[Table_Reportdate] 2025年06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] -25% -11% 2% 15% 29% 42% 56% 24-06 24-09 24-12 25-03 申万行业指数:机械设备(0764) 沪深300 [1.table_product] 人形机器人推动丝杠需求，国内厂 商突破量产壁垒——机械设备行业 深度报告 1.人形机器人推动丝杠需求，国内厂 商突破量产壁垒——机械设备行业 深度报告 [Table_NewTitle] 1-5月外销表现优于内销，重视具身智能 率先落地物流场景机遇 ——机械设备行业简评 [table_main] 投资要点： 机 械 设 备 [table_invest] ➢ 事件：根据中国工程机械工业协会发布数据，2025年5月叉车整体销量为12.35万台，同比 增长11.8%。其中，国内销量7.91万台，同比增长9.25%；海外销量4.43万台，同比增长 16.6%。2025年1-5月叉车累计 ...

Group 1 - The 16th Argentina International Logistics Exhibition will take place from August 11 to 13, 2026, at the Buenos Aires Exhibition Center, organized by Expo LOGISTI-K [1] - The exhibition is recognized as one of the largest and most influential logistics equipment and transportation industry events in the South American market, attracting up to 30,000 professionals each year [3] - Buenos Aires is Argentina's largest economic center, hosting over 80,000 industrial enterprises, contributing two-thirds of the national industrial output, and accounting for 75% of the country's import and export goods [3] Group 2 - The exhibition will feature a wide range of products including handling equipment such as forklifts, cranes, and hydraulic pallet trucks, as well as packaging materials like shipping containers and sealing supplies [4] - It will also showcase warehousing solutions including vertical warehouses and automated storage and retrieval systems, along with logistics management services and transportation technologies [5]

兰州—莫斯科货运航线的顺利开通，是甘肃省民航物流公司把握时代机遇、积极作为的生动体现。在兰 州机场三期投运这一节点，公司充分发挥自身区位优势，主动融入"一带一路"建设的伟大战略。作为助 力搭建甘肃省对俄航空货运"黄金通道"的关键一步，该航线的开通意义非凡。它大幅提升了西北地区与 俄罗斯及周边国家的货物运输时效，以往通过其他运输方式需要较长时间才能抵达的货物，如今通过这 条航线，能够以更快的速度送达目的地。同时，该航线的开通也有助于构建更加稳定、快速、高效的航 空物流服务体系，为企业的货物运输提供了更可靠的保障。 甘肃省民航物流公司相关负责人表示，未来公司将持续紧贴市场脉搏，根据市场需求不断优化航线布 局。公司将严格践行"八享"服务承诺，从货物收运、仓储管理到运输配送等各个环节，细化服务举措， 确保为客户提供优质、高效的物流服务。在业务拓展方面，公司将持续推进跨境电商、冷链物流等新兴 业务的发展。通过加强与国内外企业的合作，积极构建与俄罗斯、中西亚地区间的贸易新通道。这一系 列举措将全面提升兰州机场航空货运枢纽的辐射带动能力，吸引更多的货物在兰州集散中转，为甘肃省 外向型经济发展注入强劲的新动能。 随着兰州—莫 ...

中国物流与采购联合会今天(6月27日)发布《中国物流与供应链发展报告(2024—2025)》。根据报告，我 国物流市场规模连续9年位居世界第一，现代物流对国民经济的支撑作用进一步增强。根据报告，2024 年我国社会物流总额首次超过360万亿元，全年物流业总收入达13.8万亿元，物流市场规模连续9年位居 世界第一。截至2024年年底，我国A级物流企业首次突破1万家，代表国内最高水平的5A级物流企业超 过500家。全国物流园区调查显示，规模以上物流园区达到2769个。(央视新闻) ...

Core Insights - Shanghai's Qingpu District has become a national model for the transformation and development of the express delivery industry, hosting over 400 logistics companies and forming a trillion-yuan express logistics industry cluster [1] - In 2024, China's express delivery volume is projected to reach 1.745 billion packages, maintaining its position as the world's largest market for 11 consecutive years, with express delivery revenue expected to hit 1.4 trillion yuan [1] - Qingpu's express delivery business volume reached 2.05 billion packages in 2024, highlighting its significant contribution to the logistics sector [1] Group 1: Location and Infrastructure - Qingpu's strategic location near the Shanghai Hongqiao International Transportation Hub and major highways (G2, G15, G50) makes it an attractive site for logistics companies, reducing transportation costs [3][4] - The area has evolved from a simple logistics hub to a diverse supply chain ecosystem, benefiting from early investments by major express companies like YTO and ZTO [1][3] Group 2: Government Support and Policy - Qingpu's government adopts a "step back" approach, allowing market forces to drive growth while providing necessary support, such as infrastructure improvements and temporary parking solutions for logistics vehicles [5][6] - The establishment of a logistics task force in 2025 aims to further enhance the development of the logistics industry by learning from enterprises and aligning with market demands [4][5] Group 3: Technological Advancements - Companies in Qingpu are increasingly adopting automation and digitalization, with YTO's automated sorting lines and real-time management systems significantly improving operational efficiency [7][9] - The integration of drones and autonomous vehicles is transforming last-mile delivery, with ZTO reporting a 50% increase in delivery efficiency and a one-third reduction in operational costs through the use of drone and vehicle combinations [8][9] Group 4: Industry Evolution and Future Directions - The logistics sector in Qingpu is transitioning from a labor-intensive model to a high-tech industry, with over 100 logistics companies implementing automated sorting lines and digital management systems [9][10] - Qingpu's government is encouraging logistics companies to explore higher value-added services, such as cold chain and cross-border logistics, to enhance operational capabilities and competitiveness [12][13] Group 5: Ecosystem Development - The logistics ecosystem in Qingpu is diversifying, with companies like AnDe ZhiLian and Shanghai AnNeng JuChuang creating integrated supply chain solutions that span from raw materials to end consumers [13][14] - The Shanghai West Suburb International Agricultural Products Trading Center aims to become a global platform for high-quality food transactions, enhancing the value of logistics by connecting producers and consumers [14][15]

Core Insights - The collaboration between Longhua District Central Hospital, Longhua Data Company, and Meituan Drone has significantly reduced the sample delivery time for medical testing from 20-30 minutes to 3-7 minutes, enhancing emergency response and patient care [1][2] - The project aims to cover over 30 community health service institutions by 2026, which will not only reduce transportation costs but also explore diverse delivery scenarios for medicines and emergency supplies [1] Group 1 - The project has successfully launched five flight routes connecting eight community health institutions, with flight distances ranging from 1.2 to 3.2 kilometers [1] - The initiative allows for 100% sample delivery from the eight community health institutions by noon, enabling patients to experience the convenience of "morning check-up, afternoon follow-up" [1] - The project represents a significant milestone in the smart healthcare development of Longhua District [1] Group 2 - The operational model incorporates a collaborative approach with healthcare personnel, who receive systematic training to master the entire drone delivery process, thereby enhancing operational efficiency and cultivating a workforce skilled in medical technology [2] - The first batch of drones introduced in the project features advanced technology, including intelligent temperature control systems, positioning navigation, and comprehensive traceability data management to ensure the safety and accuracy of sample deliveries [2]

Core Insights - The development of cold chain logistics in China is being redefined by new infrastructure initiatives, particularly by Shenzhen International, which is a leading logistics operator in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Shenzhen International is aligning its strategies with national logistics planning, focusing on building a robust cold chain infrastructure through new constructions, acquisitions, and operational improvements [1] Group 1: Infrastructure Development - Shenzhen International has implemented a "water-land-air-rail + intelligent cold chain" strategy since 2019, investing in multiple cold chain logistics parks in key cities such as Shenzhen, Shanghai, Nanjing, Tianjin, Shijiazhuang, and Chengdu [1] - The cold storage facilities in the Shenzhen Li Guang project cover an area of approximately 50,000 square meters, including a frozen warehouse with 29,261 slots and a refrigerated warehouse with 4,376 slots [3] - The Nanjing Jiangning project features a cold storage area of about 29,000 square meters and a dry warehouse of 3,100 square meters, equipped with over 30,000 pallet positions [5] - The Shijiazhuang Zhengding project has a total construction area exceeding 100,000 square meters, with a pharmaceutical and food cold storage area of about 70,000 square meters [7] Group 2: Operational Strategy - Shenzhen International employs a "self-operated + cooperative" dual-track model to enhance its cold chain operational capabilities [9] - The company has established a cold chain operation team in projects like Shijiazhuang Zhengding and Chengdu Qingbaijiang, while also forming a joint venture with Wanwei Logistics to enhance service offerings [11] Group 3: Technological Integration and ESG - Shenzhen International integrates ESG principles into its operations, responding to national policies on cold chain logistics intelligence [12] - The Shenzhen Li Guang project features a smart management system that allows for precise temperature control within ±0.5°C and real-time monitoring of temperature and humidity [14] - The Nanjing Jiangning project utilizes photovoltaic systems to reduce carbon emissions by over 1,000 tons annually and includes charging stations for new energy vehicles [14] Group 4: Policy Support and Market Opportunities - The national development and reform commission has introduced policies to support cold chain logistics as a key area of focus, with nearly 500 billion yuan allocated for major projects since 2025 [15] - The establishment of national backbone cold chain logistics bases is progressing, with the goal of creating 100 such bases as part of the "14th Five-Year Plan" [16] - Shenzhen International is positioned to seize historical development opportunities in the cold chain logistics sector due to favorable policy support [16]

Group 1 - The South Africa-Shenzhen Economic and Trade Exchange and City Image Promotion Conference was held in Johannesburg, aiming to enhance cooperation in logistics, communication equipment, smart wearables, LED displays, construction engineering, and photovoltaic power generation between Shenzhen and South Africa [1] - The event was organized by the Shenzhen Overseas Friendship Association, Shenzhen General Chamber of Commerce, and the South Africa-China Shenzhen Chamber of Commerce, highlighting the increasing frequency of exchanges and cooperation between the two regions [1] Group 2 - Shenzhen YHT Global International Service Co., Ltd. signed a memorandum of cooperation with the South Africa-China Shenzhen Chamber of Commerce to establish a liaison office in Nanshan District, providing one-stop services for African enterprises investing in Shenzhen [2] - The collaboration aims to help Shenzhen companies better understand the African market and reduce risks associated with overseas expansion, while also promoting deeper cooperation in digital economy, new energy, and biomedicine [2] Group 3 - The conference featured presentations on the business environment and policies of both regions, with insights from representatives of Shenzhen Longhua Group, ZTE Corporation, and South African utility solution companies [3] - Donations were made to support local Chinese education in South Africa and charitable initiatives, including a donation of 100,000 RMB by Shenzhen Longhua Group to the African Chinese Education Foundation [3]

每经记者｜肖纯 每经编辑｜刘艳美 近日，三峡船闸迎来运行22周年。 自2003年向社会船舶开放通航以来，三峡船闸年货运量从最初的3400万吨攀升至目前最高1.69亿吨，连续11年突破1亿吨，更连续3年突破1.5亿吨。 为破解黄金水道"卡脖子"难题，三峡水运新通道的建设构想应运而生。 早在2014年全国两会期间，重庆代表团12名代表就联名提交《关于尽快启动三峡过闸新通道建设的建议》。2016年，国家"十三五"规划纲要首次提出"推进 三峡枢纽水运新通道建设"。 图片来源：新华社 其中，三峡枢纽新通道工程位于长江三峡水利枢纽工程已建三峡船闸北侧，采用双线连续五级船闸方案，包括上游引航道、下游引航道及船闸主体段三部 分，线路总长约6680米。每线船闸由5个闸室和6个闸首组成，闸室长280米，底宽40米，槛上最小水深8米，设计通航船舶吨级为10000吨级。 图片来源：长江三峡通航管理局 简单理解，这相当于要新挖一条"运河"。约6680米的线路不算长，但766亿元的总投资已经超过正在建设中的平陆运河，后者长达134.2千米。 不过，中国城市经济学会副会长、长江经济带智库联盟秘书长、湖北省社科院研究员秦尊文向城市进化论指出 ...

Core Viewpoint - Beijing is implementing a series of innovative policies and achievements in the pharmaceutical regulatory field to promote high-quality industrial development, including the establishment of innovation service stations and streamlined approval processes for medical devices and drugs [1][3][4]. Group 1: Innovation Service Stations - Beijing has established the first provincial-level drug and medical device innovation service station in the country, along with a national-level medical device innovation service station, to accelerate the transformation of research results and promote the application of key innovative products [3]. - The Changping service station has served 1,373 enterprises and answered 2,185 inquiries, achieving a problem resolution rate of 97%. The average review time for the first registration of Class II medical devices has been reduced from the statutory 120 working days to 47 working days, a speed increase of approximately 61% [3]. Group 2: Support for Innovative Drug Production - In April, Beijing released 32 reform and innovation measures to support the high-quality development of innovative pharmaceuticals, including a pilot program for cross-border segmented production of biological products [4]. - The first approved product under this program is Johnson & Johnson's Nicaralizumab injection, which is notable for being the first imported biological product approved for segmented production in China, targeting rare diseases in patients aged 12 and above [4]. Group 3: Accelerated Drug and Medical Device Inspection - Beijing has achieved immediate inspection of urgently needed clinical drugs and medical devices, completing inspections for 9 varieties and 19 batches this year, with a total value of nearly $100 million [5]. - The Beijing Vaccine Inspection Center, set to be operational in November, will meet the annual inspection demand for 4,000 batches of vaccines, providing comprehensive technical support from research to production [5]. Group 4: Regulatory Reforms for Retail Pharmacies - New regulations for retail pharmacies in Beijing have been introduced, removing restrictions on the shareholding ratio of chain headquarters and allowing for the establishment of remote prescription centers to enhance pharmaceutical service capabilities [6]. - The regulatory body is also supporting the integration of resources among pharmaceutical wholesale enterprises to create a multi-warehouse collaborative logistics management model, significantly reducing operational costs for businesses [6]. Group 5: Future Directions - The Beijing Drug Administration plans to continue enhancing industrial innovation services, actively seeking pilot policies, and improving review and inspection efficiency to empower the high-quality development of the pharmaceutical and health industry in Beijing [6].