12月9日，中国证监会网站发布多个境外发行上市备案通知书。备案通知书显示，豪威集成电路（集 团）股份有限公司拟发行不超过73,670,200股境外上市普通股并在香港联合交易所上市，兆易创新科技 集团股份有限公司拟发行不超过51,796,900股境外上市普通股并在香港联合交易所上市，南京埃斯顿自 动化股份有限公司拟发行不超过176,765,200股境外上市普通股并在香港联合交易所上市。 ...

埃斯顿港股上市获中国证监会备案。 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the mechanical equipment industry [2][3]. Core Views - The mechanical equipment industry saw a 2.9% increase last week, ranking second among 31 primary industries. Sub-industries such as engineering machinery (+6%) and specialized equipment (+3.45%) showed strong performance, while rail transit equipment experienced a decline of 0.82% [3][14]. - The report suggests that with the completion of the third-quarter reports, market risk appetite is expected to improve. It recommends a balanced approach between technology growth and cyclical investments, focusing on sectors and stocks with performance support [3][4]. - Key areas of focus include humanoid robots, PCB equipment, semiconductor equipment, and cyclical recovery in engineering machinery and general equipment [3][4]. Summary by Sections 1. Recent Trends - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%. Domestic sales were 9,842 units (+9.11%), while exports were 10,185 units (+18.8%). Cumulatively, from January to November, 212,162 excavators were sold, marking a 16.7% increase year-on-year [5][44]. - The report highlights a structural recovery in the industry, driven by domestic demand from large projects and a new round of replacement cycles [5][44]. 2. Sub-Industry Performance - The engineering machinery sector is experiencing a significant recovery, with excavator sales showing strong growth. The report emphasizes the importance of technological upgrades and global expansion for leading companies [5][44]. - The industrial robot sector saw a production increase of 17.9% in October 2025, indicating potential investment opportunities as the industry adjusts to new demands [28][44]. 3. Key Companies and Recommendations - The report identifies several companies for investment consideration, including XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), and Huazhong CNC (688697.SH), which are expected to benefit from the ongoing recovery and technological advancements in the industry [7][44]. - The semiconductor equipment sector is highlighted as a critical area for investment, with companies like North Huachuang (002371.SZ) and Zhongwei Company (688012.SH) recommended due to their strong market positions and growth potential [4][7]. 4. Policy and Market Drivers - The report notes that government policies are strongly supporting the high-end machine tool sector, with initiatives aimed at accelerating domestic production and technological breakthroughs [5][46]. - The global demand for high-end manufacturing is recovering, as indicated by Japan's machine tool orders, which have seen continuous growth driven by exports [5][46].

本报讯 （记者袁传玺）天眼查App显示，近日，苏州京东方驱动技术有限公司成立，注册资本1.5亿 元，经营范围包括电子元器件制造、机械电气设备制造等。股东信息显示，该公司由苏州京东方传感技 术有限公司、埃斯顿（002747）共同持股。 ...

证券日报网讯12月4日，埃斯顿（002747）在互动平台回答投资者提问时表示，轻量化是工业机器人行 业未来发展的趋势，工业机器人的轻量化设计可以降低机器人本体自重，提高机器人的精度和灵活性。 公司机器人本体关节外壳的工艺和技术参数因客户需求不同而有所差异，公司将在材料研发、生产工艺 改进、产品设计等方面加大投入，进而提升产品的附加值和竞争力。 ...

天眼查App显示，12月2日，苏州京东方驱动技术有限公司成立，法定代表人为杨玉，注册资本1.5亿人 民币，经营范围包括电子元器件制造、电机制造、电动机制造、机械电气设备制造等。股东信息显示， 该公司由苏州京东方传感技术有限公司、埃斯顿共同持股。 ...

人民财讯12月3日电，企查查APP显示，近日，苏州京东方驱动技术有限公司成立，注册资本1.5亿元， 经营范围包含：电子元器件制造；电机制造；电动机制造；电力电子元器件销售等。企查查股权穿透显 示，该公司由京东方A旗下苏州京东方传感技术有限公司、埃斯顿（002747）共同持股。 ...

Core Insights - The robotics industry has seen a strong IPO wave in the Hong Kong stock market, with nearly 30 companies submitting prospectuses in the first 11 months of the year, including notable firms like Aodiwei and XianGong Intelligent [1][2] - The influx of robotics companies is expected to enhance the industrial clustering effect in the Hong Kong market if these firms successfully list [1] Group 1: Factors Driving the IPO Surge - The Hong Kong Stock Exchange's relatively lenient listing rules, especially for unprofitable biotech and high-tech companies, have made it an attractive destination for robotics firms seeking capital [3] - The surge in financing in the primary market, driven by government support for "embodied intelligence," has increased investor confidence and capital inflow into the robotics sector [3][4] - The significant stock price increases of existing robotics companies have further fueled investor enthusiasm, with companies like MicroPort Robotics-B and Yujian seeing year-to-date gains of over 142% and 66%, respectively [4] Group 2: Challenges Ahead - Despite the IPO enthusiasm, many robotics companies lack sustainable profit models, with 2026 being highlighted as a critical year for assessing their commercialization capabilities [5][6] - Companies like XianGong Intelligent and Youai Zhihui reported substantial losses, indicating a reliance on capital for survival rather than self-sustaining business models [5] - The industry faces challenges related to technological barriers and market demand, with a notable trend of homogenization among robotics firms, which may hinder differentiation and competitive advantage [6]

Core Insights - Estun's stock price increased by 2.05% on December 1, reaching 22.38 CNY per share, with a total market capitalization of 19.493 billion CNY [1] - The company has seen a year-to-date stock price increase of 20.97%, but a decline of 9.65% over the past 20 days [1] Company Overview - Nanjing Estun Automation Co., Ltd. specializes in high-end intelligent machinery and automation control solutions, with 82.09% of revenue from industrial robots and smart manufacturing systems [2] - The company was established on February 26, 2002, and went public on March 20, 2015 [2] Financial Performance - For the period from January to September 2025, Estun reported a revenue of 3.804 billion CNY, a year-on-year increase of 12.97%, and a net profit of 29.004 million CNY, up 143.48% [2] - Cumulative cash dividends since the A-share listing amount to 379 million CNY, with 78.036 million CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 7.92% to 114,300, with an average of 6,846 shares held per shareholder, an increase of 8.60% [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs focused on robotics, with significant increases in holdings [3]

Core Insights - The article discusses the growth of the industrial robot industry in China, highlighting significant production increases and future prospects [1] Industry Overview - According to the National Bureau of Statistics, the production of industrial robots in China reached 76,000 units in September 2025, representing a year-on-year growth of 28.3% [1] - From January to September 2025, the cumulative production of industrial robots in China was 595,000 units, with a cumulative growth rate of 29.8% [1] Companies Mentioned - Listed companies in the industrial robot sector include: - Robot (300024) - Estun (002747) - New Times (002527) - Tosida (300607) - Huichuan Technology (300124) - Huazhong CNC (300161) - Jasic Technology (300193) - Yawen Co. (002559) - TuoShan Heavy Industry (001226) - Haozhi Electromechanical (300503) [1] Research Report - The article references a report by Zhiyan Consulting titled "2026-2032 China Industrial Robot Industry Competitive Strategy Research and Future Outlook" [1]