Overview - The mechanical equipment sector has shown strong performance, with a 30.48% increase from January to November 2025, ranking sixth among 31 primary industry indices [20][21][22] - Multiple sub-sectors have outperformed the Shanghai Composite Index and CSI 300, with significant gains in electric motors, general equipment, and specialized equipment [20][22] General Sector - The PMI and new orders PMI for the general sector showed a trend of rising and then falling, indicating stable manufacturing demand, with inventory levels remaining reasonable [2][32] - The peak growth rate for finished product inventory PMI was 2.56%, suggesting a stable inventory situation [2][32] - Companies to watch include Inovance Technology, Okuma, Huari Precision, New Sharp, Naipu Mining Machinery, and Jereh [2][39] Engineering Machinery Sector - The engineering machinery industry is experiencing a recovery in domestic demand and high overseas demand, with a focus on electrification and technological transformation [3] - Key players like SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are noted for their advantages in technology research and global channels [3] Rail Transit Equipment Sector - The growth rates for passenger and freight transport have exceeded the annual expectations set by the China National Railway Group, with significant investment in the railway sector [4] - From January to October 2025, passenger volume reached 3.95 billion, up 6.4% year-on-year, and freight volume was 4.37 billion tons, up 2.6% [4] - Companies to focus on include CRRC Corporation, China Railway Signal & Communication, and Siwei Control [4][39] Quantum Technology Sector - The national strategy increasingly emphasizes quantum technology, with expectations for continued investment and policy support [8] - The development of quantum technology is anticipated to drive demand for related hardware and software, benefiting core equipment manufacturers [8][39] Low-altitude Economy Sector - The low-altitude economy has been highlighted in government work reports, with local governments actively promoting development plans [9] - By 2025, local low-altitude economic industry funds are expected to exceed 100 billion, providing financial support for development [9][39] Export Chain Sector - The export chain is advised to focus on the U.S. market and emerging markets, with potential recovery in consumer spending if the U.S. continues to lower interest rates [10] - Companies to monitor include Jack Technology, Honghua Digital, Yindu Co., and Yizhiming [10][39]

关键词：执行器、人形机器人、执行器行业产业链、执行器发展现状、执行器市场规模、执行器重点企 业、执行器发展趋势 一、执行器行业相关概述 内容概要：执行器作为自动化控制系统的终端元件，负责将控制器指令转化为机械动作，精准调控生产 参数，其性能对系统控制精度、响应速度及稳定性至关重要，广泛应用于工业、能源、建筑、交通等领 域。中国执行器行业已形成完整产业链，上游聚焦原材料与核心技术部件，高端精密部件国产化替代是 关键；中游执行器研发制造加速向智能化演进；下游以传统工业为基，受机器人、新能源等新兴领域强 劲拉动。上游环节中，电机、减速器等领域国内企业实现突破，但高端编码器等精密部件国产替代仍有 缺口。下游需求呈"传统为基、新兴驱动"格局，人形机器人领域增长潜力巨大，2025年或成量产元年， 执行器作为核心部件需求将爆发。当前，行业正处于技术升级与国产替代关键期，物联网、AI等前沿 技术推动执行器向智能终端升级，2024年市场规模已达330亿元，预计2030年将达820亿元。细分市场方 面，电动执行器引领增长，气动、液压执行器稳定支撑，特种执行器加速崛起。未来，行业将呈现智能 化与绿色化融合、场景化与差异化并行、国产 ...

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as commercial aerospace [1]. Core Insights - The report highlights the rapid growth in demand for high-performance servers, GPUs, and advanced PCBs driven by the surge in AI technology and applications. The global PCB industry is projected to grow from $73.6 billion in 2024 to $96.4 billion by 2029, with a CAGR of 5.6% [7][22]. - The report emphasizes the importance of advancements in PCB equipment and consumables, particularly in drilling and exposure equipment, which are expected to see significant market growth due to the increasing complexity of AI applications [22][24]. - The commercial aerospace sector is entering a critical phase with the successful launch of reusable rockets, which could significantly reduce satellite launch costs and accelerate satellite networking processes [7][24]. Summary by Sections Industry and Company Investment Views - The report discusses the impact of AI on PCB demand, noting that the need for high-density and high-layer PCBs is increasing, which will drive the demand for advanced drilling and exposure equipment [22][24]. - Key companies to watch include Dingtai High-Tech and Zhongtung High-New in the consumables sector, and Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [7][24]. - The report suggests that the equipment industry is entering a golden age due to the expansion of AI infrastructure, with significant growth expected in drilling and exposure equipment markets [22][24]. Key Data Tracking - The report provides macroeconomic data, including the manufacturing PMI index and fixed asset investment growth rates, which are crucial for understanding the overall health of the mechanical industry [26][30]. - The mechanical sector has shown a strong performance, with a 4.5% increase in the sector index, outperforming the broader market indices [11][16]. Company Earnings Forecasts and Valuations - The report includes earnings forecasts and valuations for key companies in the mechanical sector, with several companies rated as "Strong Buy," indicating strong expected growth in earnings per share (EPS) and favorable price-to-earnings (PE) ratios [2][8].

2025年以来，近800家外资机构合计调研A股上市公司近万次。其中，Point 72资产管理公司以263次调 研位居榜首；高盛、美银证券等国际大行的调研次数也均超过百次。从调研方向来看，科技和医药是外 资机构最为关注的两大赛道。 年内外资调研A股近万次 Wind数据显示，截至12月26日，今年以来共有798家外资机构现身A股上市公司调研名单，合计调研 9308次。 具体来看，被称为"华尔街最疯狂赚钱机器"的Point 72资产管理公司今年以来调研A股上市公司263次， 排名首位。在2023和2024年，Point 72资产管理公司全年分别调研A股上市公司255次、259次，均为当 年外资调研榜第一位，堪称"A股调研劳模"。此外，高盛、美银证券、花旗环球等机构今年以来的调研 次数均超过100次。 | 혼득 | | | | | | --- | --- | --- | --- | --- | | | 机构名称 | | ਤੇਵਿਜ਼ | J 调研总次数 | | 1 | Point72 Asset Management, L.P. | => | 外资机构 | 263 | | 2 | 高盛(亚洲)证券有限公司 | 三> ...

数据来源：同花顺 证券时报记者 张一帆 今年以来，摩尔线程、沐曦股份等一批含科量高、稀缺性强的"独角兽"上市，给一级市场投资人带来了 财富效应，一些"独具慧眼"的上市公司也现身其中。这些上市公司通过产业基金间接参股，成为资本市 场上重要的产业投资力量。 回顾上市公司参与产业投资基金的路径，与主业无关的"跟风式"投资退场，与主业强相关的硬科技赛道 来到聚光灯下。越来越多的"链主"上市公司不满足于单纯的财务投资，而是以日渐成熟的CVC（企业风 险投资）模式成为最受欢迎的新力量。 含"科"量提升 12月19日，"光通信电芯片第一股"优迅股份完成上市，首日大涨超350%。 星网锐捷、福日电子等上市公司通过福锐星光基金间接持股优迅股份。星网锐捷方面告诉记者，公司持 续加大资本运作力度，是为了进一步推进AI战略。通过综合运用直接股权投资、设立合资企业、参设 市场化产业投资基金、并购基金等多种方式，星网锐捷重点围绕AI+方向挖掘高价值投资标的，加速构 建第二增长曲线，加快AI化转型步伐。 上市公司做GP 这样一类具有上市公司背景的投资人，更受一级市场欢迎。 "CVC是这几年LP们最喜欢的基金类型，尤其是地方国资特别喜欢和C ...

证券时报记者张一帆 今年以来，摩尔线程、沐曦股份等一批含科量高、稀缺性强的"独角兽"上市，给一级市场投资人带来了 财富效应，一些"独具慧眼"的上市公司也现身其中。这些上市公司通过产业基金间接参股，成为资本市 场上重要的产业投资力量。 回顾上市公司参与产业投资基金的路径，与主业无关的"跟风式"投资退场，与主业强相关的硬科技赛道 来到聚光灯下。越来越多的"链主"上市公司不满足于单纯的财务投资，而是以日渐成熟的CVC（企业风 险投资）模式成为最受欢迎的新力量。 含"科"量提升 12月19日，"光通信电芯片第一股"优迅股份完成上市，首日大涨超350%。 上市公司做GP 这样一类具有上市公司背景的投资人，更受一级市场欢迎。 "CVC是这几年LP们最喜欢的基金类型，尤其是地方国资特别喜欢和CVC合作。近两年我们持续发布一 个票选的LP关注度提升榜单，我们发现CVC的名字在整个榜单中的比重远高于CVC在整个市场中的比 重。"杨晓磊表示。 星网锐捷、福日电子等上市公司通过福锐星光基金间接持股优迅股份。星网锐捷方面告诉记者，公司持 续加大资本运作力度，是为了进一步推进AI战略。通过综合运用直接股权投资、设立合资企业、参设 市场 ...

Investment Rating - The mechanical equipment industry maintains a standard rating of "Neutral" [1] Core Views - The report emphasizes the need to focus on the opportunities arising from the recent pullback in the robotics sector, driven by government support and accelerated technological advancements [5][66] - The engineering machinery sector is expected to enter a new cycle due to increasing penetration in mining, the commencement of major national projects, and favorable policies [5][66] Market Review - The mechanical equipment industry saw a bi-weekly increase of 3.82%, outperforming the CSI 300 index by 1.84 percentage points, ranking 10th among 31 industries [3][12] - Year-to-date, the industry has risen by 39.45%, surpassing the CSI 300 index by 21.46 percentage points, ranking 6th [3][12] - The specialized equipment sub-sector had the highest bi-weekly increase of 6.00%, while the engineering machinery sub-sector experienced a decline of 1.37% [3][18] Valuation - As of December 25, 2025, the price-to-earnings (PE) ratio for the mechanical equipment sector is 32.98 times, with specialized equipment at 34.58 times and general equipment at 46.29 times [4][24] Recommendations - The report suggests focusing on specific companies: - Huichuan Technology (300124) for its strong market position in servo products [67] - Greentech Harmonic (688017) as a leading company in harmonic reducers benefiting from smart manufacturing [67] - Sany Heavy Industry (600031) due to expected demand growth in excavators [67] - Hengli Hydraulic (601100) for its established market share in hydraulic cylinders [67]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company is positioned as a leader in the industrial control sector, benefiting from a gradual recovery in the industry driven by equipment upgrades and policy support. The domestic market for general servo systems is expected to grow by 10.1% year-on-year in Q3 2025, with an annual growth forecast of 7.4% [6]. - The company has successfully increased its market share in key segments, with a reported market share of 32.0% in general servo systems, 22.0% in low-voltage frequency converters, and 8.2% in industrial robots as of H1 2025, reflecting significant year-on-year increases [6]. - The company is expanding its capabilities in AI and humanoid robot components, with a successful launch of its iFG platform for industrial AI software, transitioning from a hardware provider to a platform-based enterprise [6]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 73.30 RMB and a target price of 88 RMB [1]. - The company has a market capitalization of 173.87 billion RMB and a total share count of approximately 2.71 billion [1]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 31.66 billion RMB, a year-on-year increase of 24.7%, and a net profit of 4.25 billion RMB, up 26.8% year-on-year [6]. - The forecasted net profits for 2025, 2026, and 2027 are 5.55 billion RMB, 6.40 billion RMB, and 7.40 billion RMB, respectively, with corresponding year-on-year growth rates of 27.6%, 17.5%, and 14.4% [6][8]. Market Position - The company has a strong market presence, with significant shares in various product categories, including 42.9% in general automation and 45.2% in the new energy vehicle and rail transit sectors [2]. - Institutional investors hold 21.5% of the circulating A-shares, indicating a solid interest from larger investment entities [3]. Future Outlook - The company is expected to maintain rapid growth in revenue and profit due to increased investments in fragmented and project-based markets, alongside the anticipated commercialization of humanoid robots in 2026 [6].

12月24日下午，苏州职业技术大学"Super Share，Super SPU"战略生态建构大会举行。教育部职业教育发展中心副主任任占营、工信部人才交流中心副主 任曾卫明、省教育厅二级巡视员崔春霞、省工信厅二级巡视员卢载贵、苏州市人民政府副市长刘博，同济大学、浙江工业大学嘉宾代表，以及市相关部委 办局、各板块领导，合作企业、兄弟院校和各界嘉宾、师生代表共1000余人齐聚一堂，共襄盛会。 任占营为大会致辞。他围绕"苏州""职业技术大学""战略生态建构"关键词，强调职业教育需扎根区域产业有"深度"、融入区域产业有"广度"、服务区域产 业有"温度"，职业技术大学要坚守"职业"本性作为立校办学的根本属性，"技术"特性作为服务发展的看家本领，"大学"秉性作为办学能级的价值彰显， 以"超级共享"为突破构建产教融合新生态，助力苏州高质量发展，并为全国职业本科教育提供可借鉴经验。 刘博致辞指出，"Super Share，Super SPU"的大会主题生动诠释了苏州职业教育主动服务产业发展的务实行动。"超级共享"彰显苏州开放包容的城市气 质，"超级苏职大"锚定苏州职业教育新引擎的建设目标，他强调，要共享苏州发展机遇，共育职业教 ...

转自：证券时报 人民财讯12月25日电，根据调研日期截止日统计，12月以来，共有69股获得海外机构调研，其中获5家及以上海外机构调研的共有11只个股，汇川技术、丰 立智能、杰瑞股份获海外机构调研家数最多，分别达到44家、42家、20家，其中汇川技术、丰立智能均具有机器人概念。 分行业来看，近期海外机构调研股主要集中于机械设备、电子两个行业，分别有17只个股、16只个股，此外医药生物、银行各有4只个股。热门概念中，机 器人、AI算力、芯片等概念股出现较多。 元、2.83亿元、2.22亿元。 | 代码 | 简称 | 12月以来 | 12月以来 | 总市值 | 所属熱门概念 | | --- | --- | --- | --- | --- | --- | | | | 海外机构调 | 涨跌幅 | (亿元) | | | | | 研家数 | (%) | | | | 300124 | 汇川技术 | 44 | 2.41 | 1958.54 | 机器人 | | 301368 | 丰立铝能 | 42 | -2.01 | 67.48 | 机器人 | | 002353 | 茶瑞股份 | 20 | 25.87 | 727.24 | 数据 ...