中国能建：中标145.86亿元重大煤电项目 5月28日晚，中国能建（601868）发布公告称，公司所属子公司组成的联合体中标中新建电力兵准园区 6×66万千瓦煤电项目（EPC），中标金额约145.86亿元。该项目包括6台66万千瓦超超临界燃煤发电机 组及配套环保设施，总工期约36.5个月。目前尚未正式签署合同。 资料显示，中国能建成立于2014年12月，主营业务是勘测设计及咨询、工程建设、工业制造、投资运 营。 所属行业：建筑装饰–基础建设–基建市政工程 友讯达：中标国家电网1.76亿元项目 5月28日晚，友讯达（300514）发布公告称，公司在国家电网有限公司2025年第三十一批采购（营销项 目第一次计量设备招标采购）中中标10个包，中标金额约为1.76亿元，占公司2024年经审计营业收入的 17.44%。 资料显示，友讯达成立于2002年9月，主营业务是各行业综合物联网问题的服务、帮助和解决。 所属行业：电力设备–电网设备–电工仪器仪表 岱勒新材：与专业机构共同设立投资基金 5月28日晚，岱勒新材（300700）发布公告称，公司与泰诺（深圳）私募股权基金管理有限公司等机构 签署协议，共同投资设立深圳泰诺协 ...

Core Viewpoint - The company, Jicheng Electronics, has been selected as one of the candidates for multiple procurement projects by the State Grid Corporation of China, with a total bid amount of approximately 113 million yuan, which represents 4.36% of the company's projected revenue for 2024 [1] Group 1 - The company is a candidate for the 16th batch of procurement for digital projects and the 31st batch for marketing projects by the State Grid Corporation of China for 2025 [1] - The company has won bids for a total of 8 packages in these procurement projects [1] - The successful execution of these contracts is expected to have a positive impact on the company's operating performance [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the machinery equipment industry [2][51]. Core Views - The machinery industry is experiencing structural opportunities driven by policy support, technological iteration, and globalization, despite recent market underperformance [4][51]. - April excavator sales increased by 17.6% year-on-year, indicating a recovery in both domestic and export markets, supported by new replacement cycles and favorable policies [52][53]. - The manufacturing PMI recorded at 49, reflecting a slight decline, but the report suggests potential structural opportunities amidst a weak recovery [53][54]. Summary by Sections Industry Performance - The machinery equipment index fell by 2.22% from May 19 to May 23, ranking 30th among 31 primary industries, with all sub-industries showing declines [4][51]. - Notable declines were observed in automation equipment (-3.42%) and general equipment (-3.45%) [4][51]. Excavator Sales - In April 2025, a total of 22,142 excavators were sold, marking a 17.6% increase year-on-year, with domestic sales at 12,547 units (up 16.4%) and exports at 9,595 units (up 19.3%) [52][53]. - From January to April 2025, total excavator sales reached 83,514 units, a 21.4% increase year-on-year, with domestic sales up 31.9% and exports up 9.02% [52][53]. Manufacturing PMI - The manufacturing PMI for April 2025 was recorded at 49, down 1.4 percentage points year-on-year and 1.5 percentage points month-on-month [53][54]. - New orders PMI was at 49.2, and production PMI at 49.8, indicating a contraction in manufacturing activity [53][54]. Industrial Robot Production - In April 2025, industrial robot production surged by 51.5% year-on-year, totaling 71,547 units, attributed to government policies promoting equipment upgrades [54][54]. - The report suggests potential investment opportunities in high-tech segments such as reducers and servo systems, as well as system integrators benefiting from diverse application scenarios [54]. Key Companies to Watch - The report highlights several companies for potential investment, including XCMG Machinery (000425.SZ), Sany Heavy Industry (600031.SH), and Zoomlion Heavy Industry (000157.SZ) in the excavator segment [52][53]. - For the machine tool sector, companies like Huazhong CNC (300161.SZ) and Neway CNC (688697.SH) are recommended due to expected demand growth from government support [53][54].

□ 本报记者 付奇 周永金 友达光电的全球顶尖透明显示屏、三一重机的全球首台电动无人微型挖掘机、革新了行业技术的科沃斯 （603486）洗地机器人……从工业应用到生活消费，"江苏智造"背后是大数据、人工智能等技术在生产 端的深度应用。最新数据显示，4月份，江苏规模以上高技术制造业增加值增长12.9%、数字产品核心 制造业增长11.4%。 作为工业大市，去年，苏州规模以上工业总产值迈上4.7万亿元新台阶。日前，记者跟随工信部"新型工 业化媒体调研行"团队走进苏州多地，寻访传统工业企业和新兴科技企业如何利用"AI+"共同驱动新型工 业化进程。 "智慧大脑"， 让工业生产不断"进化" 一个智能工厂的效率有多高？两个人一天就能下线一台挖掘机！ 走进位于昆山市澄湖路的三一重机微挖智能工厂装配车间，"智能感"扑面而来。这个面积仅有1.4万平 方米的厂房，能同时生产200多种不同型号、满足不同装配需求的微型挖掘机。 "几年前，我们还要向客户解释什么是'对话式AI'，现在通过ChatGPT、DeepSeek，越来越多的人已经懂 得了这一概念，这就是工具的演进。"思必驰战略部工作人员李明川表示，每家人工智能企业在自身业 务发展 ...

Summary of Key Points Core Viewpoint - The company, Shanghai Buke Automation Co., Ltd., announced a cash dividend of 0.3 yuan per share, totaling 25.2 million yuan, to be distributed on May 30, 2025 [1][3]. Trading Information - On May 23, 2025, Buke shares closed at 89.34 yuan, down 0.53%, with a turnover rate of 1.69% and a trading volume of 14,200 shares, resulting in a transaction value of 129 million yuan [1]. - The fund flow on the same day showed a net outflow of 11.09 million yuan from main funds, while speculative funds saw a net inflow of 2.9 million yuan, and retail investors had a net inflow of 8.19 million yuan [1][3]. Company Announcement - The annual equity distribution plan for 2024 was approved at the shareholders' meeting on May 16, 2025, with the cash dividend distribution details as follows: - Cash dividend of 0.3 yuan per share (before tax) [1]. - The record date for shareholders is May 29, 2025, and the ex-dividend date is May 30, 2025 [1]. - Different tax treatments apply based on the type of shareholder, with specific details provided for individual and institutional investors [1].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周市场核心观点与市场复盘： 4月以来，市场在主题快速轮动特征下，呈现"红利+微盘"显著占优特征。本周"红利+微盘"在创出年内高 点之后出现短线快速调整的反转变化，短期需警惕"红利+微盘"持续调整带来的交易偏好下降。中长期角 度，流动性宽松叠加风险偏好上行仍将驱动A股震荡上涨；短线调整结束后，"红利+小盘"杠铃组合仍是配 置优选。 本周上证综指下跌0.57%，上证50下跌0.18%，沪深300下跌0.18%，中证500下跌1.10%，中证1000下跌 1.29%，创业板指下跌0.88%，北证50指数下跌3.68%。 截至2025年5月23日，宽基指数来看，创业板指处于估值分位数"安全"等级，其余各大宽基指数处于估值 分位数"适 ...

Core Viewpoint - The company Huichuan Technology (300124) has experienced a decline in stock price, with a current market capitalization of 179.235 billion yuan, ranking first in the automation equipment sector and 66th in the A-share market [1]. Shareholder Changes - On May 20, 2025, executive Liu Yingxin reduced his holdings by 299,900 shares, accounting for 0.0111% of the total share capital, during which the stock price increased by 0.34% to close at 68.53 yuan [2]. - On May 19, 2025, supervisor Bai Ziping sold 2,000 shares, representing 0.0001% of the total share capital, with the stock price decreasing by 0.51% to close at 68.3 yuan [2]. - On May 16, 2025, Bai Ziping also reduced his holdings by 30,000 shares, which is 0.0011% of the total share capital, while the stock price rose by 0.23% to close at 68.65 yuan [2]. Institutional Research Highlights - The company has achieved good market share in servo systems, variable frequency drives, and small PLC products in the Chinese market, and plans to enhance product competitiveness through multi-product solutions [3]. - The company is actively developing components for humanoid robots and providing scenario-based products and solutions for the manufacturing industry [3]. - There has been significant improvement in products and solutions for process industry applications, with certain business growth achieved [3]. - The company is strengthening its capabilities in digitalization and large PLCs, aiming to create model points and penetrate the process industry [3]. - Following the acquisition of Shanghai Lain in 2018, the company has developed mature high-precision ball screw design and manufacturing capabilities, and the recent acquisition of Korean SBC has supplemented its precision linear guide product line [3]. - The new factory in Nanjing has commenced production, focusing on industrial robots and precision machinery products [3]. - The company is pursuing investments and acquisitions that are highly synergistic with its main business in automation, precision machinery, industrial software, new energy, and upstream and downstream industry chains to build and enhance its industrial ecosystem [3].

Group 1: Company Research - Huichuan Technology attracted 321 institutions for research, including 68 fund companies and 30 securities firms, focusing on its automation business and market share in servo systems, inverters, and small PLC products in China [1] - The company is actively developing components for humanoid robots and providing scenario-based products and solutions for manufacturing and factory operations [1] - Huichuan Technology's M&A strategy focuses on automation, precision machinery, industrial software, new energy, and upstream and downstream industry chains to build and enhance its industrial ecosystem [1] Group 2: Other Companies - Fuchuang Precision is addressing performance pressure by increasing domestic and international production capacity, high-end talent acquisition, strategic material procurement, and R&D investment, expecting improved profitability as capacity is released [2] - Bozhong Precision has shifted focus from consumer electronics to the new energy vehicle sector and high-end semiconductor equipment, aiming for diversified development in multiple sectors [2] - Xiamen Tungsten sees a positive long-term market outlook for tungsten due to limited new supply, while molybdenum prices have slightly decreased due to mining companies prioritizing high-grade copper production [2] Group 3: ST Stocks - 25 ST stocks were actively researched, with significant price increases, including *ST Jieneng and *ST Hengjiu, which saw gains exceeding 10% [3] - The surge in ST stocks is attributed to recent restructuring regulations, with expectations for continued small-cap market activity and enhanced market vitality through mergers and acquisitions [3] - *ST Hengjiu plans to focus on its main business and seek strategic transformation through mergers and acquisitions to enhance its capital structure and company quality [3] Group 4: Major Asset Restructuring - *ST Nanzhi is in the planning stage for a major asset restructuring, involving the transfer of real estate development assets and liabilities to its controlling shareholder [4] - *ST Haiyuan's controlling shareholder plans to transfer shares, which would change the actual controller of the company [4]

Core Viewpoint - The company is focusing on leveraging policy advantages and market opportunities to achieve profitability by 2025 through digital and green business initiatives [5][6]. Shareholder Changes - As of May 20, 2025, the number of shareholders is 48,300, a decrease of 1,864 or 3.71% from May 9, 2025. The average shareholding per account increased from 7,009 shares to 7,280 shares, with an average market value of 90,300 yuan [2][6]. Institutional Research Highlights - The company has minimal exposure to U.S. business, resulting in a negligible impact from reciprocal tariff policies. This situation may provide domestic companies with more opportunities for import substitution [3][6]. - The company’s wind turbine operation and maintenance services primarily supply products and debugging services to independent service providers and those backed by original equipment manufacturers [3]. Performance Disclosure Highlights - The company’s main business segments are digital and green initiatives, including industrial electrical automation and information technology, as well as new energy storage and high-power power electronics. The goal for 2025 is to utilize policy advantages to drive growth and achieve profitability [5][6]. - The company aims to improve operational quality and efficiency while exploring new growth opportunities, including international expansion, to navigate industry cycles [5].

Group 1 - The core point of the article highlights that 汇川技术 (Inovance Technology) has become the most researched stock by institutions in the past week, with 321 institutions participating in the research, including 68 fund companies and 30 securities firms [1] - The company reported strong market shares in its automation business, particularly in servo systems, variable frequency drives, and small PLC products in the Chinese market [1] - 汇川技术 is actively developing components related to humanoid robots, including motors, drives, and actuator modules, while providing scenario-based products and solutions based on actual customer needs in manufacturing and factory operations [1] Group 2 - In terms of mergers and acquisitions, the company focuses on investments that are highly synergistic with its main business in automation, precision machinery, industrial software, and new energy, aiming to build and enhance its industrial ecosystem [1] - The company plans to expand its capital expenditure around three main businesses, with a stable dividend policy over the past decade, proposing a cash dividend of 4.2 yuan per 10 shares for 2024, totaling 667 million yuan, which accounts for 38.59% of the projected net profit [3] - Future mergers and acquisitions will focus on strengthening, supplementing, and extending the industrial chain, particularly in the tungsten and rare earth sectors over the next 1 to 3 years [3] Group 3 - The article also mentions that the ST (Special Treatment) stocks have gained significant attention, with 25 ST stocks being researched in the past week, and some stocks experiencing price increases of over 10% [5] - The recent restructuring regulations have positively impacted small and medium-sized companies, particularly those focused on new productive forces, enhancing their performance elasticity and valuation [5] - Specific ST stocks, such as *ST 恒久 and *ST 亚太, have indicated plans to focus on their main businesses and seek strategic breakthroughs through mergers and acquisitions [5][6]