证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 强推 PCB 设备高景气投资机会；推荐业绩兑 现低估值高增速的工程机械 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【PCB 设备】头部 PCB 厂纷纷规划高阶 HDI 扩产，扩产竞赛下看好设备商充分受益 AI 算力服务器需求激增推动 PCB 市场扩容，2024 年 PCB 下游中服务器/存储方向产值 为 109.16 亿元，同比+33%，占比约为 15%。AI 算力服务器对 PCB 需求向更高阶数的 HDI 板方向发展，2024 年全球 HDI 板产值增速达 18.8%，均远超 PCB 行业的整体增 速 5.8%。国内以胜宏科技、沪电股份、深南电路等代表的 PCB 板厂纷纷宣布高阶 HDI 产能扩产计划。以头部厂商为例：1） ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20250829 9 月度金股：重视高低切 2025 年 08 月 29 日 ◼ 我们的金股组合如下 | 代 码 | 简 称 | 行 业 | 总市值 | 26EPS | 27EPS | 26PE | 27PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （亿元） | （元） | （元） | | | | 300418.SZ | 昆仑万维 | 传媒互联网 | 518 | -0.34 | 0.08 | - | 516 | | 002979.SZ | 雷赛智能 | 电新 | 146 | 1.17 | 1.53 | 40 | 30 | | 688099.SH | 晶晨股份 | 电子 | 418 | 3.35 | 4.35 | 30 | 23 | | 600585.SH | 海螺水泥 | 建筑建材 | 1,267 | 2.11 | 2.38 | 12 | 10 | | 000568.SZ | 泸州老窖 | 食品饮料 | 1,968 | 8.75 | 9.59 | 15 | 14 | | 0023 ...

8月6日晚间，公司公布今年上半年实现营收69.01亿元，同比增长39.21%；归母净利润达12.41亿元，同 比增长14.04%。 市场人士分析表示，尽管利润增幅略低于收入，但在制造业整体盈利承压、能源装备板块分化加剧的大 背景下，杰瑞股份这一答卷已属难能可贵。 从市场反馈看，业绩超预期正逐渐成为二级市场短期走势的关键变量。杰瑞股份8月7日开盘即大幅高开 逾10%，随后强势封板，股价一度冲高至47.31元/股，较业绩披露当晚的收盘价40.27元上涨超17%。 实际上，杰瑞股份早在2021年便开始加码新能源，确立"油气+新能源"的双主业发展战略。在能源结构 深度调整的大势之下，如何在传统油气主业之外寻找新的利润支点，成为众多能源装备企业面临的共同 命题。 在近期的一次投资者调研中，杰瑞股份指出，公司已围绕"气体开发—净化处理—液化储运—终端利 用"全链条完成技术和产品布局，天然气业务已成为支撑公司营收的重要支点，并有望持续贡献业绩增 量。 在2025年半年报密集披露的节点，杰瑞股份（002353.SZ）凭借一份增速亮眼的中报业绩，成功吸引了 资本市场的注意。 业绩火与冰，天然气的繁荣与新能源的困境 在A股上市公 ...

资料显示，烟台杰瑞石油服务集团股份有限公司位于山东省烟台市莱山区杰瑞路5号，成立日期1999年 12月10日，上市日期2010年2月5日，公司主营业务涉及油气田设备及技术工程服务。主营业务收入构成 为：高端装备制造61.22%，油气工程及技术服务29.99%，新能源及再生循环4.76%，油气田开发 3.31%，其他(补充)0.73%。 8月26日，杰瑞股份盘中上涨2.00%，截至13:08，报48.86元/股，成交2.22亿元，换手率0.67%，总市值 500.26亿元。 资金流向方面，主力资金净流入164.94万元，特大单买入252.58万元，占比1.14%，卖出332.47万元，占 比1.50%；大单买入3061.66万元，占比13.78%，卖出2816.83万元，占比12.68%。 杰瑞股份今年以来股价涨34.60%，近5个交易日涨7.27%，近20日涨24.20%，近60日涨40.32%。 杰瑞股份所属申万行业为：机械设备-专用设备-能源及重型设备。所属概念板块包括：医废处理、油气 勘探、海工装备、机械、海洋经济等。 截至8月20日，杰瑞股份股东户数2.55万，较上期减少8.64%；人均流通股2722 ...

Core Insights - The recent disclosure of semi-annual reports by A-share listed companies reveals significant movements among institutional investors, particularly pension funds [1] Group 1: Institutional Investment Trends - In the second quarter, pension funds entered the top ten circulating shareholder lists of over 20 stocks [1] - The total market value of stocks newly held by pension funds, with a market value exceeding 100 million yuan, includes 11 companies: Hongfa Technology, Satellite Chemical, Shengyi Electronics, Yuyue Medical, Jereh Group, Angel Yeast, Taineng Technology, Huace Testing, Hisense Home Appliances, Gongda Electronics, and Cambridge Technology [1] - Additionally, pension funds also entered the top ten circulating shareholder lists of companies such as Weichai Heavy Machinery, Huafeng Aluminum, Luxi Chemical, Jingneng Electric Power, Nova Star Cloud, Fuda Co., Tianqin Equipment, Shanhaishan, Gaoxingxing, Jiuzhitang, Doli Technology, Zhongce Rubber, Weifeng Electronics, and Baolijia [1]

Investment Rating - The report maintains a rating of "Overweight" for the machinery equipment industry [1] Core Insights - The report highlights the sustained performance of the engineering machinery and oil service equipment sectors, driven by domestic and international demand cycles [2][3] - The PCB equipment sector is expected to benefit from high demand in downstream applications, particularly in AI computing servers, leading to significant growth opportunities [4][19] Summary by Sections Engineering Machinery - Domestic excavator sales reached 72,943 units from January to July 2025, a year-on-year increase of 22.3%, while loader sales were 40,171 units, up 20.4% [2] - The report anticipates a 2-3 year upward cycle in domestic demand, supported by replacement logic and improved funding [2] - Key companies in this sector include Sany Heavy Industry, XCMG, and LiuGong, with Sany reporting a revenue of 44.78 billion yuan in H1 2025, a 14.6% increase year-on-year [2] Oil Service Equipment - The oil service equipment sector is benefiting from high demand in the Middle East, with projected investments in energy projects reaching $50.28 billion from 2020 to 2024 [3] - Key players like Jereh and Neway are expected to see significant revenue growth, with Jereh's revenue growth projected at 49% in Q2 2025 [3] - The Middle East market for oil service equipment is estimated to be worth at least $10 billion, indicating substantial growth potential for Chinese companies [3] PCB Equipment - The PCB market is projected to grow significantly due to the surge in AI computing server demand, with the PCB downstream market expected to reach 10.916 billion yuan in 2024, a 33% increase year-on-year [4] - The report emphasizes the importance of high-end HDI boards, with a projected growth rate of 40.2% for boards with 18 layers or more in 2024 [4][20] - Major players in the PCB equipment sector include Dazhu CNC and Xinqiao Technology, with Dazhu reporting a net profit of 263 million yuan in H1 2025, an increase of 83.82% year-on-year [5][21] Investment Recommendations - The report recommends focusing on key players in the PCB production process, particularly in drilling, exposure, and electroplating segments, highlighting companies like Dazhu CNC and Eastway Technology [6][21] - For engineering machinery, companies such as Sany Heavy Industry and XCMG are highlighted as key beneficiaries of upcoming large-scale infrastructure projects [25][26]

Group 1 - The stock price of Jerry Holdings reached 46.56 yuan as of August 22, 2025, with an increase of 0.82% compared to the previous trading day [1] - The trading volume on that day was 78,915 lots, with a total transaction amount of 365 million yuan [1] - As of August 20, the number of shareholders was 25,463, a decrease of 2,409 shareholders, representing a decline of 8.64% compared to August 10 [1] Group 2 - Jerry Holdings specializes in oil and gas field equipment and technical engineering services, falling under the specialized equipment manufacturing industry [1] - The company's product range includes fracturing equipment, cementing equipment, and coiled tubing equipment for oil and gas fields [1] - For the first half of the year, the company reported operating revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit of 1.241 billion yuan, up 14.04% year-on-year [1] Group 3 - On August 22, the net outflow of main funds was 23.056 million yuan, with a cumulative net outflow of 65.7347 million yuan over the past five days [1]

杰瑞股份8月22日披露，截至8月20日公司股东户数为25463户，较上期（8月10日）减少2409户，环比降 幅为8.64%。 证券时报·数据宝统计，截至发稿，杰瑞股份收盘价为46.56元，上涨0.82%，本期筹码集中以来股价累 计上涨2.62%。具体到各交易日，6次上涨，4次下跌。 公司发布的半年报数据显示，上半年公司共实现营业收入69.01亿元，同比增长39.21%，实现净利润 12.41亿元，同比增长14.04%，基本每股收益为1.2200元，加权平均净资产收益率5.71%。 机构评级来看，近一个月该股获14家机构买入评级。预计目标价最高的是国信证券，8月11日国信证券 发布的研报给予公司目标价61.79元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） ...

证券代码：002353 证券简称：杰瑞股份 公告编号：2025-064 烟台杰瑞石油服务集团股份有限公司 王继丽女士保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）股份 2,894,517 股（占 公司总股本比例 0.28%）的公司副董事长王继丽女士计划自本公告披露之日起 15 个交易日 后的 3 个月内（即 2025 年 9 月 12 日至 2025 年 12 月 11 日期间）以集中竞价方式减持不超 过 723,000 股（占公司总股本比例 0.07%）。 （二）截至目前，王继丽女士持有公司股份 2,894,517 股，占公司总股本比例 0.28%。 二、 本次减持计划的主要内容 （一）本次拟减持的原因、股份来源、数量、方式、占公司总股本的比例、减持期间、 价格区间 式取得的股份、个人增持取得的股份； 公司于近日收到公司副董事长王继丽女士的《关于股份减持计划的告知函》，现将有关 情况公告如下： 一、 股东的基本情况 （一）股东名称：王继 ...

Core Insights - The Kuwait Environmental Remediation Program's oil lake crude oil recovery project, involving China's Jereh Group, has successfully completed the operation test of its first set of equipment, marking the official implementation phase of the project [1] - The project aims to address the oil pollution and war-related issues caused by the Gulf War, with Jereh Group providing the overall solution and core equipment, amounting to approximately 100 million RMB [1] - Jereh Group's involvement demonstrates the strength of Chinese manufacturing and service capabilities in the oil and gas industry and environmental protection [1] Company and Industry Summary - Jereh Group's Middle East President highlighted the company's active participation in Kuwait's oil and gas industry and environmental initiatives, showcasing the comprehensive strength of Chinese manufacturing and services [1] - The Chinese Embassy in Kuwait emphasized that Jereh Group's successful implementation contributes to environmental remediation in Kuwait and reflects the international competitiveness of Chinese environmental equipment and engineering technology [1] - The Gulf War in the 1990s resulted in severe environmental damage in Kuwait, with hundreds of oil wells ignited, leading to significant oil spills and pollution issues [1]