当特朗普以关税为利刃劈向全球产业链时，加利福尼亚州正以"国中之国"的姿态撕裂联邦制根基。州长纽森签署《贸易自主紧急法案》，宣布对欧盟、加 拿大等32国开放"绿色技术零关税通道"，并授权州商务厅直接与海外企业签订供应链协议。这种绕过联邦政府的"经济独立宣言"，配合其与德国巴伐利亚 州共建"氢能走廊"的密约，使加州实质上成为全球产业链重组中"去美国化"的桥头堡——其2024年对欧新能源设备出口额已超越对华传统贸易规模，占全 美同类出口的41%。 纽森的"叛旗"引发多米诺骨牌效应。自2024年特朗普重启对墨西哥、加拿大加征钢铁关税后，加州联合纽约、华盛顿等12州组成"关税受害者联邦"，以违 反宪法"商业条款"为由起诉白宫。其诉讼核心直指特朗普援引的《国际紧急经济权力法》——该法案本为制裁恐怖主义设计，却被用于对盟友实施无差别 经济打击。更激进的是，加州司法部援引州宪法"贸易自由权"条款，要求最高法院承认其"国际经济谈判代表"身份，此举若获支持，各州将首次获得与外 国缔结贸易协定的法律授权，联邦制或沦为"空壳"。 日本的"反水"暗藏利益算计。在特朗普要求日企将墨西哥工厂迁回美国的威胁下，东京一面派出经济大臣赴美谈判， ...

更具杀伤力的亏损源来自战略布局的"后坐力"。2021年在湖南投建的储能电站因电芯价格波动、建设成 本高企及区域产能过剩，陷入租赁价格战，形成持续性亏损。基于会计谨慎性原则，公司对该资产组计 提减值准备，与子公司商誉减值共同构成业绩"黑洞"。 值得关注的是，尽管销售、管理及研发费用同比微降，但财务费用因本期银行贷款增加，同比激增超 35%，暴露出债务成本攀升的压力。 华自科技在年报中特别提示了应收账款增长风险。报告期末应收账款余额121,280.94万元，占总资产的 比例为19.40%。随着公司业务增长，公司应收账款也将随之提高，若欠款不能及时收回，较高的应收 账款可能引致资产流动性风险。对此，公司将进一步加强应收账款的过程管理，动态评估客户风险状 况，并运用法律保护、金融工具等手段加大应收账款的回收，同时将绩效考核与客户回款密切挂钩，降 低应收账款的坏账风险。 4月20日晚间，华自科技（300490）股份有限公司（以下简称"华自科技"或"公司"）发布2024年年度报 告。公司2024年实现营业总收入19.09亿元，同比下降19.39%；归属净利润为-3.93亿元，同比亏损扩大 118.61%；扣非净利润为-4 ...

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" with a recent performance of -2.51% compared to the Shanghai Composite Index's -1.37% [3][8]. Core Insights - The mechanical equipment sector has shown a mixed performance, with all sub-sectors experiencing declines this week, although the declines were less severe than the overall market [3][8]. - The human-shaped robot market is experiencing strong demand, with significant investments in software-driven domestic robots, indicating a potential growth area [3][31]. - The semiconductor equipment sector is advised to focus on domestic substitution, especially companies closely tied to major wafer foundry clients and those achieving breakthroughs in advanced process nodes [3][37]. - The engineering machinery sector is expected to benefit from domestic demand and the "Belt and Road" initiative, with limited exposure to U.S. tariffs [3][41]. - The renewable energy equipment sector, particularly wind power, is highlighted for its strategic value and growth potential, with strong order visibility and international project wins [3][41]. Summary by Sections Section 1: Market Performance - The mechanical equipment sector underperformed the Shanghai Composite Index by 1.14 percentage points this week, with all sub-sectors declining [3][8]. - The sector's PE-TTM valuation decreased by 4.61%, with notable declines in metal products and general equipment sub-sectors [3][16]. Section 2: Company Developments - The launch of new collaborative robots and advancements in solid-state battery technology are drawing market attention, indicating innovation within the sector [31][39]. - Companies like Yuanshu Technology and Cheng Tian Technology are making strides in the exoskeleton robot market, showcasing strong consumer interest and demand [32][35]. Section 3: Sector Opportunities - The semiconductor equipment sector is advised to pivot towards domestic alternatives, especially in light of recent tariff impacts [3][37]. - The engineering machinery sector is positioned to benefit from strong domestic sales and limited exposure to U.S. markets, presenting a favorable investment opportunity [3][41]. - The renewable energy equipment sector, particularly in wind energy, is noted for its defensive attributes and growth potential, with significant order inflows expected [3][41].

Investment Rating - The mechanical equipment sector is rated as "stronger than the market" with a performance of -3.49% compared to the Shanghai Composite Index's +0.01% during the week of March 24-28, 2025 [3][8]. Core Insights - The report highlights a shift from thematic investment to investment based on industry prosperity, with equipment serving as a value anchor. The human-shaped robot sector is expected to follow an "order landing - equipment first" logic, driven by breakthroughs in domestic capabilities and a starting equipment prosperity cycle [3][29]. - The semiconductor equipment sector is experiencing a potential reshaping of investment logic due to the introduction of new products by companies like Xinkailai at the SEMICON China exhibition, which could enhance domestic substitution trends [3][37]. - The engineering machinery sector shows strong domestic sales momentum, particularly in excavators, driven by infrastructure projects and equipment renewal cycles [3][29]. - The renewable energy equipment sector is entering a growth phase, with significant orders reported by leading companies, indicating a clear upward cycle in production [3][29]. Summary by Sections 1. Overall Performance of the Mechanical Equipment Sector - The mechanical equipment sector experienced an overall adjustment with a PE-TTM valuation decrease of 4.01% during the week [16][3]. - The machine tool segment led the sector with a weekly increase of 0.78% [12][3]. 2. Focus on Advanced Manufacturing and New Product Releases - The report emphasizes the importance of new product releases in advanced manufacturing, particularly in core components [29][30]. - Companies like Figure AI are making significant advancements in humanoid robot technology, showcasing the potential for rapid development in this area [30][31]. 3. Market Dynamics and Economic Indicators - The report notes a recovery cycle in manufacturing, supported by positive macroeconomic indicators such as PMI remaining in the prosperity zone [3][29]. - The engineering machinery sector is benefiting from strong domestic sales, with notable increases in excavator operating hours [3][29]. 4. Semiconductor Equipment Developments - New product launches at SEMICON China are expected to influence the domestic semiconductor equipment market significantly [37][39]. - Companies like North Huachuang are entering new markets with innovative products, enhancing the competitive landscape [39][40]. 5. Renewable Energy Equipment Trends - The renewable energy sector is witnessing a surge in orders, indicating a robust growth trajectory [3][29]. - Leading companies are expanding production capabilities, which is expected to drive further growth in the sector [3][29].

Group 1 - Huzhou SANY New Energy Equipment Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The company is wholly owned by SANY Automobile Manufacturing Co., Ltd., which is a wholly-owned subsidiary of SANY Heavy Industry [1] - The business scope includes special equipment sales, research and development of intelligent robots, and manufacturing of intelligent vehicle-mounted equipment [1]

Investment Rating - The mechanical industry is rated as "Buy" (maintained) [1] Core Views - The humanoid robot industry is expected to see significant breakthroughs in 2025, with mass production reaching the scale of thousands, which will drive the downstream supply chain into a phase of certainty and expansion [8] - The introduction of advanced AI models, such as Google's Gemini Robotics, enhances the capabilities of robots in understanding new situations and performing precise physical tasks [3] - The launch of new humanoid robots, such as Muks Robotics' Spaceo series and Dobot Atom, indicates a technological advancement in the humanoid robotics sector, focusing on industrial operations and service applications [4][7] Summary by Sections Humanoid Robots - Google's DeepMind has released new AI models aimed at improving robot capabilities in real-world tasks, focusing on generality, interactivity, and flexibility [3] - Muks Robotics has introduced the Spaceo series, which includes models designed for industrial, social, and space tasks, showcasing advancements in AI systems [4] - The Genie Operator-1 model from Zhiyuan Robotics demonstrates strong generalization capabilities, reducing the data requirements for training robots [5] - The humanoid robot Tian Gong Xing Zhe, priced at 299,000 yuan, aims to reshape the research and education ecosystem for humanoid robots [7] Engineering Machinery - The engineering machinery sector maintains a stable outlook, with excavator sales in February 2025 showing a 52.8% year-on-year increase [13] - The demand for engineering machinery is expected to recover gradually due to the anticipated increase in infrastructure investment [13] - Key companies to watch include Zoomlion Heavy Industry, XCMG, and SANY Heavy Industry [13] Agricultural Machinery - The agricultural machinery market in China shows a significant increase in the market sentiment index, indicating a positive outlook for demand [10] - The export of tractors has seen substantial growth, with a 49.6% increase in quantity year-on-year [10] Semiconductor Equipment - The domestic replacement of semiconductor equipment is becoming essential, with a projected revenue growth of 29% for semiconductor equipment companies in 2024 [16] - The emphasis on domestic production capabilities is expected to benefit leading equipment manufacturers [16] New Energy Equipment - The solar energy sector is experiencing a price adjustment and technological breakthroughs, which are expected to foster a healthier competitive environment [18] - Companies like Maiwei Co., Ltd. and Weidong Nano are recommended for investment in this sector [18] Low-altitude Economy - The low-altitude economy is anticipated to accelerate in 2025, with developments in drone logistics and regulations supporting its growth [20] - Companies such as EHang Intelligent and Yingli Technology are highlighted as potential investment opportunities [21]

发力海外储能市场，比亚迪越行越远！ 3月3日， Greenvolt集团子公司Greenvolt Power与比亚迪储能签署协议，将在波兰的Turosn Koscielna和Nowa Wies Elcka两个区域分别建设200MW/800MWh的储能项目，总计 400MW/1.6GWh。 这也意味着比亚迪再次拿下国际储能订单，将为Greenvolt Power供应1.6GWh的储能设备。 Greenvolt集团是葡萄牙能源公司，其首席执行官表示，这是集团迄今为止在欧洲签署的最大合 同。 据悉，这两个项目均已获得容量市场合同，计划于2028年开始交付。目前，合同的第一阶段已 经启动，涉及变电站基础设施的建设，计划于 2026 年第一季度完工。 据了解，比亚迪在储能领域已深耕17年，是首先交付磷酸铁锂储能系统的企业之一，产品矩阵 全面覆盖发电侧、电网侧和用户侧等各类应用场景，并形成集储能产品研发、制造、销售与服 务于一体的完整产业链。 在强大技术和产品力的支撑下，比亚迪在储能市场持续拿下订单，尤其在海外市场表现出色。 据统计，在海外储能市场比亚迪占据了重要的市场份额，2024年其海外储能电池出货量仅次于 宁德时代， ...

深圳威迈斯新能源股份有限公司 首次公开发行股票并在科创板上市 发行结果公告 保荐人（主承销商）：东方证券承销保荐有限公司 深圳威迈斯新能源股份有限公司（以下简称"发行人"、"威迈斯"或"公司"） 首次公开发行不超过 4,210.00 万股人民币普通股（A 股）并在科创板上市（以下 简称"本次发行"）的申请已经上海证券交易所（以下简称"上交所"）科创板股 票上市委员会审议通过，并已经中国证券监督管理委员会（以下简称"中国证监 会"）证监许可〔2023〕1006 号文同意注册。本次发行的保荐人（主承销商）为 东方证券承销保荐有限公司（以下简称"东方投行"或"保荐人（主承销商）"）。 发行人的股票简称为"威迈斯"，扩位简称为"威迈斯"，股票代码为"688612"。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、 网下向符合条件的投资者询价配售（以下简称"网下发行"）、网上向持有上海市 场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行（以下简 称"网上发行"）相结合的方式进行。 发行人与保荐人（主承销商）根据初步询价结果，综合评估公司合理投资价 值、可比公司二级市场估值水平、所属 ...