3月27日消息，韩媒The Elec今天（3月27日）发布博文，报道称韩国电池巨头三星 SDI 宣布将 增加中国生产设备采购比例。该公司副总裁Kim Ik-hyeon在股东大会上表示，中国设备商的技 术水平显著提升，且价格优于韩国本土竞争者。 尽管中企暂未加入三星供应商联盟（SSP），但其在韩国供应链中的影响力持续扩大，尤其在 叠片（cyclers）领域表现突出。 报道指出以先导智能、杭可科技为代表的中企已在韩国设立子公司，其叠片机等设备技术接近 韩国水平。例如，先导智能为三星天安工厂M生产线提供叠片组装设备，该生产线专门生产新 型小型电池。 消息人士透露，中企设备报价较韩国厂商低20%-30%，且交货周期更短。杭可科技同时为LG 新能源、SK On等三大韩企供货。 三星SDI正大幅增加资本支出，2024年设备投资达6万亿韩元（IT之家注：现汇率约合297.36亿 元人民币），其中30%用于采购生产设备。 中国设备商虽未进入SSP体系，但Kim Ik-hyeon承认其"质量已接近韩国标准"。行业预计，随 着韩国电池产能扩张，中企市场份额将进一步提升。 （ 来源：IT之家 ） 1、 前捷威动力核心团队入驻LG新 ...

2025年以来，内地推进赴港上市的A股上市公司已有21家， 其中包括万亿市值的宁德时代（300750.SZ），千亿市值的海天味业（603288.SH）、恒 瑞医药（600276.SH）、三一重工（600031.SH）等。 这一数据远超去年同期。2024年前三个月，明确推进赴港上市且处于实质性进展的A股上市公司较少，有康乐卫士、迈威生物等。 具体来说，宁德时代是全球知名的新能源创新科技公司，已递交招股书。 赴港上市主要是为了进一步推进公司全球化战略布局，其港股 IPO 募集资金用 于推进匈牙利项目等。 海天味业是千亿市值的调味品行业龙头企业， 在推进赴港上市事宜以拓展国际市场，提升品牌的国际影响力。 恒瑞医药是千亿市值的医药生物领域巨头， 拟赴港上市以加强国际业务布局，提升公司在全球医药市场的竞争力。 晶澳科技是全球光伏一体化组件龙头之一， 2025年2月21日晚间公告计划发行境外上市外资股（H 股）股票并申请在香港联交所主板挂牌上市，旨在进一 步推动公司全球化发展战略。 三一重工是千亿市值的工程机械行业龙头企业， 2025年2月18日晚间公告称正在筹划境外发行股份（H 股）并在香港联合交易所有限公司上市事项， ...

星标 ★ IPO日报 精彩文章第一时间推送 开通股票账户后，许多投资者希望寻找到十年十倍股，有投资者计算过："如果2015年初花100万元以174元/股 的价格 买入的贵 州茅台股票，到了2025年，在分红再投资的条件下，手中的股票市值能够达到1200万元—1500万元。"这就是十年十倍股的魅 力。 近日，一家上市近十年市值上涨超22倍、顶峰突破1300亿元的行业龙头——先导智能（全称"无锡先导智能装备股份有限公司"，股票 代码：300450）向港交所递交了主板上市申请。中信证券和摩根大通担任先导智能的联席保荐人。 从声名不显到 "宁王"的黄金搭档，从市值顶峰超过1300亿元到如今市值跌至340亿元，先导智能走过的是怎样的一条跌宕起伏路？如 今，促使先导智能前往港股上市，又是怎样的资金需求？AI（人工智能）软件会认为先导智能现在缺钱吗？ 制图：佘诗婕 从3人到20000人 先导智能于1999年创立，至今已有26年，业务涵盖锂电池智能装备、光伏智能装备、3C（是计算机类、通信类和消费类电子产品三者 的统称）智能装备、智能物流、汽车产线、氢能智能装备、激光精密加工装备等领域，是全球领先的新能源智能制造解决方案服务 ...

深耕核心技术 切入锂电赛道 从成立起，诚捷智能便专注于自动卷绕设备研发和制造，短时间内便覆盖了液态/固态铝电解电容器和超级电容器制造多个工序的自动化设 备，打破了日韩企业在电容器生产设备领域的垄断，并实现了向日韩等国的反向出口。 目前，诚捷智能的电容器客户包括多个国内外铝电解电容器行业头部企业，行业占有率60%，以绝对优势成为了国内最大的铝电解电容器设备 生产企业。 基于技术立企的理念，2010年前后，创始人呙德红再将目光投向锂电池产业链中段的核心卷绕设备，以应用于电容器制造的高速卷绕技术为依 托进入锂电设备行业，开发卷绕智能设备。 进入这条赛道，诚捷智能对大圆柱自己的卷绕技术和电池市场前景有充分信心。在技术核心上，诚捷智能的看家本领——制造电容器的高速卷 绕技术和锂电池圆柱卷绕技术一脉相承。 2025年，凭借在安全性、能量密度、倍率性能、成本等方面的明显优势，以46系为代表的大圆柱电池产业化进程释放积极讯号。 应用端，2月21日，大圆柱产业化再迎里程碑。宝马宣布大圆柱电池即将上车；供应链方面，国内大圆柱电池供应链企业整装待发，已经实现 批量供货，关键材料、设备工艺等朝着更高性能、更高精度/效率等方向迭代。 ...

随着新能源行业的不断增长和革新，尤其是方壳、软包电池的的广泛应用，叠片机作为锂电池制 造中的核心设备，正在向着超高速、高精度的方向快速发展。在这一趋势的推动下， 华冠科技叠 片机工艺也在不断刷新速度和精度的极限 ，伴随着动力电池大电芯、大模组的发展趋势，在市场 竞争中稳步迈进。 3 人性化设计， 便于日常维护与保养 华冠科技叠片机的 结构紧凑，人机交互合理 ，在确保高效生产的同时，也极大优化了设备的使 用体验。设备的日常维护与保养非常方便，特别是对叠片、搬运、视觉等核心工位的设计进行了 创新，减少了维护时间和成本，提高了设备的稼动率。 无论是设备清洁、故障排查，还是系统调试与升级，都能够快速完成，确保生产线能够保持长时 间稳定运行。 叠片机 华冠科技的叠片机在设计上可实现多工位并行操作， 单工位叠片速度可达到0.45s/pcs ，高速性 能能够大幅缩短生产周期，能够满足当前市场对大规模、高效率生产的需求。 1 高精度控制， 确保电池一致性与可靠性 除了高速生产外，华冠科技叠片机的另一个突出优势就是其 高精度控制 。通过 数字化智能控制 和自动化调节 ，该设备能够在生产过程中实现精细化参数设置，在生产验证中达到 ...

一方面是46系等大圆柱电池技术的快速发展，对锂电生产设备的精度、配套尺寸等提出新一轮要求；另一方面 是，设备企业为稳定份额，保持核心竞争力，在产品与技术层面启动自我革新。很明显，在市场需求和自我需 求的双向推动下，锂电设备企业正加速驶入技术创新、工艺升级的新赛道。 以辊压分切设备为例，随着电芯尺寸的变大，该设备产品也有着明显的发展趋势。一是向一体化发展，即辊压 及分切工序集中一体，通过设备生产效率、自动化程度和出产一致性的提升可减少单位产出比的成本投入；二 是向高速度、大宽幅、大辊径发展，目前辊压分切一体机正从800mm向1500mm迈进，甚至1600mm等更高的 水平。 在此背景下，锂电池极片成套生产企业 达力智能加大研发投入，进行全极耳圆柱电池辊分切工艺及设备的" 革 新 "。 锂电新一轮竞争周期中，"不创新、无订单"成为设备市场真实写照。 两大重点设备革新涂布辊分切工艺 在2025起点锂电圆柱电池技术论坛上，达力智能 副总经理 胡邹民针对辊压涂布工艺重点介绍了两大设备产 品。 其一是宽幅双层挤压涂布分切机。 目前锂离子电池宽幅极片生产过程中，都是由独立的单机自动化设备进行生 产的，现如今宽幅涂布越来越多 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Insights - In February 2025, excavator sales in China increased by 52.8% year-on-year, reaching 19,270 units, exceeding expectations [4] - The machinery equipment industry rose by 5.5% last week, outperforming the Shanghai and Shenzhen 300 index by 4.1 percentage points [3][9] - The CMI index for February was 106.68 points, indicating a stable development phase with significant improvements in various indices, including new orders and production [5] Summary by Sections Market Review - The machinery equipment industry has shown strong performance with a 15.2% cumulative increase year-to-date, outperforming the Shanghai and Shenzhen 300 index by 16.6 percentage points [12] - The best-performing sub-sectors include engineering machinery components (59.6%) and metal products (30.3%) [12] Engineering Machinery - The domestic sales of excavators in February reached 11,640 units, a 99.4% increase year-on-year, while exports totaled 7,630 units, up 12.7% [4] - The average working hours for major engineering machinery products in February were 46.4 hours, a 70.3% year-on-year increase [5] Investment Recommendations - The report suggests focusing on sub-sectors such as engineering machinery, industrial robots, semiconductor equipment, and industrial control equipment, as they are expected to benefit from economic recovery and policy support [6] Key Company Earnings Forecasts and Ratings - Companies like Huichuan Technology and Zhongwei Company are rated "Buy" with projected revenue growth and profitability improvements [20] - Sany Heavy Industry is rated "Hold" with stable growth expectations [20] Fundamental Data - The report highlights the cumulative issuance of special bonds by local governments, which is expected to support infrastructure investment and machinery demand [21]

Summary of Key Points from the Conference Call Industry Overview - The mechanical sector, particularly the robotics segment, has shown significant growth since the Spring Festival, despite recent market adjustments. The overall outlook remains optimistic due to improving fundamentals, reasonable valuations, and strong annual and quarterly reports from industry companies [2][42]. Key Companies and Their Performance Excavator Market - The domestic excavator market is expected to see a year-on-year sales increase of over 70% in February, with a combined growth of approximately 37% for January and February. This growth is driven by rural demand, high-standard farmland construction, and small infrastructure projects [3][2]. - SANY Heavy Industry is projected to achieve a domestic growth rate of 10%-20% and maintain similar export growth. The company is launching a new series of excavators in Europe and the U.S. and is enhancing its competitiveness in overseas mining through operations in Indonesia [5][2]. - XCMG Group leads in the mining equipment sector, having signed overseas orders exceeding 3 billion RMB in the second half of last year, which will contribute to revenue recognition this year [6][2]. - LiuGong has improved its domestic excavator market share from over 8% to over 14% post-restructuring, with steady profitability improvements. The company is focusing on cost reduction and efficiency enhancements [7][2]. - Hengli Hydraulic is benefiting from land rights issues and collaborations with Tesla, with expectations of becoming a key supplier for humanoid robots [13][2]. - China Power is excelling in the marine engine sector, with expectations of significant profit growth by 2025 due to acquisitions and a focus on new energy servo motors [17][2][18]. Injection Molding Machine Industry - The injection molding machine sector performed better than expected in February, with leading companies reporting over 50% year-on-year order growth in a single month and over 20% growth overall for January and February. The growth is supported by large-scale equipment upgrades and domestic demand [40][2]. Additional Insights - The agricultural machinery sector is expected to grow due to increased crop yields and land consolidation, with significant investments in high-end machinery driven by government policies [22][23]. - Zhejiang Dingli has benefited from reduced tariffs and is expected to see significant sales growth in the U.S. market, with a strong performance anticipated in 2025 [25][2]. - The shipbuilding sector remains a focus, with companies like China Power and Jiangsu Hantong expected to perform well due to ongoing demand for new vessels and the aging global shipping fleet [16][20]. Recommendations - Key companies to watch include SANY Heavy Industry, XCMG Group, LiuGong, Hengli Hydraulic, and China Power in the mechanical sector. In the lithium battery equipment sector, companies like Xian Dai Intelligent and Haopeng Technology are recommended. The export chain includes companies like Haomai Technology and Zhejiang Dingli, while the shipbuilding sector highlights China Power and Jiangsu Hantong [42][2].

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" [3] Core Insights - The AI-driven intelligent manufacturing sector is experiencing a significant turning point, with cross-industry players accelerating their entry due to comprehensive technological reserves and ecosystem collaboration capabilities [3][10] - The report highlights the robust growth potential in the mechanical equipment sector, driven by technological advancements and policy support, particularly in the fields of robotics, AI, and renewable energy [3][25] Summary by Sections 1. Mechanical Equipment Sector Adjustment - The mechanical equipment sector saw a decline of 2.43% this week, while the Shanghai and Shenzhen 300 index fell by 2.22%, ranking 22nd out of 31 sectors [3][10] - The engineering machinery segment led the gains with an increase of 3.67%, followed by building equipment and rail transit equipment [3][10] 2. AI and Intelligent Manufacturing - The mechanical industry is steadily growing with diverse application prospects, supported by new algorithms and computing power [25] - Major companies are investing heavily in AI infrastructure, with Alibaba announcing a 380 billion yuan investment over three years [3][25] 3. Semiconductor Equipment - Samsung and Yangtze Memory Technologies reached a patent agreement for hybrid bonding technology, which will be used in the next generation of NAND flash memory [31] - Intel has begun using ASML's first two High-NA EUV machines, which significantly enhance production efficiency [33] 4. Renewable Energy Equipment - The report notes a strong demand for new energy vehicles and a recovery cycle for lithium battery equipment [3][34] - A significant wind power project was announced, with a total scale of 800MW, indicating robust growth in the wind energy sector [37] 5. Robotics and Automation - The report emphasizes the emergence of humanoid robots and their applications, with companies like Xiaomi and Chery actively developing their robotics capabilities [3][30] - Innovations in robotics, such as the G1 robot's ability to learn any action, showcase advancements in motion control and learning capabilities [30]

Core Viewpoint - The industry consensus on the timeline for solid-state battery deployment has converged to 2027 for small-scale production and 2030 for large-scale commercialization, indicating a clearer technological roadmap and increased demand for lithium resources and equipment [1][2][11]. Group 1: Solid-State Battery Deployment Expectations - Leading battery manufacturers and experts have indicated that solid-state batteries are expected to begin small-scale production by 2027, with large-scale commercialization anticipated by 2030 [2]. - The convergence of expectations suggests a clearer technological path, transitioning from single sulfide to mixed sulfide and halide materials, which will drive demand for lithium battery equipment and resources [2]. Group 2: Materials Sector - The materials sector is expected to develop along two main lines: the establishment of new solid-state electrolyte routes and the shared materials benefiting from the solid-state battery industry [3][4]. - The solid-state electrolyte routes are likely to stabilize, with a focus on sulfide materials by major players like CATL and BYD, while conductive agents and silicon anodes are projected to see increased usage in solid-state batteries [4]. Group 3: Equipment Sector - The lithium battery equipment sector is showing signs of recovery, with expectations for a dual rebound in orders and performance by 2025 as major manufacturers ramp up production capacity [5][6]. - The transition to solid-state battery manufacturing is expected to drive new investment in equipment, particularly as the industry prepares for significant advancements in production technology [6]. Group 4: Resource Sector - The demand for zirconium, a key raw material for oxide electrolytes, is projected to increase significantly, with expectations of reaching 78,000 tons by 2030, which is 395 times the demand in 2023 [7]. - The industrialization of sulfide and lithium metal anodes is expected to double lithium consumption, with significant advancements in production capabilities being reported [7]. Group 5: Future Events in the Solid-State Battery Industry - Major events in 2025 include the unveiling of Hyundai's solid-state battery production line and the Shanghai Auto Show, which are anticipated to be key platforms for solid-state battery developments [8]. - The introduction of new models featuring semi-solid-state batteries by SAIC's MG brand is expected to occur in Q2 2025, potentially marking a significant milestone in the commercialization of semi-solid-state battery technology [8].