特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 摘要 ： 行至年末，各家今年业绩如何？"国产替代"等政策红利是否转化为了企业业绩增长的实际动能？面对不确定性，各大企业又是如何通过战略调整寻求破 局？ 在近期北京高端科学仪器与传感器大会投融资论坛上，几组公开披露的核心数据直观印证了这一趋势： 82%的用户在政策风向变化后开始认 真考虑国产替代，61%的单位在采购环节已经写进了"国产比例要求" ，需求侧的"替代共识"正在快速转化为实际的采购行动。 行至年末，各家今年业绩如何？在充满机遇又遍布风险的2025年，科学仪器上市企业也交出了各自第三季度的答卷："国产替代"等政策红利 是否转化为了企业业绩增长的实际动能？面对不确定性，各大企业又是如何通过战略调整寻求破局？ 带着这些问题，仪器信息网特别统计了44家国内上市仪器企业2025年前三季度财报，试图透过这些数据，一窥行业正在经历的变迁。 营收：26家增长，18家下滑 2025年即将接近尾声，回望这一年的科学仪器行业，"承压"与"突围"无疑是贯穿始终的主线。 所谓"行业寒冬"早已不是停留在口头的感慨 ...

海安集团成功登陆深交所 11月25日，海安集团在深交所主板正式敲钟上市，受到资本市场认可。这家深耕矿用轮胎领域的企业也由此迈入资本市场新阶段。 海安橡胶集团股份公司成立于2005年12月，是一家集研发、制造、销售及矿用轮胎运营管理服务于一体的巨型全钢工程机械子午线轮胎生产企业。 专注巨型矿用卡车轮胎国内第一、全球第四 矿场环境的特殊性对重型卡车和大型工程机械车辆提出了极高的要求，包括承载能力大、耐磨性强、连续运行时间长、生产技术难度大、安全性高、使用 环境恶劣等。这些要求使得巨型矿用轮胎必须具备卓越的耐磨性、抗撕裂性、抓地力、耐刺扎和散热性等特性。由于这些轮胎属于高技术难度产品和高值 易耗品，需要根据不同矿产环境定制的特种装备配套，因此对全钢巨胎生产厂家的研发能力、技术储备、生产能力、质量控制等方面提出了极高的要求， 其中安全性往往是首要考虑的因素。 目前，全球仅有少数轮胎制造企业具备大规模、批量生产全钢巨型子午线胎的能力。在国内49英寸及以上规格的全钢巨胎市场中，主要由国际三大品牌垄 断。海安集团作为全球第四大、我国第一大全钢巨胎生产企业，成功填补国内全钢巨胎研发制造领域的空白，打破了国外巨头的垄断。 V ...

品牌是走向全球市场的通行证，而产品是最重要的载体。在澳洲，环保新政让节能家电走俏，用户除了 日常使用，更加看重产品能耗。为满足用户节能需求，海尔澳洲上市行业最高能效的8星能效高端BM 冰箱，产品能耗比主流产品降低59.9%，深受当地用户欢迎，一上市便获得市场认可。在新西兰，T门 冰箱市场占比高达35%的份额，其中海尔、斐雪派克双品牌占比78%，这源于海尔针对当地需求开发的 洁净冰技术，可以根据用户喜好取冰水、取冰块、取碎冰，空间独立还不串味儿，深受当地用户欢迎。 作为高度全球化的企业，海尔的实力有目共睹。如今，海尔在全球范围内打造了海尔、卡萨帝、 Leader、GE Appliances、Fisher&Paykel、AQUA、Candy等品牌矩阵，实现对超高端、高端、主流及细 分市场的全面覆盖。欧睿国际数据显示，海尔已经连续16年位居全球大型家电品牌零售量第一。此外， 海尔全球用户数已突破10亿大关。 来源：环球网 在澳新家电市场这片竞争激烈的竞技场中，用户对海尔并不陌生。根据欧瑞国际的数据统计，2024年海 尔和斐雪派克双品牌销量份额稳居市场第一。 据了解，海尔是在2002年开始进入澳新市场，2012年成功 ...

坐标湖北襄阳，东风康明斯迎来了一批特殊访客。 11月10日，东风股份在2025武汉商用车展上发布高端轻卡品牌"东风乾坤"，其搭载的东风康明斯全新一代D2.5/3.0 发动机，以全面 提升的动力性、经济性与可靠性，展现出轻型商用车动力跃升的新高度，引发行业关注。 作为国家级智能制造示范工厂揭榜单位，东风康明斯这座工厂诠释了何为"智造革命"。目前，东风康明斯已构建了中重马力双工厂协同 体系，12条机加线、2条发动机总装线和1条AMT装配线织就高密度智能网络，实现了产能灵活调度与高效联动。柔性生产线可快速响 应订单需求，精准匹配整车装配节奏，有效缩短交付周期。 据了解，在传奇机加线上，90%的生产环节实现"黑灯运行"。这一模式依托先进的机器人技术、自动化设备、人工智能系统，实现生产 线全流程自动化，东风康明斯正以该技术突破为基石，稳步向全面"黑灯工厂"目标迈进。 全链路数字化管控同样关键。这座工厂集成了机器人视觉定位、AI视觉检测、智慧物流等先进技术，实现了生产效率和产品品质的跨越 式提升，实现了从零部件采购到整车交付的全生命周期追溯，产品一致性合格率远超行业平均水平。 技术上，东风康明斯同样走在行业前列。其发动机 ...

机构：西部证券 研究员：齐天翔 事件：2025Q3，零跑汽车收入194.5 亿元，同比97.3%；净利润1.5 亿元；毛利率为14.5%，同比提升 6.4pct，环比提升0.9pct。当季整车交付173852台，同比增长101.77%。 全球化布局持续推进，10 月海外终端订单大幅增长。Q3 出口17397 台，1-9月累计出口37772 台。10月 公司海外终端客户签约数量较9 月增幅超100%。 截至2025 年9 月30 日，公司在欧洲、中东、非洲、亚太等国际市场建立了超700 海外销售与服务网点， 全球化布局持续推进。 盈利预测：预计2025-2027 年公司营收分别为640/1024/1311 亿元，同比增长99%/60%/28%，当前股价对 应2025-2027 年PS 分别为1.02/0.64/0.50倍。我们看好公司明年在国内及海外的销量增长，给予"买入"评 级。 风险提示：出海进展不及预期；新车销量不及预期；汇率风险等。 毛利率持续改善，在手资金充裕。2025Q3，公司毛利率为14.5%，环比和同比都有所改善，主要得益于 规模效应、成本管控和产品组合优化以及其他业务产生的收益等。Q3 经营活 ...

Core Insights - The article discusses the transformation of the commodity trading industry in China, highlighting the shift from traditional trading models to integrated supply chain management services, driven by market dynamics and the need for risk management [1][2][3]. Industry Evolution - The commodity trading sector in China was initially characterized by rapid growth and a lack of information transparency, with many traders relying on traditional "buy low, sell high" strategies for profit [2]. - The 2008 global financial crisis exposed the vulnerabilities of these traditional models, leading to significant losses for traders as commodity prices plummeted [2][3]. - Increased market transparency and competition have pressured traders to evolve, as clients now demand more than just basic supply services, seeking stability in pricing and cost control [3]. Risk Management and Transformation - The development of China's futures market has provided traders with new tools for hedging price risks, prompting many to establish risk management departments and adopt a "spot-futures" combined operational model [3][4]. - Traders have moved beyond simple hedging to create diversified risk management systems that include basis trading and options, enhancing their competitive edge [4][5]. Integrated Service Ecosystem - The integration of warehousing and logistics into the trading model has become essential for enhancing service efficiency and creating value within the supply chain [7]. - Traders are building comprehensive service systems that combine trading, warehousing, logistics, finance, and information services, transitioning from "spot-futures operators" to "integrated service providers" [7][8]. - The establishment of smart warehousing and logistics networks has improved inventory management and service delivery, while also enabling traders to offer financial services to clients [7][8]. Global Competitive Landscape - As the Chinese economy becomes more integrated into global supply chains, traders recognize the need to enhance their global resource allocation capabilities to compete with international giants [9]. - The combination of risk management through financial tools and a robust physical network has become a key strategy for traders to maintain competitiveness in cross-border trade [9]. Future Outlook - The uncertainty in the commodity market is expected to persist due to geopolitical tensions, climate change, and technological advancements, necessitating continuous innovation and adaptation by traders [10]. - By focusing on empowering the real economy and enhancing service offerings, traders can achieve sustainable growth in a complex market environment [10].

Core Viewpoint - Company Huazhi Jie (603400) is expanding into the robotics sector by establishing a wholly-owned subsidiary, Suzhou Kangyang Robotics Co., Ltd., with an investment of 100 million RMB, indicating a strategic shift towards smart and industrial robotics [1][3]. Group 1: Company Overview - Huazhi Jie was founded in 2001 and is headquartered in Suzhou, focusing on providing intelligent, safe, and precise key components for electric tools and consumer electronics [2]. - The company has established four manufacturing bases in China (Suzhou and Zhangjiagang), Vietnam (Binh Duong), and Mexico (Monterrey), with a total area of nearly 100,000 square meters and over 1,000 employees [2]. - Huazhi Jie has formed long-term stable partnerships with well-known brands and manufacturers, enhancing its integrated supply and international layout advantages [2]. Group 2: Recent Developments - The establishment of Kangyang Robotics aligns with the company's strategic layout and future operational development plans, aiming to enhance resource integration and overall competitiveness [1][3]. - The company is actively tracking the latest trends in downstream industries and expanding its product applications in areas such as smart lawn mowers, new energy vehicles, smart home devices, drones, and liquid-cooled servers [2].

Core Insights - The article highlights the rapid integration of consumer-grade exoskeletons into everyday life, with Hypershell securing $70 million in Pre-B and B round financing, achieving a post-investment valuation of nearly $400 million, indicating strong market potential [3][4]. Financing and Investment - Hypershell's recent financing rounds show significant capital aggregation, with the B round led by Guanghe Venture Capital and Wuyuan Capital, and participation from Meituan Longzhu. The Pre-B round was led by Monolith, with continued investment from Wuyuan Capital [3][4]. - The company aims to utilize the $70 million funding for R&D, production, marketing, and talent acquisition, essential for scaling operations in the exoskeleton industry [5][6]. Company Overview - Founded in late 2021, Hypershell is the first startup to transition exoskeleton applications from medical and industrial fields to consumer markets. The founder, Sun Kuan, has a decade of experience in robotics and exoskeleton research [3][4]. - The company has developed a pioneering single-motor exoskeleton system, significantly reducing costs and weight, allowing for a consumer price point of around $1,000 [4][5]. Product Development and Market Strategy - Hypershell launched its first consumer-grade exoskeleton, Hypershell Go, on Kickstarter in March 2023, raising $1.23 million and gaining support from 2,638 global users, with 40% from the U.S. [4][5]. - The company plans to officially launch the Hypershell X series in China in August 2024, following a successful global rollout [5][6]. Competitive Landscape - The consumer-grade exoskeleton market is becoming competitive, with companies like Cheng Tian Technology and others entering the space. Hypershell's strong investor backing positions it well, but the industry faces uncertainties [6][7]. - The success of consumer-grade exoskeletons will depend on factors such as user interaction, product lightweighting, supply chain management, and precise scene definition [7][8]. Technological Innovation - Hypershell's MotionEngine, which incorporates AI capabilities, is a key competitive advantage, enabling the product to adapt to various user types and complex scenarios [7][8]. - The company’s advancements in AI motion intent recognition and human-machine interaction may provide a foundation for future developments in humanoid robotics [7][8].

Core Viewpoint - The company has established a presence in over 180 countries and regions globally, with a strong market position in the Northern Special Zone [1] Group 1 - The company is closely monitoring changes in the Northern Special Zone and is prepared to adjust its marketing and operational strategies accordingly [1] - The company is committed to actively advancing its global layout and market preparation [1]

在资管行业加速洗牌的背景下，头部私募正在加快出海布局。 私募排排网最新数据显示，截至11月26日，今年已有10家私募获批香港9号牌，持牌且存续状态的私募机构总数升至107家，首次突破百家大关。其中主观私募、量 化私募和混合型（"主观+量化"）私募分别有69家、28家和10家。 从规模结构看，百亿和准百亿私募成为跨境持牌的核心力量，累计占比接近五成。业内人士指出，持牌数量跨越百家节点，意味着中国私募的国际化进程正从试水 期步入全球竞争的新周期。 年内新增10家，持牌数量破百家 从今年新增情况看，年内获批的10家机构中，主观私募与量化私募各占5家，结构较为均衡。从管理规模看，新增机构呈现明显的"多梯队格局"。 其中，100亿元以上规模有3家，分别是黑翼资产、平方和投资、致诚卓远；50 亿— 100亿规模有2家，分别是优美利投资、前海博普资产；20 亿— 50亿 元 规模和 10 亿— 20亿 元 规模各有1家，分别是弘尚资产、龙航资产；0 — 5亿 元 规模有3家，分别是青柏资产、永信国际投资、鑫善投资。 在存续的107家持牌机构中，大规模私募仍占据绝对主导地位。其中，100亿元以上规模有35家，50 亿— 10 ...