Core Points - The company announced a cash dividend of 0.035 CNY per share for its A shares, approved at the annual shareholders' meeting on May 20, 2025 [1][2] - The total share capital used for the dividend distribution is 263,023,500 shares [1] - The key dates for the dividend distribution include the record date on June 16, 2025, the last trading day on June 17, 2025, and the ex-dividend date also on June 17, 2025 [5][6] Distribution Method - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the record date [2] - For individual shareholders and securities investment funds, no income tax will be withheld at the time of cash dividend distribution; tax will be calculated based on the holding period when the shares are sold [3] - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied, resulting in a net cash dividend of 0.0315 CNY per share [3][6] Additional Information - The company will not issue bonus shares or increase share capital as part of this distribution [2] - Shareholders can consult the company’s securities department for any inquiries regarding the dividend distribution [6]

Core Points - The company announced the completion of the cancellation of certain stock options under the 2023 stock option incentive plan due to changes in the status of incentive targets and unmet performance criteria [1][2] Group 1: Stock Option Cancellation - A total of 863,600 stock options will be canceled, which includes 209,250 options from four departing incentive targets and 654,350 options due to unmet performance criteria for the year 2024 [1][2] - The cancellation will not affect the company's capital structure or the ongoing implementation of the 2023 stock option incentive plan [2]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, emphasizing the positive outlook for oil refining demand and the importance of overseas equipment demand [2]. Core Insights - The mechanical industry is expected to enter a new recovery cycle due to increased monetary and fiscal policies, with a focus on domestic demand stimulation [8]. - Investment opportunities are highlighted in various sectors, including industrial automation, robotics, machine tools, and engineering machinery, with specific companies recommended for investment [8]. Summary by Sections Key Company Earnings Forecasts, Valuation, and Investment Ratings - Companies such as 汇川技术 (Inovance Technology), 法兰泰克 (Flantech), and 信捷电气 (Xinjie Electric) are rated as "Strong Buy" with projected EPS growth from 2025 to 2027 [3]. - 汇川技术 is expected to achieve an EPS of 3.01 yuan by 2027, with a PE ratio decreasing from 30.27 in 2025 to 21.29 in 2027 [3]. - 法兰泰克's EPS is projected to grow to 1.04 yuan by 2027, with a PE ratio decreasing from 14.72 to 9.35 over the same period [3]. Industry and Company Investment Views - The report identifies three key directions for robotics: marginal changes in the main chain, product-to-customer transitions, and the development of core components [8]. - Investment suggestions include focusing on companies in the industrial control sector, such as 汇川技术 and 信捷电气, as well as those in the robotics sector like 柯力传感 (Keli Sensor) and 东华测试 (Donghua Testing) [8]. - The report emphasizes the importance of oil refining equipment demand due to increased investments in fossil energy, particularly in emerging markets [8]. Key Data Tracking - The report provides macroeconomic data, including manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's performance [27][28]. - The mechanical sector's performance is tracked against major indices, showing a 1.1% increase in the mechanical sector during the reporting week [12][15].

策略报告 | 投资策略 行业比较周报 证券研究报告 中美会谈下，自主可控板块的节奏与机会 核心结论：6 月 5 日，习近平主席同美国总统特朗普通电话，指出美方应实 事求是看待取得的进展，撤销对中国实施的消极举措；并欢迎特朗普再次访 华。双方经贸协商未完待续，自主可控仍是长期逻辑。自主可控的第一个逻 辑是国家政策多年布局下的积累；自主可控的第二个逻辑是国产替代。穿透 到二级行业，短期可以关注估值处于低位的方向，中期关注产业节奏。估值 方面，前期估值处于低位的板块主要为军工、医药、电子；产业节奏方面， 军工→信创→医药→先进制造。 中美关税会谈破冰后，双方经贸协商未完待续，自主可控仍是长期逻辑。5 月 12 日，中美双方发布《中美日内瓦经贸会谈联合声明》，中美双方关税 中枢回落，后续或仍有多轮协商。一方面，参考 2018 年-2020 年中美经贸谈 判，总共经历了十三轮高级别磋商，历时近两年才签署第一阶段经贸协议。 6 月 5 日，习近平主席同美国总统特朗普通电话，指出美方应实事求是看待 取得的进展，撤销对中国实施的消极举措；并欢迎特朗普再次访华。 另一方面，4 月中旬美方发起的 232 调查和 301 调查仍在 ...

Group 1 - Dazong Laser's stock price increased by 1.61% to 23.36 yuan as of June 6, 2025, with a market capitalization of 24.579 billion yuan, ranking 5th in the automation equipment sector and 614th in the A-share market [1] - The company submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange on May 30, 2025, which requires approval from regulatory bodies and is subject to market conditions [1][4] Group 2 - Zhao Guanghui resigned from his position as Deputy Director of the Management and Decision-Making Committee for personal reasons but will continue to serve as General Manager of the IT Major Client Market Headquarters [2] - Zhao Guanghui holds 13,444 shares of the company, representing 0.0013% of the total share capital [2]

Group 1 - In May, private equity firms conducted extensive research to identify investment opportunities in the A-share market, with 876 private fund managers participating in 2,544 research instances covering 494 stocks [1] - Anji Technology in the electronic chemicals sector was the most researched stock, attracting attention from major private equity firms such as Freshwater and Gao Yi Asset Management, indicating strong interest in technology manufacturing and industrial upgrades [1] - The semiconductor sector was the most focused area, with 30 stocks receiving 226 research instances, followed by medical devices and general equipment, reflecting a preference for growth industries among private equity firms [1] Group 2 - The semiconductor and medical device industries are experiencing significant development opportunities, driven by the AI technology revolution and a recovery in demand following inventory adjustments in the medical device sector [2] - In May, 48 private equity firms conducted at least 10 research instances each, with Guangdong Zhengyuan Private Fund Management leading with 72 instances, indicating a trend where top firms are seen as market trendsetters [2] - The increased research activity by large private equity firms suggests a positive outlook for the market, as they assess growth potential for long-term investments [3] Group 3 - Major private equity firms are optimistic about the market outlook, with expectations of improved market sentiment due to accumulating positive factors and anticipated policy implementations in June [3] - The recovery in domestic consumption and technological breakthroughs in the tech sector are expected to contribute to a favorable trend in the A-share market [3]

Group 1: Management Adjustments and Future Focus - The company has made deep adjustments in culture, vision, and strategy in 2024, focusing on one center, two visions, three directions, and four beliefs [2][3]. - One center: Customer-centric approach with "extreme product power" to serve clients, addressing the core demand for one-stop supply platforms in the intelligent equipment industry [3]. - Two visions: Building a great organization and achieving corporate greatness, emphasizing flexibility in organizational mechanisms and talent strategy [3][4]. - Three directions: Core capability long-tail, global market expansion, and deepening automation [3][4]. - Four beliefs: Trust in science, common sense, professionalism, and systems in management operations [4][5]. Group 2: Profit Margin Improvement Strategies - The strategic focus for improving gross margin in 2025 includes optimizing product structure and enhancing service capabilities for long-tail demand [6]. - Emphasis on increasing the number of customers to meet diverse long-tail needs as a core strategy for margin improvement [6]. Group 3: Industry Expansion and Product Development - The company is expanding into various industries, including 3C, new energy lithium batteries, automotive, semiconductors, and medical sectors, with a focus on developing new products for these markets [8][9]. - By the end of 2024, the company has developed a product system covering 196 categories, 4,437 subcategories, and over 2.3 million SKUs in factory automation components [9]. Group 4: Digital Transformation and Information Technology - The company has made significant progress in digital transformation, including the establishment of an information system for its Vietnam subsidiary and automation of customer interactions, reducing order processing time by approximately 80% [10]. - AI technology has been integrated into various processes, enhancing cost reduction, product innovation, and decision-making [10].

Group 1 - Leisai Intelligent adjusted the share repurchase price limit from 25.00 yuan/share to 52.00 yuan/share [1] - Fulin Precision's subsidiary Jiangxi Shenghua signed a supplementary agreement with CATL, involving a 500 million yuan advance payment for production capacity [1] - Shenzhou Cell plans to issue up to 25 million A-shares to its controlling shareholder to raise no more than 900 million yuan for working capital [2] Group 2 - BOE Technology received a commitment for an 1.8 billion yuan stock repurchase loan from China Construction Bank [2] - Chengjian Development plans to publicly transfer 9.24% equity in Beijing Science and Technology Park Construction Group at a minimum price of 282 million yuan [2][3] - *ST Lingda's chairman and president Wang Mingsheng resigned, with Jin Yongfeng elected as the new chairman [4] Group 3 - Jiangsu Boyun's shareholder plans to reduce holdings by up to 3% of the company's shares [6] - Yuhua Tian's shareholders plan to reduce holdings by up to 6% of the company's shares [8] - Anpei Long's shareholder plans to reduce holdings by up to 3% of the company's shares [10] Group 4 - Dayu Water-saving plans to participate in the auction for 70% equity of Huai'an Design Institute [15] - InSai Group intends to purchase 80% equity of Zhizhe Brand for 642 million yuan [16] - Jinj Chicken's shareholder plans to reduce holdings by up to 2.99% of the company's shares [18] Group 5 - Chao Hongji's shareholder plans to reduce holdings by up to 3% of the company's shares [19] - Chuangye Huikang's shareholder intends to transfer 40 million shares to repay stock pledge financing [20] - Zhuangzi Island's shareholder plans to reduce holdings by up to 1% of the company's shares [21] Group 6 - *ST Renle received a decision from the Shenzhen Stock Exchange to terminate its stock listing [22] - SMIC's wholly-owned subsidiary plans to sell 14.832% equity of a subsidiary to Hunan Guoke Microelectronics [24]

Group 1 - In May, a total of 876 private equity managers participated in research on A-share listed companies, covering 494 stocks across 90 Shenwan secondary industries, with a total of 2,544 research instances [1] - 25 stocks received significant attention from private equity institutions, with research frequency exceeding 20 times; specifically, 17 stocks were researched 20-29 times, and 8 stocks had research frequency of at least 30 times [1] - 30 Shenwan secondary industries were researched at least 20 times, with 15 industries researched 20-49 times, 9 industries researched 50-99 times, and 6 industries exceeding 100 research instances [1] Group 2 - The semiconductor industry was the most favored by private equity research, with 30 stocks receiving a total of 226 research instances [1] - Other notable industries included medical devices, general equipment, automation equipment, specialized equipment, and chemical pharmaceuticals, each with research instances exceeding 100, and each industry having more than 10 stocks researched [1]

Group 1: Investor Relations Activities - The investor relations activities took place from May 19 to May 29, 2025, involving multiple sessions including on-site research and strategy meetings [5]. - A total of 16 participants from various investment firms attended the first on-site research session on May 19 [1]. - The activities included participation from 33 individuals in the third on-site research session and 73 individuals in the fourth session [2][3]. Group 2: Company Cost Advantages - The company maintains cost advantages over foreign brands primarily through low costs in R&D, marketing, and management [5]. - Compared to domestic brands, the company benefits from leading product design, scale effects in procurement and manufacturing, and effective quality control [5]. - The company employs rapid product iteration and optimization to enhance performance while reducing costs, ensuring stable gross margins despite competitive pressures [6]. Group 3: PLC and Industrial Robot Development - The company is increasing investment in medium to large PLC products, which are crucial for high-end applications in industries like photovoltaics and lithium batteries [7]. - The industrial robot business has seen significant growth due to a strong sales platform, extensive customer base, and continuous optimization of the regional sales network [8]. - The company plans to expand its industrial robot product series to meet diverse industry needs, with applications already established in sectors such as 3C, photovoltaics, and lithium batteries [9]. Group 4: Product Expansion and Market Opportunities - The company is actively expanding its product lines in automation, including pneumatic and guide rail products, to meet customer demands and explore new market opportunities [10]. - The elevator business is projected to grow steadily, focusing on expanding into multinational enterprises and enhancing service offerings in the aftermarket [11]. - The company aims to leverage its comprehensive elevator electrical solutions to capture market share among domestic and international clients [11].