Market Overview - The Shanghai Composite Index rose by 0.05% to 3350 points, with a total trading volume of 992.7 billion yuan, marking a drop below 1 trillion yuan for the first time in 50 trading days [1] - Over 2700 stocks in the market increased, with 48 stocks hitting the daily limit up and 19 stocks hitting the limit down [1] - Sectors such as outdoor camping, robotics, decoration, jewelry, beauty care, and wind power equipment saw significant gains [1] Stock Performance - Key stocks with notable increases include: - Kai Mei Te Qi (002549) up by 10.01% to 10.11 yuan, achieving a five-day limit up streak [2] - Run Du Jiao Ye (002923) up by 10.02% to 17.78 yuan, with four limit ups in seven days [2] - Xin Ya Da (600571) up by 10.01% to 18.24 yuan, marking three limit ups in six days [2] - Heng Run Co., Ltd. (603985) up by 10.01% to 17.04 yuan, with three consecutive limit ups [2] Trading Dynamics - The top three net buying stocks on the Dragon and Tiger list were: - Dong Tu Ke Ji (300353) with a net buy of 215 million yuan [3] - Dian Tou Chan Rong (000958) with a net buy of 195 million yuan [3] - Qin Chuan Ji Chuang (000837) with a net buy of 180 million yuan [3] - Conversely, the top three net selling stocks were: - Hang Fa Dong Li (600893) with a net sell of 1.447 billion yuan [6] - Xue Ren Gong Si (002639) with a net sell of 126 million yuan [6] - Hong Bao Li (002165) with a net sell of 124 million yuan [6] Sector Highlights - The electric investment and financing sector is gaining attention due to its proposed acquisition of 100% equity in Electric Investment Nuclear Power, enhancing its position in the nuclear power sector [9][13] - Run Du Jiao Ye is focusing on new tobacco and synthetic biology, with a significant increase in trading volume and price [14][17] Institutional Activity - Institutions showed strong interest in Dong Tu Ke Ji, with a net buy of 794 million yuan [7] - Conversely, institutions sold off Hang Fa Dong Li significantly, with a net sell of 1.478 billion yuan [8] Summary of Key Stocks - Kai Mei Te Qi (002549) and Run Du Jiao Ye (002923) are leading in terms of price increases and trading activity, indicating strong market interest [2][14] - The performance of Dong Tu Ke Ji and Hang Fa Dong Li reflects contrasting investor sentiment, with one attracting significant buying and the other facing heavy selling pressure [7][8]

Core Viewpoint - Shenyang Machine Tool has received approval from the Shenzhen Stock Exchange's M&A Review Committee for its asset acquisition and fundraising plan, which involves purchasing 100% equity of Zhongjie Factory and Zhongjie Aerospace, as well as 78.45% equity of Tianjin Tianzhuan, through a share issuance [1][2]. Group 1: Transaction Details - The total transaction price for the acquired assets is 172,415.27 million yuan, with Zhongjie Factory priced at 80,238.97 million yuan, Zhongjie Aerospace at 21,575.73 million yuan, and Tianjin Tianzhuan at 70,600.57 million yuan [3]. - The independent financial advisor for this transaction is CITIC Securities, with a team of designated financial advisors [2]. - The share issuance price for the asset acquisition is set at 5.86 yuan per share, which is not lower than 80% of the average trading price over the previous 20 trading days [4]. Group 2: Fundraising and Investment Projects - The company plans to raise up to 170,000.00 million yuan through the issuance of shares to no more than 35 specific investors, with the funds allocated for various projects including high-end CNC processing center construction and technology R&D [5][6]. - The total investment for the projects funded by the raised capital includes 31,034.11 million yuan for high-end CNC processing center construction and 36,914.55 million yuan for upgrading CNC machine tool production lines [6]. Group 3: Share Issuance and Ownership - The total number of shares to be issued for the asset acquisition is 294,224,017, which represents 12.47% of the company's total share capital post-transaction [8]. - The controlling shareholder of Shenyang Machine Tool remains the General Technology Group, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council [7]. Group 4: Compliance and Regulatory Aspects - The transaction meets the criteria for a major asset restructuring as defined by the relevant regulations, with the acquired assets meeting over 50% of the company's corresponding indicators [9]. - The transaction is classified as a related party transaction due to the involvement of companies controlled by the same parent group [9].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Precision Tsugami (China) Corporation Limited 津 上 精 密 機 床（中 國 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1651） 自願公告 擴產計劃及收購土地使用權 本公告乃津上精密機床（中國）有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）自願刊發。 擴產計劃 本公司董事會（「董事會」）欣然宣佈，於二零二五年三月二十五日，本公司全資附 屬公司津上精密機床（浙江）有限公司與平湖經濟技術開發區管理委員會就（其中 包括）擬通過公開拍賣方式收購位於平湖經濟技術開發區的本公司的第四工廠相 鄰地塊（「該土地」）達成協議。該土地為位於中華人民共和國平湖經濟技術開發區 的國有工業用地。該土地面積約為32.5畝（相當於約21,685.9平方米），土地使用 權年限為50年。 1 董事會認為，該計劃符合本公司的長期發展目標及策略，亦符合本公司及股 ...

Summary of Key Points from Conference Call Industry Overview - The humanoid robot industry is accelerating its commercialization, with a focus on "brain" and "cerebellum" technologies, creating investment opportunities for companies like Goko and Huazhong, as well as in the sensor and new retail sectors [1][2][6] Core Insights and Arguments - Several domestic manufacturers, including ZhiYuan, ZhiGuan, and XinDongJiYuan, have production targets for humanoid robots, indicating a clear upward trend in hardware demand, particularly in the four-axis manufacturing sector where there is a shortage of thread grinding machines [1][3][4] - The domestic thread grinding machine industry presents significant investment opportunities due to low comprehensive costs and high demand elasticity, with companies like RiFa Precision, QinChuan Machine Tool, and HuaChen Equipment actively innovating [1][7] - HuaChen Equipment is a leader in the thread grinding machine sector, offering a wide range of products and high precision, which meets diverse downstream needs [1][8] Investment Opportunities - The humanoid robot sector is experiencing short-term fluctuations, but long-term investment opportunities remain, especially in high-tech areas [2][6] - The thread grinding machine supply shortage is a critical issue, with the market space being limited and dominated by a few players, indicating a clear investment opportunity as humanoid robot commercialization progresses [4][5][6] - The domestic thread grinding machine industry has a significant market potential, with estimates suggesting that 1 million robots could correspond to a market demand of approximately 6 billion yuan [7] Technological Developments - Linear actuators are more energy-efficient and suitable for lower limb applications, while rotary joints are used for upper limbs, indicating a trend towards mixed solutions in humanoid robots [9] - Cost reduction strategies include domestic production and specialized equipment development, as well as adopting mature technology routes like turning instead of grinding [10] Equipment and Manufacturing Insights - The hard turning process can enhance the efficiency and surface finish of threaded components, with companies like QinChuan Machine Tool leading in this area [3][12] - The current market environment presents risks for humanoid robot commercialization, particularly regarding equipment supply, but the long-term outlook remains positive for related equipment stocks [6] Competitive Landscape - Domestic grinding machine precision is currently lower than that of Japanese leader Mitsui, but the gap is manageable, and domestic manufacturers are making strides in technology and production capabilities [25][32] - The market for high-end grinding machines is competitive, with domestic prices ranging from 2 million to 3 million yuan, while imported machines can cost significantly more [19][31] Future Prospects - The development of new technologies and equipment, such as the use of hard turning and synchronous multi-tool processing, is expected to improve manufacturing efficiency and product quality in the humanoid robot sector [11][14] - Companies like HuaChen are focusing on high-value products and have made significant progress in domestic substitution, indicating a strong competitive position in the market [21][30] Conclusion - The humanoid robot industry is poised for growth, with substantial investment opportunities in equipment and technology, particularly in the domestic market where supply shortages and high demand create favorable conditions for innovation and expansion [1][6][7]