Core Viewpoint - The company, CIMC Vehicles, is a leading global manufacturer of semi-trailers and specialized vehicles, focusing on high-end manufacturing and intelligent logistics solutions. Group 1: Company Overview - CIMC Vehicles is the world's largest semi-trailer manufacturer, ranking first in global sales and providing production, sales, and after-sales services for seven categories of semi-trailers [2] - The company specializes in the production of refrigerated vehicles, which are widely used in cold chain logistics, fresh food distribution, biopharmaceuticals, and vaccine transportation [3] - As of March 31, the company had 36,600 shareholders, with an average of 39,729 circulating shares per shareholder, reflecting a 4.05% decrease from the previous period [7] Group 2: Financial Performance - For the period from January to March 2025, CIMC Vehicles reported revenue of 4.591 billion yuan, a year-on-year decrease of 10.91%, and a net profit attributable to shareholders of 179 million yuan, down 32.59% year-on-year [8] - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [9] Group 3: Strategic Initiatives - The company has launched hydrogen energy refrigerated vehicle products in response to customer demand, indicating a commitment to innovation in the hydrogen energy sector [3] - CIMC Vehicles has signed a cooperation framework agreement with Huawei to enhance digital transformation and intelligent upgrades within the company [3] - The company aims to integrate intelligent manufacturing and logistics vehicle development as a key focus area, leveraging smart equipment and products to enhance production processes [3]

期指：静待走稳 2025 年 8 月 4 日 国 泰 君 安 期 货 研 究 所 金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 4054.93 | ↓0.51 | | 3596.9 | | | | | | IF2508 | 4042.8 | ↓0.52 | -12.13 | 341.1 | 28026 | ↓9717 | 44554 | ↓76 | | IF2509 | 4029.6 | ↓0.52 | -25.33 | 690.2 | 56881 | ↓34566 | 151416 | ↓6186 | | IF2512 | 3997.2 | ↓0.48 | -57.7 ...

近日，陕汽汽车装备制造厂自主研发的首款潜伏举升式AGV（自动导引车）正式投入使用，标志着汽 车装备制造厂迈出从"传统制造"向"智能物流"转型的关键一步。 作为陕汽生产体系的核心环节，新能源智能工厂预装线每日需处理超过3万件物料，长期面临倒框作业 频繁、分装环节冗杂、重件搬运高负荷等难题。为了解决这些生产痛点，汽车装备制造厂将潜伏举升式 AGV研发作为突破口,成功开辟了提升产线效率、优化运营成本的新路径。 潜伏举升式AGV创新应用线外分装与集配一体化SPS模式，将配送距离与拿取路径缩短40%以上，同 时，依托5G/Wi-Fi双模式通信网络和厂区数字地图，该款AGV将物流周转信息化率提升至95%以上，响 应延迟从30秒压缩至3秒，复杂场景下的避障效率提高了3倍，实现了快响应、高精度、强适应的智能调 度目标。 经过三个多月的试运行，这款AGV的成效远超预期。经测算，单车装配时间缩短0.3分钟，预装线整体 效率提升5.7%，日均替代1900次重件搬运作业，不仅显著降低了员工劳动强度，还有效解决了落地存 放、零件堆积等管理难题，在效率提升、成本优化和人效改善方面取得三重突破。 此次潜伏举升式AGV的成功投用，是陕汽以技 ...

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.37%, the ChiNext Index down 0.24%, and the Shenzhen Component Index down 0.17% [1] - The trading volume in the Shanghai, Shenzhen, and Beijing markets was 16,199 billion yuan, a decrease of 3,420 billion yuan compared to the previous day [1] Sector Performance - AI hardware themes generally retreated, with CPO and GPU sectors leading the decline; stablecoins, military industry, and semiconductor stocks also saw significant drops [1] - Conversely, AI applications, photovoltaic, innovative pharmaceuticals, and smart logistics sectors were active [1] ETF Highlights - The Guangfa Fund's Hang Seng Consumer ETF rose by 4.69% [1] - The photovoltaic sector showed strength, with Guangfa Fund's Photovoltaic ETF, Guotai Fund's Photovoltaic 50 ETF, and Huashan Fund's Photovoltaic ETF Index Fund increasing by 2.53%, 1.94%, and 1.94% respectively [1] - The traditional Chinese medicine sector was active, with Yinhua Fund's Traditional Chinese Medicine 50 ETF and Huitianfu Fund's Traditional Chinese Medicine ETF rising by 2.36% and 1.89% respectively [1] International Market Trends - Overnight oil prices declined, leading to a drop of over 5% in Sinopec's stock, and the oil and gas resource ETF fell by 4.18% [1] - The South Korean stock market also declined, with the South Korea Semiconductor ETF down 3.38% [1] - European stock markets closed at their lowest in over a week, with France's CAC40 ETF and Germany's ETF down 2.44% and 2.2% respectively [1] - U.S. stocks experienced a pullback after an initial rise, with the U.S. 50 ETF and Nasdaq ETF both down by 2% [1] - Military stocks were among the biggest losers, with the aerospace and defense ETF down 2.31% [1]

Market Overview - On August 1, the A-share market experienced fluctuations, with all three major indices closing down: Shanghai Composite Index down 0.19%, Shenzhen Component Index down 0.15%, and ChiNext Index down 0.16% [2][3] - The total market turnover for the half-day was 1.01 trillion yuan, showing a significant decrease compared to the previous day [4] Sector Performance - The pharmaceutical, photovoltaic, and aviation sectors saw gains, while sectors such as oil and gas, catering and tourism, communication equipment, and film and television experienced corrections [4][5] - The photovoltaic sector showed strong performance, with companies like JinkoSolar and Longi Green Energy seeing significant price increases [10][12] Notable Stocks - JinkoSolar reached a 20% limit up, while other companies in the photovoltaic sector also reported substantial gains, such as Haiyou New Materials up over 16% and Shuangliang Energy hitting the limit up [10][12] - In the intelligent logistics sector, stocks like Huapengfei and Shentong Express also saw limit up, indicating strong market interest [12][13] Regulatory Developments - The State Post Bureau held a meeting with express delivery companies to address issues of "involution" in the industry and promote high-quality development [15] - The State Council approved the "Artificial Intelligence +" action plan, which is expected to advance the large-scale application of AI in intelligent logistics [15] Stock Movements - Tibet Tourism, which had previously seen a nine-day limit up streak, experienced a significant drop of 7.2% during the morning session, closing at 26.17 yuan per share [17][19] - Other high-profile stocks, such as Dalian Friendship, also faced declines, with a drop of over 10% [22]

Group 1 - The stock price of KJ Intelligent as of July 31, 2025, closed at 14.45 yuan, down by 0.16 yuan, representing a decline of 1.10% from the previous trading day [1] - The trading volume on the same day was 0.38 billion yuan, with a turnover rate of 1.99% [1] - KJ Intelligent operates in the general equipment industry, focusing on smart logistics and smart manufacturing, providing automated sorting, conveying, and warehousing system solutions [1] Group 2 - On the evening of July 31, KJ Intelligent announced that its second extraordinary general meeting of shareholders for 2025 approved several proposals, including the cancellation of the supervisory board and amendments to related rules [1] - On the same day, the employee representative assembly elected Ms. Li Xiaobin as the employee representative director of the second board of directors [1] - The net outflow of main funds on that day was 3.3791 million yuan, accounting for 0.18% of the circulating market value [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has achieved significant success in its overseas expansion, with a notable increase in export volume and a growing share of overseas revenue, which now accounts for nearly 40% of total income [4][10] - The company is advancing its lithium battery technology, which is expected to enhance its competitive position in the industrial vehicle sector, particularly in electric forklifts [5][10] - The integration of smart logistics solutions and partnerships with key players in the industry is transforming the company from a manufacturer to a comprehensive intelligent solution provider [6][10] Summary by Sections Market Performance - The company’s export volume reached 126,400 units in 2024, marking a year-on-year growth of 34.08%, significantly outpacing the industry average [4] Lithium Battery Technology - In 2024, the total sales volume of industrial vehicles was 1.286 million units, with electric forklifts making up 73.6% of the market. The company has successfully developed a 55-ton lithium battery forklift and is ramping up production capacity for lithium batteries [5] Smart Logistics Ecosystem - The company has established a smart logistics industrial park and integrated various automated guided vehicle (AGV) product lines with intelligent systems, enhancing its service offerings across multiple sectors [6] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 186.73 billion, 203.56 billion, and 220.23 billion yuan respectively, with corresponding EPS of 1.61, 1.80, and 1.99 yuan. The current stock price reflects a PE ratio of 11.3, 10.1, and 9.1 for the respective years [10][12]

7月26日，京东物流凭借其"北京大兴机场亚一智狼服装仓项目"，在第五届中国新电商大会上入选2024- 2025年度中国新电商发展创新案例。该奖项是本届大会物流行业仅有的获奖案例。这不仅是对京东物流 在智能供应链仓储领域突破性成就的高度认可，更彰显了其以科技创新驱动新电商经济发展的强大实 力。 截至2024年底，京东物流累计获得授权专利和软件许可超5000项。凭借这些专有技术，京东物流已经构 建了一套全面的智能物流系统，京东物流表示，未来将继续深化科技创新，强化一体化供应链服务能 力，并将像"货到人系统"这样经过验证的先进解决方案推广至更广泛的市场，积极服务于国家新电商发 展和现代物流体系建设。 该系统创造性地融合了"智狼搬运机器人"和"智狼飞梯机器人"，通过悬挂式飞梯机器人设计，将巷道间 距极限压缩至900毫米，配合钩取式取货机构缩小料箱间距，高效利用12米净空。经过京东内部仓两种 模式实际运营对比，作业坪效是传统自动化仓储（CTU）的2.5倍；在搬箱效率方面，单台智狼飞梯机 器人每小时可完成120箱的取放作业，搬箱能力是传统CTU的1.8倍，仓库出库拣选效率提升300%。同 时，系统展现出卓越的柔性：搬运机 ...

证券日报网讯诺力股份（603611）7月30日在互动平台回答投资者提问时表示，智能叉车、无人叉车等 产品可以服务于高原复杂环境下的施工物流。公司也会把握机会积极参与国家重大项目。 ...

Core Viewpoint - The company reported a revenue of 1.394 billion yuan in 2024, a year-on-year increase of 21.35%, but faced a net loss attributable to shareholders of 58.63 million yuan, marking two consecutive years of losses due to extreme divergence between domestic and international business performance [1] Group 1: Revenue Performance - International revenue reached 338 million yuan, a significant increase of 150.55%, with a gross margin of 22.55% [1][2] - Domestic revenue was 1.023 billion yuan, showing a slight increase of 3.2%, but with a low gross margin of 8.72%, less than 40% of the international business margin [1][2] Group 2: Business Dynamics - The high growth in international markets was driven by large orders from Southeast Asian e-commerce platform Shopee and tire giant Sailun Group, which contributed 127 million yuan and 90.53 million yuan respectively, accounting for over 64% of international revenue [2] - Domestic market challenges stem from a low-price competition strategy that has significantly compressed profit margins, with gross margins for major clients like JD.com and SF Express at only 14.25% and 15.83% respectively [2] Group 3: Financial Risks - Contract liabilities surged to 705 million yuan by the end of 2024, a year-on-year increase of 43.78%, indicating potential cash flow pressures and risks related to project completion delays [3] - The company engaged in significant related-party transactions, including a 47.89 million yuan purchase from Ant Robotics, raising concerns about the fairness of pricing and potential conflicts of interest [3] - Delays in fundraising projects, including the headquarters and R&D center construction, reflect weak strategic execution, with current investment progress at only 31.29% [3]