在越南海防市重点工业区，高度自动化的生产线日夜运转，精密的步进电机、伺服系统等产品有序下 线。这里是上海鸣志电器股份有限公司（下称"鸣志电器"）海外制造基地的日常景象。作为混合式步进 电机领域的全球领军企业，鸣志电器落子越南，不仅是对全球供应链的优化布局，更标志着其从"中国 领先"向"全球领先"的战略转型。 企业"出海"之路，从不是一片坦途。跨境投资合规审查、资金高效调度、境外运营体系搭建……每一项 都是摆在企业面前的现实考题。 在这条充满机遇与挑战的全球化道路上，金融机构的角色，正从传统的资金提供者，转变为企业跨境经 营的"同行者"与"护航人"。 从"走出去"到"走进去"：一场双向奔赴的服务升级 鸣志电器的出海步伐，始于数年前。随着国际市场竞争加剧与客户需求全球化，建立海外生产基地成为 企业发展的必然选择。然而，首笔投资资本金如何合规汇出？境外公司设立后本地账户如何快速开立？ 日常运营中跨境资金如何高效管理？一系列问题接踵而至。 "企业需要的已不仅是转账汇款，而是能够理解我们战略意图、提供全周期解决方案的合作伙伴。"鸣志 电器董事、财务总监程建国表示。 基于长期陪伴企业出海的经验，建设银行近日正式发布"善建 ...

在越南海防市重点工业区，高度自动化的生产线日夜运转，精密的步进电机、伺服系统等产品有序下 线。这里是上海鸣志电器股份有限公司（以下简称"鸣志电器"）海外制造基地的日常景象。作为混合式 步进电机领域的全球领军企业，鸣志电器落子越南，不仅是对全球供应链的优化布局，更标志着其 从"中国领先"向"全球领先"的战略转型。 企业"出海"之路，从不是一片坦途。跨境投资合规审查、资金高效调度、境外运营体系搭建……每一项 都是摆在企业面前的现实考题。在这条充满机遇与挑战的全球化道路上，金融机构的角色，正从传统的 资金提供者，转变为企业跨境经营的"同行者"与"护航人"。 从"走出去"到"走进去"：一场双向奔赴的服务升级 鸣志电器的出海步伐，始于数年前。随着国际市场竞争加剧与客户需求全球化，建立海外生产基地成为 企业发展的必然选择。然而，首笔投资资本金如何合规汇出？境外公司设立后本地账户如何快速开立？ 日常运营中跨境资金如何高效管理？一系列问题接踵而至。 全球化网络+本地化洞察：破解跨境经营"两张皮" 海外运营中，政策环境差异是企业面临的主要挑战之一。2023年，越南外汇管理政策出现调整，部分企 业资金周转受到影响。建行团队凭借对 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603988 | 中电电机 | 38.13 | 10.01% | 15.13万 | | 5.67亿 | | 002196 | 方正电机 | 18.25 | 4.95% | 132.02万 | | 23.27亿 | | 002249 | 大洋电机 | 11.04 | 0.55% | 87.85万 | | 9.61亿 | | 000922 | 佳电股份 | 14.56 | 0.48% | 10.87万 | | 1.57亿 | | 920100 | 三协电机 | 67.13 | 0.22% | 8736.78 | | 5829.61万 | | 003021 | 兆威机电 | 123.04 | -0.09% | 4.17万 | | 5.09亿 | | 618809 | 神力股份 | 12.56 | -1.02% | 3.92万 | | 4937.44万 | | 002176 | 江特电机 | 10.25 | -1.06% | 69.29万 ...

Investment Rating - The report assigns an "Accumulate" rating for the robotics industry [4]. Core Insights - The report highlights the deepening strategies of overseas giants, with OpenAI entering the robotics field and the acceleration of embodied intelligence in Europe. In China, new products and operational scenarios are flourishing, with breakthroughs in both production scale and data elements. The investment and financing market is robust, leading to an expansion of the robotics supply chain and production capacity [2][3]. Summary by Sections Industry News and Company Dynamics - Optimus is already operational in factories and is expected to begin consumer sales by the end of 2027. CEO Elon Musk confirmed this timeline at the World Economic Forum in Davos, stating that several units are currently performing simple tasks and will be ready for more complex operations soon [6][7]. - Yushutech announced that it exceeded 5,500 units in actual sales of humanoid robots for 2025, with over 6,500 units produced. The company clarified that this figure refers to actual sales delivered to end customers [7]. - Shanghai Jiao Tong University and Jieke Robotics have established a joint research center focused on general intelligent robots, aiming for breakthroughs in core technologies and industrial applications [7]. Investment and Financing Dynamics - The financing demand in the robotics sector is increasing, with Skild AI raising approximately $1.4 billion in funding led by SoftBank and NVIDIA, focusing on developing a general robotic "brain" [9]. - Zhejiang Human Robot Innovation Center completed a Pre-A round financing of 450 million yuan, with a strong lineup of investors, aimed at advancing core technologies and scaling production [9]. - Huari Technology plans to go public in Hong Kong, focusing on machine vision and autonomous mobile robots [9]. Investment Recommendations - The report recommends focusing on both complete robotics manufacturers and core component suppliers. Key recommendations include: 1. Actuators and motors: Recommended companies include Zhaowei Electromechanical, with related companies being Mingzhi Electric and Jiechang Drive. 2. Reducers: Related companies include Ruidi Zhichu and Haoneng Co. 3. Screw components: Recommended company is Hengli Hydraulic, with related companies being Zhejiang Rongtai and Best. 4. Screw equipment: Recommended company is Qin Chuan Machine Tool, with related companies being Rifa Precision and Huachen Equipment. 5. Bearings: Recommended company is Longxi Co. 6. Sensors: Recommended companies include Donghua Testing and Anpeilong, with related companies being Lingyun Co. 7. Complete machines: Related companies include Ubtech and Yijiahe [10][12].

Group 1 - The motor sector increased by 1.34% compared to the previous trading day, with Yifan Transmission leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the motor sector showed significant price increases, with Yifan Transmission rising by 20.00% to a closing price of 55.92 [1] Group 2 - The motor sector experienced a net inflow of 407 million yuan from main funds, while retail investors saw a net outflow of 159 million yuan [2] - The stock performance of major companies in the motor sector varied, with Fangzheng Electric showing a net inflow of 3.60 billion yuan from main funds, representing 26.21% of its total [3] - Yifan Transmission had a net inflow of 51.94 million yuan from main funds, accounting for 27.07% of its total [3]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [5][12]. Core Insights - The report highlights significant growth potential in the commercial aerospace sector, driven by SpaceX's ambitious goal of producing 10,000 Starships annually and achieving a launch frequency exceeding once per hour within three years [2][19]. - OpenAI is actively seeking domestic hardware suppliers in the U.S. for its expansion into consumer devices, robotics, and cloud data centers, emphasizing the critical role of hardware in software development [3][19]. Summary by Relevant Sections Commercial Aerospace - The report emphasizes the long-term investment opportunities in commercial aerospace, particularly focusing on key suppliers and the Blue Arrow Aerospace supply chain. Recommended companies include: 1. Rocket components: Huazhu High-Tech, Yingliu Co., Longxi Co. 2. Satellite assembly and testing: Guangdian Measurement, Sutest, Shanghai Huguang. 3. Other relevant companies: Zhongtai Co., Ice Wheel Environment [2][9]. AI Infrastructure - The report expresses optimism regarding the AI infrastructure sector, particularly in gas turbines and liquid cooling technologies. Key recommendations include: 1. Gas turbine components: Yingliu Co., Wanze Co. 2. Gas turbine generator sets: Jerry Co. 3. Other components: Haomai Technology, Liande Co. 4. Liquid cooling systems: Ice Wheel Environment, Hanzhong Precision Machinery, Liande Co. [3][9]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated "Outperform": 1. Green's Harmony (688017.SH): Target price of 220.50, market cap of 40.4 billion, EPS of 0.33 for 2024A. 2. Mingzhi Electric (603728.SH): Target price of 73.65, market cap of 30.9 billion, EPS of 0.19 for 2024A. 3. Huichuan Technology (300124.SZ): Target price of 80.85, market cap of 218.9 billion, EPS of 1.60 for 2024A [12][25].

1月16日，鸣志电器涨3.46%，成交额9.93亿元。两融数据显示，当日鸣志电器获融资买入额9484.82万 元，融资偿还9474.38万元，融资净买入10.44万元。截至1月16日，鸣志电器融资融券余额合计4.97亿 元。 融资方面，鸣志电器当日融资买入9484.82万元。当前融资余额4.95亿元，占流通市值的1.61%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，鸣志电器1月16日融券偿还800.00股，融券卖出2100.00股，按当日收盘价计算，卖出金额 15.47万元；融券余量2.64万股，融券余额194.44万元，低于近一年10%分位水平，处于低位。 资料显示，上海鸣志电器股份有限公司位于上海市闵行区闵北路88弄7号楼，成立日期1998年7月7日， 上市日期2017年5月9日，公司主营业务涉及专注于运动控制领域和智能电源领域核心技术及系统级解决 方案的研发和经营，核心业务围绕自动化和智能化领域有序外延扩张。主营业务收入构成为：控制电机 及其驱动系统类83.60%，贸易类产品8.39%，电源与照明系统控制类6.90%，设备状态管理系统类 1.07%，其他0.03%。 机构持仓方面，截止 ...

Investment Rating - The report maintains a "Positive" outlook for the mechanical equipment industry [7]. Core Insights - The mass production of humanoid robots is expected to expand the encoder market, benefiting related component manufacturers such as Huichuan Technology, Xinjie Electric, and Mingzhi Electric [4]. - The inductive encoder is superior in precision and resolution, unaffected by dirt and magnetic field interference, making it suitable for applications in humanoid robots [10][21]. - The domestic encoder market is primarily dominated by magnetic and optical encoders, while foreign manufacturers lead in inductive encoder technology [15][19]. Summary by Sections Industry Overview - The encoder measures position, angle, and speed, converting physical characteristics into electrical signals for applications in industrial automation, robotics, and automotive sectors [10][12]. - Different types of encoders include optical, magnetic, and inductive, each with distinct advantages and disadvantages [10][12]. Market Dynamics - In 2022, over 50% of China's encoder market was occupied by magnetic and optical encoders, with foreign inductive encoder technology being more advanced [15]. - The report highlights that the mass production of Tesla's Optimus robot will significantly increase the demand for encoders, estimating a market increment of 5.4 billion yuan if one million units are produced [21][23]. Competitive Landscape - Domestic manufacturers are making strides in the mid-to-low-end market, while foreign brands dominate high-end applications, with notable companies including Tamagawa, Heidenhain, and Baumer [19]. - The report identifies leading domestic firms such as Shanghai Bowang Electronics, Lianyungang Jere Electronic, and Saizhuo Electronics [15]. Future Outlook - The report anticipates that the rapid changes in humanoid robot parameters and the need for cost reduction will drive domestic manufacturers to increase their market share and revenue through the adoption of inductive encoders [22].

Market Overview - The electric motor sector experienced a decline of 1.21% on the previous trading day, with Jiangte Motor leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Notable gainers in the electric motor sector included: - China Electric Motor (603988) with a closing price of 27.71, up 10.00% and a trading volume of 181,200 shares, totaling 481 million yuan [1] - Yifan Transmission (301023) closed at 44.98, up 6.46% with a trading volume of 62,500 shares, totaling 272 million yuan [1] - Conversely, Jiangte Motor (002176) saw a decline of 2.87%, closing at 10.16 with a trading volume of 1,251,700 shares, totaling 1.292 billion yuan [2] Capital Flow - The electric motor sector experienced a net outflow of 1.486 billion yuan from institutional investors and a net outflow of 104 million yuan from speculative funds, while retail investors saw a net inflow of 1.591 billion yuan [2] - Specific stock capital flows indicated: - China Electric Motor had a net inflow of 10.7 million yuan from institutional investors, while retail investors had a net outflow of 83.72 million yuan [3] - Yifan Transmission recorded a net inflow of 17.15 million yuan from institutional investors, with a net outflow of 1.41384 million yuan from retail investors [3]

Core Viewpoint - Mingzhi Electric experienced a stock price decline of 2.00% on January 14, 2025, with a current share price of 71.51 yuan and a total market capitalization of 29.954 billion yuan [1] Group 1: Stock Performance - Year-to-date, Mingzhi Electric's stock price has decreased by 1.16%, with a 5-day decline of 1.13%, a 20-day increase of 11.13%, and a 60-day increase of 2.44% [1] - As of September 30, 2025, the number of shareholders increased by 16.10% to 63,300, while the average circulating shares per person decreased by 13.87% to 6,613 shares [2] Group 2: Financial Performance - For the period from January to September 2025, Mingzhi Electric reported a revenue of 2.043 billion yuan, reflecting a year-on-year growth of 11.66%, and a net profit attributable to shareholders of 49.8379 million yuan, up by 5.43% [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Mingzhi Electric has distributed a total of 170 million yuan in dividends, with 56.2602 million yuan distributed over the past three years [3] - As of September 30, 2025, notable institutional shareholders include E Fund National Robot Industry ETF, holding 5.6649 million shares, and Huaxia CSI Robot ETF, which increased its holdings by 861,600 shares to 4.6091 million shares [3]