智能制造是以新一代数字技术与先进制造技术深度融合为特征的新型生产方式。今年以来，一系列江 苏"智造"产品正以强劲创新力持续走俏全球市场。 □ 本报记者宋晓华 在江苏三笑集团绿色智慧工厂，200台智能化机械臂精准高效地挥舞，完成注塑、注胶等核心工序。这 座工厂深度融合智能机器人、自动流水线及定制管理系统，实现了关键工序高度自动化。承载国人记忆 的国货品牌"三笑"率先踏上了智能化革新征程。"新工厂投用后，智能化生产和数字化管理深度融合， 让生产效率提升了50%以上，出错率更低，产品品质更稳定可靠，有效推动了产品从'普适用'升级为'高 质量'。"三笑集团执行总经理王敏说，产品单价提升的同时，订单量不减反增。 据南京海关统计，今年1—11月，江苏省高新技术产品出口1.19万亿元，同比增长8.6%。高新技术产品 出口的增长离不开"智造"的升级。伊之密（300415）精密机械(苏州)有限公司的智能化生产车间，机械 臂精准挥舞，数控系统实时监控，上百吨重的大型智能数字化二板式注塑机正有序组装，即将发往欧洲 汽配客户基地，用于大型汽车覆盖件的批量生产。该公司高级总监侯永平介绍，政策措施叠加赋能下， 今年1—11月出口额超2亿 ...

研究早观点 2025 年 12 月 8 日 星期一 市场走势 资料来源：常闻 国内市场主要指数 分析师： 【衍生品研究】泰瑞转债投资价值分析-注塑机行业领先企业，国际业务持 续提升 【固定收益】2026 年债市展望——从利率比价视角看当前债市 【衍生品研究】芯能转债投资价值分析-收入稳定+毛利率高的低价转债 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,902.81 | 0.70 | | 深证成指 | | 13,147.68 | 1.08 | | 沪深 | 300 | 4,584.54 | 0.84 | | 中小板指 | | 7,957.82 | 0.68 | | 创业板指 | | 3,109.30 | 1.36 | | 科创 50 | | 1,326.10 | -0.00 | | 资料来源：常闻 | | | | 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 【今日要点】 【行业评论】煤炭：2026 年煤 ...

Group 1 - The mechanical industry is expected to have significant investment opportunities in the technology innovation sector by 2026, with a focus on new infrastructure and applications driven by technological advancements [4][6] - The export sector faces uncertainties but is anticipated to benefit from structural opportunities as internationalization progresses and the Federal Reserve's interest rate cuts take effect [4][6] - Domestic demand is expected to stabilize, with potential for stock price rebounds as capacity clears and general enterprises transition to growth sectors [4][6] Group 2 - The AI infrastructure sector is experiencing high capital expenditure and rapid technological iterations, leading to new opportunities in the mechanical development space [4][6] - The demand for PCB and AIDC equipment is expected to continue growing due to overseas capital expenditure exceeding expectations, with a focus on domestic substitution opportunities [4][11] - The human-shaped robot industry is projected to accelerate production by 2026, with domestic companies like Yushu and Zhiyuan expected to go public and enhance their competitive edge [7][8] Group 3 - The engineering machinery sector is witnessing a significant increase in export volumes, with excavator exports rising from 34,000 units in 2020 to a peak of 109,000 units in 2022, reflecting a CAGR of 77.5% [19][21] - The internationalization of engineering machinery is expected to drive long-term profitability, with overseas gross margins typically exceeding domestic margins by 5-10 percentage points [19][23] - The fixed asset investment in railways remains high, with a 5.8% year-on-year increase, supporting new vehicle demand [24] Group 4 - The motorcycle sector is expected to capture 15-20% of the global market share for large-displacement motorcycles by 2025, driven by competitive pricing [39] - The oil service equipment sector is benefiting from high demand for natural gas compressors in the Middle East and North Asia, as well as for gas turbines in North America [41] - The general cyclical sector is expected to see a bottoming out of demand, with opportunities arising from structural changes in the market [44] Group 5 - The lithium battery equipment sector is anticipated to experience accelerated capital expenditure growth, driven by independent energy storage projects [55][58] - The solid-state battery technology is expected to create valuation elasticity in the sector, with significant advancements in production processes [58][59] - The photovoltaic equipment sector is focusing on industry recovery and the expansion of semiconductor-related business lines [60]

http://www.huajinsc.cn/ 1/11 请务必阅读正文之后的免责条款部分 2025 年 12 月 07 日 公司研究●证券研究报告 锡华科技（603248.SH） 新股覆盖研究 投资要点 下周二（12 月 9 日）有一家主板上市公司"锡华科技"询价。 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 360.00 | | 流通股本（百万股） | | | 个月价格区间 12 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股- 新股专题覆盖报告（优迅股 份）-2025 年 99 期-总第 625 期 2025.12.2 华金证券-新股- 新股专题覆盖报告（沐曦股 份）-2025 年 98 期-总第 624 期 2025.12.1 华金证券-新股- 新股专题覆盖报告（昂瑞 微）-2025 年 ...

衍生品研究 泰瑞转债投资价值分析 注塑机行业领先企业，国际业务持续提升 山证衍生品团队 技术创新构筑高壁垒。2025.1-3Q 研发费用 5,206 万元 ，营收占比 6.00% 。公司 2024 年进入铝合金压铸领域，11 月 19 号披露全球首创集 成两板式压铸与超高压注塑双工艺，实现铝合金与工程塑料分子级结合。技 术实力助力产品在汽车、医疗、3C、物流等高端领域实现进口替代。 2025 年 12 月 5 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 泰瑞转债（113686.SH）： AA-级，债券余额 3.36 亿元，占发行总额 99.59%，剩余期限 4.58 年。12 月 3 日收盘价 142.32 元，转股溢价率 15.18%。 正股：泰瑞机器（603289.SH）： 资料来源：常闻 我国主要注塑机供应商之一，产品以大型和超大型定制化注塑机为主，下游 主要面向汽车配件、家用电器和 3C。2025.1-3Q 营收 8.68 亿元、yoy+0.66%； 归母净利 0.66 亿元，yoy+51.01%。最新总市值 29.54 亿元，PE TTM 28.3x。 正股业绩与估值均处低位的优质平衡 ...

Core Viewpoint - The company, Yizhiming, reported a year-on-year increase in sales revenue for injection molding machines in the first three quarters of the year, outperforming the overall industry level, and is optimistic about the continued growth of the injection molding machine market [2] Group 1: Injection Molding Machine Market - The sales revenue for injection molding machines has increased year-on-year, indicating a positive trend in the market [2] - The company sees a broad application scenario for injection molding machines and is optimistic about the market's sustained growth [2] - Rapid development in overseas export business is contributing positively to the injection molding machine segment [2] Group 2: Die Casting Machine Industry Trends - The die casting machine industry is expected to trend towards "larger, smarter, and greener" machines in the next two years [2] - There is a growing demand for large-tonnage, high-stability die casting machines driven by the rapid growth in sectors like new energy vehicles and battery structural components [2] - The company plans to focus on high-end, intelligent, and green manufacturing in its future product direction, enhancing competitiveness in large structural components and new energy fields [2] Group 3: Global Expansion Strategy - The company's foreign sales revenue reached 1.214 billion yuan, a year-on-year increase of 15.58%, indicating significant growth potential in overseas markets [3] - Yizhiming has established a factory in India and set up research and service centers in Germany, Brazil, and Vietnam, expanding its global footprint [3] - The company currently has over 40 overseas distributors, covering more than 90 countries and regions, highlighting its extensive international reach [3]

Core Insights - The company, Yizhiming (伊之密), reported a significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 4.306 billion yuan, a year-on-year increase of 17.21%, and net profit of 564 million yuan, up by 17.45% [1] - The company has established subsidiaries in 12 countries and regions, creating a global service network with nearly 180 locations, aimed at enhancing customer proximity and building a sustainable global ecosystem [2] - Yizhiming is focused on technological innovation, with R&D expenses amounting to 200 million yuan, a 9.55% increase year-on-year, and a research team of over 900 people, holding 86 invention patents and over 400 patent technology achievements [2] - The company is leading industry transformation through green manufacturing and advanced technology, having successfully delivered China's first 6600-ton semi-solid magnesium alloy injection molding machine, marking a significant breakthrough in large-scale integrated molding technology [3] - Yizhiming is actively promoting the digital integration of R&D and manufacturing, enhancing product development speed through collaborative simulation platforms and product lifecycle management systems [3] - The company has received multiple awards, including the "Fifth China Quality Award Nomination Award" and recognition as a "National Enterprise Technology Center," validating its R&D and industrialization capabilities in high-end equipment [3] - Yizhiming aims to continue focusing on technology-driven and sustainable development, leveraging innovation and quality to drive industry reform and enhance customer value [3]

Core Viewpoint - The global capital markets have seen a rare phenomenon where both technology stocks and gold have risen simultaneously, reflecting the deep intertwining of "uncertainty" and "certainty" during economic transformation. Gold serves as a safe haven against global economic divergence and geopolitical risks, while technology stocks represent bets on future growth driven by industrial transformation and technological breakthroughs. In this context, assets with both certainty and growth potential, such as Lijin Technology, are increasingly valuable as it solidifies its foundation through diversified businesses and opens up growth space through technological breakthroughs [1] Group 1: Performance and Business Structure - Lijin Technology has built a solid performance foundation through "multi-business synergy + global layout," demonstrating strong anti-cyclical capabilities amid global economic divergence and intensified domestic competition. In the first half of the 2025-2026 fiscal year, the company achieved a revenue of HKD 3.26 billion, a year-on-year increase of 25.7%, and a net profit of HKD 168 million, up 1.1% year-on-year [2] - The company's business structure, centered around die-casting machines, injection molding machines, and CNC machining centers, creates significant synergy across technical research, customer resources, and market channels, effectively mitigating risks from single industry fluctuations. The die-casting machine segment, as the core pillar, generated HKD 2.26 billion in revenue, accounting for 69.4% of total revenue, with a year-on-year growth of 39.5% [2] Group 2: Market Trends and Innovations - In the automotive sector, Lijin Technology has leveraged its technological advantages to secure orders from leading clients, with its ultra-large die-casting machines holding over 90% of the global market share. Revenue from automotive clients in the die-casting machine segment grew by 31% year-on-year, serving as the main growth driver for this business unit [3] - The injection molding machine segment achieved a revenue of HKD 920 million, a year-on-year increase of 4.4%, with notable product structure optimization. The FA3550T large two-plate injection molding machine, customized for the production of plastic battery boxes for electric vehicles, meets market lightweight demands through "plastic instead of steel" technology [4] - The CNC machining center business has enhanced market reach through continuous product performance iterations, management optimization, and sales channel expansion [5] Group 3: Global Expansion and Market Opportunities - Lijin Technology has effectively capitalized on manufacturing upgrades in emerging markets, leveraging RCEP policy benefits for deep global layout. In Southeast Asia, sales of injection molding machines in Vietnam increased by 150% year-on-year, reflecting strong demand [6] - The company has successfully delivered a 7000T ultra-large intelligent die-casting unit to a leading global automotive supplier for large-scale production of electric vehicle battery boxes and body structure components in Eastern Europe. Additionally, a 9000T ultra-large die-casting machine was delivered to a European luxury automotive brand, further solidifying the company's delivery capabilities and market position in high-end manufacturing [7][8] Group 4: Technological Advancements and Future Growth - Lijin Technology's breakthroughs in magnesium alloy die-casting and precision manufacturing align with industry trends such as lightweighting in electric vehicles and humanoid robots, opening up long-term growth potential [9][10] - The company has positioned itself in the magnesium alloy sector, with sales of magnesium alloy equipment expected to grow over 400% by 2025. The TPI magnesium alloy semi-solid thixotropic forming equipment has gained international recognition, enhancing the company's competitive edge [11][14] - The strategic collaboration with humanoid robot manufacturers focuses on lightweighting, utilizing TPI magnesium alloy forming technology to meet the demands for weight reduction and strength enhancement [17] Group 5: Valuation and Market Position - Currently, the company's dynamic price-to-earnings ratio stands at 12.78, positioned at the 30.31 percentile, indicating that the valuation does not fully reflect the growth premium. The company's revenue continues to rise steadily, and new businesses are accelerating, suggesting potential for valuation improvement [21] - Lijin Technology is increasingly recognized as a "scarce value target" in the high-end equipment manufacturing sector, with its multi-business support providing performance certainty and technological-driven long-term growth potential [23]

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]

Core Insights - The macroeconomic environment in China is stable, with the mechanical industry showing good growth in performance for the first three quarters of 2025, achieving a total revenue of 1,892.4 billion yuan, up 8.43% year-on-year, and a net profit of 139.9 billion yuan, up 12.82% year-on-year [1] Group 1: Revenue and Profitability - The mechanical industry maintained steady revenue and profit growth, with Q3 2025 revenue reaching 673.9 billion yuan, a year-on-year increase of 10.63%, and net profit of 41.2 billion yuan, also up 12.82% year-on-year [1] - The overall gross margin for the mechanical industry in the first three quarters of 2025 was 22.21%, a decrease of 0.24 percentage points year-on-year, while the net profit margin was 7.39%, an increase of 0.43 percentage points year-on-year [2] - In Q3 2025, the gross margin was 21.93%, down 0.58 percentage points year-on-year and 0.59 percentage points quarter-on-quarter, while the net profit margin was 6.12%, up 0.12 percentage points year-on-year but down 1.18 percentage points quarter-on-quarter [2] Group 2: Sub-industry Performance - Key sub-industries showing recovery include lithium battery equipment and machine tools, while photovoltaic equipment is still bottoming out; semiconductor equipment, marine engineering, construction machinery, and injection molding machines continue to show positive trends [3] - The top five industries by revenue growth in the first three quarters of 2025 were semiconductor equipment (+32%), rail transit equipment (+15%), injection molding machines (+14%), lasers (+14%), and machine tools (+11%) [3] - The top five industries by net profit growth were marine engineering (+30%), industrial robots (+24%), semiconductor equipment (+23%), rail transit equipment (+23%), and construction machinery (+21%) [3] - In Q3 2025, the fastest-growing sub-industries by revenue were semiconductor equipment (+36%), marine engineering (+26%), construction machinery (+16%), injection molding machines (+16%), and machine tools (+14%) [3] - The top five sub-industries by net profit growth in Q3 2025 were lithium battery equipment (+111%), 3C and panel equipment (+66%), semiconductor equipment (+33%), machine tools (+32%), and industrial robots (+32%) [3]