华源证券近日发布机械设备行业专题报告：2025年政府工作报告首次将深海科技定位为 战略性新兴产业，与商业航天、低空经济并列，成为又一国家级战略主线。海安才能国安， 海不安则国必难安，深海科技的核心是要保障2个安全（资源安全和国防安全），在此基础 上探索海洋"蓝色"经济业态。 备）+新建（新增舰艇、UUV和海底声呐网建设）有望带来可观的需求；3）装备制造：建 议关注水下机器人，装备体系围绕探测作业、资源开发、安全保障构建。 投资建议：第一阶段建议关注"态势感知三剑客"。我们认为，有别于陆上，深海一切发 展的基础是"看的见"，态势感知能力建设是绕不开的先行基建，是"深海科技"的起点，故我 们第一阶段建议关注"态势感知三剑客"中国海防、集智股份、中科海迅。 风险提示：研发不达预期的风险，行业订单节奏风险，国际局势变化的风险。（华源证 券 戴铭余,王彬鹏,赵梦妮,郦悦轩） 【责任编辑：杨梓安 】 度达78%-95%，但相关资源在海底储量丰富，深海是我国资源安全的正确打开方式。 国防安全："水下国门洞开"安全困局亟待解决，我国箭在弦上。深海具有作战空间大、 环境优势显著、隐蔽性强的特点，建立建强深海作战体系能更好实现" ...

事件描述 公司发布2025 年半年报，主营收入113.18 亿元，同比下降15.72%；归母净利润10.98 亿元，同比下降 8.21%；扣非净利润9.6 亿元，同比上升14.41%。其中单二季度主营收入62.22 亿元，同比下降19.8%； 归母净利润5.57 亿元，同比下降22.74%；单季度扣非净利润4.83 亿元，同比上升9.99%。 事件评论 油价下滑叠加交付节奏等问题，上半年工作量承压。公司推进国内外油气工程建设，2025年上半年完成 了 15 座导管架和8 座组块的陆地建造，同比减少57.14%和27.27%；完成19 座导管架和10 座组块的海上 安装，同比减少13.64%和增加11.11%；完成197 公里海底管线铺设，同比增加17.26%；建造业务完成钢 材加工量18.95 万吨，同比减少30.15%；安装等海上作业投入1.14 万船天，同比持平。总体而言，整体 工作量承压。 盈利能力持续改善，2025Q2 单季度毛利率是2020 年以来最高水平。2025 上半年，公司销售毛利率达到 16.25%，同比提升5.43pct，是2017 年以来同期最高水平；销售净利率达到9.93%，同比提升0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a 2025 semi-annual revenue of 11.318 billion yuan, a year-on-year decrease of 15.72%, while the net profit attributable to shareholders was 1.098 billion yuan, down 8.21%. However, the net profit excluding non-recurring items increased by 14.41% to 960 million yuan [2][6] - In Q2 2025, the company's revenue was 6.222 billion yuan, a decline of 19.8% year-on-year, with a net profit of 557 million yuan, down 22.74%. The quarterly net profit excluding non-recurring items rose by 9.99% to 483 million yuan [2][6] - The company's gross profit margin for Q2 2025 reached its highest level since 2020, with a sales gross margin of 16.33% and a net profit margin of 9.93%, indicating improved profitability [12] Summary by Sections Financial Performance - The company experienced a decline in overall workload due to falling oil prices and delivery schedules, completing fewer land constructions and installations compared to the previous year [12] - The company achieved a market contract amount of 12.068 billion yuan in the first half of 2025, a decrease of 3.59% year-on-year, but the order backlog remains robust at approximately 40.7 billion yuan, up 4.90% year-on-year [12] Market Outlook - The potential of marine oil and gas resources is significant, with the company expected to benefit from CNOOC's capital expenditure plans, which are projected to remain stable at 125-135 billion yuan for 2025 [12] - The government’s focus on "deep-sea technology" is anticipated to create new development opportunities for the company, particularly in deep-sea resource development and equipment manufacturing [12] Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.54 yuan, 0.60 yuan, and 0.65 yuan respectively, with corresponding PE ratios of 10.62X, 9.65X, and 8.86X based on the closing price on August 15, 2025 [12]

格隆汇8月20日丨润邦股份(002483.SZ)于投资者互动平台表示，目前公司能够承接的船舶包括海洋工程 船舶(如平台供应船、海洋工程辅助船等)、特种运输船舶等。目前，公司具备年产各类海工船舶和特种 运输船舶不少于10艘的产能，公司将紧跟国家"深海科技"战略，紧紧抓住市场机遇积极拓展海洋工程船 舶相关市场，进一步加大相关投入，持续提升市场竞争力，把公司海洋工程装备业务进一步做大做强， 大力发展海洋经济，助力我国海洋经济产业快速发展。 ...

Market Overview - On August 19, the Shanghai Composite Index decreased by 0.02%, the CSI 300 fell by 0.38%, the STAR 50 dropped by 1.12%, the CSI 1000 rose by 0.07%, the ChiNext Index declined by 0.17%, and the Hang Seng Index decreased by 0.21% [4] - The best-performing sectors on August 19 were comprehensive (+3.48%), communication (+1.87%), food and beverage (+1.04%), retail (+0.89%), and home appliances (+0.87%). The worst-performing sectors were non-bank financials (-1.64%), defense and military industry (-1.55%), oil and petrochemicals (-0.58%), pharmaceutical biology (-0.54%), and coal (-0.52%) [4] - The total trading volume for the A-share market on August 19 was 26,407 billion yuan, with a net inflow of 18.573 billion Hong Kong dollars from southbound funds [4] Important Recommendations - The report highlights China Marine Defense (600764) as a leading player in underwater acoustic defense, benefiting from underwater operations and deep-sea technology [5] - The recommendation logic includes the following points: 1. The company is expected to benefit from the demand for various sonar types due to naval ship outfitting and ocean observation network needs [5] 2. The future trend of underwater three-dimensional offense and defense, with unmanned underwater vehicles likely to open new growth avenues for the company [5] 3. Anticipated asset integration within the group [5] - Key driving factors include accelerated naval construction and ocean observation network development, advancements in underwater combat equipment, and potential group asset integration [5] - The revenue forecast for the company from 2025 to 2027 is projected at 3,850 million yuan, 4,632 million yuan, and 5,528 million yuan, with growth rates of 21%, 20%, and 19% respectively. The net profit attributable to the parent company is expected to be 362 million yuan, 507 million yuan, and 653 million yuan, with growth rates of 59%, 40%, and 29% respectively [5] - The earnings per share are forecasted to be 0.51 yuan, 0.71 yuan, and 0.92 yuan, with price-to-earnings ratios of 72, 51, and 40 times [5] - Catalysts for growth include unexpected large procurement orders for naval ships, favorable deep-sea technology policies, and potential asset integration within the group [5]

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call focuses on China Haifang, a company involved in underwater defense technology and the development of unmanned underwater vehicles (UUVs) [2][3][5]. Core Insights and Arguments - **Advancements in Unmanned Underwater Vehicles**: China has been continuously launching new UUV models, including the CSSC 7,705 and UUV300 series, with plans to showcase them in a military parade on September 3, 2025. This indicates a significant enhancement in China's capabilities in unmanned intelligence and underwater combat [2][3]. - **Government Support for Deep-Sea Technology**: The Chinese government has elevated deep-sea technology to a strategic level, emphasizing its importance alongside commercial aerospace and low-altitude economy. This focus is expected to drive growth and valuation for China Haifang [2][3]. - **Asset Restructuring and Integration**: China Shipbuilding Group has completed significant asset restructuring, positioning China Haifang as a capital operation platform for the electronic information business segment. This may lead to further asset integration, presenting potential investment opportunities [2][4][7]. - **Core Business Focus**: China Haifang specializes in underwater acoustic defense, underwater information construction, sonar systems, and special electronic equipment supply. The company benefits from the application of new sonar systems in naval vessels and the ongoing demand for replacements due to corrosion [5][6]. Market Outlook - **Growth Potential of the UUV Market**: The UUV market is expected to grow significantly, with capabilities for reconnaissance and attack. The anticipated large-scale deployment of UUVs will enhance military strength and could substantially increase revenues and profits for related companies during the 14th Five-Year Plan period [6][8]. Additional Important Points - **Impact of China Shipbuilding Group**: The influence of China Shipbuilding Group on China Haifang's future development is substantial, as it has injected core assets and possesses numerous research institutions and external electronic information assets. This foundation supports future capital operations and potential market value enhancement [7]. - **Investor Considerations**: Investors should pay attention to China Haifang's leading position in underwater defense technology, its involvement in national deep-sea technology strategies, and the potential for further asset integration. The upcoming military parade on September 3 is also crucial for assessing the latest technological advancements and their impact on the company's performance and valuation [8].

1、短期大涨后部分资金后续或有借事件利好获利了结倾向，可能将造成近期波动加大； 2、市场风险偏好不减、基本面改善（预期）较大、地缘政治刺激频频、资本运作力度提升，共同支撑 着国防军工板块重心继续上移； 3、热点板块如有回调依然应保持关注，同时滞涨标的机会也将逐步出现。 8月19日早盘，国防军工板块大面积回调，代码有"八一" 的国防军工ETF（512810）一度下探2%，场 内放量溢价，不到半日成交已超1亿元，显示买盘资金尤为强劲。 人气成份股走势分化。菲利华、航天科技重挫居前。年内4倍牛股长城军工再现逆转，盘初一度下挫 8%，而后快速拉起冲高，振幅超13%！中国船舶吸并中国重工后今日复牌，高开逾6%，现涨2%。 | | | 分时 多日 1分 5分 15分 30分 60分 · | | | | F9 盘前盘后 壁加 九转 图线 工具 3 (2) > | | | 国防军工ETF 1 | 512810 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 512810[国防军工ETF] 11:03 价 0.722 ...

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the PCB equipment and robotics sectors, highlighting several companies with strong growth potential and investment opportunities. Key Companies and Their Insights 1. Yinlong Co., Ltd. (银龙股份) - Valuation is considered low with an expected upside of 50% due to performance growth and involvement in Western development projects like the墨脱 and 新藏铁路 [1][2] - Conservative profit forecast for 2026 is 600 million, corresponding to a market value of 12 billion [1][8] - Four major catalysts for growth include performance, Western development projects, collaboration with a core robotics company in Shanghai, and expansion into deep-sea technology applications [4] 2. Yongchuan Intelligent (永创智能) - Holds advantages in the robotics application field, particularly in wheeled dual-arm robots, with successful order conversions from clients like Nongfu Spring [1][9] - Expected main business profit for 2025 is 200 million, with a corresponding market value of 3 billion [1][10] - The company is developing second and third-generation robot products, enhancing its competitive edge [9] 3. Fuliwang (福利旺) - Specializes in micro lead screws, essential components for robotic dexterous hands, and is collaborating with a well-known TIER one company [1][11] - Involved in the Apple AirPods Pro project, providing ultra-high precision structural components, which may benefit from increased shipments of the next generation of AirPods [11] 4. Hengli Hydraulic (恒立液压) - Progressing well both domestically and internationally, particularly with projects involving Xiaomi and Xiaopeng, with a recent recovery in its main business [1][14] - Expected market value could exceed 120 billion [1] 5. Hanwei Technology (汉威科技) - Anticipates breakthroughs in its third-generation products by September to October, with a significant increase in value for Tesla projects [3][16] - Expected to gradually increase its equity stake in a partner company, Enerstar [3][16] 6. Longsheng Technology (隆盛科技) - Noted for being significantly undervalued, with a combined market value for its main and robotics businesses expected to reach around 20 billion [3][16] PCB Equipment Industry Insights - The PCB equipment sector is projected to perform strongly in 2025, with orders expected to double, driven by investments in high-layer boards [3][20] - Anticipated growth rate for 2026 is over 30%, despite market concerns about a potential slowdown [20][21] - Significant capital expenditure growth of 40% year-on-year in 2025, primarily due to high-layer board investments [21][23] Additional Observations - The deep-sea technology sector is highlighted as a key development area, with companies like Yinlong Co. having products suitable for deep-sea applications [5] - The robotics sector is seeing a shift towards automation and advanced manufacturing technologies, with companies like Yongchuan and Fuliwang positioned to benefit from these trends [6][19] - The overall sentiment in the PCB equipment industry remains optimistic, with expectations of continued growth driven by technological advancements and increased demand [20][24] Conclusion - The conference call highlighted several companies with strong growth potential in the PCB equipment and robotics sectors, driven by technological advancements, strategic collaborations, and favorable market conditions. Investors are encouraged to consider these companies for potential investment opportunities.

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion revolves around the theme investment strategies in various sectors, particularly focusing on infrastructure and technology industries, including the "Belt and Road Initiative," domestic substitution, and specific projects like the Yalong River Hydropower Station [1][4][12]. Core Points and Arguments 1. **Types of Theme Investments**: Theme investments can be categorized into four types: policy-driven, industry-specific, regional, and event-driven themes [2][4]. 2. **Impact of National Policies**: Major national policies, such as the "Belt and Road Initiative," have historically led to significant stock price increases, with examples showing companies like China Railway and China Communications Construction rising tenfold during the policy's implementation [4][6]. 3. **Industry-Specific Opportunities**: Environmental policies and carbon neutrality initiatives have created substantial investment opportunities in sectors like renewable energy and electric vehicles, with companies like Jingwang Technology and Zhuosheng Microelectronics seeing significant stock price increases [5][4]. 4. **Catalyst Density**: The frequency of significant events or catalysts can enhance market momentum; for instance, the 2025 capital expenditure reports from major U.S. cloud service providers spurred growth in the optical module and PCB industries [9][1]. 5. **Investment Theme Evaluation**: When selecting investment themes, factors such as depth, breadth, density, freshness, recognizability, and spreadability must be considered to gauge market interest and potential returns [11][10]. 6. **Stock Selection Criteria**: The relevance of stocks to chosen themes is crucial; for example, companies involved in high-speed rail projects performed well during the "Belt and Road Initiative" due to their direct involvement in railway construction [12][14]. 7. **Commercial Model and Competitive Advantage**: Evaluating a company's business model and competitive edge is essential, focusing on market acceptance and the contribution of new business segments to overall profits [15][3]. 8. **Market Dynamics and Timing**: Identifying the right entry and exit points in theme investments is critical, with market cycles often influenced by broader industry trends and technological advancements [16][17]. 9. **AI Application Differences**: The commercial models for AI applications differ significantly between the U.S. and China, with the former showing stronger market performance due to a SaaS model, while the latter faces challenges in monetization [18]. 10. **Development Stages of Industry Chains**: The development of industry chains can be categorized into stages, with certain technologies like liquid cooling and humanoid robots still in early development phases, while others like optical modules have progressed significantly [19][20]. Other Important but Possibly Overlooked Content - **Investment Timing and Market Penetration**: Understanding the penetration points of key technologies can signal potential investment opportunities, as seen in the transition from multi-crystalline to mono-crystalline silicon in the solar industry [21]. - **Emerging Technologies**: The potential for large-scale application of new technologies hinges on several factors, including policy support, technological maturity, cost control, and the emergence of blockbuster products [20].

8月18日，国防军工板块震荡拉升，代码有"八一" 的国防军工ETF（512810）午后放量冲击2%，场内 价格再创3年半新高！成交超1．1亿元超越上日全天成交额。 多只人气成份股午后逆转回升，长城军工从水下上冲，一度飙升逾8%，振幅超14%！菲利华翻红，振 幅超8%。中国海防、天海防务继续强势，双双涨超7%居前。 数据来源于沪深交易所、公开资料等。 风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31，发布于2013.12.26。以上个 股均为标的指数成份股，仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基 金的持仓信息和交易动向。基金管理人评估的本基金的风险等级为R3-中风险，适宜平衡型（C3）及以 上投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容 所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理 ...