上述管理委员会成员为公司员工，均未在控股股东或实际控制人单位担任职务，不是公司 实际控制人、董事、高级管理人员及持有公司5%以上的股东并且与前述主体不存在关联关系。 特此公告。 山东豪迈机械科技股份有限公司 证券代码：002595 证券简称：豪迈科技 公告编号：2025-045 董事会 山东豪迈机械科技股份有限公司 关于2025年员工持股计划管理委员会选聘的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 山东豪迈机械科技股份有限公司（以下简称"公司"）2025年员工持股计划持有人会议于 2025年12月1日召开，同意设立2025年员工持股计划管理委员会，并选举张胜超先生、杜恩宏 先生、张悦女士为2025年员工持股计划管理委员会委员，任期与2025年员工持股计划存续期一 致。 同日召开2025年员工持股计划管理委员会会议，选举张胜超先生为2025年员工持股计划管 理委员会主任，任期与2025年员工持股计划存续期一致。 二〇二五年十二月一日 1 ...

证券代码：002595 证券简称：豪迈科技 公告编号：2025-044 山东豪迈机械科技股份有限公司 关于2025年员工持股计划完成非交易过户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 山东豪迈机械科技股份有限公司（以下简称"公司"）于2025年10月13日召开第六届董事 会第十八次会议、于2025年10月30日召开2025年第二次临时股东大会，审议通过《关于<山东 豪迈机械科技股份有限公司2025年员工持股计划（草案）>及其摘要的议案》《关于<山东豪迈 机械科技股份有限公司2025年员工持股计划管理办法>的议案》等相关议案，同意公司实施2025 年员工持股计划（以下简称"本次员工持股计划"），同时股东大会授权董事会办理与本次员 工持股计划相关的事宜。具体内容详见公司于2025年10月15日和2025年10月31日于巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公司自律 监管指引第1号—主板上市公司规范运作》等相关规定，现将公司本次员工持股计 ...

Group 1: Key Insights on Light Industry and Textile Apparel - The潮玩 (trendy toys) industry has a promising outlook, with a projected CAGR of 23.2% from 2019 to 2024, expecting to reach 213.3 billion yuan by 2030, driven by the Z generation's pursuit of personalization and cultural value [2] - The pet industry is expected to grow to 404.2 billion yuan by 2027, supported by factors such as family size reduction and the aging population, with the pet food sector projected to reach 158.5 billion yuan in 2024 [2] - The metal packaging sector is experiencing revenue and profit improvements, with a shift towards a "value war" and increased overseas business development, enhancing long-term profitability [2] - The textile manufacturing sector is seeing a gradual recovery in orders as tariff risks diminish, with Q1/Q2/Q3 revenue changes of +1.44%, -0.75%, and -1.03% respectively [3] - The domestic clothing market is showing weak performance, but policies aimed at expanding domestic demand are expected to boost the sports apparel market, projected to reach 408.9 billion yuan in 2024 [3] - Investment strategies highlight the ongoing consumer focus on emotional value, benefiting industries like trendy toys and pets, while the textile sector is poised for recovery due to stable tariff risks and supportive policies [3] Group 2: Key Insights on Machinery Equipment - In October, China's engineering machinery import and export trade reached 4.844 billion USD, a slight increase of 0.07% year-on-year, with an average operating rate of 45.56% for the industry [6] - The engineering machinery sector is experiencing a recovery in demand, with excavator and loader sales maintaining growth, supported by ongoing infrastructure projects and a favorable domestic investment strategy [6] - The industry maintains a "positive" rating, with specific companies like 中联重科 (Zoomlion) and 恒立液压 (Hengli Hydraulic) recommended for "increase" ratings [7] Group 3: Key Insights on Metal Industry - Gold prices are expected to rise due to potential interest rate cuts by the Federal Reserve, with a projected demand increase from global ETFs and stable industrial demand [8] - Copper supply is anticipated to turn short in 2026, driven by increasing demand from renewable energy sectors and technological advancements, which may support copper prices [8] - Tungsten's strategic value is highlighted by strong demand in high-tech and defense sectors, with supply constraints expected to keep prices elevated [9] - Cobalt supply is projected to face significant shortfalls due to export restrictions from the Democratic Republic of Congo, with demand from the electric vehicle battery sector expected to rise [9]

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [2][29]. Core Views - The construction machinery sector is experiencing a recovery in October, with continued growth in excavator and loader sales. The demand growth logic is clear, supported by favorable domestic construction activity. The "14th Five-Year Plan" emphasizes expanding domestic demand and effective investment, which is expected to boost the industry further as key projects are implemented and equipment renewal policies deepen [2][29]. - The overseas market is also showing promise, with major regions maintaining high levels of construction activity. Recent tariff disruptions have weakened, and leading domestic machinery companies are accelerating their overseas market expansion. Chinese construction machinery products are competitive in terms of technology maturity and cost-effectiveness, making international market development a key focus for the industry [2][29]. Industry News - In October, China's construction machinery import and export trade amounted to USD 4.844 billion, a year-on-year increase of 0.07%. The export value was USD 4.668 billion, up 1.29% year-on-year, while imports decreased by 24.2% to USD 176 million [10][11]. - The average operating rate of construction machinery in October was 45.56%, a month-on-month increase of 1.4%, with significant growth in the operating rates of lifting equipment [11][10]. - The rental rate index for aerial work platforms in October was 660 points, showing a slight month-on-month decline but a year-on-year increase of 4.6% [10][11]. Company Announcements - China Railway Signal & Communication Corp won ten significant projects from September to October, with a total bid amount of approximately RMB 2.539 billion, which is about 7.82% of the company's audited revenue for 2024 [19][20]. - Jin Di Precision Machinery and Dong Pei Industrial signed a strategic cooperation letter of intent to explore collaboration in humanoid robot components [21]. Market Review - From November 19 to November 25, the CSI 300 index fell by 1.70%, while the machinery equipment sector declined by 2.31%, underperforming the CSI 300 by 0.60 percentage points [22][23]. - As of November 25, the price-to-earnings ratio (TTM) for the machinery equipment sector was 30.33 times, with a valuation premium of 131.21% compared to the CSI 300 [23].

晨会纪要（2025/11/25） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.11.25） 基金研究 ETF 简称迎统一规范，宽基指数获得资金净流入——公募基金周报 公司研究 传统主业稳健向前，复合集流体放量已在途——英联股份（002846）公司深 度报告 行业研究 人形机器人量产路线清晰，关注主要企业量产节奏——机械设备行业 2026 年 度投资策略报告 证 四季度服装出口预计向好，关注家居相关政策催化——轻工制造&纺织服饰 行业周报 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/11/25） 基金研究 ETF 简称迎统一规范，宽基指数获得资金净流入——公募基金周报 宋 旸（证券分析师，SAC NO：S1150517100002） 张笑晨（证券分析师，SAC NO：S1150525070001） 1、本周市场回顾 上周统计区间为 2025 年 11 月 17 日至 2025 年 11 月 21 日，权益市场 ...

Core Viewpoint - The article discusses the significance of fund managers' personal investments in their own funds as a confidence indicator and commitment to investors, highlighting the case of Liu Xu from Dachen Fund, whose personal investment exceeds 476 million yuan but has faced challenges in short-term performance [3][4][6]. Group 1: Fund Manager Personal Investments - As of November 2025, 16 fund managers have personal investments exceeding 3 million yuan in their own funds, with Miao Weibin leading at over 5.587 million yuan [3][5]. - Liu Xu's personal investment of over 4.764 million yuan places him among the top fund managers in terms of self-purchase amounts [4]. Group 2: Fund Performance Analysis - Liu Xu's fund, Dachen Gaoxin Stock A, has a year-to-date return of 16.6%, which is significantly lower than the average return of over 37% for self-purchasing fund managers and has not outperformed the CSI 300 index [6][10]. - Despite recent underperformance, Liu Xu's long-term performance is commendable, with a return of 426.8% since he took over the fund in July 2015, translating to an annualized return of 16.7% [9][10]. Group 3: Investment Strategy and Market Conditions - Liu Xu's investment strategy focuses on deep value investing, avoiding market trends and emphasizing a thorough understanding of businesses rather than relying on information advantages [12][14]. - The fund's top holdings include stable blue-chip companies like China Mobile and Midea Group, which provide safety margins but may lack short-term growth potential in a market driven by technology and growth stocks [16][18]. Group 4: Institutional Investor Confidence - Dachen Gaoxin Stock A is favored by institutional investors, with 52 funds holding it as a top ten position, indicating strong professional consensus despite short-term performance challenges [24][25]. - The article suggests that understanding a fund manager's investment philosophy is more crucial than merely chasing short-term performance, as evidenced by Liu Xu's consistent long-term returns [29][30].

Group 1: Financial Market Overview - The A-share market experienced a general adjustment with all major indices declining, with the STAR 50 index showing the largest drop of 2.13% [2] - As of November 18, the margin trading balance in the two markets was 24,948.32 billion yuan, a decrease of 25.67 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading decreased by 3.91% to 437,462 [2] Group 2: Industry Insights - Machinery and Equipment - In October, the production of industrial robots in China increased by 17.90% year-on-year, with a monthly output of 57,900 units, and the cumulative output for the first ten months reached approximately 602,700 units, a year-on-year increase of 28.80% [8] - The construction machinery sector is expected to maintain growth due to favorable downstream demand driven by infrastructure projects and a reduction in tariff disturbances [7][8] - The mechanical equipment industry is rated as "optimistic," with a focus on domestic brands gaining market share [5][8] Group 3: Pharmaceutical and Biological Industry Performance - In Q3 2025, the pharmaceutical and biological industry saw a recovery in revenue and net profit, with a notable increase in gross and net profit margins [9] - The chemical pharmaceutical sector reported a revenue of 1237.44 billion yuan, with a net profit of 114.64 billion yuan, reflecting a significant improvement in profitability [9][10] - The medical device sector showed signs of recovery, with Q3 revenue reaching 604.49 billion yuan, although net profit decreased by 5.1% year-on-year [11]

Group 1 - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.21% during the session, driven by gains in sectors such as non-ferrous metals, banking, and oil and petrochemicals, while the comprehensive and real estate sectors faced declines [1] - The machine tool sector exhibited mixed performance, with the Machine Tool ETF (159663.SZ) declining by 0.42%. Notable individual stock performances included ST Huizhou rising by 4.98%, Jiangte Electric rising by 3.86%, Guoji Precision rising by 3.49%, and Haomai Technology rising by 1.39%. Conversely, Hechuan Technology and Haimu Star experienced declines of -3.63% and -3.56%, respectively [1] Group 2 - In October 2025, the overall orders for Japan's four major machine tool companies (OKUMA, Makino, TSUGAMI, and Shibaura Machine) increased by 12.1% year-on-year, marking 17 consecutive months of growth. The primary driver of this growth was a significant 20.2% increase in exports, which have maintained positive growth for 14 consecutive months, providing substantial support to the overall industry [3] - Demand from North America, China, South Korea, and Southeast Asia has shown synchronized enhancement, indicating a robust global demand for machine tools [3] - Huazhong Securities suggests that the changing order structure of Japanese machine tool companies signals an important trend in the global discrete manufacturing investment cycle, with high-end manufacturing on the rise while the investment cycle for small and medium-sized enterprises is still awaiting recovery. The focus should be on leading companies with self-research capabilities in core components, covering high-end product lines, and benefiting from the rebound in global capital expenditure [3] - The Machine Tool ETF (159663) closely tracks the China Securities Machine Tool Index, which encompasses a critical segment of China's manufacturing industry—high-end equipment manufacturing, including laser equipment, machine tools, robots, and industrial control equipment. This sector is central to the implementation of innovation-driven and industrial upgrading practices [3]

Summary of Haomai Technology Conference Call Company Overview - Haomai Technology started with tire molds and has expanded into large mechanical components, castings, and CNC machine tools through platform and integration strategies, achieving diversified growth. The company holds a leading position in the global tire mold market, with clients including Michelin and others [2][5][11]. Financial Performance - From 2007 to 2024, Haomai's revenue and profit have maintained a compound annual growth rate (CAGR) of approximately 20%-21%. The financial performance has shown steady growth, with revenue expected to reach between 3.5 billion to 4 billion RMB in 2023 [2][8]. - The CNC machine tool business's revenue share has significantly increased in the first half of 2025, while overseas revenue share remains stable [2]. - The company has not seen a decline in net profit except in 2012 and 2017, attributed to economic pressures and raw material price fluctuations [8]. Market Position - Haomai ranks among the top ten companies in the mechanical industry, with a market capitalization of 50 billion RMB, significantly higher than the median of 4 billion RMB for over 600 listed companies in the sector [3]. - The tire mold market demand is stable, with Haomai holding over 30% market share, outperforming competitors with a revenue scale far exceeding that of rivals [2][18]. Business Segments - The large casting business benefits from the high demand in the gas turbine and wind power markets, with major clients including GE and Mitsubishi, leading to a gross margin recovery to around 25% [2][20]. - The five-axis machine tool business, which has evolved from the electric discharge machine tool, is expected to contribute significantly to revenue, with current income nearing 1 billion RMB [21]. Strategic Initiatives - Haomai's management has shown confidence in the company's future by not selling shares since its IPO in 2011 and even increasing their holdings in late 2023 and early 2025 [9]. - The company has expanded its global market presence, increasing the number of overseas subsidiaries to 12 [15]. Future Outlook - The company is projected to achieve net profits of 2.45 billion RMB, 2.8 billion RMB, and 3.1 billion RMB for 2025, 2026, and 2027, respectively, maintaining a strong buy rating [10][26]. - Haomai aims to become a trillion RMB market cap company, leveraging its platform and integrated management to expand growth boundaries [10]. Competitive Advantages - Haomai's core competencies lie in its platform and integration strategies, allowing it to expand into multiple related fields while ensuring cost control and production efficiency [6][24]. - The company emphasizes employee welfare and has implemented employee stock ownership plans, reflecting a strong corporate culture and commitment to shared growth [15]. Industry Dynamics - The tire mold market is closely tied to tire production, with replacement demand becoming a significant driver. The global tire mold market is estimated to be over 10 billion RMB, with domestic brands increasing overseas production capacity [16][17]. - The large casting business is expected to continue benefiting from high demand in the gas turbine and wind power sectors, with a positive outlook for growth in these areas [19][20]. Conclusion - Haomai Technology demonstrates strong financial health, a solid market position, and a clear growth strategy, making it a compelling investment opportunity in the mechanical industry [2][10][26].

Group 1: Solid-State Battery Equipment - The Ministry of Industry and Information Technology is currently conducting a mid-term review, and it is expected that leading manufacturers will soon initiate equipment bidding for pilot production lines [1][2] - Solid-state batteries are still in the pilot production stage, primarily utilizing hundred-megawatt-level pilot lines, with dry processing technology as the main focus, creating new demand for equipment [2] - Investment recommendations include solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and others [2] Group 2: Gas Turbine Market - The expansion of AI data centers is driving an increase in electricity demand, necessitating reliable and stable power sources [3] - Major players in the global gas turbine market include Siemens, GE, Mitsubishi Heavy Industries, and Caterpillar, with significant potential for domestic brand substitution [3] - Companies such as Jereh, Haomai Technology, Yingliu, and Liande are highlighted as beneficiaries of this trend due to their existing partnerships and product offerings [3] Group 3: Liquid Cooling Technology - AI computing capital expenditures (CAPEX) are accelerating, with significant growth expected in the shipment of GB200/300 racks [4] - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, offering advantages such as low energy consumption and reduced total cost of ownership (TCO) [4] - The domestic supply chain is gradually entering the market, with companies like Yingwei and Hongsheng being recommended for their roles in liquid cooling solutions [5]