行业研究 证 券 研 究 报 告 机械行业周报（20251208-20251214） 经济会议定调看好工程机械，核聚变领域中 推荐（维持） 标公告密集发布产业化有望提速 重点公司盈利预测、估值及投资评级 | 简称 | 代码 | 股价（元） | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 300124.SZ | 73.90 | 2.11 | 2.54 | 3.00 | 35.04 | 29.13 | 24.64 | 6.15 | 强推 | | 法兰泰克 | 603966.SH | 10.97 | 0.60 | 0.77 | 0.94 | 18.30 | 14.34 | 11.63 | 2.49 | 强推 | | 信捷电气 | 603416.SH | 55.10 | 1.83 | 2.30 | 2.7 ...

深圳，再一次走在了中国城市的最前面。 超越京沪，深圳登顶专精特新第一城 2025年末，中国专精特新"小巨人"企业版图上，发生了一场历史性的"大洗牌"。随着全国第七批专精特 新"小巨人"企业名单公示，深圳以347家的新增数量位居全国城市首位，使得深圳有效期内"小巨人"企业总 量达到1333家，超越北京（1210家）和上海（1032家），登顶全国第一。 这标志着深圳正式成为中国的"专精特新第一城"！ 此外，按照目前深圳已上市"小巨人"企业71亿元的平均市值估算，这1333家企业总市值已接近10万亿量级， 彰显了巨大的经济价值。 以人形机器人为例：上游，兆威机电提供全球领先的微型驱动系统、速腾聚破局激光雷达、汇川技术领跑伺 服系统、奥比中光攻克3D视觉感知技术、帕西尼感知突破触觉传感器；中游，拥有优必选、乐聚、众擎、 一 逐际动力等至少9家整机企业；下游，比亚迪的智能工厂则成为最重要的应用场景之一。 作为优质中小企业的核心力量，专精特新"小巨人"企业集中在国家重点推进的"制造强国""补短板、强链 条"领域，入选门槛极高：必须在细分领域做到国内领先、掌握关键核心技术、拥有高强度的研发投入体 系，往往代表中国制造业的高 ...

来源：新浪基金∞工作室 12月12日，截止午间收盘，创业50ETF（159682）涨0.48%，报1.475元，成交额2.03亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘跌0.24%，中际旭创涨0.20%，东方财富涨0.57%，新易盛涨 2.63%，阳光电源跌0.59%，胜宏科技涨1.98%，汇川技术跌0.41%，迈瑞医疗涨1.46%，亿纬锂能涨 0.30%，同花顺跌0.38%。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为46.75%，近一个月回报为2.02%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

2025.12.11 本文字数：2773，阅读时长大约5分钟 作者 |第一财经 周楠 年末，两大国产GPU龙头摩尔线程（688795.SH）、沐曦股份（688802.SH）陆续上市、打新，再度点 燃了市场对科技股的热情。外资也在重申对A股科技赛道的看好。 哪些机构在密集调研A股科技企业？据汇川技术披露，该公司在11月26日至12月5日密集接受机构调 研，高盛资管、富达国际、DWS等知名外资现身。 另据披露，当期，立讯精密吸引了贝莱德、花旗、高盛、摩根大通等外资调研；奥普特吸引了路博迈、 摩根大通等。 调研中，这些科技企业的研发投入、新产品情况，以及国际化战略等，成为机构调研重点。 近期，瑞银、富达国际等发布2026年展望观点，第一财经关注到，外资普遍看好中国人工智能（AI） 和科技股的明年表现。有外资称，现阶段，中国出现"AI泡沫"的可能性不大，预计明年AI应用场景将更 加丰富并加速变现。 最新的机构调研动态和持仓数据也显示出，外资持续布局中国科技股。Wind统计显示，11月以来，获 外资调研的A股公司中，AI相关企业数量居前。统计期间，汇川技术（300124.SZ）、立讯精密 （002475.SZ）、奥普特 ...

Core Viewpoint - The article highlights the renewed enthusiasm for Chinese technology stocks, particularly in the AI sector, driven by the recent IPOs of domestic GPU leaders and positive foreign investment sentiment towards A-shares in 2026 [3][4]. Group 1: Foreign Investment Sentiment - Foreign institutions, including UBS and Fidelity International, express optimism about the performance of Chinese AI and technology stocks in 2026, indicating a low likelihood of an "AI bubble" and expecting a richer array of AI application scenarios [4][12]. - Over 200 A-share companies have been surveyed by foreign investors since November, with AI-related firms like Huichuan Technology and Luxshare Precision receiving significant attention [6][9]. - High-profile foreign investment firms such as Goldman Sachs Asset Management and Morgan Stanley have been actively involved in these surveys, indicating strong interest in the technology sector [6][8]. Group 2: Key Companies and Their Strategies - Huichuan Technology has been focusing on promoting new products and expanding its international business, with a strategy of bundling products to meet customer needs [8]. - Luxshare Precision is enhancing manufacturing efficiency and investing in robotics, with a focus on general AI and core components [8]. - Other notable companies receiving foreign interest include Tonghui Electronics and Dazhu Laser, indicating a broader trend of foreign investment in the tech sector [8]. Group 3: Market Outlook and Growth Potential - Foreign investors predict a slow bull market for A-shares, with strong capital inflows and a potential 37% growth in corporate earnings in 2026 [12][16]. - Goldman Sachs forecasts a sustainable upward trend in the Chinese stock market, driven by AI capital expenditures, a resurgence in profitability, and increased global competitiveness [13][17]. - UBS emphasizes that the Chinese technology sector represents one of the most significant investment opportunities globally, supported by ample liquidity and a recovering market sentiment [12][17].

对于A股明年的整体表现，外资认为，中国将继续演绎慢牛行情。 年末，两大国产GPU龙头摩尔线程（688795.SH）、沐曦股份（688802.SH）陆续上市、打新，再度点 燃了市场对科技股的热情。外资也在重申对A股科技赛道的看好。 近期，瑞银、富达国际等发布2026年展望观点，第一财经关注到，外资普遍看好中国人工智能（AI） 和科技股的明年表现。有外资称，现阶段，中国出现"AI泡沫"的可能性不大，预计明年AI应用场景将更 加丰富并加速变现。 最新的机构调研动态和持仓数据也显示出，外资持续布局中国科技股。Wind统计显示，11月以来，获 外资调研的A股公司中，AI相关企业数量居前。统计期间，汇川技术（300124.SZ）、立讯精密 （002475.SZ）、奥普特（688686.SH）均接待了超70家外资机构调研，涉及高盛资管、富达国际、摩根 大通等。 不仅看好科技股，对于A股明年的整体表现，外资认为，中国将继续演绎慢牛行情。高盛首席中国股票 策略师刘劲津表示，中国市场已重回全球投资者的视线和可投资范围。 "中国股市今年以来的强劲涨幅让许多持谨慎观点的国际投资者感到意外，同时，DeepSeek重新点燃了 市场对增长 ...

| 300390 | 天华新能 | 1 | 51.79 | 3.31 | 电力设备 | | --- | --- | --- | --- | --- | --- | | 600814 | 杭州解百 | 1 | 7.76 | 2.92 | 商贸零售 | | 300698 | 万马科技 | 1 | 40.06 | 1.86 | 通信 | | 688008 | 澜起科技 | 22 | 119.39 | 1.70 | 电子 | | 601888 | 中国中免 | 1 | 79.48 | 1.25 | 商贸零售 | | 600141 | 兴发集团 | 1 | 31.85 | 1.1 1 | 基础化工 | | 603893 | 瑞芯微 | 3 | 181.39 | 0.97 | 电子 | | 301606 | 绿联科技 | 4 | 60.88 | 0.56 | 电子 | | 301029 | 怡合达 | 26 | 25.40 | 0.08 | 机械设备 | | 688322 | 奥比中光 | 9 | 82.00 | - | 电子 | | 603353 | 和顺石油 | 1 | 30.01 | -0.07 | 石油石化 | ...

Core Viewpoint - The A-share market experienced a pullback on December 11, with the Shanghai Composite Index showing weakness for three consecutive days. Despite this, the Robot ETF Fund (159213) saw a net subscription of 3 million shares, indicating a capital inflow of over 3.4 million yuan [1]. Group 1: Market Performance - The Robot ETF Fund (159213) closed down by 1.79%, ending its three-day upward trend. The majority of its constituent stocks also experienced declines, with notable drops including Yuntian Lifei down over 3%, and Stone Technology and Zhongkong Technology down over 2% [1][3]. - The top ten constituent stocks of the Robot ETF Fund showed negative performance, with declines ranging from -0.59% to -3.62% across various sectors, including machinery and computer technology [4]. Group 2: Industry Developments - On December 11, the Beijing Humanoid Robot Innovation Center announced the launch of the first fully autonomous humanoid robot tour guide solution in China, which integrates various advanced capabilities for diverse applications [5]. - TrendForce's report indicated that 2026 will be a pivotal year for the commercialization of humanoid robots, with expected shipments exceeding 50,000 units, representing a year-on-year increase of over 700% [5]. Group 3: Investment Recommendations - Huolong Securities suggested that the humanoid robot sector is entering a critical phase of mass production, recommending active investment in this area. The report highlighted the strengthening logic of the robotics industry, with significant developments from both international and domestic players [6]. - Open Source Securities projected that 2026 will see a surge in the humanoid robot market, driven by major companies entering the field and supportive policies, indicating a favorable investment window [7]. Group 4: Supply Chain and Policy Insights - Tesla's supply chain is becoming clearer, with plans for standardization and mass production of its robots by 2026. This includes a timeline for production milestones and supplier confirmations [8]. - Domestic policies are also fostering rapid advancements in the humanoid robot sector, with significant investments from companies like Xiaomi and Yushun, as well as the establishment of new companies focused on humanoid robot technology [9].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 在海外机构的调研名单中，汇川技术受到最多关注，共有51家海外机构参与调研。安克创新紧随其后，吸引了48家海外机构。 与此同时，北交所市场也受到机构关注。数据显示，在11月11日至12月10日的一个月内，共有35家北交所公司获得机构调研。其中，纳科诺尔最受关注，参 与调研的机构达到91家。从行业分布来看，机械设备、电力设备、基础化工等行业是机构调研较为集中的领域。 机构调研的活跃与上市公司披露的订单景气度信息相呼应。11月以来，已有近200家A股上市公司在机构调研中明确表示"订单饱满"或"行业景气"。 进入四季度，机构调研活动呈现显著加快的态势。根据证券时报网旗下数据宝的统计，在11月27日至12月10日期间，共有419家公司获得机构调研，其中海 外机构参与调研的公司数量达到83家。 ...

Core Insights - The energy storage PCS market is entering a phase of "volume and price increase" as multiple provinces reach critical stages of project delivery and grid connection, leading to a trend of price increases due to extended production cycles [2][20] - The role of PCS is transforming from a simple energy conversion device to a key node in the intelligent grid, prompting companies to consider how to innovate and collaborate to become the core hub for value realization in the new power system [2][5] Market Dynamics - The energy storage PCS market is experiencing a significant shift in competition logic, moving from a focus on single device performance to a comprehensive endurance race that includes technological sophistication, system collaboration, supply chain resilience, brand influence, and global layout [20][21] - The industry is witnessing a transition from a policy-driven model to a market-driven value model, necessitating a rapid shift in business models from hardware sales to integrated solutions [23][24] Technological Innovations - Companies are emphasizing the need for hardware innovation and intelligent algorithm upgrades to enhance the interaction between energy storage and the grid, with a focus on achieving millisecond-level response times and multi-objective optimization capabilities [6][10] - The trend towards larger power capacities in energy storage PCS is evident, with centralized PCS power ratings increasing from 1.725MW to 2.5MW, and string PCS moving from 125kW–375kW to over 400kW [14][15] System Integration - The core competitiveness of energy storage PCS products is shifting from individual component performance to system integration capabilities, requiring deep collaboration with battery management systems (BMS) and energy management systems (EMS) [11][12] - Companies are developing customized solutions that leverage a deep understanding of grid scheduling rules and market mechanisms to enhance system performance and reduce integration complexity [11][12][18] Future Trends - The growth of string architecture is expected to dominate large-scale energy storage, with its unique advantages in system management and efficiency [17][18] - The mainstream trends for energy storage PCS technology by 2025 include the large-scale application of grid-constructing technology, increased power capacity, and the integration of AC and DC systems [18][19]