申万宏源主要观点如下： 事件：据中国工程机械工业协会对挖掘机主要制造企业统计，2025年11月销售各类挖掘机20027台，同 比增长13.9%。其中国内销量9842台，同比增长9.11%；出口量10185台，同比增长18.8%。2025年1-11 月，共销售挖掘机212162台，同比增长16.7%；其中国内销量108187台，同比增长18.6%；出口103975 台，同比增长14.9%。2025年11月销售电动挖掘机19台(6吨级以下5台，6至10吨级2台，10至18.5吨级1 台，18.5至28.5吨级11台)。 11月挖机国内、出口两旺，行业向上进行时 1)国内：挖机销量自24年3月同比增速转正以来持续改善，今年国内销量有望接近12万台，但相较20年 内销29万台仍有非常大的增长潜力；2)出口：11月单月销量再次破万，全年出口有望突破11万台，或创 历史新高。 开工时长、开工率数据显示国内施工强度仍然偏弱 据中国工程机械工业协会统计数据显示，2025年11月工程机械主要产品月平均工作时长为84.2小时，同 比下降13%，环比增长4.08%。11月工程机械主要产品月开工率为56.5%，同比下降12.1个百分 ...

足球在 机械设备/ ■ 零量机械 2025 年 12 月 08 日 内外销两旺，看好工程机械 挖机 11 月销量点评 事件: 据中国工程机械工业协会对挖掘机主要制造企业统计，2025 年 11 月销售各类挖掘机 ● 20027 台，同比增长 13.9%。其中国内销量 9842 台，同比增长 9.11%； 出口量 10185 台，同比增长 18.8%。2025 年 1-11 月，共销售挖掘机 212162 台，同比增长 16.7%； 其中国内销量 108187 台，同比增长 18.6%；出口 103975 台，同比增长 14.9%。 2025 年 11 月销售电动挖掘机 19 台 (6 吨级以下 5 台, 6 至 10 吨级 2 台, 10 至 18.5 吨级 1 台，18.5 至 28.5 吨级 11 台）。 点评: ● 风险提示： 宏观经济波动的风险、行业竞争加剧的风险等。 #研究院 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@s ...

行 业 及 产 业 机械设备/ 工程机械 2025 年 12 月 08 日 内外销两旺，看好工程机械 看好 ——挖机 11 月销量点评 事件： ⚫ 据中国工程机械工业协会对挖掘机主要制造企业统计，2025 年 11 月销售各类挖掘机 20027 台，同比增长 13.9%。其中国内销量 9842 台，同比增长 9.11%；出口量 10185 台，同比增长 18.8%。2025 年 1-11 月，共销售挖掘机 212162 台，同比增长 16.7%； 其中国内销量 108187 台，同比增长 18.6%；出口 103975台，同比增长 14.9%。2025 年 11 月销售电动挖掘机 19 台（6 吨级以下 5 台，6 至 10 吨级 2 台，10 至 18.5 吨级 1 台，18.5 至 28.5 吨级 11 台）。 点评： ⚫ 风险提示：宏观经济波动的风险、行业竞争加剧的风险等。 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 li ...

Group 1: Key Events and Developments - Zhiyuan Robotics launched the Lingxin platform on November 24, 2025, which allows users to configure the personality and voice of robots [1] - The Ministry of Industry and Information Technology (MIIT) announced the list of members for the humanoid robot standardization technical committee on November 24, 2025, indicating ongoing efforts to establish industry standards [1] - The Hunan Embodied Intelligence Innovation Center was fully launched on November 26, 2025, further promoting the development of humanoid robotics [3] Group 2: AI Infrastructure Developments - Amazon plans to invest $50 billion to expand AI computing capacity for the U.S. government, adding 1.3 GW of capacity [3] - Vantage Data Centers received $1.6 billion in investment to expand its operations in the Asia-Pacific region [3] - Former President Trump signed an executive order on November 25, 2025, to initiate a national-level AI program called "Genesis Mission" [3] Group 3: Company Dynamics - On November 25, 2025, Kuawei Intelligent and Kepler Robotics visited Zhenghe Industrial [4] - On November 27, 2025, Shengshi Technology signed a strategic cooperation agreement with Songyan Power [4] - On November 28, 2025, Changan Automobile plans to invest 225 million yuan to establish Changan Robotics [4] Group 4: Investment Insights - For humanoid robots, focus on value and positioning, with an emphasis on supply chain vendors and companies with strong market positions [5] - In AI infrastructure, the AI liquid cooling segment is highlighted as a key area for investment, with specific companies recommended for attention [6] - The low-altitude economy is rapidly advancing, with a national low-altitude traffic project initiated, emphasizing the importance of core components in the industry [6]

Core Viewpoint - The company Weiman Sealing experienced a 2.35% increase in stock price on December 1, with a trading volume of 126 million yuan, indicating positive market sentiment and investor interest [1]. Financing Summary - On December 1, Weiman Sealing had a financing buy-in amount of 9.0054 million yuan, with a net financing purchase of 952,200 yuan after 8.0532 million yuan was repaid [1]. - The total financing and securities balance reached 93.2756 million yuan, accounting for 2.35% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1]. - There were no shares sold or repaid in the securities lending market on December 1, with the securities lending balance also at zero, placing it in the 90th percentile level over the past year, suggesting a high level of demand for borrowing [1]. Business Performance - As of November 28, the number of shareholders for Weiman Sealing increased by 0.86% to 12,200, while the average circulating shares per person decreased by 0.85% to 6,329 shares [2]. - For the period from January to September 2025, Weiman Sealing reported a revenue of 572 million yuan, reflecting a year-on-year growth of 10.68%, and a net profit attributable to shareholders of 69.791 million yuan, which is a 38.54% increase compared to the previous year [2]. Dividend and Shareholding Structure - Since its A-share listing, Weiman Sealing has distributed a total of 37.68 million yuan in dividends [3]. - As of September 30, 2025, notable institutional shareholders include the new entrants such as the Fortune Stable Growth Mixed Fund, holding 2.3 million shares, and the Ping An Advanced Manufacturing Theme Fund, holding 1.1332 million shares [3].

证券日报网讯12月1日，唯万密封（301161）在互动平台回答投资者提问时表示，截至2025年11月28 日，公司股东户数为12197户。 ...

Market Overview - The engineering machinery sector increased by 0.26% on November 25, with Helen Zhe leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Helen Zhe (300201) closed at 6.36, up 6.00% with a trading volume of 1.5095 million shares and a turnover of 944 million yuan [1] - Jin Dao Technology (301279) closed at 28.89, up 5.13% with a trading volume of 27,900 shares and a turnover of 797.584 million yuan [1] - Xia Gong Co. (600815) closed at 3.74, up 3.31% with a trading volume of 1.382 million shares and a turnover of 511 million yuan [1] - Changling Hydraulic (605389) closed at 67.01, up 3.20% with a trading volume of 20,900 shares and a turnover of 140 million yuan [1] - Aidi Precision (603638) closed at 19.90, up 3.11% with a trading volume of 137,300 shares and a turnover of 274 million yuan [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 23.2778 million yuan from institutional investors and 12.6804 million yuan from speculative funds, while retail investors saw a net inflow of 35.9582 million yuan [2] - The top net inflows from institutional investors included Zhonglian Cheke (000157) with 38.2059 million yuan and Helen Zhe (300201) with 36.83 million yuan [3] - The largest net outflows from retail investors were seen in Zhonglian Cheke (000157) with -50.0579 million yuan and Helen Zhe (300201) with -25.7235 million yuan [3]

格隆汇11月18日丨唯万密封(301161.SZ)在投资者互动平台表示，在机器人领域公司正在积极与行业头 部优质客户开展协同研发，共同确定技术方案、供样测试，此领域目前处于发展的初级阶段，未来发展 存在极大的不确定性，如有相关进展，公司将严格按照相关规定及时履行信息披露义务。 ...

Core Viewpoints - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution of downstream applications, with numerous sub-sectors categorized into five primary and nineteen secondary industries [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential for humanoid robots to revolutionize productivity and improve human life, with significant market potential supported by national policies [49][53] Group 3: Engineering Machinery - The domestic engineering machinery sector has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - Globalization strategies are expected to enhance profitability and smooth domestic cyclical fluctuations, transitioning the industry towards a "globalization + electrification" growth model [7][10] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, with recommendations for companies in scientific instruments and X-ray detection equipment [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and potential growth in controlled nuclear fusion [7][10] - The report suggests monitoring companies involved in nuclear power and fusion technologies for long-term investment opportunities [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as value-driven segments within the machinery industry [7][10] - Recommendations include focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - A combination of growth and forward-looking companies is recommended, including those in humanoid robots, AI infrastructure, and detection services [7][10] - Long-term investment strategies should prioritize companies with robust fundamentals and competitive positioning in their respective markets [7][10]

Group 1 - Longjian Co., Ltd. won a bid for a highway maintenance project in Heilongjiang with a contract value of 483 million yuan, accounting for 2.64% of the company's expected revenue for 2024 [1] - Transsion Holdings plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [1] - Good Home's controlling shareholder intends to reduce its stake by up to 2.7%, equivalent to no more than 39.4468 million shares [1][2] Group 2 - Xinhua Insurance reported a cumulative premium income of 181.973 billion yuan from January to October, representing a year-on-year growth of 17% [2][4] - Zhejiang Jiaokao is part of a consortium that plans to bid for a new urbanization project with an estimated total investment of 11.103 billion yuan [4] Group 3 - Changchun High-tech received approval for clinical trials of a vaccine for adolescents and adults [6] - XinNuoWei's application for the listing of Pertuzumab injection has been accepted, targeting HER2-positive breast cancer [8] - Dash Smart won a bid for an intelligent project at the new Huanggang Port inspection building, valued at 55.056 million yuan, which is 1.74% of its expected revenue for 2024 [8] Group 4 - Electronic City is involved in a lawsuit for debt recovery, with the amount in dispute estimated at 777 million yuan [9] - Haibo Technology signed a strategic cooperation agreement with CATL for a cumulative procurement of no less than 200 GWh of electricity from 2026 to 2028 [10] Group 5 - Renfu Pharmaceutical's HW231019 tablets have entered the second phase of clinical trials for postoperative pain relief [11] - Tonghua Dongbao received a drug registration certificate for Aspart Insulin injection from the Dominican Republic [11] Group 6 - Shaanxi Construction reported winning major projects worth a total of 1.016 billion yuan in October [12] - Fuzhou Environmental Protection plans to change its stock name to "Fuzhou Technology" [12] Group 7 - Panlong Pharmaceutical's gel patch for knee osteoarthritis has received approval for clinical trials [15] - Zhongyida's application for a specific stock issuance has been terminated by the Shanghai Stock Exchange [16] Group 8 - Zhizhong Home's controlling shareholder reduced its holdings of convertible bonds by 905,000 units, accounting for 13.51% of the total issued [19] - Haibo Co., Ltd. plans to establish a subsidiary with an investment of 1 billion yuan for high-end component projects [21] Group 9 - Caina Co. plans to use 57 million yuan of idle funds to purchase structured deposits [23] - Zhendong Pharmaceutical's new drug for acute ischemic stroke has entered the IIa phase of clinical trials [25] Group 10 - Weiman Sealing's overseas subsidiary plans to lease a factory in Saudi Arabia for 5 years at a total rent of approximately 54.039 million yuan [26] - Yiling Pharmaceutical's application for Memantine Hydrochloride has been approved for market entry [28] Group 11 - Dongfang Zhizao plans to acquire 70% of Saifu Machinery for 27.4887 million yuan [30] - JianKai Technology's actual controller intends to transfer 3% of the company's shares through inquiry [31] Group 12 - Rejing Bio plans to repurchase shares worth between 100 million and 200 million yuan [32] - Bangji Technology has decided to terminate a major asset restructuring project due to failure to reach an agreement [34] Group 13 - Huadong Pharmaceutical's application for the marketing license of a new drug has been accepted [36] - Zhonggu Logistics' shareholder plans to reduce its stake by up to 3% [38] Group 14 - Bohui Innovation's subsidiary received approval for a clinical trial of a vaccine for invasive infections [40] - Shannon Chip's shareholder pledged 0.27% of the company's shares for financing [42] Group 15 - Shanghai Petrochemical appointed a new general manager [44] - Jiaojian Co. plans to reduce the holdings of some directors and executives by up to 0.35% [46] Group 16 - Weiting Electric plans to raise no more than 300 million yuan through a private placement [47] - Zhongjin Irradiation plans to invest approximately 200 million yuan in an electronic accelerator manufacturing project [49] Group 17 - Tongxing Technology signed a framework agreement to invest 3.2 billion yuan in a sodium battery project [50] - Hongri Da plans to establish a subsidiary focused on semiconductor packaging [51] Group 18 - Shanghai Kaibao's new drug for acute ischemic stroke has received approval for clinical trials [53] - Yitong Century announced a change in its control structure, becoming a company without a controlling shareholder [55]