12月26日，工业母机ETF（159667）涨超0.7%，资金面看，近20日净流入超2.1亿元，关注工业母机自 主可控投资机会 （文章来源：每日经济新闻） 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的整体 表现。该指数成分股主要集中于机械设备行业，具有较高的行业集中度特征，侧重制造业领域。 国金证券指出，关注工业母机自主可控投资机会。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统、丝杠导轨等核心环节龙头企业，一方面建议关注低估值的通用机 床龙头。 ...

Core Viewpoint - The company is actively divesting from loss-making and inefficient assets to optimize its asset structure, enhance cash flow, and improve resource allocation efficiency, demonstrating a commitment to high-quality development [1][3]. Group 1: Divestment of Loss-Making Subsidiary - The company plans to sell its wholly-owned subsidiary, MCM, for a symbolic price of 1 euro, aiming to stop losses and lighten its operational burden [2][3]. - MCM has incurred significant losses since 2021, with a projected net loss of 123 million yuan for 2024 and continued losses in 2025, leading to negative net assets of 143 million yuan by August 2025 [3]. - The divestment is expected to reduce the financial strain on the company, with an estimated increase in net profit of 13.29 million yuan for 2025 post-divestment [3]. Group 2: Asset Liquidation and Cash Flow Enhancement - Concurrently, the company is selling idle assets, including a factory and land, for 155 million yuan to improve liquidity and support core business investments [5]. - The sale includes 44,000 square meters of industrial land and 81,000 square meters of factory buildings, with a clear ownership structure ensuring a smooth transfer [5]. - This asset liquidation is aimed at optimizing the overall asset structure and enhancing capital efficiency, with the first payment expected within 15 working days of the agreement [5]. Group 3: Strategic Focus on Core Business - The company is strategically refocusing on its core business by shedding loss-making overseas subsidiaries and liquidating inefficient assets, which is crucial for improving operational efficiency in a challenging global manufacturing environment [6]. - The divestment and asset sales are part of a broader strategy to streamline operations and enhance cash flow, positioning the company for quality growth in its primary business areas [6]. - The company aims to leverage its capabilities in high-end CNC machine tools to meet domestic market demands, particularly in sectors like aerospace, robotics, and new energy vehicles [4][6].

Core Viewpoints - The relationship between China and Japan is becoming tense, highlighting the need for self-sufficiency in the industrial machinery sector, particularly in core components like CNC systems and lead screws [3] - The deep-freezing equipment industry is experiencing stable and rapid growth in new orders, indicating a favorable environment for Chinese companies to expand overseas [3] - Siemens Energy has seen a significant increase in gas turbine orders, which bodes well for its domestic supplier, Yingliu, as demand for turbine blades is expected to rise [4][5] Market Performance - The SW Machinery Equipment Index fell by 2.22% during the week of November 10-14, 2025, ranking 28th among 31 primary industry categories [1][2] - Year-to-date, the SW Machinery Equipment Index has risen by 31.88%, ranking 7th among the same categories, while the CSI 300 Index has increased by 17.62% [1][2] Industry Insights - The global deep-freezing equipment market is projected to grow, with Chart Industries reporting a 79% year-over-year increase in new orders for Q3 2025 [3] - Siemens Energy's Gas Services business secured new orders worth €23 billion in the 2025 fiscal year, reflecting a 43% increase compared to the previous year [4] - The demand for turbine blades is expected to rise due to the high technical barriers and significant value contribution of these components [5] Sector Performance Indicators - General machinery is under pressure, while engineering machinery is accelerating upward [5] - The shipbuilding sector is experiencing a slowdown, and oil service equipment is stabilizing at the bottom [5] - Railway equipment is showing steady growth, and gas turbines are also on a stable upward trend [5]

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].