编号：2025-015 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 友邦人寿杨佳，华源证券戴铭余，个人投资者王东。 时 间 2025 年 12 月 25 日 15:30—16:30 地 点 杭州城中香格里拉酒店 上市公司 接待人员姓名 董事会秘书：何寅 投资者关系活动 主要内容介绍 公司于 12 月 25 日 15:30—16:30 参加华源证券策略会，并就投 资者关注的问题进行了回复。 主要内容如下： 1、董事会秘书对公司目前经营情况进行说明。 公司主营业务为自润滑轴承及高性能聚合物的研发、生产及销售，主 要产品为自润滑轴承、高性能改性工程塑料及氟塑料制品等产品。公 司研发的自润滑轴承具有轻量化、免维护、低噪音、低成本、长寿命、 高载荷、耐腐蚀的特点，广泛应用于汽车、工程机械、机器人、清洁 能源、港口机械、塑料机械、通用设备等行业。 从业务结构来看，公司目前最大的下游板块是汽车行业，其次是工程 机械，两者合计约占公司收入的 80%；其余为通用工业领域。汽车业 务是公司业绩长期稳 ...

Market Overview - Hong Kong stocks rose by 0.17% on Christmas Eve, while A-shares showed strong performance as funds remained cautious ahead of the holiday [1] - The U.S. GDP for Q3 grew at an annualized rate of 4.3%, exceeding expectations and marking the fastest growth since Q3 2023, driven by strong consumer spending and a rebound in exports [1] - The U.S. plans to impose tariffs on semiconductor products imported from China, effective June 2027, as a response to China's ambitions in the chip industry [1] Semiconductor Industry - Semiconductor companies, including SMIC, have announced price increases of around 10% for 8-inch BCD process platforms due to high demand for power chips in AI servers [2] - TSMC is consolidating its 8-inch capacity and plans to shut down some production lines by the end of 2027, contributing to price increase expectations [2] - Companies like Samsung and SK Hynix have raised HBM3E prices by nearly 20% due to increased orders from major tech firms [3] Rare Resources and Nickel Market - The Indonesian Nickel Mining Association reported a significant reduction in nickel production targets for 2026, aiming to prevent further price declines, which has led to a rise in nickel-related stocks [3] - Companies such as LDK Resources and Xinjiang Xinjin Mining saw stock increases of nearly 9% following the news of reduced production targets [3] Dairy Industry - Domestic dairy processing capacity is expanding as imported dairy product price advantages diminish, benefiting upstream dairy farms [4] - Companies like Yurun Agriculture and Modern Dairy experienced stock increases of nearly 7% due to this trend [4] Robotics and Automation - Cloud Deep Technology has submitted an IPO application and holds a significant market share in the quadruped robot sector [5] - SUTENG announced advancements in robotic technology, showcasing capabilities in high-precision visual perception and flexible mechanical arm control [5] Currency and Paper Industry - The offshore RMB reached a high of 7.0129 against the USD, enhancing purchasing power for raw materials in the paper industry [7] - Companies like Nine Dragons Paper and Lee & Man Paper are expected to benefit from reduced procurement costs due to the strengthened RMB [7] Company Highlights - Tiangong International has achieved significant breakthroughs in high-end materials, positioning itself as a leader in the global tool steel market [8] - The company is focusing on import substitution in high-end materials, which is expected to drive future revenue growth [8] - The company is also advancing in high-nitrogen steel for humanoid robots, collaborating with domestic firms to enhance its product offerings [9]

华鑫证券研报指出，怡合达构建覆盖199个大类、4573个小类、258余万个SKU的FA工厂自动化零部件 体系，同时拓展FB非标零部件与FX品牌核心件业务，形成"标准件+非标件+品牌件"。公司持续投入研 发强化产品迭代能力，数字化工具与信息化系统提升客户选型效率，"自制+OEM+集约化采购"供应链 模式适配长尾需求，形成"技术+效率"双重竞争优势，支撑进口替代与客户粘性。下游覆盖3C、新能源 锂电、汽车、光伏、半导体等多个高景气领域，客户需求多元化支撑营收韧性；海外业务覆盖全球30多 个国家和地区，越南基地与海外渠道拓展降低贸易壁垒，海外增量显著。考虑怡合达为FA零部件一站 式平台的龙头，FB业务与海外市场打开第二增长曲线，维持"买入"投资评级。 ...

Group 1 - The core viewpoint is that CIS member states maintain a similar or unified stance on key global and regional issues, emphasizing the importance of cooperation among member countries [1][2] - Trade volume between Russia and CIS member countries reached nearly $90 billion in the first ten months of the year, with over 96% of commercial transactions conducted in local currencies [1] - There is a growing interest among member states in practical cooperation in industrial, technological, digital, and innovative fields, alongside the rapid advancement of import substitution processes to enhance technological autonomy [1] Group 2 - The fight against terrorism, organized crime, drug trafficking, and corruption remains a significant area of cooperation among CIS countries, with plans for joint anti-terrorism actions and border protection initiatives by 2028 and 2030 respectively [1] - The Eurasian Economic Union has established a stable and independent payment infrastructure, with local currency settlements accounting for 93% of commercial transactions among member states, contributing to economic stability and resilience in the region [2] - Strengthening internal cooperation within the CIS aligns with the fundamental interests of the people in member countries, as they face challenges in socio-economic development and maintaining common security [2]

Summary of the Conference Call on the Tungsten Price Surge and Tool Industry Changes Industry Overview - The tungsten powder price has surged threefold, creating operational pressures for small and medium-sized tool companies due to insufficient inventory and procurement difficulties, leading to order losses and price increases for products [1][2] - Large companies like Huari and Oke Yi benefit from sufficient inventory and higher gross margins, allowing them to better cope with rising costs and potentially increase market share [1][2] Key Points and Arguments - **Tungsten Price Fluctuations**: Tungsten powder prices rose from 316 RMB/kg at the beginning of the year to 1,031 RMB/kg by December 19, 2025, marking an increase of nearly three times [2] - **Impact on Small and Medium Enterprises**: These companies have low inventory levels and face significant operational pressures due to rising costs and procurement challenges, with the cost of 10 tons of tungsten powder increasing from approximately 300-350 thousand RMB to 800-900 thousand RMB by year-end [2] - **Performance of Large Enterprises**: Companies like Huari and Oke Yi reported a turnaround in Q3 2025, achieving a net profit of around 50 million RMB each, with expectations for better performance in Q4 [2][10] - **Export Trends**: China's tool exports by weight decreased by 1.88% year-on-year, indicating a consumption of overseas tungsten inventory. China is reassessing tungsten's strategic value and limiting exports, which may enhance the profitability of domestic tool manufacturers [2][13] Market Dynamics - **Foreign vs. Domestic Tool Manufacturers**: Foreign tool manufacturers hold about one-third of the market share in China. They quickly sold out their inventory after price increases in September 2025 and ceased taking orders in Q4. In contrast, domestic companies like Huari and Oke Yi continue to receive orders and ship products [4] - **Pricing Strategies**: Domestic brands have room to increase prices by 20%, while foreign brands may see price points of 15-20 RMB, allowing domestic brands to potentially increase their prices by 30-40% [4] Future Demand Outlook - **High-End CNC Tool Demand**: The demand for high-end CNC tools is primarily driven by sectors such as military, new energy, and high-temperature alloys, with a stable growth rate of 1.5% to 2% per year for tungsten products [5][7] - **Electric Vehicle Industry**: Despite potential declines in shipment volumes due to competition, production levels remain stable, ensuring continued demand for CNC tools. The trend of import substitution is expected to facilitate a smoother transition for domestic market share by 2025 [8] Company Performance and Financial Health - **Cash Flow Status**: Tool companies are currently in a strong cash collection phase, with some requiring 100% prepayment for new contracts due to raw material shortages. Huari Precision reported a net cash flow of nearly 10 million RMB for two consecutive quarters [11] - **Fixed Asset Investment**: Major companies have ceased new capacity investments since Q2 2025, indicating a comfortable operational state where existing capacity and inventory can meet market demand [12] Strategic Insights - **Future of Chinese Tool Manufacturers**: As global tungsten resources become scarcer, large Chinese tool manufacturers with procurement and channel advantages are expected to thrive, enhancing their profitability through increased market share and improved gross and net margins [14]

2025 年 12 月 21 日 | 基本数据 | 2025-1 2- 1 9 | | --- | --- | | 当前股价（元） | 47.29 | | 总市值（亿元） | 88 | | 总股本（百万股） | 187 | | 流通股本（百万股） | 187 | | 52 周价格范围（元） | 19.11-59.76 | | 日均成交额（百万元） | 255.6 | 市场表现 -50 0 50 100 150 200 250 (%) 大元泵业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《大元泵业（603757）：液冷爆 发+热泵复苏开启增长周期》2025- 06-20 赛道景气度持续兑现，技术壁垒筑牢长期价值 —大元泵业（603757.SH）公司动态研究报告 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn ▌新兴业务高增破局，赛道景气度持续兑现 公司卡位液冷温控、商用泵、热泵出口等高景气赛道，契合 "双碳" 目标与新兴产业（储能、算力、新能源车）发展趋 势，新兴业务实现翻倍级增长，有效对冲传统业务波动，打 开长期成长天花板。液冷温控业 ...

Core Viewpoint - The company Zhigao Machinery is set to go public on the Beijing Stock Exchange, aiming to raise 395 million yuan for expanding production capacity and enhancing research and development, marking a significant growth trajectory from its humble beginnings in 2003 to a revenue of 890 million yuan in 2023 [3][5]. Company Overview - Zhigao Machinery, founded in 2003, has evolved from a small workshop to a leading manufacturer of rock drilling equipment, achieving a revenue of 890 million yuan in 2023 [3][5]. - The company has developed a comprehensive product line, including over 400 models of drilling rigs and screw compressors, widely used in mining, construction, and petrochemical industries [6][8]. Market Position - Zhigao Machinery ranks among the top three in market share for mobile air compressors and drilling rigs in China from 2021 to 2023, and is a key player in drafting industry standards [8]. - The company has received recognition as a "hidden champion" in Zhejiang Province and has established a strong international presence, with clients in countries along the Belt and Road Initiative [8][12]. Financial Performance - The company has shown consistent revenue growth, with total revenues increasing by 5.7% and 5.72% in 2023 and 2024, respectively, reaching 840 million yuan and 888 million yuan [10]. - The gross profit margin has steadily increased from 19% in 2020 to 27.28% in 2024, reflecting the company's expanding technical advantages [12]. - Net profit has grown from approximately 68.6 million yuan in 2020 to about 105 million yuan in 2024, with a compound annual growth rate of 11.22% [14]. Future Growth Prospects - The company anticipates a revenue of approximately 660 million to 722 million yuan in the first nine months of 2025, representing a year-on-year growth of 0.80% to 10.25% [16]. - The planned construction of a new production line for 300 intelligent drilling rigs is expected to add 413 million yuan in revenue and 77.5 million yuan in net profit once fully operational [20]. - The establishment of a research and development center aims to enhance the company's competitive edge and support ongoing innovation [21]. Industry Context - The rock drilling machinery market in China has seen growth, with the market size increasing from approximately 408.28 billion yuan in 2018 to 492.2 billion yuan in 2023, reflecting a compound annual growth rate of about 3.81% [18]. - The air compressor market has also expanded, with the market size growing from 12.34 billion yuan in 2018 to 15.68 billion yuan in 2023, indicating a steady demand for these products in various industrial applications [17].

近日，在摩根大通举办的线上媒体圆桌会议上，摩根大通中国内地及香港地区股票策略研究主管刘鸣镝接受 证券时报·券商中国记者采访时分享道，展望2026年，MSCI中国指数、沪深300指数及MSCI香港指数目标 点位分别为100点、5200点和16000点，对应当前点位均有约两位数上涨空间。 刘鸣镝指出，2026年四大投资主题值得关注：一是"反内卷"；二是全球AI基建开支增长；三是发达国家 宽松政策对出口的提振；四是"K型"消费复苏对食品饮料及超高端消费的带动。 她同时表示，半导体等板块短期估值已偏高，更看好光伏、电池等领域；消费板块当前估值具备吸引力， 建议投资者不宜过度低配。 摩根大通中国内地及香港地区股票策略研究主管 刘鸣镝 明年看好"4+1"投资方向 回顾2025年，刘鸣镝团队于今年1月开始看好MSCI中国及沪深300指数，6月进一步判断上涨趋势将延 续至2026年。10月中旬，该团队建议投资者从拥挤的成长和动量赛道部分转向价值、防御及高息股，并 认为该行情尚未走完，可能持续至年底或明年初。 她介绍 根据摩根大通的量化宏观模型 经济周期分为"春 夏 秋 冬"四个象限 分别对应恢复 扩 她介绍，根据摩根大通的量 ...

Report Overview - **Date**: December 19, 2025 - **Researcher**: Zhang Xiaojun - **Contact**: 0371 - 65617380 - **Qualification**: F0242716 (Futures Practitioner), Z0011864 (Futures Trading Consultant) Report Key Points Corn - **Report Industry Investment Rating**: Not provided - **Core View**: Corn prices face both support and pressure, and are seeking to verify support levels [4] - **Summary by Category** - **Important Information**: On the 19th, deep - processing enterprise purchase prices in the northeast and north China rose slightly; north - south port prices were stable with a slight increase; corn futures warehouse receipts decreased by 627 lots; the wheat - corn price difference in Shandong narrowed; in November 2025, corn imports reached a yearly high, with cumulative imports from January - November down 86.08% year - on - year, and cumulative imports from October - November up 67.27% year - on - year; the bid - invitation sales of imported corn by CGSCC had a 100% transaction rate [4][5] - **Market Logic**: Short - term, prices oscillate due to seasonal selling pressure and support from farmers' reluctance to sell and downstream inventory building; medium - term, seasonal selling pressure remains before the Spring Festival, and policy grain auctions may provide supply next year; long - term, the pricing logic is import substitution and planting costs, with policy orientation being key [5] - **Trading Strategy**: Maintain a range - trading approach in the medium - to - long - term. Currently, suggest waiting or short - term trading. For the 2601 contract, support is at 2200 - 2220; for the 2603 contract, support is at 2180 - 2190. Consider low - buying opportunities if support holds [6] Pig - **Report Industry Investment Rating**: Not provided - **Core View**: After the Winter Solstice stocking, the supply pressure of pigs is emerging [9] - **Summary by Category** - **Important Information**: On the 19th, the national average pig price fell; the number of sows in October 2025 was below 40 million; the number of piglets from January - September increased, with a decrease in October; the average slaughter weight of pigs increased; the fat - lean price difference was stable; and the number of pig futures warehouse receipts remained unchanged [9] - **Market Logic**: Short - term, the end of Winter Solstice stocking has led to a price decline. Medium - term, supply is expected to increase until March next year, with relief starting from April. Long - term, supply pressure exists until September next year, and may ease after that if sow inventory continues to decline [10] - **Trading Strategy**: The 2601 contract follows the basis - repair logic; the 2603 contract returns to range - trading; far - month contracts trade on the expected difference in capacity reduction. If sow inventory continues to decline, consider low - buying opportunities after September next year. Provide support and pressure levels for each contract [11] Egg - **Report Industry Investment Rating**: Not provided - **Core View**: The egg market has a weak current situation but strong expectations, with near - month contracts being weak and far - month contracts being strong [16] - **Summary by Category** - **Important Information**: On the 19th, egg spot prices were stable with a slight increase; inventory increased significantly; the price of old hens decreased; the number of laying hens in November decreased month - on - month and increased year - on - year, and is expected to decline further in December [16] - **Market Logic**: Short - term, egg prices are in a low - range, and focus on downstream consumption and inventory. Medium - term, egg supply pressure remains, and the upward momentum of spot prices is limited. Long - term, the increasing scale of egg production may limit price increases, and wait for over - culling to drive capacity reduction [17] - **Trading Strategy**: Wait for short - selling opportunities in near - month contracts after inventory accumulation. In the medium - to - long - term, focus on whether low prices can drive culling and capacity reduction. Currently, supply pressure exists before the second quarter next year, and whether the second quarter can be a turning point depends on first - quarter culling [18]

对比四季度各行业预期，她认为，市场对金融行业预期较低，而对科技与医疗预期很高，后者需实现环 比大幅的增长方能匹配市场的高预期。"我们判断半导体硬件等板块短期估值已偏高，短期存在压力。 长期看，若进口替代、质量与产出能提升至新高度，当前估值或可获支撑。" 在AI领域内，她认为基础设施设备(尤其是电力储能ESS)目前仅处于"恢复期"。因此，她对AI中的 ESS(储能系统)、光伏、电池及电池材料等领域更为看好。关于出海主题，她表示电池、储能及光伏产 业链的出口前景备受看好，这些行业能为数据中心提供快速电力解决方案，是2026年最看好的方向之 一。 "反内卷"聚焦成长型行业 对于"反内卷"主题，刘鸣镝表示，明年继续看好有"反内卷"措施且需求景气的行业。她将相关行业分为 三类：一是收入前景良好的成长型(如电池、光伏)；二是与宏观紧密关联的周期型(如钢铁、化工)；三 是与消费相关的领域。 刘鸣镝认为，第一类行业表现将优于第二类，主因收入端具备提升潜力，尤其是AI数据中心建设带来 的电力需求。"全球(中国内地以外)AI基建开支增长都需要电力，这是一个结构性机会。"她表示，将持 续看好当前利润承压明显的光伏、碳酸锂、电池及电 ...