Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]

Core Viewpoint - The announcement details the share reduction plans of the company's directors and senior executives due to personal financial needs, specifying the number of shares to be sold and the respective ownership percentages [1][2][5]. Summary by Relevant Sections Shareholding Information - As of the announcement date, the shareholding details of the company's directors and executives are as follows: - Director and Vice President Li Yi holds 641,892 shares, accounting for 0.1881% of the total share capital [1][2]. - Director and Vice President Lu Guojie holds 251,953 shares, accounting for 0.0738% of the total share capital [1][2]. - Vice President Qin Lei holds 406,947 shares, accounting for 0.1192% of the total share capital [1][2]. Reduction Plan Details - The reduction plan includes: - Li Yi plans to reduce his holdings by up to 160,400 shares, representing no more than 0.0470% of the total share capital [1][3]. - Lu Guojie plans to reduce his holdings by up to 62,900 shares, representing no more than 0.0184% of the total share capital [1][3]. - Qin Lei plans to reduce his holdings by up to 101,700 shares, representing no more than 0.0298% of the total share capital [1][3]. - The reduction will occur through centralized bidding within six months after the announcement, starting 15 trading days post-announcement [1][3]. Shareholding Sources - The shares held by the directors and executives are sourced from: - Equity incentives and shares acquired through centralized bidding prior to the IPO [2][3]. - Li Yi's holdings include 200,000 shares from equity incentives and 3,198 shares from centralized bidding [1][2]. - Lu Guojie's holdings include 200,000 shares from equity incentives and 3,198 shares from centralized bidding [1][2]. - Qin Lei's holdings include 200,000 shares from equity incentives [1][2]. Compliance and Commitments - The reduction plan complies with relevant regulations and does not affect the company's governance structure or ongoing operations significantly [4][5]. - The directors and executives have committed to not transferring shares held prior to the IPO for a specified period, ensuring adherence to lock-up agreements [4].

证券代码：688518 证券简称：联赢激光 公告编号：2025-020 深圳市联赢激光股份有限公司 董事、高管减持股份计划公告 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、准确性和完整性依法承担法律 责任。 重要内容提示： 董事、高管持股的基本情况 截至本公告披露日，深圳市联赢激光股份有限公司（以下简称"公司"）董 事、副总经理李毅持有公司股份 641,892 股，占公司总股本的比例为 0.1881%； 董事、副总经理卢国杰持有公司股份 251,953 股，占公司总股本的比例为 0.0738%； 副总经理秦磊持有公司股份 406,947 股，占公司总股本的比例为 0.1192%。 上述股份，其中董事、副总经理李毅持有的 200,000 股为股权激励取得， 79,500 股为集中竞价交易取得；董事、副总经理卢国杰持有的 200,000 股为股 权激励取得，3,198 股为集中竞价交易取得；副总经理秦磊持有的 200,000 股为 股权激励取得；其余均来源于公司首次公开发行前持有的股份，且已于 2021 年 6 月 22 日解除限售并上市流通。 ...

Core Points - The company announced that its board member and vice president, Li Yi, plans to reduce his holdings by no more than 160,400 shares, accounting for 0.0470% of the total share capital [1] - Another board member and vice president, Lu Guojie, intends to reduce his holdings by no more than 62,900 shares, representing 0.0184% of the total share capital [1] - Vice president Qin Lei plans to reduce his holdings by no more than 101,700 shares, which is 0.0298% of the total share capital [1] - The method of reduction will be through centralized bidding transactions, with the reduction period set from July 31, 2025, to October 30, 2025 [1] - The reason for the reduction is personal funding needs [1]

钢壳电池产业趋势确定，重点标的 -【珠海冠宇】【联赢激 光】【豪鹏科技】20250703 摘要 欧盟环保法案推动钢壳电池应用，要求 2027 年所有产品满足生命周期 可回收标准，促使苹果、三星等厂商加速采用钢壳电池技术。 钢壳电池相比铝塑膜软包具备散热好、强度高、结构灵活等优势，可提 升手机续航、安全性及设计创新，预计将广泛应用于手机、iPad、电脑、 耳机、手表等消费电子产品。 联赢激光作为苹果独家供应商，在钢壳电池激光焊接领域占据领先地位， 受益于苹果及安卓系厂商的需求增长，预计 2025 年消费电子新签订单 达 12-15 亿元，明年或超 18 亿元。 珠海冠宇在苹果钢壳电池市场份额快速提升，预计 2025 年占比超 20%，明年接近 40%，来自苹果的收入预计 2025 年约 35 亿元，明年 可达 50 亿元，利润弹性显著。 豪鹏科技在 AI 眼镜等可穿戴设备领域占据重要位置，受益于 Meta 等海 外品牌新品发布及国内 AI 眼镜品牌采用钢壳电池，净利率修复良好，营 收回归正常增长水平。 Q&A 钢壳电池在苹果和三星等电子产品中的应用现状及未来趋势是什么？ 钢壳电池目前在苹果和三星等电子产品中逐渐 ...

2025 年 06 月 30 日 联赢激光 (688518) ——光伏新产品发布，看好多业务布局带来的成长潜力 | 报告原因：强调原有的投资评级 | | --- | | 买入（维持） | 上 市 公 司 机械设备 | 市场数据： | 2025 年 06 月 27 日 | | --- | --- | | 收盘价（元） | 19.83 | | 一年内最高/最低（元） | 22.79/11.20 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 0.76 | | 流通 A 股市值（百万元） | 6,768 | | 上证指数/深证成指 | 3,424.23/10,378.55 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.36 | | 资产负债率% | 56.11 | | 总股本/流通 A 股（百万） | 341/341 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-27 07-27 08-27 09-27 10-27 11-27 12- ...

Group 1 - The core point of the news is that the main funds in the Shanghai and Shenzhen markets experienced a net inflow of 7.138 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 323 million yuan [1] - A total of 233 stocks saw net inflows, while 355 stocks experienced net outflows [1] - On the Sci-Tech Innovation Board, 452 stocks rose, with one stock, Tai Lingwei, hitting the daily limit, while 126 stocks declined [1] Group 2 - The top three stocks with the highest net inflow of main funds are: Han's Laser with 362 million yuan, SMIC with 349 million yuan, and Tai Lingwei with 107 million yuan [2] - The stock with the highest net outflow was Guangda Special Materials, which saw a net outflow of 158 million yuan despite a price increase of 2.91% [1][2] - There are 62 stocks that have seen continuous net inflows for more than three trading days, with Sanyou Medical leading at 10 consecutive days [2] Group 3 - The main funds' inflow ranking shows that Han's Laser had an inflow rate of 6.40% and a price increase of 0.64% [2] - Other notable stocks include Kingsoft Office with an inflow of 101 million yuan and a price increase of 3.87%, and Wealth Trend with an inflow of 100 million yuan and a price increase of 17.84% [2] - A total of 114 stocks experienced continuous net outflows, with Bohui Technology leading at 24 consecutive days of outflow [2]

Core Viewpoint - Lianying Laser is supplying equipment for CATL's solid-state battery production line, indicating a significant partnership in the emerging solid-state battery market [1] Group 1 - Lianying Laser confirmed that CATL is an important customer, and the company provides equipment for various production lines, including solid-state batteries [1] - The global first 5GWh sulfide all-solid-state battery pilot line by CATL is set to officially start production in May 2025 [1] - The company's response does not confirm the specific details mentioned regarding the customer [1]

证券研究报告·公司研究简报·自动化设备 联赢激光（688518） 3C 业务持续增长&动力锂电逐步修复，激光 焊接设备龙头多点开花 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,512 | 3,150 | 3,417 | 4,441 | 5,374 | | 同比（%） | 24.44 | (10.33) | 8.50 | 29.96 | 21.01 | | 归母净利润（百万元） | 286.29 | 165.53 | 290.48 | 448.20 | 614.15 | | 同比（%） | 7.24 | (42.18) | 75.48 | 54.30 | 37.03 | | EPS-最新摊薄（元/股） | 0.85 | 0.49 | 0.85 | 1.31 | 1.80 | | P/E（现价&最新摊薄） | 20.62 | 35.78 | 20.60 | 13.35 | 9.74 | [Table_Tag] ...