中原证券近日发布机械行业月报：8月中信机械板块上涨13.74%，跑赢沪深300指数 （9.66%）4.08个百分点，在30个中信一级行业中排名第5名：截至2025年8月25日收盘，8月 中信机械板块上涨13.74%，跑赢沪深300指数（9.66%）4.08个百分点，在30个中信一级行业 中排名第5名。8月三级子行业均取得正涨幅，锅炉设备、光伏设备、服务机器人涨幅靠前， 分别上涨50.62%、26.34%、20.4%；其他运输设备、起重运输设备、叉车涨幅靠后。 8月市场呈现单边上行趋势，牛市气息浓郁，机械板块科创成长主题板块表现良好。我 们建议配置内需为主，基本面向好，盈利稳定，分红和股息率较高的工程机械、高铁设备、 矿山冶金设备龙头。牛市下风险偏好有明显提升，利好科创成长板块投资。前期调整的人形 机器人、AIDC配套设备、半导体设备等主题有望逐步提振。 我们建议继续关注基本面向好，盈利稳定，分红和股息率较高的传统工程机械（重点推 荐三一重工等）、高铁设备（重点推荐思维列控等）、矿山冶金设备龙头（重点推荐中信重 工、中创智领、一拖股份等）。主题投资方面建议继续聚焦人形机器人本体及核心零部件龙 头（重点推荐埃斯顿 ...

机械 分析师：刘智 登记编码：S0730520110001 11733 liuzhi@ccnew.com 021-50586775 证券研究报告-行业月报 强于大市(上调) 机械相对沪深 300 指数表现 资料来源：中原证券 -5% 5% 16% 26% 36% 47% 57% 67% 2024.08 2024.12 2025.04 2025.08 机械 沪深300 相关报告 《机械行业月报：工程机械、工业机器人持续 复苏，AIDC 产业高景气度》 2025-07-29 《机械行业月报：机器人行业复苏持续，AIDC 建设配套设备需求快速增长》 2025-06-25 《机械行业半年度策略：周期复苏顺势、科创 成长掘金》 2025-06-17 联系人：李智 风险提示：1）宏观经济发展不及预期；2）下游行业需求、出口 需求不及预期；3）原材料价格上涨持续；4）新能源产业政策、行 业形势发生变化；5）国产替代、技术迭代、国内设备更新进度不 及预期。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页/共21页 投资要点： 科创成长成为行情主线，持续关注工业机 器人、半导体设 ...

Core Viewpoint - The article emphasizes the transformation and challenges in the capital market, highlighting the shift from scale expansion to high-quality development in China's public fund industry, driven by the evolution of fund managers and research systems [1] Group 1: Investment Philosophy - The willingness to pay for happiness has no ceiling, as stated by the fund manager, indicating that companies creating joy for consumers can achieve high market valuations [10] - The investment framework is rooted in the belief that emotional consumption will dominate as material wealth increases, with a focus on sectors like trendy toys and pets that resonate emotionally with consumers [8][10] Group 2: Investment Strategy - The fund manager employs a "four-quadrant stock selection model" that differentiates investment criteria based on technology and media trends, cyclical investments, consumer cycles, and product innovation [7] - The strategy includes focusing on non-linear growth potential in TMT sectors, early-stage investments in cyclical industries, and identifying innovative consumer products that can withstand economic fluctuations [7] Group 3: Market Trends - The article discusses the potential for "self-indulgent consumption" to become a significant trend in the market, drawing parallels with Japan's experience in the 1990s, where emotional consumption surged during economic slowdowns [8] - The fund manager identifies a growing market for AI applications in gaming and emotional companionship, suggesting that these innovations will create new investment opportunities [9] Group 4: Performance Metrics - The fund manager achieved a return of 39.86% since taking over the management of the fund, with a notable stock, Pop Mart, increasing over 600% during the holding period [6] - The article highlights the importance of understanding media dynamics and their impact on content creation and company valuations, suggesting that new media will foster the emergence of successful companies [10][11] Group 5: Industry Insights - The article notes that the public fund industry is increasingly focusing on index and enhanced index investments, with a significant number of new products launched in these areas [13] - The fund manager emphasizes the importance of risk control while seeking to expand revenue opportunities, particularly in light of the challenges posed by diminishing alpha returns in the market [14]

Macro Economic Background - The domestic economy shows stable growth with new momentum strengthening, as industrial production increased by 5.8% year-on-year in May, with high-tech manufacturing growing by 8.6% [12][14] - Fixed asset investment maintained a steady growth of 3.7% year-on-year from January to May, with significant contributions from equipment investment, which rose by 17.3% [13][15] - Retail sales increased by 6.4% year-on-year in May, driven by the effectiveness of the "old-for-new" consumption policy [13][15] Domestic Market Review - In June, the A-share market experienced a volatile upward trend, with small-cap growth stocks outperforming, and active trading in advanced manufacturing, finance, and non-ferrous metals [5][21] - The bond market confirmed the central bank's supportive stance, showing a bull steepening trend with a compression of long-term yield spreads [5][19] Domestic Market Outlook - The risk appetite in the domestic market is expected to continue rising in July due to easing external disturbances and positive domestic policy signals [5][21] - The upcoming political bureau meeting at the end of July is anticipated to set the economic work priorities for the second half of the year, potentially releasing new policy signals to boost consumption and stabilize the real estate market [5][21] Foreign Market Review - In June, the U.S. stock market showed a volatile upward trend, reaching new highs, while the dollar index weakened amid fluctuating risk sentiment [5][21] - The bond market in the U.S. experienced a downward trend in yields, maintaining a steep curve, while the Hong Kong stock market benefited from domestic policy support, showing a volatile upward trend [5][21] Foreign Market Outlook - The U.S. market may face disturbances from rising inflation pressures and uncertainties surrounding tariff and budget legislation, leading to a volatile trading environment [8][21] - The bond yields in the U.S. are expected to trend upwards due to short-term stability in the economic fundamentals and a return of rate cut expectations [8][21] Commodity Market - Gold prices are expected to remain volatile in the short term due to easing geopolitical tensions, while long-term prospects for gold remain positive amid ongoing uncertainties [8][21] - Copper prices are anticipated to accelerate due to macroeconomic and fundamental resonance [8][21] - Oil prices may face short-term risks from geopolitical factors, with a bearish outlook in the medium term [8][21]

Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]