Core Insights - The report emphasizes a positive outlook for the mechanical industry in 2026, driven by structural transformation and a rebound in external demand [3][4] - The report introduces a "risk排雷" manual to proactively identify potential market misjudgments and challenges within various sectors [3][4] Industry Overview - The mechanical industry is expected to experience a cyclical reversal, with growth in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6][8] - Key assumptions include continued government support for emerging technology industries and a stable macroeconomic recovery [11][16] Engineering Machinery - The engineering machinery sector is witnessing a cyclical upturn, with increased overseas market share and a gradual domestic renewal cycle [17] - Key growth drivers include global market expansion, improved domestic demand due to favorable macro policies, and a stabilizing domestic infrastructure and real estate market [17] Shipbuilding - The shipbuilding industry is on an upward trend, with demand supported by a variety of vessel types and improving profitability for shipyards [19] - The sector is expected to benefit from supply constraints driving up ship prices and a focus on high-end, large-scale, dual-fuel vessels [20] Export Chain - The export chain is optimistic about demand recovery, particularly in the U.S. market, with a focus on strategic exports and emerging markets [22] - Key assumptions include a favorable trade environment and ongoing industrial shifts towards resource-rich countries [22] Industrial Gases - The industrial gases sector is viewed positively, with expectations of volume and price increases leading to improved valuations [27] - The report highlights the importance of leading companies in the sector and recommends focusing on those with operational highlights in niche markets [30] Lithium Battery Equipment - The lithium battery equipment sector is expected to emerge from a downturn, with solid-state battery technology creating significant market opportunities [51] - The report anticipates a substantial increase in market size, projecting a growth from 2.06 billion in 2025 to 33.62 billion by 2030 [51] Wind Power Equipment - The wind power industry is projected to maintain high growth, particularly in offshore wind projects, with significant investments expected [63] - The report recommends focusing on leading manufacturers and components that support the offshore wind market [64] Testing and Inspection - The testing and inspection sector is expected to see upward momentum, driven by increasing demand and a trend towards consolidation among leading firms [71] - The report emphasizes the importance of focusing on emerging fields and the long-term growth potential of comprehensive testing companies [71] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from steady investment in fixed assets and high demand for passenger and freight transport [75] - The report highlights the potential for continued growth in the high-speed train sector and recommends key players in the industry [76] Oil Service Equipment - The oil service equipment sector is anticipated to thrive due to sustained demand driven by oil prices and energy security concerns [79] - The report suggests focusing on companies with strong technical barriers and those benefiting from domestic and international market opportunities [80]

数据显示，长城基金旗下1只基金位居西测测试十大流通股东。长城久嘉创新成长混合A（004666）三 季度新进十大流通股东，持有股数120万股，占流通股的比例为2.06%。根据测算，今日浮亏损失约168 万元。 12月31日，西测测试跌1.3%，截至发稿，报106.24元/股，成交2.65亿元，换手率4.20%，总市值89.67亿 元。 资料显示，西安西测测试技术股份有限公司位于陕西省西安市高新区丈八二路16号，成立日期2010年6 月1日，上市日期2022年7月26日，公司主营业务涉及从事军用装备和民用飞机产品检验检测,为客户提 供环境与可靠性试验、电子元器件检测筛选、电磁兼容性试验等检验检测服务,同时开展检测设备的研 发、生产和销售以及电装业务。主营业务收入构成为：环境与可靠性试验49.49%，电子装联业务 29.38%，电磁兼容性试验10.81%，电子元器件检测筛选8.18%，检测设备销售1.88%，其他0.26%。 从西测测试十大流通股东角度 截至发稿，尤国梁累计任职时间6年71天，现任基金资产总规模42.62亿元，任职期间最佳基金回报 221.73%， 任职期间最差基金回报-15.93%。 风险提示：市 ...

Core Insights - The company, Lianjian Technology, emphasizes its differentiated advantages in the detection and inspection field, focusing on a "demand-driven integrated service ecosystem" and "cross-domain technology integration" [1] Group 1: Service Model - The company has developed a closed-loop service model that includes "detection diagnosis - problem identification - solution provision," significantly enhancing customer stickiness and service added value [1] - In traditional sectors such as construction and environmental testing, the company employs a "detection+" model to deeply bind customer needs [1] Group 2: Service Offerings - In construction safety testing, the company not only provides testing services but also offers material research and special engineering maintenance as derivative services, creating a full-chain capability from risk warning to remediation [1] - In environmental monitoring, the company combines self-developed low-power wireless sensors and cloud platforms to provide customers with a one-stop service that includes "monitoring data + pollution tracing + remediation solutions" [1] Group 3: Market Expansion - In emerging business areas, the company plans to replicate the "detection + solution" integrated logic to quickly respond to market demands through technological collaboration [1]

Group 1 - The core viewpoint of the article highlights the differentiated advantages of Lianjian Technology in the testing and inspection field, focusing on a "demand-driven integrated service ecosystem" and "cross-domain technology integration capabilities" [1] - The company has established a closed-loop service model of "testing diagnosis - problem identification - solution" to significantly enhance customer stickiness and service added value [1] - In traditional advantageous areas such as construction and environmental testing, the company deeply binds customer needs through a "testing+" model, providing not only testing services but also derivative services like material research and special engineering maintenance [1] Group 2 - In the field of construction safety testing, the company offers a full-chain capability from risk warning to governance and repair, integrating various services [1] - In environmental monitoring, the company combines self-developed low-power wireless sensors and cloud platforms to provide customers with a one-stop service of "monitoring data + pollution tracing + governance solutions" [1] - In emerging business areas, the company plans to replicate the "testing + solution" integrated logic to quickly respond to market demands through technological collaboration [1]

Group 1: Competitive Advantages - The company differentiates itself in the testing and inspection field through a "demand-oriented integrated service ecosystem" and "cross-domain technology integration capabilities" [2] - In traditional sectors like construction and environmental testing, the company employs a "testing+" model to deeply bind customer needs, providing a full chain of capabilities from risk warning to remediation [2] - In emerging business areas, the company replicates the "testing+solution" integrated logic to quickly respond to market demands through technological collaboration [2] Group 2: Future Growth Drivers - Future growth will stem from continuous optimization of the business structure, focusing on high-value emerging sectors such as new energy and electronics, which are rapidly developing markets [2] - External mergers and acquisitions will provide strong support for performance growth, alongside digitalization and technological innovation to enhance detection efficiency and service quality [2] - Global expansion and the development of a one-stop service capability will drive cross-domain resource integration and industry chain extension [2] Group 3: Acquisition Strategy - The company adopts a three-dimensional acquisition strategy of "regional penetration + track expansion + qualification enhancement" for precise external development [2] - Priority is given to regional leaders and high-growth sectors to quickly gain regional qualifications, customer resources, and laboratory networks [2] - The strategy includes integrating resources through a "headquarters empowerment + regional autonomy" model while maintaining core team stability [2] Group 4: Disclosure Information - The activity does not involve any undisclosed significant information [2]

Core Viewpoint - The State Administration for Market Regulation (SAMR) is intensifying efforts to protect consumer rights and ensure food safety by cracking down on illegal activities in the food industry, including the illegal addition of harmful substances, "ghost takeout" services, and trademark infringements [1][2]. Group 1: Illegal Additives in Food Products - In Jiangxi Province, a case was reported where a company illegally added tadalafil to a liquor product, with a detected concentration of 151 mg/kg, leading to a total value of 1.9386 million yuan for 450 units produced [1]. - In Fujian Province, a business was found to be using meat products containing harmful substances like morphine and codeine, with sales exceeding 1 million yuan [3]. - In Liaoning Province, a duck neck shop was caught using food additives beyond legal limits, with nitrite levels ranging from 1.5 mg/kg to 17 mg/kg, and a total illegal revenue exceeding 200,000 yuan [3][4]. Group 2: Ghost Takeout Services - In Guangxi Province, a restaurant was penalized for operating "ghost takeout" services by using forged food business licenses, resulting in a fine of 7,000 yuan [5]. - In Anhui Province, a restaurant was found to be operating multiple online takeout services without the necessary food business licenses, leading to fines and warnings [6]. - In Beijing, two major food delivery platforms were investigated for failing to verify the licenses of their merchants, resulting in fines totaling 200,000 yuan [7][8]. Group 3: Trademark Infringement - In Shanghai, a construction company was caught selling counterfeit paint products under the "Nippon" trademark, with a total illegal revenue of 32,800 yuan [9]. - The investigation led to the dismantling of three counterfeit production sites, with significant quantities of infringing goods seized [9]. Group 4: Quality Control Violations - In Shandong Province, a gas station was found using modified fuel dispensers, resulting in illegal earnings of 786,800 yuan [10][11]. - In Jiangsu Province, a company was penalized for selling substandard gas stoves and hoses, with a total value of 65,000 yuan for the non-compliant products [12].