3、请问苏州电瓷的海外销售情况如何，主要销往哪些国 家？ 答:尊敬的投资者，您好！感谢您对公司的关心。公司控 股子公司苏州电瓷在企业经营中，以自身技术质量领先和产品 具备的长期运行的历史优势赢得了用户的信任，不仅在国内成 为两大应用领域的首选品牌之一，同时产品在国外的影响力也 正逐步扩大，产品远销欧美澳等 40 多个国家和地区，并为众 多国际知名跨国公司配套，"闪电"产品在国内外享有良好的 声誉，近几年随着中国"一带一路"战略的实施，特高压及高 铁技术走出国门，更是为苏州电瓷出口销售开辟了新的渠道。 谢谢！ | 投资者关系活动 | √特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | √现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 机构投资者：国投证券、甬兴证券、上海掌赢投资管理、上海 | | 人员姓名 | 细水投资管理、苏州君榕资产管理、苏州霁峰私募投资基金有 | | | 限公司、上海弘尚资产管理中心(有限合伙)。 | | 时间 | 2025 年 6 月 18 日 星期三 ...

Group 1: Business Overview - The company operates in the bearing and abrasive tools industries, focusing on five main business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [2] - Key supporting institutions include the Luoyang Bearing Research Institute and the Zhengzhou Abrasive Tools Research Institute, both established in 1958, which are leading research entities in their fields [2] Group 2: Bearing Business - The bearing business is divided into special bearings, wind power bearings, and precision machine tool bearings [2] - Special bearings are used in aerospace, military, and nuclear industries, with the company achieving significant milestones in China's space missions [3] - Wind power bearings have seen rapid growth, with the company developing the first domestically produced 8 MW, 18 MW, and the world's first 26 MW series main shaft bearings [3] Group 3: Abrasive Tools Business - The abrasive tools segment includes superhard material tools, composite superhard materials, and diamond functionalized application products [3] - Superhard material tools have a strong market position, primarily serving semiconductor and automotive industries, breaking foreign monopolies [3] - The diamond functionalized products are expected to play a crucial role in major national projects and emerging industries, with significant potential in semiconductor applications [3] Group 4: Financial Projections - The projected revenue for 2025 is approximately CNY 3.272 billion, with expected growth driven by bearings, superhard materials, and abrasive tools [4] - The wind power bearing segment is anticipated to show significant growth due to increased industry demand and the company's competitive product offerings [4] Group 5: Strategic Developments - The company is relocating its micro and small-sized bearing production lines to the Yibin Science and Technology Industrial Park, which will enhance production capacity for special and precision bearings [4] - The company has launched its own diamond brand "DEINO" and is expanding its retail presence, with plans for new stores in major cities [4]

机器人关节轴承深度报告汇报 20250616 摘要 人形机器人板块近期受北美头部客户审厂及华为链信息影响，但催化力 度低于预期，市场情绪疲弱，整体估值仍处高位。海外具身智能企业 Scale AI 获软银等投资，Meta 开源视频训练模型，预示技术加速发展。 下半年人形机器人产业有望在北美头部企业技术商业化落地方面取得突 破，关注 8 月和 9 月关键节点。特斯拉和 Meta 利用视频数据训练模型， 提升机器人跨场景适应性和零样本学习能力，推动具身智能发展。 建议关注优质头部客户供应链上的核心标的，如德昌机电控股、瑞升科 技、哈默纳科等，这些公司市值中隐含机器人预期较低，估值相对便宜。 恒立液压与拓普集团目前市值仅反映了 5 万台人形机器人的预期，也处 于较低位置。 人形机器人对轴承需求显著增加，特斯拉 Optimus 预计单台使用 14 个 交叉滚子轴承和 28 个角接触轴承。若 Optimus 出货量达 100 万台，新 增需求有望超过 30 亿元人民币，为国产替代带来空间。 人形机器人旋转执行器采用电机加精密减速器，线性执行器采用电机加 线性滚珠丝杠，均需配备不同类型轴承。灵巧手对球/滑动型需求提升， 连 ...

在河南双鹤华利药业有限公司，调研组看到，注射剂一体化生产线上，制坯、吹瓶、灌装及封口等多步 工序仅十几秒便可完成。调研组获悉，企业强化数智技术赋能，科研成果产业化效果明显，通过智能制 造项目的建设，工厂单条生产线灌装速度提升至800瓶/分钟，生产效率极大提升。 加快传统产业转型升级，发展新质生产力，科技创新是重要抓手。党的二十届三中全会《决定》提 出："强化企业科技创新主体地位，建立培育壮大科技领军企业机制，加强企业主导的产学研深度融 合，建立企业研发准备金制度，支持企业主动牵头或参与国家科技攻关任务。" 受中共中央委托，民进中央主席蔡达峰、常务副主席朱永新率调研组赴河南、山东两地，围绕"强化科 技创新支撑，加快传统产业转型发展"这一主题开展重点考察调研，并召开座谈会，就科技创新如何推 进传统产业转型发展听取意见建议。 深入一线调研，掌握发展实情 如何推动科技创新支撑，加快传统产业转型发展？调研组先后来到山东青岛、泰安、济南，以及河南平 顶山、洛阳、郑州等地。从企业展厅到生产一线，从科研院所到座谈会场，调研过程中，每到一处，调 研组成员都与相关企业和单位负责人、科研人员深入沟通交流，详细掌握相关科技创新成效经 ...

"赚盈利增长、估值修复和分红的钱" 从中长期业绩来看，万家慧选近3年净值涨幅超100%，持仓部分个股以惊人涨幅为组合业绩作出突出贡 献。以苏轴股份为例，2022年北交所股票低潮期，万家慧选开始建仓并不断增持：苏轴股份2022年半年 度报告显示，万家慧选进入前十大股东名单；苏轴股份2022年年报显示，万家慧选继续加仓，持仓占总 股本的3.4%，成为公司第三大股东。按该股今年一季度最高价计算，推算已达基金建仓均价的10倍左 右。值得注意的是，从今年的一季报看，万家慧选已大幅减持苏轴股份。 回顾买入过程，叶勇表示，早在10年前就在新三板中关注到苏轴股份，但到2021年底该股在北交所上市 才有机会布局。"当时市场对传统制造业兴趣寥寥，苏轴股份作为滚针轴承龙头，PE只有8倍多，关注 度很低。我基于长期跟踪，认为该股价值被严重低估。" 在叶勇看来：首先，苏轴股份是细分领域的隐形冠军，虽不如主题科技那么吸人眼球，但在轴承当中是 一个重要领域，产品广泛应用于汽车、家电、机械、航天国防等领域，这种"低调的冠军"是他所喜爱 的。"公司在核心技术、产品力、下游客户方面具备很强竞争优势，经营状况稳健，各项指标良好，分 红率稳定。从成 ...

记者6月13日从省工业和信息化厅获悉，第三批中小企业数字化转型试点城市名单日前完成公示，全国 共计35个市（区）入围，我省洛阳市、许昌市位列其中。加上此前入选的郑州（第一批）、新乡和鹤壁 （第二批），我省共有5市跻身试点城市，总数居全国前列。 新进入试点的洛阳市将围绕轴承及通用零部件、铜铝及先进合金材料、电气及光电设备、化工材料及产 品4个优势产业，在"点"上"一企一策"抓改造，在"线"上"一链条一平台"抓转型，在"面"上"一集群一特 色"抓提升，推动全市超过92%的规上中小企业数字化改造达到二级及以上水平，规下企业"愿改尽 改"。 中央财政对试点城市给予定额奖励，其中，省会城市、计划单列市、兵团奖补资金总额不超过1.5亿 元，其他地级市、直辖市所辖区县奖补资金总额不超过1亿元。 "我们将鼓励试点城市探索支持中小企业数字化转型的有效模式，形成可复制、可推广的经验，实现'试 成一批、带动一片'，放大规模效应、提升政策效能，发挥数字化创新引领作用，推动企业核心竞争力 显著提升。"省工业和信息化厅相关负责人表示。（记者 陈辉） 责任编辑： 杨露露 该试点工作由财政部、工业和信息化部联合开展，聚焦中小企业数字化转型中 ...

Core Viewpoint - *ST Baoshi is undergoing a significant asset restructuring, shifting from a share issuance model to a cash payment model for the acquisition of new energy assets due to uncertainties in subsidy recovery and project implementation progress [2][3][4]. Group 1: Restructuring Details - On June 6, *ST Baoshi announced adjustments to its asset restructuring plan, opting for cash payments instead of issuing shares for the asset swap [3][4]. - The transaction involves the exchange of *ST Baoshi's bearing business assets for 100% equity of Ningxia Electric Power Investment Group's subsidiary, Ningxia Electric Power Investment New Energy Co., Ltd. [3][4]. - The transaction values the acquired new energy assets at 8.09 billion yuan and the divested assets at 4.68 billion yuan, resulting in a cash payment difference of 3.41 billion yuan [4]. Group 2: Business Transformation - Following the restructuring, *ST Baoshi will shift its main business focus from bearing production to investments and operations in wind power, solar energy, and energy storage [4][5]. - The new energy assets include approximately 680 MW of wind and solar power capacity and 300 MW/600 MWh of energy storage capacity [5]. Group 3: Financial Performance and Challenges - *ST Baoshi has faced declining revenues and profitability, with a reported revenue of 237 million yuan in 2024, down 20.46% year-on-year, and a net loss of 167 million yuan [9]. - The company has been in a continuous loss state since 2008, with its bearing business showing a negative gross margin of -4.73% in 2024 [9]. - The new energy sector is experiencing increased competition, leading to a downward trend in gross margins for the new energy assets, which were 51.63%, 39.03%, and 41.61% for 2023, 2024, and Q1 2025 respectively [6]. Group 4: Future Outlook - *ST Baoshi expresses optimism that the restructuring will enhance its profitability and financial stability, with projected net profits for the new energy assets set at no less than 75.85 million yuan for 2025 [5][10]. - The success of this restructuring in reversing the company's fortunes and avoiding delisting remains to be seen [11].

壹｜本周深度报告汇总 【宏观】 全球变局：锚定"确定性" 在各国信任基础逐渐减弱的情况下，全球产业链、货币体系及资产分析框架都迎来重构，黄金因去美元化 及持续的央行购金需求或呈长期牛市，美元美债定价需关注美元信用因素；国内经济需求端仍待提振，政 策将延续渐进积极基调。 风险提示： 中美贸易摩擦超预期 。 【宏观】 通胀低位：利率下行仍有空间 —— 2025年5月物价数据点评 尽管贸易摩擦有所缓和，但我们观察到私人部门风险偏好冲高后回落，资产负债表修复的进展仍然有限， 导致通胀低位徘徊。因此，通胀回升的关键在内不在外，下半年政策发力有望更加积极。 01、 【宏观】 全球变局：锚定"确定性" 02、 【宏观】 通胀低位：利率下行仍有空间 —— 2025 年 5 月物价数据点评 03、 【宏观】 出口：回归正常化 —— 2025年5月贸易数据点评 04、 【宏观】 美元信用：脆弱边界的紧平衡 05、 【策略】 中国资产交投活跃，融资资金开始回流 ——投资者微观行为洞察手册· 6月第1期 06、 【策略】 行云流水：欧洲央行连续八次降息 07、 【海外策略】 港股是本轮牛市主战场 08、 【固收】稳定币如何影响美债： ...

Core Viewpoint - The company announced a cash dividend distribution of 0.04 yuan per share, totaling approximately 15.98 million yuan, which was approved at the annual shareholders' meeting on May 22, 2025 [1][3]. Dividend Distribution Details - The cash dividend of 0.04 yuan per share will be distributed to all shareholders registered by the close of trading on June 19, 2025 [3]. - The total cash dividend distribution amounts to 15,982,142.84 yuan, based on a total share capital of 399,553,571 shares [3][7]. - The dividend will be paid out on June 20, 2025, coinciding with the ex-dividend date [3]. Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.04 yuan per share [5]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution; however, tax will be calculated based on the holding period when the shares are sold [5]. - QFII shareholders will have a 10% withholding tax applied to their dividends, resulting in a net cash dividend of 0.04 yuan per share after tax [6].

Core Insights - The digital transformation of the manufacturing industry is crucial for advancing new industrialization and building a modern industrial system, with a goal to significantly enhance China's position in the global industrial chain by 2025 [1] Group 1: Digital Transformation in Manufacturing - The "Manufacturing Digital Transformation Action Plan" aims to promote digitalization across major manufacturing sectors by 2025, creating world-class digital manufacturing clusters [1] - Shanghai Electric is a leading enterprise in high-end equipment manufacturing, actively exploring digital transformation and the integration of "digital intelligence and digital systems" [1] Group 2: High-End Digital Solutions - Shanghai Electric integrates digital technologies into traditional energy equipment development and operation, establishing an efficient and intelligent equipment management system [2] - The company has implemented industrial internet and artificial intelligence in wind power equipment, allowing for predictive maintenance and significantly improving equipment reliability and operational efficiency [2][3] Group 3: Intelligent Production Systems - Shanghai Electric's new manufacturing base has undergone intelligent upgrades focusing on smart manufacturing, smart logistics, and digital management [4] - The integration of AI, IoT, and blockchain technologies aims to reconstruct the entire manufacturing process, enhancing real-time mapping between the physical and digital worlds [4][5] Group 4: Comprehensive Monitoring and Management - The new facility has established a comprehensive monitoring and equipment operation system that integrates various functionalities, improving management efficiency through data visualization and analysis [5] Group 5: Integrated Soft and Hard Product Systems - Shanghai Electric is developing a soft and hard integrated product system that includes intelligent basic components, manufacturing equipment, system integration, industrial software, and industrial internet platforms [6][7] - The company is enhancing its digital infrastructure and applying cutting-edge technologies to create smart workshops and factories, aiming to set industry benchmarks [7]