日本机床的海外订单实现增长 中国的订单在占亚洲地区近7成，中国汽车相关领域订单表现坚挺，增长8%…… 8月21日，日本工作机械工业会（日工会）公布的数据显示，7月机床订单总额（确报值）同比增长 4%，达到1283亿日元。时隔1个月转为正增长。除了坚挺的亚洲需求之外，欧洲时隔18个月实现增长。 日工会表示："美国关税政策的影响似乎有所缓和，但也存在增税带来的下行风险"。 占订单总额7成的海外订单增长5%，达929亿日元。按地区来看，亚洲增长9%，达475亿日元，时隔1个 月再次增长。中国的订单在占亚洲地区近7成，中国汽车相关领域订单表现坚挺，增长8%。 欧洲增长12%，至164亿日元。汽车相关订单低迷，但防卫装备、电气和精密相关的增长推动了整体增 长。北美减少1%，降至267亿日元，时隔3个月出现负增长。美国表现坚挺，但墨西哥大幅下滑。 日本国内订单减少1%，降至354亿日元。按行业来看，航空、造船和运输用机械大幅增长，汽车也在复 苏，但另一方面，一般机械、电气和精密相关订单减少。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com ...

Group 1 - The company, Tsunami Machine Tool China (01651), announced a share buyback plan [1] - The company will spend HKD 269,100 to repurchase 10,000 shares [1] - The buyback price is set between HKD 26.74 and HKD 27.00 per share [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 2.441 billion yuan in H1 2025, representing a year-on-year increase of 18.44%, and a net profit attributable to shareholders of 233 million yuan, up 47.38% year-on-year [1] - The company is benefiting from the high demand in the 3C industry, with its 3C drilling and milling center generating 896 million yuan in revenue, a year-on-year increase of 34.07% [3] - The company is expanding its product offerings to cater to humanoid robots and low-altitude applications, enhancing its core component R&D investments [2] Financial Performance - In H1 2025, the company's gross margin was 25.03%, an increase of 2.08 percentage points year-on-year, and the net margin was 9.75%, up 1.74 percentage points year-on-year [1] - The company’s contract liabilities grew significantly by 65.17% year-on-year, indicating a strong order backlog [2] - The forecasted revenues for 2025-2027 are 5.459 billion, 6.669 billion, and 7.202 billion yuan, respectively, with net profits projected at 414 million, 558 million, and 627 million yuan [4] Market Position and Outlook - The company has established partnerships with key players in the robotics and drone sectors, enhancing its market position [2] - The company is expected to benefit from the recovery in the 3C sector, with anticipated revenue growth driven by new product demands and industry innovations [3]

Core Viewpoint - The company is accelerating its overseas business expansion, with a significant increase in overseas sales contracts, reflecting the rise of China's "industrial mother machine" and its contribution to the global manufacturing transformation [1][7]. Group 1: Company Overview - Kunming Machine Tool, a key player in the machine tool industry, has transitioned from a long period of losses to profitability in 2023, marking a new development phase after its integration into the General Technology Group [2][3]. - The company has a product matrix primarily focused on precision boring and milling machines, which are crucial for high-end equipment manufacturing [2]. Group 2: Financial Performance - After joining the General Technology Group, Kunming Machine Tool ended a decade-long loss streak and achieved operational profitability in 2023 [2][3]. - The company has secured over 3 billion yuan in contract orders by focusing on key clients and addressing their processing challenges [7]. Group 3: Innovation and R&D - The company maintains a research and development investment ratio of around 5% of its revenue, with plans to invest over 400 million yuan in technological upgrades in 2024 [4][5]. - Self-research rate for key components has reached 70%, with a focus on overcoming technological barriers posed by foreign competitors [6]. Group 4: Market Expansion - Kunming Machine Tool is actively expanding into emerging markets and has achieved overseas sales contracts exceeding 100 million yuan for the first time in 2024, covering markets such as the USA, South Korea, and Australia [7][8]. - The company aims to leverage its geographical advantages to establish a foothold in Southeast Asia's machine tool market [8]. Group 5: Industry Challenges - The machine tool industry faces challenges such as low-end competition and a lack of high-end products, necessitating a push for market regulation and innovation [8]. - There is a pressing need for collaboration between industry and academia to address the talent crisis and foster technological innovation [8].

Core Viewpoint - The company is accelerating its overseas business expansion, achieving significant sales contracts in international markets, reflecting the rise of China's "industrial mother machine" and its contribution to global manufacturing transformation [1][6]. Group 1: Company Overview - Kunming Machine Tool, a key player in the machine tool industry, has transitioned from a period of losses to profitability, marking a new development phase after its integration into the General Technology Group [2][3]. - The company has a product matrix primarily focused on precision boring and milling machines, which are crucial for high-end equipment manufacturing [2]. Group 2: Financial Performance - In 2023, the company ended a decade-long loss streak and achieved operational profitability [2][3]. - The overseas sales contract amount exceeded 100 million yuan for the first time in 2024, indicating strong international market performance [6]. Group 3: Strategic Initiatives - The company has implemented a strategy of divesting non-core and less profitable businesses, focusing on its main operations in precision boring and milling machines [3]. - Organizational management reforms have been introduced, including dynamic performance assessments for leadership, enhancing the company's operational vitality [3]. Group 4: Innovation and R&D - The company maintains a research and development investment ratio of around 5% of revenue, with plans to invest over 400 million yuan in technological upgrades by 2024 [4][5]. - Self-research rate for key components has reached 70%, with a focus on overcoming technological barriers in high-end machine tools [5]. Group 5: Market Expansion - The company is actively exploring new growth points in traditional markets such as wind power, mold processing, and engineering machinery, securing over 300 million yuan in contract orders [6]. - Plans are in place to establish a stronghold for machine tool sales in Southeast Asia, aiming to rank among the top machine tool manufacturers globally by 2030 [7].

机床，制造机器的机器，被称作"工业母机"，影响着制造的精度与效率。小到螺丝钉、大到远洋邮轮的 制造，都离不开它。 由"一五"期间的沈阳第一、第二、第三机床厂发展演变而来，通用技术集团沈阳机床股份有限公司（以 下简称"沈阳机床"）是目前我国最大的中高端数控机床研发生产基地。 走过70多年，沈阳机床矢志攻关高端机床，其突围历程给人不少启示。 突破0.01毫米 攻克五轴联动机床 五轴联动机床，被喻为工业皇冠上最亮也是最难的"明珠"。这一高端精密机床，一度制约着中国制造。 五轴联动，要求机床能同时控制三个直线轴及两个旋转轴，实现空间复杂曲面加工。 难在哪？比如，五轴联动下，刀具路径不再是简单的直线或圆弧，而是复杂的空间曲线，机床每秒需进 行上万次的空间轨迹计算。 有何用？生活中，像曲面玻璃模具等异形零部件，使用三轴或四轴联动机床，以"固定姿态+分步加 工"方式切削，往往存在误差，只有五轴联动才能实时调整姿态，一次性满足所有要求。 "对不少复杂精密零件而言，五轴联动加工是唯一解决方案。在一定意义上看，五轴联动机床决定了一 个国家在高端领域的制造自主权。"通用技术沈阳机床总经理、党委副书记徐永明说。 如今，我们突破了吗？ ...

● 本报记者 李嫒嫒 深耕主业扭亏为盈 机床是制造机器的机器，被誉为"现代工业的心脏"，其技术水平关乎国家高端装备制造能力，是体现国 家综合实力的重要基础性产业。昆明机床正是生产机床的企业，经过多年的发展，形成了以精密镗铣床 为主的系列产品矩阵。 作为老牌制造企业，昆明机床的发展充满坎坷，曾与上海机床厂并称为机床工业的两颗明珠，在上世纪 九十年代率先成为A+H股上市公司，然而受市场竞争加剧等多重因素影响，昆明机床在发展中逐渐掉 队。 2022年通用技术集团实施战略重整，拥有多年高端机床精密制造经验的昆明机床也因此迎来了涅槃重生 的机会，成为通用技术集团高端机床板块的重要成员。 "自从我们加入通用技术集团，尤其是公司2023年整体从老厂区搬迁至杨林新基地后，进入了新的发展 阶段。"王鹤介绍，2023年公司结束了长达十年的亏损期，实现经营性盈利。 "这台两层楼高的大型落地式铣镗床即将出口，这两年我们的设备也在加速走向海外，去年海外市场销 售合同额突破1亿元。"通用技术昆明机床董事长王鹤日前在接受中国证券报记者专访时表示，公司正加 快海外业务拓展。 王鹤表示，通用技术昆明机床（简称"昆明机床"）在海外市场崭露头角， ...

Group 1 - The Hang Seng Index rose by 0.62%, gaining 156 points to close at 25,426 points, while the Hang Seng Tech Index increased by 1.96%. The early trading volume in Hong Kong stocks reached HKD 172 billion [1] - Chinese brokerage stocks continued their upward trend, with the Shanghai Composite Index hitting a nearly ten-year high, indicating a growing trend of active investment behavior among residents. Guotai Junan (601456) rose by 5.93%, China International Capital Corporation (601995) increased by 5.31%, and CITIC Securities (06030) gained 4% [1] - The film and television sector showed strength in early trading, driven by a surge in summer box office revenues and positive reviews for major films, leading to a recovery in audience demand. Lemon Films (09857) surged by 37%, while Maoyan Entertainment (01896) rose by 6.05% [1] - The performance of China Literature Group (00772) exceeded expectations, with the stock rising over 20% as the market focused on the company's IP commercialization progress [1] Group 2 - ZTE Corporation (00763) saw a rise of over 9%, with its A-shares hitting the daily limit, as the company has been actively expanding its smart computing and AI terminal businesses [2] - Continental Aerospace Technologies (00232) surged by over 26%, with expected net profit growth of nearly seven times for the first half of the year, as it is a manufacturer of general aviation piston engines [2] - Soundon Technology (02495) increased by nearly 40%, with expected net profit exceeding 50 million yuan, marking a turnaround from losses year-on-year [3] - Dongwu Cement (00695) experienced a mid-day surge of over 25%, with a cumulative increase of over 100% in the month, and an expected reduction in losses by approximately 67.6% year-on-year [4] - Tsunami Machine Tool China (01651) rose by over 14%, as the company actively explores new markets in AI liquid cooling connectors and electric brake systems for vehicles [4] - Jiufang Intelligent Investment Holdings (09636) increased by over 14%, reaching a new high as its subsidiary Jiufang Zhiyuan entered the "Mosu Space" [5] Group 3 - Standard Chartered Group (02888) fell by 2.58% amid allegations from U.S. lawmakers regarding public sentiment disturbances, following significant fluctuations in its London stock price [6]

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年8月18日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 | 上周环球 | (1) 港股市场焦点 | (2) 日本市场焦点 | (3) 印尼市场焦点 | | --- | --- | --- | --- | | 大类资产表现 | 內地"反内卷"政策 | 日本央行年内存在 | 二季度 | | | 持续强化 | 加息的可能性 | GDP超预期 | | | 股票 | 股票 | 股票 | | | "反内卷"的投资机遇； | 租金增长降低办公楼业主 | 经济预期转暖 | | | 协鑫科技；金力永磁 | 风险溢价；三菱地产； | 或带动市场热情 | | 本周主要地区 | ETF | 日本不动产投资 | ETF | | 经济数据公布日程 | 盈富基金 | ETF | VanEck印尼指数ETF | | | | iShares JPX | | | | | 日经400指数ETF | | | 资料来源：中信证券财富管理 (香港) | | | | 1 上周环球 股市表现 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report emphasizes the focus on technology growth directions and the recovery opportunities in undervalued sectors, particularly in machinery and robotics [2][15] - The report highlights the strong performance of excavator sales and the steady growth of forklift sales, indicating a positive trend in the machinery sector [12][14] Summary by Sections Company Performance - **Jiaocheng Ultrasonic**: Achieved revenue of 148 million yuan in Q1 2025, a year-on-year increase of 22.35%, and a net profit of 23.63 million yuan, up 2152.47%. The company is expected to benefit from the recovery in the lithium battery industry and growth in semiconductor sectors [3][15] - **Zhenghe Industrial**: Reported revenue of 395 million yuan in Q1 2025, a 6.32% increase, with a net profit of 53.84 million yuan, up 100.09%. The company is developing micro-chain systems for robotics, which may benefit from the mass production of humanoid robots [4][15] - **Lvtian Machinery**: Focused on general power machinery and energy storage products, with revenue growth rates of 47.9%, 72.5%, and 50.1% in Q3 2024, Q4 2024, and Q1 2025 respectively. The company expects a net profit growth of 50%-70% in H1 2025 [5][15] Market Trends - In July 2025, excavator sales reached 17,138 units, a 25.2% year-on-year increase, with domestic sales up 17.2% and exports up 31.9%. This growth is attributed to infrastructure investment and equipment replacement policies [13][58] - Forklift sales in July 2025 totaled 118,605 units, a 14.4% increase year-on-year, with both domestic and export sales showing strong growth [14][41] Robotics and Technology - The report notes the increasing demand for humanoid robots and AI-related equipment, with significant events such as the World Humanoid Robot Games showcasing advancements in this field [12][56] - The domestic industrial robot market is expected to grow significantly, driven by labor cost increases and government policies promoting automation [53][56] Policy Support - The report outlines various government policies aimed at supporting the machinery and robotics sectors, including initiatives for equipment upgrades and technological innovation [39][56]