证 券 研 究 报 告 中力股份（603194）深度研究报告 推荐（首次） 叉车 2025 年 09 月 27 日 当前价：44.72 元 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 电动叉车龙头，全面布局智慧搬运 目标价：52.1 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,552 | 7,325 | 8,272 | 9,472 | | 同比增速(%) | 10.7% | 11.8% | 12.9% | 14.5% | | 归母净利润(百万) | 840 | 902 | 1,045 | 1,248 | | 同比增速(%) | 4.2% | 7.4% | 15.9% | 19.4% | | 每股盈利(元) | 2.09 | 2.25 | 2.61 | 3.11 | | 市盈率(倍) | 21 | 20 | 17 | 1 ...

"装配式农房"让村民的新家发生了哪些变化？是一个很好的推广方向吗？ 央广网北京9月27日消息（记者王泽华）据中央广播电视总台中国之声报道，"装配式建筑"，这个 词恐怕近年来大家听到的频率越来越高，它是指用工厂预制的部品部件在工地装配而成的建筑。 有一句话可能大家也有所耳闻，就是"要像造汽车一样造房子"，这背后指向的是建筑工业化、智能 化、模块化、信息化，意味着建筑业要向更高效、更安全、更高质量的方向发展。而"装配式建筑"，就 是重要实现方式之一。 "装配式建筑"如何推广？哪些领域适合应用"装配式建筑"？今年以来，以"好房子"建设为重点，各 地在城镇加快推广应用"装配式建筑"的同时，还在乡村积极探索"装配式农房"试点，让村里的住房更安 全、更舒适。 在河北邢台宁晋县大营上村，村民赵会贞家的二层小楼格外显眼。米白色的墙面搭配棕色的屋檐， 像小别墅一样，吸引了不少附近的村民前来参观。赵会贞介绍，这样建农房就跟搭积木一样，很快就盖 起来了。四川盐亭县九龙镇桃花村的村民任晓伟，最近也是逢人就夸自家正在建的这栋房子。 "装配式农房"，主体结构采用预制构件和部品搭建，或通过免支免拆模等装配式工艺建造而成。浙 江工业大学中国 ...

Group 1 - The Shenzhen Stock Exchange's listing review committee approved the initial public offering (IPO) of Southern Power Grid Digital Grid Research Institute Co., Ltd. (referred to as "Southern Grid Digital"), marking it as the 56th company approved for listing this year [1] - Southern Grid Digital aims to provide comprehensive digital construction solutions for clients in the power energy sector, focusing on building a world-class digital and intelligent innovation platform for power grids [1][2] - The company plans to raise approximately 255.45 million yuan for various projects, including the construction of a spatial intelligent digital twin platform and an advanced power artificial intelligence platform [2] Group 2 - Southern Grid Digital is controlled by Southern Power Grid Digital Group Co., Ltd., which holds 74% of the shares, while the actual controller is the State-owned Assets Supervision and Administration Commission of the State Council [2] - The company has a strong focus on expanding its products and services beyond the power energy sector into areas such as transportation, water supply, gas, public security, and urban construction [1][2] - The underwriting institution for the IPO is China Merchants Securities, which has successfully sponsored four IPO projects this year [1]

"十年后，全球TOP10至少有3家是中国企业，车企间的"单打独斗"将变为整个产业链生态的竞争，汽车 一定会是一个智能移动空间。" 日前，在2025年《财富》世界500强峰会上，广汽集团董事长、总经理冯兴亚围绕"汽车产业的未来十 年"议题，就产业变革、市场竞争、用户需求升维与全球化战略等方面提出了自己的看法。 近期，广汽提出"电魅力指数"来衡量一个国家或地区用电成本相对于用油成本的比值。以广州为例，它 的电魅力指数高达17，意味着用电成本仅为用油的1/17。而德国的电魅力指数约为2.5，挪威约为6，即 用电成本分别为用油的1/2.5和1/6，这对于能在家充电的用户来说，电动车的经济性极具吸引力。在他 看来，未来的产业发展模式一定是向着新能源化、低碳发展，而中国已率先布局，引领了绿色低碳化潮 流的方向。同时，在智能化这个汽车未来的发展方向上，中国也已处于先进水平行列。只要这一趋势不 变，未来十年，将有很多中国企业会成为全球化企业。"十年之后，全球前十大汽车厂家当中至少有3 家，甚至有3~5家是中国企业。"冯兴亚指出。 在全球化进程中，当前最大的机遇正从"整车出口"转向"本地化生产"。过去以整车出口为主的方式，在 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1][6][20] Core Views - The launch of the Tengshi N8L, a large six-seat luxury SUV, positions it as a strong competitor against models like Li Auto L8 and Aito M8, with a price range expected between 300,000 to 400,000 CNY [3][4] - The market outlook for the Tengshi N8L is optimistic due to the growing consumer demand for high-end SUVs, supported by Tengshi's advantages in new energy technology and luxury features [4][5] - The automotive industry is experiencing a significant transformation driven by the acceleration of intelligent technology and the increasing penetration of new energy vehicles, creating substantial market opportunities [6][19] Market Performance - Over the past 12 months, the automotive industry has shown a relative return of 20.0% compared to the CSI 300 index, with an absolute return of 53.8% [2][8] - As of September 26, 2025, the automotive industry PE (TTM) stands at 31.11 times, and PB (LF) at 2.84 times, indicating strong valuation metrics [8][13] Product Highlights - The Tengshi N8L features a spacious interior designed for family and business use, with dimensions of 5200mm in length, 1999mm in width, and 1820mm in height, along with a wheelbase of 3075mm [4] - The vehicle is powered by a hybrid system that includes a 2.0T engine with a maximum power output of 207 horsepower and a combined power of 762 horsepower from three electric motors [4] Competitive Analysis - The Tengshi N8L is expected to face intense competition from both traditional luxury brands and emerging new energy brands, necessitating continuous improvement in product quality, brand marketing, and service experience [4][5] - The automotive sector is witnessing a rapid increase in the penetration of intelligent components, which is expected to benefit related companies significantly [6][19] Investment Recommendations - Investors are advised to closely monitor the pre-sale and delivery of the Tengshi N8L, as positive market performance could lead to further stock price appreciation [5] - The report suggests focusing on high-quality companies in the automotive and component sectors, particularly those involved in intelligent driving and electric vehicle technologies [6][19]

连续两晚，上海滴水湖会议中心变身时尚潮流地标LYNK&CO MALL，给每位到场人士带来了"这很领克"的沉浸式体验。 9月25日，在"都市科技智混轿车"全新领克07 EM-P上市发布会伊始，领克汽车销售有限公司副总经理穆军一句："虽然如今SUV掌握着流量和销量密 码，但对于喜欢轿车的人而言，全新领克07 EM-P值得举办一场专属发布会"，瞬间将现场气氛点燃。 在新车上市消息疯狂刷屏的9月，全新领克EM-P超电双子星迎来全面进阶。前一晚，"家庭豪华智混SUV"全新领克08 EM-P刚颠覆而来，次日"都市科技 智混轿车"全新领克07 EM-P又惊喜而至。 对于领克而言，本可以举办一场双车发布会，但秉持尊重热爱、值得专属的理念，还是为每个细分市场的消费群体带来了不一样的精彩，不得不说"这 很领克"。 与有为者同行，共赴人生新境 以全新有为，极智新境作为关键词的全新领克07 EM-P，在智能化方面的进阶表现得尤为突出。新车共推出126长续航Max、126长续航Ultra、126长续 航Ultra H7三款配置版本，上市限时价13.98万元起。同时，全新领克07 EM-P还准备了限时领享金、超享焕新礼、选配礼、金融礼、 ...

——汽车行业周报（09.22~09.26） 相关研究： 1.《20250417湘财证券-汽车行业 -特朗普或将豁免进口汽车零部 件关税，看好汽车零部件板块》 2025.04.17 2.《20250526湘财证券-汽车行业 周 报 - 小米发布首款 SUV 车 型 YU7对比特斯拉ModelY科技含 量更足》2025.05.26 行业评级：增持（维持） 证券研究报告 2025 年 09 月 27 日 湘财证券研究所 行业研究 汽车行业周报 腾势 N8L 携"大六座"入局，理想 L8、问界 M8 迎来强劲对手 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.2 0.2 20.0 绝对收益 3.0 15.1 53.8 -20% 0% 20% 40% 24/10 24/12 25/02 25/04 25/06 25/08 汽车(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：汪炜 证书编号：S0500525070001 Tel：(8621)50299604 Email：ww07001@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 腾势 N8 ...

庆典现场，豫联集团以实际行动践行社会责任，向社会捐赠1000万元，用于教育、医疗、困难救助、乡 村振兴等公益事业，用责任担当诠释"专注实业、奉献社会"的企业使命。 对于未来的发展规划，豫联集团董事长崔红松表示，打造百年长青企业，要坚持从核心业务出发、从核 心业务扩张，实现盈利性增长和低负债经营；坚持"绿色化、数字化、智能化"的转型方向，培育传统产 业新质生产力；主动提高各项环保标准和要求，做到与生态环境相和谐；不断强化组织和文化建设，优 化和完善治理结构、管理架构、薪酬体系、激励机制，激发员工的智慧和活力；稳步探索新的发展领域 和空间，为公司持续成长规划布局。 （编辑 张伟） 豫联集团控股子公司中孚实业于2002年在上海证券交易所挂牌上市，具有年产69万吨铝精深加工、75万 吨电解铝、50万吨再生铝（在建）、15万吨炭素、90万千瓦电力、225万吨原煤的产能规模。 近日，中国企业联合会、中国企业家协会发布了2025年中国制造业企业500强榜单，豫联集团以营业收 入447亿元位列榜单第278位，较上年提升26位，中孚实业首次入围该榜单。 近年来，豫联集团锚定"绿色化、数字化、智能化"发展方向，持续优化产业结构， ...

Core Insights - The manufacturing sectors in the Yangtze River Delta and the Pearl River Delta have distinct developmental timelines, with the former being about 5 to 10 years behind the latter in terms of industrialization and investment attraction [1][2] - The Pearl River Delta has a higher concentration of labor-intensive industries, while the Yangtze River Delta has more advanced manufacturing processes and larger industrial parks [2][3] - The automation wave, referred to as "machine replacement," has affected both regions similarly, driven by national policies and the need for labor due to workforce shortages [3][5] Group 1: Regional Differences - The Pearl River Delta began its industrialization earlier, attracting significant investment in the 1980s, while the Yangtze River Delta saw large-scale industrialization in the 1990s [1] - Industrial parks in the Pearl River Delta are often smaller and less organized, leading to a predominance of small, labor-intensive factories [2] - In contrast, the Yangtze River Delta has larger, more modern industrial parks with better living conditions for workers, reflecting a higher level of land development [2] Group 2: Automation and Labor Dynamics - The automation trend began around 2014-2015, influenced by both government policies and the internal drive of companies facing labor shortages [3][5] - Despite the rise of automation, there has not been a significant increase in layoffs; instead, workforce reductions have occurred through natural attrition [6][7] - The labor force in manufacturing has decreased significantly over the past decade, with many workers transitioning to the service industry, particularly after 2015 [10][11] Group 3: Global Context and Future Trends - Developed countries experienced automation earlier, but faced limitations due to high labor costs and technological bottlenecks, leading to industrial transfers to China [12][13] - China's labor costs have risen, making automation more economically viable, while the country has also begun transferring labor-intensive industries to Southeast Asia [14][15] - The automation rate in low-end, repetitive tasks has reached 80-90%, particularly in the automotive sector, while assembly processes remain around 70% automated [21][22] Group 4: Labor Market Shifts - Workers displaced by automation have often transitioned to new roles within companies or returned to rural areas where industrial development has increased [24][25] - The shift from manufacturing to service industries has been significant, with many workers finding opportunities in sectors like ride-sharing and delivery services [10][11] - The future of automation in manufacturing may plateau, with more focus shifting towards artificial intelligence in service-oriented roles [38]

湖北日报讯（记者林晶、通讯员王志刚）9月25日至26日，中国石油和化工勘察设计协会（以下简称协会）工程创新大会暨协会成立四十周年庆祝大会在武 汉召开。来自行业内外的各会员单位负责人、行业资深专家等300余名嘉宾围绕行业创新突破、数字化转型、国际化发展等内容展开探讨。 本次大会以"创新引领 开创未来"为主题，由中国五环工程有限公司承办。 今年恰逢协会成立四十周年，协会已从成立之初仅有的20家会员企业发展到344家单位会员、338名个人会员的行业核心组织，覆盖石油化工勘察设计领域全 产业链主体。协会常务副理事长兼秘书长荣世立表示，四十年来，协会始终紧跟国家产业政策与行业变革步伐，在推动技术进步、规范市场秩序、促进国际 交流等方面发挥了桥梁纽带作用，逐步成为推动行业发展的重要力量。大会特别向以袁纽为代表的一批为协会和行业发展作出突出贡献的个人颁发"终身贡 献奖""杰出贡献奖"等荣誉，致敬为行业发展奠定坚实基础的先行者。 创新是本次大会的核心议题之一。中国石油和化学工业联合会党委书记、会长李云鹏在视频致辞中表示，勘察设计作为石化产业创新升级的"前端引擎"，对 实现行业高质量发展具有关键引领作用。大会构建了"专题报告+ ...