国金证券近日发布机械行业周报：上周（2025/11/10-2025/11/14）5个交易日，SW机械 设备指数下跌2.22%，在申万31个一级行业分类中排名第28；同期沪深300指数下跌1.08%。 2025年至今表现：SW机械设备指数上涨31.88%，在申万31个一级行业分类中排名第7；同 期沪深300指数上涨17.62%。 以下为研究报告摘要： 行情回顾 本周板块表现：上周（2025/11/10-2025/11/14）5个交易日，SW机械设备指数下跌 2.22%，在申万31个一级行业分类中排名第28；同期沪深300指数下跌1.08%。2025年至今表 现：SW机械设备指数上涨31.88%，在申万31个一级行业分类中排名第7；同期沪深300指数 上涨17.62%。 核心观点 中日关系趋于紧张，关注工业母机自主可控投资机会。根据智通财经信息，近期由于高 市早苗发表不当言论，中方提出严正交涉，外交部、国台办、国防部连续发声，中日关系趋 于紧张。由于日本机床产业发展成熟且实现了全产业链本土配套，从核心零部件例如数控系 统、丝杠导轨到加工中心整机均在中国有较高份额，后续实现自主可控必要性较强。一方面 建议关注数控系 ...

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a focus on specific companies for investment opportunities [11]. Core Insights - The report highlights the increasing tension in Sino-Japanese relations, suggesting a need for China to focus on self-sufficiency in industrial machinery, particularly in core components like CNC systems and lead screws [5][23]. - The deep cooling equipment sector is experiencing significant growth, with a notable increase in new orders for leading companies, indicating a favorable environment for Chinese firms to expand internationally [5][24]. - Siemens Energy has reported a substantial increase in gas turbine orders, which bodes well for domestic suppliers like Yingliu, suggesting a robust demand for turbine blades [5][24]. - The report categorizes various segments of the machinery industry, indicating differing levels of economic performance, with general machinery under pressure, while engineering machinery is accelerating upward [5][25][47]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Huazhong CNC, Zhongtai Co., and Yingliu [11]. 2. Market Review - The SW Machinery Equipment Index fell by 2.22% in the last week, ranking 28th among 31 sectors, while it has risen by 31.88% year-to-date, ranking 7th [13][17]. 3. Core Insights Update - The report emphasizes the need for China to develop self-sufficiency in industrial machinery due to geopolitical tensions, and it identifies key companies to watch in this context [5][23]. - The deep cooling equipment sector is highlighted for its growth potential, with significant order increases reported by leading firms [5][24]. - The gas turbine market is also noted for its high demand, particularly benefiting companies like Yingliu [5][24]. 4. Key Data Tracking 4.1 General Machinery - The general machinery sector is under pressure, with the PMI at 49.0%, indicating contraction [25]. 4.2 Engineering Machinery - The engineering machinery sector is showing signs of recovery, with excavator sales increasing by 7.8% year-on-year [35]. 4.3 Railway Equipment - The railway equipment sector is experiencing steady growth, with fixed asset investment maintaining around 6% [47]. 4.4 Shipbuilding - The shipbuilding sector is seeing a slowdown, with new ship price indices indicating a decline [48]. 4.5 Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with ongoing high demand in the Middle East [50]. 4.6 Industrial Gases - The industrial gases sector is expected to benefit from improved steel profitability and increased downstream activity [56]. 4.7 Gas Turbines - The gas turbine sector is experiencing robust growth, with significant new orders reported [58].

Summary of Conference Call Records Industry Overview - **Industry Focus**: Industrial Mother Machines and Construction Materials - **Market Size Prediction**: The industrial mother machine market is expected to exceed 300 billion yuan by 2025, with a significant increase in the import substitution rate in high-end sectors projected to rise above 25% [1][2] Key Points on Industrial Mother Machines - **Government Initiatives**: The Ministry of Industry and Information Technology is emphasizing the high-quality development of the industrial mother machine industry, focusing on enhancing responsibility, confidence, and innovation [1] - **Company Positioning**: Huari Precision has established a comprehensive product technology system in the field of hard alloy CNC tools, providing products and technical services for various high-end manufacturing sectors including automotive and aerospace [2] - **Market Dynamics**: The need for self-sufficiency in high-end machine tools is critical, as China heavily relies on imports. The potential for domestic replacement in cutting machine tools is estimated at 34.3 billion yuan [2] Key Points on Construction Materials - **Policy Impact**: Recent government policies aim to enhance urban infrastructure, which is expected to marginally improve the construction materials market [3] - **Company Highlights**: Sanhe Pile is recognized as a leading modern enterprise in the production of prestressed concrete piles, with strong brand recognition and market share [4] - **Market Outlook**: The construction materials market is anticipated to show marginal improvement, with a focus on the impacts of short-term policies on real estate and infrastructure sectors [3] Additional Insights - **Technological Advancements**: Companies like Zijing Co. are focusing on high-precision CNC equipment and core consumables, establishing a synergistic industrial layout that includes equipment, consumables, and processing services [2] - **Investment Opportunities**: Investors are advised to pay attention to leading companies in the five-axis machine tool, CNC systems, and screw guide rail sectors as they are poised for growth due to domestic demand and policy support [2] Market Trends - **Stock Performance**: The market saw a decrease in trading volume, with notable sectors including chips, artificial intelligence, and automotive showing significant activity [8] - **Historical Highs**: Several companies reached historical highs, indicating strong market interest and potential investment opportunities [10][15] This summary encapsulates the critical insights from the conference call records, highlighting the industrial mother machine and construction materials sectors, along with key companies and market trends.

Summary of Conference Call Records Company and Industry Involved - The discussion primarily revolves around the robotics industry, specifically focusing on companies like Tesla and Hengli, which are involved in the development and manufacturing of robotic components and systems. Core Points and Arguments 1. **Market Perception Shift**: There is a notable shift in market perception regarding Hengli, which was previously viewed as unable to reduce costs. The company is now demonstrating strong cost-reduction capabilities, which could enhance its market position [1][2][3]. 2. **Technological Advancements**: Hengli has made significant improvements in its manufacturing processes, particularly in linear actuators and robotic joints, which are expected to enhance efficiency and reduce costs [3][4][5]. 3. **Market Potential**: The potential market for linear actuators in humanoid robots is substantial, with estimates suggesting a market space of over 200 billion yuan if production scales up to 1 million units [9][10]. 4. **Product Development**: The company is actively testing new products with key clients, indicating a strong pipeline for future orders and revenue growth [3][10]. 5. **Industry Growth Cycle**: The robotics industry is entering a growth cycle expected to last 3-5 years, driven by technological advancements and increased demand for automation [3][16]. 6. **Competitive Landscape**: Hengli is positioned as a leader in the domestic market for robotic components, with a competitive edge over traditional players due to its innovative approaches and cost efficiencies [19][20]. 7. **Global Market Dynamics**: The global market for hydraulic components, including those used in excavators, is projected to grow, with significant opportunities in overseas markets [18][22]. 8. **Customer Base Expansion**: Hengli is expanding its customer base, including partnerships with major players like Caterpillar, which could significantly boost its revenue [19][21]. Other Important but Possibly Overlooked Content 1. **Production Capacity**: Hengli's production capacity is expected to increase significantly, with plans for new factories that could enhance output to meet growing demand [12][24]. 2. **Market Trends**: The excavator market is showing signs of recovery, with a projected growth rate of 30-40% in certain segments, which could positively impact Hengli's sales [15][16]. 3. **Strategic Focus**: The company is focusing on high-end manufacturing and precision engineering, which aligns with national strategies for industrial development [11][14]. 4. **Long-term Outlook**: The long-term outlook for the robotics and hydraulic components market remains positive, with expectations of sustained growth driven by technological advancements and increased automation needs across various industries [23][24].