随着易采掘油气储量的逐步减少和原油价格的攀升以及国内，促使油气公司加大对老油井再开采、深海 油气开发以及压裂等非常规油气开采的投入，这直接带动了对高性能油气设备的需求提升。航天能源： 从事油气设备领域射孔器材、高端完井装备研发与制造，非常规油气装备市占率显著高于常规油气装 备，21 年达到65%，竞争格局良好，差异化策略效果显著。另外，根据25 年公司公告，拟对募投项目 之一的军用爆破器材生产线自动化升级改造项目进行调整，根据军用爆破器材自研项目批产任务状态、 新获取的大药量药柱生产任务及新增火工品协作生产任务等变化情况，拟调整军用爆破器材自研项目， 改由航天能源承担大药量药柱批量生产任务，并新增火工品协作生产任务，调整后达产年预计收入1.5 亿，带来业务新增长点。 盈利预测：预测2025-2027 年归母净利润分别为9.38 亿、11.19 亿和13.93亿元，对应PE 分别为23/19/15 倍，首次给予"强烈推荐"评级。 风险提示：下游需求波动风险、原材料价格波动风险、产品销量及单价波动风险。 航天七院唯一上市平台，未来具备资产注入预期。公司自23 年重组后成为航天七院唯一上市平台，业 务聚焦高性能电子 ...

油气装备：产品耗材属性强，有望跟随下游放量获得长期较快增长航天能源成立于2013 年，是一家从 事油气设备领域射孔器材、高端完井装备研发与制造的高新技术企业。航天能源生产的页岩油气分簇射 孔装备整体处于国际先进水平，2021 年公司国内非常规油气开采市占率超60%，常规油气开采领域市 占率约为35%。随着国内油气增储上产推动产量提升，深海、深地等领域逐步开发，非常规油气开采前 景广阔，公司产品作为耗材与油气开采量强相关，有望获得长期较快增长。另外，公司新获取大药量药 柱批产任务，装备建设需求迫切，市场前景广阔。我们预计公司油气装备业务2025-2027 年收入CAGR 为17.94%。 我们与市场观点不同之处 市场对公司的长期成长性认知不足，我们认为公司汽车零部件业务受益于下游客户电动化、网联化、智 能化转型带来的单车价值量提升；油气装备业务受益于深海科技、深地科技等政策支持，相关新型领域 资源勘探需求带来的射孔器材及完井装备用量持续提升，另外，公司新拓展的药柱业务前景广阔。 首次覆盖航天智造并给予"买入"评级，目标价26.00 元，基于26 年20 倍PE 估值。我们看好公司"技术壁 垒+政策红利"双轮驱动 ...

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, highlighting strong investment opportunities in AI-driven equipment and oil service equipment for overseas markets [1]. Core Insights - The report emphasizes the high demand for AI computing infrastructure, particularly following the successful IPO of Moore Threads and the lifting of export restrictions on H200 chips by the US, which is expected to accelerate domestic GPU technology development [2]. - The gas turbine sector is experiencing a significant uptrend, with GEV increasing its production targets due to a surge in new orders, indicating a robust market outlook [3]. - The oil service equipment segment is benefiting from increased exports to the Middle East and Russia, driven by rising capital expenditures from local oil companies [4]. - The photovoltaic equipment market is poised for growth, particularly in the US, where AI-driven electricity demand is expected to boost local solar capacity [5]. Summary by Sections AI Equipment - The successful listing of Moore Threads and the US lifting of H200 chip export restrictions are expected to enhance domestic GPU technology and infrastructure development, benefiting related sectors such as PCB and liquid cooling equipment [2]. Gas Turbines - GEV has reported a 46% year-on-year increase in new gas turbine orders, prompting an upward revision of its production capacity and revenue forecasts, indicating a sustained upward trend in the gas turbine industry [3]. Oil Service Equipment - Chinese valve exports to the Middle East and Russia have seen significant growth, with a 25% increase in the latter, driven by rising local oil and gas capital expenditures. The report continues to recommend investments in companies like Neway and Jereh [4]. Photovoltaic Equipment - The report identifies HJT technology as the optimal solution for the US solar market, with significant advantages in cost and environmental impact, driven by the increasing demand for electricity from AI applications [5]. Investment Recommendations - The report suggests a focus on companies such as Dazhong CNC, XCMG, and Sany Heavy Industry in the mechanical equipment sector, as well as Jereh and Neway in the oil service equipment segment, highlighting their potential for growth in the current market environment [1][4].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly emphasizing the resonance of domestic and foreign demand in engineering machinery [1]. Core Insights - The report highlights strong performance in the excavator market, with November 2025 sales reaching 20,027 units, a year-on-year increase of 13.9%, exceeding market expectations [1]. - The report anticipates a rebound in overseas demand for machinery in 2026, following a four-year decline, driven by a potential interest rate cut by the Federal Reserve [1]. - The gas turbine market is expected to benefit from the expansion of AI data centers in the U.S., which will increase demand for reliable power solutions [2]. - The semiconductor equipment sector is projected to see growth due to financing for storage expansion and increasing domestic equipment localization rates [3]. Summary by Sections Engineering Machinery - November 2025 excavator sales reached 20,027 units, with domestic sales at 9,842 units (up 9.11%) and exports at 10,185 units (up 18.8%) [1]. - The report notes that despite weak fundamentals in real estate and infrastructure, factors like machine replacement and water conservancy funding are supporting small excavators [1]. - The report identifies key companies in this sector, including Sany Heavy Industry, XCMG, and LiuGong, as potential beneficiaries of the expected demand rebound [1]. Gas Turbines - The expansion of AI data centers is driving significant electricity demand, with gas turbines being favored for their quick construction and stable output [2]. - Companies like Jereh and Haomai Technology are highlighted for their potential to benefit from this trend, with Jereh securing a $200 million order from a leading AI firm [2]. Semiconductor Equipment - The report emphasizes the importance of storage expansion financing and the increasing localization of equipment in the semiconductor sector [3]. - Key companies to watch include Northern Huachuang and Zhongwei Technology, which are expected to benefit from these trends [3].

Investment Rating - The report maintains a "Buy" rating for companies in the engineering machinery and forklift sectors, emphasizing undervalued growth potential [1]. Core Insights - The report highlights the strong performance of NVIDIA in FY26Q3, with revenue reaching $57.01 billion, a year-on-year increase of 62.5%, and a quarter-on-quarter increase of 22.0%, indicating robust demand in the AI equipment sector [2][3]. - The engineering machinery sector is expected to see a recovery in demand, with domestic excavator sales projected to grow at an annual rate of over 30% from 2025 to 2028, despite current funding challenges affecting sales conversion [4]. - The forklift industry shows a positive trend with October sales reaching 114,000 units, a year-on-year increase of 16%, driven by low domestic demand baselines and recovering overseas demand [4]. Summary by Sections Recommended Companies - The report recommends a focus on companies such as Northern Huachuang, Sany Heavy Industry, and others in the engineering machinery and AI equipment sectors [1][14]. AI Equipment - NVIDIA's strategic partnerships with OpenAI and other tech giants are expected to enhance AI infrastructure, with significant revenue growth anticipated in the upcoming quarters [3]. - Recommendations for AI equipment include Dazhu CNC for PCB drilling equipment and Hongsheng for liquid cooling solutions [4]. Engineering Machinery - October data shows a significant improvement in domestic sales of various machinery types, with excavator sales expected to peak at 250,000 units by 2028 [4]. - Key companies recommended in this sector include Sany Heavy Industry, XCMG, and others [4]. Forklift Industry - The forklift sector is experiencing steady growth, with a notable increase in both domestic and export sales, indicating a recovery in demand [4]. - Recommended companies include Hangcha Group and Anhui Heli [4]. Lithium Battery Equipment - The report anticipates a 40% growth in energy storage demand from 2025 to 2026, driven by the increasing penetration of new energy vehicles and AI data centers [4]. - Key recommendations include suppliers like Xian Dao Intelligent and Hangke Technology [4]. General Market Trends - The overall machinery industry is expected to benefit from a recovery in fixed asset investment and a rebound in demand across various sectors, including construction and logistics [4].

Group 1 - The stock of Diwei fell by 5.06% on November 18, trading at 37.50 CNY per share, with a total market capitalization of 7.3 billion CNY [1] - Diwei is located in Nanjing, Jiangsu Province, and specializes in the research, production, and sales of oil and gas equipment components [1] Group 2 - Tianhong Fund holds a significant position in Diwei, with its Tianhong Selected Mixed A Fund maintaining 1 million shares, representing 4.9% of the fund's net value [2] - The Tianhong Selected Mixed A Fund has a total scale of 544 million CNY and has achieved a year-to-date return of 24.26% [2] - The fund manager, Jia Teng, has been in charge for 6 years and 273 days, with the best return during his tenure being 42.86% [2]

Core Viewpoint - The report from Guosen Securities highlights that the AI wave and energy transformation are creating opportunities for industrial upgrades, particularly supported by the midstream machinery sector [1] Group 1: Demand Side Opportunities - Emerging market growth is primarily driven by AI infrastructure, including liquid cooling, gas turbines, and refrigeration industries, as well as humanoid robots and other trends like unmanned automation and intelligent welding robots [1] - Export growth is focused on globally competitive sectors such as engineering machinery, oil and gas equipment, injection molding machines, and tire molds, with additional attention on commercial catering equipment and hand/electric tools [1] Group 2: Supply Side Opportunities - Significant import substitution potential exists in sectors like scientific instruments, X-ray detection equipment, and semiconductor components [2] - Stock updates are emphasized for industry leaders in injection molding machines, testing services, and laser control systems, particularly those benefiting from a unified market and anti-involution trends in photovoltaic and lithium battery equipment [2]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Views - The report is optimistic about the acceleration of downstream capacity expansion and the solid-state catalytic lithium battery equipment, continuing to recommend AI equipment such as gas turbines and liquid cooling devices [1] - Solid-state battery technology is advancing towards commercialization, benefiting equipment manufacturers as major manufacturers are expected to open equipment tenders for pilot lines [1] - The demand for gas turbines is expected to rise due to the expansion of AI data centers, with domestic manufacturers likely to benefit from this trend [2] - Liquid cooling technology is becoming essential for data centers, with significant growth expected in the market for liquid cooling solutions [3] Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, SANY Heavy Industry, and others in various sectors including semiconductor equipment, engineering machinery, and lithium battery equipment [1][13] Investment Highlights - **Lithium Battery Equipment**: The solid-state battery is moving towards mass production, creating new demand for equipment across all stages of production [1] - **Gas Turbines**: The demand for gas turbines is driven by the need for reliable power sources for AI data centers, with significant opportunities for domestic brands like Jereh and Haomai Technology [2] - **Liquid Cooling Equipment**: The report highlights the rapid growth in AI computing capital expenditures, with liquid cooling technology being crucial for managing heat in data centers [3] Industry Trends - The report notes a significant increase in the shipment of AI server racks, with expectations of continued high growth in the coming years [3] - The liquid cooling market is projected to expand significantly, driven by the need for energy-efficient cooling solutions in data centers [3] Financial Projections - The report provides financial forecasts for companies in the sector, indicating expected growth in net profits for various firms over the next few years [19][43]

Core Viewpoint - ShenKong Co., Ltd. (002278.SZ) experienced significant stock price volatility, opening at a limit down but closing at a limit up, marking a 70% increase over six trading days, reaching a nearly eight-year high [2] Group 1: Company Performance - As of the close, the stock price was 15.88 yuan per share, with a trading volume of 28.20 million yuan and a turnover rate exceeding 57% [2] - The company reported that its overseas revenue proportion reached 33.58% in the first half of 2025, a 107.20% increase year-on-year, with ongoing optimization of overseas gross profit margins [2] - In the third quarter, the company reported a net profit attributable to shareholders of 239.94 thousand yuan, a decline of over 75% year-on-year, primarily due to long payment terms with major clients [3] Group 2: Market and Business Environment - ShenKong has been actively involved in the Russian market, facing challenges due to international financial settlement issues, but remains focused on commercial opportunities while ensuring asset safety [2] - The company has successfully entered over 50 countries and regions, benefiting from national policies that have increased commercial opportunities in key overseas oil and gas markets [2] - The recent surge in the commercial aerospace sector has also positively impacted ShenKong, as it has invested in HanQing Power, which specializes in hydrogen energy and commercial aerospace [3]

Core Viewpoint - The company has faced challenges in its operations in the Russian market due to international financial settlement issues, despite having a strong reputation for its oil and gas exploration and development equipment in the region [1] Group 1: Company Operations - The Russian market is one of the earliest overseas markets that the company has expanded into [1] - The company has a good reputation for its various oil and gas exploration and development equipment in Russia [1] Group 2: Market Challenges - Recent international financial settlement issues have hindered the company's business operations in Russia [1] - The company remains vigilant regarding local business opportunities and non-commercial factors affecting its operations [1] Group 3: Strategic Approach - The company is committed to ensuring the safety of its assets while adapting its trade activities with Russia according to changing circumstances [1]