本周(6月2日—6月6日)资金情绪持续回暖，A股市场连日上涨，上证指数全周上涨1.13%，收于3385.36 点；深证成指涨1.42%，创业板指上涨2.32%。 盘面上，本周申万一级行业均实现上涨，其中通信以5.7%的涨幅领涨各行业，有色金属、轻工制造、 电子、计算机等行业涨幅居前，交通运输、钢铁、汽车等行业涨幅相对较小。主题题材上，光模块 (CPO)、光通信、稀土、数字货币等行业表现活跃。 本周机构调研公司数量仍在百家以上，截至6月6日18时，共有141家上市公司披露机构调研纪要。在赚 钱效应方面，本周超七成机构调研公司股价实现正收益，金陵体育（300651）以88.24%的涨幅领先， 联化科技（002250）股价累计上涨39.13%，超捷股份（301005）、乐惠国际（603076）、瑞晟智能股 价均涨超20%，盛达资源（000603）、楚天龙（003040）等公司周内实现首板。 从热门调研标的来看，百利天恒、中科创达（300496）周内接受百家以上机构调研，中旗新材 （001212）、福莱新材（605488）、燕京啤酒（000729）、宇信科技（300674）、海创药业-U等5家公 司获得超50家机构关 ...

2025 年 06 月 05 日 行业日报 看好/维持 机械 机械 太平洋机械日报（20250605）：开普勒机器人再获新融资 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/6/5 24/8/17 24/10/29 25/1/10 25/3/24 25/6/5 机械 沪深300 ◼ 子行业评级 相关研究报告 << 太平洋机械日报（20250603）：北 京人形机器人创新中心增资至 4.6 亿>>--2025-06-04 <<太平洋机械日报（20250527）：2025 第九届世界无人机大会闭幕>>-- 2025-05-28 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 [Table_Summary] 报告摘要 市场表现： 2 ...

公司公告： 【光格科技】公司持股5%以上股东苏州方广二期创业投资合伙企业（有限合伙）在减 持前持有公司股份的5.76%，于2025年5月8日至2025年5月16日通过集中竞价交易方式和大 宗交易方式减持公司总股本的0.76%。 【物产金轮】公司持股5%以上股东南通金轮控股有限公司在减持前持有公司股份的 11.4033%，以集中竞价、大宗交易方式合计减持公司总股本的0.4884%。 【爱科科技】公司持股5%以上股东杭州瑞步投资管理合伙企业（有限合伙）及其行为 一致人在减持前持有公司股份的8.66%，计划通过集中竞价交易方式减持公司总股本的 1.00%。 太平洋近日发布机械日报：6月4日，湖北人形机器人创新中心正式揭牌。中心位于湖北 人形机器人产业园，由东湖高新区投资建设，包括动作训练场、数据采集场、应用实践场和 人才培养基地，打造创新、联合、开放、共享的人形机器人公共服务平台。中心工作人员介 绍，全球人形机器人正处于技术创新和产业发展关键期。 以下为研究报告摘要： 报告摘要 市场表现： 2025年6月5日，沪深300上涨0.23%，机械板块上涨0.67%，在所有一级行业中排名7。细 分行业看，工业机器人及工控系 ...

Summary of Conference Call Records Industry Overview - The consumer electronics upstream costs have increased, leading to higher downstream product prices and a valuation correction for related stocks, resulting in weakened revenue contributions [1][2] - The overall market performance showed good gains in large-cap and small-cap indices, while mid-cap indices like the CSI 500 performed slightly worse [3] Key Points and Arguments Market Performance - The convertible bond market did not outperform the indices last month due to a lack of significant risk appetite in technology and consumer sectors [2] - The banking sector showed notable gains, with some bank convertible bonds facing strong redemption triggers, potentially leading to a reduction in supply [3] Recommendations - Recommended stocks in the new consumer sector include Li Ziyuan, Huakang, Xianle, and Zhongchong, all of which have upward momentum [1][6] - In the technology and high-end manufacturing sectors, recommended stocks include Weicai, Anji, Guoli Co., and Huarui, with Weicai experiencing growth in third-party testing and Anji holding a significant market share in polishing liquids [1][7] Convertible Bond Market Outlook - The average price of convertible bonds in June was approximately 120 yuan, with a valuation percentile of 73.4% [5] - A reduction in fixed income + funds is expected, but a significant contraction is unlikely as asset-side pressures remain high [5] Specific Company Insights - **Huakang Co.**: A leader in functional sugar alcohols with stable gross margins and high market shares in xylitol and maltitol. The new Zhoushan base is expected to contribute significantly to revenue [10][11] - **Xianle Health**: A leading CDMO in nutritional health foods, showing double-digit growth in the new consumer sector and expanding partnerships with emerging brands [12] - **Guoli Co.**: Continuous recommendations due to its involvement in vacuum electronic devices, with expected revenue growth driven by the new energy vehicle sector and military orders [13][14] - **Huarui Precision**: Benefiting from improved demand in the hard alloy tool market, with significant growth in sales and expansion into humanoid robot components [15][20] Additional Important Content - The agricultural sector is showing marginal improvements, with potential investment opportunities arising from changes in pig prices and policy catalysts [4][8] - New Dairy's low-temperature products are maintaining double-digit growth, with strong channel control and innovation driving performance [16][21] - YunKang Group is expanding into overseas markets with significant orders locked in, indicating strong revenue growth potential [18] This summary encapsulates the key insights and recommendations from the conference call, highlighting the performance of various sectors and specific companies within the investment landscape.

Group 1 - The core viewpoint of the forum emphasizes the need for collaboration across the automotive industry to achieve net-zero emissions, as stated by Matias Giannini, CEO of Horse Powertrain [1] - The global automotive industry is undergoing a critical electrification transformation, with the goal of achieving net-zero emissions, although the paths and challenges vary by region [3] - By 2040, it is projected that pure electric vehicles will account for over 50% of global new car sales, raising questions about the future of the remaining 50% of vehicles that will still rely on efficient internal combustion engines or hybrid systems [3] Group 2 - Horse Powertrain aims to provide comprehensive solutions for efficient internal combustion and hybrid systems, leveraging years of technological expertise from Geely and Renault [4] - The company operates five R&D centers and 17 production bases globally, with an annual production capacity of 5 million units, meeting up to 80% of the market demand for hybrid and fuel-powered passenger vehicles [4] - Horse Powertrain showcased its advanced technologies at the 2025 Shanghai Auto Show, including alternative fuel solutions and a future super hybrid concept that integrates engine, motor, transmission, and power electronics into a compact modular unit [4] Group 3 - Matias highlights the importance of collaboration between automakers and powertrain suppliers to accelerate the pace of electrification transformation [5] - The Chinese market is expected to see plug-in hybrid models outpace pure electric models for the first time in 2024, reflecting China's strong innovation capabilities [5] - Horse Powertrain positions China as a core growth engine, aiming to support the country's future development towards achieving net-zero emissions through diverse solutions [5]

Core Insights - The fifth International Forum on Automotive Power Systems was held in Shanghai, focusing on the diverse development of global automotive power systems, with a particular emphasis on hybrid technology as a foundation for the growth of new energy vehicles in China and worldwide [1][3]. Market Development - Global automotive sales are projected to exceed 90 million units in 2024, marking a 1.8% year-on-year increase, with the Chinese market accounting for over one-third of this total [3]. - In Q1 of this year, pure electric vehicle sales represented 14.5% of the global market, while hybrid vehicles (including HEV, PHEV, and REV) accounted for 16%, surpassing pure electric vehicles [3]. Hybrid Technology Evolution - The development of hybrid technology has progressed through several phases over the past 30 years, from slow initial growth to a recent explosive phase, particularly in China with various hybrid systems [4]. - The current trend in hybrid technology is moving towards dual motors, large batteries, and the capability to use both fuel and electricity, with PHEV and REV systems experiencing the fastest growth [4]. Achievements in Electrification - The main achievements in the electrification transition are reflected in the "new four modernizations": efficiency, electrification, intelligence, and diversification of energy sources [5]. - Chinese hybrid engines have seen significant improvements in thermal efficiency, rising from approximately 39% five years ago to over 46% today [5]. Industry Challenges - Key challenges include the need for further efficiency improvements in hybrid engines, advancements in electric motor technology, and the development of alternative fuels [6]. - Infrastructure development is critical, as the lack of charging facilities poses a significant challenge to the rapid growth of new energy vehicles globally [6]. - Cost pressures are evident, with expected price reductions in new energy vehicles ranging from 5% to 15% in 2024, necessitating a focus on technology and quality to meet consumer demands [6]. Globalization and Future Outlook - The international environment presents complex challenges for Chinese automotive exports, highlighting the need for closer collaboration with global partners [7]. - Future developments in hybrid technology are expected to be positively influenced by carbon emission management transitioning from dual credits to carbon credits [7]. - By 2030, the electrification penetration rate in the Chinese market is anticipated to reach around 75%, with a balanced distribution among hybrid and pure electric vehicles [7][8]. Regional Market Trends - Different global markets are expected to follow distinct development paths: China will focus on plug-in, range-extended, and electric vehicles; Europe will trend towards electric, plug-in, hybrid, and synthetic fuels; while the U.S. will prioritize hybrid, electric, plug-in, and fuel vehicles [8].

内容概况：中国飞行控制系统行业正处于技术革新与市场扩张的关键阶段。2024年，中国飞行控制系统 行业市场规模为27.9亿元，同比增长7.31%。预计未来几年将延续增长势头。这一增长主要得益于无人 机市场的爆发式发展，以及eVTOL（电动垂直起降飞行器）等新兴领域的崛起。技术方面，基于深度 学习算法，飞控系统实现飞行姿态自动调整、障碍物规避等功能，例如大疆创新通过AI技术提升农业 无人机作业精度等。同时，模块化设计将系统拆分为独立功能模块，便于升级维护，如中航机载推出的 综合化航电架构，支持多任务快速切换。而在安全性领域，飞行控制系统采用三余度冗余设计、多传感 器融合技术，故障容错能力显著提升，保障飞行安全。 相关上市企业：中航机载（600372）、纵横股份（688070） 相关企业：宝钛股份有限公司、中国铝业股份有限公司、抚顺特殊钢股份有限公司、中航复合材料有限 责任公司、威海光威复合材料股份有限公司、紫光国芯微电子股份有限公司、苏州固锝电子股份有限公 司、歌尔股份有限公司、卧龙电气驱动集团股份有限公司、宁德时代新能源科技股份有限公司、深圳市 大疆创新科技有限公司、广州极飞科技股份有限公司、中国商用飞机有限责 ...

Core Insights - The fifth International Forum on Automotive Power Systems was held in Shanghai, focusing on the diverse development paths of global automotive power systems [1] - Li Kaiguo, the supervisor of the China Automotive Engineering Society, presented a keynote report on "Development Path of Automotive Low-Carbon Technology," revealing that the "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" is expected to be officially released in September to October this year [1][5] Industry Development - The Chinese automotive industry is experiencing rapid growth, with production and sales expected to exceed 31 million vehicles in 2024, entering a period of stable growth [3] - The natural gas heavy truck segment is projected to grow significantly, reaching 178,000 units in 2024, aiding the recovery of the sluggish commercial vehicle sector [3] - The energy-saving and carbon reduction levels in the automotive industry are improving, with the average fuel consumption of new fuel vehicles decreasing by 17% compared to 2019 [3] Carbon Reduction Goals - The "Automotive Industry Green and Low-Carbon Development Roadmap 1.0" was released in 2023, setting clear carbon reduction targets for passenger and commercial vehicles by 2040 [4] - By 2040, average carbon emissions for passenger vehicles are to be reduced by 60%, while commercial vehicles aim for a 41% reduction [4] - The roadmap emphasizes the need for a combination of internal combustion engines and electrification to achieve energy consumption reductions [4][5] Technological Pathways - The "Technology Roadmap 3.0" aims to address key technological developments necessary for achieving energy-saving and carbon reduction goals, emphasizing hybridization, low-carbonization, and intelligence [5] - Hybrid vehicles are identified as a crucial technology path for energy savings, with sales expected to increase significantly in 2023-2024 [5] - The roadmap also highlights the importance of improving engine thermal efficiency and expanding the efficient operating range of engines [5][6] Future Energy Sources - The development of low-carbon and zero-carbon internal combustion engines is essential, with a focus on low-carbon fuels to mitigate emissions [6] - By 2040, low-carbon and zero-carbon engines are expected to achieve a maximum thermal efficiency of 52% and a power density of 35 kW/L [6] Vehicle Efficiency Requirements - The "Technology Roadmap 3.0" introduces energy-saving and technical requirements for various vehicle classes, including A0, A, B, C, and D levels [7] - Emphasis is placed on lightweight materials, low resistance, low friction, and intelligent energy management systems to enhance vehicle efficiency [7] - The integration of internal combustion engines and electric motors is seen as a necessary evolution, with hybrid technology being a key focus for passenger vehicles [7]

每经记者｜陈晴 每经编辑｜张益铭 智能输送系统供应商大连美德乐工业自动化股份有限公司(以下简称美德乐)拟冲刺北交所上市。 2023年，美德乐营收和净利润曾一度下滑。细究可以发现，公司存在客户集中度较高的隐忧。而过去两 年，其第一大客户比亚迪的销售贡献从近50%骤降至10.25%，新晋第一大客户先导智能亦面临业绩压 力：2024年全年及2025年一季度，该公司营收与净利润双双下滑。 目标从深交所主板调整至北交所 美德乐主营智能制造装备的研发、设计、制造和销售业务，主要产品为模块化输送系统和工业组件。 美德乐曾经拟冲刺深交所主板上市，但后来将目标上市板块调整至北交所。对于调整的原因，公司在新 三板发布公告称，这是"基于自身经营情况及战略规划，结合中国证监会、交易所对各上市板块定位的 相关要求，经与辅导机构充分讨论"进而作出的决定。 根据公司招股说明书（申报稿）（以下简称招股书）披露，公司第一大股东张永新直接持有公司 46.15%的股份；第二大股东陈立波持股比例也高达22.99%。招股书中将张永新认定为公司控股股东、 实际控制人，却并未将第二大股东陈立波认定为共同实际控制人。 简历显示，陈立波1970年12月出生， ...

Core Viewpoint - Nanchang Sanrui Intelligent Technology Co., Ltd. (Sanrui Intelligent) has received acceptance for its IPO on the ChiNext board, aiming to raise 769 million yuan, potentially becoming the first publicly listed company in the "civil drone motor" sector in China [1][3]. Financial Performance - Sanrui Intelligent's total assets are projected to reach 954.22 million yuan by the end of 2024, up from 573.37 million yuan in 2023 and 450.33 million yuan in 2022 [2]. - The company's revenue is expected to grow from approximately 362 million yuan in 2022 to 831 million yuan in 2024, with net profits increasing from about 113 million yuan to 333 million yuan during the same period [3][4]. - The company reported a cash dividend of 130 million yuan in 2023, which accounted for over 70% of its net profit for that year [3][4]. Market Position - In 2024, Sanrui Intelligent is projected to hold the second-largest market share in the global civil drone electric power system industry, following DJI [3]. - The company has no direct comparable listed companies in China, with major competitors being non-listed firms [3]. Investment and Growth Strategy - The funds raised from the IPO will be allocated to expanding production capacity for drone and robot power systems, constructing a research and development center and headquarters, and upgrading information technology and smart warehousing [4]. Supplier Relationships - Sanrui Intelligent's fourth-largest supplier, Ningbo Xindongda Materials Co., Ltd. (Xindongda), was established in 2017, and the company has been purchasing significant amounts of magnetic materials from them since then [5][6]. - The procurement from Xindongda in 2024 is approximately 14.65 million yuan, accounting for 4.56% of total purchases [6]. Customer Base Dynamics - The company has experienced significant changes in its top five customers over the years, with only one familiar name remaining in 2023 and 2024 [10][11]. - The fluctuation in major customers is attributed to the diverse and global nature of the drone manufacturing market, which has seen rapid growth with a compound annual growth rate of 24.14% over the past five years [11].