military business is projected to benefit from increased defense spending, with precision structural components expected to account for 58% of military revenue in 2024 [5] Group 5 - The report anticipates that the company will achieve revenues of 1.95 billion, 2.39 billion, and 3.03 billion yuan from 2025 to 2027, with a CAGR of 24% [4] - The expected net profit for the same period is projected to be 170 million, 210 million, and 270 million yuan, with a CAGR of 39% [4] - The report highlights the company's strong position in the domestic aluminum nitride materials market, benefiting from domestic substitution trends [5] Group 6 - The report notes that the company has a high market share in the medical information technology sector, covering approximately 60% of tertiary hospitals by the end of 2024 [6] - The expected growth in the domestic medical software industry is projected at a CAGR of 11.5% from 2024 to 2029 [6] - The company is collaborating with major players like Huawei to develop a comprehensive intelligent medical information platform [6]