Investment Rating - The investment rating for the mechanical equipment industry is "Standard" [1] Core Insights - The mechanical equipment industry has shown a dual-week performance of 0.00%, underperforming the CSI 300 index by 0.05 percentage points, ranking 16th among 31 industries [2] - The general equipment sector has the highest growth rate of 0.74% among the five sub-sectors, while the rail transit equipment II sector has the lowest decline of 1.15% [18] - The PE TTM for the mechanical equipment sector is 35.21 times, with the general equipment sector at 51.24 times, and the rail transit equipment II sector at 17.43 times [3] Market Review - As of January 29, 2026, the mechanical equipment sector has increased by 6.09% year-to-date, outperforming the CSI 300 index by 3.41 percentage points, ranking 15th among 31 industries [13] - The top three stocks in terms of dual-week growth are Tianzhong Precision Machinery, Deen Precision Engineering, and Fenglong Co., with growth rates of 73.80%, 66.72%, and 61.08% respectively [20] - The top three stocks in terms of year-to-date growth are Fenglong Co., Yujing Co., and Tianzhong Precision Machinery, with growth rates of 213.97%, 92.78%, and 80.82% respectively [20] Valuation Situation - The valuation for the mechanical equipment sector is 35.21 times, which is 18.76% higher than the one-year average of 29.65 times [25] - The general equipment sector's valuation is 51.24 times, which is 31.94% higher than its one-year average [25] - The rail transit equipment II sector's valuation is 17.43 times, which is slightly lower than its one-year average [25] Industry News - Tesla announced significant updates for the Optimus Gen3 robot, which is expected to launch in Q1 2026, potentially sparking a new technological revolution [4] - The domestic demand for construction machinery is expected to increase post-Spring Festival due to replacement and electrification upgrades [4] - The Beijing humanoid robot innovation center has officially launched, providing comprehensive testing services for humanoid robots [53] Company Announcements - Companies such as Huichuan Technology and Green's Harmonic are recommended for attention due to their strong market positions and growth potential [57][59] - Sany Heavy Industry and Hengli Hydraulic are highlighted for their expected performance improvements driven by infrastructure demand [57][59]

Accessible version Greater China Industrials China humanoid robot & EV supply chain tour takeaways Auto/EV OEMs & supply chain: eyes on demand/costs The weak auto/EV sales trend is extendng into January, given EV purchase tax subsidy has been cut and trade-in subsidy has not been fully in place yet. In light of this, Chery plans new model launches after Lunar New Year in February. Impacts from recent BOM costs hike is another key question: Chery estimates c. RMB4.5-5k BOM costs increase for EV models, facto ...

Core Viewpoint - The article discusses the transformation of China's manufacturing industry towards "smart manufacturing" and "low carbon," highlighting the emergence of local pioneers like Huichuan Technology, which is redefining the competitive landscape of industrial automation [3][4]. Company Overview - Huichuan Technology is referred to as the "Huawei of industrial automation," expanding its product categories from core drives to a comprehensive range of solutions including robots, vision products, sensors, precision machinery, and pneumatic products [5][4]. Market Position - The company holds approximately 32% market share in general servo systems, 22% in low-voltage frequency converters, 7% in small PLCs, 5.1% in medium and large PLCs, and 8.2% in industrial robots, with SCARA robots leading at 20.4% [6][7][8][9]. Growth Potential - There is significant growth potential for Huichuan's products like frequency converters and servo systems, driven by the trend of automation and intelligent manufacturing [10]. Technological Advantage - Huichuan's core advantage lies in its ability to reuse its expertise in power electronics and motor drive technologies across various emerging fields, providing tailored solutions for industries such as elevators, air compressors, and lithium battery equipment [12]. R&D Investment - The company invests 8%-10% of its annual revenue in R&D, maintaining a three-tiered research system that ensures it stays at the forefront of technology and can quickly respond to market demands [13]. Financial Performance - In the first three quarters of 2025, the company reported revenue of 31.66 billion yuan, a 25% increase year-on-year, and a net profit of 4.25 billion yuan, up 27% [19][20]. The gross margin was 29.3%, with a notable increase in operating profit margin and net profit margin [21]. Cash Flow and Debt Management - The company has achieved a negative cash conversion cycle by Q3 2025, indicating high operational efficiency. Its interest-bearing debt ratio has decreased to 7%, down from 12.7% in 2022 [23][25]. Industry Trends - The rise of humanoid robots is supported by strong market demand and government policies, with China becoming a significant player in this field. The company is focusing on manufacturing scenarios and developing reusable solutions rather than short-term speculative projects [33][35]. Future Outlook - Huichuan is actively engaging with leading humanoid robot manufacturers and has established a dedicated robotics division to seize opportunities in this emerging market [35][36].

4Q25 Robot/Automation Landscape Analyzer: How are market shares shifting? 4Q25 key observations on the China Industrial Robot & Automation competitive landscape 28 January 2026 | 9:44AM HKT Equity Research CHINA INDUSTRIAL TECH Post MIR's estimated sales data (vs. production data reported by the NBS) as well as our coverage companies' business segment disclosures, we compile our latest landscape analyzer within. n Total industrial automation (IA) market was -3% yoy in 4Q25, with the project/OEM markets at - ...

中经记者 庄灵辉 深圳报道 提出"国际化"战略多年后，汇川技术（300124.SZ）抛出赴港上市计划。 日前，汇川技术宣布，公司正在筹划境外发行股份（H股）并在香港联合交易所有限公司（以下简 称"香港联交所"）上市。汇川技术方面明确表示，此举旨在推进国际化战略落地，借助国际资本市场拓 宽多元化融资渠道。 《中国经营报》记者梳理发现，早在2022年，汇川技术就已提出国际化战略，近年来该公司海外营收持 续增长，但占整体营收比重仍较低。近来汇川技术多次公开表示将持续拓展，提升海外营收占比。 国际化战略已推进四年 就本次H股发行上市，汇川技术目前正在与相关中介机构进行商讨，相关细节尚未确定。根据提示，具 体方案确定后，汇川技术本次H股发行上市事项尚需提交公司董事会和股东会审议，并需经中国证券监 督管理委员会备案、取得香港联交所和香港证券及期货事务监察委员会核准，是否能通过审议、备案和 审核程序并最终实施具有较大不确定性。 不过，可以明确的是，汇川技术此次H股发行上市旨在推进其国际化战略落地。 此外，汇川技术还提出，要借助行业定制化解决方案以及与跨国企业在中国市场深度合作的积累，坚定 走解决方案出海的策略，把各个细分领 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric new energy sector, including CATL, Xiamen Tungsten, and others [2][3]. Core Insights - The electric new energy sector's overall fund holding ratio has decreased, with a notable decline in the holdings of new energy vehicle and power equipment sectors, while the industrial control sector saw a slight increase [6][18]. - The report emphasizes the importance of policy, technology, and demand factors influencing the various sub-sectors within the electric new energy industry, leading to different performance expectations [6][29]. Summary by Sections 1. Overall Fund Holdings in Electric New Energy Sector - As of Q4 2025, the fund holding ratio for the electric new energy sector is 8.73%, down by 0.93 percentage points quarter-on-quarter and 1.83 percentage points year-on-year [9][14]. - The market capitalization of the electric new energy sector accounts for 5.92% of the total market capitalization, with a slight decrease of 0.28 percentage points quarter-on-quarter but an increase of 0.81 percentage points year-on-year [9][14]. 2. Sub-sector Fund Holdings Analysis - The fund holding ratio for the new energy vehicle sector is 7.24%, down by 1.06 percentage points quarter-on-quarter and 1.30 percentage points year-on-year [18][21]. - The new energy power generation sector has a fund holding ratio of 2.19%, with a minor decrease of 0.05 percentage points quarter-on-quarter and a decrease of 0.30 percentage points year-on-year [18][24]. - The power equipment and industrial control sector's fund holding ratio is 1.28%, showing a slight increase of 0.14 percentage points quarter-on-quarter [18][26]. 3. Investment Recommendations 3.1 New Energy Vehicles - The report suggests focusing on companies with clear competitive advantages and improving profitability in the battery segment, such as CATL and A123 Systems [28]. - It also highlights the importance of materials and components in the supply chain, recommending companies like Keda and others [28]. 3.2 New Energy Power Generation - The report indicates a shift from policy-driven to market-driven demand for energy storage, recommending companies involved in energy storage integration and battery production [29]. - It emphasizes the growth potential in wind energy, particularly offshore wind, and suggests monitoring companies like Mingyang Smart Energy and Goldwind [30][32]. 3.3 Power Equipment and Industrial Control - The report identifies AIDC as a growth driver for power equipment demand, recommending companies with strong fundamentals and competitive pricing [34]. - It also notes the increasing importance of high-voltage construction in domestic demand, suggesting companies like XJ Electric and others [34][35].

1月28日，汇川技术盘中下跌2.00%，截至09:44，报76.87元/股，成交5.70亿元，换手率0.31%，总市值 2081.05亿元。 分红方面，汇川技术A股上市后累计派现79.45亿元。近三年，累计派现32.67亿元。 资金流向方面，主力资金净流出1758.51万元，特大单买入8935.27万元，占比15.66%，卖出7691.08万 元，占比13.48%；大单买入1.23亿元，占比21.54%，卖出1.53亿元，占比26.80%。 机构持仓方面，截止2025年9月30日，汇川技术十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股4.84亿股，相比上期增加981.41万股。易方达创业板ETF（159915）位居第四大流通股 东，持股4235.15万股，相比上期减少701.01万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股 东，持股3220.21万股，相比上期减少135.16万股。 汇川技术今年以来股价涨2.04%，近5个交易日跌4.01%，近20日涨4.66%，近60日涨2.70%。 责任编辑：小浪快报 资料显示，深圳市汇川技术股份有限公司位于广东省深圳市龙华区观湖街道鹭湖 ...

内容概要：近年来，我国新能源汽车行业已完成从政策驱动到市场驱动的转型跨越，消费端对纯电、插 混两大技术路线车型的接受度持续攀升，整车产销规模的稳步扩容，直接拉动高压部件配套需求放量增 长，与此同时，早期投放市场的新能源汽车逐步进入存量更换周期，高压部件后市场需求加速释放，成 为行业发展的全新增长极，据统计，2025年我国新能源汽车高压部件行业市场规模达3116.63亿元，同 比增长26.5%，在全球新能源汽车高压部件市场中的占比高达49.32%，持续领跑全球市场发展。 相关上市企业：欣锐科技（300745）、瑞可达（688800）、汇川技术（300124）、富特科技 （301607）、永贵电器（300351）、沪光股份（605333）、得润电子（002055）、中航光电 （002179）、立讯精密（002475）、大洋电机（002249）、奥特佳（002239）、东方电热（300217） 相关企业：深圳艾为电气技术股份有限公司、比亚迪半导体股份有限公司、武汉嘉晨电子技术股份有限 公司、弗迪动力有限公司、浙江高泰昊能科技有限公司、西安智德汽车电子控制系统有限公司、上海奉 天电子股份有限公司、 法雷奥汽车空调湖北 ...

据证券时报·数据宝统计，1月以来，海外机构调研92只股。其中，14只股获11家及以上海外机构调研， 华明装备、汇川技术、奥普特的调研家数居前，分别达到59家、53家、51家。 转自：证券时报 人民财讯1月27日电，2026年以来，海外机构调研A股热情高涨，聚焦优质标的布局全年投资机会，调 研方向集中于电子、电力设备和机械设备三大行业。 ...

Investment Rating - The mechanical equipment industry is rated as "stronger than the market" based on its performance relative to the CSI 300 index, which decreased by 0.62% during the week while the mechanical equipment sector increased by 2.57% [5][6]. Core Insights - SpaceX is advancing its Starlink system upgrades and capitalizing on its operations, planning to launch a second-generation Starlink system by 2027, which will enhance satellite performance and network capacity. The company aims to reduce the cost of launching to below $100 per pound through full reusability of its Starship [2]. - The capital market is preparing for SpaceX's IPO, expected in Q3 2026, with a valuation around $800 billion based on recent internal equity transactions. The report suggests that the valuation uplift in China's private rocket companies will follow a similar trajectory as SpaceX, transitioning from project-based products to infrastructure and technology services [2]. - In the PCB equipment sector, companies such as Chipbond (688630), Dongwei Technology (688700), and Dazhu CNC (301200) are recommended, with a focus on the increasing demand for advanced packaging and fine line technology [3]. - The humanoid robot sector is highlighted with recommendations for companies like Inovance Technology (300124) and Sanhua Intelligent Control (002050), as the production of Tesla's Optimus V3 approaches, which is expected to catalyze the market [3]. - In the controlled nuclear fusion sector, Guoji Heavy Industry (601399) is recommended, with expectations of increased procurement activity related to fusion projects, potentially exceeding previous investment forecasts [4]. Summary by Sections Mechanical Equipment Sector - The mechanical equipment sector's PE-TTM valuation increased by 2.56%, with the best-performing sub-sector being abrasives, which rose by 8.58% [5][6]. - The report indicates that the mechanical equipment industry ranks 13th out of 31 in the Shenwan industry classification [5]. Commercial Aerospace - Companies such as Yingliu Co. (603308), Srey New Materials (688102), and West Materials (002149) are recommended for investment in the commercial aerospace sector [5]. PCB Equipment - The report emphasizes the transition towards thinner substrates and finer line requirements in PCB manufacturing, with specific recommendations for companies involved in advanced packaging technologies [3]. Humanoid Robots - The report suggests focusing on core enterprises in the humanoid robot sector, particularly as Tesla ramps up production of its Optimus V3 robot, which is expected to begin sales in 2027 [3]. Controlled Nuclear Fusion - The procurement pace for fusion projects is accelerating, with significant budget allocations expected for various projects, indicating a robust growth outlook for companies in this sector [4].