11月26日，星云股份涨5.2%，截至发稿，报48.77元/股，成交2.39亿元，换手率3.79%，总市值85.00亿 元。 资料显示，福建星云电子股份有限公司位于福建省福州市马尾区马江路7号星云科技园，成立日期2005 年1月24日，上市日期2017年4月25日，公司主营业务涉及锂电池检测系统及相关产品的研发、生产与销 售。主营业务收入构成为：锂电池设备75.78%，其他14.50%，测试服务9.66%，租赁收入0.07%。 从基金十大重仓股角度 数据显示，中欧基金旗下1只基金重仓星云股份。中欧国证2000指数增强A（018663）三季度持有股数 7400股，占基金净值比例为0.31%，位居第三大重仓股。根据测算，今日浮盈赚取约1.78万元。 中欧国证2000指数增强A（018663）成立日期2023年7月18日，最新规模6576.7万。今年以来收益 27.54%，同类排名1507/4206；近一年收益30.45%，同类排名1273/3986；成立以来收益33.55%。 中欧国证2000指数增强A（018663）基金经理为钱亚婷、宋婷。 截至发稿，钱亚婷累计任职时间4年25天，现任基金资产总规模50.22亿 ...

11月25日，星云股份涨5.08%，截至发稿，报46.79元/股，成交1.92亿元，换手率3.18%，总市值81.55亿 元。 截至发稿，赵楠累计任职时间4年264天，现任基金资产总规模1.3亿元，任职期间最佳基金回报5.7%， 任职期间最差基金回报-0.36%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 浦银经济带崛起混合A（519175）成立日期2017年2月7日，最新规模2963.15万。今年以来收益3.49%， 同类排名6892/8136；近一年收益4.41%，同类排名6940/8058；成立以来收益17.01%。 浦银经济带崛起混合A（519175）基金经理为赵楠。 资料显示，福建星云电子股份有限公司位于福建省福州市马尾区马江路7号星云科技园，成立日期2005 年1月24日，上市日期2017年4月25日，公司主营业务涉及锂电池检测系统及相关产品的研发、生产与销 售。主营业务收入构成为：锂电池设备75.78%，其他14.50%，测试服务9 ...

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -10% -4% 2% 8% 14% 20% 26% 32% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,834.89 | -2.45 | | 深证成指 | | 12,538.07 | -3.41 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,453.61 | -2.44 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,320.59 | -2.40 | | 中证 500 | | 6,817.41 | -3.46 | | 中证 1000 | | 6, ...

在制造业升级与高端化转型的浪潮下，机械行业正迎来技术迭代+需求扩容的双重机遇，成为支撑实体经济高质量发展的核心支柱。 当前国内企业加速突破高端机床、工业机器人等关键技术，行业呈现量价齐升态势，为资本市场提供了丰富投资标的。 中信工程机械行业营业收入、同比(亿元、%) 15 3,500 ·同比 ■营业收入 11.49 10 2,940.21 2,880.13 2,853.59 3,000 2,449.72 5 2,500 3.25 0 -0.93 2,000 -5 1,500 -10 1,000 広】 服务 倍容 -15 500 -20 -21.49 0 -25 2025Q1-Q3 2022A 2023A 2024A 数据支持:勾股大数据、Wind、中原证券研究所 了解更多图文平货,请下载 G 哈隆汇 "格隆汇App" 根据统计，2025年1—10月，共销售挖掘机192,135台，同比增长17%，各类装载机104,412台，同比增长15.8%。2025年9月当月销售各类汽车起重机1561 台，同比增长21.9%，2025年1—9月共销售叉车1106406台，同比增长14%. 行业周期层面，2024年起挖掘机、装 ...

在制造业升级与高端化转型的浪潮下，机械行业正迎来技术迭代 +需求扩容的双重机遇，成为支撑实体经济高质量发展的核心支柱。 当前国内企业加速突破高端机床、工业机器人等关键技术，行业呈现量价齐升态势，为资本市场提供了丰富投资标的。 且十五五规划重点强调了高水平科技自立自强，强调产业链基础件自主可控，未来五年我国基础件行业有望继续迎来产业政策的大力扶持，国 产替代进程大大加速。 从市场表现看，机械行业投资价值逐步凸显。 六部门联合印发的《机械行业稳增长工作方案 (2025—2026年)》，明确年均营收增速3.5%、 突破10万亿元的目标，方案从供需两侧发力，构建全方位增长体系，作为投资者我们能从中挖掘哪些投资机会？ 工程机械具备显著周期属性。房地产需求弱化背景下，存量设备更新与出口拓展已成为行业核心需求驱动力，行业周期波动主要由二者主导。 中信工程机械行业营业收入、同比(亿元、%) 3,500 15 ■营业收入 -同比 11.49 2,940.21 2,880.13 2,853.59 10 3,000 2,449.72 5 2,500 3.25 0 -0.93 2,000 -2 1,500 -10 1,000 -J2 ...

Key Points - The mechanical sector has seen a significant increase of 30.12% as of November 20, 2025, outperforming the CSI 300 index by 14.11 percentage points, ranking 6th among 30 sectors [5][14]. - The lithium battery equipment, basic components, and semiconductor equipment sub-sectors have shown strong growth, with increases of 103.2%, 58.93%, and 48.05% respectively [5][14]. - The report maintains a "stronger than market" investment rating for the mechanical industry, highlighting a new investment cycle and growth opportunities [5][6]. Mechanical Sector Performance - As of November 20, 2025, the mechanical sector's price-to-earnings ratio stands at 36.1, placing it in the 70.5 percentile of its 10-year historical range, indicating a higher valuation compared to historical averages [19][20]. - Among 632 listed companies in the mechanical sector, 549 have seen stock price increases in 2025, with a median increase of 30.23% [21][24]. New Recovery Cycle: Traditional Machinery Upgrading - The engineering machinery sector is entering a new equipment renewal cycle starting in 2025, driven by the aging of existing equipment and export expansion [25][28]. - Major products in the engineering machinery sector, such as excavators and loaders, have shown positive sales growth, with excavator sales reaching 192,135 units in the first ten months of 2025, a 17% year-on-year increase [28][29]. - The internationalization of engineering machinery is accelerating, with exports becoming a significant growth driver, as evidenced by excavator exports accounting for 53.21% of total sales in October 2025 [40][43]. New Technology Growth: Emerging Industries - The humanoid robot sector is experiencing a recovery, with mass production expected to drive significant market expansion [7][20]. - The AIDC (Automatic Identification and Data Capture) equipment sector is poised for rapid growth, benefiting from the fast development of the artificial intelligence industry [9][27]. - The lithium battery equipment sector is witnessing a rebound, with leading companies like Xian Dao Intelligent expected to benefit from the growing demand for solid-state battery equipment [9][35]. Investment Ratings and Key Targets - The report recommends key companies in the engineering machinery sector, including SANY Heavy Industry and XCMG, as primary investment targets due to their strong performance and growth potential [5][54]. - The focus on core components such as pumps, valves, and hydraulic cylinders is also emphasized as part of the investment strategy [54].

Group 1 - The core point of the news is that Yinghe Technology's stock price dropped by 5% to 33.23 CNY per share, with a trading volume of 1.194 billion CNY and a turnover rate of 5.49%, resulting in a total market capitalization of 21.569 billion CNY [1] - Yinghe Technology, established on June 26, 2006, and listed on May 14, 2015, specializes in the research, design, manufacturing, sales, and service of lithium battery production equipment, with 65.66% of its revenue coming from this main business and 34.34% from other supplementary sources [1] Group 2 - Among the top ten circulating shareholders of Yinghe Technology, a fund under Huatai-PineBridge has reduced its holdings by 86,900 shares, now holding 2.4837 million shares, which accounts for 0.39% of the circulating shares, resulting in an estimated floating loss of approximately 4.3465 million CNY [2] - The Huatai-PineBridge CSI New Energy Vehicle Industry Index (LOF) A fund, established on May 23, 2018, has a latest scale of 4.57 billion CNY, with a year-to-date return of 41.28% and a one-year return of 82.03%, ranking 940 out of 4222 and 974 out of 3805 in its category respectively [2]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock price of the lithium battery concept stock, leading to a rise of over 15% for the company, Senyuan Intelligent [1] - The trading volume for Senyuan Intelligent exceeded 10 billion yuan, indicating strong market interest and activity in the lithium battery sector [1]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,813.56, down 1.16% [4] - The New Materials sector index increased by 3.72%, underperforming the ChiNext Index by 4.01% [5] Industry Commentary - The State Council's issuance of the "Artificial Intelligence +" action plan is expected to drive rapid development in AI new materials [5] - The FDA's plan to phase out synthetic food colorings is likely to benefit domestic natural colorant companies due to a surge in demand [8] Company Analysis - **Yara International (000893.SZ)**: The company reported a 48.5% year-on-year increase in revenue to 2.52 billion yuan and a 216.6% increase in net profit to 850 million yuan for H1 2025, driven by rising potassium fertilizer prices and sales [10] - **Jianlong Micro-Nano**: The company achieved a revenue of 378 million yuan in H1 2025, a 0.33% increase year-on-year, with a focus on expanding its product matrix and overseas growth [11] - **Xianlead Intelligent (300450.SZ)**: The company reported a strong rebound in order volume for H1 2025, with revenue expected to grow significantly due to the recovery of the lithium battery sector [14] - **Zhejiang Rongtai (603119.SH)**: The company is focusing on the development of humanoid robots and reported steady growth in its main business [26] - **Qingda Environmental Protection (688501.SH)**: The company’s performance met expectations, with AI applications in the thermal power sector expected to exceed forecasts [29] Investment Recommendations - The AI server market is projected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, with significant growth in China's AI computing market anticipated [5] - Domestic natural colorant companies are recommended for investment due to the expected demand surge from the FDA's synthetic colorant phase-out [8] - Yara International is expected to achieve net profits of 1.89 billion, 2.54 billion, and 3.52 billion yuan from 2025 to 2027, with a corresponding PE ratio of 16, 12, and 9 [10] - Jianlong Micro-Nano is expected to enhance its capabilities through strategic acquisitions and product development [11]

Core Viewpoint - The company is experiencing significant growth in overseas orders and improving operational quality despite domestic market pressures [1][2][3]. Group 1: Financial Performance - In the first half of the year, the company achieved total revenue of 1.664 billion yuan, with a notable improvement in operational quality as operating cash flow turned positive, recording 248 million yuan, a 136% increase year-on-year [2]. - The total new order amount reached 4.421 billion yuan, representing a year-on-year growth of 117.5%, with a backlog of orders valued at approximately 10.085 billion yuan as of June 30 [3]. Group 2: Market Expansion - The growth in orders is primarily driven by overseas business, with new signed orders from international markets amounting to 1.888 billion yuan, a year-on-year increase of 192.5%, marking a record high for the company [3]. - To support global expansion, the company has established 8 subsidiaries in Europe, North America, and the Asia-Pacific region, entering the supply chains of over 20 leading overseas enterprises [4]. Group 3: Technological Development - The company is actively advancing in cutting-edge technology, particularly in solid-state batteries, pursuing two technical routes: "oxide electrolyte + lithium metal anode" and "sulfide electrolyte + silicon-carbon anode" [6]. - A five-year strategic cooperation agreement has been signed with a solid-state battery manufacturer, resulting in a 400 million yuan order for 2GWh production capacity equipment [6]. - The company has also delivered key equipment for a sulfide solid-state battery pilot line to a "global leading new energy technology company" [6]. Group 4: Business Diversification - The company is expanding its business boundaries through acquisitions, including the purchase of the Swiss Leister Group's plastic welding business, which allows entry into automotive engineering and medical technology sectors [6]. - Plans are in place to enter the European and American sheet metal cutting market in the fourth quarter of this year, aiming to establish it as the third overseas business pillar following lithium battery equipment and plastic welding [7]. Group 5: Industry Context - The global competition in high-end new energy equipment has entered a multi-dimensional contest focusing on technology, environmental standards, and localization [8].