Group 1 - The core viewpoint of the news is that Lixing Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 151.67% and a recent decline of 6.48% over the last five trading days [2] - As of December 19, Lixing's stock price was 27.86 yuan per share, with a market capitalization of 8.192 billion yuan and a trading volume of 143 million yuan [1] - The company has been actively traded, appearing on the "Dragon and Tiger List" seven times this year, with the most recent net buy of -124 million yuan on December 8 [2] Group 2 - Lixing Co., Ltd. specializes in the research, production, and sales of precision bearing rolling elements, with its main revenue sources being steel balls (85%), rollers (13.25%), and other services [2] - As of December 10, the number of shareholders increased to 45,300, with an average of 5,086 circulating shares per person, reflecting a decrease of 36.41% [2] - The company reported a revenue of 814 million yuan for the period from January to September 2025, representing a year-on-year growth of 4.81%, and a net profit attributable to shareholders of 51.6475 million yuan, up 1.83% [2][3] Group 3 - Lixing Co., Ltd. has distributed a total of 499 million yuan in dividends since its A-share listing, with 169 million yuan distributed over the past three years [3] - As of September 30, 2025, the fifth largest circulating shareholder is China Life Asset Management's Smart Life Stock A, holding 3.6683 million shares, unchanged from the previous period [3]

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 华龙证券表示，"十五五"点名工业母机，政策驱动下国产机床高端化进程有望加快。2025年10月28日， 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》公布。政策驱动下，国内高端制造 领域对高精度、高稳定性、高复合化的五轴机床、数控铣床、车铣复合中心等需求将有望增加。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的整体 表现。该指数成分股主要集中于机械设备行业，重点聚焦制造业领域，具有较高的行业集中度特征。 每日经济新闻 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of industrial mother machines, indicating that the domestic high-end machine tool sector is expected to accelerate its development driven by policy support [1] Group 1: Policy Impact - The publication of the "Central Committee's Suggestions on Formulating the 14th Five-Year Plan for National Economic and Social Development" highlights the increasing demand for high-precision, high-stability, and highly integrated machine tools such as five-axis machine tools, CNC milling machines, and turning-milling composite centers in the domestic high-end manufacturing sector [1] Group 2: Industry Index - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in the manufacturing and servicing of machine tools and their key components from the Shanghai and Shenzhen markets [1] - This index aims to reflect the overall performance of listed companies related to the machine tool industry, with its constituent stocks primarily concentrated in the machinery equipment sector, showcasing a high degree of industry concentration [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 华龙证券表示，"十五五"点名工业母机，政策驱动下国产机床高端化进程有望加快。2025年10月28日， 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》公布。政策驱动下，国内高端制造 领域对高精度、高稳定性、高复合化的五轴机床、数控铣床、车铣复合中心等需求将有望增加。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的整体 表现。该指数成分股主要集中于机械设备行业，重点聚焦制造业领域，具有较高的行业集中度特征。 ...

发展工业母机意义重大 记者：工业母机为什么被称为"制器之器""制造之基"？ 毛予锋：机床是工业母机的核心组成部分。在传统定义中，机床行业在主机方面包括金属成形机 床、金属切削机床、木工机床等类型。如今，随着制造业底层逻辑和加工方式的变化，从加工方式上把 工业母机划分为减材制造、等材制造和增材制造三大类。 作为金属加工与精密制造的基础装备，工业母机产业的发展具有战略意义，其技术水平直接决定了 汽车、航空航天、新能源等领域的发展高度。特别是数控机床的性能、质量和拥有量已成为衡量一个国 家工业化水平、综合国力的重要标志之一，是制造业高质量发展的核心支撑，是现代化产业体系的核心 枢纽和制高点。 记者："十四五"以来，工业母机产业面临的内外部形势如何？ □ 本报记者 刘 瑾 潘卓然 "工欲善其事，必先利其器。"以机床为代表的工业母机是新型工业化的核心装备，代表着国家制造 业的核心竞争力。"十四五"以来，工业母机产业面临的内外部形势有哪些新变化？产业发展取得了哪些 突破性进展？"十五五"时期，产业发展前景如何？中国机床工具工业协会常务副理事长兼秘书长毛予锋 近日接受了经济日报记者专访。 毛予锋：在党和政府各部门的部署支持 ...

工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的整体 表现。该指数成分股主要集中于机械设备行业，重点聚焦制造业领域，具有较高的行业集中度特征。 （文章来源：每日经济新闻） 华龙证券表示，"十五五"点名工业母机，政策驱动下国产机床高端化进程有望加快。2025年10月28日， 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》公布。建议提出，加强原始创新和 关键核心技术攻关。完善新型举国体制，采取超常规措施，全链条推动集成电路、工业母机、高端仪器 等重点领域关键核心技术攻关取得决定性突破。政策驱动下，国内高端制造领域对高精度、高稳定性、 高复合化的五轴机床、数控铣床、车铣复合中心等需求将有望增加。具备高端产品研发能力和核心部件 自研能力的公司值得关注。 ...

Summary of Haoshi Electromechanical Conference Call Industry and Company Overview - **Company**: Haoshi Electromechanical - **Industry**: Commercial aerospace, PCB drilling and forming equipment, robotics, and automation Key Points and Arguments - **Commercial Aerospace Applications**: Haoshi's liquid oxygen-methane engine motors are utilized in Blue Arrow rockets, with each engine valued at approximately 4 million yuan. It is expected that 30% of the motors will need replacement after each recovery due to wear and tear, indicating a potential increase in value as rocket capacity expands and new products are developed [2][4][13][18] - **Growth Projections**: The company anticipates a nearly 90% revenue growth in 2025, with a further 100% increase expected in 2026. This growth is driven by advancements in AI and changes in the Apple supply chain, which are projected to boost spindle business by 40%-50% [2][3][6] - **Acquisition Impact**: The acquisition of a European automation group in 2020 has stabilized revenue at around 300 million yuan annually. However, inflation has led to losses, with expectations of returning to profitability by 2026 [2][7] - **Production Capacity Expansion**: Due to unexpected demand from the AI market, Haoshi has invested nearly 100 million yuan in new equipment to double production capacity by February 2026 [2][9][10] - **Market Share in Apple Supply Chain**: Haoshi holds over 60% market share in the glass and touch screen polishing market, with expected growth in spindle business from 100 million yuan in 2025 to 200 million yuan in 2026 [2][11] - **Joint Ventures**: A joint venture with Fengze Sheng aims to invest in high-end linear guide rail projects, expected to generate 150 million yuan in revenue by March 2026 [2][14] - **Overall Performance Expectations**: The company forecasts a 40%-50% increase in overall performance for 2026, with revenues projected to reach around 2.3 billion yuan, primarily driven by the industrial mother machine and robotics sectors [3][15] Additional Important Insights - **Commercial Space Development**: Haoshi is focusing on expanding its customer base in the commercial aerospace sector and enhancing product technology to meet growing market demands [16] - **Competitive Advantages**: Haoshi's products are competitively priced, approximately 30% cheaper than those from state-owned manufacturers, providing a significant advantage in the commercial aerospace market [19] - **Collaborations in Robotics**: Ongoing collaboration with Lens Technology, a key player in the Apple supply chain, is expected to strengthen as Lens builds a large factory for robotics components [20] - **Satellite Sector Plans**: Haoshi is exploring opportunities in the satellite sector, with plans to develop motor systems for satellite movement and power, expected to commence in 2026 [21]

12月12日，纽威数控涨0.33%，成交额3596.19万元，换手率0.52%，总市值69.70亿元。 异动分析 工业母机+人形机器人+新能源汽车+高端装备+长三角一体化 1、公司主营业务是中高档数控机床的研发、生产及销售。主要产品是定柱式龙门加工中心系列、动柱 式龙门加工中心系列、五轴联动龙门加工中心系列、五轴立式加工中心系列、高速型立式加工中心系 列、电主轴立式加工中心系列、重切型立式加工中心系列、动柱型立式加工中心系列、门型立式加工中 心系列、数控立式车床系列、高速型卧式加工中心系列、重切型卧式加工中心系列、高效型卧式加工中 心系列、斜床身数控卧式车床系列、平床身数控卧式车床系列、其他机床。 来源：新浪证券-红岸工作室 区间今日近3日近5日近10日近20日主力净流入-395.47万-168.40万-902.30万-1227.53万-4653.28万 主力持仓 主力轻度控盘，筹码分布较为分散，主力成交额3382.09万，占总成交额的15.31%。 技术面：筹码平均交易成本为15.37元 2、根据2025年4月25日公告：公司针对人形机器人行业的丝杠和减速器等关键零部件加工工艺特点， 开发了人形机器人行业数 ...

工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机 床整机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的 整体表现。该指数成分股主要集中于机械设备行业，重点聚焦制造业领域，具有较高的行业集中度特 征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 华龙证券指出，人形机器人进入量产准备的关键阶段，建议积极布局。机器人产业逻辑持续强化： 国际方面，特斯拉Optimus在明确2026年量产计划后，其技术细节（如配备50个执行器的新一代灵巧 手）不断迭代，显示了其技术落地的可行性；国内方面，宇树完成IPO辅导，智元机器人完成股改，释 放IPO信号，进一步印证产业成熟度的提升和资本周期的启动。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。 ...

Industry Overview - As of the end of 2024, the number of high-end manufacturing listed companies in A-shares reached 2,503, accounting for 46.50% of the total A-share companies, with a compound annual growth rate (CAGR) of 10.80% over the past five years [2][19] - The total asset scale reached 27.24 trillion yuan, and total revenue was 15.41 trillion yuan, with CAGRs of 13.98% and 13.27% respectively, indicating strong expansion capabilities [2][19] - Private enterprises accounted for 71.87% of the industry, while state-owned enterprises, though only 17.58% in number, contributed 34.31% of the revenue [2][19] - The industry is primarily concentrated in southeastern coastal provinces such as Guangdong, Jiangsu, and Zhejiang [2][19] - The tax contribution of the industry in 2024 was 253.9 billion yuan, with an employee count of 10.35 million and an average salary of 189,500 yuan, reflecting stable employment and income growth [2][19] Core Development Metrics - In 2024, total R&D expenditure was 934.12 billion yuan, with a CAGR of 18.51%, and R&D spending accounted for 6.06% of revenue [3][20] - The number of R&D personnel reached 1.8464 million, with a CAGR of 12.07%, achieving multiple technological breakthroughs in sectors like power equipment, semiconductors, and passenger vehicles [3][20] - The total market capitalization was 32.47 trillion yuan, with a CAGR of 3.91% [3][20] - The total scale of IPOs and refinancing was 115.54 billion yuan, showing a decline due to regulatory policy adjustments, although financing activity remained high in mechanical manufacturing and electronics [3][20] - Overseas revenue reached 4.3113 trillion yuan, with a CAGR of 19.81%, accounting for 27.98% of total revenue [3][20] Key Industry Characteristics - The mechanical manufacturing, electronics, power equipment, and passenger vehicles and parts sectors contributed 73.78% of the total assets and major revenue of the high-end manufacturing industry [4][20] - The medical industry led with a net profit margin of 13.19% and a return on assets of 5.03% [4][20] - The semiconductor industry benefited from the growth in AI and new energy vehicle demand, with a price-to-earnings ratio of 118.09 [4][20] - The aerospace and defense sector saw steady market capitalization growth driven by defense construction demand, with R&D investment accounting for 6.75% [4][20] - The power equipment sector faced a 66.43% decline in net profit due to overcapacity, while the pharmaceutical industry experienced a continuous decline in market capitalization due to policy adjustments, despite a high R&D investment ratio of 11.65% [4][20] Industry Trends and Policies - The government has introduced policies such as the "New National Nine Articles" and "Science and Technology Innovation Sixteen Articles" to support technological innovation, promoting equipment upgrades and the replacement of consumer goods [5][21] - The integration of AI and manufacturing has been widely applied in R&D design, production, and intelligent scheduling, leading to new business models [5][21] - New demands for computing power and smart terminals are emerging, with companies like SANY Heavy Industry and GAC Group leading practical implementations [5][21] - Efforts to revise the "Anti-Unfair Competition Law" and promote industry self-regulation have effectively addressed issues of low-price competition and disorderly expansion, guiding resources towards innovation [5][21] - The focus is on intelligent, green, and integrated development, with an emphasis on nurturing emerging industries such as low-altitude economy and humanoid robots, while tackling critical technology challenges in integrated circuits and industrial mother machines [5][21] Challenges and Future Outlook - Some industries are facing issues of overcapacity and profit fluctuations, with core technology bottlenecks persisting [6][22] - International market competition and geopolitical risks have intensified [6][22] - The future strategy includes increasing R&D investment, deepening industrial cluster development, and advancing international strategic layouts, aiming to transition from a "manufacturing giant" to a "manufacturing power" [6][22]