在全球手工具市场稳步增长的浪潮中，跨境电商正成为中国外贸转型的重要引擎。据Statista统计，2023 年全球DIY和五金店市场的总收入达2857亿美元，其中核心工具品类市场规模约为850亿美元，预计未 来几年将以2.48%的年复合增长率发展。过去，全球五金工具市场中，国际品牌占据着重要的市场份 额，如今本土企业正以技术品牌全球化布局的方式，迅速突围。 在这样的行业背景下，有一位见证并参与中国外贸转型的"老兵"——巨星科技高级副总裁李锋。自1997 年加入这家"卖锤子起家"的企业，他亲历了从OEM代工到自有品牌全球化的全过程。 如今，成立于1993年的巨星科技已成长为亚洲最大、全球前三的手工具企业，总部位于杭州，主营业务 涵盖手动工具、电动工具、激光测量工具等多个品类，拥有ARROW、SK等多个世界级工具品牌，产品 销往180多个国家和地区。2024年公司实现营业收入147.95亿元，同比增长35.37%；归母净利润23.04亿 元，同比增长36.18%，双双创历史新高。 传统五金行业缘何撬动百亿营收？高利润高增长背后，如何持续圈粉海外用户？南都·湾财社《湾财出 海观》《三猫跨境说》对话巨星科技高级副总裁李 ...

证券研究报告 | 公司点评报告 2025 年 12 月 16 日 巨星科技（002444.SZ） 美国地产叠加消费拐点，多周期共振增长可期 中游制造/机械 ❑ 风险提示：美联储降息不及预期、海外产能建设进度不及预期、市场需求增 长不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 10930 | 14795 | 15200 | 19181 | 22801 | | 同比增长 | -13% | 35% | 3% | 26% | 19% | | 营业利润(百万元) | 1997 | 2776 | 2991 | 3952 | 5006 | | 同比增长 | 18% | 39% | 8% | 32% | 27% | | 归母净利润(百万元) | 1692 | 2304 | 2475 | 3244 | 4086 | | 同比增长 | 19% | 36% | 7% | 31% | 26% | | 每股收益(元) | 1.42 | 1.93 | 2.0 ...

摘要 美联储虽上调 2026 年 GDP 预测至 2.3%，但点阵图显示降息预期存在 分歧，多数委员预计至少两次降息，为未来货币政策走向带来不确定性， 影响股票市场对利率敏感型行业的估值。 美国 30 年期房贷利率自 2025 年 10 月起低于租金回报率，预示降息后 房贷利率可能低于 6%，有望刺激房地产市场复苏，相关房地产股票或 将受益。 巨星科技过去八年收入和净利润复合增速远超工具行业平均水平，显示 出强大的增长动能，在宏观不确定性消退后，渠道、品类、品牌和并购 将是其长期增长的关键驱动力。 巨星科技通过跨境电商、欧美本土直销等渠道拓展，以及每年新增至少 1,000 个 SKU 的品类扩张，不断提升市场覆盖率和产品竞争力，为公司 业绩增长提供有力支撑。 巨星科技通过 GoPro、SK 和 Switch 等品牌提升终端定价权，有效应对 成本上涨和通胀压力，保障盈利能力，品牌价值成为公司核心竞争力之 一。 Q&A 巨星科技 20251211 美联储最新的利率决策对市场有何影响？ 在美东时间 12 月 10 日，美联储在货币委员会的议息会议上宣布将联邦基金利 率目标区间从 3.75%~4%下调至 3.5%。纽 ...

Group 1 - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, and XCMG Machinery among others [2][3] - The report maintains a positive outlook on the machinery sector, noting a 14% increase in excavator sales in November, which slightly exceeded expectations [4] Group 2 - The best-performing indices in the last week (December 1-5, 2025) included Nonferrous Metals (+5.35%), Communications (+3.69%), and Defense Industry (+2.82%) [5][20] - The top three indices in the large manufacturing sector were the Yangtze River Engineering Machinery Index (+5.47%), the ChiNext Index (+1.86%), and the Automotive Parts Index (+1.83%) [5][21] Group 3 - The report draws parallels between the current potential of humanoid robots and the past boom of electric vehicles, suggesting a similar macroeconomic backdrop and industry stage could lead to significant investment opportunities [8][9] - The expected market size for humanoid robots is projected to reach $700 billion by 2030, compared to an estimated $570 billion for electric vehicles in 2024 [8] - Investment opportunities are identified in core components and domestic manufacturers, with a focus on companies that meet three necessary conditions: management determination, past performance validation, and future application scenarios [9] Group 4 - The report discusses the rise of Hengli Heavy Industry as a new player in the shipbuilding sector, benefiting from an upturn in shipbuilding demand and improved profitability [10] - The global shipbuilding industry is expected to see a 34.9% increase in new orders in 2024, with specific segments like container ships and oil tankers showing significant growth [10] - Hengli Heavy Industry's competitive advantages include ample production capacity and an integrated supply chain, which are expected to support future performance [10][11] Group 5 - The report highlights the strategic moves of Meilixin, including a planned share buyback and a fundraising initiative aimed at expanding its liquid cooling and semiconductor projects [11][13] - The company is positioned to benefit from its partnerships in the server liquid cooling market, leveraging its manufacturing capabilities and established client relationships [11][13] - Future performance is anticipated to exceed market expectations due to the company's strategic focus on high-demand sectors such as telecommunications and electric vehicles [11][13]

浙商证券研报指出，巨星科技董事长仇建平近期连续4个交易日通过竞价交易形式增持合计40万股（累 计金额1321.8万元，占公司总股本为0.0336%，均价33.05元/股），彰显对公司发展信心。美国已进入降 息周期，工具行业景气度有望拾级而上。巨星科技作为我国工具行业出口龙头，全球化产能布局持续深 化，认为公司已锤炼出相当的外部风险抵御能力，明后年业绩增长有望进一步加速。当前市值对应 PE 为15.64/12.78/10.45 X，维持"买入"评级。 ...

证券代码：002444 证券简称：巨星科技 公告编号：2025-051 杭州巨星科技股份有限公司 关于公司取得奖项的自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近期，杭州巨星科技股份有限公司（以下简称"公司"）获得公司跨境电商 主要渠道亚马逊颁发的"十年同行 长赢品牌"奖项，表彰公司 Workpro 品牌在 过去十年发展历程中的表现。上述奖项是亚马逊官方在中国推出的一个重要荣誉， 旨在表彰那些与亚马逊跨境电商事业共同成长、具有长期卓越表现和深远影响力 的中国出海品牌，公司 Workpro 品牌系工具品类中唯一获此奖项的品牌。 公司于 2016 年首次通过亚马逊渠道销售公司自有品牌工具产品，过去十年 在亚马逊渠道实现了高速增长，业务量年复合增速超过 50%，成为亚马逊渠道工 具类产品销售规模和增速均处于前列的公司。本次系公司首次获得这一奖项，证 明了公司品牌和产品在跨境电商渠道的竞争力，未来公司将继续大力拓展电商销 售，同时加强和亚马逊在基础品牌、算力配套设备等领域的全面合作。 上述奖项系亚马逊对于公司过去所做出成绩的正面回应和奖励，不代 ...

从"货通全球"到"智连全球" "过去10年，我们依靠亚马逊把五金工具卖到全球；未来10年，亚马逊的AI工具将让企业拥有'全球智能 大脑'。"峰会现场，巨星科技高级副总裁李锋对亚马逊此次推出的"下一代跨境链"战略发出了感叹。 "下一代跨境链"以AI为核心，首次实现卖家"一次上架、一次入仓"即可触达全球200多个国家和地区的 消费者。"在'全球速启'阶段，我们新发布的跨境销售计划允许卖家直接利用现有美、英站点库存，以 低成本试探新兴市场；源仓全球履约服务则通过亚马逊全球智能枢纽仓（GWD）实现'源头入库、全球 直达'。"亚马逊全球副总裁戴竫斐在现场重磅发布。据悉，首个GWD仓库已落户深圳，计划于2026年3 月向中国卖家开放，它将整合报关、运输、分拨等环节，使跨境物流效率提升30%以上。 据介绍，更颠覆性的变革在于AI赋能运营。卖家助手升级为Agentic AI后，可自主完成库存优化、广告 投放等决策，并新增全球拓展探测器，为卖家提供定制化出海路线图。同时，创意智能体工具帮助中小 企业一键生成专业广告素材，而商品推广智购功能则通过预测消费需求，主动向顾客推荐商品。"这意 味着卖家可将70%的运营时间投入产品创新。 ...

Core Insights - The CSI 500 Quality Growth Index has shown a positive performance, with notable increases in stocks such as Jerry Holdings (10.00%) and Giant Star Technology (5.77) [1] - The Federal Reserve's interest rate decisions and the Central Economic Work Conference's directives are key variables affecting the market in December [1] - Artificial intelligence is identified as a crucial factor for China's economic development, presenting investment opportunities in infrastructure, AI applications, and edge devices [1] Group 1: Index Performance - As of December 3, 2025, the CSI 500 Quality Growth Index increased by 0.43%, with the CSI 500 Quality Growth ETF rising by 0.52% [1] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 21.53% of the index [2] Group 2: Key Stocks - The top ten stocks by weight include Huagong Technology (3.37%), Kaiying Network (2.96%), and Dongwu Securities (2.46%) [3] - Jerry Holdings and Jinchengxin have shown significant increases in their stock prices, contributing to the overall index performance [1][3] Group 3: Investment Focus - The focus for investment should be on sectors such as traditional manufacturing and resource industries, as well as companies expanding overseas [1] - The CSI 500 Quality Growth ETF selects 100 companies with strong profitability, sustainable earnings, and robust cash flow from the CSI 500 Index [1]

Core Insights - The article highlights the growth of the Zhongzheng 500 Quality Growth Index, which increased by 0.63% as of November 26, 2025, with notable stock performances from companies like Liugong and Juxing Technology [1] - The Ministry of Industry and Information Technology has issued guidelines for high-standard digital park construction, emphasizing the digital transformation of the manufacturing sector and the integration of AI with manufacturing [1] - CITIC Securities projects that the market size for embodied intelligence will exceed one trillion, driven by the generalization capabilities of large models, which can facilitate the scaling of various applications [1] Industry Overview - Industrial robot production saw a year-on-year increase of 17.9% in October, with a cumulative growth of 28.8% from January to October, indicating a rapid development in the humanoid robot sector [2] - Domestic policies aimed at improving manufacturing profitability and reducing competition are expected to boost demand for machinery and equipment [2] - The Zhongzheng 500 Quality Growth ETF closely tracks the Zhongzheng 500 Quality Growth Index, which selects 100 companies with strong profitability and growth potential from the broader Zhongzheng 500 Index [2] Key Stocks - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology and Kaiying Network being the top two [2] - The performance of individual stocks within the index varied, with Huagong Technology increasing by 3.08% and Tianshan Aluminum decreasing by 0.47% [4]

Group 1 - The core viewpoint of the news is that Juxing Technology's stock has seen a significant increase, with a rise of 5.15% to 31.45 CNY per share, and a total market capitalization of 37.566 billion CNY [1] - Juxing Technology, established on August 9, 2001, and listed on July 13, 2010, is based in Hangzhou, Zhejiang Province, and specializes in the research, production, and sales of hand tools, power tools, and smart products [1] - The company's main business revenue composition is as follows: hand tools 65.74%, industrial tools 23.23%, power tools 10.56%, and others 0.47% [1] Group 2 - From the perspective of fund holdings, Hengyue Fund has a significant position in Juxing Technology, with its Hengyue Research Selected Mixed A/B fund (006049) reducing its holdings by 59,000 shares in the third quarter, now holding 330,400 shares, which accounts for 5.06% of the fund's net value [2] - The Hengyue Research Selected Mixed A/B fund was established on July 4, 2018, with a current scale of 116 million CNY, and has achieved a year-to-date return of 27.46% [2] - The fund's performance ranks 2608 out of 8134 in its category for the year, and it has a cumulative return of 87.67% since inception [2]