来源：新浪证券-红岸工作室 9月29日，纽威数控涨1.81%，成交额5804.31万元。两融数据显示，当日纽威数控获融资买入额583.75 万元，融资偿还973.01万元，融资净买入-389.26万元。截至9月29日，纽威数控融资融券余额合计1.41 亿元。 融资方面，纽威数控当日融资买入583.75万元。当前融资余额1.41亿元，占流通市值的2.04%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，纽威数控9月29日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 资料显示，纽威数控装备(苏州)股份有限公司位于江苏省苏州高新区通安浔阳江路69号，成立日期1997 年4月29日，上市日期2021年9月17日，公司主营业务涉及中高档数控机床的研发、生产及销售。主营业 务收入构成为：大型加工中心41.31%，立式数控机床33.38%，卧式数控机床22.68%，其他机床及附件 2.14%，其他(补充)0.49%。 截至6月30日，纽威数控股东户数1.22万，较上期增加3.73%；人均流通股3738 ...

津上机床中国(01651)发布公告，该公司于2025年9月29日斥资130.6万港元回购4万股股份，每股回购价 格为32.32-33港元。 ...

智通财经APP讯，津上机床中国(01651)发布公告，该公司于2025年9月29日斥资130.6万港元回购4万股 股份，每股回购价格为32.32-33港元。 ...

Core Viewpoint - Tsugami Machine Tool China (01651) has seen a significant increase in stock price, rising over 8% and reaching 32.78 HKD, with a trading volume of 77.4634 million HKD, following the announcement of share buybacks and positive market outlook from CICC [1] Group 1: Company Performance - On September 26, Tsugami Machine Tool China announced a share buyback of 150,000 shares at a cost of 4.65614 million HKD [1] - Year-to-date, the company has conducted 48 buybacks, totaling 6.898 million shares and an aggregate amount of 151 million HKD [1] Group 2: Market Position and Outlook - CICC has initiated a "outperform industry" rating for the company, highlighting its strong competitive edge in the mid-to-high-end CNC lathe market [1] - The market has not fully recognized the growth potential in liquid cooling and robotics, which CICC views as significant opportunities for the company [1] - The company is actively expanding into AI liquid cooling connector processing, humanoid robot screw and reducer processing, indicating a strategic focus on emerging technologies [1] - Potential catalysts for growth include advancements in liquid cooling infrastructure and humanoid robot grinding machines [1]

请务必阅读正文后的声明及说明 [Table_Title] 证券研究报告 / 公司深度报告 金属切削机床领先企业，未来成长空间广阔 报告摘要： [Table_Summary] 数控机床全产业链集团，金属切削类机床细分行业领先企业。乔锋智能 成立于 2009 年，是一家专业从事中高端数控机床研发、生产、销售和服 务为一体的国家级专精特新"小巨人"企业，是数控机床全产业链集团。 公司聚焦中高档数控机床领域，主营产品包括立式加工中心、龙门加工 中心、卧式加工中心等，应用于通用设备、消费电子、汽摩配件、模具、 航空航天、通讯等行业。2024 年公司实现营收 17.6 亿元，同比增长 21.02%，机床收入在我国金属切削机床企业中排名前列；归母净利润 2.05 亿元，同比增长 21.33%；2025H1 公司实现营收 12.14 亿元，同比增长 50.36%；归母净利润 1.79 亿元，同比增长 57.32%。 高端机床市场空间广阔，有望充分受益国产替代进程。我国机床市场具 有数千亿规模，但头部国产企业营收仍低于百亿元，缺乏行业巨头和标 杆。机床核心技术受制于发达国家不仅限制行业发展，还会限制制造业 升级，数控机床行业国 ...

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on September 26, 2025, at 14:30 [2][4] - The meeting was conducted both in-person and via online voting, with specific time slots for each voting method [3][6] Attendance - A total of 79 shareholders attended the meeting, representing 63,023,435 shares, which is 40.4502% of the total shares [6] - Among them, 3 shareholders voted in person, representing 62,588,335 shares (40.1709%), while 76 shareholders voted online, representing 435,100 shares (0.2793%) [6] Proposals and Voting Results - The following proposals were approved during the meeting: 1. **2025 Restricted Stock Incentive Plan (Draft)**: Approved with 62,982,035 shares in favor (99.9343%) [7][10] 2. **Implementation Assessment Management Measures for the 2025 Restricted Stock Incentive Plan**: Approved with the same voting results as above [10][11] 3. **Authorization for the Board to Handle Matters Related to the 2025 Restricted Stock Incentive Plan**: Approved with the same voting results as above [12][13] 4. **Repurchase and Cancel Part of the Granted but Unreleased Restricted Stocks**: Approved with 63,016,935 shares in favor (99.9897%) [14][15] Legal Opinion - The legal opinion provided by Hunan Qiyuan Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations, and the voting results were valid [16] Capital Reduction Announcement - Following the approval of the repurchase and cancellation of 87,000 restricted stocks, the company's registered capital will decrease from 155,805,000 yuan to 155,718,000 yuan [19][20] - Creditors have a 30-day period from notification to claim debts or provide guarantees [20][21]

Core Points - The sixth China Liaoning International Investment and Trade Fair (Liaoning Fair) opened in Shenyang, attracting over 1,000 executives from global companies, including Fortune 500 firms, and resulting in the signing of 21 key projects [5][6] - The fair has evolved into a significant platform for promoting cooperation and investment in Liaoning, showcasing the region's commitment to high-level openness and development [5][6] - Liaoning's investment environment has improved, with a reported 12.7% year-on-year increase in investment funds amounting to 764.3 billion yuan from January to August 2023 [7][9] Investment Opportunities - The fair featured various themed activities, including international economic and trade matching events, highlighting the growing international participation, with a 26% increase in international exhibitors compared to previous years [7][8] - Liaoning is focusing on becoming a hub for Northeast Asia's open cooperation, aiming to attract foreign investment and enhance trade relationships with key partners such as Japan and South Korea [8][9] - The region has seen significant foreign investment growth, with actual foreign capital utilization reaching 2.95 billion USD, a 118% increase year-on-year [9] Economic Development - The fair showcased Liaoning's diverse economic landscape, including projects in green petrochemicals and shipbuilding, indicating a strategic focus on high-value industries [4][6] - The local government has implemented various measures to support market expansion and order acquisition for enterprises, enhancing the overall business environment [9][10] - The retail market in Liaoning has shown resilience, with a 4.6% year-on-year increase in total retail sales of consumer goods, amounting to 687.48 billion yuan from January to August 2023 [11] Consumer Engagement - The Liaoning Fair integrated product exhibitions with cultural experiences, promoting local specialties and driving consumer engagement [10][11] - A series of promotional activities have been organized throughout the province, contributing to a 30% increase in consumer events compared to the previous year [11]

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on September 26, 2025, at 14:30 [2][4] - The meeting was conducted both in-person and via online voting, with specific time slots for each voting method [3][6] Attendance and Voting - A total of 79 shareholders attended the meeting, representing 63,023,435 shares, which is 40.4502% of the total shares [6] - Among them, 3 shareholders voted in person, representing 62,588,335 shares (40.1709%), while 76 shareholders voted online, representing 435,100 shares (0.2793%) [6] - Small shareholders accounted for 76 attendees, representing 435,100 shares (0.2793%) [7] Resolutions Passed - The following proposals were approved by the shareholders: 1. The proposal regarding the 2025 Restricted Stock Incentive Plan (Draft) was approved with 62,982,035 votes in favor (99.9343%) [9] 2. The proposal regarding the implementation assessment management measures for the 2025 Restricted Stock Incentive Plan was also approved with the same voting results [11] 3. Authorization for the board to handle matters related to the 2025 Restricted Stock Incentive Plan was approved with the same voting results [13] 4. The proposal to repurchase and cancel part of the restricted stocks was approved with 63,016,935 votes in favor (99.9897%) [15] Legal Opinions - The legal opinion from Hunan Qiyuan Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations [17] Capital Reduction Announcement - Following the approval of the stock repurchase, the company's registered capital will decrease from 155,805,000 yuan to 155,718,000 yuan, and the total number of shares will decrease from 155,805,000 to 155,718,000 [20][21]

Core Viewpoint - The report highlights the growth trajectory of China's metal cutting machine tool industry, projecting significant increases in production and market demand from 2025 to 2031 [1]. Industry Summary - According to the National Bureau of Statistics, the production of metal cutting machine tools in China reached 71,000 units in July 2025, marking a year-on-year increase of 20.3% [1]. - From January to July 2025, the cumulative production of metal cutting machine tools in China totaled 483,000 units, reflecting a cumulative growth of 13.9% [1]. - The report is part of a comprehensive industry analysis provided by Zhiyan Consulting, which specializes in in-depth industry research and market insights [1].

Summary of Key Points Core Viewpoint - The company Tsunami Machine Tool China has been actively repurchasing its shares, indicating a strategy to enhance shareholder value amidst market fluctuations [2][3]. Share Buyback Details - On September 26, 2025, the company repurchased 150,000 shares at prices ranging from HKD 30.540 to HKD 31.660, totaling HKD 4.6561 million [2]. - The stock closed at HKD 30.380 on the same day, reflecting a decline of 5.71% with a total trading volume of HKD 63.2275 million [2]. - Year-to-date, the company has conducted 48 buybacks, acquiring a total of 6.898 million shares for a cumulative amount of HKD 151 million [2]. Historical Buyback Data - The buyback history includes various dates with specific details on the number of shares repurchased, highest and lowest prices, and total amounts spent [3]. - Notable buyback transactions include: - September 23, 2025: 70,000 shares at a maximum price of HKD 33.000, totaling HKD 2.3054 million [3]. - April 16, 2025: 635,000 shares at a maximum price of HKD 18.600, totaling HKD 11.6937 million [3]. - March 11, 2025: 800,000 shares at a maximum price of HKD 20.600, totaling HKD 16.3246 million [3].