[Table_Reportdate] 2026年03月02日 [证券分析师： Table_Authors] 陈芯楠 S0630525090001 cxn@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 重点推荐 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20260302 财经要闻 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.把握商品周期与科技赋能主线，关注油价变量——资产配置周报（2026/02/23- 2026/02/27） ➢ 2.2025年机床行业稳健增长，高端数控机床领域加速推进——机械设备行业简评 ➢ 1.霍尔木兹海峡禁止任何船只通行 ➢ 2.美国对伊朗持续进行军事打击 ➢ 3.美国1月PPI同比增长2.9%，超出预期 ➢ 4.四部门部署帮扶小额信贷新政 ➢ 5.商务部：将坚持"政策＋活动"双轮驱动，深入实施提 ...

东海证券近日发布机械设备行业简评：根据国家统计局发布数据，2025年我国金属切削机床产量累计达 86.83万台，同比增长9.70%。根据海关总署统计数据，我国机床出口金额为129.10亿美元，同比增长 14.60%；我国机床进口金额为58.74亿美元，同比增长0.40%，进口数量为7.23万台，同比增长3.50%。 机床外销金额增长，均价大幅提升。2025年全年机床外销金额同比增长14.60%，外销结构呈现显著的 提质增效特征，与内需增长形成良好呼应。从出口核心数据看，2025年我国机床出口数量1492万台，同 比下降18.20%，但出口金额创新高达129.10亿美元，同比增长14.60%，出口均价同比大幅提升40.19%， 国产机床高端化转型成效显现，高附加值数控机床出口占比提升。从海外市场的订单情况来看，2025年 日本全年金属切削机床订单金额达11699.26亿日元，同比增长7.67%，表明海外新兴市场及发达国家制 造业复苏态势良好，带来海外设备需求持续释放。2026年随着国内机床技术迭代升级，高性价比的国产 机床设备出口或持续增长。 国内高端数控机床领域加速推进。国内高端数控机床产业在政策支持与市场需 ...

[Table_Reportdate] 2026年02月27日 超配 行 业 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn [table_stockTrend] -33% -19% -5% 9% 23% 37% 51% 25-02 25-05 25-08 25-11 申万行业指数:机械设备(0764) 沪深300 [Table_NewTitle] 2025年机床行业稳健增长，高端数控机 床领域加速推进 ——机械设备行业简评 [table_main] 投资要点： [table_product] ➢ 事件：根据国家统计局发布数据，2025年我国金属切削机床产量累计达86.83万台，同比 增长9.70%。根据海关总署统计数据，我国机床出口金额为129.10亿美元，同比增长 14.60%；我国机床进口金额为58.74亿美元，同比增长0.40%，进口数量为7.23万台，同 比增长3.50%。 ➢ 机床市场全年稳健增长。2025年金属切削机床产量同比增长9.70%，全年增长态势稳健； 其中数控金属切削机床产量达34.68万台，同比增 ...

（来源：北京商报） 科德数控的控股股东、实控人及总经理承诺未来6个月内不减持公司股份，这样的承诺对提振投资者持 股信心大有好处。未来类似的不减持承诺多多益善，这也是对股价构成支撑的重要举措，表明了公司实 控人和高管看好公司未来发展的强烈信心。 同时，不减持承诺向市场传递出积极信号，吸引更多长期投资者进入，增加市场对公司的资金投入，为 股价提供有力支撑。而且，这种支撑作用不仅体现在短期股价的稳定上，更有助于塑造上市公司良好的 市场形象，提升公司在投资者心中的地位，为公司的长期价值发现奠定基础。 从长远来看，类似的不减持承诺应多多益善。资本市场快速发展，投资者对上市公司的信心至关重要。 更多上市公司的核心人物做出不减持承诺，将形成一种积极的市场氛围，增强整个市场的稳定性和抗风 险能力。这不仅有利于保护投资者利益，也有助于吸引更多资金进入资本市场，从而促进资本市场的健 康发展。 此外，监管层也应加强对不减持承诺履行情况的监督，确保承诺的严肃性和有效性。只有这样，不减持 承诺才能真正成为稳定市场、提振信心的利器，推动资本市场健康、有序发展。 不减持承诺首先是对投资者持股信心的有力提振。在资本市场中，投资者面临诸多不确 ...

【#不减持承诺多多益善# 】#科德数控#的控股股东、实控人及总经理承诺未来6个月内不减持公司股 份，这样的承诺对提振投资者持股信心大有好处。未来类似的不减持承诺多多益善，这也是对股价构成 支撑的重要举措，表明了公司实控人和高管看好公司未来发展的强烈信心。 不减持承诺首先是对投资者持股信心的有力提振。在资本市场中，投资者面临诸多不确定因素，股价的 波动也让投资者感到恐慌。而控股股东、实控人及公司高管作为上市公司经营的核心人物，他们的决策 和行动对投资者有着风向标作用。 当这些关键人物做出不减持承诺时，相当于向投资者释放出一种稳定信号，表明他们愿意与公司共同成 长，不会在短期内通过抛售股份获取利益。这种承诺有利于增强投资者持有股票的决心，减少因恐慌或 不确定而盲目抛售的行为，有助于稳定市场交易，避免股价因非理性抛售出现大幅波动。 从上市公司层面看，不减持承诺彰显了实控人和公司高管对公司未来发展的强烈信心。控股股东、实控 人及公司高管对公司内部情况最为了解，他们掌握着上市公司的诸多核心信息，投资者认为他们对上市 公司的了解程度远远超过其他投资者。 从长远来看，类似的不减持承诺应多多益善。资本市场快速发展，投资者对上 ...

不减持承诺也是对股价的重要支撑举措。股价的稳定与上涨离不开市场各方的信心和资金支持。当实控 人和公司高管承诺不减持时，市场上可流通的股份数量在短期内相对减少，供求关系发生变化，在一定 程度上支撑了股价。 同时，不减持承诺向市场传递出积极信号，吸引更多长期投资者进入，增加市场对公司的资金投入，为 股价提供有力支撑。而且，这种支撑作用不仅体现在短期股价的稳定上，更有助于塑造上市公司良好的 市场形象，提升公司在投资者心中的地位，为公司的长期价值发现奠定基础。 从长远来看，类似的不减持承诺应多多益善。资本市场快速发展，投资者对上市公司的信心至关重要。 更多上市公司的核心人物做出不减持承诺，将形成一种积极的市场氛围，增强整个市场的稳定性和抗风 险能力。这不仅有利于保护投资者利益，也有助于吸引更多资金进入资本市场，从而促进资本市场的健 康发展。 此外，监管层也应加强对不减持承诺履行情况的监督，确保承诺的严肃性和有效性。只有这样，不减持 承诺才能真正成为稳定市场、提振信心的利器，推动资本市场健康、有序发展。 科德数控的控股股东、实控人及总经理承诺未来6个月内不减持公司股份，这样的承诺对提振投资者持 股信心大有好处。未来类似 ...

Group 1 - Tongce Medical's chairman and executives plan to increase their shareholding by 6 to 12 million yuan within six months, following recent purchases totaling approximately 1.34 million yuan [1] - Luxshare Precision has repurchased 9.9006 million shares for nearly 500 million yuan, representing 0.14% of its total share capital [2] - Jintai Construction's subsidiary won a project in Malaysia worth approximately 281 million yuan, accounting for 1.53% of the company's audited revenue for 2024 [3] Group 2 - Kela Co. announced the removal of independent director Jing Naiquan due to loss of independence and failure to fulfill duties [4] - Mingyang Smart Energy is planning to acquire 100% of Zhongshan Dehua Chip Technology Co., with ongoing audits and evaluations [5] - BGI Genomics intends to sell a subsidiary's equity for approximately 50 million USD and adjust licensing agreements [6] Group 3 - Guotou Capital reported that valuation adjustments at Guotou Ruijin Fund are expected to impact 2026 net profit by less than 5% [7] - Donghong Co. won a bid for a pressure steel pipe project worth 353 million yuan [9] - Yashi Chuangneng's major shareholder's shares, amounting to 2.9165% of total shares, will be auctioned, but it will not affect the company's operations [10] Group 4 - Frontier Biotech signed an exclusive licensing agreement with GlaxoSmithKline, receiving an upfront payment of 40 million USD and potential milestone payments totaling up to 950 million USD [11] - Kede CNC's major shareholders committed not to reduce their holdings for the next six months [12] - Richen Co. reported a 31.87% increase in net profit for 2025, driven by market expansion and operational efficiency [13] Group 5 - Jiayou International's PPP project in Zambia has officially commenced commercial operations and charging [14] - Junxin Co. updated its H-share listing application, pending approvals from regulatory bodies [15] - Shuangliang Energy's subsidiary won a bid for a 100 million yuan project in the Middle East [16][17] Group 6 - Baili Tianheng's drug candidate achieved primary endpoints in a Phase III clinical trial for triple-negative breast cancer [18] - ST Jinglan announced a significant stock price increase of 86.90% without major changes in performance, warning of potential stock suspension if prices continue to rise [19] - *ST Huiteng projected a revenue of 330 to 400 million yuan for 2025, with negative net profit expected [20]

Core Viewpoint - The "intelligent transformation and digital upgrade" wave in manufacturing, driven by national strategies for a "strong manufacturing country" and "self-controllable industrial software," is creating significant market growth for Computer-Aided Manufacturing (CAM) software, with a projected market size of approximately 7.524 billion yuan in 2024, reflecting a year-on-year growth of 10.29% [1][9]. Industry Overview - CAM software is a specialized tool that utilizes computer technology to convert Computer-Aided Design (CAD) models into executable instructions for automated equipment, significantly enhancing production efficiency, processing accuracy, and material utilization [2][5]. Industry Development History - The CAM software industry in China has evolved through several phases: - 1978-1985: Initial exposure to digital technology during the early reform era. - 1986-1999: Policy foundations established with the inclusion of CAD/CAM in the national 863 program. - 2000-2005: Increased adoption post-WTO accession, with domestic companies beginning to enter international markets. - 2006-2015: Introduction of advanced technologies and products by leading firms. - 2016-present: Focus on cloud architecture and integration of CAD/CAM functionalities, enhancing competitiveness in the global market [3][4]. Market Size - The CAM software market in China is expected to reach approximately 7.524 billion yuan in 2024, with a growth rate of 10.29% year-on-year, driven by demand in high-end manufacturing sectors such as aerospace, new energy vehicles, and precision molds [9][10]. Key Companies' Performance - The competitive landscape of the CAM software industry is characterized by a dynamic "multi-polar competition" system, with local leaders like Zhongwang Software and Huatiansoft adopting integrated platform strategies to compete against international giants [10][11]. - Zhongwang Software reported a revenue of 538 million yuan in the first three quarters of 2025, a year-on-year increase of 4.99%, but faced a net profit decline of 479.34% [11][12]. Industry Development Trends 1. **Integration of Artificial Intelligence**: Future CAM software will evolve to integrate AI, transforming from automated tools to intelligent production partners capable of decision-making, thus reshaping manufacturing processes [13]. 2. **Shift to Cloud and Platform Services**: The industry is transitioning from traditional local deployments to cloud-based, subscription services, enhancing collaboration and reducing initial investment barriers for manufacturers [14]. 3. **Intensified Market Competition**: The domestic CAM software market is entering a critical phase of "core attack" and "value enhancement," with a focus on overcoming challenges in high-end market segments and developing specialized solutions for strategic industries [15][16].

影响股市利好与利空消息 宏观新闻 3、外交部网站2月23日消息，外交部发言人宣布：应国务院总理李强邀请，德国总理默茨将于2月25日 至26日对中国进行正式访问。 4、玉渊谭天22日发文称，美国最新加征的所谓"临时关税"，很可能像此前一样面临被起诉的风险。 1、2月16日出版的第4期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文 章《当前经济工作的重点任务》。文章强调，2026年经济工作头绪多，要抓住关键、纲举目张。坚持内 需主导，建设强大国内市场。统筹促消费和扩投资，用好我国超大规模市场优势。深入实施提振消费专 项行动，制定实施城乡居民增收计划，扩大优质商品和服务供给，优化"两新"政策实施，清理消费领域 不合理限制措施，释放文旅等服务消费潜力。 2、美东时间2月20日，美国最高法院公布关税诉讼案裁决结果，判定美国政府依据《国际紧急经济权力 法》对相关贸易伙伴加征的对等关税、芬太尼关税等相关关税违法。商务部新闻发言人表示，中方一贯 反对各种形式的单边加征关税措施，反复强调贸易战没有赢家，保护主义没有出路。中方敦促美方取消 对贸易伙伴加征的有关单边关税措施。 5、当地时间2月21日，美国总统 ...

Group 1 - The spring market trend after the holiday is expected to continue, with price increases being a core focus for the first quarter [12] - The Ministry of Commerce emphasizes the importance of restoring global semiconductor supply chains and urges cooperation between China and the Netherlands [1] - The National Energy Administration plans to implement a new energy system and various energy planning initiatives by 2026, focusing on strategic projects and small-scale projects [2] Group 2 - The China Securities Regulatory Commission (CSRC) has taken action against Tianfeng Securities for illegal financing and information disclosure violations related to Wuhan Contemporary Technology Group [6] - The CSRC has also initiated an investigation into Qunke Technology for misleading statements during its overseas IPO process [7] - The market experienced significant declines, with major U.S. indices dropping, and notable movements in technology stocks, including Nvidia and Apple showing slight gains while others fell [9][11]