Investment Rating - Maintain "Buy" rating for the machinery equipment industry [1] Core Insights - The engineering machinery sector is poised for significant opportunities due to the commencement of the Yarlung Zangbo River downstream hydropower project, with an estimated total investment of approximately 1.2 trillion yuan, which is expected to drive domestic machinery demand by 100-150 billion yuan [2] - The project will require a variety of large machinery, including excavators and concrete machinery, with an annual equipment demand increase projected at 15-20 billion yuan, potentially reaching 20-30 billion yuan when considering electrification and automation [2] - The report highlights the importance of lightweight materials in humanoid robots, with a focus on magnesium alloys and PEEK materials, which are expected to enhance performance and reduce weight [3][4] Summary by Sections Recommended Stocks - Key stocks to focus on include SANY Heavy Industry, Hengli Hydraulic, and others in the engineering machinery sector [1][16] Engineering Machinery - The Yarlung Zangbo River hydropower project is expected to significantly boost the demand for engineering machinery, with a total investment of around 1.2 trillion yuan [2] - The project will create a demand for large-scale machinery, with a projected annual profit increase of 3-4 billion yuan for main engine manufacturers [2] Robotics - The humanoid robot sector is experiencing rapid advancements, with the introduction of new products like the Unitree R1, which showcases capabilities such as dynamic movement [3] - The report emphasizes the trend towards lightweight designs in robotics, with a focus on materials like magnesium alloys and PEEK, which are expected to enhance performance [4][5] Lithium Battery Equipment - The launch of a new electric vehicle model with a semi-solid-state battery by SAIC is expected to benefit equipment manufacturers in the solid-state battery sector [5] - Key suppliers for solid-state battery equipment include companies like Xian Dao Intelligent and Hanke Technology, which are positioned to benefit from the growing demand [5][35] Oil and Gas Equipment - The report highlights the growth potential in the Middle East oil service market, with significant investments expected in energy projects [37][38] - Companies like Jereh and Neway are recommended due to their strong positioning and growth in the Middle East market [41]

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

今日早参 2025 年 6 月 24 日 林晓明 金融工程首席研究员 座机：0755-82080134 邮箱：linxiaoming@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 金工：10 只 AAA 级科创债 ETF 集中申报 2025 年 6 月 18 日，10 家头部基金公司集中申报科创债 ETF，分别跟踪中证 /上证/深证 AAA 科创债指数，成分券为高信用评级（AAA）的科创债。三只 科创债指数均在 2023 年下半年发布，2024 年至今收益率水平均高于、最大 回撤略大于、Sharpe 略低于久期相近的中债-新综合财富（3-5 年）指数。中 证和上证 AAA 科创债指数的发布机构为中证指数公司，加权方式为总市值加 权，久期约在 4 年左右。深证 AAA 科创债指数由深证指数公司发布，加权方 式为债券发行量加权。 风险提示：本报告不涉及证券投资基金评价，不涉及对具体基金产品的投资 建议，亦不涉及对具体个股的投资建议；投资者需特别关注指数编制公司、 基金公司等官方披露的信息。 研报发布日期：2025-0 ...

机械 2025 年中投资策略：硬科技与低估值并驾齐驱 20250622 上半年机械行业受益于机器人、减速机等主题投资，涨幅显著，但内需 受制造业、房地产和基建疲软影响，整体偏弱。 中国制造业对外直接投资持续增长，复合年均增长率达 7.43%，东盟占 比提升，多家机械公司积极进行海外产能布局，并掀起赴港上市热潮。 下半年机械行业投资机会集中在硬科技（巨轮智能、可控核聚变）和低 估值方向，港股市场因证券资产供给充足和全球资金涌入值得关注。 工程机械内需复苏温和，主要由更新换代驱动，二季度挖掘机销量降速， 但大型挖掘机表现依旧良好，预计后续恢复正增长。 工程机械外需良好，亚非拉地区复苏，欧美地区降幅收窄，中国企业在 欧美市场份额提升空间大，俄语区重建需求或带动增长。 工控行业一季度扭转下滑趋势，同比增长 2.35%，暖通空调、工业机器 人等行业增速较快，龙头公司市占率提升，并推出新品应对复苏。 油服设备市场与国际油价关联度不强，国内三桶油资本开支维持较高水 平，非常规油气开采设备订单表现超预期，海外业务占比显著提升。 Q&A 2025 年上半年机械行业的整体表现如何？ 2025 年上半年，机械板块表现突出，共有近 ...

Core Viewpoint - The escalation of conflict between Iran and Israel has significant implications for global financial markets, particularly in the oil and defense sectors, creating potential investment opportunities amid rising tensions [2][3]. Group 1: Oil and Gas Sector - Iran is a crucial oil producer, accounting for approximately 3.5%-4% of global oil output, and is the third-largest producer in OPEC, with exports primarily directed towards Asian markets, especially China, which receives 60% of its exports [2]. - The recent military actions by Israel targeting Iranian energy facilities have resulted in a daily loss of 12 million cubic meters of natural gas production, raising concerns about supply shortages [3]. - Following the outbreak of conflict, international oil prices surged, with Brent crude surpassing $82 per barrel, positively impacting A-share oil and gas service stocks [3]. Group 2: Nuclear Pollution Prevention Sector - The military strikes by Israel are closely linked to nuclear concerns, as Iran has reportedly stored 400 kilograms of 60% enriched uranium, nearing weapons-grade levels [6]. - The nuclear pollution prevention sector in A-shares has seen significant gains, with a 5.05% increase on June 13 and continued upward movement in stocks like Jieqiang Equipment and Beihua Shares, which have seen over 10% gains [7]. - Several companies in the nuclear pollution prevention sector have high institutional ownership, with some exceeding 50% [7]. Group 3: Defense Sector - The conflict has highlighted vulnerabilities in traditional defense systems, leading to increased demand for advanced military technologies, including new air defense systems and drones [8]. - Chinese military products are expected to gain market share due to their cost-effectiveness and technological advancements, particularly in the context of rising global tensions [8]. - The defense sector has seen strong performance, with companies like Guorui Technology and Chengfei Integration reporting over 10% gains in the past month, and many firms having high institutional ownership [9][10].

Group 1 - Recent geopolitical tensions have led to a rapid increase in international crude oil prices, with Brent crude reported at $72.79 per barrel and domestic crude futures rising by 5.43% [1] - The market anticipates an increase in demand for oil and gas exploration, development, and equipment maintenance due to rising oil prices and concerns over energy supply stability [1] - Companies in the oil and gas equipment sector, such as Shandong Molong and China Petroleum, have seen their stocks surge, with several hitting the daily limit up on June 16 [1] Group 2 - Leading domestic oil service equipment companies, such as Yantai Jereh Petroleum Service Group and Suzhou Neway Valve, have experienced explosive growth in orders from the Middle East [2] - Jereh's overseas business revenue is projected to reach 45.2% in 2024, with a 100% year-on-year increase in orders from the Middle East [2] - The oil service equipment industry is witnessing a recovery in capital expenditure due to sustained high international crude oil prices, leading to increased demand for oil and gas equipment and services [2]

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and oil service equipment sectors [1] Core Insights - The oil service equipment sector is experiencing rapid growth in exports to the Middle East, driven by China's increasing foreign investments in energy projects, with a projected total investment of $50.28 billion from 2020 to 2024 in six countries [2][21] - The engineering machinery sector shows a mixed outlook, with a decline in domestic excavator sales but a recovery in non-excavator sales and exports, indicating undervalued investment opportunities [3] - The trend towards lightweight humanoid robots is accelerating, with increased application of magnesium alloys and PEEK materials, enhancing performance and efficiency [4][27] Summary by Sections Oil Service Equipment - China's foreign investment in energy projects in the Middle East is expected to reach $50.28 billion from 2020 to 2024, with oil and gas projects accounting for $29.15 billion [2][21] - Leading companies like Jerry and Neway have seen explosive growth in orders from the Middle East, with Jerry's orders expected to double in 2024 [2][23] - The Middle East oil service market is projected to be worth over $100 billion, with significant growth potential for Chinese companies [2][21] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, a year-on-year increase of 2.12%, with domestic sales declining by 1.48% [3] - Non-excavator machinery sales are recovering, with significant year-on-year increases in sales of road rollers and pavers [3] - The sector is currently undervalued, presenting investment opportunities as export sales continue to support overall performance [3] Humanoid Robots - Lightweight design is becoming a core focus for humanoid robot manufacturers, utilizing materials like magnesium alloys and PEEK to reduce weight and improve performance [4][25] - Magnesium alloy's density is only two-thirds that of aluminum, offering advantages in strength and processing, while PEEK materials are expected to see increased application as costs decrease [26][27] - Investment opportunities in magnesium alloy die-casting and PEEK materials are highlighted, with specific companies recommended for attention [5][28] Forklifts and AI in Logistics - The integration of AI in logistics is driving the transformation towards automation, with a focus on unmanned forklifts and smart logistics solutions [6] - Key players in the forklift industry are forming strategic partnerships to enhance their technological capabilities and market reach [6] Lithium Battery Equipment - The lithium battery equipment sector is expected to benefit from the expansion of major players like CATL, with significant investments in new production facilities [10][30] - The report emphasizes the importance of solid-state battery technology as a future growth area, with companies like Xian Dao Intelligent positioned to capitalize on this trend [10][30] Investment Recommendations - The report suggests focusing on companies in the magnesium alloy die-casting sector such as Xusheng Group and Baowu Magnesium, as well as PEEK material companies like Zhongyan Co. and Watte [5][28]

Industry Overview - Recent surge in oil prices with Brent crude surpassing $70 for the first time in over two months [1] - Increased geopolitical tensions in the Middle East, particularly following the reduction of the U.S. diplomatic presence in Iraq [1] - China is projected to invest $168 billion in foreign energy projects from 2020 to 2024, with $50.28 billion allocated to six Middle Eastern countries [1] - Major oil and gas projects in these countries amount to $29.15 billion, showing a year-on-year growth trend [1] - The Middle East oil service market is valued at over $100 billion, with the oil service equipment market at least $10 billion [1] - Chinese oil service equipment companies are in the early stages of market penetration in the Middle East, indicating high growth potential with low market share [1] Company Insights - Jerry Holdings is recognized as a leading domestic private oil service equipment provider, excelling in completion equipment globally [2] - Potential Energy is identified as a leading third-party private oil and gas exploration and production company in China [2]

证券研究报告·行业研究·机械设备 掘金中东：油服设备出海机遇推荐&强推杰瑞股份纽威股份 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 请务必阅读正文之后的免责声明部分 2025 年 6 月 11 日 核心观点 2 ◆ "一带一路"合作深化，中东油服市场空间广阔。中国对外主要投资&建设项目聚焦于在能源、交通基建、金 属等板块，集中于"一带一路"国家。 2020-2024年中国对外能源行业投资建设项目达1680亿美元，其中沙特阿 拉伯、伊拉克、阿联酋、科威特、卡塔尔、安哥拉（非洲）6国能源行业投资&建设项目累计达502.8亿美元，其 中主要的油气项目为291.5亿美元，且呈逐年上升趋势。根据Techsci Research，中东油服市场规模为千亿美元级， 油服设备市场至少为百亿美元级。中国油服设备公司目前在中东尚处于起步阶段，市场份额占比较低，具备高 度成长性受行业β影响较小。 ◆ 杰瑞vs纽威不同点：产品模式&商业模式不同导致收入确认节奏&客户导入速度有所差异。（1）产品模式：杰 瑞股份的主要业务分为两类：①设备类：以成套高端装备为主，非标属性强， ...

Group 1 - The core viewpoint is that China's foreign energy investment projects from 2020 to 2024 will reach $168 billion, with significant investments in the Middle East, particularly in Saudi Arabia, Iraq, UAE, Kuwait, Qatar, and Angola, totaling $50.28 billion, of which $29.15 billion is in oil and gas projects, showing a year-on-year increase [1] - The Middle East oil service market is estimated to be in the hundreds of billions, with the oil service equipment market at least in the tens of billions, indicating a high growth potential for Chinese oil service equipment companies, which currently have a low market share in the region [1] - The "Belt and Road" initiative is deepening cooperation, creating vast opportunities in the Middle East oil service market [1] Group 2 - Jerry's business model involves long project cycles with a focus on high-end equipment and non-standard customization, leading to an average delivery time of 1.5 years, while Neway's model is based on standardized products with shorter delivery times of 3-6 months [2] - Jerry's project-based approach results in longer customer validation periods but fosters strong customer relationships, while Neway benefits from scale effects and management efficiency [2] - Both companies are experiencing rapid order growth in the Middle East, with Jerry and Neway expanding their production capacities in the region to meet rising demand [3] Group 3 - Jerry has established a strong market presence in the Middle East, completing significant projects and gaining recognition, while Neway is increasing its order volume through certifications from major clients like Saudi Aramco and ADNOC [3] - The competitive landscape shows that domestic competitors lack the overseas competitiveness that Jerry and Neway possess, allowing them to leverage China's manufacturing advantages [3] - The management teams of both companies are driven by professional managers, enhancing corporate vitality and responsiveness [3] Group 4 - Recommended stocks include Jerry (002353.SZ) for its explosive order growth in the Middle East and Neway (603699.SH) for its strong visibility in demand and anticipated steady performance growth [4]