一个巨型轮胎，悄然"驶进"A股——11月25日，海安集团登陆深交所主板。 时间回溯至2005年，朱晖创办海安集团之初，便致力于攻克全钢巨型轮胎的国产化难题。彼时，米其林 等国际巨头牢牢把握着全钢巨型轮胎的配方、工艺、结构等核心技术，国内连一条制造全钢巨型轮胎的 生产线都没有。基于此，朱晖联合北京橡胶工业研究设计院、设备厂家等多方开展技术攻坚，历时一年 多，设计出国内首条巨型工程子午线轮胎生产线。 定制化的生产能力是海安集团多年来"锤炼"出的看家本领。"我们根据不同矿山场景设计不同花纹，让 每一条巨型轮胎都'名花有主'。"海安集团总工程师黄振华说。 如何攻克质量关？朱晖用了一句莆田"老话"作为应答——拿石头捶打自己的胸口。"意思是干事业要实 打实、硬碰硬。做产品就是要认真、认真再认真。质量有问题，良心都过不去。"他说。 对质量的执着，赢来了客户主动赠予的"荣誉"。今年6月，海安集团荣获国家能源集团颁发的荣誉证 书，获奖产品是其生产的27.00R49HA-162轮胎。荣誉的背后，是这条轮胎在内蒙古锡林浩特北电胜利 煤矿持续运行超6年，累计安全使用26530小时，创下全球同类型号轮胎最高寿命纪录。 驶向海外市场 海 ...

在济宁高新区，长城重工新能源工程机械总部基地项目正稳步前行。这是长城控股集团在全国布局的第二 个总部基地，也是济宁市近年来引进的重大制造业项目之一。项目的加速建设，不仅填补了全市工程机械产业 缺少"绿色动力系统、智能化系统"的空白，更为全市高端装备制造产业的高质量发展注入了新活力。目前，项 目（一期）部分产线已投产，其他厂房建设同步推进，企业正紧盯节点，确保按期建成投产。 "我们的产品目前主要销往四川、新疆以及内蒙古这三个区域。近期获得1000台订单，排产大约需要3个 月。由于订单会陆续增加，订单可能会一直延续到明年年中，甚至更久。"李光亮表示，市场订单激增，推动 这条全新生产线加速运转。 与此同时，工厂后续的各条生产线建设工作也在紧张有序地进行中。李光亮透露，目前车间内共三条线， 主体设备已安装完成，调试后即可生产。后续还将根据产品需求建设第三条生产线。 各条产线陆续投产，为项目科学高效推进奠定坚实基础。进入四季度，项目（一期）其他厂房建设稳步推 进。"已建成的联合厂房正在生产。在建六栋建筑，包括厂前区、办公楼、食堂、宿舍、展厅以及维修精饰品 和发运两个车间，预计明年3月至5月建成。"李光亮表示，规划今年1 ...

（文章来源：每日经济新闻） 广发证券指出，2025年机械设备及自动化设备行业受益于外需和"两新"（新兴产业、新型基础设施）相 关链条的驱动，工程机械、电工电网、能源设备等细分领域表现领先。新兴部门如AI产业链、高端装 备制造景气度高。设备工器具投资在2025年前10个月保持13%的高增速，反映大规模设备更新政策效果 显著，预计2026年该政策仍将对制造业投资形成支撑。 机器人产业ETF（159551）跟踪的是机器人指数（H30590），该指数聚焦于机器人产业相关企业，从市 场中选取从事机器人研发、制造及应用的上市公司证券作为指数样本，涵盖机械制造、电子设备和信息 技术等领域。指数配置突出技术创新与工业自动化趋势，旨在反映智能装备和自动化解决方案领域的整 体发展表现。 ...

"对赌"三年 《中国经营报》记者注意到，今年前三季度，东方智造收入、利润双双下滑，其扣非后归母净利润出现 亏损。 根据公告，本次交易对手方为江苏巍赛重工有限公司，其原持有赛孚机械90%股权，本次转让70%股权 后仍保留20%持股，自然人股东薛忠继续持有10%股权。 东方智造方面表示，此次收购契合公司"高端化、系统化、绿色化"的长期战略。赛孚机械的压力容器制 造能力与东方智造现有精密制造、智能物流设备业务形成互补，可推动产业链向上游延伸，提升系统集 成及整体交付能力。其位于南通的6万平方米厂区将成为东方智造华东区域生产研发基地，借助当地产 业集聚优势拓展智能装备扩产及新项目落地。 业务协同方面，赛孚机械的客户资源覆盖化工、环保、新能源等领域，与东方智造现有客户群体形成互 补，同时其成套制造装备可支撑公司智能分拣、真空镀膜设备的技术升级。公告强调，收购后将为标的 公司提供资金、管理等资源支持，放大规模效应。 赛孚机械成立于2009年，注册资本3000万元，专注于Ⅰ、Ⅱ、Ⅲ类压力容器及化工设备的设计、制造与 安装，拥有A2级高压容器设计制造资质及ASME"U""U2"认证，现有有效专利40项，其中发明专利10 项， ...

Core Insights - The Yangtze River Delta region is recognized as a core cluster for high-end equipment manufacturing in China, benefiting from strategic initiatives like the G60 Science and Technology Innovation Corridor [1] - The release of the "Yangtze River Delta High-end Equipment New Quality Leaderboard" highlights the region's growth potential, supported by continuous policy incentives from "Made in China 2025" to the "14th Five-Year Plan" [1] Industry Overview - The leaderboard focuses on five key sectors: robotics, energy equipment, low-altitude economy, intelligent transportation equipment, and other emerging industrial technologies [1] - Evaluation criteria for participating companies include core team strength, technological and product leadership, market and business layout, financial health, market influence, and future planning [1] Company Highlights - A total of 38 companies were recognized for their outstanding innovation capabilities and development potential [1] - Emerging industrial technology equipment sector leads with a representation of 34.2% among the evaluated companies, while integrated circuit equipment companies account for 10.5% of the total [1] - The robotics sector follows closely with a 31.6% share, indicating strong growth momentum [1]

Core Viewpoint - The non-ferrous metal sector is leading the market with a net inflow of over 8.2 billion yuan, indicating strong investor interest and confidence in the sector's future performance [1][2]. Group 1: Non-Ferrous Metal Sector Performance - The non-ferrous metal sector has attracted significant capital, ranking first among 31 primary industries in terms of capital inflow [1]. - The Non-Ferrous Metal Leader ETF (159876) showed strong activity, with an intraday increase of 3.27% and a closing rise of 2.48%, with a total trading volume of 39.9 million yuan [1]. - Over the past three days, the Non-Ferrous Metal Leader ETF has accumulated a total of 196 million yuan, reflecting bullish sentiment from large investors [1]. Group 2: Key Stocks Performance - Major gold stocks led the gains, with Zhongjin Gold rising by 8.76%, Chifeng Gold by 7.00%, and Shandong Gold by 5.98% [3]. - Lithium sector leaders also performed well, with Tianqi Lithium increasing by over 6%, and Ganfeng Lithium and Tibet Mining both rising by more than 3% [3]. Group 3: Market Outlook - In the gold market, the Shanghai gold futures contract surged over 1%, approaching 940 yuan per gram, with potential for gold prices to exceed 5,000 USD per ounce next year [1][2]. - In the lithium market, lithium carbonate futures broke through the 100,000 yuan mark, with predictions of prices potentially reaching 150,000 to 200,000 yuan per ton by 2026 due to demand growth [2]. - The outlook for basic metals like copper, aluminum, and tin is optimistic, with expectations of a strong performance in 2026 driven by emerging demands in AI, energy, and high-end manufacturing [2]. Group 4: Investment Strategy - A diversified investment approach through the Non-Ferrous Metal Leader ETF and its associated funds is recommended to capture the overall sector's performance while mitigating risks associated with individual metal investments [4].

Core Viewpoint - The company has indicated that its core technology and products have significant applications in high-end equipment manufacturing fields such as aerospace and naval vessels, including submarines. However, the current contribution of these specialized high-end businesses to overall revenue and profit is relatively small [1]. Group 1: Current Contribution - The products used in the aerospace sector primarily consist of electric heaters for large aircraft testing, which currently contribute minimally to the company's overall revenue and profit [1]. Group 2: Future Market Potential - The company sees a certain market space for future growth in this business area. To consolidate and expand its advantages in this field, the company has initiated relevant product research and development for 2024 [1].

Core Viewpoint - The Huizhou Zhongkai High-tech Zone plans to implement a land acquisition and development scheme for 2025, involving six development areas and a total area of 1.227 million square meters [1][3]. Group 1: Land Acquisition and Development Plan - The land acquisition plan includes six development areas, covering 15 administrative villages, with a total area of 1.227 million square meters [1][3]. - The proposed land acquisition aims to consolidate scattered and inefficient land use, addressing public facility shortcomings and promoting industrial cluster development [3][4]. - The timeline for land development is set for 2026-2027, with 215.622 hectares planned for acquisition in 2026 and 724.238 hectares in 2027 [3]. Group 2: Area and Land Use Distribution - The total area designated for land acquisition is 939.860 hectares, accounting for 76.58% of the overall development plan area [4]. - The development areas include Shuikou, Chenjiang, Huihuan, Lilin, Tonghu, and Tongqiao, with the largest areas in Shuikou and Chenjiang, each approximately 490,000 square meters [7]. - The land use is divided into public and non-public purposes, with public land accounting for 30.75% (377.381 hectares) and non-public land for 69.25% (849.847 hectares) [8]. Group 3: Project Focus and Industry Development - The main focus of the land acquisition is on industrial, residential, and commercial projects, particularly in the fields of smart terminals, ultra-high-definition video display, and energy electronics [8]. - The plan aims to support the development of industries related to new energy precision components, smart equipment, and customized production of materials [8]. - Compensation for agricultural land will follow new standards, with rates set at 83,300 yuan per mu for certain areas and 84,800 yuan per mu for others [9].

Core Insights - Fokos has recently completed a multi-million A+ round financing led by Lingang Digital Fund, indicating strong investor confidence in the company's growth potential [2][5]. Company Overview - Fokos, established in 2021 and headquartered in Shanghai, specializes in the research and production of industrial CT holographic imaging instruments and key components based on X-ray technology. The company serves various sectors including aerospace, military, automotive, integrated circuits, new materials, and academic research institutions, focusing on non-destructive testing [3]. - As one of the few domestic manufacturers capable of providing a full range of customized systems, Fokos has built a strong client base that includes listed companies, military units, research institutions, and renowned universities, with products also exported overseas [3]. Financing Purpose - The recent financing will primarily be used to advance the intelligent construction of the production base in Songjiang Jiuting, enhancing automation levels and production capacity. Additionally, the company plans to increase investment in laboratory and new product development to solidify its leading position in the domestic industrial CT sector and promote the deep application of digital imaging technology in advanced manufacturing and scientific research [4]. Investment Rationale - The Lingang Digital Fund's representative highlighted Fokos's strong technical capabilities and market potential in the industrial CT field, noting that the company's products fill a gap in the domestic high-end non-destructive testing equipment market. The core team possesses rich experience in technology development and market expansion, along with high-quality customer resources, indicating a promising future for the company [5]. Investment Ecosystem Perspective - The founder of Shandao Venture Capital emphasized that the current government has introduced a series of policies to support venture investment, actively promoting the development of strategic emerging industries such as high-end equipment manufacturing. The financing round for Fokos reflects the keen insight of venture capital institutions into quality projects and their positive response to national policies. Fokos's entrepreneurial spirit and innovative practices in the industrial CT sector are commendable, and its development is expected to bring more opportunities and vitality to the industry [6].

Investment Rating - The report gives a "Buy" rating for the company, Yanzhou Coal Mining Company Limited, for the first time [4]. Core Views - The company is expected to achieve a coal production target of 300 million tons by 2030, supported by ongoing capacity expansion and acquisitions [2][4]. - The chemical products segment is projected to see steady growth, with total production expected to reach 8.702 million tons in 2024, aiming to exceed 9 million tons in the future [2]. - The company has a stable dividend history and is expected to continue providing high returns to shareholders [2]. Summary by Sections Company Overview - Yanzhou Coal Mining Company Limited, established in September 1997, is primarily engaged in coal mining and sales, coal chemical product production and sales, logistics, equipment manufacturing, and power generation [13][19]. - The company is backed by Shandong Energy Group, which holds a 52.84% stake [14][15]. Business Analysis Coal Business: Rich Reserves and Capacity Expansion - The company has a total coal resource of over 460 billion tons, with significant reserves in Shandong, Inner Mongolia, Xinjiang, and Australia [20][25]. - The coal production capacity is steadily increasing, with a current capacity of approximately 285 million tons per year, and plans to reach 300 million tons by 2026 [28][34]. Chemical Business: Capacity Expansion and Focus on High-End Products - The chemical segment is expanding, with a focus on high-end products, and is expected to produce 8.702 million tons in 2024 [2][19]. - The company aims to enhance its chemical product offerings and increase production capacity to over 20 million tons annually in the future [23][24]. Investment Value Analysis - The company has a strong international presence, reducing reliance on a single market, and is actively pursuing acquisitions to enhance its resource base [2][8]. - The projected net profits for 2025-2027 are estimated at 10.02 billion, 15.23 billion, and 18.05 billion yuan, respectively, with corresponding P/E ratios of 14.7, 9.7, and 8.1 [2][4]. Financial Summary - The company reported a revenue of 139.12 billion yuan in 2024, with a year-on-year decrease of 7.27% [4]. - The net profit attributable to shareholders is projected to decrease by 28.37% in 2025, followed by a significant recovery in subsequent years [4].