七连阳的市场蕴含何种机会？和讯投顾孔晓云表示，今天在没有外资的情况下，盘面是放量收红，早盘 商业航天继续涨到大家头晕目眩的强劲格局，下午盘面先拉资源，后拉科计，明天八连阳会不会来谁也 说不好，但至少这种波段连续上涨，已经让市场情绪暖和起来了，给人感觉春季是不是在悄悄预热了， 等外资过完节回来，量能可能进一步的放大，市场向上的空间呢或许还能打开。 当前离岸美元对软民币汇率已踏入60关口，回顾过去20年7轮升值周期，约19%的行业会因为升值带来 利润率提升，更关键的因素可能来自政策应对，预示明年货币政策可能更容易超预期宽松，这对于激发 内需板块带动市场再上一个台阶有重要的意义。 具体配置方向可关注以下三条主线。例如短期进入记忆的品种，航空、燃气、造纸等在成本端或外债端 直接受益，股价弹性较高，利润率驱动品种上游的资源品和原材料，包括钢铁、有色、石油、炼化、基 础化工、建材、内需消费品，比如农产品服务业相关品种，比如航运进口等跨境电商。制造设备主要是 工程机械政策驱动品种，受益于潜在货币宽松的免税，以及受益于可能资本账户开放的券商保险全球化 潜力释放。 ...

每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王晓波） 每经AI快讯，厦工股份（SH 600815，收盘价：3.75元）12月25日晚间发布公告称，公司第十一届第四 次董事会会议于2025年12月25日以通讯方式召开。会议审议了《关于公司2025年度审计费用的议案》等 文件。 2025年1至6月份，厦工股份的营业收入构成为：工程机械行业占比77.79%，装备租赁占比15.18%，建 筑施工占比5.72%，其他业务占比1.31%。 截至发稿，厦工股份市值为67亿元。 ...

Core Viewpoint - The report from Dongfang Securities indicates a significant increase in excavator exports in November, reflecting an improvement in industry sentiment and competitiveness in China's engineering machinery sector [1][2]. Group 1: Export Growth and Market Sentiment - In November 2025, China exported 27,752 crawler excavators, totaling $872 million, with a year-on-year increase of 52.36% and 26.67% [1]. - The export growth rate exceeded 50% in November, surpassing the cumulative growth rate of 35% from January to November, indicating accelerated exports and rising market sentiment [1]. Group 2: Demand Variability and Export Resilience - There is variability in demand from different export countries, with significant month-on-month increases exceeding 100% for Brazil, Italy, and Vietnam, while exports to the US, Indonesia, Russia, and Canada saw declines [2]. - Despite the inconsistent demand across countries, the overall export growth remains robust, attributed to the strengthening competitiveness of China's engineering machinery abroad [2]. Group 3: Impact of Used Equipment Exports - The customs data shows a discrepancy with industry association statistics, with customs reporting 27.4 million units exported from January to November, compared to the association's 10.4 million [3]. - The increase in exports of used excavators is expected to lead to a decrease in domestic ownership, which will stabilize or increase utilization rates, benefiting the long-term health of the industry [3].

Summary of the Conference Call for Tongli Co., Ltd. Industry Overview - Traditional oil vehicles will not disappear in the short term, but will be rapidly replaced by new energy vehicles in open-pit coal mining. Non-coal sectors will still see the presence of oil vehicles due to low transport volumes and high costs [2][3] - The overseas market will continue to rely on oil vehicles for the next two to three years due to infrastructure limitations and customer hesitance towards new energy products [2][3] Company Insights - Tongli Co., Ltd. has developed a prototype of a cabless autonomous mining truck, which has completed trial production but has not yet been priced for sale. The removal of the cab aims to enhance load capacity, optimize maintenance, and reduce costs by approximately 1.5% to 2% [2][4] - The company currently has no clear timeline for mass production or sales targets for 2026 for its autonomous trucks. The focus is on vehicle manufacturing, while the intelligent driving system is chosen by customers for retrofitting [2][5] - The market share of Tongli Co., Ltd. in the autonomous driving sector is approximately 40%, which is higher than its overall product market share [2][7] Sales and Market Trends - In 2025, the sales proportion of traditional oil vehicles has dropped below 50%, with new energy products exceeding 60%. However, traditional oil vehicles will still exist, particularly in non-coal sectors [3][7] - The sales volume of autonomous vehicles in the second half of 2025 is expected to remain stable or see slight growth compared to the first half, but specific sales targets for 2026 have not been established [7] - The autonomous mining truck industry is expected to grow, driven by national policy guidance and a shortage of drivers as older generations retire [8] Challenges and Strategies - Tongli Co., Ltd. faces challenges in expanding its overseas market due to insufficient sales and service channels compared to competitors like SANY and XCMG. The company plans to focus on quality and profitability rather than merely increasing market share [9][10] - The company aims for a market share of 35% in the short term, with a long-term goal of reaching 40% [22] Product Development and Market Position - The cabless autonomous mining truck is designed to increase cargo capacity by 5% to 10% and extend battery life, improving overall efficiency [4] - The company does not plan to produce large oil trucks due to a lack of competitive advantage in imported engines and transmissions, focusing instead on electric large trucks [25] Financial Performance and Projections - In 2025, domestic sales are projected to be between 13,000 to 15,000 units, a decline of 30% to 40% year-on-year. However, the higher price of electric vehicles is expected to mitigate revenue losses [19][24] - The after-sales service revenue is anticipated to reach 20% to 30% of total revenue in the future, with profitability levels approaching that of vehicle sales [27] Conclusion - The overall demand for open-pit coal mining vehicles is expected to remain stable or slightly decline in 2026, with a focus on replacing existing stock with new energy and autonomous technologies [12][21]

Market Overview - The A-share market indices all rose last week, with the ChiNext Index showing the largest increase of 4.34%, while the Shanghai 50 Index had the smallest rise of 2.46% [2] - As of December 23, the margin trading balance in the Shanghai and Shenzhen markets was 25,236.76 billion yuan, an increase of 265.98 billion yuan from the previous week [2] - The average daily number of investors participating in margin trading was 402,310, a decrease of 0.92% from the previous week [2] Industry Insights - The electronic, communication, and power equipment sectors saw significant net buying in margin trading, while the food and beverage, computer, and basic chemical sectors experienced less net buying [3] - The machinery equipment sector's performance was strong, with the industry index rising 3.26%, outperforming the Shanghai and Shenzhen 300 Index by 0.52 percentage points [7] - In November, the import and export trade volume of engineering machinery in China reached 54 billion USD, marking a year-on-year increase of 15.4% [5] Company Announcements - Nepean Mining announced a delay in some fundraising projects [5] - Yongda Co. announced it received a bid notification [6] - Zhongchuang Zhiling announced an external investment [6] Future Outlook - The demand for engineering machinery is expected to continue to grow due to favorable domestic construction activity and the implementation of major projects [7] - The production of industrial robots in November was approximately 70,200 units, a year-on-year increase of 20.60%, with expectations for the total production in 2025 to exceed 700,000 units [8] - The report maintains a "positive" rating for the machinery equipment industry and recommends focusing on companies like Zoomlion (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [8]

Core Viewpoint - The report highlights a recovery trend in the engineering machinery sector, with both domestic sales and exports showing growth in November, particularly in the automotive crane segment, which has seen a 25.8% year-on-year increase in domestic sales [1][2]. Market Review - In the past week, the indices for machinery equipment, power equipment, and automotive sectors experienced declines of -1.56%, -3.12%, and -0.1% respectively, ranking 29th, 30th, and 21st among 31 first-level industries in the Shenwan classification; during the same period, the CSI 300 index fell by -0.28% [1]. Industry Insights Engineering Machinery - In November, domestic and export sales of 12 major engineering machinery products showed 10 categories increasing and 2 decreasing; specifically, automotive cranes had domestic sales of 780 units, marking a 25.8% year-on-year growth, continuing a positive trend for five consecutive months since July [2]. - The overall export performance is stable, driven by the enhanced global competitiveness of domestic enterprises and rising demand due to interest rate cuts; thus, there is a high certainty of upward momentum in both domestic demand and exports [2]. Photovoltaics - The price of battery cells has increased due to a significant rise in silver paste costs, which has pushed up the production costs of N-type TOPCon batteries; however, overall demand remains weak, leading to production cuts across the supply chain [3]. - Despite short-term price stabilization, fundamental pressures such as weak domestic terminal demand and accumulating silicon material inventory persist, indicating a fragile balance in the industry [3]. Automotive - The introduction of the first batch of L3-level conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology is expected to accelerate the development of the autonomous driving industry in China [4]. - This initiative marks a significant step from testing to commercial application for L3-level autonomous driving, potentially benefiting related vehicle manufacturers and key component suppliers [4].

Core Viewpoint - Chinese enterprises are entering a new era of globalization, focusing on high-end segments of the global value chain, driven by the need for economic transformation and high-quality development [1][2]. Group 1: Industry Trends - The trend of Chinese companies going global is characterized by a systematic approach, moving from product exports to a model that includes "capacity + brand + channel" [2]. - China's trade competitiveness has significantly improved, especially in capital and technology-intensive sectors such as power equipment, engineering machinery, and motorcycles, with notable gains in passenger vehicles, machine tools, new materials, optical communications, and medical devices [2]. - The overseas gross profit margins of non-financial listed Chinese companies have surpassed domestic margins in the first half of 2023, indicating a shift towards higher value-added segments [2]. Group 2: Global Economic Context - The global industrial and infrastructure capital expenditure is entering an upward cycle, with emerging markets accelerating their capital spending due to previous high-interest rate constraints [3]. - Southeast Asian countries, with GDP per capita between $3,000 and $10,000, are experiencing explosive demand for electricity, infrastructure, production equipment, and durable consumer goods [3]. - Developed markets are also seeing a surge in demand for energy infrastructure updates driven by green transitions and AI-related needs, which is expected to boost demand for Chinese power equipment [3]. Group 3: Investment Recommendations - Recommended sectors include power equipment, machinery, automotive, new materials, innovative pharmaceuticals, and gaming, driven by industrialization in emerging markets and infrastructure updates in developed countries [4]. - High-value components are highlighted due to China's significant technological and cost advantages, with recommendations for communication equipment, automotive parts, innovative pharmaceuticals, and new materials [4]. - Consumer exports are expected to grow due to urbanization in emerging markets and the enhancement of China's cultural soft power, with recommendations for motorcycles, passenger vehicles, and gaming content [4].

Group 1 - UBS Group AG increased its stake in SANY Heavy Industry Co., Ltd. by purchasing 86,600 shares at a price of HKD 21.5263 per share, totaling approximately HKD 1.8642 million [1] - After the acquisition, UBS's total shareholding in SANY Heavy Industry reached approximately 57.7074 million shares, representing a holding percentage of 8.01% [1]

Core Viewpoint - The 2025 version of the "Encouraging Foreign Investment Industry Catalog" has been released, aiming to attract more foreign investment into advanced manufacturing, modern services, high-tech, and energy-saving sectors, particularly in China's central and northeastern regions [1][2][3]. Group 1: Background and Purpose - The revision of the 2025 catalog is part of the government's strategy to enhance foreign investment, as emphasized in the 15th Five-Year Plan and the 2024 government work report [2]. - The revision process involved extensive consultations with foreign investment enterprises, associations, experts, and local authorities to gather diverse opinions [2]. Group 2: Key Changes in the Catalog - The 2025 catalog includes a total of 1,679 entries, an increase of 205 entries compared to the 2022 version, with 303 entries modified [3]. - The national catalog consists of 619 entries, with 100 new additions and 131 modifications, while the regional catalog has 1,060 entries, with 105 new additions and 172 modifications [3]. Group 3: Focus Areas for Foreign Investment - The catalog continues to prioritize advanced manufacturing, adding new areas such as the development and production of nucleic acid drugs, smart detection equipment, and underwater robots for deep-sea operations [4]. - It encourages investment in modern services, including new material technology platforms, high-end shipping services, and various consumer service sectors like pet care and sports tourism [4]. Group 4: Regional Investment Incentives - The catalog aims to direct more foreign investment to central and northeastern regions by adding specific entries based on local resources and industry strengths, such as cruise tourism in Liaoning and ice and snow equipment in Heilongjiang [5]. Group 5: Incentives for Foreign Investment - Industries listed in the catalog can benefit from several incentives, including tax exemptions on imported equipment, priority land supply for industrial projects, reduced corporate tax rates in western regions, and tax credits for reinvested profits [6]. Group 6: Implementation and Support Measures - The Ministry of Commerce plans to promote the catalog through outreach efforts, improve supporting measures, and enhance service guarantees to ensure foreign enterprises can fully benefit from the catalog [7].

证券之星消息，12月24日工程机械板块较上一交易日上涨1.34%，安徽合力领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600761 | 安徽合力 | 21.38 | 9.98% | 37.88万 | 7.89亿 | | 301279 | 金道科技 | 30.94 | 6.10% | 6.04万 | 1.82亿 | | 300201 | 海伦哲 | 6.22 | 4.71% | 76.56万 | 4.71亿 | | 603273 | 天元智能 | 20.40 | 3.92% | 7.20万 | 1.45亿 | | 600815 | 厦工股份 | 3.74 | 3.60% | 105.57万 | 3.95(Z | | 603194 | 中力股份 | 37.20 | 2.76% | 2.48万 | 9126.00万 | | 603298 | 杭叉隻团 | 27.5 ...