Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on the export of process industrial equipment and humanoid robots [1]. Core Insights - The petrochemical industry is expected to become a major source of global oil demand growth, benefiting from China's mature industrial chain and related equipment. Despite challenges such as energy transition and geopolitical risks, global oil demand is projected to grow by 2.5 million barrels per day from 2024 to 2030, reaching 105.5 million barrels per day [6]. - The humanoid robot sector is highlighted for three key reasons: new technology directions focusing on cost reduction and lightweight designs, the importance of application scenarios, and the division of the robot market into two main segments: equipment and data/visualization [6]. - The report suggests that monetary and fiscal policies are being strengthened, which may lead to a new recovery cycle in the equipment industry. Key companies to watch include Huichuan Technology, Xinjie Electric, and Weichuang Electric in the industrial control sector, and various companies in the robotics and machine tool sectors [6]. Summary by Sections Industry Overview - The mechanical industry consists of 632 listed companies with a total market capitalization of approximately 6,323.2 billion yuan and a circulating market value of about 5,266.4 billion yuan [3]. Company Earnings Forecasts and Valuations - Key companies and their projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025E to 2027E are as follows: - Huichuan Technology: EPS of 2.12 yuan in 2025E, PE of 38.60 [2]. - Flantak: EPS of 0.60 yuan in 2025E, PE of 18.12 [2]. - Xinjie Electric: EPS of 1.83 yuan in 2025E, PE of 34.64 [2]. - Oke Yi: EPS of 0.71 yuan in 2025E, PE of 32.04 [2]. - Lanjian Intelligent: EPS of 1.50 yuan in 2025E, PE of 25.98 [2]. Market Performance - The mechanical sector has shown a 1.5% increase in the past week, while the overall market performance of the Shanghai Composite Index was -1.3% [10][15]. - Among sub-sectors, boiler equipment had the highest increase at 12.3%, while shipbuilding had the lowest at -4.0% [11]. Investment Recommendations - The report emphasizes the importance of focusing on companies in various sectors, including industrial control, robotics, machine tools, and testing industries, suggesting a broad range of investment opportunities [6][21].

Core Viewpoint - Jiangsu Changling Hydraulic Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price deviation of 20% over three consecutive trading days from September 16 to September 18, 2025, which is classified as abnormal trading activity according to the Shanghai Stock Exchange rules [2][5]. Group 1: Stock Trading Abnormalities - The company's stock price increased significantly over three consecutive trading days, leading to a cumulative closing price deviation of 20% [2][5]. - The company conducted a self-examination and confirmed that there were no undisclosed significant matters apart from what has been publicly disclosed [2][10]. Group 2: Share Transfer Agreement - On July 10, 2025, a share transfer agreement was signed, where shareholders Summer Jifa and Summer Zemin planned to transfer a total of 43,211,714 shares, representing 29.99% of the company's total shares, to Huaxin Tingtao and Chenglian Shuangying [3][7]. - Additionally, Huaxin Polang intends to make a partial tender offer to acquire 17,290,448 shares, which accounts for 12.00% of the total shares, from all shareholders excluding Huaxin Tingtao and Chenglian Shuangying [3][7]. Group 3: Business Operations - The company primarily produces central swivel joints, tensioning devices, construction machinery swivel reducers, precision castings, and photovoltaic swivel reducers [6]. - The company confirmed that its main business operations have not changed, and the internal production activities are normal, with no significant adjustments in the market environment or industry policies [6][10]. Group 4: Market and Media Influence - The company has not identified any media reports or market rumors that could significantly impact its stock trading prices, nor is it involved in any market hot concepts [11]. - There were no significant stock trading activities by directors, supervisors, senior management, or controlling shareholders during the period of abnormal stock trading [12]. Group 5: Risk and Compliance - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the relevant regulations of the Shanghai Stock Exchange [15]. - The company emphasizes that all information should be verified through designated media and encourages rational investment decisions [15].

Core Viewpoint - Changling Hydraulic announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of 20% over three consecutive trading days from September 16 to September 18, 2025 [2] Company Summary - The company conducted a self-examination and consulted with its controlling shareholder and actual controller, confirming that there are no undisclosed significant matters apart from what has been publicly disclosed in designated media [2]

证券代码：605389 证券简称：长龄液压 公告编号：2025-041 江苏长龄液压股份有限公司 关于公司股票交易异常波动的公告 本公司董事会及全体董事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。 经公司自查并向公司控股股东及实际控制人征询核实，截至本公告披露 日，除已在指定媒体上公开披露的信息外，不存在应披露而未披露的重大事项。 2025 年 7 月 10 日，无锡核芯听涛科技合伙企业（有限合伙）（以下简 称"核芯听涛"）与夏继发、夏泽民，江阴澄联双盈投资合伙企业（有限合伙）（以 下简称"澄联双盈"，与"核芯听涛"统称"收购方"）与夏继发分别签署《关于 江苏长龄液压股份有限公司之股份转让协议》（以下合称"《股份转让协议》"）， 夏继发、夏泽民拟将其持有长龄液压合计 43,211,714 股无限售条件流通股份协议 转让给核芯听涛、澄联双盈，占长龄液压股份总数的 29.99%。此外，根据《股 份转让协议》的约定，无锡核芯破浪科技合伙企业（有限合伙）（以下简称"核 芯破浪"）拟按照《上市公司收购管理办法》的相关规定向长龄液压除核芯听涛、 澄联双盈以外 ...

Core Viewpoint - The stock of Changling Hydraulic (605389.SH) has experienced an abnormal fluctuation, with a cumulative price increase of 20% over three consecutive trading days, prompting a notice of unusual trading activity [1] Company Summary - The company's main business operations have not changed, and internal production activities are normal [1] - There have been no significant changes in the market environment or industry policies affecting the company [1] - The controlling shareholder is in the process of transferring shares and changing control, but the completion of this process remains uncertain [1] - The company has no undisclosed significant matters that need to be reported [1]

Core Viewpoint - Jiangsu Changling Hydraulic Co., Ltd. experienced a significant stock price fluctuation, with a cumulative increase of 20% over three consecutive trading days, indicating abnormal volatility [1] Company Operations - The company confirmed that its main business remains unchanged and production operations are normal [1] Shareholding Changes - On July 10, 2025, Corexin Tingtao and Chenglian Shuangying planned to acquire a total of 43,211,714 shares from Xia Jifa and Xia Zemin, representing 29.99% of the total shares - Corexin Polang intends to make a tender offer for 17,290,448 shares, accounting for 12.00% of the total shares - Following the completion of these transactions, the actual controller of the company will change, although the completion of the transaction is still uncertain [1] Market Risk Advisory - The company has reminded investors to be aware of risks in the secondary market and to invest rationally [1]

Market Performance - The engineering machinery sector increased by 2.81% on September 17, with Wantong Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Wantong Hydraulic (code: 830839) closed at 45.91, up 12.41% with a trading volume of 50,300 shares and a turnover of 221 million yuan [1] - Changling Hydraulic (code: 605389) closed at 53.37, up 10.00% with a trading volume of 27,100 shares [1] - Hangcha Group (code: 603298) closed at 28.85, up 8.09% with a trading volume of 180,100 shares and a turnover of 506 million yuan [1] - Zhonglian Heavy Industry (code: 000157) closed at 7.71, up 4.76% with a trading volume of 2,696,700 shares and a turnover of 2.043 billion yuan [1] Capital Flow Analysis - The engineering machinery sector saw a net inflow of 197 million yuan from institutional investors, while retail investors experienced a net outflow of 75.92 million yuan [2] - The main stocks with significant net inflows included Zhonglian Heavy Industry with 202 million yuan and Zhejiang Dingli with 89.57 million yuan [3] Summary of Stock Movements - The overall performance of the engineering machinery sector indicates a positive trend, with several key players showing substantial gains in both stock price and trading volume [1][2] - The capital flow data suggests a strong interest from institutional investors, contrasting with the outflows from retail investors, indicating a potential shift in market sentiment [2][3]

Market Overview - On September 15, the engineering machinery sector rose by 0.7% compared to the previous trading day, with Changling Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the engineering machinery sector showed varied performance, with notable gainers including: - Changling Hydraulic: Closed at 47.46, up 6.27% with a trading volume of 65,800 shares and a turnover of 310 million yuan [1] - Tuoshan Heavy Industry: Closed at 40.61, up 5.59% with a trading volume of 49,600 shares and a turnover of 197 million yuan [1] - Weiman Sealing: Closed at 38.86, up 5.43% with a trading volume of 128,500 shares and a turnover of 490 million yuan [1] - Conversely, some stocks experienced declines, such as: - Hengli Drill Tools: Closed at 43.37, down 2.76% with a trading volume of 22,600 shares and a turnover of 97.64 million yuan [2] - Fushite: Closed at 27.84, down 2.73% with a trading volume of 24,700 shares and a turnover of 70.44 million yuan [2] Capital Flow - The engineering machinery sector saw a net outflow of 205 million yuan from main funds, while retail investors contributed a net inflow of 266 million yuan [2][3] - Specific stock capital flows indicated: - Liugong: Main funds net inflow of 64.71 million yuan, with retail funds net outflow of 28.77 million yuan [3] - Hengli Hydraulic: Main funds net inflow of 64.11 million yuan, with retail funds net outflow of 28.22 million yuan [3] - Zhonglian Heavy Industry: Main funds net inflow of 58.49 million yuan, with retail funds net outflow of 14.21 million yuan [3]

Investment Rating - The report maintains a "Positive" investment rating for the mechanical equipment industry [6]. Core Insights - The mechanical equipment industry experienced a year-on-year revenue growth of 7.64% in Q2 2025, with a narrowing growth rate compared to the previous quarter. Key segments with accelerated revenue growth include wind power equipment, PCB(A), shipbuilding, lithium battery equipment, and instruments [13][18]. - The industry saw a year-on-year increase in net profit excluding non-recurring items of 16.22% in Q2 2025, with wind power and lithium battery equipment showing accelerated growth. The shipbuilding sector led with a 106% year-on-year increase, although this was affected by a low base [18][31]. - The overall profitability of the mechanical equipment industry strengthened in Q2 2025, with notable performance in the shipbuilding, railway equipment, and oil and gas equipment sectors [31]. Summary by Sections Overall Mechanical Equipment Overview - The mechanical equipment industry reported a year-on-year revenue growth of 7.64% in Q2 2025, with revenue growth accelerating in specific segments [13]. - The net profit excluding non-recurring items grew by 16.22% year-on-year, with wind power and lithium battery equipment leading the growth [18]. - The industry’s net profit margin increased by 0.38 percentage points year-on-year in Q2 2025, indicating improved profitability across various segments [25]. Subsector Performance - The engineering machinery sector saw a revenue increase of 8.7% in H1 2025, driven by strong overseas sales and diversified business contributions [44]. - Major companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG, reported significant revenue growth, with SANY achieving a 15% increase year-on-year in H1 2025 [41][44]. - The overall net profit for the engineering machinery sector reached 161 billion yuan in H1 2025, reflecting a 25.1% year-on-year increase, with profit growth outpacing revenue growth [45].

Market Performance - The engineering machinery sector rose by 0.9% on September 11, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Hengli Hydraulic (601100) closed at 89.75, up 2.34% with a trading volume of 70,500 shares and a transaction value of 624 million [1] - Huadong Heavy Machine (002685) closed at 8.36, up 2.33% with a trading volume of 572,200 shares and a transaction value of 473 million [1] - Changling Hydraulic (605389) closed at 44.93, up 2.28% with a trading volume of 16,500 shares and a transaction value of 7.32 million [1] - Other notable performers include Shaoyang Hydraulic (301079) up 2.12% and Jinzhi Technology (301279) up 1.88% [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 341 million from institutional investors, while retail investors saw a net inflow of 313 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling and retail buying [2] Detailed Capital Flow for Selected Stocks - Huadong Heavy Machine saw a net inflow of 26.1 million from institutional investors but a net outflow of 16.9 million from retail investors [3] - Hengli Hydraulic had a net inflow of 6.1 million from institutional investors, with retail investors showing a net outflow of 7.3 million [3] - Zhejiang Dingli (603338) had a net inflow of 3.1 million from institutional investors, while retail investors contributed a net inflow of 789.86 thousand [3]