就本次订单内容而言，欧洲钢铁企业对设备性能、运行稳定性及全生命周期服务均有严格标准。湘电智 慧凭借卓越的产品性能、可靠的质量保障以及专业的服务能力，成功赢得客户信赖。近年来，湘电股份 不断加大技术研发投入，在电机能效提升与系统集成领域取得多项成果。其高效节能电机产品已实现规 模化应用，实测数据显示，较传统电机节能效果提升20%至30%，能够大幅降低客户的能耗成本，为湘 电股份开拓国际市场奠定了坚实的技术基础。 湘电股份工作人员向《证券日报》记者表示："欧洲钢铁企业近年来正在加速升级原有设备，以努力提 升钢铁生产效率，并践行绿色环保理念。具体而言，欧盟自2017年起要求所有电机必须达到IE3效率标 准，欧洲钢铁企业通常倾向于采购IE4超高效率或更高等级的电机，以进一步降低能耗。此外，欧洲钢 铁企业对节能电机的待机功耗也有较高要求，并限制绕组材料和外壳涂装的金属成分。" 湖南大学电气与信息工程学院副院长、博士生导师黎富海对《证券日报》记者补充道："欧洲钢铁企业 对节能电机的需求并非只表现在低功耗、高效率等经济性指标方面，对节能电机的智慧化和自动化等功 能性指标也十分重视，要求节能电机支持多种通信协议，并集成传感器 ...

证券研究报告 | 2025 年 06 月 06 日 晨会集萃 制作：产品中心 重点推荐 《策略|知往鉴今系列——大类资产复盘笔记（202505）》 1、大类资产总览：A 股震荡修复，中债回升，商品回落。1）A 股：5 月 主要宽基指数多数收涨，风格方面金融、消费领涨，环保、医药生物行业 领涨。2）债券：5 月长短端收益率分化，长端利率上行，短端利率下行， 期限利差走阔。3）商品：5 月商品多数收涨，黄金冲高回落，原油走牛。 4）海外权益：全球股指普遍收涨，美股三大指数中纳指领涨，亚太股指 多数大涨。5）美债：5 月美国 20 年期国债"发飞"，10 年期利率一度升 至 4.5%以上，期限利差小幅收窄，中美利差走阔。2、A 股：降准降息落 地，景气回升需继续验证。1）基本面：一季度数据开局良好，但 4 月基 本面表现偏弱。2）宏观流动性：社融继续回暖，5 月 7 日央行行长宣布 下调政策利率 0.1 个百分点，降低存款准备金率 0.5 个百分点，降准降息 落地，DR007 月均值 5 月报 1.60%，较 4 月均值下行 13BP，货币继续边 际转松。3）微观资金：5 月南下资金探底回升，获利了结后再度进场， ...

据短平快解读了解，2002年11月，三协电机前身三协有限成立，2018年9月完成股份制改革，随后2022年2月在全国股转系统挂牌公开转让，2023年5月调整 至创新层。 夫妻持股比例超八成。截至期末，三协电机股权较为集中，盛祎、朱绶青、稳正景明、长泽创投持股比例分别为62.97%、19.49%、9.16%、4.61%，其中盛 祎、朱绶青两人是夫妻关系，是实际控制人，合计控制公司82.46%股权， 6月9日，常州三协电机股份有限公司（三协电机）北交所上市将迎来上会，距离登陆资本市场仅有一步之遥，保荐机构是东北证券。 三协电机是一家研发、制造并销售控制类电机的高新技术企业，主要产品包括步进电机、伺服电机和无刷电机及与其配套的产品，产品广泛应用于安防、纺 织、光伏、半导体、3C、汽车、机器人、医疗、智能物流等行业，客户包括海康威视、大华股份、大豪科技、睿能科技、日发纺机、慈星股份、浙江可 胜、中信博、雷赛智能、威孚高科等等。 梳理来看，盛祎、朱绶青夫妻持股比例超八成，且盛祎身兼董事长、总经理职务；个人股东多为公司高管、职工；产能利用率下滑，扩产遭拷问；研发费用 率不及行业均值，同行中垫底；期内分红超1500万元，要 ...

2. 一切都在发展变化中，一些"结论"都是标题党：面对"百大变局"，大家的处境并不一样。这个颗粒度 细分的世界越来越碎片化。 比如我们举三个典型代表： 从它们身上可以得到几个观察： 首先没那么悲观。原因有三： 1. 大家心态都还算稳：不能说完全不焦虑，但都在积极想办法应对。前几个月抢出口，现在抓紧时 间布局本地化。 01 最近一个多月，我一路小跑，从新疆到江浙到大湾区，从国企到民企，从橡胶到袜子到发电机，调研了 很多制造业企业。重点关注大家的关税应对和出海策略，特别是那些早有危机感、甚至在贸易战1.0阶 段就已经走出去的"先知们"。信息量大，心情复杂。 怎么说呢？如果快问快答，能立刻脱口而出的有两个感觉： 1. 企业家对宏观的敏感度完胜经济学家。身处一线，必须时刻看路，生死攸关是感受在皮肤上的。 1. 美国市场不可能放弃：几乎所有企业都表示不可能割舍。利润高、订单大、消费能力强、又是最 大的"全国统一大市场"——迄今为止依然是全世界最好的买家。 2. 不能低估产业链转移的可能性：虽然中国目前产业链最完整、协同效率最高，但并不能排除假以 时日（可能5～10年，甚至借助中国经验会更快）也能成形。也不排除事情会向完 ...

Core Insights - The efficient energy-saving motor has become a core equipment for promoting industrial green upgrades, playing a strategic role in achieving carbon neutrality goals [1][15] - The market size of China's efficient energy-saving motor is projected to grow from 17.638 billion yuan in 2018 to 23.963 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.24% [1][15] - The demand for efficient energy-saving motors is expected to increase further due to the rapid development of emerging fields such as new energy vehicles and smart grids [1][15] Industry Overview - Efficient energy-saving motors are designed to improve energy conversion efficiency, reduce energy consumption, and minimize energy waste, achieving efficiency levels of GB18613 grade II and above [3] - The market for efficient energy-saving motors in China is experiencing growth due to the implementation of national energy-saving and emission reduction policies and the transformation of the manufacturing industry [1][15] - The production of efficient energy-saving motors in China is expected to increase from 9.6 million kilowatts in 2019 to 19.3 million kilowatts in 2024, with a CAGR of 14.99% [13] Market Dynamics - The efficient energy-saving motor industry chain includes upstream raw material suppliers (silicon steel, copper, aluminum, rare earth permanent materials), midstream manufacturing, and downstream application fields such as industrial, household appliances, and renewable energy [6][10] - The industrial sector is a significant downstream application market for efficient energy-saving motors, with demand closely linked to industrial production scale [10] Key Companies - Major players in the efficient energy-saving motor industry include Shanghai Electric, Wolong Electric, and Xiangdian Co., with each company holding a competitive edge in various segments [18][19] - Shanghai Electric focuses on a wide range of motor products and has a strong presence in large projects, while Wolong Electric has a diversified business model that includes industrial internet solutions [20][23] - Companies like Dayang Electric and Dechang Electric are innovating in the new energy vehicle motor sector and micro-motor manufacturing, respectively [19][23] Future Trends - The industry is expected to see technological upgrades that enhance energy efficiency, including new electromagnetic designs and smart control systems [25] - The application of efficient energy-saving motors is expanding into emerging markets, necessitating customized solutions and flexible manufacturing [26] - The focus is shifting from single equipment manufacturing to integrated system solutions, with companies evolving into energy efficiency partners [27]

Core Insights - Guizhou High-tech Zone is focusing on high-quality development through innovation and the establishment of three major ecological circles in advanced equipment manufacturing and electronic information sectors [1][2] Group 1: Industry Development - The aviation engine industry ecosystem is a benchmark for strategic emerging industries in Guizhou High-tech Zone, emphasizing a "leading enterprise-driven, chain development" approach [2] - Guizhou High-tech Zone has formed a complete industrial chain from R&D to component manufacturing and complete machine matching, involving 23 related enterprises [2][3] - The ecosystem includes major enterprises like AVIC and smaller enterprises, creating a collaborative environment for innovation and resource sharing [2] Group 2: Company Performance - Guizhou Hangfei Precision Manufacturing Co., Ltd. has achieved significant growth, with its output value exceeding 100 million yuan within three years of joining the aviation engine ecosystem [1][2] - The company specializes in high-end standard parts and components for various sectors, including aviation and aerospace, and has expanded its layout to surrounding mainframe manufacturers [1] Group 3: Future Outlook - Guizhou High-tech Zone is transitioning from "single-point breakthroughs" to "systematic innovation," promoting efficient flow of innovation elements among universities, research institutions, and industrial parks [4] - The zone aims to continue enhancing its "high" and "new" characteristics while constructing a modern industrial system [4]

热点聚焦 私募爱上ETF，年内超百家私募现身ETF前十大名单 私募排排网数据显示，截至5月31日，年内共有104家私募机构旗下的产品现身97只ETF的前十大持有人名单中。上述产品 的合计持有ETF份额达17.83亿份。具体到单只产品来看，以景顺长城沪深300增强策略ETF为例，截至2025年5月30日，青 岛鹿秀投资管理旗下一产品，持有份额达3000万份，占该基金总份额的比例高达6.83%；以嘉实中证诚通国企数字经济ETF 为例，截至5月23日，该基金的前十大持有人中，深圳齐兴资产管理旗下的3只私募产品分列第六、第七、第九大持有人，3 只产品合计持有份额达3000万。另据华宝国证通用航空产业ETF的上市交易公告书显示，截至2025年4月22日，该基金的前 十大持有人中，6名为私募基金旗下产品。其中，该基金的第一大持有人为上海文谛资产管理旗下的一只产品，持有总份额 为1000万份，占基金总份额比例为3.94%。另外还有华泰柏瑞上证科创板半导体材料设备ETF，截至2025年5月27日，该基 金前十大持有人中，6名为私募机构旗下产品。该基金第一大持有人为青岛鹿秀投资管理旗下一产品，持有份额达1000万 份，占基金总 ...

[Table_Reportdate] 2025年06月03日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 花雨欣 hyx@longone.com.cn [晨会纪要 Table_NewTitle] 20250603 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.从合约货与工业企业利润的关系，寻找库存去化与订单景气的方向——资产配置周报 （2025/05/26-2025/05/30） ➢ 2.抢出口有支撑，但强度相对温和——国内观察：2025年5月PMI ➢ 1.美国4月PCE出炉 ➢ 2.特朗普称美国钢铁进口税提高至50% ➢ 3.工业和信息化部：加大汽车行业"内卷式"竞争整治力度 ➢ 4.美国延长对中国 ...

Summary of the Conference Call for 德昌电机控股 Company Overview - 德昌电机控股 specializes in actuator assemblies, including motors and most components, dexterous hands, and hollow cup motors [1] Financial Performance - For the fiscal year ending Q1 2025, the company reported revenue of $36.5 million, a year-over-year decrease of 4.4% [2] - Net profit reached $2.6 million, reflecting a year-over-year increase of 14.6% [2] - Gross margin was reported at 23.1%, an increase of 0.8 percentage points year-over-year [2] - The company declared a dividend of $0.73 million, with a payout ratio of approximately 28% [3] Product Development and Market Strategy - The company is currently providing samples to clients in both China and the United States [2] - A cost-reduced and standardized joint product is expected to be launched in September during the A3 event [2] - The company is entering the AIDC liquid cooling sector, having released a liquid cooling pump designed to assist clients in building high-density computing environments [3] - These new products are characterized by their small size, stable flow rates, and compatibility with multiple GPU architectures [3] Capital Expenditure and Risks - Currently, there is minimal capital expenditure (Capex) planned, pending downstream progress [2] - Approximately 5% of revenue is subject to U.S. tariffs, indicating a potential risk [3] - Due to tariff risks, related Capex for local production may see a slight increase [3]

Group 1 - The core viewpoint of the report is that 德昌电机控股 is expected to maintain stable performance in the fiscal year 2025 while increasing its focus on robotics and liquid cooling for data centers [1][2] - The company is projected to achieve revenues of $39.8 billion, $43.5 billion, and $47.5 billion for the fiscal years 2026, 2027, and 2028 respectively, with net profits of $3.08 billion, $3.45 billion, and $3.77 billion, reflecting year-on-year growth of 17%, 12%, and 9% [1] - The company reported a revenue of $36.5 billion for the fiscal year 2025, a decrease of 4.4% year-on-year, while net profit increased by 14.6% to $2.6 billion, with a gross margin of 23.1%, up by 0.8 percentage points [1] Group 2 - The company is actively developing smart electric motor applications and expanding its business in China's independent passenger vehicle market, which is expected to help return revenue growth [2] - 德昌电机控股 is entering the robotics and data center liquid cooling sectors, focusing on differentiated and innovative drive system solutions, including AI server thermal management systems [2] - The launch of the DCP series liquid cooling pumps in May 2025 is aimed at modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [2]