行情回顾 本周板块表现：上周（2025/11/17-2025/11/21）5 个交易日，SW 机械设备指数下跌 4.78%，在申万 31 个一级行 业分类中排名第 13；同期沪深 300 指数下跌 3.77%。2025 年至今表现：SW 机械设备指数上涨 25.58%，在申万 3 1 个一级行业分类中排名第 6；同期沪深 300 指数上涨 13.18%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 西门子能源上调燃机扩产目标，持续看好燃机涡轮叶片龙头应流股份。11 月 20 日，西门子能源在 Capital Mar ket Day 表示，24 财年燃机产能 17GW，预计 25-27 年提升至 22GW，28-30 年超过 30GW。西门子能源本次给出 28 年之后的扩产目标，我们认为此举一方面反映了燃机需求端超预期，另一方面，主机厂的扩产目标的完成需要 依靠涡轮叶片等上游核心零部件环节的扩产。应流股份是国内涡轮叶片龙头，2025 年 7 月，西门子能源高层访 问应流集团并表示：未来希望应流在西门子主力机型上承担更多责任 ...

韩国经济人协会17日发布报告称，韩国十大出口产业中有一半在企业竞争力方面被中国赶超，预计5年 后十大产业竞争力或全面落后于中国。 近期，面向从事十大出口产业的销售额千强企业（应答企业数200家），韩国经济人协会进行了"关于中 韩美日四国竞争力现状和展望"调查。结果显示，被问及当前最大的竞争对手时，62.5%回答是"中国"， 其后是美国（22.5%）和日本（9.5%）。将时点设为2030年时，回答"中国"的占比提升6个百分点至 68.5%，回答"美国"（22%）和"日本"（5%）的占比有所下降。这意味着多数韩企认为中韩出口竞争将 愈演愈烈。 该协会将韩企竞争力标准设为100，受访企业认为中美日的竞争力水平分别为102.2、107.2和93.5。到 2030年时，竞争力水平为中国112.3、美国112.9、日本95。也就是说，韩企认为本土企业竞争力全面落 后于中美两国。 按照分业考察竞争力，中国企业在钢铁（112.7）、通用机械（108.5）、二次电池（108.4）、显示器 （106.4）、汽车和零部件（102.4）五个领域领先于韩企，而在半导体（99.3）、电子和电机（99）、 船舶（96.7）、石油化学和石油 ...

天眼查App显示，近日，江西聚利通用机械有限公司成立，法定代表人为张小梅，注册资本50万人民 币，经营范围为一般项目：电子（气）物理设备及其他电子设备制造，电子元器件制造，电子真空器件 制造，电子元器件批发，电子真空器件销售，电子专用设备制造，电力电子元器件制造，其他电子器件 制造，电子专用材料制造，电子专用设备销售，电子专用材料销售，技术服务、技术开发、技术咨询、 技术交流、技术转让、技术推广，数字技术服务（除依法须经批准的项目外，凭营业执照依法自主开展 经营活动）。 ...

此外，受访的韩国企业也普遍认为美国和中国企业具有更强的竞争力水平。假设韩企竞争力标准为 100，受访企业认为美中日的竞争力水平分别为107.2、102.2和93.5。到2030年时，竞争力水平高到低同 样依次为美国（112.9）、中国（112.3）和日本（95）。也就是说，韩企认为本土企业竞争力已落后于 中美两国，而中国企业竞争力未来五年将达到接近美国的水平。 分行业看，受访韩国企业认为中国企业在钢铁（112.7）、通用机械（108.5）、蓄电池（108.4）、显示 器（106.4）、汽车和零部件（102.4）五个领域领先于韩企，而在半导体（99.3）、电子和电机 （99）、船舶（96.7）、石油化学和石油产品（96.5）、生物健康（89.2）领域仍落后于韩企。但据业 界预测，韩国十大出口产业竞争力将在未来五年内全部被赶超。 图为韩国和中国企业的2025年 据韩联社11月17日报道，韩国经济人协会17日发布的一份报告显示，韩国十大出口产业中有一半已在企 业竞争力方面被中国赶超，预计五年后十大产业竞争力或将全线失守。 报道介绍，韩国经济人协会近期对从事十大出口产业的200家企业进行了"关于韩美中日的竞争力现状和 ...

Core Viewpoint - Longxin General is transitioning from OEM to developing its own brands, focusing on the motorcycle and general machinery sectors, with a strong emphasis on global expansion and product quality improvement through partnerships, particularly with BMW [14][15][16]. Group 1: Business Overview - Longxin General has diversified its product lines, including motorcycles, engines, ATVs, and general machinery, with a focus on the "motorcycle + general machinery" business model [3][20]. - The company aims for its motorcycle and general machinery business revenues to account for 75% and 21% of total revenue, respectively, by 2024 [3][22]. - The company has undergone a significant ownership change, with the new major shareholder being Zongshen New Manufacturing, which is expected to resolve industry competition issues [20][28]. Group 2: Market Expansion - The company is aggressively expanding its high-end motorcycle brand, Wujing, into European and South American markets, where it has already established brand recognition, particularly in Spain with a market share exceeding 5% [5][42]. - The global market for ATVs is projected to reach $15 billion by 2028, with Longxin General aiming to enhance its market share by leveraging its engine advantages [6][7]. - The company has seen a rise in motorcycle engine exports, supported by the increasing demand for Chinese motorcycles in international markets [9][43]. Group 3: Financial Performance - Longxin General's revenue has shown a compound annual growth rate (CAGR) of 10.2% from 2015 to 2024, with a significant recovery expected in 2024, driven by motorcycle exports and the recovery of general machinery business [34]. - The company's net profit is projected to increase by 92.3% in 2024, primarily due to reduced impairment losses and growth in high-end motorcycle sales [34][35]. - The gross margin is expected to improve to 17.6% in 2024, reflecting a recovery in profitability as the company reduces impairment losses and increases the share of high-margin products [35][40]. Group 4: Product Development - Longxin General has developed a comprehensive product matrix, including various types of motorcycles, engines, and general machinery, with a focus on high-performance and cost-effective products [25][31]. - The company has established stable partnerships with leading global manufacturers, enhancing its product quality and supply chain management capabilities [15][31]. - The product offerings include a wide range of motorcycles, from high-end models to ATVs, with a focus on meeting diverse market demands [25][26]. Group 5: Competitive Landscape - The global motorcycle market is dominated by Japanese and Indian brands, with Longxin General aiming to increase its market share through strategic international expansion [44][46]. - The company is positioned to benefit from the growing demand for motorcycles in emerging markets, particularly in South America and Southeast Asia, where it has identified significant growth opportunities [67][70]. - Longxin General's strategy includes a "1+N" market approach, focusing on deepening its presence in one market before expanding to similar markets, which is expected to enhance its competitive position [5][42].

Group 1 - The company Xinlei Co., Ltd. (SZ 301317) held its 23rd meeting of the second session of the third board of directors on November 12, 2025, to review the proposal regarding the confirmation of the audit committee members and the convener [1] - For the year 2024, the company's revenue composition is entirely from the general machinery industry, accounting for 100.0% [1] - As of the report date, Xinlei Co., Ltd. has a market capitalization of 5.1 billion yuan [1]

Group 1: Company Overview and Strategic Direction - The company is focused on developing its aviation power business and has established a comprehensive layout in the aviation power sector, including piston, hybrid, and turbine power systems [3]. - The company has successfully built two major product systems in the new energy sector: electric drive systems and energy storage, covering various applications such as portable storage and hydrogen energy systems [3]. - The establishment of Chongqing Chenyu Technology Co., Ltd. aims to deepen the company's layout in the aviation power business and enhance its market influence [5]. Group 2: IPO and Financing Plans - The subsidiary Zongshen Aviation has terminated its IPO due to strategic development needs and changes in the capital market environment [2]. - The company plans to continue consolidating and expanding its business in the aviation power sector while seizing opportunities in the low-altitude economy [2]. - There are no disclosed plans for future IPOs or financing arrangements for Zongshen Aviation at this time [14]. Group 3: Market Performance and Investor Relations - The company has maintained a focus on its core business, aiming for steady growth and economic efficiency, while enhancing shareholder returns through high cash dividends [4]. - The company acknowledges the impact of macroeconomic factors, industry policies, and market sentiment on stock price fluctuations [11]. - The company is committed to improving information disclosure and engaging with institutional investors to enhance understanding of its operations [4]. Group 4: Product Development and Innovation - The company has launched a smart lawn mower product and plans to further develop its product layout based on market demand [9]. - The company is actively pursuing high-end, intelligent, and electric product transformations in its robotics sector [8]. - The company has made significant advancements in its industrial robotics sector, with a focus on automation and efficiency improvements [9]. Group 5: Future Growth and Market Strategy - The company aims to create a second growth curve through increased investment in new energy and aviation power sectors [3]. - The company is focused on enhancing its core competitiveness and market influence in the aviation power field [5]. - The company is exploring opportunities in the low-altitude economy and is committed to adapting to the evolving market landscape [2].

宏观经济 | 动态跟踪 出口转跌非趋势，资本品出口潜力仍在 10 月进出口点评 研究结论 | 孙国翔 | 执业证书编号：S0860523080009 | | --- | --- | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 王仲尧 | 执业证书编号：S0860518050001 | | | 香港证监会牌照：BQJ932 | | --- | --- | | | wangzhongyao1@orientsec.com.cn | | | 021-63326320 | | 陈至奕 | 执业证书编号：S0860519090001 | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 降息交易减速，方向尚未改变：——2025 | 2025-11-02 | | --- | --- | | 年 ...

Core Viewpoint - The decline in October exports is not primarily due to weakened external demand but rather short-term supply disruptions, which are now dissipating [3][10][65]. Export Analysis - October exports fell significantly, with a year-on-year decrease of 1.1%, down from a previous value of 8.3%, and a forecast of 3.2%. The month-on-month decline was 7.1%, which is worse than the seasonal average of 3.2% [2][9][10]. - The drop in exports is influenced by a high base effect, but the decline in exports to emerging economies, such as ASEAN and Africa, indicates a more complex situation. For instance, exports to ASEAN decreased by 4.7 percentage points to 11%, and to Africa by 46.1 percentage points to 10.5% [3][10][11]. - The reduction in working days in October, which was three days fewer than the previous month, exacerbated supply constraints. The "production rush" phenomenon observed in September ended, leading to a significant drop in exports of goods that had previously surged [3][18][27]. Import Analysis - October imports also saw a decline, with a year-on-year decrease of 6.4% to 1%. This decline was particularly notable in processing trade imports, which fell from 12% in September to 4.6% in October [4][23][66]. - The import of mechanical and electrical products decreased significantly, with a drop of 7.6% to 2.5%. The largest declines were seen in automatic data processing equipment and integrated circuits [4][54][66]. Future Outlook - With the easing of trade tensions between China and the U.S., and the dissipation of supply disruptions, it is expected that export growth may recover in November. The export performance to developed economies is showing divergence, with exports to the U.S. improving while those to Europe and the UK are declining [5][67]. - The ongoing industrialization and urbanization in emerging markets are expected to drive demand for imported production materials, which may support China's exports of intermediate and capital goods [5][67]. Regular Tracking - In October, both exports and imports experienced declines. The export of consumer electronics fell sharply by 11.1 percentage points to -1.7%, with mobile phones seeing a significant drop of 14.7 percentage points to -16.6% [6][68]. - Capital goods exports showed mixed results, with general machinery exports declining by 33.9 percentage points to -9.1%, while shipbuilding exports increased by 25.7 percentage points to 68.4% [6][42][68].

Group 1 - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][3]. - The top 10 funds with the highest net value growth include: Galaxy Core Advantage Mixed C, Galaxy Core Advantage Mixed A, Taixin Development Theme Mixed, Taixin Modern Service Industry Mixed, HSBC Jinxin Era Pioneer Mixed A, HSBC Jinxin Era Pioneer Mixed C, HSBC Jinxin Research Selected Mixed, Ping An Research Selected Mixed C, Ping An Research Selected Mixed A, and Qianhai Open Source Shanghai-Hong Kong-Shenzhen Innovation Growth Mixed C [2]. - The bottom 10 funds with the lowest net value growth include: Furong Fuxin Mixed A, Furong Fuxin Mixed C, Debang High-end Equipment Mixed Initiated A, Debang High-end Equipment Mixed Initiated C, Qianhai Open Source Jiaxin Mixed C, Qianhai Open Source Jiaxin Mixed A, AVIC Trend Leading Mixed Initiated C, AVIC Trend Leading Mixed Initiated A, Huafu Technology Momentum Mixed C, and Huafu Technology Momentum Mixed A [3]. Group 2 - The Shanghai Composite Index opened lower and experienced horizontal fluctuations, closing with a small decline, while the ChiNext Index also opened lower but rebounded before weakening, with a total trading volume of 2.02 trillion [5]. - The leading sectors included chemical fiber and chemicals, both with gains exceeding 2%, while the telecommunications equipment sector saw a decline of over 2% [5]. - The fund with the fastest net value growth is Galaxy Core Advantage Mixed C, while the fund with the poorest performance is Furong Fuxin Mixed A [6]. Group 3 - The top holdings of the Galaxy Core Advantage Mixed C fund include Maiwei Shares, Haibo Sichuang, and Yiwai Lithium Energy, with a concentration of 56.49% in the top ten holdings [6]. - The top holdings of another fund show significant declines in stocks like Zhejiang Songtai and Sanhua Intelligent Control, with a concentration of 63.04% in the top ten holdings [7]. - The fund's strategy indicates a focus on the new energy sector, despite the mixed performance of its holdings, suggesting a potential shift in investment strategy [6].