Core Viewpoint - Jiangsu listed companies have actively announced share buybacks and increases in shareholding to stabilize the market amid global market turmoil caused by U.S. tariffs, showcasing the strength and responsibility of the "Jiangsu Legion" in the A-share market [1] Group 1: Market Stability and Company Actions - Nearly 30 listed companies in Jiangsu announced buyback and increase plans within two days, demonstrating a commitment to market stability [1] - Jiangsu's capital market has a solid foundation with over 700 listed companies, leading the nation in the number of companies on the Sci-Tech Innovation Board and the Beijing Stock Exchange [1][3] Group 2: Industry Development and Innovation - Jiangsu aims to cultivate "unicorns," "gazelles," and specialized "little giant" companies, focusing on high-end equipment, biomedicine, and integrated circuits to support regional economic development [2] - The manufacturing sector in Jiangsu is robust, with a high-quality development index ranking first nationally for four consecutive years, and the province leads in the number of national-level specialized "little giant" companies [3][4] Group 3: Future Growth and Strategic Goals - By the end of 2025, Jiangsu aims to have around 150 listed companies with a market value exceeding 10 billion yuan and 15 companies exceeding 100 billion yuan, with a total of over 250 billion yuan in mergers and acquisitions [8] - Jiangsu is focused on enhancing the core competitiveness of listed companies and promoting mergers and acquisitions to strengthen the modern industrial system [12][13] Group 4: Financial Support and Ecosystem - Jiangsu is building a comprehensive financial service system to support the entire lifecycle of technology-based enterprises, ensuring that innovative companies receive tailored financial solutions [10] - The province's financial institutions have seen a loan growth rate of 10.1%, significantly higher than the national average, indicating strong financial support for local businesses [10] Group 5: Regional Disparities and Development Initiatives - Jiangsu is addressing regional imbalances in company listings, with efforts to increase the number of listed companies in underrepresented areas [7] - The province has established a service mechanism for the precise cultivation of technology enterprises, ensuring a steady supply of high-quality companies to the capital market [4][12]

Group 1: Share Buyback Announcement - The company plans to repurchase shares through centralized bidding, with a total fund of no less than 1 billion yuan and no more than 2 billion yuan [2] - The maximum repurchase price is set at 29.10 yuan per share, which is 150% of the average trading price over the previous 30 trading days [2] - The repurchase period will last up to 12 months from the board's approval date [2] Group 2: Progress of Share Buyback - As of the end of May 2025, the company has not yet implemented the share buyback, having repurchased 55.77 million shares, accounting for 0.66% of the total share capital [3] - The highest purchase price was 19.39 yuan per share, and the lowest was 17.83 yuan per share, with a total amount paid of approximately 1.06 billion yuan [3] Group 3: Dividend Distribution Announcement - The company announced a cash dividend of 0.36 yuan per share for the 2024 fiscal year, totaling approximately 3.03 billion yuan [8] - The dividend distribution plan was approved at the annual shareholders' meeting on May 9, 2025 [8] - The dividend will be distributed based on a total share capital of 8,474,978,037 shares, excluding 58,573,613 shares held in the repurchase account [8] Group 4: Taxation and Distribution Method - For individual shareholders, the cash dividend will be subject to different tax rates based on the holding period, with a tax rate of 20% applicable for shares held for less than one month [11] - The company will not withhold personal income tax at the time of dividend distribution; instead, it will be calculated upon the transfer of shares [11] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.324 yuan per share [12]

Core Insights - The article discusses the evolving economic landscape of central provinces in China, focusing on the shift from a "strong provincial capital" model to a "multi-polar" development approach [1][2] - It highlights the economic and population primacy of provincial capitals like Wuhan, which leads the central region, while also addressing the challenges faced by other cities [3][5] Economic Performance - In 2024, Wuhan's GDP is projected to be 2110.6 billion yuan, accounting for 35.2% of Hubei's total GDP, with a population of 13.8 million, representing 23.7% of the province's population [4] - Other central provincial capitals like Changsha, Hefei, Zhengzhou, Nanchang, and Taiyuan show varying degrees of economic and population primacy, with their GDP and population shares being 28.7%, 26.7%, 22.9%, 22.8%, and 21.3% respectively [4][5] Development Trends - The article notes that while the population primacy of central provincial capitals has generally increased since the 14th Five-Year Plan, some cities like Wuhan, Changsha, and Taiyuan have seen a decline in economic primacy [2][7] - Zhengzhou, Hefei, and Nanchang have experienced growth in economic primacy, with Zhengzhou's GDP share increasing by 1.1 percentage points since 2020 [7][8] Urbanization Strategies - Central provinces are exploring new growth poles through the development of provincial sub-centers and urban agglomerations to avoid the "one city dominates" issue [2][10] - The article emphasizes the importance of urban agglomeration development, with examples from Hubei's "one main, two sub" strategy and the establishment of urban clusters like the Changsha-Zhuzhou-Xiangtan urban area [9][11] Policy Support - Various provincial governments are implementing policies to enhance the capabilities of provincial capitals while also fostering the growth of sub-centers, indicating a balanced approach between "strong provincial capitals" and "multi-polar" development [12]

2025 年 6 月 3 日 行业研究 "格物-致知"通用具身智能开发平台发布，工程机械景气度持续复苏 ——机械行业周报 2025 年第 22 周（2025.5.26-2025.6.1） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -30% -10% 10% 30% 50% 24/06 24/09 24/12 ...

2025 年 6 月 3 日 行业研究 "格物-致知"通用具身智能开发平台发布，工程机械景气度持续复苏 ——机械行业周报 2025 年第 22 周（2025.5.26-2025.6.1） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 联系人：夏天宇 资料来源：Wind 要点 重点子行业观点 人形机器人： 5 月 29 日，国家地方共建人形机器人创新中心（以下简称"国地中心"）在 2025 张江具身 ...

Summary of Conference Call Records Industry Overview - The focus is on the following key industries: humanoid robots, logistics automation, scientific instruments, deep-sea technology, controllable nuclear fusion, and engineering machinery [1][2] Key Points and Arguments - **Commercialization of Unmanned Logistics**: Unmanned logistics is transitioning from concept to reality, with increasing road rights being granted across various regions. Companies like New Stoneware and Jiushi have significantly raised their delivery targets. Tesla plans to launch its long-awaited Robotaxi service in Austin on June 12, indicating a forming industry trend [2] - **Logistics and Warehouse Automation**: The future trend is towards automation in logistics and warehousing. Key areas of focus include unmanned vehicles, logistics operators, Automated Guided Vehicles (AGVs), warehouse automation integrators, and core components of related equipment. Recommended companies include Lanjian Intelligent, Zhongyou Technology, KJ Intelligent, Hangcha Group, Zhongli Co., Anhui Heli, Nuoli Co., Dematech, Tianzhun Technology, and Haichen Co. [2] - **Robotics Sector Updates**: The humanoid robot sector is recognized as a consensus direction in the market. Despite short-term volatility, there are numerous catalysts in the industry. Tesla's release of the latest Optimus video and Figure's announcement of its humanoid robot completing 20 hours of continuous testing on the BMW X3 production line validate industrial application capabilities [3] - **Demand for Industrial Robots**: The demand for industrial robots is steadily increasing, with improvements noted in the production of metal cutting machine tools and stable growth in forklift sales. The overall industry is showing signs of bottoming out, with most companies indicating initial signs of improvement, albeit not strongly [3] - **Engineering Machinery Trends**: Excavator sales continue to grow, and the external sales side is minimally affected by tariffs, remaining a key focus area. Companies to watch include Haitan Precision, Nuwei CNC, Oke Yi, Xugong Machinery, Sany Heavy Industry, Hangcha Group, Anhui Heli, and Yihua Da [3] Additional Important Content - **Investment Recommendations**: The report emphasizes the importance of monitoring marginal changes in demand across various sectors, particularly in engineering machinery and robotics. It suggests a focus on companies with significant marginal changes and those involved in the H and T chains, as well as domestic chains [3]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3347.49, down 0.47%, and the Shenzhen Component Index at 10040.63, down 0.85% [2][3] - The total market capitalization of the Shanghai Composite Index is 6449.94 billion, with a price-to-earnings (PE) ratio of 11.84 and a price-to-book (PB) ratio of 1.23 [3] Economic Indicators - The manufacturing PMI for May is reported at 49.5%, an increase of 0.5 percentage points from the previous month, indicating a slight recovery in manufacturing activity [4][30] - The central bank conducted a reverse repurchase operation of 291.1 billion with a fixed interest rate of 1.40% [32] - In April, the profit of industrial enterprises above designated size increased by 3.0% year-on-year, reflecting a better-than-expected performance [12] Industry Dynamics - The global ranking of the top 50 construction machinery manufacturers shows a total sales of 237.6 billion, a slight decrease of 2.39% from the previous peak [44] - The issuance of green certificates has increased, with 216 million certificates issued in April, a month-on-month growth of 23.94% [46][47] - The Ministry of Industry and Information Technology and the National Energy Administration have issued a notice to promote the development of green electricity direct connection models [48][49] Company Updates - Baili Tianheng (688506.SH) has completed the first patient enrollment for its innovative drug BL-M07D1 in a Phase III clinical trial for HER2 low-expressing recurrent or metastatic breast cancer [51][52] - Huamin Co., Ltd. (300345.SZ) plans to jointly invest in a partnership with a professional investment institution, focusing on early-stage and growth-stage technology companies [53][54] - The list of advanced intelligent factories in Hunan Province for 2025 has been released, with 174 factories recognized, indicating a strong focus on advanced manufacturing and strategic emerging industries [55][56]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into various sectors within the equipment manufacturing industry, indicating potential areas of growth and decline [1]. Core Insights - The equipment manufacturing industry is experiencing mixed performance, with specific sectors like engineering machinery showing growth in exports, while others like photovoltaic cells are under pressure [2][3]. - The engineering machinery sector reported a trade value of $5.377 billion in April 2025, with exports reaching $5.152 billion, marking a year-on-year increase of 12.7% [3]. - The automotive sector saw a daily retail average of 61,000 vehicles in the fourth week of May, reflecting a 26% year-on-year increase, suggesting a robust domestic market supported by promotional strategies [3]. - The photovoltaic sector is facing challenges, with a significant drop in production capacity and weak demand from downstream component manufacturers, leading to price pressures [3]. Summary by Sections Market Performance Review - From May 26 to May 30, the indices for machinery equipment, electric equipment, and automotive sectors experienced declines of -0.43%, -2.44%, and -4.11% respectively, ranking them 21st, 30th, and 31st among 31 Shenwan primary industries [1][8]. - The automotive service sector showed a positive performance with a rise of 3.38%, while passenger cars and batteries faced declines of 9.48% and 4.28% respectively [9]. Industry News and Key Company Announcements - The top 100 real estate companies in China saw a total land acquisition amount of 405.19 billion yuan from January to May 2025, a year-on-year increase of 28.8% [19]. - The Jiangxi Nuclear Power's 100 MW wind power project achieved full capacity grid connection, marking a significant milestone in renewable energy supply [19]. - Companies like Maiwei and XCMG are actively engaging in strategic partnerships and funding initiatives to enhance their technological capabilities and market reach [19].

｜2025年6月3日星期二｜ NO.1天风证券：市场交易情绪依然处于阶段性低位 天风证券（601162）研报表示，5月交易类指标环比持续下滑，表明市场交易情绪依然处于阶段性低 位，同时资产联动指标、市场配置指标指向市场向上的潜在空间依然较大，另外在投资者行为方面，回 购规模环比持续大幅上升，产业资本净减持幅度则大幅走阔，资金主体指标整体出现小幅回落迹象。 NO.2中金：综合内外部因素，市场或维持震荡格局 中金公司（601995）研报称，综合内外部因素，市场或维持震荡格局。风格层面，得益于流动性充裕与 科技叙事催化，中小盘成长股表现相对占优；利率下行背景下高股息资产吸引力相对提升但配置仍偏结 构性。配置层面：1.持续关注并购重组、破净修复等政策支持领域。2.景气回升并且受关税影响不大的 领域，例如AI产业链中的云计算、算力等基础设施环节，再到机器人、智能驾驶等应用环节，我们认 为仍是重要主线。此外，部分对美敞口不高的出口链，如工程机械、电网设备、商用车等也值得关注。 3.现金流优质、与外需关联度不高的红利板块，例如水电、电信运营商、食品饮料、银行等行业的龙头 公司。 NO.3中信建投：啤酒销量反弹，关注旺季改善 ...

Summary of Key Points from Conference Call Records Industry Overview - The AI and robotics sector is witnessing emerging investment opportunities, particularly in areas such as sensors, dexterous hands, robotic dogs, and exoskeleton robots, which are commercializing rapidly and do not rely on humanoid robots for growth. The industry is entering an explosive growth phase [1][2] - High dividend yield assets are favored in a declining interest rate environment, with companies like Tongyi Co. on the Beijing Stock Exchange and SANY International, Zhengmei Machine, and Shoucheng Holdings in Hong Kong performing well [3] - The Hong Kong IPO market is seeing a significant increase, with companies like SANY Heavy Industry, Xian Dao Intelligent, and Shantui actively pursuing H-share issuance plans, indicating a growing high-end manufacturing sector in Hong Kong [5] Humanoid Robotics Sector - The humanoid robotics sector is currently experiencing differentiation, with overall indices declining but structural opportunities emerging, particularly in embodied intelligence applications. Key commercialized areas include sensors and dexterous hands, which have broad applications beyond humanoid robots [2] - Recent advancements in humanoid robotics include significant progress in hardware design and motion control, with companies like Yuzhu Technology and Honor entering the market. Events like the Zhangjiang Jusheng Intelligent Developer Conference highlight ongoing industry changes [6] Financial Performance and Projections - Haitai International reported strong export data in May 2025, offsetting weak domestic demand, with an expected annual profit of 3.05 billion yuan and a low valuation of approximately 8 times [4][11] - The engineering machinery sector is experiencing a slowdown in domestic sales growth, with excavator sales growth dropping from around 30% in Q1 to an estimated 10% in May. However, the recovery of medium and large equipment remains promising, with exports showing double-digit growth [12] - SANY International's Q1 2025 performance met expectations, with emerging businesses reducing losses and overseas large mining vehicles gradually being delivered. The company expects a net profit of around 2.3 billion yuan for the full year, indicating a relatively cheap valuation of 6 to 7 times [16][18] Investment Opportunities - The AI and robotics industry presents investment opportunities not limited to humanoid robots but also in dexterous hands, sensors, robotic dogs, and exoskeletons, with significant advancements expected in sensor technology [10] - The humanoid robotics sector's future development is heavily reliant on advancements in AI capabilities, data, algorithms, and large models, with a focus on specific B-end scenarios like industrial assembly and medical automation for breakthroughs [9][7] Market Dynamics - The market for humanoid robots is expected to evolve gradually, with a focus on specific niche applications rather than a one-size-fits-all approach. The development of specialized skill packages for specific scenarios is anticipated to grow alongside advancements in large models [9] - Companies like Tongli Co. are capitalizing on the L4 autonomous driving concept, holding over 50% market share in the unmanned driving sector, with significant growth expected in their autonomous vehicle deliveries [14] Conclusion - The overall sentiment in the AI and robotics sector is optimistic, with various companies making strides in technology and market presence. The focus on high dividend yield assets and the growth of the Hong Kong IPO market further indicate a favorable investment climate in the high-end manufacturing sector [3][5]