来源：市场资讯 （来源：木鱼ETF） 周五盘中大金融异动和盘后监管发力分析见《大金融"三记重拳"，券商ETF正切换至"价值牛"通道》。应该说从短期算情绪炒作空间未必多大，毕竟利好 是未来兑现，但长期来看坚定长投价值很确定。 而其最大意义在于，给市场长期慢牛走势提供了信心，指数级别难有大幅调整空间，有的是资金等着低吸。 而配置角度上，偏蓝筹的非银金融、资源、现金流、宽基系等，偏景气抱团的出海赛道都有逢低配置的逻辑。对于中期来说，出海依然是机构最请青睐的 方向，参考《出海新格局下，七类ETF打开增长的第二战场》。有这么多主题，谁有低吸机会就关注谁了，不会急着追。 只是操作上，谨慎追涨以防最后风格漂移资金归位。毕竟热点一多，就刺激电风扇了。 周五午后市场情绪暴涨，一方面有资金提前知道了盘后监管层的重磅发声，尤其是保险带动指数的作用很强。另外一方面，还有两个突发利好。 -报道称，百度AI芯片业务昆仑芯计划在香港IPO -金力永磁、中科三环、宁波韵升已获得通用出口许可证 前者带动半导体、港股科技，后者刺激稀土、有色金属。 所以我们多次强调，市场就算有时很磨人，却是资金在等着机会而已。更新更低的机会，都值得一试。 周五还 ...

中金研究 展望2026年，我们判断机械行业中科技创新板块仍具备显著投资机会；其次，出口端虽面临不确定性，但随着国际化进程推进，叠加美联储降息落地 等，我们认为外需存结构性机遇；内需层面，下游短期难见大范围产能扩张，但随着产能出清和通用企业向成长行业转型，股价有望反弹。 点击小程序查看报告原文 Abstract AI基建：高景气资本开支和高频技术迭代带来机械发展新机遇。 1）海外算力资本开支超预期，行业扩产带动PCB设备和AIDC设备需求持续高增，全球 供给紧张，钻孔设备、柴油发动机、燃气轮机等有望迎来国产替代机会。2）AI算力升级催生设备及耗材新需求，下一代芯片Rubin在PCB、散热等架构上 创新，提高了PCB耗材和冷板、快接头等结构件的加工要求，并带动微通道液冷等新技术方案，设备及耗材价值量有望进一步提升。 人形机器人：2026年 产业 进度加速，关注头部扩产。 国产企业如宇树、智元等公司有望陆续上市，国产人形机器人性能快速迭代，应用场景合作生态加 速打开。重视软硬件技术发展，关注汽车、消费电子零部件跨界切入。 专用设备：关注景气拐点和技术变革的子赛道。 供给出清+技术创新趋势，看好：1）存在技术变革或技 ...

Core Viewpoint - Sany Heavy Industry announced its plan to continue futures hedging operations in 2026 to mitigate the adverse effects of raw material price fluctuations on production and to lock in production costs [1] Group 1: Company Actions - Sany Heavy Industry's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will engage in futures hedging, utilizing a maximum trading margin and premium of 800 million yuan and a maximum contract value of 2 billion yuan on any trading day [1] - The company will use its own funds for futures hedging and will not utilize raised funds for this purpose [1] - The hedging will involve commodities such as steel, copper, aluminum, crude oil, and rubber, which are correlated with corresponding futures varieties [1] Group 2: Industry Context - The global economic environment is complex, with significant volatility in commodity prices, leading to a strong demand for risk management among real economy enterprises [1] - The futures market is increasingly recognized for its role in serving the real economy, with rising participation from state-owned and listed companies in futures trading, characterized by comprehensive industry coverage and refined trading strategies [1] - As of now, China has listed 164 futures and options varieties, enhancing the resilience and safety of supply chains [2] - The futures market has developed the scale and capability to support the real economy, playing a crucial role in enterprise trade pricing and risk management across major sectors [2]

重构生产全流程 走进挖掘机工厂，传统重工业车间的轰鸣与粉尘已然不见，取而代之的是机械臂精准协作的"工业交响 乐"，以及AGV（自动搬运车辆）小车静默穿梭的科技图景。全景监控屏上，各色数据光点实时跳动， 2000余台套设备的运行状态、10万余件零部件的流转轨迹、各型号挖掘机的生产进度一目了然，全流程 生产脉络清晰可见。 初冬的长沙寒意渐生，但湘江之畔的中联智慧产业城却暖意融融、热潮涌动。作为全球规模最大、品类 最全的工程机械综合产业基地，这座产业新城已集聚四大主机园区，而坐落于首开区土方机械园内的中 联重科股份有限公司（以下简称"中联重科"）挖掘机共享制造智能工厂（以下简称"挖掘机工厂"），无 疑是园区内最受瞩目的"智造标杆"。 11月27日，在2025世界智能制造大会上，中联重科挖掘机工厂成功入选国家首批15家领航级智能工厂培 育名单。从一块钢板到一台整机仅需6.5天；平均每6分钟就有一台挖掘机下线，生产节拍、换产时间和 制造周期均跻身全球领先行列……这座领航级智能工厂以极致效率刷新全球工程机械制造纪录，其中究 竟隐藏着怎样的"智造"密码呢？ "智造"引擎驱动 在挖掘机工厂的智能立库区，《证券日报》记者看到一 ...

Core Viewpoint - The A-share market is experiencing a rebound with major indices showing collective weekly gains, and investors are expected to adopt a more cautious approach as the year-end approaches, leading to a focus on dividend and large-cap stocks as preferred investment choices [1][8]. Group 1: Market Trends - The A-share indices, including the Shanghai Composite and ChiNext, have recovered key levels of 3900 and 3100 points respectively [1]. - The market is anticipated to remain in a state of fluctuation and consolidation in the short term, with a lack of strong catalysts [1][7]. - Seasonal effects are expected to favor large-cap and dividend stocks in December, based on historical performance data [9]. Group 2: Investment Opportunities - The adjustment of risk factors for insurance companies' investments in specific indices is expected to unlock significant capital, potentially bringing in hundreds of billions in new funds to the market [2]. - The upcoming important meeting in December is likely to provide policy direction and liquidity signals, with sectors such as new productivity, domestic consumption, and precious metals being highlighted as potential beneficiaries [6][4]. - Analysts suggest focusing on sectors with structural opportunities, including traditional manufacturing, resource sectors, and dividend-paying stocks like banks and energy companies [5][7]. Group 3: Institutional Insights - Citic Securities emphasizes that the market will likely experience a rotation of structural opportunities, with a focus on sectors that can benefit from global exposure and profit margin improvements [5]. - China Galaxy recommends monitoring sectors that may receive policy support during the upcoming meeting, as well as technology growth sectors that may see recovery after previous valuation adjustments [6]. - Morgan Asset Management highlights the potential for growth in robotics and semiconductor sectors, indicating a shift towards fundamentals-driven market dynamics in 2026 [10].

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The mechanical equipment industry shows a relatively good growth in the engineering machinery sector, with revenue growth, net profit growth, and net profit margin growth all exceeding the overall industry average. The contract liabilities for 2024 and Q1-Q3 2025 are also on the rise, indicating potential investment opportunities [5][6][7] - For the year 2024, the overall revenue growth of the mechanical equipment industry is projected to be +5.1%, with a slight increase compared to the first three quarters of 2024. The revenue growth for Q1-Q3 2025 is expected to be +6.3%, showing a slowdown compared to Q1 and H1 of 2025 but an improvement over 2024 [6][18] - The net profit for the mechanical equipment industry in 2024 is expected to decline by -7.4%, with a projected net profit growth of +14.9% for Q1-Q3 2025, indicating a slowdown compared to earlier periods but an improvement over 2024 [6][18] Summary by Sections Section 1: Industry Overview - The engineering machinery sector is leading in growth, with revenue growth rates for 2024 and Q1-Q3 2025 showing significant increases. The revenue growth for 2024 is +3.4%, and for Q1-Q3 2025, it is +10.9% [6][18] - The overall net profit margin for the mechanical equipment industry in 2024 is expected to be 5.8%, with a projected increase to 7.7% for Q1-Q3 2025 [7][18] Section 2: Individual Company Insights - Key companies to focus on include Nuway Co., Ltd., Hengli Hydraulic, Zhejiang Haideman, Haitian Precision, and Huarui Precision, which are expected to show high sustainable growth [8] - The report highlights the performance of various segments, including machine tools, industrial control equipment, robotics, engineering machinery, and metal products, indicating a diverse range of investment opportunities [8][22] Section 3: Financial Metrics - The contract liabilities for the mechanical equipment industry are projected to increase by +3.5% in 2024 and +8.5% in Q1-Q3 2025, with contract liabilities accounting for 12.52% of revenue in 2024 and increasing to 16.68% in Q1-Q3 2025 [7][18] - The revenue growth rates for different segments in 2024 and Q1-Q3 2025 show varied performance, with automation equipment and specialized equipment also demonstrating growth, albeit at different rates [22][23]

广告等商务合作，请点击这里 今年以来，沪市深入推进"提质增效重回报"专项行动，上市公司及重要股东积极响应监管倡议，以"增 持+回购"双轮驱动践行主体责任，用真金白银提升投资者回报、稳定市场预期，支撑资本市场平稳运 行。 新增披露回购计划方面，2025年1月到11月，沪市公司新增披露回购计划252家次，计划回购金额上限 671.67亿元。其中，沪主板新增披露回购计划163家次，计划回购金额上限582亿元。贵州茅台(计划回 购15亿元-30亿元)、三一重工(计划回购10亿元-20亿元)、海尔智家(计划回购10亿元-20亿元)等头部上市 公司计划回购金额较大。(完) 来源：中国新闻网 编辑：万可义 沪市公司今年前11月新增披露计划增持金额同比增长25.43% 中新社上海12月7日电 (高志苗)记者7日从上海证券交易所获悉，2025年1月到11月，沪市上市公司新增 披露增持计划(含一次性增持)210家次，计划增持金额上限649.84亿元(人民币，下同)，较去年同期数 518.10亿元增长25.43%。 其中，沪主板新增披露增持计划177家次，计划增持金额上限628亿元，较去年同期493亿元增长27%。 长江电力(计划 ...

中新网北京12月7日电(记者 袁秀月)"你们的工程机械是做出来了，达到了世界领先水平。从全世界来看，我们现在的制造业门类品 种是最齐全的。同时，我们还要再提升，向中高端走，我们高质量发展要体现在这里。" 2023年全国两会期间，当听到徐工集团的单增海代表介绍，企业产品零部件国产化率从62%提升到91%时，习近平总书记这样感慨 道。 制造业是立国之本、强国之基。 自2010年我国成为全球制造业第一大国以来，制造业增加值不断迈上新台阶。但同时也要看到，我国制造业仍以传统制造业为主 体，大而不强、大而不优的问题依然有待破解。 在新一轮科技革命和产业变革背景下，传统制造业如何培育竞争新优势？ 他们创新提出"腰绳结构"设计，通过增多受力点提升臂架刚度，让高高吊起成为可能。在内部，研发团队创新多项控制系统，通过 算法预判起重机的转动轨迹，减少高空侧风对臂架晃动的影响。在此基础上，驾驶员操作手柄以200毫安的微小电流精准驱动液压系 统，让起重机在百米高空也能灵活作业。 从1200吨、1600吨、2000吨到4000吨，变化的不只是数字，更是大国重器的一次次跨越。 徐工集团，这家始于八路军鲁南第八兵工厂的重工企业，近年来在" ...

Core Viewpoint - The Shanghai Stock Exchange has actively promoted the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative this year, with listed companies and major shareholders responding positively to regulatory calls through "increases in holdings and buybacks" to enhance investor returns and stabilize market expectations [1] Summary by Category Increase in Holdings - From January to November, 210 companies on the Shanghai Stock Exchange disclosed new increase plans, with a total planned increase amount of 649.84 billion, representing a 25.43% increase compared to 518.10 billion in the same period last year [1] - Among these, 177 companies on the main board disclosed new increase plans, with a total planned increase amount of 628 billion, a 27% increase from 493 billion in the previous year [1] - Notable companies with significant planned increases include China Yangtze Power (40 billion to 80 billion), China Petroleum (28 billion to 56 billion), and China National Offshore Oil Corporation (20 billion to 40 billion) [1] Share Buybacks - From January to November, 252 companies on the Shanghai Stock Exchange disclosed new buyback plans, with a total planned buyback amount of 671.67 billion [1] - On the main board, 163 companies disclosed new buyback plans, with a total planned buyback amount of 582 billion [1] - Major companies with substantial planned buybacks include Kweichow Moutai (15 billion to 30 billion), Sany Heavy Industry (10 billion to 20 billion), and Haier Smart Home (10 billion to 20 billion) [1]

接着，他又问：那奢侈品呢？比如LV、爱马仕？一些受访者笑了：买是买，但现在年轻人更喜欢'国潮'品牌了，高端品牌的定义已经开始发生转移，盲目崇 拜西方的时代已经过去了。他依旧不死心，继续问：那教育呢？剑桥、牛津、巴黎高师？对方淡淡地回应：论科研硬件和学术严谨性，现如今的清华北大， 甚至华东五校，在很多前沿领域已经不逊色于你们了。镀金？没必要。最终，哈丁听到了一位中国经济学家的一句实话，这句话几乎让他崩溃。那位经济学 家似乎看出哈丁的真诚，便没有隐瞒：其实，现在中国企业最想做的，不是从你们手里买东西，而是去欧洲买地建厂，把我们过剩的产能输出给你们。听到 这话，哈丁心中一沉。这简直就是降维打击！过去是西方将淘汰的产能转移给发展中国家，现在，中国要把自己的高端产能反向输出给欧洲。这不仅意味着 欧洲卖不出去东西，更意味着欧洲本土企业将面临中国企业的激烈竞争，甚至可能被卷死。 在哈丁回到欧洲后，他写了一篇报道，其中指出：除了原材料，中国几乎没有什么特别想从欧洲进口的东西了。这句话成了2025年秋天，悬在欧洲头顶的最 大威胁。 那中国为什么能如此自信，底气到底在哪？这就涉及到一个关键的词——全产业链通吃。近年来，我们经常听 ...