市场数据：2025 年 11 月 17 日 收盘价（元）： 43.13 年内最高/最低（元）： 53.20/16.37 流通A股/总股本（亿）： 3.66/3.66 流通 A 股市值（亿）： 157.94 | 基础数据：2025 年 | 9 月 | 30 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.27 | | 摊薄每股收益(元)： | | | 0.27 | | 每股净资产(元)： | | | 8.29 | | 净资产收益率(%)： | | | 3.59 | | 资料来源：最闻 | | | | 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 基础件 五洲新春（603667.SH） 增持-A(维持) 业绩平稳向好，持续推进高端轴承与丝杠产品升级 2025 年 11 月 18 日 公司研究/公司快报 研究助理： 丝杠业务不断突破，新赛道布局奠定成长基础。丝杠业务作为战略新兴 方向，逐渐实现从样品阶段到小批量订单的关键跨越：在机器人领域，反向 式行星 ...

证券研究报告 | 2025年11月18日 | 晨会纪要 | | --- | | 数据日期:2025-11-17 | 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） | 3972.03 | 13202.00 | 4598.05 | 14318.77 | 3858.01 | 1354.03 | | 涨跌幅度（%） | -0.46 | -0.10 | -0.65 | -0.13 | 0.13 | -0.52 | | 成交金额（亿元） | 8057.33 | 11050.57 | 4389.40 | 4107.82 | 4866.43 | 595.42 | $\frac{\pi\alpha}{\pi\alpha}\pm\frac{\pi\alpha}{\pi\alpha}$ (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu$H$\mu ...

Core Viewpoint - The report from Guosen Securities highlights that the AI wave and energy transformation are creating opportunities for industrial upgrades, particularly supported by the midstream machinery sector [1] Group 1: Demand Side Opportunities - Emerging market growth is primarily driven by AI infrastructure, including liquid cooling, gas turbines, and refrigeration industries, as well as humanoid robots and other trends like unmanned automation and intelligent welding robots [1] - Export growth is focused on globally competitive sectors such as engineering machinery, oil and gas equipment, injection molding machines, and tire molds, with additional attention on commercial catering equipment and hand/electric tools [1] Group 2: Supply Side Opportunities - Significant import substitution potential exists in sectors like scientific instruments, X-ray detection equipment, and semiconductor components [2] - Stock updates are emphasized for industry leaders in injection molding machines, testing services, and laser control systems, particularly those benefiting from a unified market and anti-involution trends in photovoltaic and lithium battery equipment [2]

Core Viewpoint - Yushu Technology has completed its IPO guidance work and plans to apply for an IPO in China, marking a significant step towards becoming the first humanoid robot company listed in A-shares, which is expected to drive new development opportunities in the entire robotics industry chain [1] Group 1: IPO and Market Potential - The completion of Yushu Technology's IPO guidance reflects the accelerated capitalization of the robotics industry, showcasing a precise match between capital efficiency and technology cycles [1] - Yushu Technology's post-C round financing valuation reached 12 billion yuan, with major investments from China Mobile, Tencent, Alibaba, and others [1] - The market size for embodied intelligence in China is projected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market, while the humanoid robot market is expected to reach 8.239 billion yuan, representing about 50% of the global market [1] Group 2: Industry Collaboration and Supply Chain - The IPO of Yushu Technology is anticipated to lead to increased orders for related supply chain companies, fostering a positive ecosystem through upstream and downstream collaboration [2] - The humanoid robot industry encompasses various segments, with core components and sensors, AI algorithms, and application scenarios being critical areas of focus [3] - Yushu Technology's capitalized progress is expected to positively impact its supply chain partners through collaboration in supply chain cooperation, technology research, and market expansion [3] Group 3: Strategic Partnerships - Yushu Technology has established stable partnerships with several listed companies, including Giant Star Legend and Zhongdali De, enhancing its commercial application capabilities [3] - A joint venture, Yuxing Entertainment Technology Co., Ltd., has been formed between Yushu Technology and Giant Star Legend to develop globally influential interactive smart robot products [4] - The first product from this collaboration, "Giant Star Dog," has secured over 120 million yuan in orders, demonstrating the commercial potential of the "IP + robot + AI" integration model [5] Group 4: Supply Chain Contributions - Key suppliers for Yushu Technology include Zhongdali De, which provides core components, and Lingyun Light, which collaborates on developing embodied intelligence solutions [5][6] - Other suppliers include Aobo Zhongguang for 3D visual sensors, Zhaoyi Innovation for NOR Flash chips, and Weilan Lithium for lithium batteries [7] - Companies like iFlytek and Baotong Technology are also collaborating with Yushu Technology to enhance AI voice interaction and develop industrial robots for various applications [9]

大行评级丨小鹏汽车营收预测不及预期拖累ADR下挫 花旗小幅下调目标价 小鹏汽车-W(09868.HK)获摩 根大通增持574.21万股 小鹏汽车-W(09868.HK)获摩根大通增持574.21万股 小鹏汽车-W(09868.HK)：委 任陈玉东为独立非执行董事 相关事件 小鹏汽车此前公布的第四财季营收预测不及预期，拖累隔夜ADR重挫逾10%。花旗称，考虑到明年一季 度的汽车销售淡季，将小鹏汽车美股和港股目标价分别下调逾3%，但仍看好公司在明年多元化增长的 潜力。分析师Jeff Chung等在报告中指出，在分析师简报会后，小幅下调对公司2025年的销量预测以符 合公司的新指引进入2026年，公司计划有7款新车型发布，并计划启动Robotaxi的试运行。小鹏目标在 2026年底开始人形机器人的大规模生产，管理层设想人形机器人的总目标市场将超过电动汽车，到2030 年小鹏机器人在全球的销量将超过100万台。花旗将该公司美股目标价下调3.4%至28.4美元；港股目标 价下调3.7%至110.6港元。 ...

Core Viewpoint - The company, Lanjian Intelligent (688557), is actively expanding its overseas market presence and has a strong order backlog across various industries, while also focusing on technological innovation and self-research capabilities in its product offerings [1][3][10]. Group 1: Overseas Market Expansion - The company is expanding its overseas market through three main strategies: participating in international logistics exhibitions, following domestic companies that establish overseas factories, and collaborating with multinational projects [2]. - It has established three overseas subsidiaries in Germany, the United States, and Hungary to better serve global customers [2]. Group 2: Order Situation and Industry Applications - The company has a robust order backlog, with its intelligent logistics systems applied in multiple sectors including semiconductors, new energy, aerospace, petrochemicals, automotive, food and beverage, electronics, tobacco, pharmaceuticals, e-commerce, and engineering machinery [3]. Group 3: Technological Development - The company has partnered with Shandong University to establish a "Logistics Embodied Intelligent Robot Research Institute" to accelerate the development and commercialization of humanoid robots in logistics [4]. - The company closely monitors trends in humanoid robot technology and evaluates the maturity and application scenarios of related technologies [4]. Group 4: Product Development and Manufacturing - All intelligent logistics robots are independently developed and manufactured by the company, with over 80% of the products being self-researched and produced [5]. Group 5: Financial Performance - In Q3 2025, the company's gross margin was 26.80%, a decrease of 1.68 percentage points year-on-year, influenced by varying gross margins across different industries [6]. - The company reported a revenue of 1.131 billion yuan for the first three quarters of 2025, a year-on-year increase of 35.68%, and a net profit of 93.75 million yuan, up 47.54% year-on-year [10]. Group 6: Competitive Advantages - The company's competitive advantages include a fully self-researched and manufactured product line, technological innovation that enhances product performance and quality, and innovative solutions tailored to market needs [8]. Group 7: Client Base - The company provides logistics solutions to over 1,000 clients across various industries, including home appliances, new energy, automotive, and large-scale retail [9].

Summary of Jinfa Technology Conference Call Company Overview - **Company**: Jinfa Technology - **Industry**: Modified Plastics Key Points Sales and Profit Projections - Jinfa Technology expects modified plastic sales to reach **3 million tons** in 2025, with a net profit of approximately **3 billion yuan**, representing a year-on-year growth of nearly **20%** driven by demand from the **new energy vehicles** and **home appliance exports** sectors, as well as market share gains [2][3][5] - For 2026, modified plastic sales are projected to maintain a growth rate of **15%-20%** [2][3] Product Sales Structure - The sales structure of modified plastic products remains stable, with the automotive sector accounting for about **45%**, home appliances for **16%-17%**, and electronics for **15%**, collectively exceeding **70%** [2][6] - Emerging sectors like new energy, toys, and packaging are growing rapidly but still represent a small overall share [2][6] Competitive Advantages - Jinfa Technology is the largest modified plastic enterprise in China, with competitive advantages in **R&D investment** (3%-4% of revenue), talent acquisition, and comprehensive solutions [2][8][9] - The company has established **7 overseas bases** to enhance global operational capabilities [2][9] Financial Performance and Challenges - In the first three quarters of 2025, Jinfa Technology's overall performance met expectations, with modified plastic sales approaching **2.1 million tons** [3] - The petrochemical business is expected to incur losses of **1.4-1.5 billion yuan** in 2025, with potential improvements in 2026 if market conditions stabilize [4][15] - The company anticipates a **6-7 million yuan** impact on profits due to the stock incentive plan in 2025 [12] Future Growth and Capacity Expansion - In 2026, Jinfa Technology plans to introduce new production capacities for high-temperature nylon, LCP, and specialty nylon, expecting sales growth of over **30%**, contributing an additional **1 billion yuan** to net profit [2][13] - The company aims to double total sales from **3 million tons** to **6 million tons** over the next five years, with overseas sales reaching **1.5 to 2 million tons** [4][21] Special Materials and Innovations - The special materials segment, particularly LCP, has seen growth exceeding **50%** in the first three quarters of 2025, driven by demand from AI and high-speed connectors [11] - Jinfa Technology is developing materials for humanoid robots, focusing on high-temperature nylon and PEEK, with potential applications in joints and bearings [17][18] International Expansion - Jinfa Technology is expanding into Poland and Mexico, with production expected to start in the second quarter of 2026, targeting a total capacity of **300,000 tons** by 2030 [19][20] - The company emphasizes its competitive edge in the international market through a diverse product range and strong global supply chain capabilities [20] Collaboration and Capital Expenditure - Jinfa Technology collaborates with Siemens on material development and technology exchange, enhancing their partnership [22] - The company plans to maintain cautious capital expenditure, focusing on promising areas like new materials and biodegradable materials, with annual spending expected to remain around **3 billion yuan** [23]

再 Call 灵巧手：本轮 T 链灵巧手的重要性再探讨！ 20251117 摘要 人形机器人灵巧手是实现精细操作的关键，其性能直接影响产品发布， 因此是当前最紧迫的技术瓶颈。产品延迟发布的核心原因之一正是由于 灵巧手的性能和寿命不达标，新供应商的选择值得关注。 灵巧手技术结构复杂，单手及前臂需约 25 个执行器，主要由电机、微 型丝杠、腱绳等组成，并可能搭配电子皮肤。新一轮更新大概率沿用微 型丝杠加腱绳方案，并可能引入电子皮肤技术。 大部分公司已在 2025 年 11 月中上旬向海外客户送样，预计 11 月底收 到反馈，有望年底前拿到定点订单。2026 年二三月份发布前夕，灵巧 手核心零部件供应链非常值得重视。 零部件方面，电机、微型丝杠、电子皮肤环节可能出现增量、直径变化 或扭矩调整等变化，投资者应密切关注这些技术参数的调整。 微型丝杠环节，除浙江荣泰外，重点关注恒立液压的进展。电子皮肤方 面，看好汉威科技，该公司有望逐步将电子皮肤搭配至灵巧手上。 腱绳和电机端，可关注南山智尚、明志电器以及伟创电气，这些公司有 望成为新的供应链成员，具备较大的投资潜力。 方案，并可能引入一些电子皮肤相关技术。 当前阶段对灵 ...

Core Viewpoint - The company, Senyuan Electric (002358.SZ), does not currently engage in the research and production of harmonic reducers or RV reducers, which are relevant for humanoid robot joints [1] Group 1 - An investor inquired on the investor interaction platform about the company's subsidiary's involvement in developing harmonic reducers and RV reducers [1] - The company responded on November 18 that it does not involve itself in such business activities at this time [1]

11月17日晚，小鹏汽车、零跑汽车、吉利汽车三家港股上市车企披露三季报。小鹏汽车亏损大幅收窄， 零跑汽车持续盈利，吉利汽车盈利大幅提升。 "明年，汽车行业将迎来大浪淘沙的关键阶段。如果没有强大的盈利能力，企业生存将会非常艰难。"吉 利汽车控股有限公司行政总裁桂生悦在业绩会上表示。 对于明年新能源汽车购置税优惠退坡带来的影响，三家车企均透露了能从容应对的乐观信号，并对市场 前景充满信心。同时，三家车企都将加快在海外市场的布局。 ● 本报记者 李嫒嫒 第三季度，零跑汽车实现营收194.5亿元，同比增长97.3%；实现净利润1.5亿元；毛利率为14.5%，较今 年第二季度提升0.9个百分点；经营活动产生的现金流量净额为48.8亿元，自由现金流为38.4亿元。 今年第三季度，零跑汽车销量达17.39万辆。11月15日，零跑汽车宣布，提前完成2025年50万辆的销量 目标；2026年将冲刺百万辆销量新目标。 谈及新势力车企的发展，桂生悦表示，新势力车企中，发展时间最短的已有五六年，部分长达八九年， 但截至目前，能够实现盈利的仍属凤毛麟角。今年以来，在政策支持与相对有利的市场环境下，各家新 势力车企的销量普遍实现了大幅提 ...