据数据宝统计，今年以来，机器人概念股股价平均上涨33.55%，卧龙电驱、中大力德、金银河、长盈 精密等8股的股价涨幅居前，年内均上涨超100%。 11月以来，23只机器人概念股获得机构关注，其中汇川技术、九号公司-WD、中控技术、奥比中光-UW 获得超百家机构调研。 资金面来看，近一周，44只概念股获得融资客加仓，其中长盈精密、上海机电、歌尔股份、汇川技术、 固高科技、利和兴等个股的融资净买入额居前，长盈精密、上海机电分别获得2.91亿元和1.31亿元融资 净买入。 ...

"A拆A"有望再添一例。中国中车股份有限公司(以下简称"中国中车")11月28日公告称，拟分拆所属子公 司中车戚墅堰机车车辆工艺研究所股份有限公司(以下简称"中车戚所")至深交所创业板上市。分拆完成 后，中国中车仍将保持对中车戚所的控制权。 事实上，今年多家A股公司更新了分拆上市进展。Wind数据显示，截至11月30日，按公告日计，年内累 计已有30家A股公司更新分拆上市进展。从分拆上市进度来看，其中8家为董事会预案阶段、6家股东大 会通过、7家完成，9家终止。 分拆上市是企业优化资本结构、提升估值水平、实现专业化发展的关键举措。南开大学金融学教授田利 辉在接受《证券日报》记者采访时表示，分拆上市对母公司来说，能够聚焦主业，提升集团治理效能。 同时，分拆为子公司开辟独立融资通道，可直接通过IPO、再融资或引入战略投资者募集资金，用于技 术研发、产能扩张或并购整合，将显著提升资本运作效率与响应速度。 科技型企业分拆趋势明显 从行业分布来看，年内A股公司分拆子公司高度集中于高端装备制造、新材料、信息技术、生物医药等 战略性新兴产业。 政策始终支持科技型企业上市融资。2025年5月份，科技部、中国人民银行、国家金融 ...

【导读】私募年内调研超44000次，重点关注硬科技赛道 截至11月27日，今年以来，2579家私募证券机构调研A股上市公司44702次，电子、医药生物和机械设 备等硬科技赛道成为机构关注的重心，此外，计算机、电力设备、汽车等行业被调研次数居前。 从管理人规模来看，百亿元级私募高频调研的个股包括立讯精密、联影医疗、汇川技术、九号公司、中 控技术等，景林资产、重阳投资、远信投资、慎知资产等均多次调研上述个股。与此同时，中小私募调 研热情高涨，管理规模在0～10亿元的私募机构年内调研次数占比达54%，其中，尚诚资产年内调研812 次，青骊投资、途灵资产、天猊投资等机构也保持着高频调研节奏。 排排网财富研究总监刘有华表示，电子行业持续领跑源于半导体国产替代加速以及消费电子创新周期启 动，行业内细分赛道成长确定性较强；医药生物行业个股数量多、覆盖领域广，叠加创新药审批加速、 医疗消费复苏等因素，成为私募机构分散布局的优选；电力设备则受益于新能源装机量持续增长，产业 链上下游企业业绩兑现能力稳定，吸引私募机构密集调研。 个股效应正在增强 "今年以来，正收益主要来自科技、新消费、新能源等强势赛道。"淡水泉表示，随着情绪修复 ...

2025 年 11 月 30 日 总量研究 量能决定短期反弹高度 ——金融工程市场跟踪周报 20251130 本周（2025.11.24-2025.11.28，下同）A 股市场震荡反弹，创业板指领涨主要 宽基指数。量能表现方面，本周主要宽基指数量能逆势收缩，当前量能状态与市 场反弹表现不匹配，后续反弹力度或受量能压制收窄。资金面方面，本周融资增 加额转正，股票型 ETF 资金延续净流出，资金方面仍有分歧。 结合本周市场反弹高度、量能表现以及资金分歧状态，后市反弹力度或减弱，市 场再度进入震荡区间。中长线仍看好"红利+科技"主线，红利或在波动方面占 优。 本周上证综指上涨 1.40%，上证 50 上涨 0.47%，沪深 300 上涨 1.64%，中证 500 上涨 3.14%，中证 1000 上涨 3.77%，创业板指上涨 4.54%，北证 50 指数 上涨 0.75%。 截至 2025 年 11 月 28 日，宽基指数来看，上证指数和上证 50 指数处于估值分 位数"危险"等级，沪深 300、中证 500、中证 1000 和创业板指处于估值分位 数"适中"等级。 中信一级行业分类来看，煤炭、钢铁、建材、轻工制 ...

相关报告：智研咨询发布的《2026-2032年中国工业机器人行业竞争策略研究及未来前景展望报告》 数据来源：国家统计局，智研咨询整理 上市企业：机器人（300024）,埃斯顿（002747）,新时达（002527）,拓斯达（300607）,汇川技术 （300124）,华中数控（300161）,佳士科技（300193）,亚威股份（002559）,拓山重工（001226）,昊志 机电（300503） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年9月中国工业机器人产量为7.6万套，同比增长28.3%；2025年1-9月中 国工业机器人累计产量为59.5万套，累计增长29.8%。 2020-2025年1-9月中国工业机器人产量统计图 ...

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [70]. Core Insights - The mechanical equipment industry experienced a bi-weekly decline of 3.36%, outperforming the CSI 300 index by 0.61 percentage points, ranking 11th among 31 industries [12]. - Year-to-date, the mechanical equipment sector has increased by 28.67%, surpassing the CSI 300 index by 13.92 percentage points, ranking 7th among 31 industries [12]. - The report highlights the acceleration of human-shaped robot development driven by continuous policy support and technological advancements, which is expected to enhance application scenarios [4][66]. - The engineering machinery sector is projected to see sustained demand due to the commencement of major national projects and the acceleration of funding and replacement policies [4][67]. Summary by Sections Market Review - As of November 27, 2025, the mechanical equipment sector's bi-weekly performance showed a decline of 3.36%, with a month-to-date decline of 4.73% and a year-to-date increase of 28.67% [12][15]. - Among the five sub-sectors, the engineering machinery sector had the smallest decline of 0.31% bi-weekly, while the rail transit equipment II sector saw the largest decline of 6.46% [20][21]. Valuation - The overall PE TTM for the mechanical equipment sector is 30.48 times, with sub-sectors showing varying valuations: general equipment at 42.01 times, specialized equipment at 30.72 times, and rail transit equipment II at 17.16 times [3][24]. Data Updates - The report includes updates on sales figures for various machinery, such as a 10.20% year-on-year increase in truck crane sales for October 2025, and a 15.90% increase in forklift sales [63]. Company Announcements - The report notes several companies' announcements regarding shareholding changes and patent grants, indicating ongoing innovation and market activity within the sector [66]. Recommendations - The report suggests focusing on companies like Huichuan Technology, Green Harmonic, Sany Heavy Industry, and Hengli Hydraulic, citing their strong market positions and growth potential driven by infrastructure investments and technological advancements [68].

中国银河证券指出，中长期看，中美两国头部互联网厂商资本开支预计仍将保持较快增长，Trendforce 在11月6日上修对头部互联网厂商今明两年资本支出的预计，达到2025年4306亿美元（+65%）、2026年 6020亿美元（+40%），支撑未来对算力芯片的需求。国产GPU未来发展空间广阔，产业链国产化替代 进程有望加速。国内存储厂为明年晶圆厂资本支出贡献主要增量，预计将带动半导体设备和材料需求。 截至2025年11月28日 13:05，创业板50指数(399673)上涨0.90%，成分股长盈精密(300115)上涨11.87%， 江波龙(301308)上涨4.47%，信维通信(300136)上涨3.98%，新易盛(300502)上涨3.87%，迈瑞医疗 (300760)上涨3.68%。创50ETF(159681)上涨0.92%，最新价报1.43元。 消息面上，DIGITIMES最新研究报告指出，2025年全球晶圆代工营收可望达1994亿美元，同比增长超 25%，2025~2030年年复合成长率（CAGR）将达14.3%，成为半导体产业景气最重要的推进器。 创50ETF紧密跟踪创业板50指数，创业板50指数 ...

Core Insights - In the past five trading days, a total of 206 companies were investigated by institutions, with notable interest in companies like Luxshare Precision, Dingtai High-Tech, and Jerry Holdings [1][2] - Among the companies surveyed, 50 received attention from more than 20 institutions, with Luxshare Precision being the most popular, attracting 392 institutions [1] - The data indicates that 13 out of the 20 companies with significant institutional interest experienced net capital inflows, with Luxshare Precision seeing a net inflow of 683 million yuan [1][2] Group 1: Institutional Research Activity - A total of 206 companies were investigated by institutions from November 21 to November 27, with 87.38% of these companies being surveyed by securities firms [1] - The top three companies with the highest number of institutional surveys were Luxshare Precision (392 institutions), Dingtai High-Tech (239 institutions), and Jerry Holdings (184 institutions) [1][3] - The most frequently surveyed company was Haixia Co., which received four institutional surveys [1][3] Group 2: Market Performance of Surveyed Companies - Among the companies that were heavily surveyed, 22 saw an increase in stock prices, with the highest gains recorded by Siling Co. (27.24%) and Dongxin Co. (24.90%) [2][4] - Conversely, 27 companies experienced declines, with Yahua Group and Chuaneng Power showing the largest drops at 16.09% and 13.81%, respectively [2][4] - Only two companies among those surveyed released annual performance forecasts, both indicating profit increases, with Luxshare Precision projecting a net profit of 16.852 billion yuan, a year-on-year increase of 26.09% [2][4] Group 3: Detailed Company Insights - Luxshare Precision: 1 survey, 392 institutions, latest closing price 56.96 yuan, price change +2.17% [3] - Dingtai High-Tech: 1 survey, 239 institutions, latest closing price 101.59 yuan, price change -7.34% [3] - Jerry Holdings: 2 surveys, 184 institutions, latest closing price 51.30 yuan, price change -1.67% [3] - Dongxin Co.: 1 survey, 53 institutions, latest closing price 134.02 yuan, price change +24.90% [3][4] - Siling Co.: 2 surveys, 50 institutions, latest closing price 105.10 yuan, price change +27.24% [4]

Core Insights - The company has made significant breakthroughs in the process industry market and sees it as a key growth area for the future [4][5] - The company is focusing on digital energy management and has established a new digital energy division to enhance its strategic positioning [4][5] - The company has launched the InoCube-FEMS platform to provide value to industrial clients amid the current energy transformation [5][6] Group 1: Process Industry and PLC Development - The company has improved its products and solutions for the process industry, which requires high reliability and system integration [4] - The company has increased investment in medium and large PLC products, which are crucial for high-end applications [3] - The current market share of the company's medium and large PLC products in China is approximately 5.1%, ranking sixth, indicating potential for growth [3] Group 2: Digital Energy Management - The newly established digital energy division aims to create a digital energy management platform to optimize energy structure and utilization [4] - The InoCube-FEMS platform has been launched to transition energy management from passive to proactive, significantly reducing electricity costs [5][6] - The platform has already helped a company park reduce annual electricity costs by approximately 4 million yuan [6] Group 3: Market Performance and Product Strategy - The company's sales revenue from the new energy vehicle and rail transit sectors reached approximately 14.8 billion yuan, with a year-on-year growth of about 38% [7] - The rail transit business accounted for about 1% of the total revenue in the first half of 2025, with revenue around 220 million yuan [7] - The company is observing a recovery in demand in certain industries, which is driving growth in its servo product line [9]

Group 1 - The mechanical equipment industry has shown a strong performance with a 55.20% increase from January to October 2025, outperforming the CSI 300 index by 25.03 percentage points, ranking fifth among Shenwan industries [14][6][29] - Revenue and net profit attributable to the parent company for the first three quarters of 2025 grew by 6.11% and 14.52% year-on-year, respectively, indicating improved profitability and operational quality [17][29][30] - The industry is benefiting from factors such as product exports, cost control, and optimization of product structure, leading to enhanced profitability [17][29] Group 2 - The engineering machinery sector has experienced significant growth in exports, with a focus on increasing electrification rates. Domestic excavator sales showed a slowdown in October 2025, attributed to preemptive inventory replenishment [34][44][54] - The demand for engineering machinery is expected to be supported by the commencement of major national projects and accelerated funding [34][49] - The global market for electric engineering machinery is projected to grow significantly, with China's electrification rate expected to reach 7.90% by 2024 [69][74] Group 3 - The humanoid robot sector is seeing advancements in industrial applications, particularly in dexterous hand technology, which is crucial for the deployment of humanoid robots in various settings [75][78] - The integration of AI models is enhancing the capabilities of robots, making them more versatile for industrial applications [77][78] - Tesla's Optimus Gen3 is set to launch in Q1 2026, with significant demand for components, indicating a robust growth trajectory for humanoid robotics [79][80] Group 4 - The automation equipment sector is experiencing a mixed recovery, with industrial robots facing intensified competition and a shift towards high-end markets [80][81] - The demand for industrial automation is expected to recover in specific sub-sectors, while overall manufacturing PMI remains below the growth line [80][81] - The machine tool sector is witnessing a gradual recovery in revenue growth, supported by improved downstream demand and policy support [80][81] Group 5 - Investment recommendations for 2026 focus on technology development, cyclical recovery, and export chain layout, with specific companies highlighted for potential investment [6][29][40]