2025年以来，A股定增市场赚钱效应凸显。52家私募机构踊跃布局，累计投入近60亿元，目前浮盈超27亿元。 可观的浮盈得益于私募机构的精准选股。私募排排网统计数据显示，截至2025年12月23日，在私募机构参与定增的58只个股中，有54只目前处 于浮盈状态，其中9只个股浮盈比例超过100%。 整体上看，电子行业是最受私募青睐的行业，同时，电力设备行业的定增项目亦吸引较多私募资金流入。种种现象凸显出资金向科技创新与国 产自主化主线聚集的趋势。 （资料图） 电子行业定增最受青睐 2025年，A股定增市场显著回暖。Wind数据显示，按定增股份上市日统计，截至12月24日，年内有158家上市公司实施定向增发，实际募资总 额超过8500亿元，同比大增了4倍有余。 同时，部分定增项目带来了不菲的浮盈。截至12月24日，于今年内实施定增的大多数上市公司，在增发股份上市后呈现涨势；自增发股份上市 以来涨超50%的上市公司占比超过四成。 在此背景下，私募机构参与定增市场热情较高。 私募排排网统计数据显示，按定增股份上市日统计，截至2025年12月23日，今年内共有52家私募机构参与定增，合计获配金额高达59.80亿 元，较去年 ...

Group 1 - The report emphasizes the growth potential of the manufacturing sector driven by advancements in AI and a reversal of the anti-competitive cycle [1] - Key companies highlighted for investment include Yokogawa Electric, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] - The report maintains a positive outlook on the machinery equipment industry, with a focus on companies that are positioned to benefit from emerging trends [6] Group 2 - The report details the performance of various sectors, with the best-performing indices including retail trade (+6.66%) and non-bank financials (+2.9%) for the week ending December 19, 2025 [4][19] - Within the manufacturing sector, the top indices were the China Aerospace and Military Industry Theme (+3.83%) and the Shanghai 50 (+0.32%) [20] - The report notes significant bidding activity in the controlled nuclear fusion sector, with over 5.6 billion yuan in bids since the beginning of 2025, indicating accelerated project development [7][8] Group 3 - The report discusses the strategic merger of Trump Media with TAE Technologies, valued at $6 billion, highlighting the increasing capital flow into the fusion energy sector [9] - TAE Technologies is noted for its innovative approach to fusion energy, utilizing hydrogen-boron fusion technology, which is seen as a cleaner alternative to traditional methods [9] - The report suggests focusing on core suppliers and flexible investment targets in the fusion energy supply chain, including companies like Lianchuang Optoelectronics and Xiguang Electronics [8][9] Group 4 - The report provides earnings forecasts for key companies, projecting revenue growth for companies like SANY Heavy Industry and Zhejiang Rongtai, with expected EPS growth from 0.63 to 1.20 for SANY from 2024 to 2026 [17] - The report highlights the competitive landscape in the carrier tape market, where the company has a 74% market share in paper carrier tape and is expanding into the plastic carrier tape segment [10][12] - The report also discusses the potential of composite current collectors in the lithium battery market, projecting significant growth from $1.2 billion in 2023 to $3.4 billion by 2032 [12]

Group 1 - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, and XCMG Machinery among others [2][3] - The report maintains a positive outlook on the machinery sector, noting a 14% increase in excavator sales in November, which slightly exceeded expectations [4] Group 2 - The best-performing indices in the last week (December 1-5, 2025) included Nonferrous Metals (+5.35%), Communications (+3.69%), and Defense Industry (+2.82%) [5][20] - The top three indices in the large manufacturing sector were the Yangtze River Engineering Machinery Index (+5.47%), the ChiNext Index (+1.86%), and the Automotive Parts Index (+1.83%) [5][21] Group 3 - The report draws parallels between the current potential of humanoid robots and the past boom of electric vehicles, suggesting a similar macroeconomic backdrop and industry stage could lead to significant investment opportunities [8][9] - The expected market size for humanoid robots is projected to reach $700 billion by 2030, compared to an estimated $570 billion for electric vehicles in 2024 [8] - Investment opportunities are identified in core components and domestic manufacturers, with a focus on companies that meet three necessary conditions: management determination, past performance validation, and future application scenarios [9] Group 4 - The report discusses the rise of Hengli Heavy Industry as a new player in the shipbuilding sector, benefiting from an upturn in shipbuilding demand and improved profitability [10] - The global shipbuilding industry is expected to see a 34.9% increase in new orders in 2024, with specific segments like container ships and oil tankers showing significant growth [10] - Hengli Heavy Industry's competitive advantages include ample production capacity and an integrated supply chain, which are expected to support future performance [10][11] Group 5 - The report highlights the strategic moves of Meilixin, including a planned share buyback and a fundraising initiative aimed at expanding its liquid cooling and semiconductor projects [11][13] - The company is positioned to benefit from its partnerships in the server liquid cooling market, leveraging its manufacturing capabilities and established client relationships [11][13] - Future performance is anticipated to exceed market expectations due to the company's strategic focus on high-demand sectors such as telecommunications and electric vehicles [11][13]

11月26日，横河精密涨5.01%，截至发稿，报44.88元/股，成交2.18亿元，换手率2.87%，总市值120.32 亿元。 资料显示，宁波横河精密工业股份有限公司位于浙江省慈溪市新兴产业集群区宗汉街道新兴大道588 号，成立日期2001年7月9日，上市日期2016年8月30日，公司主营业务涉及精密塑料模具的研发、设 计、制造,以及注塑成型及部件组装业务,致力于为客户提供模具设计、注塑成型塑料零部件及产品组装 的高品质综合服务。主营业务收入构成为：智能家电精密零件组59.17%，汽车轻量化内饰件22.97%， 智能座舱精密零件组11.02%，其他(补充)6.84%。 从基金十大重仓股角度 数据显示，信达澳亚基金旗下1只基金重仓横河精密。信澳睿益鑫享混合A（025214）三季度持有股数 1500股，占基金净值比例为1.69%，位居第三大重仓股。根据测算，今日浮盈赚取约3210元。 信澳睿益鑫享混合A（025214）成立日期2025年9月24日，最新规模413.88万。成立以来亏损1.89%。 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 ...

Investment Strategy Overview - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - The investment strategy for the mechanical industry in 2026 focuses on cyclical reversal, growth emergence, and accelerated overseas expansion [4] Core Companies and Recommendations - Key companies recommended include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, XCMG, and others [2][3] - The core portfolio consists of companies such as Sany Heavy Industry, XCMG, and China Shipbuilding, among others, indicating a diversified investment approach [3] Industry Performance and Trends - As of November 21, 2025, the best-performing indices in the manufacturing sector included shipbuilding and engineering machinery, with declines of -0.4% and -2.7% respectively [17][19] - The mechanical sector is expected to see a cyclical reversal with improvements in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6] Growth Opportunities - Growth areas identified include embodied intelligence, controllable nuclear fusion, semiconductor equipment, AIDC, and PCB equipment, with a focus on domestic and international market expansion [6][7] - The report highlights the importance of domestic substitution in semiconductor equipment and the ongoing demand for AI-driven solutions in AIDC [7] Company-Specific Insights - For Zhejiang Rongtai, Q3 2025 saw a significant increase in revenue and net profit, with a gross margin reaching a new high of 38%, indicating strong performance despite industry headwinds [8][9] - The company is also investing in humanoid robot components, which are expected to drive future growth, particularly with the upcoming mass production of Tesla's humanoid robots [8][9] Earnings Forecasts - Earnings forecasts for key companies show substantial growth, with projected net profits for 2025-2027 for companies like Yokogawa Precision and Zhejiang Rongtai indicating strong CAGR rates [15][8] - For instance, Zhejiang Rongtai's net profit is expected to grow from 2.77 billion to 8.39 billion by 2027, reflecting a CAGR of 53.9% [8][15]

信澳睿益鑫享混合A（025214）基金经理为杨喆、李可博。 截至发稿，杨喆累计任职时间6年85天，现任基金资产总规模413.89万元，任职期间最佳基金回报 44.7%， 任职期间最差基金回报-38.35%。 李可博累计任职时间61天，现任基金资产总规模3.12亿元，任职期间最佳基金回报4.83%， 任职期间最 差基金回报-0.83%。 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。 11月18日，横河精密跌5.09%，截至发稿，报45.70元/股，成交1.28亿元，换手率1.59%，总市值122.52 亿元。 资料显示，宁波横河精密工业股份有限公司位于浙江省慈溪市新兴产业集群区宗汉街道新兴大道588 号，成立日期2001年7月9日，上市日期2016年8月30日，公司主营业务涉及精密塑料模具的研发、设 计、制造,以及注塑成型及部件组装业务,致力于为客户提供模具设计、注塑成型塑料零部件及产品组装 的高品质综合服务。主营业务收入构成为：智能家电精密零件组59.17%，汽车轻量化 ...

Core Viewpoint - The report by Zhiyan Consulting highlights the growth and market dynamics of the rubber and plastic products industry in China, indicating a positive trend in the number of enterprises and overall market potential from 2026 to 2032 [1] Industry Summary - As of January to September 2025, the number of enterprises in the rubber and plastic products industry reached 28,347, an increase of 1,457 compared to the same period last year, representing a year-on-year growth of 5.42% [1] - The rubber and plastic products industry accounts for 5.43% of the total industrial enterprises in China [1] - The report provides a comprehensive analysis and investment scale forecast for the rubber and plastic products industry, emphasizing the sector's growth potential and investment opportunities [1] Company Summary - The report mentions several listed companies in the rubber and plastic products sector, including Xinlun New Materials (002341), Shenjian Co., Ltd. (002361), and others, indicating a diverse range of players in the market [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing tailored consulting services to support investment decisions [1]

证券代码：300539 证券简称：横河精密 公告编号：2025-058 宁波横河精密工业股份有限公司 2025 年第三次临时股东大会决议公告 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、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会不涉及变更前次股东大会决议； 3、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开情况 1、会议召开的日期和时间 现场会议召开时间：2025 年 11 月 13 日（星期四）14:00。 网络投票时间：2025 年 11 月 13 日。 其中，通过深圳证券交易所交易系统投票的具体时间为 2025 年 11 月 13 日 上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投 票系统（http://wltp.cninfo.com.cn）投票的具体时间为：2025 年 11 月 13 日 9:15 至 15:00 的任意时间。 2、股权登记日：2025 年 11 月 10 日（星期一）。 3、现场会议地点：浙江省慈溪市新兴产业集群区新兴大 ...

法律意见书 浙六和法意(2025)第 2201 号 致：宁波横河精密工业股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《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》及《宁波横河精 密工业股份有限公司章程》（以下简称"《公司章程》"）的规定，浙江六和律师 事务所接受宁波横河精密工业股份有限公司（以下简称"公司"）委托，指派张进 律师、孙登律师（以下简称"六和律师"）出席了公司 2025 年第三次临时股东大 会并对本次股东大会的相关事项进行见证，并出具本法律意见书。 本法律意见书是六和律师根据对本次股东大会事实的了解及对我国现行法 律、法规和规范性文件的理解而出具的。 六和律师同意将本法律意见书作为本次股东大会的法定必备文件予以公告， 并依法对所出具的法律意见承担责任。 浙江六和律师事务所关于 宁波横河精密工业股份有限公司 2025 年第三次临时股东大会的 六和律师根据我国法律的要求，按照律师行业公认的业务标准、道德规范和 勤勉尽责精神，对公司 2025 年第三次临时股东大会的召集、召开及其他相关法 律问题发表如下意见： 一、关于本次股东大会的召集、召开程序 （一 ...

信澳睿益鑫享混合A（025214）基金经理为杨喆、李可博。 11月13日，横河精密涨5.04%，截至发稿，报47.06元/股，成交3.27亿元，换手率4.15%，总市值126.17 亿元。 资料显示，宁波横河精密工业股份有限公司位于浙江省慈溪市新兴产业集群区宗汉街道新兴大道588 号，成立日期2001年7月9日，上市日期2016年8月30日，公司主营业务涉及精密塑料模具的研发、设 计、制造,以及注塑成型及部件组装业务,致力于为客户提供模具设计、注塑成型塑料零部件及产品组装 的高品质综合服务。主营业务收入构成为：智能家电精密零件组59.17%，汽车轻量化内饰件22.97%， 智能座舱精密零件组11.02%，其他(补充)6.84%。 从基金十大重仓股角度 数据显示，信达澳亚基金旗下1只基金重仓横河精密。信澳睿益鑫享混合A（025214）三季度持有股数 1500股，占基金净值比例为1.69%，位居第三大重仓股。根据测算，今日浮盈赚取约3390元。 信澳睿益鑫享混合A（025214）成立日期2025年9月24日，最新规模413.88万。成立以来亏损0.72%。 截至发稿，杨喆累计任职时间6年80天，现任基金资产总规模 ...