装备制造 [Table_ReportDate] 2025 年 6 月 30 日 [T分析师： able_Author 赵晓闯] 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 执业证书号：S1030511010004 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 固态电池产业化持续推进 [Table_ReportType]装备制造行业周报（6 月第 4 周） [Table_S 市场行情回顾： ummary] 上周（6 月 23 日-6 月 27 日）机械设备、电力设备及汽车行业 指数涨跌幅分别为 4.10%、5.11%及 2.88%，在 31 个申万一级 行业中排名分别为第 10、5、19 位；同期沪深 300 涨跌幅为 1.95%。 行业观点： 4) 风险提示：宏观经济风险、产业政策风险、行业竞争加剧风险。 请务必阅读文后重要声明及免责条款 | ...

Group 1 - The total profit of industrial enterprises above designated size in China from January to May reached 2.72 trillion yuan, showing a year-on-year decline [1] - The equipment manufacturing industry demonstrated resilience with a profit increase of 7.2% year-on-year, contributing 2.4 percentage points to the overall industrial profit growth [1][2] - Seven out of eight sectors within the equipment manufacturing industry reported profit growth, indicating a positive trend despite overall industrial profit decline [2] Group 2 - The engineering machinery sector has achieved significant technological innovations, enhancing the modernization of the industrial chain [2] - The C919 aircraft has been delivered to multiple airlines, showcasing the growth and international recognition of China's aerospace industry [4][5] - The maritime economy is thriving, with the shipbuilding and related equipment manufacturing sector experiencing an 85% profit increase [5] Group 3 - The development of small and medium-sized enterprises (SMEs) is crucial for driving high-quality growth in the equipment manufacturing sector, with over 60 million SMEs expected by the end of 2024 [6][7] - Digital and intelligent transformation is emphasized as a key area for enhancing innovation within SMEs [7] - International cooperation is identified as a critical pathway for SMEs to enhance their value chain positioning and reduce risks in global markets [7]

Investment Rating - The report maintains a "Buy" rating for the machinery industry [3] Core Views - Industrial revenue growth in China has slowed, with a year-on-year increase of 2.7% for industrial enterprises from January to May 2025, down 0.5 percentage points from the previous value. Total profits for industrial enterprises decreased by 1.1% year-on-year, with a significant drop of 9.1% in May alone [5] - The engineering machinery market is experiencing weaker expectations and operating rates as it enters the off-season, with a notable decline in the proportion of agents expecting increased excavator sales [6] - The manufacturing PMI rose by 0.5 percentage points to 49.5% in May 2025, indicating a gradual improvement in manufacturing sentiment due to policy effects and easing trade tensions [7] Summary by Sections Market Performance - Over the past month, the machinery industry has seen a relative return of -1.0% and an absolute return of 1.2%. In the last three months, the relative return is -3.8%, while the absolute return is -3.6%. However, over the past year, the industry has outperformed with a relative return of 17.1% and an absolute return of 30.4% [4][9] Key Company Earnings Forecasts and Ratings - Major companies in the machinery sector are projected to maintain strong earnings growth, with companies like Sany Heavy Industry and XCMG Machinery receiving "Buy" ratings based on their expected revenue and profit growth [20] Basic Data - The report highlights that the cumulative issuance of special bonds by local governments has been increasing, which may support infrastructure investment and, consequently, machinery demand [22]

Core Viewpoint - Yutong Heavy Industry is launching a new brand strategy focused on "new energy, efficiency, and intelligence" with the introduction of seven new energy operation equipment models across three categories: sanitation, mining trucks, and heavy machinery [1] Company Summary - Yutong Heavy Industry's pure electric mining truck series holds a leading market share in the domestic segment and is a significant growth driver, with exports to countries like Thailand, Chile, and Indonesia [2] - The company has a history of innovation in the operation equipment sector, having introduced the first new energy sanitation product in 2014, the first pure electric mining truck in 2018, and the first direct-drive rotary drilling rig in 2020 [2] - Yutong Heavy Industry aims to leverage its integrated electric vehicle platform and intelligent cloud service platform to drive the transition towards greener, more efficient, and intelligent operation methods [2][3] Industry Summary - The construction machinery and specialized operation equipment sector is undergoing a "green, low-carbon, and intelligent" revolution, driven by strong policy support for new energy equipment [2] - Data from the China Construction Machinery Industry Association indicates significant growth in new energy sanitation vehicles, with sales increasing by 74.6% to 4,837 units, electric mining trucks up by 178.9% to 848 units, and electric loaders rising by 207.7% to 10,904 units in the first five months of the year [2] - Industry experts highlight challenges in the supply chain, including high costs associated with the "three electrics" (battery, motor, and electronic control), and the mismatch between battery lifespan and machinery design lifespan [3]

Core Viewpoint - The article highlights the innovative efforts and achievements of Guangxi Liugong Machinery Co., Ltd. under the leadership of Chief Engineer Lin Mingzhi, emphasizing the importance of customer needs and technological advancements in the engineering machinery industry [1][2]. Group 1: Innovation and Development - Lin Mingzhi has dedicated over 30 years to the development of engineering machinery products and technologies, leading his team to overcome multiple technical challenges [1]. - The development of a new side-discharging loader was initiated by Lin Mingzhi in 1989, addressing operational difficulties in tunnel construction and enhancing efficiency [1]. - The company has made significant strides in innovation, including the development of a high-altitude electric loader suitable for environments above 4000 meters, completed in just seven months [2]. Group 2: Customer-Centric Approach - Lin Mingzhi emphasizes the importance of understanding customer needs as a driving force for innovation, leading to improvements such as adding air conditioning to loaders for enhanced driver comfort [2]. - The company has focused on optimizing design and processes to improve dust-proof features, ensuring the health of operators [2]. Group 3: Commitment to Continuous Improvement - Lin Mingzhi advocates for a path of independent innovation, aiming to enhance the company's global competitiveness through product strength [2]. - The research and development team has achieved breakthroughs in various technological fields, including materials, electronic control, remote control, and unmanned driving [2].

Group 1 - The Shanghai Composite Index has recently surpassed the annual high set on March 18, 2025, and is approaching the high from October 8, 2024, indicating a significant market movement [1] - There is a noticeable divergence among various sectors, with banking, agriculture, personal care, military, chemical, transportation, and petrochemical industries showing a higher proportion of stocks exceeding their March 18, 2025 closing prices [1] - Conversely, sectors such as steel, electronics, home appliances, telecommunications, computers, and electrical equipment have a lower proportion of stocks exceeding their March 18, 2025 levels [1] Group 2 - In the secondary industry analysis, financial (banking, insurance, diversified finance), military (naval equipment, ground weaponry), agriculture (animal health, agricultural products, planting, feed), precious metals, personal care products, and chemical pharmaceuticals show a higher proportion of stocks exceeding their March 18, 2025 closing prices [4] - Sectors like home appliances, electrical equipment, TMT (television broadcasting, communication services, consumer electronics, semiconductors, optical electronics), general steel, and machinery (engineering machinery, automation equipment) have a lower proportion of stocks exceeding their March 18, 2025 levels [4] - Comparing to the October 8, 2024 closing prices, banking, motorcycles, military (ground weaponry, aerospace equipment), chemicals (plastics, non-metallic materials), and new consumption (entertainment products, personal care products, retail, accessories) show a higher proportion of stocks exceeding their previous levels [4]

| 日期 | 2025/6/26 | | --- | --- | | 当前股价(元) | 21.06 | | 一年最高最低(元) | 24.36/7.23 | | 总市值(亿元) | 96.35 | | 流通市值(亿元) | 72.81 | | 总股本(亿股) | 4.58 | | 流通股本(亿股) | 3.46 | | 近 3 个月换手率(%) | 148.67 | 北交所公司深度报告 同力股份（834599.BJ） 2025 年 06 月 27 日 投资评级：买入（维持） 北交所研究团队 新能源与无人驾驶技术赋能高毛利新品，矿卡龙头打开增长空间 ——北交所公司深度报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 公司营收 15.36 亿元（+28.34%），归母净利润 1.87 亿元（+58.45%） 2025 年一季度公司实现营收 15.36 亿元，同比增长 28.34%；归母净利润 1.87 亿 元，同比增长 58.45%；扣非归母净利润 1.85 亿元，同比增长 60.66%。受下游需 求影响，我们维持 2025 年盈利预测，下调 2 ...

Group 1 - The "2025 Wuhan Investment Promotion Conference" was successfully held, focusing on key industries such as artificial intelligence, biomedicine, and cultural tourism [1] - Wuhan is actively implementing an innovation-driven development strategy, promoting the deep integration of technological and industrial innovation, and has seen a surge in technology-based enterprises [3] - In 2024, Wuhan added 8 new domestic and foreign listed companies, including those in emerging industries like domestic databases and AI chips, with four "national first stocks" emerging [3] Group 2 - The successful listing of Sound Communication Technology exemplifies the introduction of the GFA (Government Financial Advisor) model, with a cornerstone investment of 200 million yuan from a government-backed fund [5] - The chairman of Jiangxiang Technology Group emphasized the importance of integrating government resources, industrial capital, and innovative enterprise needs to create a collaborative value creation mechanism [5] - Jiangxiang Technology Group is focusing on efficient connections between industrial funds and invested enterprises to address financing bottlenecks and asset scarcity [7] Group 3 - The Hubei provincial government has issued guidelines for innovation-driven investment attraction, emphasizing the importance of industrial cluster and ecological investment [7] - Jiangxiang Technology Group is planning several strategic emerging industry projects in Hubei, including clusters driven by new energy technology and interactive AI [8] - The company aims to establish a comprehensive directory of supporting enterprises to enhance the investment attraction process for advanced manufacturing industry clusters [7][8]

随着冲突的停战，全球资本市场出现了一定的反弹。本周A股和港股连续三个交易日放量大涨，上证指 数创出年内新高，A股总市值一度突破100万亿大关，创下历史新高。上半年行情即将结束，展望下半 年，目前是一个良好的开端，A股市场一直有"五穷六绝七翻身"的规律，今年可能也是如此。因为现在 影响市场的不确定因素正在减弱，而支持市场回升的信心越来越强。特别是机器人、AI板块近期强势 上攻，华为在光伏机方面实现突破，良品率达到70%，意味着我们在芯片半导体方面实现突破的可能性 越来越大，机器人从技术突破到实际应用越来越近。近三年主要是在工业机器人方面发展，很多机器人 将首先走进工厂，大概三年左右，随着操作系统的不断进化，智能化程度越来越高，机器人也将逐步从 工厂走向家庭，实现放量增长。机器人行业是继国际家电、手机、新能源汽车之后的第四大产业赛道， 长期投资机会明显。 从宏观经济来看，当前我国CPI连续三个月出现负0.1%的增长，说明消费需求较弱，物价下降。GDP平 均指数去年是负的，今年可能还是负的，这意味着后续要实现年初定的CPI2%的目标，下半年政策方面 会继续加码，包括适度宽松的货币政策以及更加积极的财政政策。从货币政 ...

Group 1 - Liuzhou has attracted significant attention due to its debt crisis and economic challenges, prompting a high-level meeting in Guangxi to address these issues [2][3][4] - The total government debt of Liuzhou is reported at 104.27 billion yuan, with general debt at 27.10 billion yuan and special debt at 77.17 billion yuan, indicating a serious financial situation despite being within the debt limit [4][5][6] - Liuzhou's GDP has been stagnant, with a nominal decrease of 1.62 billion yuan year-on-year, and it is projected to fall below 300 billion yuan for the first time in seven years [7][11][12] Group 2 - The industrial sector, particularly automotive and steel, has entered a downturn, significantly impacting Liuzhou's economic performance [16][22][30] - Liuzhou's industrial output has declined, with total industrial output dropping by nearly 100 billion yuan from 2017 to 2020, highlighting the need for transformation and upgrading [23][27] - The local government is focusing on revitalizing the industrial base by promoting new energy vehicles and enhancing traditional industries [28][29] Group 3 - The "Strong Capital" strategy in Guangxi has raised questions about its effectiveness, as Nanning's economic dominance has not improved as expected [39][45] - There are indications that the "Strong Capital" strategy may be cooling down, with a shift towards a more balanced approach that supports both Nanning and Liuzhou [48][50] - The need for a collaborative strategy that leverages the strengths of various cities, including Liuzhou and Guilin, is emphasized for the overall development of Guangxi [49][50]