Financing Information - CMW Robotics has recently completed a Pre-A round financing of several tens of millions of RMB, led by the Zaozhuang High-tech Zone Government Fund [1] - The funds will primarily be used for team building and the development and mass production preparation of the first-generation product [1] Company Overview - CMW Robotics was established in 2024 and is headquartered in Shandong [1] - The core product is the ET11, a small multifunctional electric smart tractor platform with a design power of 30kW, featuring agricultural-grade autonomous driving capabilities based on vision and radar [1] - The company integrates advanced automotive and robotics technologies to create a native electrification platform and intelligent operating system tailored for agricultural scenarios [1] Product Features - The first-generation product focuses on electrification and practical intelligence, achieving zero emissions, low noise, and low operating costs while providing remote operation, OTA, and remote diagnostics [2] - The application scenarios include high-value agricultural settings such as orchards, greenhouses, and pastures, targeting overseas high-end markets while also conducting demonstration operations domestically [2] Market Potential - The global agricultural machinery market is projected to reach $180 billion by 2025, with the Chinese market accounting for approximately $55 billion [3] - Tractors, as the "mother machine" of agriculture, represent over 50% of this market, with electric tractors expected to grow at an annual rate exceeding 25% [3] - CMW Robotics is entering a potential market where small tractors under 40 horsepower account for over 60% of the market share [3] Company Status - Currently, CMW Robotics is in the product development and testing phase and has not yet achieved commercial sales [4] - The company has initiated small-batch trial production and plans to conduct customer scenario testing by the end of Q1 2026 while advancing preliminary market expansion and ecosystem cooperation [4] Team Background - The founder and CEO, Ma Huan, has 20 years of experience in the automotive industry, previously working at Volvo and co-founding and leading Anghua Automation [5] - The core team includes experts from renowned automotive companies and integrates agricultural professionals to ensure a comprehensive capability from product definition to commercial implementation [5] Strategic Insights - The choice of agricultural robotics stems from the recognition of significant value creation opportunities in traditional industries through AI and robotics [6] - The agricultural sector faces urgent challenges in labor, production models, and resource management, making it a strategic focus for innovation [6] - CMW Robotics aims to leverage its cross-domain technology and supply chain integration capabilities to capitalize on the electric and intelligent transformation of agricultural machinery [7] Market Strategy - The company plans to initially focus on overseas markets with strong purchasing power while growing alongside a new generation of agricultural operators domestically [9] - The strategy emphasizes immediate benefits from electrification, such as reduced energy consumption and maintenance costs, to build trust with early users [9] Investor Perspective - The Zaozhuang High-tech Investment General Manager, Xiang Bin, highlights the opportunity for China's agricultural machinery industry to catch up globally through electrification and intelligent transformation [10] - CMW Robotics is positioned to seize this historic opportunity, with its founding members coming from high-level positions in leading automotive companies [10]

长沙晚报掌上长沙12月27日讯（全媒体记者 刘捷萍 通讯员 贺智 李琼）12月27日，长沙海关发布消息， 2025年前11个月，湖南省农业机械出口总值为6.7亿元，同比增长76.3%，出口规模与增速成为全省外贸 增长的亮点。 长沙海关分析认为，湖南农机出口的增长是政策红利、市场机遇与产业升级共同驱动的结果，展现出强 劲的发展韧性和国家竞争力。海关建议，持续推进农机智能化和核心技术攻关，提升湘产农机的技术含 量和市场竞争力；推动农机产业从传统设备输出向高端装备制造转型升级；鼓励企业充分利用跨境电商 平台拓展海外市场，引导企业布局海外仓。 前11个月，德国是最具潜力的海外市场，湖南对德出口农机达1.2亿元，增长106.3倍，呈爆发式增长趋 势，占同期湖南省农机出口总值的18.2%；对印度出口稳步推进，出口值9384.6万元，增长17.7%，占比 13.9%，体现出印度市场对湖南农机产品的持续需求。 从地市州看，长沙与娄底仍是农业机械出口的绝对主力。前11个月，长沙市出口3.7亿元，增长 125.9%，占同期湖南省出口总值的54.5%；娄底市出口2亿元，增长37.8%，占比 29.2%；二者合计占比 83.6%。 ...

Core Viewpoint - Deere's recent earnings report showed a mixed performance, with earnings per share missing estimates and a decline in net income, while net sales increased year over year, indicating potential challenges ahead for the company [2][11]. Financial Performance - Fourth-quarter fiscal 2025 earnings were $3.93 per share, missing the Zacks Consensus Estimate of $3.96, and decreased 14% from the prior year [2]. - Net sales of equipment operations reached $10.6 billion, up 14% year over year, surpassing the Zacks Consensus Estimate of $9.99 billion [3]. - Total net sales, including financial services, were $12.4 billion, an 11% increase year over year [3]. - The cost of sales rose 21% year over year to $7.94 billion, leading to a total gross profit decrease of 2.7% to $4.45 billion [4]. Segment Performance - Production & Precision Agriculture segment sales increased 10% year over year to $4.74 billion, but operating profit decreased 8% to $604 million due to higher production costs [5]. - Small Agriculture & Turf sales rose 7% to $2.46 billion, but operating profit plummeted 89% to $25 million, impacted by higher warranty expenses and tariffs [6]. - Construction & Forestry sales were $3.38 billion, up 27% year over year, with operating profit increasing 6% to $237 million [7]. - Financial Services division revenues were $1.55 billion, up 2% year over year, with net income rising to $293 million from $173 million in the prior year [8]. Cash and Debt Position - Cash and cash equivalents at the end of fiscal 2025 were $8.28 billion, up from $7.32 billion at the end of fiscal 2024 [9]. - Cash flow from operating activities was $7.5 billion in fiscal 2025, down from $9.23 billion in the prior fiscal year [9]. - Long-term borrowing increased to $43.5 billion from $43.23 billion at the end of fiscal 2024 [9]. Fiscal Guidance - For fiscal 2026, Deere expects net income between $4.00 billion and $4.75 billion, with varying projections for different segments [12]. - Production & Precision Agriculture sales are expected to decrease by 5-10%, while Small Agriculture & Turf sales are projected to rise by 10% [12]. Estimate Trends - Since the earnings release, there has been a downward trend in estimates, with the consensus estimate shifting down by 27.39% [13]. VGM Scores - Deere has a Growth Score of B but lags in Momentum with an F, resulting in an aggregate VGM Score of C [14]. Outlook - The overall trend in estimates has been downward, leading to a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [15].

（文章来源：证券日报） 证券日报网讯 12月26日，威马农机在互动平台回答投资者提问时表示，公司的业务重点在于农业机械 领域，尚未涉足商业航天领域的合作或产品供应。 ...

格隆汇12月26日丨威马农机(301533.SZ)在投资者互动平台表示，公司的业务重点在于农业机械领域， 尚未涉足商业航天领域的合作或产品供应。 ...

格隆汇12月26日丨威马农机(301533.SZ)在投资者互动平台表示，公司的业务重点在于农业机械领域， 尚未涉足商业航天领域的合作或产品供应。 ...

调整后，自2026年1月1日起，成都市全域将禁止使用国Ⅰ及以下排放标准的非道路移动机械；多 地部分或全域将禁用国Ⅱ排放标准的非道路移动机械。自2027年7月1日起，全市范围内将全面禁 止使用国Ⅱ及以下排放标准的非道路移动机械和国Ⅳ及以下排放标准的场内车辆。 为确保政策顺利实施，成都市将提供高标准机械替代方案，并设定分阶段实施方式，为设备更新 预留缓冲期。对于违反规定在禁止区域使用高排放非道路移动机械的单位或个人，成都市生态环 境等主管部门将依法予以处罚，每台次罚款5000元。 本报讯（四川日报全媒体记者 李媛莉）近日，记者从成都市生态环境局了解到，根据相关法律法 规及国家空气质量改善要求，成都市对高排放非道路移动机械禁止使用区域进行调整，新规将于 2026年1月1日起正式施行。 高排放非道路移动机械主要涉及工程机械、农业机械等柴油动力设备。成都市生态环境局相关负 责人介绍，非道路移动机械的排放物是空气污染的重要来源。特别是国Ⅱ及以下排放标准非道路 移动机械，服役时间长、污染排放大，亟须淘汰更新。同时，为强化场内车辆污染防治，国Ⅳ及 以下排放标准的场内车辆也将被纳入禁用范围。 ...

农机报废更新补贴政策上，吉林省农业农村厅与省发改委、省财政厅、省粮食和物资储备局等部门联合制定印发 年度农业机械报废更新补贴政策，补贴范围在原有基础上再增加水稻抛秧机、打（包）捆机、埋茬起浆机等16种 报废补贴机具，使报废机具种类由上年的12类40种扩大到28类130种，并对部分机具提高50%的报废补贴标准。近 两年争取补助资金2.34亿元，大幅加速老旧农机淘汰更新，促进农机装备结构优化升级。 作为全国重要的商品粮基地和黑土地核心区，吉林始终将粮食生产安全扛在肩上。今年以来，吉林省以农业机械 化高质量发展为突破口，通过政策赋能、技术破题，让现代化农机成为黑土地上的"耕种主力"，全省耕种收综合 机械化率达到94.6%，稳居全国前列，为粮食稳产增产筑牢"硬核支撑"。 农机一响，种地不慌。吉林省聚焦粮食生产全程机械化，打出政策"组合拳"——农机购置补贴精准落地、"优机优 补"导向鲜明、报废更新有序推进，层层发力推动农机装备结构持续优化。 如今，在吉林的田间地头，高端智能农机、大马力拖拉机取代了传统耕作工具，无人驾驶、精准作业成为常态。 从春播时的精准播种，到秋收时的高效收割，智能化农机不仅减轻了农户劳动强度，更让耕 ...

Core Viewpoint - The article highlights the advancements in agricultural machinery, showcasing various innovative robots and drones designed to enhance efficiency and precision in farming operations [4][5]. Group 1: Agricultural Robots - The "Jilu" G3000 orchard spraying robot operates in grape fields, demonstrating the integration of technology in agriculture [2]. - The "Hechu" T3000 plant protection robot, developed by Juewu Intelligent Equipment, features adaptive deformation capabilities and can adjust its wheelbase, height, and spray rod height to cover different crops and growth stages [4]. - The VTM-09B cotton topping robot, developed by Shenzhen Weier Technology, has a 9.7-meter span and can switch to work mode in 30 seconds, achieving a topping rate of 95% with minimal damage to plants [4]. Group 2: Harvesting and Packing Equipment - The six-row self-propelled cotton packing machine is an advanced domestic harvesting device that enhances automation and economic efficiency in cotton harvesting [4]. - The tomato harvesting machine integrates multiple processes, including picking, stem and leaf separation, sorting, and automatic boxing, significantly increasing productivity while minimizing damage to the fruit [5]. Group 3: Drones and Irrigation Systems - The Hongyan (HY100) large drone system, developed by Tianyu Hangtong Technology, has a maximum takeoff weight of 5.25 tons and can operate autonomously, making it suitable for various applications including agricultural protection and logistics [5]. - The pointer-type sprinkler system features an intelligent control system for automatic irrigation, covering up to 1,000 acres with over 90% uniformity, and reduces water usage by over 30% compared to traditional methods [5].

Group 1: New Listings on Hong Kong Stock Exchange - Nobikang (HK02635) and Qingsong Health (HK02661) had a strong debut, with Nobikang closing at HKD 371 per share, up 363.75%, achieving a total market capitalization of HKD 14.049 billion; Qingsong Health closed at HKD 58.7 per share, up 158.82%, with a total market capitalization of HKD 12.114 billion [1] - Hansai Aitai-B (HK03378) experienced a decline, closing at HKD 17.2 per share, down 46.25%, with a total market capitalization of HKD 2.343 billion [1] - The contrasting performances of these three new stocks reflect investor preferences and the misalignment of fundamentals and valuations, indicating a more rational investment approach [1] Group 2: Upcoming IPOs - Haizhi Technology has submitted a listing application to the Hong Kong Stock Exchange, ranking fifth among industrial-grade AI providers in China by projected 2024 revenue, and first among image-centric AI providers [2] - Longxun Co., Ltd. has also filed for a listing, focusing on high-speed mixed-signal chip design for smart visual terminals and AI applications, leading the domestic video bridging chip market and ranking among the top five globally in the fabless design sector [3] - Weichai Lovol has submitted its listing application, recognized as a leading provider of smart agricultural solutions in China, aiming to enhance agricultural sustainability through intelligent machinery and technology [4] Group 3: Market Performance - On December 23, the Hong Kong stock market index closed at 25,774.14, down 0.11%, with the old biotechnology sector index at 5,488.89, down 0.69%, and the technology sector index at 8,913.83, down 0.29% [5]