格隆汇11月26日丨兆威机电(003021.SZ)在互动平台表示，机器人作为公司重要业务领域之一，公司重 点聚焦机器人手部及其运动执行部件，依托公司自身的"传动+电机+电控"产品体系，构建了从关键部 件到整手产品开发的垂直竞争优势。 ...

Core Insights - The electric motor sector experienced a rise of 1.06% on the previous trading day, with Dayang Electric leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Electric Motor Sector Performance - Dayang Electric (002249) closed at 11.04, up 9.96%, with a trading volume of 1.6465 million shares and a transaction value of 1.75 billion [1] - Fangzheng Electric (002196) closed at 14.19, up 6.37%, with a trading volume of 1.4258 million shares and a transaction value of 1.978 billion [1] - Other notable performers include: - Kangping Technology (300907) at 34.38, up 3.90% [1] - Zhongdian Electric (603988) at 24.88, up 3.19% [1] - Jiangsu Leili (300660) at 47.66, up 1.12% [1] Capital Flow Analysis - The electric motor sector saw a net inflow of 471 million from institutional investors, while retail investors experienced a net outflow of 333 million [2] - The main stocks with significant capital inflow include: - Dayang Electric with a net inflow of 452.1 million [3] - Fangzheng Electric with a net inflow of 88.03 million [3] - Wolong Electric Drive (600580) with a net inflow of 77.76 million [3] Individual Stock Capital Flow - Dayang Electric had a net inflow of 452.1 million, accounting for 25.80% of the total [3] - Fangzheng Electric had a net inflow of 88.03 million, representing 4.45% [3] - Wolong Electric Drive had a net inflow of 77.76 million, making up 3.00% [3]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [6][11]. Core Insights - The company is accelerating its A+H share structure and internationalization efforts, having received approval from the China Securities Regulatory Commission for its H-share issuance, which aims to raise funds for global expansion and technological advancements [9]. - The company has shown stable growth, with a revenue of RMB 1.26 billion in the first three quarters of 2025, representing a year-over-year increase of 18.7%, and a net profit of RMB 160 million, up 25% year-over-year [9]. - Future profit forecasts suggest net profits of RMB 252 million, RMB 327 million, and RMB 408 million for 2025, 2026, and 2027 respectively, with corresponding year-over-year growth rates of 11.74%, 29.87%, and 25% [8][9]. Summary by Sections Company Basic Information - The company operates in the electrical equipment industry, with a current A-share price of RMB 104.39 and a market capitalization of RMB 21.644 billion [2]. - Major shareholders include Shenzhen Qianhai Zhaowei Financial Holdings Co., Ltd., holding 35.36% of shares [2]. Financial Performance - The company is projected to achieve a net profit of RMB 252 million in 2025, with an EPS of RMB 1.04, and a P/E ratio of 99.91 [8]. - Revenue is expected to grow from RMB 1.85 billion in 2025 to RMB 2.86 billion by 2027, with a steady increase in operating profit [12]. Product Portfolio - The company's product mix includes micro drive systems (63.3%), precision parts (30.4%), and precision molds and others (6.3%) [2]. - The company is focusing on developing advanced technologies in robotics, particularly in dexterous hands, which are expected to become a significant growth driver [9].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -10% -4% 2% 8% 14% 20% 26% 32% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,870.02 | 0.87 | | 深证成指 | | 12,777.31 | 1.53 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,490.40 | 0.95 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,362.98 | 0.99 | | 中证 | 500 | 6,954.60 | 1.25 | | 中证 | 1000 | 6 ...

Core Viewpoint - The 2025 China-Europe Robotics Industry Cooperation Matchmaking Conference aims to enhance collaboration between Chinese and European robotics enterprises, facilitating investment and project implementation [1] Group 1: Event Overview - The conference was organized by the Ministry of Commerce's Investment Promotion Bureau, Shenzhen Investment Promotion Bureau, and Bao'an District People's Government [1] - The theme of the conference was "China-Europe Intelligence Integration, Creating the Future Together" [1] - Over 200 domestic and foreign robotics industry chain enterprises and related institutions participated in the event [1] Group 2: Participants and Contributions - Notable participants included companies such as UBTECH, Huawei Cloud, Siasun Robot, Magic Atom, and Zhaowei Electromechanical [1] - Academic institutions and professional organizations like Southern University of Science and Technology, University of Sheffield, and the Italian National Robotics Competence Center also contributed to the event [1] - The conference featured various formats including keynote speeches, thematic discussions, and company roadshows to promote exchange and cooperation [1]

Core Viewpoint - The Shenzhen Bao'an Market Supervision Bureau is enhancing quality standards and services to support high-quality industrial development in the Bao'an District, aiming to transform the manufacturing sector towards high-end, intelligent, and green practices by 2025 [1][10]. Group 1: Quality Standards and Services - Shenzhen Zhaowei Electromechanical Co., Ltd. won the Guangdong Provincial Government Quality Award, highlighting the district's commitment to quality and innovation [1]. - The Bao'an Market Supervision Bureau is implementing a "Standard+" strategy to improve the standard system and encourage enterprises to participate in the formulation of various standards, thereby providing a solid foundation for industrial upgrades [2][3]. - The bureau has rewarded 571 enterprises and individuals with a total of 187 million yuan for their contributions to standardization, ranking first among Shenzhen districts in terms of funding for standardization projects [2]. Group 2: Support for Emerging Industries - The bureau focuses on the "5+1" world-class industrial clusters, promoting the conversion of mature enterprise standards into industry standards to benefit small and medium-sized enterprises [4]. - Bao'an District has established five strategic emerging industry clusters with a value of over 100 billion yuan, nine clusters over 50 billion yuan, and 17 clusters over 10 billion yuan, fostering 277 specialized and innovative "little giant" enterprises [4]. Group 3: Quality Incentives and Development - Bao'an District has over 50,000 manufacturing enterprises, with significant contributions from key industries such as semiconductors, artificial intelligence, and new energy [5]. - The bureau is implementing high-quality enterprise incubation actions to introduce advanced quality management models and cultivate quality benchmark enterprises [5][6]. - The bureau has organized 261 specialized activities this year, serving 22,292 small and specialized enterprises to enhance their quality management capabilities [6]. Group 4: Quality Award System - The bureau has established a quality award tiered cultivation model, leading to the development of a complete cultivation system for quality awards at various levels [7]. - As of now, Bao'an District has nurtured five enterprises that received the Guangdong Provincial Government Quality Award and 14 that received the Shenzhen Mayor's Quality Award [7]. Group 5: Service Empowerment - The bureau has launched a comprehensive service model called "Assist Dragon + Assist Seedling + Protect Garden" to streamline regulatory services and support enterprise development [8]. - The bureau is enhancing the integration of inspection and testing services with advanced manufacturing, with 280 certified inspection and testing institutions in the district [9]. - During the "Quality Month," the bureau organized various quality safety activities to address enterprise concerns and assist them in compliance and quality improvement [9].

11月23日晚间，兆威机电公告称，公司发行境外上市外资股（H股）获得中国证监会备案。公司本次发 行尚需取得香港证券及期货事务监察委员会和香港联合交易所等相关监管机构、证券交易所的批准、核 准。 4月，兆威机电启动赴港上市计划，并在两个月后正式向港交所递交上市申请。 进一步提升公司治理水平和核心竞争力，深入推进公司全球化战略，是兆威机电在A股上市近五年后， 启动赴港IPO的主要原因。 随着新能源汽车、人工智能等领域的快速发展，微型传动与微型驱动行业市场规模持续扩大。作为微型 传动领域的龙头企业，兆威机电的盈利能力稳步提升。 2025年前三季度，兆威机电实现营业收入12.55亿元，同比增长18.7%；归属于上市公司股东的净利润 （以下简称"归母净利润"）1.81亿元，同比增长13.86%。 长江商报记者注意到，兆威机电的A股IPO募投项目兆威机电产业园建设项目在达成预定可使用状态 后，累计已实现效益11.54亿元。 长江商报消息 ●长江商报记者 徐佳 兆威机电（003021.SZ）赴港上市取得新进展。 长江商报记者注意到，持续拓展优化全球布局、加快业务国际化进程，是兆威机电2025年经营计划的重 要内容。赴港二次 ...

Core Insights - The report highlights the ongoing recovery in various industries, with a focus on the capital market's role in supporting economic growth and innovation [5][19][28] - The report emphasizes the importance of policy support and investment in emerging industries, particularly in technology and infrastructure [5][19][24] Domestic Market Performance - The Shanghai Composite Index closed at 3,836.77 with a slight increase of 0.05%, while the Shenzhen Component Index rose by 0.37% to 12,585.08 [3] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext are 15.77 and 46.14, respectively, indicating a favorable long-term investment environment [8][14] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15% respectively [4] - The Hang Seng Index fell by 2.38% to 25,220.02, reflecting broader market challenges [4] Industry Strategies - The report outlines various industry strategies, including the focus on financing coordination and the continuation of industry prosperity [6][19] - The copper and aluminum sectors are highlighted for their strong demand and pricing stability, with copper prices expected to rise due to supply constraints and increased demand from green energy initiatives [20][21] - The AI and semiconductor industries are projected to experience significant growth, driven by advancements in technology and increased capital expenditure from cloud service providers [24][31] Financial Sector Insights - The securities industry is expected to maintain a strong performance, with a projected increase in equity financing and stable brokerage revenues [18][19] - The report notes that the first three quarters of 2025 saw a significant recovery in the performance of listed securities firms, with revenues up 42.55% year-on-year [17][18] Emerging Industries - The report indicates that the ice and snow industry in China is set to exceed 1 trillion yuan in scale, reflecting the growth potential in niche markets [5][8] - The focus on new energy vehicles and related infrastructure is expected to drive demand for lithium battery equipment, with significant investment opportunities identified [28][30] Investment Recommendations - The report recommends focusing on leading companies in the copper and aluminum sectors, as well as those involved in AI and semiconductor technologies, due to their strong growth prospects [20][24][31] - Specific companies highlighted for investment include Zijin Mining, Yunnan Aluminum, and leading AI firms such as Hikvision and Huya [20][24][36]

Market Overview - The electric motor sector increased by 0.57% compared to the previous trading day, with Kangping Technology leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Kangping Technology (300907) closed at 31.24, rising by 8.93% with a trading volume of 47,200 shares and a turnover of 145 million yuan [1] - Other notable performers include: - Shenli Co., Ltd. (603819) at 11.35, up 2.99% [1] - Zhaowei Electromechanical (003021) at 105.50, up 2.97% [1] - Keli'er (002892) at 12.91, up 2.95% [1] Capital Flow - The electric motor sector experienced a net outflow of 404 million yuan from institutional investors and 107 million yuan from retail investors, while retail investors saw a net inflow of 511 million yuan [2] - The capital flow for specific stocks includes: - Zhaowei Electromechanical had a net inflow of 42.24 million yuan from institutional investors [3] - Keli'er saw a net inflow of 20.44 million yuan from institutional investors [3] - Xiangdian Co., Ltd. (600416) had a net inflow of 16.43 million yuan from institutional investors [3]

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has received approval from the China Securities Regulatory Commission for its overseas listing, allowing it to issue up to 69.05845 million ordinary shares on the Hong Kong Stock Exchange [3]. Company Overview - Zhaowei Electromechanical was established in 2001 and is a leading provider of integrated micro-drive and drive system solutions, primarily serving high-growth industries such as smart automobiles, robotics, consumer technology, medical technology, and advanced industrial manufacturing [4]. - The company was listed on the A-share market on December 4, 2020, and as of November 21, 2025, it has a total market capitalization of approximately RMB 24.7 billion [4]. - According to a report by Frost & Sullivan, Zhaowei Electromechanical ranked first in China and fourth globally in terms of revenue in 2024 [4]. IPO Details - The company submitted its prospectus to the Hong Kong Stock Exchange on June 18, 2025, with joint sponsors being China Merchants Securities International and Deutsche Bank [4].