Summary of Conference Call Notes Industry Overview - The conference call discusses the **China Industrial Automation** industry, highlighting recent price hikes by major players such as **Siemens**, **Schneider Electric**, and **Inovance**. Price increases range from **2% to 50%** depending on the product, primarily driven by raw material inflation, particularly in **copper**, **aluminum**, and **semiconductor memory** [1][6][10]. Key Points Price Hikes - **Siemens** announced price hikes of **2%-50%** effective January 1, 2026, with specific increases for drive-related spare parts (5-15%) and servo products (2-5%) [6]. - **Schneider Electric** implemented price increases of **1%-40%** for both industrial automation and electric products, effective January 1, 2026, with notable hikes in specific products like HMI PSA6/P6 (20%) [6]. - **Inovance** plans to raise prices by **5%-20%** starting January 10, 2026, with increases across various product lines, including servo systems (6%) and industrial motors (12%) [6]. Market Forecast - The price hikes could lead to upside risks in the forecast for the **China Industrial Automation market**, which is expected to remain flat in dollar terms until **2026E**. The forecast anticipates low single-digit volume increases offsetting modest price declines [2]. - The actual implementation of price increases will likely vary by customer, and successful pass-through may be limited to selective customers due to the current demand environment [2]. Competitive Landscape - The profitability outlook is expected to diverge among industry leaders and smaller players, with a preference for companies like **Inovance** that possess stronger pricing power and can drive market consolidation [2]. - Inovance is recognized as a domestic leader in industrial automation, with significant growth potential in overseas markets and opportunities in digitalization and IoT solutions [15]. Investment Thesis - Inovance's competitive advantages include: - Leading R&D effectiveness with high success rates for new products - A comprehensive product portfolio that enhances customer retention [15]. - The investment rating for Inovance is maintained as **Buy**, with a 12-month price target of **Rmb82.1**, based on a **35x** P/E ratio for **2026E** [16]. Risks - Potential risks to the investment thesis include: - Slower-than-expected market share gains in industrial automation - Weaker margin trends - Delays in the ramp-up of the EV component segment - General slowdown in manufacturing capex and automation demand [16]. Additional Insights - The conference call emphasizes the importance of monitoring the actual pass-through of price increases and the varying impacts on different customer segments [2]. - The overall market growth forecast for the **China Industrial Automation** sector is projected at **0%/-1%/0%** year-over-year for **2025E/26E/27E** [12]. This summary encapsulates the critical insights from the conference call, focusing on the implications of price hikes, market forecasts, competitive dynamics, and investment considerations within the China Industrial Automation industry.

4 January 2026 | 7:20PM HKT Equity Research Shenzhen Inovance Technology Co. (300124.SZ): Dec IA orders improved to 30%+ yoy growth with full year tracking in line with guidance, GSe. Inovance disclosed industrial automation (IA) segment orders at 30%+ yoy in Dec 2025 (vs. 20+% yoy in Nov 2025), with most end markets trending well, implying ~+10% mom per GSe. Thanks to the strong Dec 2025 order trend, implied 4Q25 orders likely delivered 20%+ yoy growth, vs our IA revenue forecast of +17% yoy. Note that Nov ...

Group 1 - Alpha Wealth Insiders Fund reported a return of 4.96% in September 2025, with year-to-date returns reaching 21.37%, outperforming the S&P 500's September return of 3.65% and year-to-date return of 14.83% [1] - The fund highlighted Rockwell Automation, Inc. (NYSE:ROK) as a key investment, noting its one-month return of -0.91% and a significant 52-week gain of 41.60% [2] - Rockwell Automation operates in three segments: Intelligent Devices, Software & Control, and Lifecycle Services, providing products and services aimed at enhancing manufacturing efficiency [3] Group 2 - Rockwell Automation, Inc. is not among the 30 most popular stocks among hedge funds, with 51 hedge fund portfolios holding the stock at the end of Q3 2025, an increase from 49 in the previous quarter [4] - Despite the potential of Rockwell Automation as an investment, the company is viewed as having less upside compared to certain AI stocks, which are considered to carry less downside risk [4]

Summary of Conference Call Transcript Industry Overview - **Industry Focus**: Greater China Technology Hardware, specifically in the automation sector - **Key Indicator**: China's manufacturing PMI (Purchasing Managers' Index) for December 2025 Key Points 1. **Manufacturing PMI Increase**: China's manufacturing PMI rose to 50.1 in December from 49.2 in November, exceeding market expectations of 49.4 and consensus at 49.2 [2][7] 2. **Production and Orders Improvement**: The production index improved by 1.7 percentage points month-over-month to 51.7, while the new orders index increased by 1.6 percentage points to 50.8 [7] 3. **Macro Team Insights**: The increase in PMI is attributed to a quarter-end production push, robust exports, and the impact of government policies on infrastructure [7] 4. **Overall Manufacturing Recovery**: The report maintains a view of moderate recovery in overall manufacturing activities in China, supported by government policies [7] 5. **Capex Sentiment**: Some industry players are experiencing improved capital expenditure sentiment as they head into 2026 [7] 6. **Company Preferences**: Among Taiwanese automation companies, Airtac (1590.TW) is preferred over Hiwin (2049.TW) due to broader product offerings and more attractive valuation metrics [7] - **Airtac Valuation**: Currently valued at 21x 2026 estimated P/E, compared to a mid-cycle average of 25x [7] - **Hiwin Valuation**: Valued at 30x 2026 P/E, which is considered unattractive given lukewarm fundamentals [7] Company-Specific Insights 1. **Airtac International (1590.TW)**: - Expected to continue gaining market share due to its diverse product offerings [7] - Valuation methodology suggests a base case of 25x 2026 estimated P/E, reflecting earnings growth momentum [10] 2. **Hiwin Technologies Corp. (2049.TW)**: - Target multiple of 24x for 2026 EPS estimate, justified by a projected operating profit CAGR of 20% from 2024 to 2027 [11] Risks - **Upside Risks**: - Stronger macroeconomic conditions in China - Higher-than-expected demand for industrial automation - Earlier-than-expected revenue contributions from humanoid technologies [13][14] - **Downside Risks**: - Economic downturn in China - Delays in developing miniature linear guideway business - Weaker-than-expected demand despite increased investment in new products [13][14] Conclusion - The report indicates a cautiously optimistic outlook for the Greater China technology hardware sector, particularly in automation, driven by improving manufacturing metrics and government support. Airtac is positioned favorably compared to Hiwin, suggesting potential investment opportunities in the sector.

CHARLOTTE, N.C., Jan. 2, 2026 /PRNewswire/ -- Honeywell (NASDAQ: HON) will issue its fourth quarter financial results and 2026 outlook before the opening of the Nasdaq Stock Market on Thursday, January 29. The company will also hold a conference call at 8:30 a.m. EST. Presentation Materials / Webcast Details A real-time audio webcast of the presentation can be accessed at http://www.honeywell.com/investor, where related materials will be posted prior to the presentation and a replay of the webcast will be ...

Core Viewpoint - The company has achieved significant revenue and profit growth in the first three quarters of 2025, focusing on emerging businesses such as industrial AI and robotics, which are expected to drive future development [1] Financial Performance - In the first three quarters of 2025, the company reported a revenue of 5.654 billion yuan and a net profit attributable to shareholders of 432 million yuan [1] - The industrial AI product TPT generated a revenue of 154 million yuan, while the robotics business contributed 122 million yuan [1] Strategic Focus - The company is actively shifting its strategic focus towards high-potential emerging businesses, particularly in industrial AI and robotics, and has made positive progress in these areas [1] - The company aims to continue investing in and industrializing emerging businesses, integrating artificial intelligence deeply into its product and technology systems to create new development opportunities [1]

格隆汇12月30日丨中控技术(688777.SH)在投资者互动平台表示，近年来，公司与华为的合作持续深 化，今年9月，双方基于对产业痛点的洞察，整合公司深厚的行业知识、工业AI解决方案能力，以及华 为领先的ICT基础设施与技术底蕴，联合打造了覆盖多行业的全流程、多场景AI创新解决方案并共同发 布。此外，双方还在多行业场景创新、AI大模型与硬件融合等领域达成战略一致：公司"1+2+N"工业AI 驱动的企业智能运行新架构将全面采用华为鲲鹏服务器与OceanStor存储，为全厂物理设备与信息系统 提供统一的数据贯通、建模与分析能力；而公司自主研发的时间序列大模型TPT与超图大模型HGT将基 于华为AI算力底座昇腾进行训练与推理，赋能企业实现生产过程自动化和企业运营自动化；同时，公 司新一代通用控制系统UCS与华为鲲鹏硬件将进行深度融合，通过软件定义与云原生技术，重新定义控 制系统的产品形态与应用价值。未来，双方还将结合中控技术的"线下PlantMate 5S店+线上PlantMart商 城"一站式工业服务新模式，共同探索工业服务新生态。 ...

Group 1 - The core viewpoint of the article highlights that Hongdi Technology (301633.SZ) is actively engaged in the industrial automation sector and is closely monitoring technological trends and market opportunities in emerging fields such as humanoid robots [1] - The company emphasizes its commitment to adhering to information disclosure regulations regarding the progress of related business developments [1]

Core Insights - The investment landscape in 2025 has been shaped by various factors including China's AI initiatives, pressures on U.S. Big Tech, tariffs from the Trump era, persistent inflation, and high interest rates, leading to a volatile market environment [1] - Retail investors are advised to focus on sales growth as a more reliable metric for stock evaluation compared to earnings, with specific companies highlighted as potential investment opportunities [2][3] Market Conditions - The year began with optimism but faced volatility due to external pressures, particularly in April, before stabilizing in May and improving mid-year as trade tensions eased [1] - The Federal Reserve implemented three rate cuts starting in September, but market momentum weakened in the fourth quarter due to a prolonged U.S. government shutdown and concerns over AI sector overvaluation [1] Investment Strategy - Sales growth is emphasized as a key indicator of a company's momentum, reflecting real demand and potential for future earnings upside [3] - Sustained sales growth supports cash flow stability, allowing companies to reinvest and maintain financial strength without excessive debt [4] Stock Selection Criteria - Stocks were screened based on criteria including 5-Year Historical Sales Growth greater than industry average and Cash Flow exceeding $500 million [5] - Additional metrics for stock selection include a Price-to-Sales (P/S) ratio lower than the industry average, positive sales estimate revisions, operating margins above 5%, and Return on Equity (ROE) greater than 5% [6][7][8] Highlighted Stocks - Agnico Eagle Mines Limited (AEM) is a gold producer with expected sales growth of 38.6% for 2025 and holds a Zacks Rank 1 [10] - EnerSys (ENS) is projected to have a sales growth rate of 4% for fiscal 2026 and carries a Zacks Rank 2 [11] - CACI International Inc (CACI) anticipates an 8.5% sales increase for fiscal 2026, also with a Zacks Rank 2 [12] - Rockwell Automation, Inc. (ROK) expects a sales growth of 5.8% for fiscal 2026 and holds a Zacks Rank 2 [13] - Xylem Inc. (XYL) is projected to grow sales by 5.2% in 2025 and carries a Zacks Rank 2 [14]

转自：新华财经 2025年半年报显示，博杰股份内销和外销占主营收入比例分别为64.23%和35.77%，其中外销毛利率达53.97%，远超内销38.59%的毛利率，公司在出海方面 颇为成功。 作为高新技术企业，行业洞察系统数据显示，博杰股份近年来专利申请数量快速增长，累计申请专利数量已突破千项，较2020年增长约三倍，其中实用新型 专利占比近74%。 新华财经上海12月23日电（林郑宏）2025年，A股的AI产业链公司赚钱效应爆棚，其中"卖铲子"的上游设备类公司出现了不少"涨不停"的大牛股。股价多年 低位徘徊的博杰股份也在2025年下半年异军突起，截至12月23日收盘，全年股价累计涨幅已超159%。 | ← | 博ぐ肢け 002975 | | | | | | --- | --- | --- | --- | --- | --- | | 78.60 | | 加 | 79.38 | 开 | 71 | | +1.92 +2.50% | | 低 | 76.15 | 昨收 | 71 | | | | 额 | 5.09亿 | 量(手) | 6.5 | | 2025-12-23 | | 换手率 | 6.15% | 量比 | | ...