费用端投入扩大，业绩端同比大增。 我们预计公司2025-2027 年实现营业收入分别为91.03、113.43、136.89 亿元，实现净利润7.06、9.66、 11.92 亿元，对应EPS 分别为0.51、0.70、0.87 元/股，目前股价对应PE 为68.1、49.7、40.3倍，公司维 持"买入-A"评级，6 个月目标价为38.5 元/股，对应26 年PE 约55 倍。 公司前三季度期间费用率为9.34%，同比上升2.24pct。其中，销售费用率0.76%，同比上升0.10pct，主 要与市场拓展投入增加有关；管理费用率2.92%，同比上升0.59pct，主要系股权激励费用增加；研发费 用率5.88%，同比上升1.29pct，对应公司加大技术研发及原材料投入；财务费用率为-0.22%，同比上升 0.26pct，利息支出增加但仍被利息收入对冲。综上，费用端投入加大支撑业务拓展和研发投入，在毛利 率显著改善带动下，前三季度实现归母净利润5.15 亿元，同比增长161.81%，Q3 归母净利润2.11 亿 元，同比增长172.65%。 风险提示：原材料价格，需求不及预期，宏观政策扰动等。 通用出口许可证落 ...

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 38.5 CNY per share, corresponding to a PE ratio of approximately 55 times for 2026 [4][6]. Core Insights - The company achieved a revenue of 5.373 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 7.16%. In Q3 2025 alone, revenue reached 1.866 billion CNY, up 12.91% year-on-year. The growth was primarily driven by increased sales in the new energy vehicle and energy-saving air conditioning sectors, with respective sales growth of 23.46% and 18.48% [1]. - The company’s gross margin improved to 19.49%, an increase of 9.46 percentage points year-on-year, due to the release of new production capacity and cost optimization strategies [1]. - The company reported a net profit of 515 million CNY for the first three quarters of 2025, a significant increase of 161.81% year-on-year, with Q3 net profit reaching 211 million CNY, up 172.65% year-on-year [2]. - The company received a general export license, which is expected to simplify and accelerate its export processes, enhancing its ability to fulfill overseas orders, particularly in the U.S. market [3]. Financial Summary - The company is projected to achieve revenues of 9.103 billion CNY, 11.343 billion CNY, and 13.689 billion CNY for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 706 million CNY, 966 million CNY, and 1.192 billion CNY [4][10]. - The earnings per share (EPS) are forecasted to be 0.51 CNY, 0.70 CNY, and 0.87 CNY for 2025, 2026, and 2027, respectively [4][10]. - The company’s total market capitalization is approximately 48.063 billion CNY, with a circulating market capitalization of about 39.506 billion CNY [6].

Group 1 - The public fund issuance market remains active, with 38 new funds expected to launch this week, maintaining a high level of activity for two consecutive weeks [2] - The Hong Kong Stock Exchange has launched the HKEX Technology 100 Index, which tracks the performance of the 100 largest technology companies listed on the exchange, covering six major innovation themes [2] - The robot industry is seeing a surge in companies preparing for IPOs in Hong Kong, with 34 companies currently awaiting hearings [3] Group 2 - The trend of large-scale wind turbine development is slowing down, with manufacturers focusing on a "main unit + core components" model to enhance product reliability and competitiveness [3] - Companies are accelerating their investments in sodium-ion batteries due to the soaring prices of lithium carbonate, with the sodium battery industry entering a critical window for technological breakthroughs and commercial applications [5] - The Chinese innovative drug sector has seen outbound business development (BD) deals exceed $100 billion in 2025, marking a historical high [5] Group 3 - IBM announced its acquisition of data streaming platform Confluent for $11 billion, with the deal expected to close by mid-2026 [6] - Shanghai Xiba has announced that two of its executives are facing administrative penalties for suspected insider trading [9] - Weidi Co. plans to acquire a 51% stake in Jiangsu Jiuxing Precision Technology Co., aiming to gain control of the company [10]

公开资料显示，本末动力的主营业务包括高性能智能设备、智能辅助设备、机器人(轮足、人形及其他 外形)的智能模组、整机等。这一定位与津荣天宇在精密制造领域积累的技术优势和发展方向高度契 合，是上市公司在智能制造、自动化装备等"硬科技"领域进行前瞻性布局的重要举措。 根据合伙协议，此次上河古宗的募集规模为人民币10315万元，吸引了包括上市公司大洋电机 （002249）在内的多家产业资本及专业投资者共同参与，基金管理人为已在中国证券投资基金业协会完 成登记备案的北京上河动量私募基金管理有限公司(登记编号：P1074727)。该基金具有清晰、单一的投 资目标——专注对本末动力(北京)科技有限公司(以下简称"本末动力")进行股权投资。 津荣天宇是国内专注精密金属部品和新能源储能产品技术研发、生产制造、产品销售于一体的高新技术 企业。业内人士指出，津荣天宇此次参投产业基金，是通过这一资本纽带，使公司得以更灵活地触达前 沿技术、洞察市场趋势，激发自身精密零部件设计与制造创新优势在机器人等智能装备领域的应用与拓 展，进而巩固提升全球产业链地位。(燕云) 12月3日，津荣天宇（300988）发布公告，公司作为有限合伙人，拟使用 ...

2025.12. 05 本文字数：431，阅读时长大约1分钟 作者 | 一财 阿驴 09:25 A股开盘丨三大指数开盘涨跌不一 沪指低开0.07%，深成指高开0.10%，创业板指高开0.55%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Min | 3873.12 | -2.67 | -0.07% | | 399001 | 深证成指 | s | 13020.29 | 13.57 | 0.10% | | 399006 | 创业板指 | M5 | 3084.22 | 16.73 | 0.55% | 盘面上，锂电电解液、两岸融合、超硬材料、服务器、水产概念股走弱；CPO概念股走强。 个股方面，摩尔线程科创板上市，开盘大涨超468%，股价报650元。 | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | F9 盘前盘后 叠加 九转 画线 工具 @ 2 >> | | | | N摩尔-U ① 立即 | | | --- | --- | --- | --- | --- ...

证券研究报告 | 2025年12月05日 | 晨会纪要 | | --- | | 数据日期:2025-12-04 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3875.79 | 13006.71 | 4546.56 | 13937.07 | 3749.90 | 1326.16 | | 涨跌幅度（%） | -0.05 | 0.39 | 0.34 | -0.06 | 0.23 | 1.36 | | 成交金额（亿元） | 6237.12 | 9252.47 | 3487.67 | 3137.25 | 4117.28 | 487.47 | $\frac{\pi\alpha}{\pi\alpha}\pm\frac{\pi\alpha}{\pi\alpha}$ (1998) (200) 行业与公司 计算机行业 2025 年 12 月投资策略暨财报总结-2025Q3：海外大厂业绩均 超预期，资本开支持续上行 北交所 2025 年 11 月月报：北证 50 震 ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.04%, the Shenzhen Component Index up by 0.35%, and the ChiNext Index up by 0.76% at midday [2] - The total trading volume in the two markets reached 1.03 trillion yuan, a decrease of 35 billion yuan compared to the previous trading day, with nearly 3,500 stocks declining [3] Sector Performance - The robotics industry chain was notably active, with companies like Gengshen Intelligent and Yushun Robotics leading the gains [2] - The commercial aerospace and low-altitude economy sectors also saw strong performance [2] - Conversely, sectors such as superhard materials, consumer goods, and AI wearable technology experienced declines [2] Notable Stocks and Indices - The ChiNext Index expanded its gains to 1%, with over 1,900 stocks rising [4] - Specific sectors like robotic actuators, synchronous reluctance motors, and PLC concepts were among the top gainers [4] - The stock "23 Vanke 01" saw a temporary suspension after rising over 90% [5] Trading Dynamics - The market experienced fluctuations with the commercial aerospace concept stocks showing significant strength, including multiple stocks hitting the daily limit [6] - The copper sector was particularly strong, with companies like Luoyang Molybdenum and Cangge Mining reaching historical highs, driven by rising copper prices on the London Metal Exchange [6][7] - The human-shaped robot sector also saw multiple stocks opening high, with companies like Junya Technology and Longxi Co. nearing the daily limit [9] Summary of Key Indices - The Shanghai Composite Index was at 3,879.74, the Shenzhen Component Index at 12,957.80, and the ChiNext Index at 3,037.05, reflecting slight increases [11]

Core Viewpoint - The market experienced fluctuations with the robotics sector leading gains, and the ChiNext 50 ETF (159949) showing significant trading activity and performance [1][7]. Market Performance - On December 4, the market saw a dip followed by a recovery, with the ChiNext index rising over 1% at one point. The ChiNext 50 ETF (159949) closed up 0.83% at 1.455 yuan, with a turnover rate of 3.58% and a trading volume of 898 million yuan, making it the top performer among similar ETFs [1][7]. Liquidity and Trading Data - As of December 3, the ChiNext 50 ETF (159949) had a cumulative trading volume of 31.612 billion yuan over the last 20 trading days, averaging 1.581 billion yuan per day. Year-to-date, the total trading volume reached 321.825 billion yuan over 223 trading days, averaging 1.444 billion yuan per day [3][9]. Top Holdings - The latest quarterly report for the ChiNext 50 ETF (159949) lists its top ten holdings, which include leading companies such as CATL, Zhongji Xuchuang, Dongfang Wealth, Xinyisheng, Sungrow Power, Shenghong Technology, Huichuan Technology, Mindray, Yiwei Lithium Energy, and Tonghuashun [3][9]. Robotics Sector Insights - Tesla CEO Elon Musk recently shared a video of the Optimus humanoid robot running, indicating progress in the robotics field. The U.S. Secretary of Commerce has been actively engaging with robotics industry CEOs to support the sector's development, with potential executive orders on robotics being considered by the Trump administration [4][11]. Investment Recommendations - CITIC Securities reports that the hardware design for robots is nearing completion, with the Optimus V3.0 expected to launch in Q1 2026 and mass production by the end of 2026. The Chinese supply chain is crucial for Tesla's robotics, and investors are encouraged to focus on companies within this supply chain [5][11]. - Long-term investors in China's technology growth sector may find the ChiNext 50 ETF (159949) a convenient investment tool, with recommendations for dollar-cost averaging to mitigate short-term volatility [5][11].

A股高开，沪指涨0.04%，创业板涨0.01%。机器人产业链走强，铜业股活跃。超硬材料、CPO、6G、卫星导航、消费电子、光伏题材走弱。 港股高开，恒生指数高开0.17%，恒生科技指数涨0.21%。京东健康、紫金矿业、携程集团涨逾3%；新能源车概念股再度走低，理想汽车、小鹏汽 车、蔚来均下跌。 消息面，美国媒体称，特朗普政府考虑"明年对机器人实施行政令"。特朗普政府开始转向机器人，商务部长卢特尼克一直在与机器人行业的CEO 们会面，并"全力以赴"地加速该行业发展。交通部也正准备宣布成立一个机器人工作组，可能在年底前公布。 商品期市开盘多数下跌。橡胶跌1.58%，玻璃跌1.47%，集运指数(欧线)跌1.45%，碳酸锂跌1.31%，焦煤跌1.02%，燃油跌0.45%，沪锡涨3.59%， 沪银涨0.31%。 国债期货全线低开低走，中国30年期国债期货跌幅扩大至0.96%，至2024年11月来新低，10年期主力合约跌0.4%，5年期主力合约跌0.2%，2年期 主力合约跌0.04%。 9:45 洛阳钼业A股、H股创下盘中新高。摩根大通称，仍然看好铜价和铜业股，结构性供需缺口将持续支撑上行势头；紫金矿业与洛阳钼业为首选标 ...

09:25 A股开盘丨三大指数集体高开 盘面上，机器人产业链走强，铜业股活跃。 09:34 商业航天概念反复活跃，航天机电直线涨停，航天长峰冲击涨停，航天环宇涨超10%，招标股 份、航天软件、通宇通讯涨超5%。 09:29 国债期货开盘，30年期主力合约跌0.64%，10年期主力合约跌0.14%，5年期主力合约跌0.09%，2 年期主力合约跌0.01%。 09:27 A股人形机器人板块多股高开，骏亚科技、龙溪股份、睿能科技竞价涨停，日盈电子逼近涨停， 五洲新春、万达轴承等跟涨。 09:21 港股开盘丨恒生指数高开0.17% 恒生指数高开0.17%，恒生科技指数涨0.21%。京东健康、紫金矿业、携程集团涨逾3%；新能源车概念 股再度走低，理想汽车、小鹏汽车、蔚来均下跌。 | HSTECH | 恒生科技 | m | 5546.30 c | 11.38 | 0.21% | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 5 WA | 25804.01 c | 43.28 | 0.17% | 上证指数涨0.04%，深证成指涨0.02%，创业板指涨0.01%。 ...