转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院光伏设备行业研究小组发布的《中国光伏设备行业市场前瞻与投 资战略规划分析报告》。 行业主要上市公司：捷佳伟创(300724)、晶盛机电(300316)、迈为股份(300751)、京山轻机(000821)、连 城数控(920368)、北方华创(002371)、奥特维(688516) 金辰股份(603396)、帝尔激光(300776)、罗博特科 (300757)、高测股份(688556)、双良节能(600481) 先导智能(300450)、微导纳米(688147)、大族激光 (002008)、博硕光电(831019)、拉普拉斯(688726)、宇晶股份(002943)、京运通(601908)等 本文核心数据：光伏设备行业企业布局情况;中国光伏设备行业发展历程;中国光伏设备行业规模 光伏设备种类繁多 参考中国光伏行业协会的资料，光伏设备指光伏制造企业用于生产原料、电池及电池组件、零部件等产 品中使用的，并在反复使用中基本保持原有实物形态和功能的机器设备。 光伏设备的种类较多，主要包括硅棒/硅锭制造设备、硅片制造设备、电池片制造设备、晶体硅电池组 件制造设备、薄 ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]

据招股书披露，先导智能的智能装备已配备工业控制软件，能精简多种生产工艺，助力客户向高自动化 无人工厂转型，以进一步降低人工成本、提升生产效率，以及推动其实现绿色主张。根据弗若斯特沙利 文的资料，按2024年收入计，全球锂电池智能装备占全球新能源智能装备市场约13.5%。 香港联交所最新资料显示，2月13日，先导智能（300450）(00470)股东将股票由Merrill Lynch Far East Limited转入香港上海汇丰银行，转仓市值4.56亿港元，占比9.67%。 ...

Group 1 - The core point of the article is that XianDao Intelligent (300450) has filed an international patent application for a device named "Film Production Device and Integrated Cutting Machine" with the application number PCT/CN2025/112694, which is set to be published internationally on February 12, 2026 [1] - XianDao Intelligent has announced a total of 12 international patent applications this year, representing a 71.43% increase compared to the same period last year [1] - In the first half of 2025, the company invested 827 million yuan in research and development, which is a slight decrease of 0.41% year-on-year [1]

证券代码：300450 证券简称：先导智能 公告编号：2026-013 网络投票时间：2026 年 2 月 13 日 无锡先导智能装备股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东会召开期间无变更、否决或者修改议案的情况。 2、本次股东会不涉及变更以往股东会决议。 一、会议召开情况 1、会议时间： 现场会议时间：2026 年 2 月 13 日 14:30 （1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2026 年 2 月 13 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为：2026 年 2 月 13 日 9:15-15:00 期间的任意时间。 2、现场会议地点：江苏省无锡市新吴区新洲路 18 号公司会议室。 3、会议召开方式：采用现场投票与网络投票相结合的表决方式。 4、会议召集人：无锡先导智能装备股份有限公司董事会。 5、会议主持人：公司董事长王燕清先生。 6、公司本次 ...

上海市锦天城律师事务所 关于无锡先导智能装备股份有限公司 2026 年第一次临时股东会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于无锡先导智能装备股份有限公司 2026 年第一次临时股东会法律意见书 致：无锡先导智能装备股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受无锡先导智能装备股份有 限公司（以下简称"公司"）委托，委派本所律师出席公司 2026 年第一次临时股 东会（以下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司法》 （以下简称《公司法》）、《上市公司股东会规则》等法律、法规和其他规范性文 件以及《无锡先导智能装备股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项进行了必 要的核查和验证，审查了 ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Core Viewpoint - The stock of Xian Dao Intelligent (300450) has seen a nearly 3% increase, reflecting positive market sentiment driven by significant growth projections in the lithium battery industry in China [1] Industry Summary - According to statistics from Gaogong Industry Research Institute, by 2025, there will be over 282 publicly invested projects across the entire lithium battery industry chain in China, with a total investment exceeding 820 billion yuan, representing a year-on-year increase of over 74%. The expansion trend is expected to continue into 2026 [1] - The ongoing global transition to electric vehicles and the accelerated industrialization of solid-state batteries are expected to sustain the demand for expansion from top automotive manufacturers and battery producers [1] Company Summary - Xian Dao Intelligent is positioned to strengthen its global leadership in the lithium battery intelligent equipment sector, leveraging its technological advantages in complete line projects and a robust order backlog [1] - The company's intelligent equipment is equipped with industrial control software that streamlines various production processes, aiding clients in transitioning to highly automated, unmanned factories, thereby reducing labor costs and enhancing production efficiency [1] - According to Frost & Sullivan, in terms of revenue for 2024, the global market for intelligent equipment in lithium batteries accounts for approximately 13.5% of the global new energy intelligent equipment market. Xian Dao Intelligent is projected to be the largest supplier of lithium battery intelligent equipment globally, with a market share of 15.5%, and the largest in China, with a market share of 19.0% [1]

Core Viewpoint - The company, Xian Dao Intelligent (00470), is experiencing a positive market response with a nearly 3% increase in stock price, attributed to significant growth projections in the lithium battery industry in China, which is expected to see over 282 investment projects and a total investment exceeding 820 billion yuan by 2025, marking a year-on-year increase of over 74% [1] Company Summary - Xian Dao Intelligent's stock price rose by 2.65% to 44.96 HKD, with a trading volume of 122 million HKD [1] - The company is positioned to strengthen its global leadership in the lithium battery intelligent equipment sector, benefiting from its technological advantages and substantial order reserves [1] - According to its prospectus, Xian Dao Intelligent's smart equipment is equipped with industrial control software that streamlines various production processes, aiding clients in transitioning to highly automated, labor-free factories, thereby reducing labor costs and enhancing production efficiency [1] Industry Summary - The global lithium battery intelligent equipment market is projected to account for approximately 13.5% of the global new energy intelligent equipment market by 2024 [1] - Xian Dao Intelligent is expected to be the largest supplier of lithium battery intelligent equipment globally by revenue, holding a market share of 15.5%, and is also the largest supplier in China with a market share of 19.0% [1]

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In January 2026, the production and sales of new energy vehicles (NEVs) showed stable year-on-year growth but significant month-on-month declines due to seasonal factors and policy changes regarding purchase tax and subsidies [4]. - The penetration rate of NEVs reached 40.3% in January, a year-on-year increase of 1.3 percentage points, but a month-on-month decrease of 12 percentage points [4]. - The production of power and energy storage batteries in January was 168 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [4]. - The sales of power and energy storage batteries were 148.8 GWh, with a month-on-month decline of 25.4% and a year-on-year increase of 85.1% [4]. - Energy storage battery sales accounted for 31% of total sales in January, with a year-on-year growth of 164% [4]. - The report anticipates a rebound in demand for lithium batteries post the Spring Festival, with a significant recovery in production expected in March [4]. Summary by Sections New Energy Vehicle Market - In January 2026, NEV production and sales were 1.041 million and 945,000 units, respectively, with year-on-year growth of 2.5% and 0.1%, but month-on-month declines of 39.4% and 44.7% [4]. - Domestic NEV sales were 643,000 units, down 18.9% year-on-year and 54.4% month-on-month [4]. - Exports of NEVs reached 302,000 units, doubling year-on-year and increasing by 0.5% month-on-month [4]. Battery Production and Sales - The total production of power and energy storage batteries was 168 GWh, with power batteries accounting for 102.7 GWh (69% of total sales) and energy storage batteries 46.1 GWh (31% of total sales) [4]. - The export volume of batteries was 24.1 GWh, with power batteries making up 17.7 GWh and energy storage batteries 6.4 GWh [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly in the solid-state battery sector, which is expected to drive demand for materials and equipment upgrades [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, Keda Industrial, and others [4].