11月25日，步科股份涨5.09%，截至发稿，报88.72元/股，成交1.18亿元，换手率1.62%，总市值80.59亿 元。 华商润丰混合A（003598）基金经理为胡中原。 截至发稿，胡中原累计任职时间6年254天，现任基金资产总规模401.06亿元，任职期间最佳基金回报 337.64%， 任职期间最差基金回报-0.45%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，华商基金旗下1只基金位居步科股份十大流通股东。华商润丰混合A（003598）三季度增持 18.64万股，持有股数57.21万股，占流通股的比例为0.68%。根据测算，今日浮盈赚取约245.98万元。 责任编辑：小浪快报 华商润丰混合A（003598）成立日期2017年1月25日，最新规模66.06亿。今年以来收益72.33%，同类排 名122/8136；近一年收益79.62%，同类排名103/8058；成立以来收益337.2%。 资料显示，上海步科自动化股份有限公司位于中国(上海)自由贸易 ...

Key Points - The mechanical sector has seen a significant increase of 30.12% as of November 20, 2025, outperforming the CSI 300 index by 14.11 percentage points, ranking 6th among 30 sectors [5][14]. - The lithium battery equipment, basic components, and semiconductor equipment sub-sectors have shown strong growth, with increases of 103.2%, 58.93%, and 48.05% respectively [5][14]. - The report maintains a "stronger than market" investment rating for the mechanical industry, highlighting a new investment cycle and growth opportunities [5][6]. Mechanical Sector Performance - As of November 20, 2025, the mechanical sector's price-to-earnings ratio stands at 36.1, placing it in the 70.5 percentile of its 10-year historical range, indicating a higher valuation compared to historical averages [19][20]. - Among 632 listed companies in the mechanical sector, 549 have seen stock price increases in 2025, with a median increase of 30.23% [21][24]. New Recovery Cycle: Traditional Machinery Upgrading - The engineering machinery sector is entering a new equipment renewal cycle starting in 2025, driven by the aging of existing equipment and export expansion [25][28]. - Major products in the engineering machinery sector, such as excavators and loaders, have shown positive sales growth, with excavator sales reaching 192,135 units in the first ten months of 2025, a 17% year-on-year increase [28][29]. - The internationalization of engineering machinery is accelerating, with exports becoming a significant growth driver, as evidenced by excavator exports accounting for 53.21% of total sales in October 2025 [40][43]. New Technology Growth: Emerging Industries - The humanoid robot sector is experiencing a recovery, with mass production expected to drive significant market expansion [7][20]. - The AIDC (Automatic Identification and Data Capture) equipment sector is poised for rapid growth, benefiting from the fast development of the artificial intelligence industry [9][27]. - The lithium battery equipment sector is witnessing a rebound, with leading companies like Xian Dao Intelligent expected to benefit from the growing demand for solid-state battery equipment [9][35]. Investment Ratings and Key Targets - The report recommends key companies in the engineering machinery sector, including SANY Heavy Industry and XCMG, as primary investment targets due to their strong performance and growth potential [5][54]. - The focus on core components such as pumps, valves, and hydraulic cylinders is also emphasized as part of the investment strategy [54].

Core Viewpoint - The robotics ETF (159770) is experiencing significant growth, with a notable increase in net subscriptions and a strong performance in the underlying robotics sector, indicating a favorable investment environment in the robotics industry driven by domestic substitution and technological advancements [1][2]. Group 1: ETF Performance - As of November 21, 2025, the robotics ETF (159770) had a turnover of 3.27% and a transaction volume of 313 million yuan, ranking first among similar products in the Shenzhen market [1]. - The ETF has seen a substantial increase in scale, growing by 944.5 million yuan over the past month, reaching a new high of 9.877 billion shares [2]. - The ETF has recorded continuous net inflows over the past 26 days, totaling 1.813 billion yuan, with a peak single-day inflow of 285 million yuan [2]. Group 2: Industry Trends - The A-share robotics sector is showing resilience, with several stocks experiencing significant rebounds despite a general market downturn, including notable gains from companies like Weichuang Electric and Siling Co., which rose over 5% [2]. - The industrial robotics industry in China is maintaining a high growth rate, with production reaching 57,900 units in October 2025, a year-on-year increase of 17.9%, and a cumulative production of approximately 602,700 units in the first ten months, reflecting a 28.8% increase [5]. - The industry is expected to continue its upward trajectory, driven by the implementation of key projects and deepening equipment renewal policies, which are likely to enhance overall market conditions [5]. Group 3: Technological Developments - The Hubei provincial government is promoting the integration of the Beidou system with robotics and other industries, emphasizing the development of new application scenarios such as "Beidou + humanoid robots" and "Beidou + artificial intelligence" [3]. - Amazon's Zoox has launched a user waitlist for its autonomous taxi service in San Francisco, marking a significant step in the commercialization of self-driving technology and increasing competition in the autonomous vehicle market [4][5].

Market Overview - The automation equipment sector experienced a decline of 1.54% on November 14, with Bojie Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Top Performers - The top gainers in the automation equipment sector included: - **ZhiHua Co. (688589)**: Closed at 51.34, up 11.61% with a trading volume of 246,200 shares and a transaction value of 1.215 billion [1] - **Hongying Intelligent (001266)**: Closed at 36.27, up 10.01% with a trading volume of 126,800 shares and a transaction value of 454 million [1] - **Delong Laser (688170)**: Closed at 38.33, up 9.48% with a trading volume of 121,400 shares and a transaction value of 453 million [1] Underperformers - The notable decliners in the sector included: - **Bojie Co., Ltd. (002975)**: Closed at 73.70, down 5.73% with a trading volume of 70,400 shares and a transaction value of 523 million [2] - **Robot Technology (300757)**: Closed at 203.04, down 5.60% with a trading volume of 46,600 shares and a transaction value of 962 million [2] - **Buku Co. (688160)**: Closed at 87.70, down 4.24% with a trading volume of 10,500 shares and a transaction value of 93.3 million [2] Capital Flow - The automation equipment sector saw a net outflow of 1.074 billion from institutional investors, while retail investors contributed a net inflow of 859 million [2][3] - The sector's capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2][3] Individual Stock Capital Flow - Key individual stock capital flows included: - **Delong Laser (688170)**: Institutional net inflow of 37.56 million, retail net outflow of 32.20 million [3] - **Ruisheng Technology (688090)**: Institutional net inflow of 32.10 million, retail net outflow of 6.82 million [3] - **Hongying Intelligent (001266)**: Institutional net inflow of 25.55 million, retail net outflow of 14.83 million [3]

Core Viewpoint - The stock of Shanghai Buke Automation Co., Ltd. has experienced fluctuations, with a year-to-date increase of 59.90% but a recent decline of 8.51% over the last five trading days, indicating volatility in investor sentiment and market conditions [1]. Financial Performance - For the period from January to September 2025, Buke achieved a revenue of 509 million yuan, representing a year-on-year growth of 28.35%. The net profit attributable to shareholders was 44.53 million yuan, reflecting a year-on-year increase of 37.54% [2]. - Cumulatively, the company has distributed 160 million yuan in dividends since its A-share listing, with 84 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased by 23.05% to 7,650, while the average circulating shares per person decreased by 18.73% to 10,980 shares [2]. - The stock's trading activity showed a net outflow of 19.02 million yuan from main funds, with significant selling pressure observed [1]. Business Overview - Buke specializes in the research, development, production, and sales of core components for industrial automation equipment and digital factory software and hardware, with a revenue composition of 69.15% from drive systems and 30.09% from control systems [1]. - The company operates within the mechanical equipment sector, specifically in automation equipment and industrial control devices, and is associated with concepts such as smart logistics, robotics, and medical devices [1].

Core Insights - The core viewpoint of the article is that the frameless torque motor, a type of brushless permanent magnet synchronous motor, is experiencing significant growth in demand, particularly in the robotics sector, driven by its advantages in performance and efficiency [1][7]. Group 1: Overview of Frameless Torque Motors - Frameless torque motors consist of only two main components: the stator and rotor, eliminating the traditional motor casing, which allows for a high torque-to-volume ratio [1][2]. - The technology barriers for frameless torque motors mainly lie in magnetic circuit and process design, requiring high power output in low-voltage environments [2][4]. Group 2: Market Size and Growth - The market size for frameless torque motors in China is projected to grow from 30 million yuan in 2016 to 209 million yuan in 2024, achieving a compound annual growth rate (CAGR) of 27.5% [1][7]. - The demand for frameless torque motors is significantly driven by the commercialization of the downstream robotics industry [1][10]. Group 3: Competitive Landscape - The frameless torque motor market is characterized by a concentration of leading companies, with domestic manufacturers facing high technical barriers and relying heavily on imports for high-end products [1][9]. - Key domestic companies include Boke Co., Dazhong Electric, Weichuang Electric, and others, while notable international products come from companies like Kollmorgen and Parker [2][9]. Group 4: Applications in Robotics - Collaborative robots are the primary application area for frameless torque motors, accounting for approximately 70% of demand, with these motors making up about 10% of the total cost of collaborative robots [1][10]. - In humanoid robots, frameless torque motors are crucial for joint actuation, with their high torque density and rapid response enhancing robotic performance [1][12]. Group 5: Future Trends - The future development of frameless torque motors will focus on high performance and adaptability to various application scenarios, driven by ongoing technological advancements and increased R&D investment from domestic companies [1][16]. - The humanoid robot market is expected to see explosive growth, with global shipments projected to exceed 4,000 units in 2024, further increasing the demand for frameless torque motors [1][15].

Core Points - On November 7, Buke Co., Ltd. experienced a decline of 5.05%, with a stock price of 94.69 yuan per share, a trading volume of 120 million yuan, a turnover rate of 1.48%, and a total market capitalization of 8.601 billion yuan [1] - Buke Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on December 9, 2008, with its listing date on November 12, 2020. The company specializes in the research, production, sales, and related technical services of core components for industrial automation equipment and digital factory software and hardware [1] - The main business revenue composition includes: drive systems at 69.15%, control systems at 30.09%, and others at 0.77% [1] Shareholder Analysis - Among the top ten circulating shareholders of Buke Co., Ltd., Huashang Fund has increased its holdings in Huashang Runfeng Mixed A (003598) by 186,400 shares in the third quarter, bringing the total to 572,100 shares, which accounts for 0.68% of the circulating shares. The estimated floating loss today is approximately 2.8832 million yuan [2] - Huashang Runfeng Mixed A (003598) was established on January 25, 2017, with a latest scale of 6.606 billion yuan. Year-to-date returns are 82.97%, ranking 192 out of 8148 in its category; the one-year return is 82.83%, ranking 157 out of 8053; and since inception, the return is 364.2% [2] - The fund manager of Huashang Runfeng Mixed A is Hu Zhongyuan, who has a cumulative tenure of 6 years and 236 days, with a total fund asset scale of 40.106 billion yuan. The best fund return during his tenure is 364.66%, while the worst is -0.45% [2]

Core Viewpoint - On November 7, Buke Co., Ltd. experienced a decline of 5.05%, with a stock price of 94.69 yuan per share, a trading volume of 120 million yuan, a turnover rate of 1.48%, and a total market capitalization of 8.601 billion yuan [1] Company Overview - Buke Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on December 9, 2008, with its listing date on November 12, 2020 [1] - The company specializes in the research, production, and sales of core components for industrial automation equipment and digital factory software and hardware, providing automation control and digital factory solutions [1] - The revenue composition of the company includes: drive systems 69.15%, control systems 30.09%, and others 0.77% [1] Shareholder Information - Among the top ten circulating shareholders of Buke Co., Ltd., a fund under Yongying Fund holds a significant position. The Yongying Advanced Manufacturing Select Mixed Fund A (018124) reduced its holdings by 131,600 shares in the third quarter, now holding 4.0105 million shares, which accounts for 4.77% of the circulating shares [2] - The fund was established on May 4, 2023, with a latest scale of 4.697 billion yuan. Year-to-date returns are 84.38%, ranking 178 out of 8148 in its category; the one-year return is 112.13%, ranking 26 out of 8053; and since inception, the return is 133.2% [2] - The fund manager, Zhang Lu, has a tenure of 6 years and 100 days, with a total fund asset scale of 22.921 billion yuan. The best fund return during the tenure is 133.2%, while the worst is -60.31% [2]

Core Points - The company announced a change in registered capital from 84,000,000.00 yuan to 90,832,206.00 yuan [1] - The total number of shares has been adjusted from 84,000,000 shares to 90,832,206 shares [1] - The company has completed the necessary business registration changes and obtained a new business license from the Shanghai Municipal Market Supervision Administration [1]

证券代码：688160 证券简称：步科股份 公告编号：2025-068 上海步科自动化股份有限公司 关于完成工商变更登记并换发营业执照的公告 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、准确性和完整性依法承担法律责任。 上海步科自动化股份有限公司（以下简称"公司"）于 2025 年 9 月 24 日召 开第五届董事会第十三次会议、于 2025 年 10 月 14 日召开 2025 年第二次临时股 东大会，审议通过了《关于变更注册资本、取消监事会、修订<公司章程>并办 理工商变更登记的议案》，同意公司注册资本由 84,000,000.00 元变更为 90,832,206.00 元，公司股份总数由 84,000,000 股变更为 90,832,206 股。具体内容 详见公司于 2025 年 9 月 25 日在上海证券交易所网站（www.sse.com.cn）披露的 《关于变更注册资本、取消监事会、修订<公司章程>并办理工商变更登记暨制 定、修订及废止部分治理制度的公告》（公告编号：2025-061）。 近日，公司已完成工商变更登记手续和《公司章程》备案手续 ...