Investment Rating - The report maintains an "Outperform" rating for the industry [3][4][8]. Core Insights - The report highlights significant developments in the humanoid robotics sector, including strategic partnerships and government support, which are expected to drive growth and innovation [1][2][3][4][19]. - The establishment of a 10 billion yuan investment fund in Hubei province aims to accelerate the development of humanoid robotics and AI technologies [23]. - The report emphasizes the importance of supply chain positioning and the identification of key players in the humanoid robotics market, suggesting a focus on companies with strong capabilities in various components [3][4]. Industry Dynamics - Humanoid Robotics: - Strategic collaborations, such as the one between Shanghai Robotics Institute and Madi Technology, are set to enhance the application of humanoid robots in healthcare and elder care [15]. - Companies like Junpu Intelligent and ByteDance are making strides in production and technology, with ByteDance achieving a production milestone of 1,000 robots in 2.5 years [19][16]. - Government Initiatives: - The Central Financial Committee has proposed measures to promote high-quality development in the marine economy, which may indirectly benefit robotics through enhanced technological capabilities [2][24]. - The establishment of the AI Infrastructure and the China-ASEAN AI Innovation Cooperation Center is expected to boost investment in AI-related sectors [25]. Key Companies and Investment Focus - The report identifies several key companies for investment consideration, including: - Humanoid Robotics: Focus on suppliers like Hengli Hydraulic, Huichuan Technology, and Zhaowei Machinery [3][4]. - AI Infrastructure: Companies such as Hanzhong Precision Machinery and Ice Wheel Environment are highlighted for their potential growth due to increasing AI demand [3][4]. - The report also notes the rapid development of the low-altitude economy and its implications for various sectors, including logistics and surveying [4][26]. Company Performance and Forecasts - The report provides earnings forecasts and investment ratings for several companies, indicating a generally positive outlook for those rated "Outperform" [8][30]. - Notable companies include: - Green Harmony (688017.SH): Outperform rating with a projected EPS increase from 0.33 to 0.50 yuan [30]. - Huichuan Technology (300124.SZ): Outperform rating with an expected EPS growth from 1.60 to 2.01 yuan [30]. - Zhaowei Machinery (003021.SZ): Outperform rating with EPS forecasted to rise from 0.94 to 1.11 yuan [30].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [43]. Core Insights - The humanoid robot industry is expected to see early industrial applications, with local government policies accelerating the commercialization process. Key investment themes include technological upgrades and advancements in robotics [2][39]. - The engineering machinery sector is projected to maintain growth due to stable infrastructure investment and the acceleration of special bond issuance, despite a negative growth rate in excavator sales in May 2025 [2][39]. - The mechanical equipment sector has shown a bi-weekly increase of 4.30%, outperforming the CSI 300 index by 1.05 percentage points, ranking 17th among 31 industries [12][19]. Market Performance - As of July 3, 2025, the Shenyin Wanguo mechanical equipment sector's PE TTM is 26.77 times, with sub-sectors such as general equipment at 34.10 times and automation equipment at 45.21 times [1][23]. - The general equipment sub-sector had the highest bi-weekly increase of 5.64%, followed by automation equipment at 4.41% and rail transit equipment II at 3.53% [19][22]. Company Recommendations - The report suggests focusing on companies like Huichuan Technology (300124) and Greentech Harmonic (688017) for humanoid robots, and Sany Heavy Industry (600031) and Hengli Hydraulic (601100) for engineering machinery [2][39][41].

Investment Rating - The report gives a "Buy" rating for the precision reducer industry, highlighting its broad application space and high technical barriers, driven by downstream industries for rapid market growth [10][12]. Core Insights - The precision reducer market is experiencing robust growth, with a projected market size of 9.1 billion yuan in 2024, driven by industrial robots, machine tools, and humanoid robots [36][40]. - Domestic manufacturers are expected to accelerate core customer integration and achieve domestic substitution through years of industry and technology accumulation [10][12]. - The report identifies three main categories of domestic reducer manufacturers: traditional precision reducer manufacturers, upstream and downstream industry players, and manufacturing companies transitioning to reducer production [4][11]. Summary by Sections Section 1: Precision Reducers - Precision reducers serve as core transmission components, connecting power sources and actuators, with various types including harmonic, RV, and planetary reducers [16][19]. Section 2: Industry Opportunities - The precision reducer market is set for steady growth, with the industrial robot sector being the largest downstream application, accounting for 36% of the market in 2024 [37][39]. - The machine tool sector follows, representing 23% of the market, while humanoid robots are emerging as a potential growth area [36][40]. Section 3: Domestic Manufacturer Landscape - Traditional precision reducer manufacturers like Grede Harmonic and Ring Dynamics have established a strong presence in the industrial robot sector [4][11]. - Companies from the automotive parts and related industries are extending their reach into the reducer market, leveraging their existing capabilities [4][11]. - Manufacturers with OEM capabilities are transitioning to reducer production, capitalizing on market demand [4][11]. Section 4: Key Company Profit Forecasts and Valuation - Grede Harmonic is projected to have an EPS of 0.47 yuan in 2025, with a PE ratio of 252.81, indicating strong growth potential [5].

苏州绿的谐波传动科技股份有限公司 证券代码：688017 证券简称：绿的谐波 公告编号：2025-029 向特定对象发行股票限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为向特定对象发行股份；股票认购方式为网下，上市股 数为14,448,867股。 本次股票上市流通总数为14,448,867股。 本次股票上市流通日期为2025 年 7 月 7 日。 一、本次上市流通的限售股类型 2024年6月28日，中国证监会出具《关于同意苏州绿的谐波传动科技股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2024〕1008号），同意苏州 绿的谐波传动科技股份有限公司（以下简称"公司"、"绿的谐波"）向特定对 象发行股票的注册申请。公司本次新增股份14,448,867股，本次发行新增股份的 登记托管手续已于2025年1月6日在中国证券登记结算有限责任公司上海分公司办 理完成。公司总股本由168,763,868股变更为183,212,735股。 本次上市流通的限售股为公司向特定对 ...

中信证券股份有限公司 关于苏州绿的谐波传动科技股份有限公司 向特定对象发行股票之限售股解禁上市流通的核查意见 中信证券股份有限公司（以下简称"保荐人"）作为苏州绿的谐波传动科技股份有 限公司（以下简称"绿的谐波"或"公司"）2022年度向特定对象发行A股股票及持续督 导的保荐人，根据《中华人民共和国公司法》《中华人民共和国证券法》《证券发行 上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》以及《上海证券交 易所科创板上市公司自律监管指引第1号——规范运作》等相关法律法规和规范性文 件的要求，对绿的谐波向特定对象发行股票之限售股解禁上市流通事项进行了审慎核 查，核查情况及核查意见如下： 一、本次上市流通的限售股类型 2024年6月28日，中国证监会出具《关于同意苏州绿的谐波传动科技股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2024〕1008号），同意公司 向特定对象发行股票的注册申请。本次向特定对象发行新增股份14,448,867股，本 次发行新增股份的登记托管手续已于2025年1月6日在中国证券登记结算有限责任 公司上海分公司办理完成。本次向特定对象发行完成后，公司总股本由 168,7 ...

Core Viewpoint - The stock price of Greentech Harmonic (688017) has decreased by 5.92% to 118.62 CNY as of June 13, 2025, with a total market capitalization of 21.733 billion CNY [1] Company Announcements - Li Qian has reduced his shareholding by 256,723 shares, representing 0.14% of the total share capital, with a total amount of approximately 43.81 million CNY during the period from March 11, 2025, to June 10, 2025 [2][5] - The annual profit distribution plan for 2024 includes a cash dividend of 0.1 CNY per share, totaling approximately 18.32 million CNY, with the record date set for June 18, 2025 [3][5]

Group 1 - Company GuoDeWei plans to repurchase shares with a total investment of between 100 million to 150 million yuan, with a maximum repurchase price of 53 yuan per share, expecting to buy back between 1.89 million to 2.83 million shares, accounting for 0.78% to 1.17% of total share capital [1] - Company Shuangliang Energy has won a bid for the Gansu Energy Chemical Qinyang 2×660MW coal power project, with a total bid amount of 237 million yuan, representing 1.82% of the company's projected revenue for 2024 [1] - Company China Pacific Insurance reported a total premium income of 227.17 billion yuan from its two subsidiaries in the first five months, with a year-on-year growth of 10.2% for its life insurance subsidiary and 0.5% for its property insurance subsidiary [1][2] Group 2 - Company LuKang Pharmaceutical has received a drug registration certificate for injectable Cefoperazone Sodium, a third-generation cephalosporin with broad-spectrum antibacterial properties [3] - Company 吉祥航空 reported a 4.97% year-on-year increase in passenger turnover in May, with a seat occupancy rate of 86.14%, up 3.70% year-on-year [4][5] - Company DuRui Pharmaceutical's subsidiary has also received a drug registration certificate for injectable Cefoperazone Sodium [6] Group 3 - Company KeLan Software announced that part of the shares held by its controlling shareholder will be auctioned, involving 5.09 million shares, accounting for 1.07% of the total share capital [7] - Company HuaCan Optoelectronics received a government subsidy of 87.84 million yuan, which is expected to positively impact the company's pre-tax profit for 2025 [8] - Company JinZhi Technology has won a bid for projects from the State Grid and China Resources New Energy, with a total bid amount of 84.41 million yuan [9] Group 4 - Company Vision China completed a capital increase for its subsidiary, raising 100 million yuan to accelerate its layout in the AI field [11] - Company Youa Co. received a profit distribution of 96.03 million yuan from its investment in Changsha Bank [13] - Company WanBangde's subsidiary obtained a patent for a deuterated compound, enhancing the chemical stability and reducing toxicity [16] Group 5 - Company DongCheng Pharmaceutical completed the enrollment of all 488 participants in the Phase III clinical trial for Fluorine-18 PSMA peptide injection, aimed at prostate cancer diagnosis [17] - Company China Merchants Expressway announced that its first phase of medium-term notes for 2024 will pay interest on July 2, 2025, with a total issuance of 2.5 billion yuan and an interest rate of 2.35% [18] - Company JinPu Titanium's subsidiary has temporarily suspended production for maintenance due to falling product prices and high production costs [20] Group 6 - Company BeiLu Pharmaceutical received a marketing authorization for Iodinated Contrast Injection in Hungary, marking another approval in the EU [22] - Company LiXing Co. obtained an overseas investment certificate for its wholly-owned subsidiary in Singapore, with a total investment of 2.16 million yuan [24] - Company LangKun Technology won a garbage collection service project with a bid amount of 21.57 million yuan [26] Group 7 - Company KeRui International plans to transfer 55% of its subsidiary Tianjin ZhiRui's equity for 41.96 million yuan [28] - Company Nanjing JuLong intends to invest 130 million yuan to build a production project for special materials with an annual output of 40,000 tons [30] - Company NanShan Intelligent plans to use up to 50 million yuan of idle funds for cash management in safe and liquid financial products [32] Group 8 - Company GuangLian Aviation completed the business change registration for its subsidiary, involving the introduction of strategic investors [34] - Company XiaoFang Pharmaceutical signed a cooperation agreement to develop a new drug for hair loss treatment [36] - Company GuiZhou SanLi plans to sign a 150 million yuan technology transfer and development contract with Guangdong Pharmaceutical University [38] Group 9 - Company ST SiLong's subsidiary received a drug registration certificate for Famotidine injection, used for treating upper gastrointestinal bleeding [52] - Company ZhongKe Information's executive plans to reduce holdings of up to 180,000 shares, accounting for 0.06% of total share capital [53] - Company KeLun Pharmaceutical's injectable Cefoperazone Sodium/Chloride Sodium injection received drug registration approval [54] Group 10 - Company LuXin Investment plans to transfer 10.06% of its stake in LuXin HuiJin for 203 million yuan, aiming to focus on its main business [56] - Company Western Gold plans to acquire 100% of Xinjiang MeiSheng for 1.655 billion yuan [58] - Company JinTou City Development intends to swap assets worth 5.862 billion yuan, changing its main business to urban centralized heating [60]

Core Viewpoint - Penghua Fund's Penghua Carbon Neutral Theme Mixed A Fund has entered the top ten shareholders of Green Harmony and is a new addition in the first quarter of this year, achieving a year-to-date return of 50.31%, ranking 50th among 4,431 peers [1]. Fund Performance - The fund has experienced a year-to-date increase of 50.31%, with a recent weekly decline of 2.58% and a monthly decline of 11.53% [2]. - Compared to the average of its peers, which saw a year-to-date return of 6.3%, the fund significantly outperformed [2]. - The fund's ranking among peers is 50 out of 4,431, indicating strong performance relative to the market [2]. Fund Manager Profile - Yan Siqian, the fund manager, has a background as an analyst at Huachuang Securities and a business manager at Bank of China International Securities [3][4]. - She joined Penghua Fund Management in January 2022 and has held various managerial positions, including managing multiple funds focused on ecological and new energy sectors [3][4]. - Yan has a cumulative tenure of over 7 years in fund management, demonstrating significant experience in the industry [4]. Company Overview - Penghua Fund Management Company was established in December 1998, with major shareholders including Guoxin Securities (50%) and Eurizon Capital SGR S.P.A (49%) [4]. - The company is led by Chairman Zhang Nashan and General Manager Deng Zhaoming, indicating a stable leadership structure [4].

Core Viewpoint - Suzhou Green Harmonic Drive Technology Co., Ltd. announced a cash dividend distribution of 0.1 CNY per share, totaling 18,321,273.5 CNY, approved at the 2024 annual shareholders' meeting on May 20, 2025 [1]. Dividend Distribution Plan - The cash dividend of 0.1 CNY per share will be distributed based on a total share capital of 183,212,735 shares [1]. - The dividend distribution will be executed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1]. Relevant Dates - The key dates for the dividend distribution include the record date, ex-dividend date, and payment date, which are specified but not detailed in the document [1]. Taxation Details - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net payout of 0.1 CNY per share [1]. - For shares held for less than one year, the tax rates vary based on the holding period, with a maximum effective tax rate of 20% for shares held for one month or less [1]. - Qualified Foreign Institutional Investors (QFII) will also have a 10% withholding tax applied, leading to a net dividend of 0.09 CNY per share [1]. Contact Information - For inquiries regarding the equity distribution, shareholders can contact the company's securities department [1].