Summary of Conference Call Notes Industry Overview - The conference call discusses the **China Industrial Technology** sector, focusing on companies involved in PCB, energy storage systems (ESS), consumer electronics, and industrial automation. Key Highlights 1. **3Q25 Results**: - Overall results were mostly in-line with sector averages showing revenue and operating profit growth of **+18%** and **+17%** year-over-year respectively [1] - Notable performance from major domestic PCB customers driven by AI applications, particularly from **Hans Laser** [1] - Growth in capital expenditures (capex) for batteries and consumer electronics [1] - Resilient market share gains in the industrial automation (IA) segment, particularly for **Inovance** [1] 2. **Challenges Faced**: - Smaller players like **Pony Testing** and **HCFA** struggled with scaling and profitability [1] - Prolonged capex weakness in process automation markets such as steel and chemicals affected companies like **Baosight** and **Supcon** [1] - Temporary delays in defense orders impacted **AVIC Jonhon**, alongside high exposure to precious metals leading to margin deterioration [1] 3. **Margin Trends**: - Smaller players are more vulnerable in a deflationary environment with average selling price (ASP) pressures [2] - **AVIC Jonhon** faced margin deterioration due to precious metal price hikes [2] - Larger companies like **Sanhua** achieved margin beats through stringent SG&A cost control [2] - **Kstar** reported a gross profit margin (GPM) increase of over **3 percentage points** in its ESS segment due to a favorable product mix [2] Actionable Investment Ideas 1. **Buy Recommendations**: - **Hans Laser**: Strong demand in PCB and consumer electronics, with a **+96%** year-over-year growth in 3Q25 [3] - **Kstar**: Positive outlook with diversified customer base and robust ESS pipeline [3] - **Inovance**: Resilient momentum in industrial automation [3] - **Nari Tech** and **Centre Testing**: Defensive plays with stable margins [3] 2. **Sell Recommendations**: - **Raycus**: Limited military end-market sales [3] - **Baosight**: Continued weakness in domestic steel industry capex [3] - **Sanhua-A**: Potential profit-taking pressure due to overly optimistic market expectations [3] Sector Focus Areas 1. **AI Demand**: - **Hans Laser** is experiencing strong growth in PCB equipment sales due to capex expansion from key suppliers like **Victory Giant** for NVIDIA [6] - **Kstar** anticipates higher year-over-year sales growth in data center products driven by domestic and overseas orders [6] 2. **Energy Storage**: - **Sungrow** expects **40%-50%** global ESS installation growth in 2026, driven by renewable energy needs and market-driven policies in China [7] - **Kstar** aims to double its ESS sales growth in 2025, optimistic about demand outlook [7] 3. **Consumer Electronics**: - **OPT** anticipates stronger demand due to shifts in product form factors, particularly with Apple's upcoming products [8] - **Hans Laser** benefits from solid demand for iPhone 17 and next-generation smartphones [8] 4. **Overseas Expansion**: - **Hongfa** holds a dominant market share in HVDC relays and plans to expand capacity in Germany and Indonesia [10] - **Inovance** is also expanding overseas to support sales growth [10] Conclusion The China Industrial Technology sector shows a mix of strong growth opportunities, particularly in AI and energy storage, while facing challenges from smaller players and specific market weaknesses. Investment strategies should focus on larger, resilient companies with strong growth prospects while being cautious of smaller firms facing profitability issues.

3 November 2025 | 2:57PM HKT Equity Research Shenzhen Inovance Technology Co. (300124.SZ): Oct IA orders growth slowed to 10%+ yoy; Maintain Buy Inovance disclosed industrial automation (IA) segment orders at 10%+ yoy in Oct 2025 (vs. 30%+ yoy in Sep 2025), likely +25~30% mom after adjusting for the National Day Golden Week impact (vs. +35%~40% mom in Oct 2024) per GSe. By end-markets, smartphone, polysilicon (solar), and cranes saw improving yoy growth, while metallurgy, chemicals, pharmaceuticals, machine ...

Group 1: Market Overview - In October 2025, the Shanghai Composite Index rose by 1.85%, while the Shenzhen Component Index fell by 1.10%[7] - The average return of the stock portfolio in October was 0.24%, outperforming the CSI 300 Index, which remained flat[7] - The A-share market saw significant style rotation, with large-cap value indices showing defensive characteristics[7] Group 2: Stock Recommendations - Huaxin Cement (600801) closed at 21.58 CNY, with a monthly increase of 16.65%[8] - Xiamen Tungsten (600549) closed at 35.70 CNY, with a projected EPS of 1.47 CNY[16] - Muyuan Foods (002714) closed at 50.30 CNY, with a projected EPS of 3.65 CNY[20] - CATL (300750) closed at 388.77 CNY, with a projected EPS of 14.97 CNY[24] - Guodian NARI (600406) closed at 24.23 CNY, with a projected EPS of 1.05 CNY[28] - SANY Heavy Industry (600031) closed at 22.14 CNY, with a projected EPS of 1.02 CNY[32] - Inovance Technology (300124) closed at 77.01 CNY, with a projected EPS of 2.04 CNY[36] - Yutong Bus (600066) closed at 32.33 CNY, with a projected EPS of 2.17 CNY[40] - Changdian Technology (600584) closed at 40.02 CNY, with a projected EPS of 1.00 CNY[44] Group 3: Economic and Policy Insights - The U.S. PMI data indicates resilient growth momentum, while employment figures remain weak[7] - The Federal Reserve's interest rate cut has been confirmed, but internal divisions within the FOMC raise questions about future easing paths[7] - The Chinese economy shows signs of resilience in production, with exports exceeding expectations despite a slowdown in demand[7]

机械设备行业 买入（维持） 工控下游复苏延续，智能机器人备受关注 汇川技术（300124）2025 年三季报点评 2025 年 11 月 3 日 投资要点： 事件：汇川技术发布2025年三季报。 点评： ◼ 2025Q3 业绩稳健增长。2025 年前三季度，公司实现营收为 316.63 亿元， 同比增长 24.67%；归母净利润为 42.54 亿元，同比增长 26.84%。毛利率 为 29.27%，同比下降 1.75pct；净利率为 13.64%，同比提升 0.19pct。 销售费用率、管理费用率、研发费用率、财务费用率分别同比变动为- 1.99pct、-0.25pct、+0.77pct、-0.14pct。2025Q3 实现营收为 111.53 亿元，同比增长 21.05%，环比下降 3.28%。归母净利润为 12.86 亿元， 同比增长 4.04%，环比下降 21.87%。毛利率为 27.51%，同比下降 2.18pct， 环比下降 2.13pct；净利率为 11.77%，同比下降 1.98pct，环比下降 2.64pct。销售费用率、管理费用率、研发费用率、财务费用率分别同比 变动为-1.89pct、-0 ...

东方证券指出，上周高位科技板块回调剧烈，资金从高位板块流入低位板块，我们认为科技成长的风格 不会切换，市场仍然会在科技成长内部寻找机会，所以未来是科技成长内部的快速轮动。 创业50ETF（159682）跟踪创业板50指数，行业配置包括制造业、信息传输、软件和技术服务业。Wind 数据显示，跟踪指数权重股包括宁德时代、东方财富、新易盛、中际旭创、胜宏科技、汇川技术、阳光 电源、天孚通信等。该ETF还配置了场外联接基金：联接A（017949）、联接C（017950）。 11月3日，创业50ETF（159682）震荡走弱，截至上午收盘跌1.36%。成交额近3亿元，成交额居同标的 前列。成分股中，江波龙、光线传媒、润泽科技、北京君正、蓝色光标等股涨幅居前。 消息面来看，中国上市公司协会发布中国上市公司2025年三季报经营业绩报告。前三季度，创业板、科 创板、北交所上市公司分别实现营收32486.28亿元、10142.07亿元、1450.68亿元，净利润2446.61亿元、 441.25亿元、92.03亿元，其中创业板营收、净利润增速均超10%。上市公司含"科"量进一步提高，全市 场总市值达107.32万亿元，其中电子 ...

截至三季度末，该基金的前十大重仓股包括紫金矿业、赣锋锂业、中远海能、芯碁微装、精测电子等。 其中，赣锋锂业、洛阳钼业等个股三季度内涨幅均超过80%。 随着权益市场回暖，部分外资公募旗下产品凭借前瞻性的行业布局与稳健的投资策略，取得了显著超额 收益。 数据显示，今年以来，多家外资公募表现突出，旗下代表性产品年内收益均有亮眼表现，其中部分绩优 基金收益率已超过50%。随着三季报披露，这些产品在科技制造、资源能源等主线上的积极布局也逐渐 浮出水面。 展望四季度，多位基金经理普遍认为，低利率与宽松流动性的组合将继续支撑A股的中长期表现，政策 呵护与经济韧性有望延续结构性行情，但与此同时，地缘因素与海外政策节奏仍可能带来阶段性扰动。 整体而言，他们仍看好优质科技、制造与资源类资产的配置价值。 外资公募绩优产品持仓路径曝光 截至10月31日，贝莱德先进制造一年持有A的年内收益率为66.44%。从配置结构看，该基金股票行业的 配置中，制造业占投资股票市值比为92.52%，占净值比为84.17%，体现出明显的行业集中度。 截至三季度末，该基金的前十大重仓股包括宁德时代、中际旭创、汇川技术、海康威视、福耀玻璃等， 其中，中际旭 ...

Investment Rating - The mechanical equipment industry is rated as "Standard Configuration" [70] Core Insights - Tesla's Optimus Gen3 release has been delayed, with production capacity of one million humanoid robots expected to start by the end of 2026, potentially leading to a technological revolution in the industry [3][66] - The engineering machinery sector has seen a recovery in sales during the first three quarters of 2025, with expectations for continued growth driven by domestic and overseas demand [3][66] Summary by Sections Market Review - As of October 30, 2025, the mechanical equipment industry has increased by 1.22% over the past two weeks, underperforming the CSI 300 index by 0.76 percentage points [11] - Year-to-date, the industry has risen by 35.51%, outperforming the CSI 300 index by 15.81 percentage points [11] Valuation Situation - As of October 30, 2025, the overall PE TTM for the mechanical equipment sector is 31.92 times, with specific segments showing varied valuations: General Equipment at 42.95 times, Specialized Equipment at 31.92 times, and Automation Equipment at 51.76 times [2][23] Data Updates - The report highlights significant sales growth in engineering machinery, with major manufacturers reporting strong performance in Q3 2025 [64][66] Industry News - The humanoid robot market is projected to grow at a compound annual growth rate of 35% from 2024 to 2030, with the market size expected to reach $15 billion by 2030 [64] - The report discusses the establishment of a joint fund in Hubei province to promote humanoid robot innovation, indicating strong governmental support for the sector [64] Company Announcements - Companies such as Sany Heavy Industry and XCMG have reported significant revenue growth in Q3 2025, indicating a positive outlook for the engineering machinery sector [68]

Core Viewpoint - The digital economy theme index has shown fluctuations, with specific stocks performing variably, while the government supports mergers and acquisitions in strategic emerging industries [1][2]. Group 1: Digital Economy Index Performance - As of October 31, 2025, the CSI Digital Economy Theme Index (931582) decreased by 1.44% [1]. - Leading stocks included Deepin Technology (300454) with a rise of 6.51%, while Lattice Technology (688008) led the decline with a drop of 7.24% [1][4]. - The digital economy ETF (560800) experienced a turnover of 1.41% during the trading session, with a total transaction value of 9.5176 million yuan [1]. Group 2: Market Trends and Government Support - The Beijing municipal government has issued opinions to support mergers and acquisitions aimed at promoting high-quality development of listed companies, focusing on strategic emerging industries [1]. - Key sectors for development include artificial intelligence, healthcare, integrated circuits, smart connected vehicles, cultural industries, and renewable energy [1]. Group 3: ETF and Index Composition - The digital economy ETF closely tracks the CSI Digital Economy Theme Index, which includes companies with high digitalization levels [2]. - As of September 30, 2025, the top ten weighted stocks in the index accounted for 54.31% of the total index weight, with Dongfang Fortune (300059) being the highest at 8.64% [2].

1987年的夏天，43岁的任正非在深圳湾的一个废弃厂房，创办了一家名为"华为"的微型公司。 其实在上世纪80年代，深圳还是一片"科技荒漠"，相传全市科技人员仅有两名： 一名拖拉机维修工和一名兽医。 与拥有哈佛、MIT的美国，以及拥有清北复交的北京、上海相比，深圳的高校资源几乎为零。 转折点发生在1987年，深圳颁发了"18号文件"： "专精特新第一城"！ 近日，全国第七批专精特新"小巨人"企业名单公示，深圳以347家企业入选新增数量居全国城市首位。 科技的发展不是无源之水，也不是无本之木，深圳的"水和木"，究竟是怎么来的呢？ 01 没有基础，但有胆量 彼时，深圳只是一个汇聚五湖四海"下海者"的集散地，不少人在这里开了一些承接国外落后产能的电子元器件小厂。 但38年过去，如今的深圳已拥有1333家国家级专精特新"小巨人"企业，超越北京（1210家）和上海（1032家），位居全国城市之首，这也标志 着深圳正式登顶中国的—— 当时，中国的山寨货盛行，且大多都是"样子货"，舆论场也普遍认为，中国是制造大国，只需要抄国外作业就可以了。 这样的发展瓶颈，深圳决定自主创新，最早喊出"建设自主创新城市"，着重支持一批龙头科技 ...

Group 1 - The core viewpoint of the news highlights the continued upward trend in the new energy sector, with significant stock price increases for companies like Enjie Co., Ltd. and New Era Energy [1][2] - The Ministry of Commerce has released implementation opinions to expand green trade, emphasizing the role of carbon pricing mechanisms and green certificates to support international market expansion for foreign trade enterprises [2] - The new energy sector shows a clear recovery trend in Q3, with Longi Green Energy reporting a net profit of -834 million yuan, marking a reduction in losses for two consecutive quarters, and a positive cash flow net amount [2] Group 2 - Recent price increases in lithium carbonate have been noted, with overseas lithium mines maintaining a strong pricing sentiment, as evidenced by the active trading of lithium carbonate contracts on the Guangzhou Futures Exchange, which have risen for six consecutive trading days [2] - Open Source Securities indicates that the uncertainty in revenue policies is being resolved, with market reforms entering a deeper phase, and the wind power policy bottoming out, driven by Document No. 136 promoting comprehensive market entry for new energy [2] - The Carbon Neutrality ETF Southern (159639) closely tracks the SEEE Carbon Neutrality Index, covering core areas such as new energy generation, energy storage, and lithium batteries, with significant holdings in companies like CATL, Zijin Mining, and BYD [2]