Core Viewpoint - The electric motor sector experienced a decline of 0.35% on the trading day, with Huari Co., Ltd. leading the losses, while the Shanghai Composite Index rose by 0.14% and the Shenzhen Component Index increased by 0.5% [1]. Group 1: Market Performance - The electric motor sector's individual stock performance showed mixed results, with notable gainers including Yifan Transmission (up 5.87% to 59.20) and China Electric Motor (up 5.35% to 32.87) [1]. - The overall trading volume for the electric motor sector was significant, with major stocks like Dayang Electric achieving a transaction value of 2.719 billion yuan [1]. Group 2: Fund Flow Analysis - On the trading day, the electric motor sector saw a net outflow of 860 million yuan from institutional investors, while retail investors contributed a net inflow of 818 million yuan [2]. - The fund flow data indicates that individual stocks like China Electric Motor and Dayang Electric had varying levels of net inflow and outflow from different investor categories [3].

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment sector, indicating a positive outlook for the industry [6]. Core Insights - The low-altitude economy is experiencing significant growth, with the Guangdong-Hong Kong-Macao Greater Bay Area set to add 801 new low-altitude takeoff and landing points by 2025, and a logistics drone route network of 310 lines, showcasing a market potential of over one trillion yuan [3]. - The mechanical equipment sector shows strong competitive advantages for domestic leading companies, with forklift sales in December 2025 reaching 111,363 units, a slight year-on-year increase of 0.03%, while exports grew by 7.97% [3]. - The engineering machinery industry is expected to maintain steady growth, with total forklift sales in 2025 projected to be 1,451,768 units, a year-on-year increase of 12.9% [3]. Weekly Market Review - From January 11 to January 16, 2026, the Shanghai Composite Index fell by 0.45%, while the Shenzhen Component Index and the ChiNext Index rose by 1.14% and 1.00%, respectively. The Shenwan Mechanical Equipment Index increased by 1.91%, outperforming the CSI 300 Index by 2.48 percentage points, ranking fifth among 31 Shenwan first-level industries [2][11]. - Sub-sectors within mechanical equipment saw varied performance, with general equipment up by 3.11%, automation equipment up by 4.19%, while engineering machinery and rail transit equipment saw declines of 0.88% and 1.81%, respectively [11]. Key Sector Tracking - The low-altitude economy is supported by the timely establishment of safety standards, such as the Civil Unmanned Aerial Vehicle Parachute System Specification, which aims to enhance operational safety for drones in densely populated areas [3]. - The report highlights the competitive landscape for domestic leading companies in the mechanical equipment sector, emphasizing their strong position in both supply and demand [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group, among others [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Juxing Technology and Quanfeng Holdings for the export chain [4].

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [6]. Core Insights - The low-altitude economy is experiencing significant growth, with the Guangdong-Hong Kong-Macao Greater Bay Area set to add 801 new low-altitude takeoff and landing points by 2025, and a logistics drone route network of 310 lines, showcasing a market potential of over one trillion [3]. - The mechanical equipment sector is expected to maintain steady growth, supported by strong competitive advantages of domestic leading enterprises in both supply and demand [3]. - In December 2025, forklift sales reached 111,363 units, a slight year-on-year increase of 0.03%, with exports growing by 7.97% to 47,556 units [3]. Weekly Market Review - From January 11 to January 16, 2026, the Shanghai Composite Index fell by 0.45%, while the Shenzhen Component Index and the ChiNext Index rose by 1.14% and 1.00%, respectively. The Shenwan Mechanical Equipment Index increased by 1.91%, outperforming the CSI 300 Index by 2.48 percentage points, ranking fifth among 31 Shenwan first-level industries [11]. - Sub-sectors such as general equipment and automation equipment saw increases of 3.11% and 4.19%, respectively, while engineering machinery and rail transit equipment experienced declines of 0.88% and 1.81% [11]. Key Sector Tracking - The report highlights the low-altitude economy's rapid development alongside the establishment of critical safety standards, which are essential for the sustainable growth of the sector [3]. - The mechanical equipment sector's export chain remains robust, with a year-on-year growth of 13.4% in exports for 2025, indicating a positive trend for future growth [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Aowei [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Giant Star Technology and Quan Feng Holdings for the export chain [4].

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]

Group 1 - The core viewpoint of the news is the performance and market position of China Electric Motor, which saw a stock price increase of 5.07% to 31.51 CNY per share, with a trading volume of 416 million CNY and a market capitalization of 7.411 billion CNY [1] - China Electric Motor Co., Ltd. is located in Wuxi, Jiangsu Province, established on April 8, 2003, and listed on November 4, 2014. The company specializes in the research, design, production, and sales of large and medium-sized AC and DC motors [1] - The revenue composition of the company includes AC motors at 52.75%, wind power motors at 20.86%, DC motors at 13.35%, and other products at 13.04% [1] Group 2 - From the perspective of major fund holdings, Huashan Fund has a significant position in China Electric Motor, with the Huashan Modern Life Mixed Fund (008290) increasing its holdings by 61,900 shares in the third quarter, totaling 376,900 shares, which represents 4.61% of the fund's net value [2] - The Huashan Modern Life Mixed Fund (008290) was established on April 26, 2020, with a current size of 230 million CNY. It has achieved a year-to-date return of 11.72%, ranking 578 out of 8,844 in its category, and a one-year return of 46.83%, ranking 212 out of 8,091 [2] - The fund manager of Huashan Modern Life Mixed Fund is Liu Shusheng, who has been in the position for 7 years and 236 days, with the fund's total asset size at 230 million CNY. The best return during his tenure is 77.11%, while the worst return is 52.21% [3]

Core Viewpoint - The electric motor sector experienced a rise of 2.41% on January 19, with Yifan Transmission leading the gains. The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1]. Group 1: Market Performance - The electric motor sector saw a significant increase, with a net inflow of 291 million yuan from main funds, while retail investors experienced a net outflow of 206 million yuan [1]. - The closing prices and performance of key stocks in the electric motor sector were mixed, with notable declines in stocks like China Electric Motor (down 3.36%) and Xiangming Intelligent (down 1.36%) [1]. Group 2: Individual Stock Performance - Key stock performances included: - China Electric Motor (603988) closed at 28.75, down 3.36% with a trading volume of 117,800 shares and a transaction value of 338 million yuan [1]. - Xiangming Intelligent (301226) closed at 33.39, down 1.36% with a trading volume of 31,200 shares and a transaction value of 104 million yuan [1]. - Yifan Transmission (002249) showed a positive performance, closing at 11.26, up 0.99% with a trading volume of 1,431,500 shares [1].

Market Overview - The electric motor sector experienced a decline of 0.32% on the previous trading day, with Fangzheng Electric leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the electric motor sector included: - Dibai Electric (603320) with a closing price of 20.88, up 10.01% and a trading volume of 167,600 shares, totaling 344 million yuan [1] - Zhongdian Electric (603988) closed at 29.02, up 4.73% with a trading volume of 209,200 shares, totaling 606 million yuan [1] - Kaizhong Precision (002823) closed at 16.60, up 1.65% with a trading volume of 67,300 shares, totaling 11.1 million yuan [1] - Conversely, the following stocks saw declines: - Fangzheng Electric (002196) closed at 14.30, down 3.25% with a trading volume of 481,600 shares, totaling 69.2 million yuan [2] - Yifan Transmission (301023) closed at 43.68, down 2.89% with a trading volume of 40,000 shares, totaling 177 million yuan [2] - Xiangming Intelligent (301226) closed at 32.38, down 2.32% with a trading volume of 37,900 shares, totaling 123 million yuan [2] Capital Flow - The electric motor sector saw a net outflow of 398 million yuan from institutional investors, while retail investors contributed a net inflow of 412 million yuan [2] - Detailed capital flow for selected stocks included: - Dibai Electric had a net inflow of 63.49 million yuan from institutional investors, while retail investors had a net outflow of 33.61 million yuan [3] - Zhongdian Electric experienced a net inflow of 35.04 million yuan from institutional investors, with a net outflow of 34.40 million yuan from retail investors [3] - Zhaowei Electromechanical (003021) had a net inflow of 18.97 million yuan from institutional investors [3]

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603988 证券简称：中电电机 公告编号：2026-002 中电电机股份有限公司 股东减持股份结果公告 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，王建凯先生持有中电电机股份有限公司（以下简称"公 司"）无限售流通股 22,687,082 股，占公司总股本的 9.65%。王建凯先生所持上 述股份来源于公司首次公开发行股票前已取得的股份以及上市后资本公积转增 股本取得的股份。 减持计划的实施结果情况 公司于 2025 年 9 月 23 日披露了《中电电机股份有限公司股东减持股份计划 公告》（公告编号：2025-037）。王建凯先生因个人资金需要，计划自上述公告披 露之日起15个交易日后的3个月内通过集中竞价交易和/或大宗交易的方式减持 所持有的公司股份，减持数量合计不超过 7,056,000 股，减持比例合计不超过公 司股份总数的 3.00%。其中，通过集中竞价方式减持股份总数不超过 2,352,000 股，即不超过公司股份总数的 1.00%；通 ...

Core Viewpoint - China Electric Motor (603988.SH) announced the completion of a share reduction plan by shareholder Wang Jiankai, who has reduced his holdings by a total of 7.056 million shares, representing 3.00% of the company's total share capital [1] Summary by Category - **Share Reduction Details** - Wang Jiankai reduced his holdings through centralized bidding and block trading, with a total of 2.352 million shares (1.00% of total share capital) sold via centralized bidding [1] - A total of 4.704 million shares (2.00% of total share capital) were sold through block trading [1] - The share reduction plan has been fully implemented as of January 14, 2026 [1]

Core Viewpoint - The announcement from China Electric Motor indicates that shareholder Wang Jiankai plans to reduce his stake in the company due to personal financial needs, which has been fully executed as of January 14, 2026 [1] Group 1: Shareholder Actions - Wang Jiankai intends to reduce his holdings by no more than 7.056 million shares, representing up to 3% of the company's total shares [1] - As of January 14, 2026, Wang Jiankai has successfully reduced his holdings by 7.056 million shares, which accounts for 3% of the current total share capital [1] - The total amount from the reduction is 163 million yuan, with the share price ranging from 22.11 to 26.02 yuan per share [1] Group 2: Post-Reduction Holdings - Following the reduction, Wang Jiankai's shareholding percentage has decreased to 6.65% [1]