证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 持续推荐内需超预期的工程机械；强推短期 调整业绩确定高增的油服设备 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 4）潜在核心标的：新坐标（手部丝杠送样），高测股份（键绳+行星减速机）。 【半导体设备】美加强对华半导体设备管制，看好自主可控下国产化率提升 10 月 7 日美国众议院"中美战略竞争特别委员会"两党议员在经过数月的调查之后发 布发布涉华半导体出口管制重要报告，主要系海外设备龙头均有 40%左右的收入来自 中国，我们认为这一管制利好国产半导体设备份额提升，国内晶圆厂制程的核心工艺 设备环节如光刻、刻蚀、薄膜沉积国产化率有望快速提升；此外存储持续涨价、国内先 进制程积极扩产、国产算力发展均带来制造端投资机会。投资建议：（ ...

证券研究报告 策略 市场调整后的四点观察 2025 年 10 月 19 日│中国内地 国内周报 华泰研究 何康，PhD 研究员 hekang@htsc.com +(86) 21 2897 2202 王伟光* 研究员 SAC No. S0570523040001 wangweiguang@htsc.com +(86) 21 2897 2228 核心观点 上周市场继续呈现宽幅震荡走势，中美谈判的一波三折，也对市场风险偏好 形成明显扰动。短期，从市场情绪来看，赚钱效应、市场热度、技术指标等 已回调至接近中性水平，后续待资金指标合理降温后，市场情绪有望回落至 性价比区间。此外，考虑到月底前贸易摩擦仍会频繁博弈，市场当前向防御 板块的风格切换仍有演绎空间，但指数的有效突破或仍有赖于科技板块的再 启动，这一点在当前业绩期，科技板块消化性价比不高的压力后有望回归。 操作上，继续均衡配置，内部注重性价比，关注半导体设备、AI 端侧、电 池、有色金属等，继续持有黄金及大金融，对冲中美摩擦的不确定性。 观察一：市场情绪已回调至接近中性水平 国庆假日结束后，伴随着海外地缘问题加剧，市场风险偏好有所回落、迎来 调整，考虑到交易性资金 ...

Market Outlook - The market is expected to experience a "first suppression, then rise" pattern, indicating a potential upward trend after initial fluctuations [3] - Support from policies is significant, with the upcoming Fourth Plenary Session and the focus on technology innovation, new productivity, and high-end manufacturing as key areas [3] - Northbound capital has increased by nearly 500 billion compared to August, indicating that foreign investment is not withdrawing [3] Investment Focus - The first focus is on the technology growth sector, particularly the AI industry chain, with an emphasis on companies related to computing power and servers [4] - The second focus is on high-end manufacturing and resource products, with engineering machinery leaders showing improved performance and rising gross margins [4] Operational Recommendations - For investors with light positions, it is advisable to gradually build positions around the 3840-point mark, targeting the two main focus areas [5] - For those with heavy positions, it is recommended not to panic sell but to adjust the portfolio structure during rebounds [6]

10月18日，上海证券交易所副理事长霍瑞戎在全球财富管理论坛·2025上海苏河湾大会上表示，展望未 来，新一轮的科技革命正在加速演进，人工智能、生物医药等技术将快速发展，不仅会深刻影响社会活 动，也将深刻改变"科技—产业—金融"的融合发展态势。顺应这一趋势，上交所将始终锚定服务国家战 略，以推动高质量发展为目标，持续提升上市公司质量，营造中长期资金入市的良好生态，不断增强市 场的包容性、适应性和吸引力。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 每经记者｜杨建 每经编辑｜肖芮冬 第二条主线是景气硬支撑领域，主要包括电力设备、有色金属、机械设备等。其中电力设备受益风电出 口高景气、海外储能需求高增、固态电池突破性进展以及数据中心建设对电源设备量质改善。机械设备 中工程机械在海外需求亮眼带动下新一轮景气周期回升，目前正处前期。 信达证券：牛市走向，流动性和增量政策的博弈 从本轮行情的走向看，流动性让牛市走下去，基本面为牛市积蓄更多力量。 流动性方面，机构资金待入市规模仍高达数万亿元。今年以来尤其是7月以来的A股行情，主要系由机 构贡献，散户贡献不大。机构资金持续入市，背后有一个深刻 ...

近年来，因跨界半导体而备受关注的光伏设备龙头晶盛机电，正遭遇多位高管减持。 10月17日，晶盛机电（300316.SZ）发布董事及高管减持股份预披露公告。公告显示，包括公司董事、副总裁朱亮等在内的5位董事及高管计划在2025年11 月8日至2026年2月7日期间，以集中竞价或大宗交易方式减持公司股份合计不超过277.62万股，占公司剔除回购专用账户股份后的总股本比例0.21%。 图源：晶盛机电公告 按照10月16日收盘价40.82元/股计算，5位董事及高管本次拟减持套现约1.13亿元，其中减持股份最多的朱亮套现金额约合4388.45万元。 对于多位高管同时减持公司股份的原因，21财经·南财快讯记者以投资者身份致电晶盛机电，公司接线工作人员表示，本次减持原因主要是高管自身的资 金需求，"这几位高管在2019年之后就没有动过股票了，后面我们又做了两期股权激励，他们本身也确实有取用资金改善生活的需求。"从减持股份来源来 看，除朱亮所减持股份涉及公司首次公开发行前已发行股份外，其他4位高管所减持股份均为股权激励所获。 对于本次高管减持的后续影响，接线人员表示，本次被减持股权合计为0.21%，比例较低，预计不会造成公司 ...

记者 | 叶映橙,见习记者刘夏菲 编辑 | 刘巷 近年来，因跨界半导体而备受关注的光伏设备龙头晶盛机电，正遭遇多位高管减持。 10月17日，晶盛机电（300316.SZ）发布董事及高管减持股份预披露公告。公告显示，包括公司董事、副总裁朱亮等在内的5位董事及高管计划在2025年11 月8日至2026年2月7日期间，以集中竞价或大宗交易方式减持公司股份合计不超过277.62万股，占公司剔除回购专用账户股份后的总股本比例0.21%。 | 姓名 | 职务 | 股份来源 | 拟减持股 数(股) | 占总股本的比 例(不含回购 | | --- | --- | --- | --- | --- | | | | | | 专户) | | 朱亮 | 董事、副总裁 | 公司首次公开发行前 | 1,075,073 | 0.08% | | 傅林坚 | 运营副总裁 | 已发行的股份及股权 激励获得的股份(包括 | 606,181 | 0.05% | | 张俊 | 副总裁 | 因权益分派转增股本 | 752.824 | 0.06% | | | | 而增加的股份) | | | | 陆晓雯 | 副总裁、财务总 | 股权激励获得的股份 | 231 ...

Core Viewpoint - The recent share reduction by multiple executives at Jing Sheng Mechanical & Electrical (晶盛机电) raises concerns about the company's future performance and investor confidence, especially as it navigates the challenges of transitioning into the semiconductor industry [1][4]. Group 1: Executive Share Reduction - Jing Sheng Mechanical & Electrical announced that five executives, including Vice President Zhu Liang, plan to reduce their holdings by a total of up to 2,776,203 shares, representing 0.21% of the company's total share capital excluding repurchased shares [1][3]. - The total estimated cash from this share reduction is approximately 113 million yuan, with Zhu Liang's portion amounting to about 43.88 million yuan [3][5]. - The company stated that the reason for the share reduction is primarily due to the executives' personal financial needs, as they have not sold shares since 2019 [4][5]. Group 2: Semiconductor Business Development - Jing Sheng Mechanical & Electrical has been expanding into the semiconductor sector, with its subsidiary Jing Hong Precision serving as a significant supplier to semiconductor equipment manufacturer Xin Kailai [8]. - The company has achieved domestic production of 8-12 inch silicon wafer equipment and is extending its reach into chip manufacturing and advanced packaging [8]. - Despite the growth in the semiconductor business, the company has not disclosed specific revenue figures for this segment, although it has indicated that the proportion of semiconductor revenue is increasing while the share of photovoltaic business revenue is decreasing [8][9]. Group 3: Financial Performance - For the first half of the year, the company reported a revenue of 5.799 billion yuan, a year-on-year decrease of 42.85%, and a net profit of 639 million yuan, down 69.52% year-on-year [8][9]. - The decline in performance is attributed to the cyclical downturn in the photovoltaic industry and significant price drops in material business products, while the semiconductor equipment business is still in the development phase [9].

Core Points - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has officially notified Arrow Electronics that its associated companies will be removed from the export control "Entity List" [1][3] - This removal will allow the associated companies to trade controlled technologies and products with U.S. companies without strict limitations [1][4] - The decision to remove Arrow's associated companies comes just over a month after they were initially placed on the Entity List [2][6] Summary by Sections Removal Notification - Arrow Electronics, Inc. received a notification from BIS indicating that the End-User Review Committee has decided to remove several of its associated companies from the Entity List, including Arrow China Electronics Trading Co., Ltd. and Arrow Asia Pacific Limited [3][4] - The removal will be formally published in the Federal Register and is expected to take effect in the coming weeks [4][7] Implications of Removal - The removal signifies a positive turn in the case against Arrow Electronics, which was previously listed due to alleged violations of U.S. national security or foreign policy interests [6] - The industry is closely monitoring the official announcement in the Federal Register for further details [7] Analysis of the Decision - The decision to remove Arrow from the Entity List may indicate that the U.S. government recognized the potential negative impact on its own semiconductor companies, as Arrow is a key distributor in the global chip supply chain [8] - There is speculation that Arrow may have provided compelling new evidence to demonstrate compliance, or that the situation was leveraged as a bargaining chip in broader negotiations [8][9]

将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 作者丨黎曼 来源丨投中网 本周LP圈大动作不断:薇诺娜母公司、片仔癀知名企业相继出资当LP；上海近期又设立了约150亿元未来产业基金、120亿"静 安资本"、57亿集成电路产业基金；此外还有江西50亿新基金、南京30亿新基金、海南30亿新基金等以供重点关注。本周共有 30条资讯，包括1个募资新动态、27支新基金成立、2支基金招GP。 募资动态 康桥资本旗下瑞桥信贷二期美元基金完成5亿美元募集 康桥资本近日宣布，旗下瑞桥信贷二期美元基金（R-Bridge Healthcare Fund II，简称"RBF II"）完成募集，总募资金额达5亿 美元。该基金为亚洲规模最大的专注于医疗健康领域的信贷基金之一。RBF II将在全球范围内投资，助力医疗创新及行业可持 续增长。 RBF II的LP包括主权财富基金、养老基金、金融机构及家族办公室。该基金延续其差异化投资策略，面向拥有即将有产品获批 或产品处于商业化阶段的生物技术公司及医疗器械或服务企业，提供基于药品特许权和销售收入的融资结构，覆盖北美、欧 洲、亚洲及其他全 ...

以下文章来源于公募排排网 ，作者排排产品研究中心 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 一、"TACO交易"重现，市场的反射弧正在缩短 对投资者而言，如何在波动中把握节奏、提升持仓结构的抗波动能力是更关键的问题。从投资操作的角度看，这类"短期扰动—快速修复"的行情 结构，正在强化资金的哑铃型配置思路：一端进攻，一端防守 。 首先，"进攻端"——拥抱高景气科技成长主线。 当市场出现短期恐慌时，优先关注科技制造链中确定性较高、弹性强的方向，如AI算力、半导 体设备、智能制造等。历史经验表明，在外部冲击后的反弹阶段，成长板块往往最先修复 。 上周，特朗普再度放话——拟自11月1日起对中国商品加征100%关税，并计划对关键软件产品实施出口管制。这条推文引发美股当日大跌，纳 斯达克指数一度下挫超3%，VIX攀升至22。但两天后，特朗普语气转向温和，美股迅速反弹，黄金回吐涨幅 。 这 一幕，被华尔街戏称为"TACO交易"（Trump Always Chickens Out）—— 特朗普总是虚张声势 ， 最后让步 。市场早 ...