Core Viewpoint - The "Mechanical Industry Stabilization Growth Work Plan (2025-2026)" aims for an average revenue growth rate of approximately 3.5% and to exceed 10 trillion yuan in revenue by 2026, addressing challenges such as external shocks, insufficient domestic demand, and irrational competition [1][2]. Group 1: Key Objectives - The plan emphasizes the importance of the mechanical industry as a cornerstone of industrial economy and a vehicle for modern industrial system development [1]. - It sets specific targets for revenue growth and the cultivation of competitive small and medium enterprises and industry clusters with international competitiveness [1]. Group 2: Key Tasks - The plan outlines 14 key tasks focusing on both supply and demand sides, including enhancing existing market potential and fostering new demand through emerging economic sectors [2]. - It highlights the need for technological upgrades and the large-scale application of intelligent manufacturing equipment across various sectors [2]. Group 3: Industry Reforms - The plan calls for deepening reforms to modernize the governance system and capabilities within the mechanical industry, addressing the issue of intense competition [2][3]. - It emphasizes the establishment of a unified national market, improved intellectual property protection, and the creation of a favorable business environment [3]. Group 4: Implementation Measures - Three key measures for implementation include strengthening departmental collaboration, increasing policy support, and establishing a risk warning mechanism for the mechanical industry [3]. - The plan encourages local governments to develop supportive policies and aims to reduce the overall cost and tax burden on enterprises [3].

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has released a plan aimed at stabilizing and promoting growth in the machinery industry from 2025 to 2026, targeting an average annual revenue growth rate of approximately 3.5% and aiming to exceed 10 trillion yuan in revenue [1] Group 1: Industry Goals and Objectives - The plan aims to maintain a stable and positive operational trend in the machinery industry, enhance the resilience and safety of key industrial chains, and improve the quality and efficiency of development [1] - It emphasizes the importance of the machinery industry as a foundational and strategic sector for the national economy, national defense, and public welfare [1] Group 2: Key Tasks and Measures - The plan outlines three main areas with 14 key tasks and three supporting measures to stimulate industry growth [1] - It focuses on expanding effective demand by tapping into domestic market potential, fostering new demand, and promoting digital transformation and intelligent upgrades in the industry [2] - The plan addresses the need to enhance the supply capacity of quality equipment by improving innovation capabilities, strengthening supply chain resilience, and developing intelligent equipment and systems [2] - It highlights the importance of integrating emerging technologies such as artificial intelligence and quantum technology into the machinery sector [2] Group 3: Enhancing Industry Vitality - The plan proposes measures to alleviate operational pressures on machinery enterprises, improve governance levels, and foster a conducive development ecosystem [3] - It includes initiatives to cultivate high-quality enterprises and promote regional coordinated development, leveraging existing financial resources and policy channels to support enterprise growth [3][4] - The plan aims to nurture world-class companies in key sectors and develop a range of high-tech and specialized enterprises [3] Group 4: Financial Support and Market Impact - The national industrial-financial cooperation platform is designed to integrate financial resources with industry needs, providing diverse financing channels and services to support enterprise innovation and expansion [4] - The utilization of industrial development funds is expected to offer long-term financial support for breakthroughs in critical technology areas and emerging markets [4] - High-quality enterprises in the machinery sector are seen as vital to the prosperity of the capital market, enhancing overall market quality and attractiveness [4]

中新社北京9月29日电(记者刘育英刘亮)中国工业和信息化部等六部门29日发布《机械行业稳增长工作 方案(2025—2026年)》，提出2025—2026年力争机械行业营业收入平均增速达到3.5%左右，到2026年营 业收入突破10万亿元人民币，培育一批具有竞争力的中小企业特色产业集群和具有国际竞争力的产业集 群等目标。 《工作方案》明确从供需两侧协同发力、多措并举推动机械行业稳定运行，提出3方面14项重点任务。 在全方位扩大装备有效需求方面，针对机械行业70%的需求来自基础设施建设和国民经济各行业新上或 更新改造设备投资，也是稳出口主战场的特点，工作方案从国内国外两方面，提出深挖国内存量市场潜 力、培育壮大新需求、着力扩大有效投资、推动产业数字化转型智能化升级、深化开放合作等5项任 务。 在提升优质装备供给能力方面，工作方案提出加快推动科技创新和产业创新深度融合，培育发展新质生 产力，着力提高重点产业链供应链韧性和安全水平，加快发展智能装备和智慧服务，提升质量水平和品 牌影响力。 方案还提出，优化空间布局，不断提升服务企业的能力和水平，加快培育世界一流装备企业，推动中小 企业专精特新发展。(完) 工信部表示， ...

Core Viewpoint - The "Mechanical Industry Stabilization Growth Work Plan (2025-2026)" aims for an average revenue growth rate of approximately 3.5% and a revenue target exceeding 10 trillion yuan by 2026, addressing challenges such as external shocks, insufficient domestic demand, and irrational competition [1][2]. Group 1: Key Objectives - The plan emphasizes the importance of the mechanical industry as a cornerstone of industrial economy and a vehicle for modern industrial system development [1]. - It sets a target for the mechanical industry to achieve an average revenue growth rate of around 3.5% and to surpass 10 trillion yuan in revenue by 2026 [1]. - The plan aims to cultivate competitive small and medium enterprises and industry clusters with international competitiveness [1]. Group 2: Key Tasks - The plan outlines 14 key tasks focusing on both supply and demand sides, including enhancing effective demand by tapping into existing market potential and fostering new economic sectors [2]. - It emphasizes the need for significant technological upgrades and the replacement of outdated equipment, particularly in sectors like automotive, aerospace, and clean energy [2]. - The plan also highlights the importance of improving the supply capacity of quality equipment through innovation and enhancing the resilience of the industrial supply chain [2]. Group 3: Implementation Measures - To ensure successful implementation, the plan includes measures such as strengthening departmental collaboration, encouraging local governments to develop supportive policies, and enhancing financial support for technological innovation [3]. - It calls for the establishment of a risk warning mechanism for the mechanical industry to monitor and address stability issues [3]. - The plan aims to create a market-oriented, legal, and international business environment while addressing irrational competition within the industry [3].

新华财经北京9月29日电（记者刘旭阳李唐宁）工业和信息化部、农业农村部、商务部等六部门联合印 发的《机械行业稳增长工作方案（2025—2026年）》（以下简称"工作方案"）29日正式公布，提出2025 —2026年力争机械行业营业收入平均增速达到3.5%左右，到2026年营业收入突破10万亿元等目标。分 析人士表示，工作方案带动下，人工智能与机械行业加速融合，智能工业母机、智能机器人、智能农 机、智能医疗装备、智能工程机械等智能装备的研发应用将实现新突破。 到2026年营业收入突破10万亿元 机械行业是为国民经济、国防军工和民生事业提供技术装备的基础性、战略性和引领性行业，是工业经 济"压舱石"。当前，我国机械行业面临着外部冲击影响加大、国内需求不足、非理性竞争加剧等问题， 行业稳定运行面临着挑战。 在此背景下，工作方案提出，2025—2026年，机械行业运行保持平稳向好态势，重点产业链供应链韧性 和安全水平持续提升，发展质量效益迈上新台阶，力争营业收入年均增速达到3.5%左右，营业收入突 破10万亿元的主要目标。 比如，机械行业70%的需求来自基础设施建设和国民经济各行业新上或更新改造设备投资，是稳出口主 ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company [3][7]. Core Insights - The company is a leader in heavy die-cutting tools with nearly thirty years of technical accumulation in metal material processing and heat treatment, maintaining its position as a global leader for over a decade [1][11]. - The acquisition of German company SMS is expected to significantly enhance the company's capabilities in high-precision grinding machines, contributing to cost optimization and efficiency improvements in ball screw production, which will be a key growth driver for future business [1][7]. - The company has a strong focus on developing intelligent CNC equipment and has successfully launched key rolling functional components, indicating a strategic expansion into high-end manufacturing [7][11]. Financial Data and Valuation - The company’s total revenue is projected to grow from 5.42 billion yuan in 2023 to 9.00 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16% [2][7]. - The net profit attributable to shareholders is expected to increase from 870 million yuan in 2023 to 1.20 billion yuan in 2027, reflecting a significant growth trajectory [2][7]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 83.7 in 2023 to 79.0 in 2027, indicating improving valuation metrics over time [2][7]. Business Overview - The company’s main business segments include metal cutting tools, intelligent equipment, and rolling functional components, with metal cutting tools accounting for over 80% of total revenue [7][22]. - The metal cutting tools segment is characterized by stable demand and repeat consumption, with a market space that continues to grow [7][19]. - The intelligent CNC equipment segment has shown rapid growth, with a revenue increase of 53.66% year-on-year in 2024, indicating successful market penetration [7][68]. - The rolling functional components segment is also expanding, with a revenue growth of 59.96% in 2024, reflecting the company's strategic investments in this area [7][76]. Market Potential - The global market for metal cutting tools is projected to reach 41.64 billion USD by 2029, with a CAGR of 6.9% from 2025 to 2029, highlighting significant growth opportunities for the company [36]. - The domestic market for cutting tools in China is expected to continue its upward trajectory, with a market size of approximately 53.8 billion yuan in 2023, growing at a CAGR of 7.9% from 2005 to 2023 [36][39]. - The company is well-positioned to capitalize on the high-end equipment import substitution trend, as the domestic market for high-end CNC machines remains underdeveloped compared to international standards [63][64].

Group 1 - The report highlights that from September 24, 2024, to September 19, 2025, major A-share indices have outperformed global markets, with the Shenzhen Composite Index, CSI 300, and Shanghai Composite Index rising by 61.7%, 40.13%, and 38.97% respectively [12][14][15] - The report indicates that the overall risk-return profile of the market has significantly improved, with the volatility of the Wind All A Index at a near 15-year low, enhancing the attractiveness of investments and facilitating a positive cycle of wealth effect in the stock market [12][23][25] - The report notes that the capital market's comprehensive reform has deepened, transitioning from a "financing market" to an "investment market," with regulatory measures promoting dividend behaviors among listed companies [28][29][32] Group 2 - The report states that macroeconomic policies have effectively improved the fundamentals and market expectations, with three main directions: "unburdening" local debt risks, "promoting circulation" of the national economy, and "seeking development" through the cultivation of new productive forces [3][40][42] - The report emphasizes that the focus on "anti-involution" policies has become a crucial tool for breaking the downward spiral of prices, with industrial production data indicating a trend towards price recovery [3][40][41] - The report highlights that consumer confidence is gradually recovering, with significant year-on-year growth in retail sales of various categories, driven by new policies [3][40][41] Group 3 - The report indicates that the export sector remains resilient, with a year-on-year increase of 4.4% in exports and a 3.1% increase in total imports in August, reflecting a strong performance against non-U.S. markets [4][48][51] - The report discusses the financial sector's performance, noting a trend of weakening social financing and credit, while M1 showed high growth and M2 remained stable, indicating a need for recovery in financing demand from the real economy [4][48][49] - The report mentions that the proportion of stock investments by insurance companies has steadily increased, with public funds also showing significant growth in A-share market investments, indicating a shift towards long-term investment strategies [34][35][36]

新华社北京9月29日电（记者周圆）记者29日获悉，工业和信息化部、农业农村部、商务部等六部门日 前联合印发《机械行业稳增长工作方案（2025—2026年）》，提出2025至2026年，力争营业收入年均增 速达到3.5%左右，营业收入突破10万亿元，培育一批具有竞争力的中小企业特色产业集群和具有国际 竞争力的产业集群。机械行业是为国民经济、国防军工和民生事业提供技术装备的基础性、战略性和引 领性行业，是工业经济"压舱石"。当前，机械行业面临着外部冲击影响加大、国内需求不足、非理性竞 争加剧等问题，行业稳定运行面临着挑战。方案旨在推动机械行业高质量发展，支撑工业经济稳定运 行。方案要求供需两侧同时发力，多方协同激发行业增长活力，从3方面提出14项重点任务，包括加大 制造业重大技术改造和大规模设备更新工程实施力度；开展数字化转型改造行动；支持工业母机、机器 人、智能检测装备等攻关、验证和集成创新；加强通用大模型和机械行业大模型研发；着力整治非理性 竞争，引导行业协会商会等行业组织加强行业自律，促进产业有序发展和良性竞争等。在保障措施方 面，方案明确积极出台有利于机械行业稳定运行的政策举措，定期评估政策落实情况和实施 ...

利好政策不断！ 9月29日A股收盘后，工信部等六部门印发《机械行业稳增长工作方案（2025—2026年）》。其中提 出，推进制造业高质量发展行动，在工业母机、农机装备、仪器仪表、工业机器人、轨道交通装备、医 疗装备等领域，尽快形成一批标志性成果。 面向全球科技创新趋势和未来产业发展需求，突破发展智能机器人等高端装备。组织开展"工业母机 +"百行万企产需对接活动、"机器人+"应用行动。编制工业母机、机器人、仪器仪表等应用推广目录。 二级市场上，机器人概念股今日表现活跃，截至收盘，领益智造、万向钱潮、日盈电子、景兴纸业等近 20只相关概念股涨停或涨超10%。 值得关注的是，近期，一系列产业支持政策陆续出台，涉及汽车行业稳增长工作方案、钢铁行业稳增长 工作方案、有色金属行业稳增长工作方案等。其中，9月28日下午，工信部等八部门印发的《有色金属 行业稳增长工作方案（2025—2026年）》，引发A股有色金属板块29日集体大涨。截至29日收盘，有色 金属板块整体涨幅超过3.7%，兴业银锡、钒钛股份、盛达资源等多股涨停，铜陵有色、赣锋锂业、中 国铝业、洛阳钼业等纷纷大涨。 《机械行业稳增长工作方案（2025—2026年） ...

Domestic News - The National Development and Reform Commission (NDRC) announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supplementing project capital. This initiative is part of efforts to enhance financial services for the real economy and promote effective investment [1] - In the first eight months of 2025, the total profit of state-owned enterprises reached 27,937.2 billion yuan, reflecting a year-on-year decline of 2.7%. Meanwhile, the total operating income of these enterprises increased by 0.2% [2] - The Ministry of Water Resources reported that since the beginning of the 14th Five-Year Plan, 172 major water conservancy projects have commenced, contributing to the establishment of the world's largest and most comprehensive water infrastructure system, benefiting the largest population [3] Industry Developments - The NDRC plans to support various enterprises, including private ones, to participate in the "Artificial Intelligence +" initiative. This includes policy support for the development of domestic computing power model corpus and financial subsidies for AI services [2] - The Ministry of Industry and Information Technology issued a work plan for the mechanical industry, aiming for an average annual revenue growth rate of approximately 3.5% from 2025 to 2026, with a target revenue exceeding 10 trillion yuan [2] - The Ministry of Industry and Information Technology granted satellite mobile communication business licenses to China Mobile, allowing it to engage in satellite communication services, enhancing emergency communication capabilities [3] Market Overview - The Shanghai Composite Index rose by 0.9% to 3,862.53, while the Shenzhen Component Index increased by 2.05% to 13,479.43. The ChiNext Index saw a significant rise of 2.74% to 3,238.01 [7] - The onshore RMB appreciated by 139 points to 7.1204, and the offshore RMB increased by 165 points to 7.1216 [7]