红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从A股市场中精选高现金股息率、 分红稳定且具有一定规模及流动性的上市公司证券作为指数样本，以反映市场中优质分红股票的整体表 现。 红利国企ETF（510720）近20日资金净流入超9亿元，市场关注低估值板块修复机会。 华西证券指出，红利板块自11月14日起持续走弱，但从历史经验来看，当前已进入性价比区域，潜在跌 幅有限。12月通常存在日历效应，因机构资金年底进行资产再平衡（转向低波动风格）及险资增配需求 （12月至次年1月为保费高峰期），红利品种往往表现占优。统计显示，2010年以来中证红利12月平均 涨幅为2.03%，胜率达53%，高于万得全A的0.97%和40%。银行、钢铁、煤炭等年内强势行业在红利行 情回暖后可能重获关注。当前结构风险酝酿与资金参与意愿并存，板块轮动或延续，红利板块存在反弹 空间。 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 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report emphasizes the focus on technology growth directions and the recovery opportunities in undervalued sectors, particularly in machinery and robotics [2][15] - The report highlights the strong performance of excavator sales and the steady growth of forklift sales, indicating a positive trend in the machinery sector [12][14] Summary by Sections Company Performance - **Jiaocheng Ultrasonic**: Achieved revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%, and a net profit of 23.63 million yuan, up 2152.47%. The company is expected to benefit from the recovery in the lithium battery industry and growth in semiconductor sectors [3][15] - **Zhenghe Industrial**: Reported revenue of 395 million yuan in Q1 2025, a 6.32% increase, with a net profit of 53.84 million yuan, up 100.09%. The company is developing micro-chain systems for robotics, which may benefit from the mass production of humanoid robots [4][15] - **Lvtian Machinery**: Focused on general power machinery and energy storage products, with revenue growth rates of 47.9%, 72.5%, and 50.1% in Q3 2024, Q4 2024, and Q1 2025 respectively. The company expects a net profit growth of 50%-70% in H1 2025 [5][15] Market Trends - In July 2025, excavator sales reached 17,138 units, a 25.2% year-on-year increase, with domestic sales up 17.2% and exports up 31.9%. This growth is attributed to infrastructure investment and equipment replacement policies [13][58] - Forklift sales in July 2025 totaled 118,605 units, a 14.4% increase year-on-year, with both domestic and export sales showing strong growth [14][41] Robotics and Technology - The report notes the increasing demand for humanoid robots and AI-related equipment, with significant events such as the World Humanoid Robot Games showcasing advancements in this field [12][56] - The domestic industrial robot market is expected to grow significantly, driven by labor cost increases and government policies promoting automation [53][56] Policy Support - The report outlines various government policies aimed at supporting the machinery and robotics sectors, including initiatives for equipment upgrades and technological innovation [39][56]