Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.24%, driven by gains in sectors such as fine chemicals, basic metals, and electrical networks, while road and oil & gas sectors experienced declines [1] - The machine tool sector showed strength, with the Machine Tool ETF (159663) rising by 0.97%, and notable increases in constituent stocks such as Jiangte Electric rising by 5.90%, Haimeixing by 5.82%, and Sifangda by 4.06% [1] Group 2 - In Q3 2025, leading companies in the cutting tool industry, such as Okoyi and Huarui Precision, reported significant growth, with Okoyi's revenue and net profit attributable to shareholders reaching 420 million and 50 million yuan, respectively, reflecting year-on-year increases of 33.0% and 69.3%, while Huarui Precision reported revenue and net profit of 250 million and 50 million yuan, with year-on-year increases of 44.5% and 915.6% [3] - Guotou Securities indicated that as the industrial economy is expected to enter a recovery phase, cutting tool products, as processing consumables, will benefit first, particularly for domestic leading companies with scale effects and robust sales networks [3] - The Machine Tool ETF (159663) closely tracks the China Securities Machine Tool Index, which encompasses key sectors in China's manufacturing industry, including high-end equipment manufacturing, laser equipment, machine tools, robots, and industrial control equipment, aligning with the new productivity concept emphasizing innovation and industrial upgrading [3]

Core Viewpoint - Tsugami Corporation, the controlling shareholder of Tsugami Machine Tool (01651), reported a significant increase in revenue and profit for the first half of the fiscal year ending September 30, 2025, in China, indicating strong performance in the market [1] Financial Performance - Revenue in China reached 51.044 billion yen, representing a year-on-year increase of 20.8% [1] - Segment profit amounted to 13.844 billion yen, reflecting a year-on-year increase of 43.6% [1]

智通财经APP讯，津上机床中国(01651)发布公司控股股东Tsugami Corporation(日本津上)于截至2025年9 月30日止上半年业绩，在中国，收入为510.44亿日圆，按年同比增加20.8%。分部溢利为138.44亿日 圆，按年同比增加43.6%。 ...

智通财经APP讯，津上机床中国(01651)发布公告，将于2026年1月13日派发截至2025年9月30日止六个月 的中期股息每股0.6港元。 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the six months ending September 30, 2025, driven by increased demand in emerging sectors such as new energy vehicles, artificial intelligence, and humanoid robots, alongside effective cost reduction and efficiency improvement measures [1] Financial Performance - Revenue reached 2.497 billion RMB, representing a year-on-year increase of 26.2% [1] - Net profit amounted to 502 million RMB, reflecting a year-on-year growth of 47.7% [1] - Basic earnings per share were 1.36 RMB [1] Market Demand and Product Performance - The increase in total revenue was primarily attributed to the gradual recovery of the Chinese economy and heightened demand for high-precision machine tools [1] - Sales of precision lathes increased by approximately 333 million RMB, a rise of about 19.4%, making the largest impact on the company's revenue [1] - Sales of precision machining centers surged by 157.0% compared to the same period last year [1] - Sales of precision grinding machines increased by 47.5% year-on-year [1]

智通财经APP讯，津上机床中国(01651)发布公告，自2025年11月13日起生效：唐东雷博士辞任执行董 事、主席、行政总裁及不再担任竞争执行委员会成员;李泽群博士辞任执行董事及不再担任竞争执行委 员会成员;西嶋尚生先生辞任非执行董事;王晓坤博士获委任为主席及行政总裁;唐东豪博士获委任为执行 董事及担任竞争执行委员会成员;李军营先生获委任为执行董事及担任竞争执行委员会成员;渡部昇弘先 生获委任为非执行董事;羽贺胜一郎先生由非执行董事调任为执行董事及获委任为首席财务官并不再担 任审核委员会成员;太田邦正先生获委任为审核委员会成员。 ...

(v) 唐东豪获委任为执行董事及担任竞争执行委员会成员； (vi) 李军营获委任为执行董事及担任竞争执行委员会成员; (i) 唐东雷辞任执行董事、主席、行政总裁及不再担任竞争执行委员会成员； (ii) 李泽群辞任执行董事及不再担任竞争执行委员会成员； (iii) 西嶋尚生辞任非执行董事； (iv) 王晓坤获委任为主席及行政总裁； 格隆汇11月13日丨津上机床中国(01651.HK)宣布，下列董事的变动自2025年11月13日起生效： (vii) 渡部昇弘获委任为非执行董事; (viii) 羽贺胜一郎由非执行董事调任为执行董事及获委任为首席财务官并不再担任审核委员会成员;及 (ix) 太田邦正获委任为审核委员会成员。 ...

Core Insights - The macroeconomic environment in China is stable, with the mechanical industry showing good growth in performance for the first three quarters of 2025, achieving a total revenue of 1,892.4 billion yuan, up 8.43% year-on-year, and a net profit of 139.9 billion yuan, up 12.82% year-on-year [1] Group 1: Revenue and Profitability - The mechanical industry maintained steady revenue and profit growth, with Q3 2025 revenue reaching 673.9 billion yuan, a year-on-year increase of 10.63%, and net profit of 41.2 billion yuan, also up 12.82% year-on-year [1] - The overall gross margin for the mechanical industry in the first three quarters of 2025 was 22.21%, a decrease of 0.24 percentage points year-on-year, while the net profit margin was 7.39%, an increase of 0.43 percentage points year-on-year [2] - In Q3 2025, the gross margin was 21.93%, down 0.58 percentage points year-on-year and 0.59 percentage points quarter-on-quarter, while the net profit margin was 6.12%, up 0.12 percentage points year-on-year but down 1.18 percentage points quarter-on-quarter [2] Group 2: Sub-industry Performance - Key sub-industries showing recovery include lithium battery equipment and machine tools, while photovoltaic equipment is still bottoming out; semiconductor equipment, marine engineering, construction machinery, and injection molding machines continue to show positive trends [3] - The top five industries by revenue growth in the first three quarters of 2025 were semiconductor equipment (+32%), rail transit equipment (+15%), injection molding machines (+14%), lasers (+14%), and machine tools (+11%) [3] - The top five industries by net profit growth were marine engineering (+30%), industrial robots (+24%), semiconductor equipment (+23%), rail transit equipment (+23%), and construction machinery (+21%) [3] - In Q3 2025, the fastest-growing sub-industries by revenue were semiconductor equipment (+36%), marine engineering (+26%), construction machinery (+16%), injection molding machines (+16%), and machine tools (+14%) [3] - The top five sub-industries by net profit growth in Q3 2025 were lithium battery equipment (+111%), 3C and panel equipment (+66%), semiconductor equipment (+33%), machine tools (+32%), and industrial robots (+32%) [3]

11月12日上午，A股三大指数走势分化，上证指数盘中上涨0.39%，有色金属、石油石化、医药生物等 板块涨幅靠前，电力设备、国防军工跌幅居前。机床板块触底反弹，截至10:11，机床ETF （159663.SZ）上涨0.07%，成分股鼎泰高科上涨7.66%，中钨高新上涨4.89%，华锐精密上涨2.96%，柏 楚电子上涨2.18%，浙海德曼上涨1.75%。 据中国工程机械工业协会对挖掘机主要制造企业统计，2025年10月销售各类挖掘机18096台，同比增长 7.77%。其中国内销量8468台，同比增长2.44%；出口量9628台，同比增长12.9%。 华龙证券表示，国内需求受益于新一轮集中换新周期到来，以及雅下水电站等大型项目开工，以工代赈 有望助力行业内需向好。海外结构性景气，"一带一路"沿线国家的基础设施建设需求持续增长，带动出 口增长。龙头企业凭借"技术升级+全球化布局"双引擎，海外市占率持续提升，中长期增长动能强劲。 机床ETF（159663），紧密跟踪的中证机床指数，涵盖了我国制造业产业链中的关键一环——高端装备 制造领域，涉及激光设备、机床工具、机器人、工控设备等行业，是新质生产力理念强调创新驱动与产 ...

Core Viewpoint - The A-share market experienced a collective decline on November 10, with the Shanghai Composite Index down by 0.10%, while certain sectors like fertilizers, pesticides, and petrochemicals showed gains, indicating sectoral divergence in performance [1]. Group 1: Market Performance - The A-share market saw a decline in major indices, with the Shanghai Composite Index down by 0.10% [1]. - The machinery sector showed mixed results, with the Machine Tool ETF (159663) down by 1.20%, while individual stocks like Yujing Co. rose by 4.39% and Jiangte Electric by 2.89% [1]. - Conversely, companies like Zhongtung High-tech and Haimeixing performed poorly, with declines of -5.51% and -3.27% respectively [1]. Group 2: Trade Data - In September, China's engineering machinery import and export trade amounted to $5.505 billion, marking a year-on-year increase of 29.1% [1]. - The import value was $234 million, reflecting an 18.5% year-on-year growth, while the export value reached $5.271 billion, up by 29.6% year-on-year [1]. Group 3: Policy and Industry Outlook - Hu Long Securities indicated that the "14th Five-Year Plan" emphasizes industrial mother machines, suggesting that policy-driven advancements in domestic machine tools are expected to accelerate [1]. - There is anticipated growth in demand for high-precision, high-stability, and high-composite five-axis machine tools, CNC milling machines, and turning-milling composite centers in the high-end manufacturing sector due to policy support [1]. Group 4: ETF Overview - The Machine Tool ETF (159663) closely tracks the China Machine Tool Index, which encompasses critical segments of the high-end equipment manufacturing sector, including laser equipment, machine tools, robots, and industrial control equipment [2]. - This ETF represents a core area for the implementation of innovation-driven and industrial upgrade practices as emphasized by the new productivity concept [2].