[Table_Reportdate] 2025年12月1日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 子行业周报2025/6/2-2025/6/8 1. 英伟达Q3业绩与Q4指引超市场 预期，谷歌发布Gemini 3——电子 行业周报（2025/11/17- 2025/11/23） 2. 中芯国际三季度产能利用率与 ASP双增，百度公布昆仑芯五年路 线图——电子行业周报 （2025/11/10-2025/11/16） 3. 华虹三季度营收创新高，谷歌最 新TPU即将上市——电子行业周报 （2025/11/3-2025/11/9） [Table_NewTitle] 阿里云Q3营收同比增长34%，华为Mate 80系列与夸克AI眼镜发布 ——电子行业周报2025/11/24-2025/11/30 [table_ ...

Group 1 - The report highlights a rebound in manufacturing PMI to 49.2% in November, up from 49.0% in October, driven by easing trade tensions between China and the US, particularly in new export orders [6][7] - The non-manufacturing PMI decreased to 49.5% from 50.1%, indicating a seasonal decline in the service sector, while the construction sector showed resilience with a rising expectation index [6][8] - High-energy industries showed a slight recovery, with the PMI for high-energy industries at 48.4%, up 1.1 percentage points, while the equipment manufacturing and consumer goods sectors continued to decline [8][9] Group 2 - The report anticipates significant elasticity in the economic cycle in the second half of 2026, driven by corporate inventory behaviors and the need for long-term raw material contracts [12][14] - Global asset performance showed an upward trend in November, with notable rebounds in technology stocks and commodities like gold and copper, while the dollar index slightly declined [12][13] - The report suggests that the domestic equity market is expected to remain stable, with a focus on sectors benefiting from domestic demand expansion and technological advancements, such as non-ferrous metals and power equipment [17][18] Group 3 - The mechanical equipment industry is expected to benefit from improved industry standards and evaluation systems, which will promote orderly development and commercialization of intelligent manufacturing technologies [19][20] - The establishment of national standards in the robotics sector is progressing, with 126 national standards published since the establishment of the national robotics standardization technical committee in 2021 [20][21] - The report emphasizes the importance of standardization in creating a fair competitive market environment, which will help alleviate market chaos and promote high-quality development in the intelligent manufacturing sector [22]

Group 1 - The report anticipates significant cyclical elasticity in the second half of 2026 based on year-end inventory behaviors of enterprises, with a manufacturing PMI in China improving month-on-month in November 2025, while raw material and finished goods inventory indices remain at 47.3% [8][9] - The report suggests that from an asset allocation perspective, commodity raw materials are expected to remain under pressure in the short term, while the equity sector, particularly in non-ferrous metals, steel, and electric equipment, is projected to see sustained profit growth [8][9] - The technology sector is highlighted as a long-term focus, with significant R&D investments in chips and AI expected to enhance competitiveness in application industries [8] Group 2 - In the domestic equity market, the report notes that growth stocks outperformed cyclical, consumer, and financial stocks, with an average daily trading volume of 17,254 billion yuan, down from 18,488 billion yuan [11][18] - Among the 27 industries tracked, the telecommunications sector saw the highest increase at +8.70%, followed by electronics at +6.05%, while the oil and petrochemical sector experienced a decline of -0.73% [11][18] - The report indicates that the overall market sentiment is improving, with a rebound in growth stocks reflecting an increase in risk appetite [21] Group 3 - The report tracks the performance of major global asset classes, noting that global stock markets rose, particularly in technology, while commodities like gold, copper, and oil also saw price increases [11][12] - The dollar index decreased by 0.71%, with non-US currencies generally appreciating, including a 0.48% appreciation of the offshore yuan against the dollar [12][26] - The report highlights that the U.S. Treasury yields are generally declining, with the 2-year and 10-year yields falling to 3.47% and 4.02%, respectively, influenced by rising expectations for a Federal Reserve rate cut [12][25]

Group 1: PMI Overview - In November, the manufacturing PMI was reported at 49.2%, slightly up from 49.0% in the previous month[3] - The non-manufacturing PMI decreased to 49.5%, down from 50.1% previously[3] - The rebound in manufacturing PMI is attributed to the easing of US-China trade tensions, particularly in new export orders[3] Group 2: Demand and Supply Indicators - The production index rose to 50.0% (+0.3 percentage points), indicating a return to the growth line[3] - The new orders index increased to 49.2% (+0.4 percentage points), showing a stronger-than-seasonal demand recovery[3] - The new export orders index saw a significant rise to 47.6% (+1.7 percentage points), above the average of 47.2% for the first ten months of the year[3] Group 3: Price Indices and Sector Performance - The main raw material purchase price index increased to 53.6% (+1.1 percentage points), while the factory price index rose to 48.2% (+0.7 percentage points)[3] - High-energy-consuming industries showed a low-level rebound, with the PMI for these sectors at 48.4% (+1.1 percentage points)[3] - The construction PMI was reported at 49.6%, up by 0.5 percentage points, reflecting the impact of policy financial tools[3] Group 4: Seasonal Effects and Risks - The service sector PMI fell to 49.5%, down by 0.7 percentage points, influenced by the end of holiday effects[3] - Risks include potential underperformance of growth stabilization policies and real estate downturns[3]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [7]. Core Insights - The industrial robot production growth rate is impressive, and the domestic substitution in the industry chain is continuously advancing [3]. - The establishment of industry standards and evaluation systems is accelerating, which is expected to guide more orderly industrial development [6]. - The standardization work plays a crucial role in the development of China's robot industry, with 126 national standards published since the establishment of the National Robot Standardization Technical Committee in 2021 [6]. - A group standard for humanoid robot intelligence classification has been established, which helps clarify the technical development direction for enterprises along the industry chain [6]. - The establishment of a public service platform for embodied intelligence is underway, providing comprehensive services for technology research and development, data collection, and industrial application [6]. - A national-level standardization pilot for embodied intelligence has been launched, aiming to establish over 80 standards for training grounds across the country [6]. - The standardization efforts are expected to create a fair competitive market environment, alleviating market chaos and promoting high-quality industry development [6].

[Table_Reportdate] 2025年11月28日 [证券分析师： Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20251128 重点推荐 财经要闻 ➢ 1.国家发改委：要注意防范重复度高的人形机器人产品"扎堆"上市 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.基数压力显现，行业亦有分化——国内观察：2025年10月工业企业利润数据 ➢ 2.10月挖掘机外销持续向好，龙头推进电动化全球化——机械设备行业简评 晨会纪要 1.重点推荐 1.1.基数压力显现，行业亦有分化——国内观察：2025 年 10 月工业企业利润数据 | 1. 重点推荐 | | 3 | | --- | --- | --- | | 1.1. 基数压力显现，行业亦有分化——国内观察：2025 | 年 10 月工业企业利润数 | | | 据 | | 3 | ...

Group 1: Excavator and Loader Sales - In October 2025, excavator sales reached 18,096 units, a year-on-year increase of 7.77%, with domestic sales at 8,468 units (up 2.44%) and exports at 9,628 units (up 12.9%) [5][6] - For the first ten months of 2025, a total of 192,135 excavators were sold, representing a 17% year-on-year growth, with domestic sales increasing by 19.6% and exports by 14.4% [5][6] - Loader sales in October 2025 totaled 10,673 units, a 27.7% increase year-on-year, with domestic sales up 33.2% and exports up 22.6% [5] Group 2: Industry Trends and Future Outlook - The domestic excavator market is recovering strongly, supported by government initiatives for urban renewal and infrastructure projects, which are expected to release demand [6][8] - The global demand for excavators is also increasing, with a 14.4% year-on-year growth in exports for the first ten months of 2025, indicating a positive trend in overseas markets [6][8] - The industry is entering a rational growth phase, with expectations for continued recovery in sales throughout the year [6] Group 3: Forklift Sales and Market Dynamics - In October 2025, forklift sales reached 114,300 units, a year-on-year increase of 15.9%, with domestic sales at 70,400 units (up 16.2%) and exports at 43,900 units (also up 16.2%) [11][12] - The overall forklift sales for the first ten months of 2025 totaled 1,220,700 units, reflecting a 14.2% year-on-year growth [11] - The growth in forklift sales is attributed to the recovery in manufacturing and logistics sectors, as well as improved competitiveness of domestic forklift manufacturers in international markets [12][15] Group 4: Company-Specific Developments - SANY Heavy Industry has completed its production base in South Africa, enhancing its global presence and capacity to produce 1,000 excavators annually for the African market [7] - Zoomlion has launched several innovative electric excavators, addressing industry pain points and aligning with global trends towards green technology [7][15] - Hangcha Group has made significant strides in the hydrogen forklift market, delivering a large order of hydrogen-powered forklifts, marking a step forward in its green product offerings [14][15] Group 5: AIOT Market and Company Performance - Zhongke Lanyun (688332) is a leading AIOT company based on the RISC-V architecture, with a projected revenue growth from 927 million yuan in 2020 to 1.819 billion yuan in 2024, reflecting a CAGR of approximately 18.36% [17][18] - The company maintains a gross margin of around 20% and a net profit margin that is among the highest in the industry, benefiting from efficient cost management and a diverse product portfolio [17][18] - The global TWS earphone market is expected to grow significantly, with Zhongke Lanyun capturing nearly 30% of the market share in TWS earphone chips, indicating strong competitive positioning [18][19]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [5]. Core Insights - The forklift sales in October 2025 reached 114,300 units, a year-on-year increase of 15.9%. Domestic sales were 70,400 units, up 16.2%, while overseas sales were 43,900 units, also up 16.2%. Cumulative sales from January to October 2025 totaled 1,220,700 units, reflecting a 14.2% year-on-year growth [4]. - The growth in forklift sales is attributed to the robust performance of domestic forklift companies in overseas markets and the increasing global demand for forklifts. The demand for forklifts is closely linked to the manufacturing and warehousing logistics sectors [4]. - Hangcha Group launched the X1 series humanoid robots, marking a significant step towards transforming from a traditional industrial vehicle manufacturer to a smart logistics solution provider [4]. - Hangcha completed a large order for hydrogen fuel forklifts, delivering 108 units, which signifies a deeper collaboration in the hydrogen-powered industrial vehicle sector and supports the low-carbon economy [4]. - JD Logistics announced plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years, indicating a shift towards large-scale application of intelligent logistics systems [4]. - The report suggests focusing on leading domestic forklift companies with strong brand recognition and R&D capabilities, such as Anhui Heli, Hangcha Group, and Zhongli Co., as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [4].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [7]. Core Insights - The report highlights a positive trend in excavator exports, with a year-on-year increase of 12.9% in October 2025, contributing to a total of 93,790 units exported from January to October 2025, which is a 14.4% increase year-on-year [6]. - The domestic sales of excavators also showed a strong recovery, with a total of 98,345 units sold from January to October 2025, marking a 19.6% increase year-on-year [6]. - The report emphasizes the ongoing globalization efforts of leading companies like SANY Heavy Industry, which has established a production base in South Africa, and Zoomlion, which has launched innovative electric equipment to address industry challenges [6]. Summary by Sections Excavator Sales - In October 2025, a total of 18,096 excavators were sold, reflecting a 7.77% year-on-year growth, with domestic sales at 8,468 units (2.44% increase) and exports at 9,628 units (12.9% increase) [6]. - For the first ten months of 2025, excavator sales reached 192,135 units, a 17% increase year-on-year [6]. Loader Sales - In October 2025, 10,673 loaders were sold, showing a 27.7% year-on-year increase, with domestic sales at 5,372 units (33.2% increase) and exports at 5,301 units (22.6% increase) [6]. - Total loader sales from January to October 2025 amounted to 104,412 units, a 15.8% increase year-on-year [6]. Market Outlook - The report anticipates a continued recovery in the domestic engineering machinery industry, driven by government policies promoting urban renewal and infrastructure projects [6]. - It suggests that companies with strong brand recognition, comprehensive product matrices, and efficient cost management, such as SANY Heavy Industry, Zoomlion, LiuGong, Shantui, and Hengli Hydraulic, should be closely monitored [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][8]. Core Insights - The company is a leading domestic AIOT enterprise based on the RISC-V instruction set, maintaining a leading net profit margin in the industry. It has developed a range of high-performance CPU cores and various functional module IPs, including Bluetooth and audio chips, which are widely used in wireless interconnected terminals [4][14]. - The company has experienced significant revenue growth, with a compound annual growth rate (CAGR) of approximately 18.36% from 2020 to 2024, driven by its competitive pricing strategy and expansion into emerging markets [4][44]. - The global TWS earphone market is expected to grow significantly, with a projected CAGR of 34.88% over the next eight years, benefiting the company as it captures a substantial market share [4][8]. - The company is diversifying its AIOT product offerings, including smart wearables and wireless microphones, and is well-positioned to capitalize on the industry's growth [4][5]. Summary by Sections Company Overview - The company is a leading integrated circuit design firm focused on wireless audio SoC chips, established in 2016 and listed on the STAR Market in 2022. It has developed a product architecture consisting of ten product lines, including Bluetooth earphone chips and AIoT chips [14][21]. Product Structure - The company has a diverse product structure with a focus on Bluetooth earphone chips (59% of revenue), Bluetooth speaker chips (21%), and smart wearable chips (7%) for 2024. The product range is expanding to meet various market demands [4][28]. Financial Performance - The company's revenue is projected to reach 20.02 billion yuan in 2025, with a net profit of 3.17 billion yuan. The net profit margin has remained above 13%, indicating strong cost control and operational efficiency [6][44][49]. Market Opportunities - The global TWS earphone market is projected to reach approximately $51.4 billion in 2022, with significant growth expected in the coming years. The company is well-positioned to benefit from this trend due to its strong market presence and product offerings [4][8]. Competitive Position - The company maintains a competitive edge through its proprietary RISC-V architecture, which allows for cost savings and flexibility in chip design. This positions the company favorably against competitors in the AIOT space [17][49]. Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts of 24.11 billion yuan in 2026 and 29.65 billion yuan in 2027, reflecting a robust market demand for its products [6][8].