持续关注工程机械、船舶、机器人、AIDC 等高景气板块 机械 ——机械行业月报 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -9% -3% 4% 11% 17% 24% 31% 37% 2024.10 2025.02 2025.06 2025.10 机械 沪深300 相关报告 《机械行业月报：周期为盾，成长为矛，关注 工程机械、船舶、机器人、AIDC 等高景气板 块》 2025-09-25 《机械行业月报：科创成长成为行情主线，持 续关注工业机器人、半导体设备、AIDC 配套 设备板块》 2025-08-26 《机械行业月报：工程机械、工业机器人持续 复苏，AIDC 产业高景气度》 2025-07-29 联系人：李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788号T1座 22楼 投资要点： ⚫ 10 月中信机械板块下跌 0.32%，跑输沪深 300 指数（1.62%）1.94 ...

股票代码：002747 股票简称：埃斯顿 公告编号：2025-067号 南京埃斯顿自动化股份有限公司 关于担保责任及股权质押解除的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保及质押情况概述 公司及子公司无逾期对外担保、不涉及因逾期对外担保引起的诉讼，以及因 担保被判决败诉而应承担损失的情形。 特此公告。 2025 年 1 月 24 日，公司全资子公司南京鼎派机电科技有限公司（以下简称 "鼎派机电"）、Cloos Holding GmbH、Carl Cloos Schweißtechnik GmbH 等 相关主体与招商银行签订了《股权质押合同》。根据合同约定，鼎派机电将以其 所持有的 Cloos Holding GmbH 100%股权、Cloos Holding GmbH 以其所持有的 Carl Cloos Schweißtechnik GmbH 100%股权作为质押，为上述 Cloos Holding GmbH 向招商银行申请的 2,800 万欧元贷款提供质押担保。 具体内容详见公司 2024 年 10 月 26 日、2025 年 1 月 2 ...

Core Viewpoint - Estun's servo products feature a rich matrix with a wide power range, strong overload capacity, and excellent energy-saving effects, significantly reducing energy consumption [2] Group 1: Product Features - Estun's servo control performance is outstanding, with rapid response and high precision, integrating intelligent tuning and supporting multiple communication protocols [2] - The servo system is widely applied in critical processes of new energy battery manufacturing, including coating, die-cutting, winding/stacking, film packaging, and module PACK [2]

证券日报网讯埃斯顿（002747）10月29日在互动平台回答投资者提问时表示，绳驱是一种仿生技术，具 有良好的交互和安全性。公司参股公司埃斯顿医疗基于Barrett Technology的绳驱技术开发了医疗机器人 核心部件，基于该核心部件开发独特的骨科手术机器人，目前临床入组中。 ...

Core Insights - The company aims to transition from "following to surpassing" in its strategic objectives, maintaining R&D investment at around 10% of sales revenue for several years [1] - According to MIR Industrial data, the company's industrial robot shipments surpassed foreign brands for the first time in the first half of this year, achieving the top position in the Chinese industrial robot market with a market share of 10.5% [1]

埃斯顿（002747.SZ）10月29日在投资者互动平台表示，公司三季报的预约披露时间为2025年10月31 日，具体业绩情况请以公司届时披露的定期报告为准。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司第三季度赚钱了吗？ ...

每经AI快讯，有投资者在投资者互动平台提问：腱绳作为灵巧手的关键传动方式，希望公司能考虑布 局相关领域公司。比如通过并购或参股有关公司，达到整合资源、延伸到高价值环节的目的。也能形成 与人形机器人协同共振的效果，进一步加强公司核心竞争力、影响力。 （记者 王晓波） 埃斯顿（002747.SZ）10月29日在投资者互动平台表示，绳驱是一种仿生技术，具有良好的交互和安全 性。公司参股公司埃斯顿医疗基于Barrett Technology的绳驱技术开发了医疗机器人核心部件，基于该核 心部件开发独特的骨科手术机器人，目前临床入组中。 ...

Core Insights - The 2025 World Intelligent Manufacturing Conference will be held from November 27 to 29 in Nanjing, Jiangsu, marking its tenth anniversary and focusing on the theme "Digital Intelligence Drives New Quality Leadership" [1][2] - The conference aims to showcase the latest developments and trends in intelligent manufacturing, featuring a main conference, 12 specialized activities, and various industry ecosystem events [1] - The event will facilitate international collaboration in the intelligent manufacturing sector, with participation from global authorities and leading companies [2] Group 1 - The conference has been successfully held for nine consecutive years since its inception in 2016, contributing significantly to the digital transformation of the global manufacturing industry [1] - This year's event will include high-end forums, result releases, cutting-edge displays, and industry matchmaking to promote innovative ideas and outcomes in intelligent manufacturing [1][2] - Key focus areas will include advanced manufacturing clusters and industrial chains in Jiangsu, particularly in sectors like electronic information and new energy vehicles [2] Group 2 - A market-oriented exhibition will take place alongside the conference, showcasing advanced technologies, products, and solutions in intelligent manufacturing, covering over 55,000 square meters [3] - Major industry players such as Yaskawa, Tesla, and Hikvision will present their latest achievements in industrial robotics and smart factory practices [3] - The exhibition will feature four main sections, highlighting industrial software, system solutions, and intelligent equipment from leading companies [3]

Core Insights - On October 22, Estun's stock fell by 0.47% with a trading volume of 321 million yuan, indicating a slight decline in market performance [1] - The financing data shows that Estun had a net financing outflow of 3.59 million yuan on the same day, with a total financing balance of 711 million yuan, which is relatively low compared to historical levels [1] - As of June 30, Estun reported a revenue of 2.549 billion yuan for the first half of 2025, representing a year-on-year growth of 17.5%, and a net profit of 6.6823 million yuan, which is a significant increase of 109.1% [2] Financing and Stock Performance - On October 22, Estun's financing buy-in was 22.60 million yuan, while the financing repayment was 26.19 million yuan, leading to a net financing buy-in of -3.59 million yuan [1] - The current financing balance of 705 million yuan accounts for 3.48% of the circulating market value, which is below the 40th percentile of the past year, indicating a low financing level [1] - In terms of securities lending, Estun had a lending balance of 5.175 million yuan, which is above the 90th percentile of the past year, suggesting a high level of short selling activity [1] Shareholder and Dividend Information - As of June 30, the number of Estun's shareholders decreased by 4.04% to 124,100, while the average number of circulating shares per shareholder increased by 4.21% to 6,304 shares [2] - Since its A-share listing, Estun has distributed a total of 379 million yuan in dividends, with 78.04 million yuan distributed over the past three years [3] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among ETFs related to robotics [3]

Group 1 - The first global breakthrough in "Unified Theory of Force-Position Hybrid Control Algorithm" has been achieved, allowing robots to learn both position and force control without relying on force sensors, improving task success rates by approximately 39.5% compared to position-only strategies [3] - The SERobot series of embodied intelligent composite robots has been launched by Shenzhen Deep Vision Technology Co., Ltd., integrating high-precision mobile chassis, intelligent vision systems, and agile robotic arms to create a closed-loop operation for perception, decision-making, and execution [6] - Hangzhou Yushu Technology Co., Ltd. has been granted a patent for a robot joint control method based on motion capture technology, enhancing the flexibility of robots and enabling natural human-robot interaction [9] Group 2 - The Jiangsu Dinghui Embodied Intelligent Robot Innovation Center has been established with a registered capital of 60 million yuan, focusing on AI application system integration, hardware sales, and robot research and development [12] - Shanghai's industrial robot exports have increased by 41.6% in the first three quarters of this year, contributing over 20 billion yuan to the export growth alongside aerospace equipment and high-end machine tools [15] - Shanghai has a robot density of 260 units per 10,000 people, more than double the global average, with an industrial robot production of 65,500 units expected in 2024, accounting for over 10% of the national total [15]