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]

机械设备行业 标配 （维持） 机械设备行业双周报（2025/06/20-2025/07/03） 人形机器人工业用途将率先落地 2025 年 7 月 4 日 投资要点： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 相关报告 机械设备（申万）指数走势 机械设备本周估值：截至2025年7月3日，申万机械设备板块PE TTM为26.77 倍。通用设备、专用设备、轨交设备Ⅱ、工程机械、自动化设备PE TTM分别 为34.10倍、26.06倍、16.82倍、19.56倍、45.21倍。 ◼ 机械设备行业周观点： 机器人：地方政府持续颁布机器人相关政策助力行业发展，有望加快人形机 器人规模量产落地，商业化进程将加速。目前来看。人形机器人工业化用途 将率先落地，未来商用、救援、家用等方向用途将逐渐实现。建议重点关注 技术升级、大/小脑、灵巧手等投资主题。建议关注：汇川技术（300124）、 绿的谐波（688017）。 工程机械：2025年初透支需求导致5月挖机内销同比增速转负；累计销量维持 较快增长，叠加基建固定 ...

行业研究 证 券 研 究 报 告 "人形机器人的 Optimus 时刻"系列（十一） 推荐（维持） 精密减速器：群雄逐鹿，新的篇章 三大行业共振，减速器迎来全新机遇。 1、工业机器人：减速器最大的下游应用场景。据睿工业，2024年我国市场用 于工业机器人的精密减速器出货量约为109.7万台。从长期来看，工业机器人 向智能化与柔性化方向升级，以及国产技术在高端应用场景（如汽车制造等） 中的不断突破，将持续推动精密减速器市场实现稳步增长。 2、工业母机：减速器最核心的下游应用场景。当前我国高端机床的核心零部 件主要依赖日本及德国品牌，国产零部件使用率较低。从长远看，实现中高端 机床零部件的国产化率提升是实现自主可控关键。我们拆解各类型机床对应减 速器配置数量，测算 2024 年我国机床领域减速器总需求量为 59.8 万台。 3、人形机器人：减速器最潜力的下游应用场景。目前人形机器人领域主流的 减速器配置方案为"谐波减速器+行星减速器"的组合。特斯拉方案单Optimus 需要 16个谐波减速器，对应价值量在 2万元左右；国产全旋转模组方案，单 台机器人减速器价值量约为 3 万元左右。 三大类别看目前国产减速器厂商布 ...

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 ...

Group 1 - The stock of Green Harmony (688017) has a comprehensive score of 50.59, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 124.11 yuan, with a 5-day average of 122.30 yuan and a 20-day average of 121.55 yuan [1] - Over the past year, the stock has experienced one limit-up and no limit-down events [1] Group 2 - The short-term resistance level is at 126.93 yuan, while the short-term support level is at 116.32 yuan [2] - The mid-term resistance level is at 130.19 yuan, and the mid-term support level is at 115.45 yuan [2] - As of June 26, 2025, the net outflow of main funds was 39.43 million yuan, accounting for 9% of the total transaction volume [2]

截至2025年6月13日收盘，绿的谐波（688017）报收于118.62元，较上周的126.09元下跌5.92%。本周，绿的谐波6月9日盘中最高价报126.2元。6月 13日盘中最低价报117.88元。绿的谐波当前最新总市值217.33亿元，在自动化设备板块市值排名7/79，在两市A股市值排名709/5150。 本周关注点 公司公告汇总 董事减持股份结果公告显示，李谦先生在2025年3月11日至2025年6月10日期间，累计减持公司股份数量为256,723股，占公司总股本比例为 0.14%，减持价格区间为156.65～176.81元/股，减持总金额为43,809,516.74元。当前持股数量为1,550,044股，持股比例为0.85%。本次实际减持情 况与此前披露的减持计划、承诺一致，减持时间区间届满已实施，实际减持已达到计划最低减持数量，未提前终止减持计划。 2024年年度权益分派实施公告 苏州绿的谐波传动科技股份有限公司2024年年度权益分派方案为：以方案实施前的公司总股本183,212,735股为基数，每股派发现金红利0.1元（含 税），共计派发现金红利18,321,273.5元。股权登记日为2025年 ...

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].