恒工精密（301261）8月27日晚发布2025年半年度报告。面对复杂经济环境，公司展现出强劲经营韧 性，上半年实现营业收入5.27亿元，同比增长2.71%；代表核心业务实力的扣非净利润同比增长9.04%至 5491.77万元，主营业务盈利质量持续优化。同时，公司推出每10股派现3.5元(含税)的分红方案，切实 回馈股东。期内，公司在巩固流体装备核心部件业务基本盘的基础上，深化人形机器人核心零部件领域 布局，"连铸+精密加工"一站式服务模式优势进一步凸显，为长期发展筑牢根基。 营收稳健增长，核心利润提升与股东回报并举 2025年上半年，恒工精密财务基本面保持稳健态势。营收方面，公司实现营业收入5.27亿元，同比增长 2.71%，在机械工业竞争格局中稳固市场地位，延续增长势头。盈利端更具看点，归属于上市公司股东 的净利润达6603.04万元，其中扣除非经常性损益的净利润5491.77万元，同比增长9.04%，这一数据充 分体现公司主营业务盈利能力的持续增强，核心业务盈利质量显著优化。 在股东回报方面，公司董事会审议通过2025年半年度利润分配预案，拟向全体股东每10股派发现金红利 3.50元(含税)，既保障公司 ...

1.【突破3100℃，中国空间站"炼丹炉"刷新世界纪录】8月24日消息，近日，在距离地面大约400公 里的中国空间站，一台现实版的"炼丹炉"成功把钨合金加热到超过3100℃，创造了新的世界纪录。 这台藏在中国空间站的"太空炼丹炉"，其实就是位于天和核心舱里面的无容器材料实验柜，上天四年 来，它一直忙着"炼丹"，只不过炼的不是长生不老的丹药，而是能扛住火箭发动机烈焰的钨合金、铌 合金等"耐热高手"，以及一些新型材料。（光明网） 2.【今年前7个月中国机械工业保持增长态势】8月24日消息，从中国机械工业联合会获悉，今年以 来，我国机械工业生产及投资保持增长态势。最新数据显示，今年1至7月份，机械工业主要涉及的五 个大类行业增加值同比保持增长趋势：通用设备制造业增长8.3%；专用设备制造业增长3.8%；汽车 制造业增长10.9%；电气机械和器材制造业增长11.9%；仪器仪表制造业增长7.1%。（央视新闻） 3.【破解动力电池回收难题，全球首个"超阶零碳建筑"在青岛启用】8月24日消息，全球首个超阶零 碳大楼在山东青岛正式启用。之所以叫"超阶"，是因为除了光伏发电外，这个大楼还通过梯次储能电 池以及新能源汽车放电，实 ...

同时，清洁能源装备生产高速发展。前七个月，我国太阳能电池累计产量为47396万千瓦，同比增长 19.6%；风电机组已出口至108个国家和地区，出口金额稳步提升。 中国机械工业联合会会长徐念沙表示，今年以来，我国机械工业产品产销稳定增长、经济运行稳中向 好，特别是绿色转型步伐持续加快。机械行业企业积极布局"源、网、荷、储"产业链各环节，大力推进 绿色低碳产品的研发与应用，为构建清洁低碳、安全高效的能源体系提供坚实支撑。 ● 本报记者 董添 8月24日，中国机械工业联合会公布最新数据显示，今年以来，我国机械工业生产及投资保持增长态 势。今年1至7月，机械工业主要涉及的五个大类行业增加值同比保持增长趋势。其中，通用设备制造业 同比增长8.3%；专用设备制造业同比增长3.8%；汽车制造业同比增长10.9%；电气机械和器材制造业同 比增长11.9%；仪器仪表制造业同比增长7.1%。 在固定资产投资方面，今年1至7月，通用设备制造业、专用设备制造业、汽车制造业均实现平稳增长。 在机械工业代表性产品中：金属切削机床累计产量为48万台，同比增长13.9%；工业机器人累计产量为 44.7万套，同比增长32.9%。推动新质生产力 ...

同时，清洁能源装备对机械工业带动明显。前七个月，我国太阳能电池累计产量超4.7亿千瓦，同比增长19.6%；风电机组已出口至108个国家和地区，出口 金额稳步提升。 央视网消息（新闻联播）：最新数据显示，今年前七个月，我国机械工业运行平稳，主要涉及的五个大类行业增加值同比均保持增长趋势。其中，通用设备 制造业、汽车制造业、电气机械和器材制造业同比分别增长8.3%、10.9%、11.9%。 ...

央视网消息：记者从中国机械工业联合会获悉，2025年以来，我国机械工业生产及投资保持增长态势。 最新数据显示，2025年1至7月份，机械工业主要涉及的5个大类行业增加值同比保持增长趋势，通用设备制造业增长8.3%，专用设 备制造业增长3.8%，汽车制造业增长10.9%，电气机械和器材制造业增长11.9%，仪器仪表制造业增长7.1%。在固定资产投资方 面，通用设备制造业、专用设备制造业、汽车制造业均实现平稳增长。 同时，清洁能源装备生产高速发展。前7个月，我国太阳能电池累计产量为47396万千瓦，同比增长19.6%。风电机组已出口至108个 国家和地区，出口金额稳步提升。 在机械工业代表性产品中，金属切削机床累计产量为48万台，同比增长13.9%；工业机器人累计产量为44.7万套，同比增长32.9%， 推动新质生产力加快培育。 中国机械工业联合会会长徐念沙介绍，2025年以来，我国机械工业产品产销稳定增长、经济运行稳中向好，特别是绿色转型步伐持 续加快。机械行业企业积极布局"源、网、荷、储"产业链各环节，大力推进绿色低碳产品的研发与应用，为构建清洁低碳、安全高 效的能源体系提供坚实支撑。 ...

Core Viewpoint - The mechanical industry in China has shown stable growth in the first half of 2025, with key economic indicators performing well, but it still faces significant challenges from external uncertainties and domestic demand pressures [1][2][12]. Economic Performance - The mechanical industry achieved a value-added growth of 9.0% in the first half of 2025, outperforming the national industrial and manufacturing growth rates by 2.6 and 2 percentage points respectively [3]. - The number of enterprises above designated size in the mechanical industry reached 136,000, an increase of 6,000 year-on-year, accounting for 26.2% of the national industrial total [2]. - Total assets in the mechanical industry amounted to 40.4 trillion yuan, a year-on-year increase of 6.6% [2]. Production and Sales - The production and sales of mechanical products showed steady improvement, with 68.9% of 122 monitored products experiencing year-on-year production growth [3]. - Key sectors such as automotive and electrical machinery saw double-digit growth rates of 11.3% and 12.2% respectively [3]. Investment Trends - Fixed asset investment in the mechanical industry grew by 3.8% year-on-year, which is higher than the national investment growth rate of 2.8% but lower than the industrial average of 10.3% [4]. - Investment in general equipment and automotive sectors grew significantly by 16.6% and 22.2%, serving as the main drivers of investment growth [4]. Economic Efficiency - The mechanical industry generated operating revenue of 15.3 trillion yuan, a year-on-year increase of 7.8%, and total profits reached 791.2 billion yuan, up 9.4% [4]. - The profit margin for the industry was 5.2%, slightly above the national average [4]. Market Sentiment - The mechanical industry’s prosperity index was recorded at 106.9 in June, indicating a stable and improving economic environment [5]. - Five out of six sub-indices were above the critical value, reflecting positive production and industry development trends [5][6]. Challenges and Risks - The industry faces external challenges such as geopolitical tensions and trade uncertainties, which have led to cautious ordering behavior from foreign buyers [13][14]. - Domestic demand remains weak, with 66% of enterprises reporting insufficient orders, and the manufacturing PMI has been below the critical value for four consecutive months [14][11]. - The industry is also grappling with persistent price declines, with the machinery product price index showing a continuous decrease for 29 months [15]. Emerging Trends - The new energy and high-end equipment manufacturing sectors are driving growth, with revenues and profits in these areas significantly outpacing the overall mechanical industry [7]. - The market for new energy vehicles has seen rapid growth, with production and sales reaching 6.968 million and 6.937 million units respectively, marking year-on-year increases of 41.4% and 40.3% [8]. - The mechanical industry’s foreign trade remained resilient, with total trade volume reaching 597.6 billion USD, a year-on-year increase of 7.1% [8][9].

Group 1 - The mechanical industry is expected to see improved economic benefits in the first half of 2025, with revenue and total profit for large-scale enterprises increasing by 7.8% and 9.4% year-on-year, respectively, both exceeding the national industrial level [1] - Fixed asset investment shows a mixed performance, with an overall growth rate of 3.8% in the mechanical industry; investment in the automotive and general equipment sectors increased by 22.2% and 16.6%, respectively, while specialized equipment grew by 6.2% [1] - In the general equipment sector, the production of metal cutting machine tools and industrial robots increased by 13.5% and 35.6% year-on-year, respectively, and excavator sales in the engineering machinery sector rose by 16.8% [1] Group 2 - The "Guiding Opinions on Financial Support for New Industrialization" aims to establish a financial system supporting the high-end, intelligent, and green development of the manufacturing industry by 2027, with a focus on financing support for the industrial mother machine and instrumentation sectors [1] - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects listed companies involved in machine tool manufacturing and its upstream and downstream industries to reflect the overall performance of quality enterprises in this field [1] - Investors without stock accounts can consider the Guotai China Securities Machine Tool ETF Initiated Link A (017471) and Guotai China Securities Machine Tool ETF Initiated Link C (017472) [1]

Core Insights - The mechanical industry in China has shown robust growth in the first half of the year, with key economic indicators laying a solid foundation for achieving annual targets [1][5] - The industry has demonstrated resilience in foreign trade, maintaining stable growth despite challenging international conditions [2][6] Group 1: Economic Performance - In the first half of the year, the mechanical industry achieved operating revenue of 15.3 trillion yuan, a year-on-year increase of 7.8%, surpassing the national industrial growth rate by 5.3 percentage points [1] - The total profit reached 791.2 billion yuan, reflecting a year-on-year growth of 9.4% [1] - The total import and export volume was 597.6 billion USD, with a year-on-year increase of 7.1% [2] Group 2: Trade Dynamics - Exports grew significantly, with a total of 465.9 billion USD, marking a year-on-year increase of 12.4%, while imports fell by 8.2% to 131.7 billion USD [2] - The trade surplus reached 334.3 billion USD, a 23.3% increase, accounting for 57.1% of the national goods trade surplus [2] - Exports to key regions showed strong growth, with a 23.9% increase to Belt and Road countries and a 16.7% increase to RCEP countries [2] Group 3: Investment Trends - Fixed asset investment in the mechanical industry grew by 3.8%, higher than the national average of 2.8% but lower than the industrial average of 10.3% [3] - The general equipment and automotive sectors were the main drivers of investment growth, with increases of 16.6% and 22.2%, respectively [3] Group 4: Technological Advancements - Significant breakthroughs in major technological equipment were achieved, including the launch of the world's first 700 MW ultra-supercritical circulating fluidized bed coal-fired generator [4] - The industry is increasingly focusing on technological innovation and green development, with strategic emerging industries showing higher revenue and profit growth compared to the overall mechanical industry [4] Group 5: Industry Outlook - As of June, the number of large-scale mechanical enterprises reached 136,000, with total assets of 40.4 trillion yuan, indicating a stable contribution to the economy [5] - The mechanical industry is expected to maintain a steady growth trend in the second half of the year, with projected economic indicators growing around 5.5% [5][6]

Group 1 - The mechanical industry is expected to perform well in the first half of 2025, with revenue and total profit of large-scale enterprises increasing by 7.8% and 9.4% year-on-year, respectively, both exceeding the national industrial level [1] - Fixed asset investment in the mechanical industry has grown by 3.8% year-on-year, with significant investment growth in the automotive and general equipment sectors at 22.2% and 16.6%, respectively, while specialized equipment investment increased by 6.2% [1] - In the general equipment sector, the production of metal cutting machine tools and industrial robots has increased by 13.5% and 35.6% year-on-year, respectively, and excavator sales in the engineering machinery sector have risen by 16.8% [1] Group 2 - The "Guiding Opinions on Financial Support for New Industrialization" aims to establish a financial support system for high-end and intelligent manufacturing, focusing on technological breakthroughs in the industrial mother machine and instrumentation sectors [1] - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in the manufacturing and service of machine tools and key components, reflecting the overall performance of the machine tool industry [1] - Investors without stock accounts can consider the Guotai China Securities Machine Tool ETF Initiated Link A (017471) and Guotai China Securities Machine Tool ETF Initiated Link C (017472) [1]

Core Insights - The mechanical industry in China has shown a positive growth trend in the first five months, with significant increases in various sectors [1] Group 1: Industry Growth - General equipment manufacturing increased by 8.4% year-on-year [1] - Specialized equipment manufacturing grew by 3.7% year-on-year [1] - Automobile manufacturing saw an increase of 11.2% year-on-year [1] - Electrical machinery and equipment manufacturing rose by 12.3% year-on-year [1] - Instrumentation manufacturing experienced a growth of 7.9% year-on-year [1] Group 2: Fixed Asset Investment - Fixed asset investment in general equipment manufacturing increased by 17.5% year-on-year [1] - Specialized equipment manufacturing saw a 7.9% year-on-year increase in fixed asset investment [1] - Automobile manufacturing recorded a 23.4% year-on-year growth in fixed asset investment [1] Group 3: Production of Key Products - The cumulative production of metal cutting machine tools reached 330,000 units, a year-on-year increase of 13.3% [1] - The cumulative production of industrial robots was 287,000 units, reflecting a year-on-year growth of 32% [1] - The cumulative production of generator sets reached 13,743 million kilowatts, with a year-on-year increase of 75.9% [1] - The cumulative production of solar cells was 30,492 million kilowatts, showing a year-on-year growth of 18.3% [1]