证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250714-20250718） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有冰轮环境、博实结、大族数控、福光股份、 骏鼎达等。近5天机构调研数前二十的热门公司有冰轮环境、燕京啤酒、兴蓉环 境、宁波银行和超捷股份等。近30天机构调研数前二十的热门公司中评级机构家 数大于或等于10家的有6家，分别为燕京啤酒、沪电股份、中国重汽、汇川技术、 华菱钢铁和北方稀土。燕京啤酒、沪电股份和中国重汽2024年归母净利润相较 2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年7月14日至2025年7月18日，发布重要股东增持进展情况公告的公司共计 3家，分别为帝欧家居、利亚德和华侨城A。 ➢ 本周A股上市公司回购情况 2025年7月14日至2025年7月18日，共计81家公司发布回购进展情况公告，评级 机构家数大于10家（含10家）的共18家，其中，预计回购金额上下限均值占预案 日市值比例大于1%的共5家，公司为厦门象屿、长虹美菱、梦百合、隆盛科技和 海南华铁。 ➢ 2025/01/01-2025/07/18 ...

Group 1: Macro Economic Overview - Q2 2025 GDP shows resilience with a year-on-year growth of 5.2%, supported by export gains offsetting construction sector drag [3][4][9] - The industrial production in June increased by 1.0 percentage points to 6.8% year-on-year, while the service sector remained stable [3] - The disposable income growth for residents slightly decreased to 5.4%, with consumer spending showing marginal recovery [4] Group 2: Consumer Market Insights - June retail sales growth slowed to 4.8% year-on-year, impacted by the timing of the 618 shopping festival and regional subsidy controls [20][21] - The contribution of "trade-in" spending to retail sales has diminished, with June's trade-in spending progress estimated at 54% [5] - The food and beverage sector is expected to benefit from potential policy support for domestic consumption, particularly in the liquor segment [20][25] Group 3: Industry Specific Analysis - The food and beverage industry is experiencing a slowdown in retail sales growth, with a focus on top liquor brands for strategic investment [20][25] - The machinery sector, particularly 隆盛科技, is positioned for growth with a projected revenue of 2.24 billion yuan in 2024, driven by its EGR systems and electric motor components [31][32] - The company is expanding into humanoid robotics, leveraging its precision manufacturing capabilities and established client relationships with major automotive players [33] Group 4: Investment Recommendations - The report suggests focusing on high-quality companies in the "emotional consumption" theme, particularly in gold jewelry, offline retail, cosmetics, and medical aesthetics [29][30] - Specific recommendations include leading brands in the liquor industry and innovative companies in the snack sector, which are expected to maintain strong growth [23][25]

Market Overview - A-shares maintained a narrow fluctuation on July 16, with the Shanghai Composite Index closing at 3503.78 points, down 0.03% [1] - The Shenzhen Component Index and the ChiNext Index both fell by 0.22% to 10720.81 points and 2230.19 points, respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 146.19 billion yuan, a decrease of over 170 billion yuan from the previous day [1] Sector Performance - Financial stocks collectively declined, while the steel, non-ferrous metals, and coal sectors showed weakness [1] - The automotive supply chain stocks surged, with companies like Rongtai Co., Fuda Co., and Zhejiang Rongtai hitting the daily limit [1] - The innovative drug concept saw significant activity, with stocks like Guosheng Tang and Iwu Biotech rising approximately 16% [5][6] - The humanoid robot concept remained hot, with companies like Shangwei New Materials achieving a six-day limit increase [2][4] Notable Company Movements - Huadian New Energy, which debuted on the Shanghai main board, closed up 125.8%, reaching a market value of over 300 billion yuan at one point [1] - Weiyali, a Hong Kong-based electronic component distributor, saw its stock surge by 288% upon resuming trading, with an intraday increase exceeding 900% [1] Humanoid Robot Sector Insights - The humanoid robot industry is in its early stages, with significant growth expected in the next 3 to 5 years across various applications [4] - The current phase is described as the "dawn" of humanoid robot industrialization, with mass production and large-scale application becoming feasible [4] - Cost reduction is crucial for the widespread adoption of humanoid robots, and companies that master core component technologies are recommended for investment [4] Innovative Drug Sector Insights - The innovative drug sector experienced strong gains, with several companies hitting the daily limit [5][6] - The recent launch of the 11th batch of national drug centralized procurement is expected to impact the market, focusing on mature "old drugs" rather than innovative drugs [7] - The introduction of measures to support the high-quality development of innovative drugs indicates a growing role for commercial insurance in the healthcare system [7] Pet Economy Sector Insights - The pet economy concept gained traction, with companies like Weike Technology rising over 10% [8] - The pet food sector is viewed as a growing market with significant long-term growth potential, particularly for domestic brands [8]

A股减速器概念午后活跃，福达股份封板涨停，金道科技、精锻科技、豪能股份、隆盛科技、中大力 德、力星股份等跟涨。 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-032 无锡隆盛科技股份有限公司 关于回购股份实施完成暨股份变动的公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于2024年11月27日召开第五届 董事会第四次会议，并于2024年12月16日召开2024年第二次临时股东大会，审议通过 了《关于回购公司股份方案的议案》，同意公司使用自有资金和股票回购专项贷款以 集中竞价方式回购公司已发行的人民币普通股（A股）股票，回购股份将全部予以注 销并减少公司注册资本。本次回购的资金总额不低于人民币10,000万元且不超过人民 币20,000万元（含本数），回购股份价格不超过人民币40元/股，具体回购股份的数 量和金额以回购期限届满时实际回购的股份数量为准。本次回购股份的实施期限为自 股东大会审议通过回购股份方案之日起不超过12个月。具体内容详见公司在巨潮资讯 网（www.cninfo.com.cn）披露的《关于回购公司股份方案暨取得金融机构股票回购 专项贷款承诺书的公告》（公告编号：2024-061）、《回 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-031 无锡隆盛科技股份有限公司 关于回购公司股份的进展公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于2024年11月27日召开第五届 董事会第四次会议，并于2024年12月16日召开2024年第二次临时股东大会，审议通过 了《关于回购公司股份方案的议案》，同意公司使用自有资金和股票回购专项贷款以 集中竞价方式回购公司已发行的人民币普通股（A股）股票，回购股份将全部予以注 销并减少公司注册资本。本次回购的资金总额不低于人民币10,000万元且不超过人民 币20,000万元（含本数），回购股份价格不超过人民币40元/股，具体回购股份的数 量和金额以回购期限届满时实际回购的股份数量为准。本次回购股份的实施期限为自 股东大会审议通过回购股份方案之日起不超过12个月。具体内容详见公司在巨潮资讯 网（www.cninfo.com.cn）披露的《关于回购公司股份方案暨取得金融机构股票回购 专项贷款承诺书的公告》（公告编号：2024-061）、《回购报告书》 ...

Core Viewpoint - The company has approved a share repurchase plan, intending to buy back shares using its own funds and a special loan, with a total amount between RMB 100 million and RMB 200 million, and a maximum repurchase price of RMB 40 per share [1][3]. Group 1: Share Repurchase Plan - The company will repurchase shares through centralized bidding, and all repurchased shares will be canceled, reducing the registered capital [1]. - The implementation period for the share repurchase is set to not exceed 12 months from the approval date by the shareholders' meeting [1]. - Following the annual equity distribution, the maximum repurchase price has been adjusted to RMB 39.80 per share starting from June 18, 2025 [3]. Group 2: Progress of Share Repurchase - As of June 23, 2025, the company has repurchased a total of 2,356,000 shares, accounting for 1.02% of the total share capital, with a total payment of approximately RMB 76.78 million [3][4]. - The highest transaction price during the repurchase was RMB 39.36 per share, while the lowest was RMB 27.15 per share [3]. Group 3: Compliance and Future Actions - The company's share repurchase activities comply with relevant regulations and guidelines from the Shenzhen Stock Exchange [4]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill information disclosure obligations as required by law [4].

证券代码：300680 证券简称：隆盛科技 公告编号：2025-030 无锡隆盛科技股份有限公司 关于回购公司股份比例达到1%的进展公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于2024年11月27日召开第五届 董事会第四次会议，并于2024年12月16日召开2024年第二次临时股东大会，审议通过 了《关于回购公司股份方案的议案》，同意公司使用自有资金和股票回购专项贷款以 集中竞价方式回购公司已发行的人民币普通股（A股）股票，回购股份将全部予以注 销并减少公司注册资本。本次回购的资金总额不低于人民币10,000万元且不超过人民 币20,000万元（含本数），回购股份价格不超过人民币40元/股，具体回购股份的数 量和金额以回购期限届满时实际回购的股份数量为准。本次回购股份的实施期限为自 股东大会审议通过回购股份方案之日起不超过12个月。具体内容详见公司在巨潮资讯 网（www.cninfo.com.cn）披露的《关于回购公司股份方案暨取得金融机构股票回购 专项贷款承诺书的公告》（公告编号：2024-061）、《 ...

隆盛科技、豪能股份、美湖股份投资逻辑重申 20250622 特斯拉机器人研发基于第一性原理，追求通用解决方案，需大量投入且 迭代周期长；国内企业则侧重细分场景的垂直应用，落地速度可能更快， 隆盛科技、豪能股份、美湖股份等受益于国产替代。 隆盛科技通过收购威汉智能，增强了资金实力和客户资源协同效应，并 在机器人视觉产品方面布局全面，尤其在斜坡关节总成和灵巧手等产品 上。公司正积极与客户对接，推进定点、小批量、大批量生产。 豪能股份同步器业务领先，差速器业务受益于新能源汽车市场快速增长， 行星齿轮业务在人形机器人传动领域具有成本和抗冲击性优势，订单及 客户开拓情况良好，业绩增速超预期。 湘油泵在传统油泵领域市场地位稳固，同时布局人形机器人领域，以谐 波传动系统为核心打造关节总成，产业链布局完善。入股女娲机器人， 显示出公司在新兴技术领域的拓展潜力。 英伟达通过虚拟世界仿真平台加速 AI 训练和迭代，赋能机器人研发端， 并与富士康等合作，推动机器人更快应用于生产线，提高生产效率和技 术创新。 Q&A 机器人板块近期的市场表现如何？有哪些影响因素？ 机器人板块自 5 月上中旬开始调整，至今已经经历了较长时间的波动。上 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-029 无锡隆盛科技股份有限公司 关于2024年年度权益分派实施后调整回购股份价格上限的公告 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： 一、回购方案概述 无锡隆盛科技股份有限公司（以下简称"公司"）于2024年11月27日召开第五届 董事会第四次会议，并于2024年12月16日召开2024年第二次临时股东大会，审议通过 了《关于回购公司股份方案的议案》，同意公司使用自有资金和股票回购专项贷款以 集中竞价方式回购公司已发行的人民币普通股（A股）股票，回购股份将全部予以注 销并减少公司注册资本。本次回购的资金总额不低于人民币10,000万元且不超过人民 币20,000万元（含本数），回购股份价格不超过人民币40元/股，具体回购股份的数 量和金额以回购期限届满时实际回购的股份数量为准。本次回购股份的实施期限为自 股东大会审议通过回购股份方案之日起不超过12个月。具体内容详见公司在巨潮资讯 网（www.cninfo.com.cn）披露的《关于回购公司股份方案暨取得金融机构股票回购 专项贷 ...